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chapter_2The Basics of Supply and Demand(微观经济学-华侨大学,Jeff Caldwell)
Chapter 2: The Basics of Supply and Demand
Slide 8
Supply and Demand
Price ($ per unit)
Vertical axis measures price (P) received per unit in dollars
The Supply Curve Graphically
This price-quantity relationship can be shown by the equation:
QD QD(P)
Chapter 2: The Basics of Supply and Demand Slide 14
Supply and Demand
Price ($ per unit)
Mechanism:
Tendency in a free market for price to change until the market clears
Chapter 2: The Basics of Supply and Demand
Slide 20
The Market Mechanism
Slide 7
Chapter 2: The Basics of Supply and Demand
Supply and Demand
The Supply Curve
This
price-quantity relationship can be shown by the equation:
Qs QS ( P )
Slide 2
Chapter 2: The Basics of Supply and Demand
ofCompetitiveMarkets(微观经济学-华侨大学,Jeff
Price
10
7
5
Producer Surplus
Consumer Surplus
0
Chapter 1Consumer A
Consumer B
Q0
Consumer C
S
Between 0 and Q0 consumers A and B receive a net gain from buying the product-consumer surplus
(A - B) + (-A - C) = -B - C
The deadweight loss is the inefficiency of the price controls or the loss of the producer surplus exceeds the gain from consumer surplus.
the deadweight loss.
D
Q1
Q0
Q2
Quantity
7
Change in Consumer and Producer Surplus from Price Controls
Observations:
The total loss is equal to area B + C.
The total change in surplus =
Chapter 1
20
Welfare Loss When Price Is Held Below Market-Clearing Level
Price
B
P0
A
C
P1
Chapter 1
Q1
Q0
S
When price is regulated to be no higher than P1, the deadweight loss given by triangles B and C results.
forFactorInputs(微观经济学-华侨大学,JeffCaldw
3) The buyers and sellers of the factor of production are price takers
Chapter 14
Slide 3
Competitive Factor Markets
Demand for a Factor Input When Only One Input Is Variable
Question
What will happen to the value of MRPL when more workers are hired?
Chapter 14
Slide 9
Marginal evenue Product
Wages ($ per hour)
Competitive Output Market (P = MR)
Monopolistic Output Market
(P < MR)
Chapter 14
MRPL = MPLx P MRPL = MPL x MR
Hours of Work Slide 10
Competitive Factor Markets
Demand for a Factor Input When Only One Input Is Variable
Demand for a Factor Input When Only One Input Is Variable
Problem How much labor to hire
Chapter 14
Slide 6
Competitive Factor Markets
Demand for a Factor Input When Only One Input Is Variable
Chapter 14
Slide 3
Competitive Factor Markets
Demand for a Factor Input When Only One Input Is Variable
Question
What will happen to the value of MRPL when more workers are hired?
