微观经济学笔记平狄克.docx
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微观经济学笔记平狄克.docx
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微观经济学笔记平狄克
∙Chapter1Preliminaries
-Microeconomicsdealswiththebehaviorofindividualeconomicunits.Theseunitsincludeconsumers,workers,investors,ownersofland,businessfirms—infact,anyindividualorentitythatplaysaroleinthefunctioningofoureconomy.
-Microeconomicsexplainshowandwhytheseunitsmakeeconomicdecision.
-Anotherimportantconcernofmicroeconomicsishoweconomicunitsinteracttoformlargerunits—marketsandindustries.
-Macroeconomicsdealswithaggregateeconomicquantities,suchasthelevelandgrowthrateofnationaloutput,interestrates,unemployment,andinflation.
-Theboundarybetweenmacroeconomicsandmicroeconomicshasbecomelessandlessdistinctinrecentyears.
-Theresourcesarescarce.
-Microeconomicsisaboutwaystomakethemostoftheselimits.
-It'sabouttheallocationofscarceresources.
1.1
-Microeconomicsdescribesthetrade-offsthatconsumers,workers,andfirmsfaceandshowshowthesetrade-offsarebestmade.
-Allofthetrade-offsdescribedabovearebasedonthepricesfacedbyconsumers,workers,orfirms.
-inacentrallyplannedeconomy,pricesaresetbythegovernment.Inamarketeconomy,pricesaredeterminedbytheinteractionsofconsumers,workers,andfirms.
-Market:
collectionsofbuyersandsellersthattogetherdeterminethepriceofagood.
-Consumertheorydescribeshowconsumers,basedontheirpreferences,maximizetheirwell-beingbytradingoffthepurchaseofmoreofsomegoodsforthepurchaseoflessofothers.
-Thetheoryofthefirmbeginswithasimpleassumption—firmstrytomaximizetheirprofits,explaininghowfirmschoosetheamountsoflabor,capitalandrawmaterialsthattheyuseforproductionandtheamountofoutputtheyproduce.Anditdependsonthepricesofinputsandpriceofoutput.
-Amodelisamathematicalrepresentation,basedoneconomictheory,ofafirm,amarket,orsomeotherentity.
-Positivequestionsdealwithexplanationandprediction,normativequestionswithwhatouttobe.
-Positiveanalysisdescriberelationshipsofcausesandeffects.
1.2
-Amarketisthecollectionofbuyersandsellersthat,throughtheiractualorpotentialinteractions,determinethepriceofaproductorsetofproducts.
-Anindustryisacollectionoffirmsthatsellthesameorcloselyrelatedproducts.
-Marketdefinition(theextentofamarket):
determinationofthebuyers,sellers,andrangeofproductsthatshouldbeincludedinaparticularmarket.
-SignificantdifferencesinthepriceofacommoditycreateapotentialforArbitrage,thatisthepracticeofbuyingatalowpriceatonelocationandsellingatahigherpriceinanother.
-Perfectlycompetitivemarket:
marketwithmanybuyersandsellers,sothatnosinglebuyerorsellerhasasignificantimpactonprice.
-Marketprice:
priceprevailinginacompetitivemarket.
-Extentofamarket:
boundariesofamarket,bothgeographicalandintermsofrangeofproductsproducedandsoldwithinit.
-Marketdefinitionisimportantfortworeasons:
1)Acompanymustunderstandwhoitsactualandpotentialcompetitorsareforthevariousproductsthatitsellsormightsellinthefuture.Itmustalsoknowtheproductboundariesandgeographicalboundariesofitsmarketinordertosetprice,determineadvertisingbudgets,andmakecapitalinvestmentdecisions.
2)Marketdefinitioncanbeimportantforpublicpolicydecisions.Shouldthegovernmentallowamergeroracquisitioninvolvingcompaniesthatproducesimilarproducts,orshoulditchallengeit?
Theanswerdependsontheimpactofthatmergeroracquisitiononfuturecompetitionandprices;oftenthiscanbeevaluatedonlybydefiningamarket.
1.3
-Tomakesuchacomparisonmeaningful,weneedtomeasurepricesrelativetoanoverallpricelevel.
-Nominalprice:
absolutepriceofagood,unadjustedforinflation.(=current-dollarprice)
-Realprice:
Priceofagoodrelativetoanaggregatemeasureofprices;pricesadjustedforinflation.(=constant-dollarprice)
-ConsumerPriceIndex:
measureoftheaggregatepricelevel.Itrecordshowothecostofalargemarketbasketofgoodspurchasedbya"typical"consumerinsomebaseyearchangesovertime.
1.4Whystudymicroeconomics?
-CORPORATEDECISIONMAKING
-PUBLICPOLICYDESIGN
∙Chapter2Thebasicsofsupplyanddemand
2.1Supplyanddemand
-Supplycurve:
Relationshipbetweenthequantityofagoodthatproducersarewillingtosellandthepriceofthegood,showingthequantityofagoodthatproducersarewillingtosellatagivenpriceholdingconstantanyotherfactorsthatmightaffectthequantitysupplied.
-Variablethataffectthesupplycurve:
price(changeinthequantitysuppliedwithmovementalongthecurve),wages,interestcharges,andthecostsofrawmaterials(changeinsupplywithshiftofthecurveitself)
-Demandcurve:
relationshipbetweenthequantityofagoodthatconsumersarewillingtobuyandthepriceofthegoods.
