微观经济学英文课件.

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微观经济学英文版ppt课件ch05checkpoint

CHECKPOINT 5.2
Practice Problem 2
You are told that a 10 percent increase in the price of a good has led to a 1 percent increase in the quantity supplied of the good after one month and a 25 percent increase in the quantity supplied after one year. What is the elasticity of supply of this good after one year? Has the supply of this good become more elastic or less elastic? Why?
CHECKPOINT 5.2
Practice Problem 1
You are told that a 10 percent increase in the price of a good has led to a 1 percent increase in the quantity supplied of the good after one month and a 25 percent increase in the quantity supplied after one year. Is the supply of this good elastic, unit elastic, or inelastic? Is this good likely to be produced using factors of production that are easily obtained? What is the price elasticity of supply of this good?

平狄克-微观经济学-英文-第7版-课件-ch13

Nash Equilibrium:
I’m doing the best I can given what you are doing. You’re doing the best you can given what I am doing.
The Product Choice Problem
Two breakfast cereal companies face a market in which two new variations of cereal can be successfully introduced.
You (Company A) will not know the results of the exploration project when submitting your price offer, but Company T will know the results when deciding whether to accept your offer. Also, Company T will accept any offer by Company A that is greater than the (per share) value of the company under current management.
You are considering price offers in the range $0/share (i.e., making no offer at all) to $150/share. What price per share should you offer for Company T’s stock?
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.

微观经济学microeconomics Chapter1PPT课件

of alternatives.
• Whether to go to college or to work? • Whether to study or go out on a date? • Whether to go to class or sleep in?
Principle #1: People Face Trade-offs.
• To get one thing, we usually have to give up another thing.
• Bicycle v. butter • Food v. clothing • Leisure time v. work • Efficiency v. equity
© 22000171ThCoemnsgoangSeoSutohu-Wthe-sWterenstern
TEN PRINCIPLES OF ECONOMICS
Economics is the study of how society manages its scarce resources.
© 22000171ThCoemnsgoangSeoSutohu-Wthe-sWterenstern
© 20©1120C0e7nTghaogmesoSnoSuotuht-hW-Weesstteernn
Principle #2: The Cost of Something Is What You Give Up to Get It. • Decisions require comparing costs and benefits
• Efficiency means society gets the most that it can from its scarce resources.

(微观经济学英文课件)Chap 13 The costs of production

Harcourt, Inc. items and derived items copyright © 2001 btors of production
labor,L
capital，K
natural resource，N entrepreneur, E
So ….. production function Q=f( K , L, N, E)
TC TVC
TFC Q
Average cost
Average Fixed Costs (AFC)
Average Variable Costs (AVC)
Average Total Costs (AC)
AC = AFC + AVC
A F C = F ixed co st = F C Q u an tity Q
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Total cost
Total Fixed Costs (TFC) Total Variable Costs (TVC) Total Costs (TC)
–
–
–
–
30 30 60 90
19 24.5 30 54.5
16 21.7 20 41.7
15 20 15 35
20 20 12 32
24 20.7 10 30.7
26 21.4 8.6 30
30 22,5 7.5 30
35 23.9 6.7 30.6
40 25.5 6 31.5
45 27.3 5.5 32.8
Explicit costs Vs. Implicit costs

范里安微观经济学英文课件Ch01

Then p = $490 QD = 2.
Modeling Apartment Demand
The lower is the rental rate p, the larger is the quantity of close apartments demanded
p QD .
The quantity demanded vs. price graph is the market demand curve for close apartments.
Modeling the Apartment Market
How are apartment rents determined? Suppose
apartments are close or distant, but otherwise identical
distant apartments rents are exogenous and known
Market Supply Curve for Apartments
p
100
QS
Competitive Market Equilibrium
“low” rental price quantity demanded of close apartments exceeds quantity available price will rise.
--- John Maynard Keynes
Economic Modeling
What causes what in economic systems?
At what level of detail shall we model an economic phenomenon?

微观经济学英文版PPT课件

Or, the opportunity cost that use a certain resource is the highest price of abandoning other uses of this resource
10
2.2 the definition of microeconomics
The starting point of economics searching The definition of Microeconomics People how to make decision Why need to bargain Why need to build market economics
Economics is a study, learning selection of scarce resources with different uses; The goal is effective allocation of scarce resources to produce goods and services, and in the present or future, let them reasonable allocated to social members or group for consumption.
8
Production possibilities curve
PPC is a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology.

