平狄克微观经济学课件(英文)01

CHAPTER1OUTLINE,1.1TheThemesofMicroeconomics1.2WhatIsaMarket?1.3RealversusNominalPrices1.4WhyStudyMicroeconomics?,Preliminaries,microeconomicsBranchofeconomicsthatdealswiththebehaviorofindividualeconomicunitsconsumers,firms,workers,andinvestorsaswellasthemarketsthattheseunitscomprise.,macroeconomicsBranchofeconomicsthatdealswithaggregateeconomicvariables,suchasthelevelandgrowthrateofnationaloutput,interestrates,unemployment,andinflation.,THETHEMESOFMICROECONOMICS,TradeOffs,Consumers,Workers,Firms,Consumershavelimitedincomes,whichcanbespentonawidevarietyofgoodsandservices,orsavedforthefuture.,Workersalsofaceconstraintsandmaketrade-offs.First,peoplemustdecidewhetherandwhentoentertheworkforce.Second,workersfacetrade-offsintheirchoiceofemployment.Finally,workersmustsometimesdecidehowmanyhoursperweektheywishtowork,therebytradingofflaborforleisure.,Firmsalsofacelimitsintermsofthekindsofproductsthattheycanproduce,andtheresourcesavailabletoproducethem.,PricesandMarkets,Microeconomicsdescribeshowpricesaredetermined.Inacentrallyplannedeconomy,pricesaresetbythegovernment.Inamarketeconomy,pricesaredeterminedbytheinteractionsofconsumers,workers,andfirms.Theseinteractionsoccurinmarketscollectionsofbuyersandsellersthattogetherdeterminethepriceofagood.,THETHEMESOFMICROECONOMICS,TheoriesandModels,Ineconomics,explanationandpredictionarebasedontheories.Theoriesaredevelopedtoexplainobservedphenomenaintermsofasetofbasicrulesandassumptions.Amodelisamathematicalrepresentation,basedoneconomictheory,ofafirm,amarket,orsomeotherentity.,PositiveversusNormativeAnalysis,positiveanalysisAnalysisdescribingrelationshipsofcauseandeffect.,normativeanalysisAnalysisexaminingquestionsofwhatoughttobe.,THETHEMESOFMICROECONOMICS,WHATISAMARKET?,marketCollectionofbuyersandsellersthat,throughtheiractualorpotentialinteractions,determinethepriceofaproductorsetofproducts.,marketdefinitionDeterminationofthebuyers,sellers,andrangeofproductsthatshouldbeincludedinaparticularmarket.,arbitragePracticeofbuyingatalowpriceatonelocationandsellingatahigherpriceinanother.,CompetitiveversusNoncompetitiveMarkets,MarketPrice,perfectlycompetitivemarketMarketwithmanybuyersandsellers,sothatnosinglebuyerorsellerhasasignificantimpactonprice.,marketpricePriceprevailinginacompetitivemarket.,WHATISAMARKET?,MarketDefinitionTheExtentofaMarket,extentofamarketBoundariesofamarket,bothgeographicalandintermsofrangeofproductsproducedandsoldwithinit.,Marketdefinitionisimportantfortworeasons:Acompanymustunderstandwhoitsactualandpotentialcompetitorsareforthevariousproductsthatitsellsormightsellinthefuture.Marketdefinitioncanbeimportantforpublicpolicydecisions.,WHATISAMARKET?,Marketsareusuallydefinedintermsoftherapeuticclassesofdrugs.Forexample,thereisamarketforantiulcerdrugsthatisveryclearlydefined.,Sometimes,however,pharmaceuticalmarketboundariesaremoreambiguous,likepainkillers.Therearemanytypesofpainkillers,andsomeworkbetterthanothersforcertaintypesofpain.,WHATISAMARKET?,In1990,theArcher-Daniels-MidlandCompany(ADM)acquiredtheClintonCornProcessingCompany(CCP).TheU.S.DepartmentofJustice(DOJ)challengedtheacquisitiononthegroundsthatitwouldleadtoadominantproducerofcornsyrupwiththepowertopushpricesabovecompetitivelevels.ADMfoughttheDOJdecision,andthecasewenttocourt.Thebasicissuewaswhethercornsyruprepresentedadistinctmarket.ADMarguedthatsugarandcornsyrupshouldbeconsideredpartofthesamemarketbecausetheyareusedinterchangeablytosweetenavastarrayoffoodproducts.,WHATISAMARKET?,REALVERSUSNOMINALPRICES,nominalpriceAbsolutepriceofagood,unadjustedforinflation.,realpricePriceofagoodrelativetoanaggregatemeasureofprices;priceadjustedforinflation.,ConsumerPriceIndexMeasureoftheaggregatepricelevel.,ProducerPriceIndexMeasureoftheaggregatepricelevelforintermediateproductsandwholesalegoods.,Therealpriceofeggsin1970dollarsiscalculatedasfollows:,Whilethenominalpriceofeggsroseduringtheseyears,therealpriceofeggsactuallyfell.,REALVERSUSNOMINALPRICES,RealversusNominalPrices,Therealpriceofeggsin1990dollarsiscalculatedasfollows:,RealversusNominalPrices,Thepercentagechangeinrealpriceiscalculatedasfollows:,REALVERSUSNOMINALPRICES,TheMinimumWage,Innominalterms,theminimumwagehasincreasedsteadilyoverthepast70years.However,inrealtermsitsexpected2010levelisbelowthatofthe1970s.,Figure1.1,WHYSTUDYMICROECONOMICS?,CorporateDecisionMaking:FordsSportUtilityVehicles,ThedesignandefficientproductionofFordsSUVsinvolvednotonlysomeimpressiveengineering,butalotofeconomicsaswell.First,Fordhadtothinkcarefullyabouthowthepublicwouldreacttothedesignandperformanceofitsnewproducts.Next,Fordhadtobeconcernedwiththecostofmanufacturingthesecars.Finally,Fordhadtothinkaboutitsrelationshiptothegovernmentandtheeffectsofregulatorypolicies.,WHYSTUDYMICROECONOMICS?,PublicPolicyDesign:AutomobileEmissionStandardsfortheTwenty-FirstCentury,ThedesignofaprogramliketheCleanAirActinvolvesagooddealofeconom