平狄克微观经济学(英文)PPT
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Chapter 9-The Analysis of Competitive Markets 平狄克微观经济学课件(英文)
The Efficiency of a Competitive Market Minimum Prices
Chapter 9
Slide 2
Topics to be Discussed
Price Supports and Production Quotas Import Quotas and Tariffs The Impact of a Tax or Subsidy
Producer surplus is the total benefit or revenue that producers receive beyond what it cost to produce a good.
Chapter 9
Slide 4
Consumer and Producer Surplus
suffers a net loss from
price controls.
S
B
P0
Pmax
A
C
Example Oil price controls and gasoline shortages
in 1979
Chapter 9
Q1
Q2
Quantity Slide 10
Price Controls and Natural Gas Shortages
Chapter 9
Slide 3
Evaluating the Gains and Losses from Government Policies--Consumer and Producer Surplus
Review
Consumer surplus is the total benefit or value that consumers receive beyond what they pay for the good.
Chapter 9
Slide 2
Topics to be Discussed
Price Supports and Production Quotas Import Quotas and Tariffs The Impact of a Tax or Subsidy
Producer surplus is the total benefit or revenue that producers receive beyond what it cost to produce a good.
Chapter 9
Slide 4
Consumer and Producer Surplus
suffers a net loss from
price controls.
S
B
P0
Pmax
A
C
Example Oil price controls and gasoline shortages
in 1979
Chapter 9
Q1
Q2
Quantity Slide 10
Price Controls and Natural Gas Shortages
Chapter 9
Slide 3
Evaluating the Gains and Losses from Government Policies--Consumer and Producer Surplus
Review
Consumer surplus is the total benefit or value that consumers receive beyond what they pay for the good.
【复旦大学本科讲义-平狄克微观经济学PPT】Strat.Multistage Games.student-英文版
• game is similar to game of chicken • neither firm has a dominant strategy
Problem with pure strategies
• game has two Nash equilibria in pure strategies:
other firm plays pure strategy of not entering
Games without pure-strategy equilibria
• some games have no pure-strategy Nash equilibrium, so mixed strategies must be used
• these pure Nash equilibria are unappealing because identical firms use different strategies
Mixed strategies
• mixed strategies: firm chooses between its possible actions with given probabilities
Preventing entry
• consider a market with either 1 or 2 firms • simultaneous entry decision: neither firm
has an advantage that helps it prevent other firm from entering • sequential decision: incumbent may have an advantage over firm deciding whether to enter
Problem with pure strategies
• game has two Nash equilibria in pure strategies:
other firm plays pure strategy of not entering
Games without pure-strategy equilibria
• some games have no pure-strategy Nash equilibrium, so mixed strategies must be used
• these pure Nash equilibria are unappealing because identical firms use different strategies
Mixed strategies
• mixed strategies: firm chooses between its possible actions with given probabilities
Preventing entry
• consider a market with either 1 or 2 firms • simultaneous entry decision: neither firm
has an advantage that helps it prevent other firm from entering • sequential decision: incumbent may have an advantage over firm deciding whether to enter
平狄克-微观经济学-英文-第7版-课件-ch13
Nash Equilibrium:
I’m doing the best I can given what you are doing. You’re doing the best you can given what I am doing.
The Product Choice Problem
Two breakfast cereal companies face a market in which two new variations of cereal can be successfully introduced.
You (Company A) will not know the results of the exploration project when submitting your price offer, but Company T will know the results when deciding whether to accept your offer. Also, Company T will accept any offer by Company A that is greater than the (per share) value of the company under current management.
You are considering price offers in the range $0/share (i.e., making no offer at all) to $150/share. What price per share should you offer for Company T’s stock?
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
lecture05 Deriving Demand Curves 平狄克微观经济学英文课件
Income and substitution effects
price rise substitution effect
normal good
negative
inferior good
negative
income effect negative positive
Substitution and Income Effects with Normal Goods
Income and substitution effect with an inferior good
• substitution effect: opposite of price movement • income effect: same direction as price movement • Giffen good: good for which a decrease in its price
Averaging
• one way to average price increases: weight the good equally
• but do we really want to weight price increase of skateboards as much as that of automobiles?