微观经济学英文版精品PPT课件

Chapter 1: The Fundamentals of Economics（A. Introduction）
1.2 Microeconomics and Macroeconomics
What is Microeconomics ?
It is concerned with the behavior of individual entities such as markets, firms and households.
You want to buy a computer which is $2510. while it is $2500 in the supermarket in downtown. Wherever you buy the computer, it would return to the producer if there is any problem. Where would you buy it？
There are three types of economies:
Market economy Command economy Mixed economy
Chapter 1: The Fundamentals of Economics (C. Society’s technological possibilities)
Chapter 1: The Fundamentals of Economics（A. Introduction）
1.1 Scarcity and Efficiency
What is economics ?
Economics is the study f how societies use scarce resources to produce valuable commodities and distribute them among different people.

微观经济学英文课件第二章

QD QD(P)
Chapter 2: The Basics of Supply and Demand Slide 3
Supply and Demand
Price ($ per unit) The demand curve slopes downward demonstrating that consumers are willing to buy more at a lower price as the product becomes relatively cheaper and the consumer’s real income increases.

Changes in any one or combination of these variables can cause a change in the equilibrium price and/or quantity.
The Market Mechanism
Price ($ per unit)
S Surplus
P1 P0
If price is above equilibrium:
1) Price is above the market clearing price 2) Qs > Qd 3) Price falls to the market-clearing price
Chapter 2
The Basics of Supply and Demand
Topics to Be Discussed

Supply and Demand
The Market Mechanism

Changes in Market Equilibrium

微观经济学英PPT课件

There is a few principles about microeconomics in some books, while more in others
Continuously,
Basically, the general principles are:
Scarcity of resources Opportunity costs Increasing opportunity cost Real Opportunity Cost Real Opportunity cost and inefficiency
One obvious application of microeconomics is in the business field; firms
A firm that wants to enter the biotechnology industry, for instance, must at least know the degree of demand for biotechnology products in the market, the resources available to produce the products and the opportunity cost of using the resources in the production.
If it is measured in money term, see what happen:
Suppose apple costs $10 per unit and apple pie costs $20 per unit. Thus, the opportunity cost remains 1.

《微观经济学microeconomics》英文版全套课件(101页)

X RL {x R : xl 0 for l 1,..., L}
The economic constraint:
px p1x1 ... pL xL w
The Walrasian budget set (Definition 2.D.1)
Bp,w {x RL : px w}
or
u(x* ) xl
pl
px w
Solution: Walrasian demand function x*( p, w)
Utility Maximization -- Example
Example 3.D.1: the transformed Cobb-Douglas Utility Function
Expenditure Function
Expenditure function e( p,u) Min px s.t. u(x) u {x}
Properties: 1. Homogeneous of degree of one in p 2. Strictly increasing in u and nondecreasing in p 3. Concave in p 4. Continuous in p and u
Comparative Statics – Wealth Effects
The consumer’s Engel function x( p, w)
The wealth effect xl ( p, w) / w or Dwx( p, w) Normal goods and inferior goods
A choice rule C(B) B
The weak axiom of revealed preference (WARP): if x is revealed at least as good as y, then y cannot be revealed preferred to x

平狄克微观经济学(英文)01PPT课件

Market definition is important for two reasons:
• A company must understand who its actual and potential
competitors are for the various products that it sells or might sell in the future.
Market Price
● market price Price prevailing in a competitive market.
Chapter 1: Preliminaries
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
Chapter 1: Preliminaries
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Microeconomics • Pindyck/Rubinfeld, 7e.
10 of 18
1.2 WHAT IS A MARKET?
Theories and Models
In economics, explanation and prediction are based on theories. Theories are developed to explain observed phenomena in terms of a set of basic rules and assumptions.

