Ch05-《中级微观经济学》范里安-英文版课件.ppt
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- 中级微观经济学 Ch05 中级 微观经济学 范里安 英文 课件
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1、Chapter FiveChoiceEconomic RationalityuThe principal behavioral postulate is that a decisionmaker chooses its most preferred alternative from those available to it.uThe available choices constitute the choice set.uHow is the most preferred bundle in the choice set located?Rational Constrained Choice
2、x1x2Rational Constrained Choicex1x2UtilityRational Constrained ChoiceUtilityx2x1Rational Constrained Choicex1x2UtilityRational Constrained ChoiceUtilityx1x2Rational Constrained ChoiceUtilityx1x2Rational Constrained ChoiceUtilityx1x2Rational Constrained ChoiceUtilityx1x2Rational Constrained ChoiceUti
3、lityx1x2Affordable,but not the most preferred affordable bundle.Rational Constrained Choicex1x2UtilityAffordable,but not the most preferred affordable bundle.The most preferredof the affordablebundles.Rational Constrained Choicex1x2UtilityRational Constrained ChoiceUtilityx1x2Rational Constrained Ch
4、oiceUtilityx1x2Rational Constrained ChoiceUtilityx1x2Rational Constrained Choicex1x2Rational Constrained Choicex1x2AffordablebundlesRational Constrained Choicex1x2AffordablebundlesRational Constrained Choicex1x2AffordablebundlesMore preferredbundlesRational Constrained ChoiceAffordablebundlesx1x2Mor
5、e preferredbundlesRational Constrained Choicex1x2x1*x2*Rational Constrained Choicex1x2x1*x2*(x1*,x2*)is the mostpreferred affordablebundle.Rational Constrained ChoiceuThe most preferred affordable bundle is called the consumers ORDINARY DEMAND at the given prices and budget.uOrdinary demands will be
6、 denoted byx1*(p1,p2,m)and x2*(p1,p2,m).Rational Constrained ChoiceuWhen x1*0 and x2*0 the demanded bundle is INTERIOR.uIf buying(x1*,x2*)costs$m then the budget is exhausted.Rational Constrained Choicex1x2x1*x2*(x1*,x2*)is interior.(x1*,x2*)exhausts thebudget.Rational Constrained Choicex1x2x1*x2*(x
7、1*,x2*)is interior.(a)(x1*,x2*)exhausts thebudget;p1x1*+p2x2*=m.Rational Constrained Choicex1x2x1*x2*(x1*,x2*)is interior.(b)The slope of the indiff.curve at(x1*,x2*)equals the slope of the budget constraint.Rational Constrained Choiceu(x1*,x2*)satisfies two conditions:u(a)the budget is exhausted;p1
8、x1*+p2x2*=mu(b)the slope of the budget constraint,-p1/p2,and the slope of the indifference curve containing(x1*,x2*)are equal at(x1*,x2*).Computing Ordinary DemandsuHow can this information be used to locate(x1*,x2*)for given p1,p2 and m?Computing Ordinary Demands-a Cobb-Douglas Example.uSuppose tha
9、t the consumer has Cobb-Douglas preferences.U xxx xa b(,)1212 Computing Ordinary Demands-a Cobb-Douglas Example.uSuppose that the consumer has Cobb-Douglas preferences.uThenU xxx xa b(,)1212 MUUxaxxab11112 MUUxbx xa b22121 Computing Ordinary Demands-a Cobb-Douglas Example.uSo the MRS isMRSdxdxUxUxax
10、xbx xaxbxaba b 211211212121 /.Computing Ordinary Demands-a Cobb-Douglas Example.uSo the MRS isuAt(x1*,x2*),MRS=-p1/p2 soMRSdxdxUxUxaxxbx xaxbxaba b 211211212121 /.Computing Ordinary Demands-a Cobb-Douglas Example.uSo the MRS isuAt(x1*,x2*),MRS=-p1/p2 soMRSdxdxUxUxaxxbx xaxbxaba b 211211212121 /.axbx
11、ppxbpapx21122121*.(A)Computing Ordinary Demands-a Cobb-Douglas Example.u(x1*,x2*)also exhausts the budget sop xp xm1 12 2*.(B)Computing Ordinary Demands-a Cobb-Douglas Example.uSo now we know thatxbpapx2121*(A)p xp xm1 12 2*.(B)Computing Ordinary Demands-a Cobb-Douglas Example.uSo now we know thatxb
12、papx2121*(A)p xp xm1 12 2*.(B)SubstituteComputing Ordinary Demands-a Cobb-Douglas Example.uSo now we know thatxbpapx2121*(A)p xp xm1 12 2*.(B)p xpbpapxm1 12121*.Substituteand getThis simplifies to.Computing Ordinary Demands-a Cobb-Douglas Example.xamab p11*().Computing Ordinary Demands-a Cobb-Dougla
13、s Example.xbmab p22*().Substituting for x1*in p xp xm1 12 2*then givesxamab p11*().Computing Ordinary Demands-a Cobb-Douglas Example.So we have discovered that the mostpreferred affordable bundle for a consumerwith Cobb-Douglas preferencesU xxx xa b(,)1212 is(,)(),().*()xxamab pbmab p1212 Computing
14、Ordinary Demands-a Cobb-Douglas Example.x1x2xamab p11*()xbmab p22*()U xxx xa b(,)1212 Rational Constrained ChoiceuWhen x1*0 and x2*0 and (x1*,x2*)exhausts the budget,and indifference curves have no kinks,the ordinary demands are obtained by solving:u(a)p1x1*+p2x2*=yu(b)the slopes of the budget const
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