Key issues
1. deriving demand curves 2. income effect 3. effects of a price change 4. CPI bias 5. labor supply curve
Deriving Demand Curves
• trace out the demand curve by holding income and the price of wine constant, and varying the price of beer
平狄克微观经济学课件英文01精品文档19页
Chapter 1: Preliminaries
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
4 of 18
1.1 THE THEMES OF MICROECONOMICS
Theories and Models
In economics, explanation and prediction are based on theories. Theories are developed to explain observed phenomena in terms of a set of basic rules and assumptions.
Workers Workers also face constraints and make trade-offs. First, people must decide whether and when to enter the workforce. Second, workers face trade-offs in their choice of employment. Finally, workers must sometimes decide how many hours per week they wish to work, thereby trading off labor for leisure.
In a market economy, prices are determined by the interactions of consumers, workers, and firms. These interactions occur in markets—collections of buyers and sellers that together determine the price of a good.
【复旦大学本科讲义-平狄克微观经济学PPT】lecture07-英文版
of purchasers: h Dh(pX ; nX)
where nX gives the number of consumers who purchase X. Note: • We suppressed other prices and income. • Could also depend on who consumes the good. Circularity: • Market demand is sum of individual demands which in turn depend on
h Dh(pX ; pY, Ih) where consumers/households indexed by h=1,…,N
HORIZONTAL SUMMATION
Consumer Surplus
• Consumers buy goods because it makes them better off
MARKET DEMAND
WITH NETWORK EFFECTS
Demand dependence: • The utility of a good derived by a consumer depends on how many other
consumers buy/use the good • Consequently individual and market demand depends on aggregate number
market demand. • Key role of expectations: expected popularity of a “network good” critical in
ensuring its popularity. • “Chicken and egg” problem: how to sell the first unit when it has little/no
where nX gives the number of consumers who purchase X. Note: • We suppressed other prices and income. • Could also depend on who consumes the good. Circularity: • Market demand is sum of individual demands which in turn depend on
h Dh(pX ; pY, Ih) where consumers/households indexed by h=1,…,N
HORIZONTAL SUMMATION
Consumer Surplus
• Consumers buy goods because it makes them better off
MARKET DEMAND
WITH NETWORK EFFECTS
Demand dependence: • The utility of a good derived by a consumer depends on how many other
consumers buy/use the good • Consequently individual and market demand depends on aggregate number
market demand. • Key role of expectations: expected popularity of a “network good” critical in
ensuring its popularity. • “Chicken and egg” problem: how to sell the first unit when it has little/no
平狄克微观经济学课件(英文)06全
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6.1 THE TECHNOLOGY OF PRODUCTION
The Short Run versus the Long Run
●short run Period of time in which quantities of one or more production factors cannot be changed.
As we move from point A on curve O1 to B on curve O2 to C on curve O3 over time, labor productivity increases.
7 of 24
Chapter 6: Production
6.2 PRODUCTION WITH ONE VARIABLE INPUT (LABOR)
The Slopes of the Product Curve
Figure 6.1
Production with One Variable Input
0
Average
Marginal
Product (q/L) Product (∆q/∆L)
—
—
1
10
10
10
10
2
10
30
15
20
3
10
60
20
30
4
10
80
20
20Hale Waihona Puke 51095
19
15
6
10
108
18
13
7
10
112
16
4
8
10
112
14
0
lecture05 Deriving Demand Curves 平狄克微观经济学英文课件
Substitution effect
• consumers substitute other, now relatively cheaper, goods for the one whose price rose
• direction of the effect is unambiguous
Income effect
How income changes shift demand curves
• hold prices fixed and vary income • increase in income causes
• shift of the demand curve • movement along income-consumption curve • movement along the Engel curve
• some goods must be normal: not all goods can be inferior
Income-Consumption Curves and Income Elasticities
Income elasticities may vary with income
Gail may view hamburger as • a normal good at a low income • an inferior good at a high income
Income and substitution effecห้องสมุดไป่ตู้s
price rise substitution effect
normal good
negative
inferior good
negative
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In a market economy, prices are determined by the interactions of consumers, workers, and firms. These interactions occur in markets—collections of buyers and sellers that together determine the price of a good.