微观经济学双语课件

Checkpoint 1.1
5. Sort the following issues into microeconomics and macroeconomics. a. People must install catalytic（催化的） convert in their cars. b. U. S. unemployment should be much lower. c. Your local country opens a neighborhood gym（体育馆 gymnasium ） for teenager. 6. Match the following headlines with the What, How, and For whom questions. a. With more researches, we will cure cancer.（how） b. A good education is the right of every child.（whom） c. What will the government do with its budget surplus?（what）
1.2 ECONOMICS: A SOCIAL SCIENCE
Goal of economists is to discover how the economic world works. Economists distinguish between:
• Positive statements（实证经济学）: What is • Normative statements（规范经济学）: What ought to be The task of economic science:
1.1 DEFINITIONS AND QUESTIONS

微观经济学英文版ppt课件ch20checkpoint

The demand curve for managers and professionals, DH, is greater than the demand for salespeople, DL.
CHECKPOINT 20.2
The figure shows that the combination of demand and supply leads to a higher wage rate for managers and professionals than for salespeople.
CHECKPOINT 20.1
Solution
A Lorenz curve plots the cumulative percentage of income against the cumulative percentage of households.
The blue curve plots the data for the Canadian Lorenz curve.
The green curve plots the data for the U.S. Lorenz curve.
CHECKPOINT 20.1
The line of equality shows an equal distribution.
The Canadian Lorenz curve lies closer to the line of equality than the U.S. Lorenz curve, so the distribution of income in the United States is more unequal than that in Canada.

