范里安中微课件第一章:市场Ch01-The-Market.ppt
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- 范里安中微 课件 第一章 市场 Ch01 The Market
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1、Chapter OneThe MarketThe Theory of Economics does notfurnish a body of settled conclusionsimmediately applicable to policy.It isa method rather than a doctrine,anapparatus of the mind,a technique ofthinking which helps its possessor todraw correct conclusions-John Maynard KeynesEconomic ModelinguWha
2、t causes what in economic systems?uAt what level of detail shall we model an economic phenomenon?uWhich variables are determined outside the model(exogenous)and which are to be determined by the model(endogenous)?Modeling the Apartment MarketuHow are apartment rents determined?uSuppose apartments ar
3、e close or distant,but otherwise identicaldistant apartments rents are exogenous and knownmany potential renters and landlordsModeling the Apartment MarketuWho will rent close apartments?uAt what price?uWill the allocation of apartments be desirable in any sense?uHow can we construct an insightful m
4、odel to answer these questions?Economic Modeling AssumptionsuTwo basic postulates:Rational Choice:Each person tries to choose the best alternative available to him or her.Equilibrium:Market price adjusts until quantity demanded equals quantity supplied.Modeling Apartment DemanduDemand:Suppose the mo
5、st any one person is willing to pay to rent a close apartment is$500/month.Thenp=$500 QD=1.uSuppose the price has to drop to$490 before a 2nd person would rent.Thenp=$490 QD=2.Modeling Apartment DemanduThe lower is the rental rate p,the larger is the quantity of close apartments demandedp QD .uThe q
6、uantity demanded vs.price graph is the market demand curve for close apartments.Market Demand Curve for ApartmentspQDModeling Apartment SupplyuSupply:It takes time to build more close apartments so in this short-run the quantity available is fixed(at say 100).Market Supply Curve for ApartmentspQS100
7、Competitive Market Equilibriumu“low”rental price quantity demanded of close apartments exceeds quantity available price will rise.u“high”rental price quantity demanded less than quantity available price will fall.Competitive Market EquilibriumuQuantity demanded=quantity available price will neither
8、rise nor falluso the market is at a competitive equilibrium.Competitive Market EquilibriumpQD,QS100Competitive Market EquilibriumpQD,QSpe100Competitive Market EquilibriumpQD,QSpe100People willing to pay pe for close apartments get closeapartments.Competitive Market EquilibriumpQD,QSpe100People willi
9、ng to pay pe for close apartments get closeapartments.People not willing to pay pe for close apartments get distant apartments.Competitive Market EquilibriumuQ:Who rents the close apartments?uA:Those most willing to pay.uQ:Who rents the distant apartments?uA:Those least willing to pay.uSo the compet
10、itive market allocation is by“willingness-to-pay”.Comparative StaticsuWhat is exogenous in the model?price of distant apartmentsquantity of close apartmentsincomes of potential renters.uWhat happens if these exogenous variables change?Comparative StaticsuSuppose the price of distant apartment rises.
11、uDemand for close apartments increases(rightward shift),causingua higher price for close apartments.Market EquilibriumpQD,QSpe100Market EquilibriumpQD,QSpe100Higher demandMarket EquilibriumpQD,QSpe100Higher demand causes highermarket price;same quantitytraded.Comparative StaticsuSuppose there were m
12、ore close apartments.uSupply is greater,so uthe price for close apartments falls.Market EquilibriumpQD,QSpe100Market EquilibriumpQD,QS100Higher supplypeMarket EquilibriumpQD,QSpe100Higher supply causes alower market price and alarger quantity traded.Comparative StaticsuSuppose potential renters inco
13、mes rise,increasing their willingness-to-pay for close apartments.uDemand rises(upward shift),causinguhigher price for close apartments.Market EquilibriumpQD,QSpe100Market EquilibriumpQD,QSpe100Higher incomes causehigher willingness-to-payMarket EquilibriumpQD,QSpe100Higher incomes causehigher willi
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