微观经济管理学与财务知识分析(ppt 5)

,Part1Introduction:MarketsandPricesChapter1-2,Chapter1Preliminaries,Chapter1:Preliminaries,Slide2,Traditionalmicroeconomicsforone-semestercourse,Chapter1,23,4.1-4.4,6,7.1-7.4,8,9.1-9.3,10,11.1-11.3,12,14,15.1-15.4,18.1-18.2,18.5,Chapter1:Preliminaries,Slide3,ModernMicroeconomicsincludes:,Chapter13GametheoryChapter17Marketswithasymmetricinformation,Chapter1:Preliminaries,Slide4,TopicstobeDiscussed,TheThemesofMicroeconomicsWhatIsaMarket?RealVersusNominalPricesWhyStudyMicroeconomics?,Chapter1:Preliminaries,Slide5,DefinitionofEconomics,Economicsisthestudyofhowsocietiesusescarceresourcestoproducevaluablecommoditiesanddistributethemamongdifferentpeople.P.A.Samuelson,Chapter1:Preliminaries,Slide6,Definitionofmicroeconomics,Microeconomicsisthestudyofhowhouseholdsandfirmsmakedecisionsandhowtheyinteractinspecificmarkets.N.GregoryMankiw,Chapter1:Preliminaries,Slide7,Definitionofmacroeconomics,Macroeconomicsisthestudyofeconomy-widephenomena,includinginflation,unemployment,andeconomicgrowth.N.GregoryMankiw,Chapter1:Preliminaries,Slide8,Preliminaries,Microeconomicsdealswith:BehaviorofindividualunitsWhenConsumingHowwechoosewhattobuy,Chapter1:Preliminaries,Slide9,Preliminaries,Microeconomicsdealswith:BehaviorofindividualunitsWhenProducingHowwechoosewhattoproduce,Chapter1:Preliminaries,Slide10,Preliminaries,Microeconomicsdealswith:Markets:Theinteractionofconsumersandproducers,Chapter1:Preliminaries,Slide11,Preliminaries,Macroeconomicsdealswith:Analysisofaggregateissues:EconomicgrowthInflationUnemployment,Chapter1:Preliminaries,Slide12,Preliminaries,TheLinkageBetweenMicroandMacro-economicsMicroeconomicsisthefoundationofmacroeconomicanalysis,Chapter1:Preliminaries,Slide13,TheThemesofMicroeconomics,AccordingtoMickJagger*&theRollingStones“Youcantalwaysgetwhatyouwant”,Chapter1:Preliminaries,Slide14,TheThemesofMicroeconomics,WhyNot?LimitedResources,Chapter1:Preliminaries,Slide15,Trytounderstandthephrase“scarceresources”inthefollowing,Everygunthatismade,everywarshiplaunched,everyrocketfiredsignifies,inthefinalsense,atheftfromthosewhohungerandarenotfed.PresidentD.D.Eisenhower,Chapter1:Preliminaries,Slide16,TheThemesofMicroeconomics,MicroeconomicsAllocationofScarceResourcesandTrade-offsInaplannedeconomyInamarketeconomy,Chapter1:Preliminaries,Slide17,Aplannedeconomy,Allocationdecisionsofscarceresourcesaremademostlybythegovernment(likeCuba,NorthKorea,FormerSovietUnion),Chapter1:Preliminaries,Slide18,Amarketeconomy,Allocationdecisionsofscarceresourcesaremademostlybysupplyanddemandinmarkets.,Chapter1:Preliminaries,Slide19,TheThemesofMicroeconomics,FlexibilityinallocatingscarceresourcesandOptimalTrade-offs1.ConsumerTheory2.Workers3.TheoryoftheFirm,Chapter1:Preliminaries,Slide20,Exampleoftradeoffs,GunandButterEfficiencyandequityRiskandreturnWorkandleisure,Chapter1:Preliminaries,Slide21,TheThemesofMicroeconomics,MicroeconomicsandPricesTheroleofpricesinamarketeconomy(likeinvisiblehandinguidingeconomicactivities-AdamSmith,1776)Howpricesaredetermined,Chapter1:Preliminaries,Slide22,TheoriesandModels,Economicisconcernedwiththeexplanationandpredictionofobservedphenomena,whichisbasedontheories.,Chapter1:Preliminaries,Slide23,TheoriesandModels,Theoriesareusedtoexplainandpredictobservedphenomenaintermsofasetofbasicrulesandassumptions(likeeconomicman).ForexampleTheTheoryoftheFirmTheTheoryofConsumerBehavior,Chapter1:Preliminaries,Slide24,TheoriesandModels,Withtheaplicationofstatisticalandeconometrictechniques,Theoriescanbeusedtoconstructmodels:amathematicalrepresentationofatheoryusedtomakeaprediction,suchaseconometricsmodels,Chapter1:Preliminaries,Slide25,PositiveVersusNormativeAnalysis,PositiveAnalysisPositiveanalysisistheuseoftheoriesandmodelstopredicttheimpactofachoice.Positiveanalysisdescribesthefactsandbehaviorintheeconomy.A.Samuelson,Chapter1:Preliminaries,Slide26,Examplesforpositiveanalysis,Whatwillbetheimpactofanimportquotaonforeigncars?Whatwillbetheimpactofanincreaseinthegasolineexcisetax?WhatarethecausesofpovertyintheUnitedStates.,Chapter1:Preliminaries,Slide27,PositiveversusNormativeAnalysis,NormativeAnalysisNormativeanalysisaddressesissuesfromtheperspectiveof“Whatoughttobe?”Normativeanalysisinvolvesethicalpreceptsandvaluejudgments,Chapter1:Preliminaries,Slide28,ExamplesforNormativeanalysis,Shouldthegovernmentgivemoremoneytopoorpeople?Shouldthebudgetdeficitbereducedbyhighertaxesorlowerspending?,Chapter1:Preliminaries,Slide29,WhatisaMarket?,Amarketisthecollectionofbuyersandsellersthat,throughtheiractualorpotentialinteractionstodeterminethepriceofaproductorasetofproducts.,Chapter1:Preliminaries,Slide30,WhatisaMarket?,Marketsvs.IndustriesIndustriesarethesupplysideofthemarket.Aindustryisacollectionoffirmsthatsellthesameorcloselyrelatedproducts.,Chapter1:Preliminaries,Slide31,WhatisaMarket?,MarketdefinitionDeterminationofthebuyers,sellers,andrangeofproductsthatshouldbeincludedinaparticularmarket.,Chapter1:Preliminaries,Slide32,WhatisaMarket?,ArbitrageBuyingaproductatalowpriceinonelocationandsellingatahighpriceinanother,Chapter1:Preliminaries,Slide33,WhatisaMarket?,Competitivevs.NoncompetitiveMarketsCompetitiveMarketsBecauseofthelargenumberofbuyersandsellers,noindividualbuyerorsellercaninfluencetheprice.(allofthemarepricetaker)Example:Mostagriculturalmarkets,Chapter1:Preliminaries,Slide34,WhatisaMarket?,Competitivevs.NoncompetitiveMarketsNoncompetitiveMarketsMarketswhereindividualproducerscaninfluencetheprice.Example:OPEC,Chapter1:Preliminaries,Slide35,WhatisaMarket?,MarketPriceCompetitivemarketsestablishoneprice.Noncompetitivemarketsmaysetmanypricesforthesameproduct.,Chapter1:Preliminaries,Slide36,WhatisaMarket?,MarketDefinition&TheExtentofaMarketMarketDefinitionWhichbuyersandsellersshouldbeincludedinagivenmarket,Chapter1:Preliminaries,Slide37,WhatisaMarket?,MarketDefinition-TheExtentofaMarketMarketExtentDefinestheboundariesofthemarketGeographicRangeofproducts,Chapter1:Preliminaries,Slide38,WhatisaMarket?,ExamplesGeographicboundariesGasoline:USvssouthernCaliforniaHousing:ChicagovsaChicagoneighborhood,Chapter1:Preliminaries,Slide39,WhatisaMarket?,ExamplesRangeofProductsGasoline:regular,super,&dieselCameras:SLRCameras,Polariodinstantcameras,digitalCameras.,Chapter1:Preliminaries,Slide40,WhatisaMarket?,ExamplesMarketsforPrescriptionDrugsWell-definedmarketsantiulcerdrugs,anticholesteroldrugsAmbiguousmarkets-painkillers,Chapter1:Preliminaries,Slide41,RealVersusNominalPrices,Nominalpriceistheabsoluteorcurrentdollarpriceofagoodorservicewhenitissold.Realpriceisthepricerelativetoanaggregatemeasureofpricesorconstantdollarprice.,Chapter1:Preliminaries,Slide42,RealVersusNominalPrices,TheConsumerPriceIndex(CPI)isthemeasureoftheaggregatepricelevelRealprices:priceadjustedforinflation,Chapter1:Preliminaries,Slide43,RealVersusNominalPrices,CalculatingRealPrices,Chapter1:Preliminaries,Slide44,AnExample:CalculatingtheRealPriceofMilk,1970.4038.8.40=38.8/38.8x.401980.6582.4.31=38.8/82.4x.6519991.05167.0.24=38.8/167.0 x1.05,NominalPriceRealPriceofMilkYearofMilkCPIin1970dollars,Chapter1:Preliminaries,Slide45,CalculatingRealPrices:AnExample-Eggs&College,Chapter1:Preliminaries,Slide46,CalculatingRealPrices:AnExample-Eggs&College,ConsumerPriceIndex(1983=100)38.853.882.4107.6130.7163.0NominalPricesGradeALargeEggs$0.61$0.77$0.84$0.80$0.98$1.04CollegeEducation$2,530$3,403$4,912$8,156$12,800$19,213RealPrices($1970)GradeALargeEggs$0.61$0.56$0.40$0.29$0.30$0.25CollegeEducation$2,530$2,454$2,313$2,941$3,800$4,573,197019751980198519901998,Chapter1:Preliminaries,Slide47,AnExample:TheMinimumWage,Observations1.Theminimumwagehasbeenincreasinginnominaltermssince1940.2.The1999realminimumwagewasnohigherin1999than1950.,Chapter1:Preliminaries,Slide48,WhyStudyMicroeconomics?,Microeconomicconceptsareusedbyeveryonetoassisttheminmakingchoicesasconsumersandproducers.,Chapter1:Preliminaries,Slide49,WhyStudyMicroeconomics?,TwoExamplesFordandthedevelopmentofitsSUVsPublicPolicyDesignAutomobileemissionstandardsforthe21stcentury,Chapter1:Preliminaries,Slide50,WhyStudyMicroeconomics?,FordandthedevelopmentofitsSUVsQuestionsConsumeracceptanceanddemandProductioncostPricingstrategy,Chapter1:Preliminaries,Slide51,WhyStudyMicroeconomics?,FordandthedevelopmentofitsSUVsQuestionsRiskanalysisOrganizationaldecisionsGovernmentregulation,Chapter1:Preliminaries,Slide52,WhyStudyMicroeconomics?,Autoemissionstandardsforthe21stcenturyQuestionsImpactonconsumersImpactonproducersHowtoenforcethestandardsWhatarethebenefitsandcosts?,Chapter1:Preliminaries,Slide53,Summary,Microeconomicsisconcernedwiththedecisionsmadebysmalleconomicunits.Microeconomicsreliesheavilyontheuseoftheoryandmodels.,Chapter1:Preliminaries,Slide54,Summary,Microeconomicsisconcernedwithpositivequestionsandnormativeanalysis.Amarketreferstoacollectionofbuyersandsellerswhointeractandtothepossibilityforsalesandpurchasesthatresultsfromthatinteraction.,Chapter1:Prelimin