微观经济管理学与财务知识分析(60页PPT).pptx

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1、Part 1 Introduction:Markets and PricesChapter 1-2Chapter 1Chapter 1 PreliminariesPreliminaries1Chapter 1Traditional microeconomics for one-semester coursenChapter 1,2 3,4.1-4.4,6,7.1-7.4,8,9.1-9.3,10,11.1-11.3,12,14,15.1-15.4,18.1-18.2,18.52Chapter 1Modern Microeconomics includes:nChapter 13 Game th

2、eorynChapter 17 Markets with asymmetric information3Chapter 1Topics to be DiscussednThe Themes of MicroeconomicsnWhat Is a Market?nReal Versus Nominal PricesnWhy Study Microeconomics?4Chapter 1Definition of EconomicsnEconomics is the study of how societies use scarce resources to produce valuable co

3、mmodities and distribute them among different people.nP.A.Samuelson5Chapter 1Definition of microeconomicsnMicroeconomics is the study of how households and firms make decisions and how they interact in specific markets.N.Gregory Mankiw6Chapter 1Definition of macroeconomicsnMacroeconomics is the stud

4、y of economy-wide phenomena,including inflation,unemployment,and economic growth.N.Gregory Mankiw7Chapter 1PreliminariesnMicroeconomics deals with:lBehavior of individual unitsuWhen ConsumingHow we choose what to buy8Chapter 1PreliminariesnMicroeconomics deals with:lBehavior of individual unitsuWhen

5、 ProducingHow we choose what to produce9Chapter 1PreliminariesnMicroeconomics deals with:lMarkets:The interaction of consumers and producers10Chapter 1PreliminariesnMacroeconomics deals with:lAnalysis of aggregate issues:uEconomic growthuInflationuUnemployment11Chapter 1PreliminariesnThe Linkage Bet

6、ween Micro and Macro-economicslMicroeconomics is the foundation of macroeconomic analysis12Chapter 1The Themes of MicroeconomicsnAccording to Mick Jagger*&the Rolling Stonesl“You cant always get what you want”13Chapter 1The Themes of MicroeconomicsnWhy Not?lLimited Resources14Chapter 1Try to underst

7、and the phrase“scarce resources”in the followingnEvery 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.n President D.D.Eisenhower15Chapter 1The Themes of MicroeconomicsnMicroeconomicslAllocation of Scarce Resources

8、 and Trade-offsuIn a planned economyuIn a market economy16Chapter 1A planned economynAllocation decisions of scarce resources are made mostly by the government(like Cuba,North Korea,Former Soviet Union)17Chapter 1A market economynAllocation decisions of scarce resources are made mostly by supply and

9、 demand in markets.18Chapter 1The Themes of MicroeconomicsnFlexibility in allocating scarce resources and Optimal Trade-offs1.Consumer Theory2.Workers3.Theory of the Firm19Chapter 1Example of tradeoffsnGun and ButternEfficiency and equitynRisk and returnnWork and leisure20Chapter 1The Themes of Micr

10、oeconomicsnMicroeconomics and PriceslThe role of prices in a market economy(like invisible hand in guiding economic activities-Adam Smith,1776)lHow prices are determined21Chapter 1Theories and ModelsnEconomic is concerned with the explanation and prediction of observed phenomena,which is based on th

11、eories.22Chapter 1Theories and ModelslTheories are used to explain and predict observed phenomena in terms of a set of basic rules and assumptions(like economic man).lFor exampleuThe Theory of the Firm uThe Theory of Consumer Behavior23Chapter 1Theories and ModelsnWith the aplication of statistical

12、and econometric techniques,Theories can be used to construct models:u a mathematical representation of a theory used to make a prediction,such as econometrics models24Chapter 1Positive Versus Normative AnalysisnPositive AnalysislPositive analysis is the use of theories and models to predict the impa

