曼昆经济学Consumers Producers and the Efficiency of Markets.docx
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曼昆经济学Consumers Producers and the Efficiency of Markets.docx
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曼昆经济学ConsumersProducersandtheEfficiencyofMarkets
INTHISCHAPTERYOUWILL...
Examinethelinkbetweenbuyers’
willingnesstopayforagoodandthedemandcurve
Learnhowtodefineandmeasure
consumersurplus
CONSUMERS,PRODUCERS,ANDTHEEFFICIENCY
OFMARKETS
Examinethelinkbetweensellers’
costsofproducingagoodandthe
supplycurve
WhenconsumersgotogrocerystorestobuytheirturkeysforThanksgivingdin-ner,theymaybedisappointedthatthepriceofturkeyisashighasitis.Atthesametime,whenfarmersbringtomarkettheturkeystheyhaveraised,theywishthepriceofturkeywereevenhigher.Theseviewsarenotsurprising:
Buyersal-wayswanttopayless,andsellersalwayswanttogetpaidmore.Butistherea“rightprice”forturkeyfromthestandpointofsocietyasawhole?
Inpreviouschapterswesawhow,inmarketeconomies,theforcesofsupplyanddemanddeterminethepricesofgoodsandservicesandthequantitiessold.Sofar,however,wehavedescribedthewaymarketsallocatescarceresourceswithoutdirectlyaddressingthequestionofwhetherthesemarketallocationsaredesirable.Inotherwords,ouranalysishasbeenpositive(whatis)ratherthannormative(what
Learnhowtodefineandmeasure
producersurplus
Seethattheequilibriumof
supplyanddemandmaximizestotal
surplusinamarket
141
welfareeconomics
thestudyofhowtheallocationofresourcesaffectseconomicwell-being
willingnesstopay
themaximumamountthatabuyerwillpayforagood
shouldbe).Weknowthatthepriceofturkeyadjuststoensurethatthequantityofturkeysuppliedequalsthequantityofturkeydemanded.But,atthisequilibrium,isthequantityofturkeyproducedandconsumedtoosmall,toolarge,orjustright?
Inthischapterwetakeupthetopicofwelfareeconomics,thestudyofhowtheallocationofresourcesaffectseconomicwell-being.Webeginbyexaminingthebenefitsthatbuyersandsellersreceivefromtakingpartinamarket.Wethenex-aminehowsocietycanmakethesebenefitsaslargeaspossible.Thisanalysisleadstoaprofoundconclusion:
Theequilibriumofsupplyanddemandinamarketmaximizesthetotalbenefitsreceivedbybuyersandsellers.
AsyoumayrecallfromChapter1,oneoftheTenPrinciplesofEconomicsisthatmarketsareusuallyagoodwaytoorganizeeconomicactivity.Thestudyofwel-fareeconomicsexplainsthisprinciplemorefully.Italsoanswersourquestionabouttherightpriceofturkey:
Thepricethatbalancesthesupplyanddemandforturkeyis,inaparticularsense,thebestonebecauseitmaximizesthetotalwelfareofturkeyconsumersandturkeyproducers.
CONSUMERSURPLUS
Webeginourstudyofwelfareeconomicsbylookingatthebenefitsbuyersreceivefromparticipatinginamarket.
WILLINGNESSTOPAY
Imaginethatyouownamint-conditionrecordingofElvisPresley’sfirstalbum.BecauseyouarenotanElvisPresleyfan,youdecidetosellit.Onewaytodosoistoholdanauction.
FourElvisfansshowupforyourauction:
John,Paul,George,andRingo.Eachofthemwouldliketoownthealbum,butthereisalimittotheamountthateachiswillingtopayforit.Table7-1showsthemaximumpricethateachofthefourpossiblebuyerswouldpay.Eachbuyer’smaximumiscalledhiswillingnesstopay,anditmeasureshowmuchthatbuyervaluesthegood.Eachbuyerwouldbeeagertobuythealbumatapricelessthanhiswillingnesstopay,wouldrefuseto
Table7-1
FOURPOSSIBLEBUYERS’WILLINGNESSTOPAY
BUYERWILLINGNESSTOPAY
John$100
Paul80
George70
Ringo50
buythealbumatapricemorethanhiswillingnesstopay,andwouldbeindiffer-entaboutbuyingthealbumatapriceexactlyequaltohiswillingnesstopay.
Tosellyouralbum,youbeginthebiddingatalowprice,say$10.Becauseallfourbuyersarewillingtopaymuchmore,thepricerisesquickly.ThebiddingstopswhenJohnbids$80(orslightlymore).Atthispoint,Paul,George,andRingohavedroppedoutofthebidding,becausetheyareunwillingtobidanymorethan
$80.Johnpaysyou$80andgetsthealbum.Notethatthealbumhasgonetothebuyerwhovaluesthealbummosthighly.
WhatbenefitdoesJohnreceivefrombuyingtheElvisPresleyalbum?
Inasense,Johnhasfoundarealbargain:
Heiswillingtopay$100forthealbumbutpaysonly$80forit.WesaythatJohnreceivesconsumersurplusof$20.Consumersurplusistheamountabuyeriswillingtopayforagoodminustheamountthebuyeractuallypaysforit.