Chapter 14
Slide 9
Marginal evenue Product
Wages ($ per hour)
Competitive Output Market (P = MR)
Monopolistic Output Market
(P < MR)
Chapter 14
MRPL = MPLx P MRPL = MPL x MR
Hours of Work Slide 10
Competitive Factor Markets
Demand for a Factor Input When Only One Input Is Variable
Demand for a Factor Input When Only One Input Is Variable
Problem How much labor to hire
Chapter 14
Slide 6
Competitive Factor Markets
Demand for a Factor Input When Only One Input Is Variable
第一讲导言(高鸿业微观经济学第四版华侨大学郑文智)
第一讲导言(高鸿业微观经济学第四 版华侨大学郑文智)
二、拓展与完善
从消费者行为是否符合效用最大化或偏好最大化开始，
相继出现了显示偏好理论、时间偏好与跨时期选择理论、
风险条件下的选择理论、以及选择理论在家庭、婚姻、罪
与罚、政治市场等领域的广泛应用。
从考察企业行为是否符合利润最大化或成本最小化入
手，经济学家们发展了各种企业理论。如：企业理论，我
第一讲导言(高鸿业微观经济学第四 版华侨大学郑文智)
经济学的十大原理
原理一：人们面临权衡关系 原理二：某种东西的成本是为了得到它而放弃的东西 原理三：理性人考虑边际量 原理四：人们会对激励作出反映 原理五：贸易能使每个人状况更好 原理六：市场通常是组织经济活动的一种好方法 原理七：政府有时可以改善市场结果 原理八：一国的生活水平取决于它生产物品与劳务的能力 原理九：当政府发行了过多货币时物价上升 原理十：社会面临通货膨胀与失业之间的短期交替关系
第一讲导言(高鸿业微观经济学第四 版华侨大学郑文智)
经济学学科结构
入门：
经济学原理
理论基础： 微观经济学、宏观经济学
分析方法: 计量经济学、数理经济学
应用学科： 共经济学（公共财政）、
货币金融学、制度经济学、农业经济学、
发展经济学、劳动经济学、环境经济学、
了解经济学的研究对象。
▪ 基本概念 ▪ 相关知识 ▪ 发展史
第一讲导言(高鸿业微观经济学第四 版华侨大学郑文智)
经济学的产生：
由于人类欲望是无穷，而资源是有限的， 于是就存在着： （1）生产什么(what) （2）生产多少(how many) （3）如何生产(how) （4）为谁生产(for whom) （5）何时生产(when)等问题。为了解决以上 问题，就产生了经济学。
二、拓展与完善
从消费者行为是否符合效用最大化或偏好最大化开始，
相继出现了显示偏好理论、时间偏好与跨时期选择理论、
风险条件下的选择理论、以及选择理论在家庭、婚姻、罪
与罚、政治市场等领域的广泛应用。
从考察企业行为是否符合利润最大化或成本最小化入
手，经济学家们发展了各种企业理论。如：企业理论，我
第一讲导言(高鸿业微观经济学第四 版华侨大学郑文智)
经济学的十大原理
原理一：人们面临权衡关系 原理二：某种东西的成本是为了得到它而放弃的东西 原理三：理性人考虑边际量 原理四：人们会对激励作出反映 原理五：贸易能使每个人状况更好 原理六：市场通常是组织经济活动的一种好方法 原理七：政府有时可以改善市场结果 原理八：一国的生活水平取决于它生产物品与劳务的能力 原理九：当政府发行了过多货币时物价上升 原理十：社会面临通货膨胀与失业之间的短期交替关系
第一讲导言(高鸿业微观经济学第四 版华侨大学郑文智)
经济学学科结构
入门：
经济学原理
理论基础： 微观经济学、宏观经济学
分析方法: 计量经济学、数理经济学
应用学科： 共经济学（公共财政）、
货币金融学、制度经济学、农业经济学、
发展经济学、劳动经济学、环境经济学、
了解经济学的研究对象。
▪ 基本概念 ▪ 相关知识 ▪ 发展史
第一讲导言(高鸿业微观经济学第四 版华侨大学郑文智)
经济学的产生：
由于人类欲望是无穷，而资源是有限的， 于是就存在着： （1）生产什么(what) （2）生产多少(how many) （3）如何生产(how) （4）为谁生产(for whom) （5）何时生产(when)等问题。为了解决以上 问题，就产生了经济学。
ofCompetitiveMarkets(微观经济学-华侨大学,Jeff
The total change in surplus =
(A - B) + (-A - C) = -B - C
The deadweight loss is the inefficiency of the price controls or the loss of the producer surplus exceeds the gain from consumer surplus.
Producer surplus is the total benefit or revenue that producers receive beyond what it cost to produce a good.
Chapter 1
Slide 4
Consumer and Producer Surplus
Price
10
7
5
Producer Surplus
Consumer Surplus
0
Consumer A
Consumer B
Q0
Consumer C
S
Between 0 and Q0 consumers A and B receive a net gain from buying the product-consumer surplus
the deadweight loss.
