微观经济管理学与财务知识分析规划(英文版)(69页PPT).pptx

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1、Intermediate MicroeconomicsIntroductionContentsuInstructor and TAsuRequirementsuCourse outlineuAn example:market for apartmentsTextbookIntermediate Microeconomics:A Modern Approach(Sixth Edition)by Hal R.VarianW.W.Norton，2003The Theory of Economics does notfurnish a body of settled conclusionsimmedi

2、ately applicable to policy.It isa method rather than a doctrine,anapparatus of the mind,a technique ofthinking which helps its possessor todraw correct conclusions-John Maynard KeynesIs Economics Useful?uA thinking machineuChanges the way you view life and understand problemsuAn all round majorEcono

3、mics Graduates Type of EmployerPercent of GraduatesTraditional Business 23.3Government 18.4Financial Business 17.7Graduate School 13.7Consulting Services 4.4Private/public School 3.9Law Firm 3.5Other 9.8Jobs for EconomistsuBusiness economistsuGovernment economistsuAcademic economistsMicroeconomicsuT

4、heoryuApplicationsLabor economicsEconomics of educationAgricultural economicsIndustrial organizationsHealth economicsCourse OutlineuConsumer theory(1-15)uProducer theory(18-27)uMarket equilibrium(16-17,30-32)uSpecial topics on equilibriumEconomic ModelinguWhat causes what in economic systems?uAt wha

5、t level of detail shall we model an economic phenomenon?uWhich variables are determined outside the model(exogenous)and which are to be determined by the model(endogenous)?Modeling the Apartment MarketuHow are apartment rents determined?uSuppose apartments are close or distant,but otherwise identica

6、ldistant apartments rents are exogenous and knownmany potential renters and landlordsModeling the Apartment MarketuWho will rent close apartments?uAt what price?uWill the allocation of apartments be desirable in any sense?uHow can we construct an insightful model to answer these questions?Two Princi

7、ples in EconomicsuOptimization:Each person tries to choose the best alternative available to him or her.uEquilibrium:Market price adjusts until quantity demanded equals quantity supplied.Modeling Apartment DemanduDemand:Suppose the most any one person is willing to pay to rent a close apartment is$5

8、00/month.Thenp=$500 QD=1.uSuppose the price has to drop to$490 before a 2nd person would rent.Thenp=$490 QD=2.Modeling Apartment DemanduThe lower is the rental rate p,the larger is the quantity of close apartments demandedp QD .uThe quantity demanded vs.price graph is the market demand curve for clo

9、se apartments.Market Demand Curve for ApartmentspQDModeling Apartment SupplyuSupply:It takes time to build more close apartments so in this short-run the quantity available is fixed(at say 100).Market Supply Curve for ApartmentspQS100Competitive Market Equilibriumu“low”rental price quantity demanded

10、 of close apartments exceeds quantity available price will rise.u“high”rental price quantity demanded less than quantity available price will fall.Competitive Market EquilibriumuQuantity demanded=quantity available price will neither rise nor falluso the market is at a competitive equilibrium.Compet

11、itive Market EquilibriumpQD,QS100Competitive Market EquilibriumpQD,QSpe100Competitive Market EquilibriumpQD,QSpe100People willing to pay pe for close apartments get closeapartments.Competitive Market EquilibriumpQD,QSpe100People willing to pay pe for close apartments get closeapartments.People not w

12、illing to pay pe for close apartments get distant apartments.Competitive Market EquilibriumuQ:Who rents the close apartments?uA:Those most willing to pay.uQ:Who rents the distant apartments?uA:Those least willing to pay.uSo the competitive market allocation is by“willingness-to-pay”.Comparative Stat

13、icsuWhat is exogenous in the model?price of distant apartmentsquantity of close apartmentsincomes of potential renters.uWhat happens if these exogenous variables change?Comparative StaticsuSuppose the price of distant apartment rises.uDemand for close apartments increases(rightward shift),causingua

14、higher price for close apartments.Market EquilibriumpQD,QSpe100Market EquilibriumpQD,QSpe100Higher demandMarket EquilibriumpQD,QSpe100Higher demand causes highermarket price;same quantitytraded.Comparative StaticsuSuppose there were more close apartments.uSupply is greater,so uthe price for close ap

15、artments falls.Market EquilibriumpQD,QSpe100Market EquilibriumpQD,QS100Higher supplypeMarket EquilibriumpQD,QSpe100Higher supply causes alower market price and alarger quantity traded.Comparative StaticsuSuppose potential renters incomes rise,increasing their willingness-to-pay for close apartments.