13、ct of a choice.lPositive analysis describes the facts and behavior in the economy.lA.Samuelson25Chapter 1Examples for positive analysisuWhat will be the impact of an import quota on foreign cars?uWhat will be the impact of an increase in the gasoline excise tax?uWhat are the causes of poverty in the

14、 United States.26Chapter 1Positive versus Normative AnalysisnNormative AnalysislNormative analysis addresses issues from the perspective of“What ought to be?”lNormative analysis involves ethical precepts and value judgments27Chapter 1Examples for Normative analysislShould the government give more mo

15、ney to poor people?lShould the budget deficit be reduced by higher taxes or lower spending?28Chapter 1What is a Market?nA 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.29Chapter 1What is a M

16、arket?nMarkets vs.IndustrieslIndustries are the supply side of the market.lA industry is a collection of firms that sell the same or closely related products.30Chapter 1What is a Market?nMarket definition Determination of the buyers,sellers,and range of products that should be included in a particul

17、ar market.31Chapter 1What is a Market?nArbitragelBuying a product at a low price in one location and selling at a high price in another32Chapter 1What is a Market?nCompetitive vs.Noncompetitive MarketslCompetitive MarketsuBecause of the large number of buyers and sellers,no individual buyer or selle

18、r can influence the price.(all of them are price taker)uExample:Most agricultural markets33Chapter 1What is a Market?nCompetitive vs.Noncompetitive MarketslNoncompetitive MarketsuMarkets where individual producers can influence the price.uExample:OPEC34Chapter 1What is a Market?nMarket PricelCompeti

19、tive markets establish one price.lNoncompetitive markets may set many prices for the same product.35Chapter 1What is a Market?nMarket Definition&The Extent of a MarketlMarket Definition uWhich buyers and sellers should be included in a given market36Chapter 1What is a Market?nMarket Definition-The E

20、xtent of a MarketlMarket Extent uDefines the boundaries of the marketGeographicRange of products37Chapter 1What is a Market?nExampleslGeographic boundariesuGasoline:US vs southern CaliforniauHousing:Chicago vs a Chicago neighborhood38Chapter 1What is a Market?nExampleslRange of ProductsuGasoline:reg

21、ular,super,&dieseluCameras:SLR Cameras,Polariod instant cameras,digital Cameras.39Chapter 1What is a Market?nExampleslMarkets for Prescription DrugsuWell-defined markets antiulcer drugs,anticholesterol drugsuAmbiguous markets-painkillers40Chapter 1Real Versus Nominal PricesnNominal price is the abso

22、lute or current dollar price of a good or service when it is sold.nReal price is the price relative to an aggregate measure of prices or constant dollar price.41Chapter 1Real Versus Nominal PricesnThe Consumer Price Index(CPI)is the measure of the aggregate price levellReal prices:price adjusted for

23、 inflation42Chapter 1Real Versus Nominal PricesnCalculating Real Prices(base year=100)43Chapter 1An Example:Calculating the Real Price of Milk1970.4038.8.40=38.8/38.8 x.401980.6582.4.31=38.8/82.4 x.6519991.05167.0.24=38.8/167.0 x 1.05Nominal PriceReal Price of MilkYearof MilkCPIin 1970 dollars44Chap

24、ter 1Calculating Real Prices:An Example-Eggs&CollegeReal Price of a College Education 1998(1970=100)1998(1970=100)45Chapter 1Calculating Real Prices:An Example-Eggs&CollegeConsumer Price Index(1983=100)38.853.882.4107.6130.7163.0Nominal PricesGrade A Large Eggs$0.61$0.77$0.84$0.80$0.98$1.04College E

25、ducation$2,530$3,403$4,912$8,156$12,800$19,213Real Prices($1970)Grade A Large Eggs$0.61$0.56$0.40$0.29$0.30$0.25College Education$2,530$2,454$2,313$2,941$3,800$4,57319701975198019851990199846Chapter 1An Example:The Minimum WagenObservations1.The minimum wage has been increasing in nominal terms sinc