-Variablethataffectthedemandcurve:
income(especiallyimportant)
-Goodsaresubstituteswhenanincreaseinthepriceofoneleadstoanincreaseinthequantitydemandedoftheother.
-Goodsarecomplementswhenanincreaseinthepriceofoneleadstoadecreaseinthequantitydemandedoftheother.
2.2
-Equilibrium(ormarket-clearing)price:
pricethatequatesthequantitysuppliedtothequantitydemanded.
-Thesupplycurveandthedemandcurveintersectattheequilibriumpriceandquantity.
-Marketmechanism:
Tendencyinafreemarketforpricetochangeuntilthemarketclear
-Surplus:
situationinwhichthequantitysuppliedexceedsthequantitydemanded.
-Shortage:
situationinwhichthequantitydemandedexceedsthequantitysupplied.
2.4
-Elasticity:
percentagechangeinonevariableresultingfroma1percentincreaseinanother.Itmeasuresthesensitivityofonevariabletoanother.
-Priceelasticityofdemand:
Percentagechangeinquantitydemandedofagoodresultingfrom1-percentincreaseinitsprice.
-Thepercentagechangeinavariableisjusttheabsolutechangeinthevariabledividedbytheoriginallevelofthevariable.
-Linerdemandcurve:
Demandcutethatisastraightline.
-Infinitelyelasticdemand:
Consumerswillbuyasmuchofagoodastheycangetatasingleprice,butforanyhigherpricethequantitydemandeddroptozero,whileforanylowerpricethequantitydemandedincreaseswithoutlimit.
-Completelyinelasticdemand:
Consumerswillbuyafixedquantityofagoodregardlessofitsprice
-Incomeelasticityofdemand:
percentagechangeinthequantitydemandedresultingfroma1-percentincreaseinincome
-Cross-priceelasticityofdemand:
percentagechangeinthequantitydemandedofonegoodresultingfroma1-percentageincreaseinthepriceofanother.
-Priceelasticityofsupply:
percentagechangeinquantitysuppliedresultingfroma1-percentageincreaseinprice.
-Pointelasticityofdemand:
priceelasticityataparticularpointonthedemandcurve
-Arcelasticityofdemand:
priceelasticitycalculatedoveratranceofprices.
2.5
Howmuchtimeisallowedtopassbeforewemeasurethechangesinthequantitydemandedorsupplied?
-oneyearorless:
short-run
-Formanygoods,demandismuchmorepriceelasticinthelongrunthanintheshortrun.
1)Ittakestimeforpeopletochangetheirconsumptionhabits.
2)Thedemandforagoodmightbelinkedtothestockofanothergoodthatchangesonlyslowly.
-Butdurablegoodsismoreelasticintheshortrunthaninthelongrun.
-Formostgoodsandservices—foods,beverages,fuel,entertainment,etc,theincomeelasticityofdemandislargerinthelongrunthanintheshortrun.
-Fordurablegoods,theoppositeistrue.
-Cyclicalindustrial:
industiresinwhichsalestendtomagnifycyclicalchangesingrossdomesticproductandnationalincome.
-Formostproducts,long-runsupplyismuchmorepriceelasticthanshort-runsupply.Firmsfacecapacityconstraintsintheshortrunandneedtimetoexpandcapacitybybuildingnewproductionfacilitiesandhiringworkerstostaffthem.
-Butthereissomegoodandserviceswhoseshort-runsupplyiscompletelyinelastic.(likerenthousing)
2.7
-Priceceiling:
excessdemand:
shortage
-Priceflow:
excesssupply:
surplus.
∙Chapter3ConsumerBehavior
3.0
-Theoryofconsumerbehavior:
Descriptionofhowconsumersallocateincomesamongdifferentgoodsandservicestomaximizetheirwell-being.
-Consumerbehaviorisbestunderstoodinthreedistinctsteps:
1)Consumerpreferences:
Thefirststepistofindapracticalwaytodescribethereasonspeoplemightpreferonegoodtoanother.Wewillseehowaconsumer'spreferencesforvariousgoodscanbedescribedgraphicallyandalgebraically.
2)Budgetconstraints:
Ofcourse,consumersdoconsiderprices.Wetakeintoaccountthefactthatconsumershavelimitedincomeswhichrestrictthequantitiesofgoodstheycanbuy.
3)Consumerchoices:
Giventheirpreferencesandlimitedincomes,consumerschoosetobuycombinationsofgoodsthatmaximizetheirsatisfaction.Thiscombinationswilldependonthepricesofvariousgoods.
3.1
-Marketbasket(orbundle):
listwithspecificquantitiesofoneormoregoods.
-Somebasicassumptionsaboutpreferences:
1)Completeness:
consumerscancompareandrankallpossiblebaskets.(preferAtoBorindifferentbetweenthetwowhichmeansequalsatisfactionwitheitherone)
2)Transitivity:
preferAtoB+preferBtoC=preferAtoC
3)Moreisbetterthanless
4)Convexityofthecurve(=bowedinward)becauseofdiminishingmarginalrateofsubstitution.
-Indifferencecurve:
curverepresentingallcombinationsofmarketbasketsthatprovideaconsumerwiththesamelevelofsatisfaction.
-Indifferentmap:
Graphcontainingasetofindifferencecurvesshowingthemarketbasketsamongwhichac
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