16、uDemand rises(upward shift),causinguhigher price for close apartments.Market EquilibriumpQD,QSpe100Market EquilibriumpQD,QSpe100Higher incomes causehigher willingness-to-payMarket EquilibriumpQD,QSpe100Higher incomes causehigher willingness-to-pay,higher market price,andthe same quantity traded.Taxa

17、tion Policy AnalysisuLocal government taxes apartment owners.uWhat happens topricequantity of close apartments rented?uIs any of the tax“passed”to renters?Taxation Policy AnalysisuMarket supply is unaffected.uMarket demand is unaffected.uSo the competitive market equilibrium is unaffected by the tax

18、.uPrice and the quantity of close apartments rented are not changed.uLandlords pay all of the tax.Imperfectly Competitive MarketsuAmongst many possibilities are:a monopolistic landlorda perfectly discriminatory monopolistic landlorda competitive market subject to rent control.A Monopolistic Landlord

19、uWhen the landlord sets a rental price p he rents D(p)apartments.uRevenue=pD(p).uRevenue is low if p 0uRevenue is low if p is so high that D(p)0.uAn intermediate value for p maximizes revenue.Monopolistic Market EquilibriumpQDLowpriceLow price,high quantitydemanded,low revenue.Monopolistic Market Eq

20、uilibriumpQDHighpriceHigh price,low quantitydemanded,low revenue.Monopolistic Market EquilibriumpQDMiddlepriceMiddle price,medium quantitydemanded,larger revenue.Monopolistic Market EquilibriumpQD,QSMiddlepriceMiddle price,medium quantitydemanded,larger revenue.Monopolist does not rent all theclose

21、apartments.100Monopolistic Market EquilibriumpQD,QSMiddlepriceMiddle price,medium quantitydemanded,larger revenue.Monopolist does not rent all theclose apartments.100Vacant close apartments.Perfectly Discriminatory Monopolistic LandlorduImagine the monopolist knew everyones willingness-to-pay.uCharg

22、e$500 to the most willing-to-pay,ucharge$490 to the 2nd most willing-to-pay,etc.Discriminatory Monopolistic Market EquilibriumpQD,QS100p1=$5001Discriminatory Monopolistic Market EquilibriumpQD,QS100p1=$500p2=$49012Discriminatory Monopolistic Market EquilibriumpQD,QS100p1=$500p2=$49012p3=$4753Discrim

23、inatory Monopolistic Market EquilibriumpQD,QS100p1=$500p2=$49012p3=$4753Discriminatory Monopolistic Market EquilibriumpQD,QS100p1=$500p2=$49012p3=$4753peDiscriminatory monopolistcharges the competitive marketprice to the last renter,andrents the competitive quantityof close apartments.Rent ControluL

24、ocal government imposes a maximum legal price,pmax pe,the competitive price.Market EquilibriumpQD,QSpe100Market EquilibriumpQD,QSpe100pmaxMarket EquilibriumpQD,QSpe100pmaxExcess demandMarket EquilibriumpQD,QSpe100pmaxExcess demandThe 100 close apartments areno longer allocated bywillingness-to-pay(l

25、ottery,lines,large families first?).Which Market Outcomes Are Desirable?uWhich is better?Rent controlPerfect competitionMonopolyDiscriminatory monopolyPareto EfficiencyuVilfredo Pareto;1848-1923.uA Pareto outcome allows no“wasted welfare”;ui.e.the only way one persons welfare can be improved is to l

26、ower another persons welfare.Pareto EfficiencyuJill has an apartment;Jack does not.uJill values the apartment at$200;Jack would pay$400 for it.uJill could sublet the apartment to Jack for$300.uBoth gain,so it was Pareto inefficient for Jill to have the apartment.Pareto EfficiencyuA Pareto inefficien

27、t outcome means there remain unrealized mutual gains-to-trade.uAny market outcome that achieves all possible gains-to-trade must be Pareto efficient.Pareto EfficiencyuCompetitive equilibrium:all close apartment renters value them at the market price pe or moreall others value close apartments at les

28、s than peso no mutually beneficial trades remainso the outcome is Pareto efficient.Pareto EfficiencyuDiscriminatory Monopoly:assignment of apartments is the same as with the perfectly competitive marketso the discriminatory monopoly outcome is also Pareto efficient.Pareto EfficiencyuMonopoly:not all

29、 apartments are occupiedso a distant apartment renter could be assigned a close apartment and have higher welfare without lowering anybody elses welfare.so the monopoly outcome is Pareto inefficient.Pareto EfficiencyuRent Control:some close apartments are assigned to renters valuing them at below th

30、e competitive price pesome renters valuing a close apartment above pe dont get close apartmentsPareto inefficient outcome.Harder QuestionsuOver time,willthe supply of close apartments increase?rent control decrease the supply of apartments?a monopolist supply more apartments than a competitive renta

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