26、e 1940.2.The 1999 real minimum wage was no higher in 1999 than 1950.47Chapter 1Why Study Microeconomics?nMicroeconomic concepts are used by everyone to assist them in making choices as consumers and producers.48Chapter 1Why Study Microeconomics?nTwo ExampleslFord and the development of its SUVslPubl

27、ic Policy DesignuAutomobile emission standards for the 21st century49Chapter 1Why Study Microeconomics?nFord and the development of its SUVslQuestionsuConsumer acceptance and demanduProduction costuPricing strategy50Chapter 1Why Study Microeconomics?nFord and the development of its SUVslQuestionsuRi

28、sk analysisuOrganizational decisionsuGovernment regulation51Chapter 1Why Study Microeconomics?nAuto emission standards for the 21st centurylQuestionsuImpact on consumersuImpact on producersuHow to enforce the standardsuWhat are the benefits and costs?52Chapter 1SummarynMicroeconomics is concerned wi

29、th the decisions made by small economic units.nMicroeconomics relies heavily on the use of theory and models.53Chapter 1SummarynMicroeconomics is concerned with positive questions and normative analysis.nA market refers to a collection of buyers and sellers who interact and to the possibility for sa

30、les and purchases that results from that interaction.54Chapter 1SummarynThe market price is established by the interaction of buyers and sellers.nA markets geographic boundaries and range of products must be defined.nTo eliminate the effects of inflation we measure real prices,rather than nominal pr

31、ices.55Chapter 1Question for reviewnP17-3 Answer:nIt is unlikely in this case that the 20 cents per gallon difference in costs would be high enough to create a profitable opportunity for arbitrage,given both transaction cost and transportation costs.56Chapter 1Question for reviewnP17-5 Answer:n As t

32、he value of the yen grows relative to the dollars,more dollars exchange for fewer yen.The purchase of a Japanese car priced in yen requires more dollars.Similarly,the purchase of a U.S.car priced in dollars requires fewer yen.57Chapter 1ExercisenP18 1.anFalse.People generally buy fast food within th

33、eir current location and do not travel large distances across the United States to buy a cheaper fast food meal,so there are likely to be multiple fast food markets across the country.58Chapter 1End of Chapter 1PreliminariesPreliminaries59Chapter 11、有时候读书是一种巧妙地避开思考的方法。11月-2211月-22Monday,November 7,2

34、0222、阅读一切好书如同和过去最杰出的人谈话。20:49:4920:49:4920:4911/7/2022 8:49:49 PM3、越是没有本领的就越加自命不凡。11月-2220:49:4920:49Nov-2207-Nov-224、越是无能的人，越喜欢挑剔别人的错儿。20:49:4920:49:4920:49Monday,November 7,20225、知人者智，自知者明。胜人者有力，自胜者强。11月-2211月-2220:49:4920:49:49November 7,20226、意志坚强的人能把世界放在手中像泥块一样任意揉捏。07十一月20228:49:49下午20:49:4911月

35、-227、最具挑战性的挑战莫过于提升自我。十一月228:49下午11月-2220:49November 7,20228、业余生活要有意义，不要越轨。2022/11/720:49:4920:49:4907 November 20229、一个人即使已登上顶峰，也仍要自强不息。8:49:49下午8:49下午20:49:4911月-2210、你要做多大的事情，就该承受多大的压力。11/7/2022 8:49:49 PM20:49:4907-11月-2211、自己要先看得起自己，别人才会看得起你。11/7/2022 8:49 PM11/7/2022 8:49 PM11月-2211月-2212、这一秒不放弃，下一秒就会有希望。07-Nov-2207 November 202211月-2213、无论才能知识多么卓著，如果缺乏热情，则无异纸上画饼充饥，无补于事。Monday,November 7,202207-Nov-2211月-2214、我只是自己不放过自己而已，现在我不会再逼自己眷恋了。11月-2220:49:4907 November 202220:49谢谢大家谢谢大家