Consumersurplusmeasuresthebenefittobuyersofparticipatinginamarket.Inthisexample,Johnreceivesa$20benefitfromparticipatingintheauctionbe-causehepaysonly$80foragoodhevaluesat$100.Paul,George,andRingogetnoconsumersurplusfromparticipatingintheauction,becausetheyleftwithoutthealbumandwithoutpayinganything.
Nowconsiderasomewhatdifferentexample.Supposethatyouhadtwoiden-ticalElvisPresleyalbumstosell.Again,youauctionthemofftothefourpossiblebuyers.Tokeepthingssimple,weassumethatbothalbumsaretobesoldforthesamepriceandthatnobuyerisinterestedinbuyingmorethanonealbum.There-fore,thepricerisesuntiltwobuyersareleft.
Inthiscase,thebiddingstopswhenJohnandPaulbid$70(orslightlyhigher).Atthisprice,JohnandPaulareeachhappytobuyanalbum,andGeorgeandRingoarenotwillingtobidanyhigher.JohnandPauleachreceiveconsumersur-plusequaltohiswillingnesstopayminustheprice.John’sconsumersurplusis
$30,andPaul’sis$10.John’sconsumersurplusishighernowthanitwasprevi-ously,becausehegetsthesamealbumbutpayslessforit.Thetotalconsumersur-plusinthemarketis$40.
USINGTHEDEMANDCURVETOMEASURECONSUMERSURPLUS
Consumersurplusiscloselyrelatedtothedemandcurveforaproduct.Toseehowtheyarerelated,let’scontinueourexampleandconsiderthedemandcurveforthisrareElvisPresleyalbum.
Webeginbyusingthewillingnesstopayofthefourpossiblebuyerstofindthedemandscheduleforthealbum.Table7-2showsthedemandschedulethatcorrespondstoTable7-1.Ifthepriceisabove$100,thequantitydemandedinthemarketis0,becausenobuyeriswillingtopaythatmuch.Ifthepriceisbetween
$80and$100,thequantitydemandedis1,becauseonlyJohniswillingtopaysuchahighprice.Ifthepriceisbetween$70and$80,thequantitydemandedis2,be-causebothJohnandPaularewillingtopaytheprice.Wecancontinuethisanaly-sisforotherpricesaswell.Inthisway,thedemandscheduleisderivedfromthewillingnesstopayofthefourpossiblebuyers.
Figure7-1graphsthedemandcurvethatcorrespondstothisdemandsched-ule.Notetherelationshipbetweentheheightofthedemandcurveandthebuyers’willingnesstopay.Atanyquantity,thepricegivenbythedemandcurveshows
consumersurplus
abuyer’swillingnesstopayminustheamountthebuyeractuallypays
Table7-2
THEDEMANDSCHEDULEFORTHE
BUYERSINTABLE7-1
PRICEBUYERSQUANTITYDEMANDED
Morethan$100None0
$80to$100John1
$70to$80John,Paul2
$50to$70John,Paul,George3
$50orlessJohn,Paul,George,Ringo4
Figure7-1
THEDEMANDCURVE.ThisfiguregraphsthedemandcurvefromthedemandscheduleinTable7-2.Notethattheheightofthedemandcurvereflectsbuyers’willingnesstopay.
Priceof
Album
$100
80
John’swillingnesstopay
Paul’swillingnesstopay
70George’swillingnesstopay
50Ringo’swillingnesstopay
Demand
01234
Quantityof
Albums
thewillingnesstopayofthemarginalbuyer,thebuyerwhowouldleavethemarketfirstifthepricewereanyhigher.Ataquantityof4albums,forinstance,thede-mandcurvehasaheightof$50,thepricethatRingo(themarginalbuyer)iswill-ingtopayforanalbum.Ataquantityof3albums,thedemandcurvehasaheightof$70,thepricethatGeorge(whoisnowthemarginalbuyer)iswillingtopay.
Becausethedemandcurvereflectsbuyers’willingnesstopay,wecanalsouseittomeasureconsumersurplus.Figure7-2usesthedemandcurvetocomputeconsumersurplusinourexample.Inpanel(a),thepriceis$80(orslightlyabove),andthequantitydemandedis1.Notethattheareaabovethepriceandbelowthedemandcurveequals$20.Thisamountisexactlytheconsumersurpluswecom-putedearlierwhenonly1albumissold.
Panel(b)ofFigure7-2showsconsumersurpluswhenthepriceis$70(orslightlyabove).Inthiscase,theareaabovethepriceandbelowthedemandcurve
Priceof
Album
$100
80
70
(a)Price=$80
John’sconsumersurplus($20)
Figure7-2
MEASURINGCONSUMERSURPLUSWITHTHEDEMANDCURVE.Inpanel(a),thepriceofthegoodis
$80,andtheconsumersurplusis
$20.Inpanel(b),thepriceofthe
goodis$70,andtheconsumer
surplusis$40.
50
Demand
01234Quantityof
Albums
Priceof
Album
$100
(b)Price=$70
John’sconsumersurplus($30)
80
Paul’sconsumersurplus($10)
70
Total
50consumersurplus($40)
Demand
01234
Quantityof
Albums
equalsthetotalareaofthetworectangles:
John’sconsumersurplusatthispriceis
$30andPaul’sis$10.Thisareaequalsatotalof$40.Onceagain,thisamountisthe
consumersurpluswecomputedearlier.
Thelessonfromthisexampleholdsforalldemandcurves:
Theareabelowthe
demandcurveandabovethepricemeasurestheconsumersurplusinamarket.Thereason
i
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