Firms Firms also face limits in terms of the kinds of products that they can produce, and the resources available to produce them.
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
A model is a mathematical representation, based on economic theory, of a firm, a market, or some other entity.
Theories and Models
In economics, explanation and prediction are based on theories. Theories are developed to explain observed phenomena in terms of a set of basic rules and assumptions.
● macroeconomics Branch of economics that deals with aggregate economic variables, such as the level and growth rate of national output, interest rates, unemployment, and inflation.
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
2 of 18
Preliminaries
● microeconomics Branch of economics that deals with the behavior of individual economic units—consumers, firms, workers, and investors—as well as the markets that these units comprise.
1.1 THE THEMES OF MICROECONOMICS
Trade Offs
Consumers Consumers have limited incomes, which can be spent on a wide variety of goods and services, or saved for the future.
Chapter 1: Preliminaries
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
3 of 18
Chapter 1: Preliminaries
CHAPTER
1
Preliminaries
Prepared by: Fernando & Yvonn Quijano
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
4 of 18
1.1 THE THEMES OF MICROECONOMICS
Prices and Markets
Microeconomics describes how prices are determined.
In a centrally planned economy, prices are set by the government.
CHAPTER 1 OUTLINE
1.1 The Themes of Microeconomics 1.2 What Is a Market? 1.3 Real versus Nominal Prices 1.4 Why Study Microeconomics?
Chapter 1: Preliminaries
Workers Workers also face constraints and make trade-offs. First, people must decide whether and when to enter the workforce. Second, workers face trade-offs in their choice of employment. Finally, workers must sometimes decide how many hours per week they wish to work, thereby trading off labor for leisure.
Chapter 1: Preliminaries
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld,HE THEMES OF MICROECONOMICS
Firms Firms also face limits in terms of the kinds of products that they can produce, and the resources available to produce them.
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
A model is a mathematical representation, based on economic theory, of a firm, a market, or some other entity.
Theories and Models
In economics, explanation and prediction are based on theories. Theories are developed to explain observed phenomena in terms of a set of basic rules and assumptions.
● macroeconomics Branch of economics that deals with aggregate economic variables, such as the level and growth rate of national output, interest rates, unemployment, and inflation.
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
2 of 18
Preliminaries
● microeconomics Branch of economics that deals with the behavior of individual economic units—consumers, firms, workers, and investors—as well as the markets that these units comprise.
1.1 THE THEMES OF MICROECONOMICS
Trade Offs
Consumers Consumers have limited incomes, which can be spent on a wide variety of goods and services, or saved for the future.
Chapter 1: Preliminaries
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
3 of 18
Chapter 1: Preliminaries
CHAPTER
1
Preliminaries
Prepared by: Fernando & Yvonn Quijano
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
4 of 18
1.1 THE THEMES OF MICROECONOMICS
Prices and Markets
Microeconomics describes how prices are determined.
In a centrally planned economy, prices are set by the government.
CHAPTER 1 OUTLINE
1.1 The Themes of Microeconomics 1.2 What Is a Market? 1.3 Real versus Nominal Prices 1.4 Why Study Microeconomics?
Chapter 1: Preliminaries
Workers Workers also face constraints and make trade-offs. First, people must decide whether and when to enter the workforce. Second, workers face trade-offs in their choice of employment. Finally, workers must sometimes decide how many hours per week they wish to work, thereby trading off labor for leisure.
Chapter 1: Preliminaries
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld,HE THEMES OF MICROECONOMICS