D
Q1
Q0
Q2
Quantity
Slide 7
Change in Consumer and Producer Surplus from Price Controls
Observations:
The total loss is equal to area B + C.
(A - B) + (-A - C) = -B - C
The deadweight loss is the inefficiency of the price controls or the loss of the producer surplus exceeds the gain from consumer surplus.
Producer surplus is the total benefit or revenue that producers receive beyond what it cost to produce a good.
Chapter 1
Slide 4
Consumer and Producer Surplus
Price
10
7
5
Producer Surplus
Consumer Surplus
0
Consumer A
Consumer B
Q0
Consumer C
S
Between 0 and Q0 consumers A and B receive a net gain from buying the product-consumer surplus
the deadweight loss.
D
Q1
Q0
Q2
Quantity
Slide 7
Change in Consumer and Producer Surplus from Price Controls
Observations:
The total loss is equal to area B + C.
《微观经济学》平狄克 第1章
四、实证分析与规范分析
实证分析（positive)：
实证分析就是描述经济事件“是什么”或“不是什么”，揭示经 济变量之间的因果关系。 例如:
对进口汽车实施配额会产生何种影响？（价格、产量、消费 者、本国汽车产业的工人） 提高汽油消费税会产生何种影响？（汽油价格、消费者对车 的偏好、人们用车的频率） 它是微观经济学的核心问题。
Chapter 1: Preliminaries
Slide 24
1.2 什么是市场？
1、市场——通过相互作用决定一种或一系列商品价格 的买卖双方的集合。
把买卖双方带到一起并便利交换的制度安排，是 彼此相互作用以寻求某种交换之可能的买卖双方 的集合（解释） 市场界定—确定一个具体的市场应包括哪些买方 和卖方。 套利（arbitrage)—人们在一个地方低价买进， 然后在另一个地方高价卖出。
Slide 37
计算实际价格:禽蛋和大学教育的价格
1970
消费者物价指数 (1983 = 100) 38.8
1975 1980
53.8 82.4 $0.84 $4,912 $0.40 $2,313
1985 1990
107.6 $0.80 $8,156 $0.29 $2,941 130.7 $0.98 $12,800 $0.30 $3,800
本章要点
微观经济学的主题 什么是市场 实际价格与名义价格 为什么要学习微观经济学
Chapter 1: Preliminaries
Slide 7
经济学两大分支
微观经济学 （microeconomics)
宏观经济学(macroeconomics)
andMarketDemand(微观经济学-华侨大学,JeffCaldw
4 10 16
Food (units per month)
Slide 13
Chapter 4
Slide 9
Effect of a Price Change
Price of Food
$2.00
When the price falls: Pf/Pc & MRS also fall
E
$1.00 $.50
•E: Pf/Pc = 2/2 = 1 = MRS
•G: Pf/Pc = 1/2 = .5 = MRS
1) The level of utility that can be attained changes as we move along the curve.
Chapter 4
Slide 8
Individual Demand
The Individual Demand Curve
Two Important Properties of Demand Curves
Price of
food
$1.00
An increase in income, from $10 to $20 to $30, with the prices fixed, shifts the consumer’s demand curve to the right.
E
G
H
Chapter 4
D3
D2 D1
$1.00 $.50
G Demand Curve H
4 12 20
Chapter 4
Food (units per month)
Slide 7
Individual Demand
The Individual Demand Curve
Monopsony(微观经济学-华侨大学,JeffCaldwell)
Chapter 10
Slide 13
Maximizing Profit When Marginal Revenue Equals Marginal Cost
$ per unit of output
P1 P*
P2
Lost profit
Q1
Chapter 10
MC
AC
MR Q* Q2
D = AR
Lost profit
Chapter 10
Slide 4
Perfect Competition
P D
Market
P
S
Individual Firm LMC
LRAC
P0
P0
D = MR = P
Q0
Q
q0
Q
Monopoly
Monopoly 1) One seller - many buyers 2) One product (no good substitutes) 3) Barriers to entry
Marginal Revenue
MR
--$5
3 1 -1 -3
Average Revenue
AR
--$5
4 3 2 1
Chapter 10
Slide 9
Average and Marginal Revenue
$ per 7
unit of
output
6
5
4
Average Revenue (Demand)
Chapter 10
Slide 6
Monopoly
The monopolist is the supply-side of the market and has complete control over the amount offered for sale.