微观经济学高级版英文原版课件

Chapter1:Key conceptsFebruary19,20131IntroductionEconomics is the study of choice under scarcity.Typically,consumers want more goods and services than they can aﬀord to buy.Similarly,businesses face constraints in terms what funds and resources that they can ernments and countries also face the same type of problem:a government might want to address a large number of social problems,but they have limited resources with which to do so.Economics is about understanding how a party deals with the fact that when they use their resources to pursue one option,they cannot use those resources to do something else.And so,a consumer may have to choose between a new pair of shoes or a textbook,aﬁrm may have to choose between developing a new product or launching a marketing campaign, and the government may have to choose between improving education or targeting crime.To understand these issues,economics has developed a set of tools that can be used to analyze these problems.This book provides an introduction to those tools.They can be used to help understand economic problems wherever they arise,be it businesses understanding the markets they compete in,or governments trying to develop social policy,or families trying to manage their households.These tools are not meant to capture everything that is occurring in any given situation.Rather,they are designed to simplify(or to model)a complicated and potentially messy real-world issue into a tractable form that can provide valuable insights.Given that resources are limited,the key questions that an economy needs to‘decide’are:(a)what to produce;(b)how to produce it;and(c)who should get what is made.In modern economies,the answers to these questions are largely determined by the market –that is,by the interaction of sellers and buyers in the market.1Sometimes,however, the government also helps determine the answer to these questions,by regulating or intervening in the market.Consequently,our focus in this microeconomics text will be on the study of individuals(consumers,ﬁrms,and governments)and their interaction in markets.This chapter provides a few key concepts that underpin the analysis in the rest of the book,as well as economics analysis in general.1By‘market’,we simply mean a place where buyers and sellers of a particular good or service meet, such as a traditional bazaar or an online trading site.12Scarcity and opportunity costAs noted above,it is usually the case that resources are limited,so that not all wants can be met.We call this situation scarcity.Scarcity also means that individuals,businesses and societies face tradeoﬀs;by choos-ing one thing,a person must give up or miss out on another thing.For example,if a consumer uses their money to buy product X,they cannot then use that same money to buy something else.2We use the concept of opportunity cost to measure that tradeoﬀ. Thus,the opportunity cost of any choice is the value of the best forgone alternative. In the example above,if the consumer buys product X,and the next best thing they could have done is buy product Y,the opportunity cost of buying X is forgoing Y.Individuals also face opportunity costs in terms of their time–that is,if a person spends his time doing one thing,he cannot also spend that time doing another.Example.Suppose Andrew prefers to spend his Saturday afternoon walk-ing.The next best thing that he could have done is to sleep,and his thirdbest choice is to go swimming.Therefore,if Andrew goes for a walk,the op-portunity cost of going for a walk is not sleeping,as this is his best foregoneopportunity.The option of swimming is not relevant here because it is notthe next best opportunity.Opportunity costs include both explicit costs and implicit costs.Explicit costs are costs that involve direct payment(or,in other words,would be considered as costs by an accountant).Implicit costs are opportunities that are forgone,but do not involve an explicit cost.3Example.Suppose Stephen decides to go to university,and his next bestoption is to work at a construction site and earn$80K over the year.Theexplicit costs are those that Stephen must directly pay to go to university,such as student fees,the cost of textbooks,and so on.The implicit costsare the opportunities that Stephen must forgo–that is,working at theconstruction site and earning$80K.It is important to note that opportunity cost only includes costs that could change if a diﬀerent decision were made.Opportunity cost does not include sunk(or unrecoverable) costs.Sunk costs are costs that have been incurred and cannot be recovered no matter what.For example,if Katrien spends the weekend reading an accounting textbook, no matter what she does(such as whether or not she decides to continue studying accounting),she cannot get that time back.Similarly,if a business spent$100K on an advertising campaign last year,regardless of what they decide to do this year,that money(and eﬀort)cannot be recovered.2It is common to hear people refer to the‘economics’of a particular thing.This colloquial statement really means that,given the limited resource available,a choice had to be made and something(possibly worthwhile)could not be done.3Sometimes,economists distinguish between‘economic costs’and‘accounting costs’.Economic costs is just another term for opportunity costs,and therefore includes explicit and implicit costs. Accounting costs refers to explicit costs only.23Marginal analysisTypically,we assume that economic agents are rational and act to maximize their beneﬁts from their economic transactions.4For example,consumers seek to maximize their beneﬁts from consumption andﬁrms seek to maximize their proﬁts from production. One way that economic agents can solve this maximization problem is by considering the additional beneﬁt or additional cost of any action.This sort of analysis is referred to as marginal analysis and it is a recurring theme both in this book and economics generally.For instance,consider a consumer faced with the decision of whether to buy one more unit of a particular good.That consumer might consider the extra beneﬁt he derives from buying that extra unit;this is referred to as the marginal beneﬁt of that extra unit of the good.The consumer might also consider the additional cost of buying one more unit;this is referred to as the marginal cost of purchasing another unit,which is typically the price of the good.In making theirﬁnal decision,the consumer will weigh the marginal beneﬁt against the marginal cost of buying that extra unit.For example, if a consumer is considering buying another cup of coﬀee,and the marginal beneﬁt is$5 and the marginal cost is$3,the consumer will be better oﬀby buying the extra coﬀee.Each of the marginal terms noted above,and many others,will be discussed at length throughout the book.What is crucial to note is that the term‘marginal’simply means means additional or extra.That is,we interested to see what happens if we increase things(such as the number of coﬀees bought)by a small amount.4Ceteris paribusThe notion of ceteris paribus is also an important foundation of economic analysis.As noted,because the real world is often complicated and messy,it is often necessary to simplify real-world situations into tractable economic models,in order to better analyze them.Thus,in order to determine the eﬀect of a particular thing,economists tend to examine the impact of one change at a time,holding everything else constant.This is often called ceteris paribus,which roughly means‘other things equal’.For instance,suppose we are interested in how a change in price will aﬀect the quantity demanded of a good.However,in reality,demand for a good can be aﬀected by a number of other factors,such as changes in the tastes or income of consumers,or the availability or price of substitute goods.Therefore,in order to isolate the eﬀect of price upon quantity demanded,we need hold everything else constant.This is not to deny that in the real world multiple changes can occur at a time–they often do.Rather, to fully understand the relationship between price and demand,it is essential to isolate that relationship from other events that might also be occurring.For example,aﬁrm 4We are not suggesting that,in the real word,consumers are always fully rational or thatﬁrms do not sometimes have other objectives.Rather,we adopt this simplifying assumption because it allows us to analyze the behaviour of economic agents in markets.Such analysis will be fairly accurate,provided that on average individual consumers andﬁrms act more or less in their own interest.3might be interested in the eﬀect of advertising on demand for its product.To understand the impact of advertising,it is crucial to remove other factors that could aﬀect demand, otherwise advertising could be attributed too much(or too little)inﬂuence,which could lead to poor decision-making by theﬁrm regarding its next advertising campaign.5Correlation and causationAnother factor to keep in mind is the diﬀerence between correlation and causation. Correlation refers to a situation in which two or more things are observed to move together(or against each other).On the other hand,causation refers to a situation where changes in one thing brings about or causes change in another thing.To make statements about causation requires an economic theory about how the world works, rather than just observing a statistical relationship between several variables.Sometimes,when we observe correlation between two variables,A and B,it is because one causes the other.Sometimes,it is because a third factor causes changes in A and B(like a rising tide causing two boats to rise in their moorings).Sometimes,there is no connection between the two variables and it is just by chance that we observed the change in both variables at the same time.Without a theory about how a change in one variable aﬀects the other,it is not possible to say which is the case.4。