Monopsony(微观经济学-华侨大学,JeffCaldwell)
This can be seen graphically:
orMC MR
Chapter 1
Slide 12
Maximizing Profit When Marginal Revenue Equals Marginal Cost
The Monopolist’s Output Decision
At output levels below MR = MC the decrease in revenue is greater than the decrease in cost (MR > MC).
Chapter 1
Slide 6
Monopoly
The monopolist is the supply-side of the market and has complete control over the amount offered for sale.
Profits will be maximized at the level of output where marginal revenue equals marginal cost.
Chapter 1
Slide 11
Monopoly
ቤተ መጻሕፍቲ ባይዱ
Monopolist’s Output Decision
1) Profits maximized at the output level where MR = MC
2) Cost functions are the same
(Q)R(Q)C(Q) /QR/QC/Q0M CMR
Chapter 1
Slide 10
Monopoly
Observations 1) To increase sales the price must fall 2) MR < P 3) Compared to perfect competition
orMC MR
Chapter 1
Slide 12
Maximizing Profit When Marginal Revenue Equals Marginal Cost
The Monopolist’s Output Decision
At output levels below MR = MC the decrease in revenue is greater than the decrease in cost (MR > MC).
Chapter 1
Slide 6
Monopoly
The monopolist is the supply-side of the market and has complete control over the amount offered for sale.
Profits will be maximized at the level of output where marginal revenue equals marginal cost.
Chapter 1
Slide 11
Monopoly
ቤተ መጻሕፍቲ ባይዱ
Monopolist’s Output Decision
1) Profits maximized at the output level where MR = MC
2) Cost functions are the same
(Q)R(Q)C(Q) /QR/QC/Q0M CMR
Chapter 1
Slide 10
Monopoly
Observations 1) To increase sales the price must fall 2) MR < P 3) Compared to perfect competition
chapter_3ConsumerBehavior(微观经济学-华侨大学,Jeff
E
D
Food
30
40 (units per week)
15
Consumer Preferences
Clothing (units per week)
1) We will study consumer preferences.
To describe how and why people prefer one good to another.
Chapter 1
8
Consumer Behavior
There are three steps involved in the study of consumer behavior.
2) Then we will turn to budget constraints.
People have limited incomes.
Chapter 1
9
Conபைடு நூலகம்umer Behavior
There are three steps involved in the study of consumer behavior.
Chapter 1
6
Consumer Behavior
These two problems require an understanding of the economic theory of consumer behavior.
Chapter 1
7
Consumer Behavior
There are three steps involved in the study of consumer behavior.
Apple-Cinnamon Cheerios The Food Stamp Program.
D
Food
30
40 (units per week)
15
Consumer Preferences
Clothing (units per week)
1) We will study consumer preferences.
To describe how and why people prefer one good to another.
Chapter 1
8
Consumer Behavior
There are three steps involved in the study of consumer behavior.
2) Then we will turn to budget constraints.
People have limited incomes.
Chapter 1
9
Conபைடு நூலகம்umer Behavior
There are three steps involved in the study of consumer behavior.
Chapter 1
6
Consumer Behavior
These two problems require an understanding of the economic theory of consumer behavior.
Chapter 1
7
Consumer Behavior
There are three steps involved in the study of consumer behavior.
Apple-Cinnamon Cheerios The Food Stamp Program.
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P.A.Samuelson
Chapter 1: Preliminaries
Slide 5
Definition of microeconomics
Microeconomics is the study of how households and firms make decisions and how they interact in specific markets.
Slide 3
Topics to be Discussed
The Themes of Microeconomics
What Is a Market? Real Versus Nominal Prices Why Study Microeconomics?
Chapter 1: Preliminaries
The Themes of Microeconomics
Microeconomics and Prices
The role of prices in a market economy(like invisible hand in guiding economic activities---Adam Smith,1776)
For example The Theory of the Firm The Theory of Consumer Behavior
Chapter 1: Preliminaries and Models
With the aplication of statistical and econometric techniques,Theories can be used to construct models:
Slide 9
Preliminaries
Microeconomics deals with:
Markets: The interaction of consumers and producers
Chapter 1: Preliminaries
Slide 10
Preliminaries
Macroeconomics deals with: Analysis of aggregate issues: Economic growth Inflation Unemployment
Chapter 1: Preliminaries
Slide 2
Modern Microeconomics includes:
Chapter 13 Game theory
Chapter 17 Markets with asymmetric information
Chapter 1: Preliminaries
N.Gregory Mankiw
Chapter 1: Preliminaries
Slide 7
Preliminaries
Microeconomics deals with: Behavior of individual units When Consuming • How we choose what to buy
What are the causes of poverty in the United States.
Chapter 1: Preliminaries
Slide 26
Positive versus Normative Analysis
Normative Analysis
Normative analysis addresses issues from the perspective of “What ought to be?”
Normative analysis involves ethical precepts and value judgments
Chapter 1: Preliminaries
Slide 27
Examples for Normative analysis
Should the government give more money to poor people?
Chapter 1: Preliminaries
Slide 8
Preliminaries
Microeconomics deals with: Behavior of individual units When Producing • How we choose what to produce
Chapter 1: Preliminaries
Every gun that is made,every warship launched,every rocket fired signifies,in the final sense,a theft from those who hunger and are not fed.
President D.D.Eisenhower
a mathematical representation of a theory used to make a prediction,such as econometrics models
Chapter 1: Preliminaries
Slide 24
Positive Versus Normative Analysis
Chapter 1: Preliminaries
Slide 22
Theories and Models
Theories are used to explain and predict observed phenomena in terms of a set of basic rules and assumptions(like economic man).
A.Samuelson
Chapter 1: Preliminaries
Slide 25
Examples for positive analysis
What will be the impact of an import quota on foreign cars?
What will be the impact of an increase in the gasoline excise tax?
Slide 13
The Themes of Microeconomics
Why Not? Limited Resources
Chapter 1: Preliminaries
Slide 14
Try to understand the phrase“scarce resources”in the following
Should the budget deficit be reduced by higher taxes or lower spending?
Chapter 1: Preliminaries
Slide 28
What is a Market?
A market is the collection of buyers and sellers that,through their actual or potential interactions to determine the price of a product or a set of products.
Slide 4
Definition of Economics
Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.
How prices are determined
Chapter 1: Preliminaries
Slide 21
Theories and Models
Economic is concerned with the explanation and prediction of observed phenomena,which is based on theories.
Chapter 1: Preliminaries
Slide 15
The Themes of Microeconomics
Microeconomics Allocation of Scarce Resources and Trade-offs In a planned economy In a market economy
Chapter 1: Preliminaries
Slide 12
The Themes of Microeconomics
According to Mick Jagger* & the Rolling Stones “You can’t always get what you want”
Chapter 1: Preliminaries
Chapter 1: Preliminaries
Slide 16
A planned economy
Allocation decisions of
scarce resources are made mostly by the government(like
Cuba,North Korea,Former Soviet Union)
N.Gregory Mankiw
Chapter 1: Preliminaries
Slide 6
Definition of macroeconomics
Macroeconomics is the study of economy-wide phenomena,including inflation,unemployment, and economic growth.
Chapter 1: Preliminaries
Slide 5
Definition of microeconomics
Microeconomics is the study of how households and firms make decisions and how they interact in specific markets.
Slide 3
Topics to be Discussed
The Themes of Microeconomics
What Is a Market? Real Versus Nominal Prices Why Study Microeconomics?
Chapter 1: Preliminaries
The Themes of Microeconomics
Microeconomics and Prices
The role of prices in a market economy(like invisible hand in guiding economic activities---Adam Smith,1776)
For example The Theory of the Firm The Theory of Consumer Behavior
Chapter 1: Preliminaries and Models
With the aplication of statistical and econometric techniques,Theories can be used to construct models:
Slide 9
Preliminaries
Microeconomics deals with:
Markets: The interaction of consumers and producers
Chapter 1: Preliminaries
Slide 10
Preliminaries
Macroeconomics deals with: Analysis of aggregate issues: Economic growth Inflation Unemployment
Chapter 1: Preliminaries
Slide 2
Modern Microeconomics includes:
Chapter 13 Game theory
Chapter 17 Markets with asymmetric information
Chapter 1: Preliminaries
N.Gregory Mankiw
Chapter 1: Preliminaries
Slide 7
Preliminaries
Microeconomics deals with: Behavior of individual units When Consuming • How we choose what to buy
What are the causes of poverty in the United States.
Chapter 1: Preliminaries
Slide 26
Positive versus Normative Analysis
Normative Analysis
Normative analysis addresses issues from the perspective of “What ought to be?”
Normative analysis involves ethical precepts and value judgments
Chapter 1: Preliminaries
Slide 27
Examples for Normative analysis
Should the government give more money to poor people?
Chapter 1: Preliminaries
Slide 8
Preliminaries
Microeconomics deals with: Behavior of individual units When Producing • How we choose what to produce
Chapter 1: Preliminaries
Every gun that is made,every warship launched,every rocket fired signifies,in the final sense,a theft from those who hunger and are not fed.
President D.D.Eisenhower
a mathematical representation of a theory used to make a prediction,such as econometrics models
Chapter 1: Preliminaries
Slide 24
Positive Versus Normative Analysis
Chapter 1: Preliminaries
Slide 22
Theories and Models
Theories are used to explain and predict observed phenomena in terms of a set of basic rules and assumptions(like economic man).
A.Samuelson
Chapter 1: Preliminaries
Slide 25
Examples for positive analysis
What will be the impact of an import quota on foreign cars?
What will be the impact of an increase in the gasoline excise tax?
Slide 13
The Themes of Microeconomics
Why Not? Limited Resources
Chapter 1: Preliminaries
Slide 14
Try to understand the phrase“scarce resources”in the following
Should the budget deficit be reduced by higher taxes or lower spending?
Chapter 1: Preliminaries
Slide 28
What is a Market?
A market is the collection of buyers and sellers that,through their actual or potential interactions to determine the price of a product or a set of products.
Slide 4
Definition of Economics
Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.
How prices are determined
Chapter 1: Preliminaries
Slide 21
Theories and Models
Economic is concerned with the explanation and prediction of observed phenomena,which is based on theories.
Chapter 1: Preliminaries
Slide 15
The Themes of Microeconomics
Microeconomics Allocation of Scarce Resources and Trade-offs In a planned economy In a market economy
Chapter 1: Preliminaries
Slide 12
The Themes of Microeconomics
According to Mick Jagger* & the Rolling Stones “You can’t always get what you want”
Chapter 1: Preliminaries
Chapter 1: Preliminaries
Slide 16
A planned economy
Allocation decisions of
scarce resources are made mostly by the government(like
Cuba,North Korea,Former Soviet Union)
N.Gregory Mankiw
Chapter 1: Preliminaries
Slide 6
Definition of macroeconomics
Macroeconomics is the study of economy-wide phenomena,including inflation,unemployment, and economic growth.