微观经济学原理曼昆英文第七章
合集下载
相关主题
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
supply curve?
▪ Do markets produce a desirable allocation of
resources? Or could the market outcome be improved upon?
1
Welfare Economics
▪ Recall, the allocation of resources refers to:
▪ how much of each good is produced ▪ which producers produce it ▪ which consumers consume it
▪ Welfare economics studies how the allocation
of resources affects economic well-being.
Anthony $250 176 – 250 Anthony, Flea
2
Chad Flea John
175 300
126 – 175
Chad, Anthony, Flea
3
125
0 – 125
John, Chad, Anthony, Flea
4
.
5
WTP and the Demand Curve
P
$350 $300 $250
P $301 & up
$200
251 – 300
$150 $100
$50 $0
176 – 250 126 – 175
0 – 125
Q
01234
.
Qd 0 1 2 3 4
6
About the Staircase Shape…
P
$350 $300 $250 $200 $150 $100
7 C H A P T E R
Consumers, Producers, and the Efficiency of Markets
Economics P R I N C I P L E S O F
N. Gregory Mankiw
© 2009 South-Western, a part of Cengage Learning, all rights reserved
▪ First, we look at the well-being of consumers.
.
2
Willingness to Pay (WTP)
A buyer’s willingness to pay for a good is the maximum amount the buyer will pay for that good.
and it would look more like a smooth curve.
$0
Q
01234
.
7
WTP and the Demand Curve
P
$350 $300 $250 $200 $150 $100
$50
Flea’s WTP Anthony’s WTP
Chad’s WTP John’s WTP
At any Q, the height of the D curve is the WTP of the marginal buyer, the buyer who would leave the market if P were any higher.
$0
Q
01234
.
8
Consumer Surplus (CS)
WTP measures how much the buyer values the good.
name WTP
Anthony $250
Chad
175
Flea
300
John
125
Example: 4 buyers’ WTP for an iPod
.
3
WTP and the Demand Curve
In this chapter, look for the answers to these questions:
▪ What is consumer surplus? How is it related to the
demand curve?
▪ What is producer surplus? How is it related to the
P
$350 $300 $250 $200
Flea’s WTP
Q: If price of iPod is $200, who will buy an iPod, and what is quantity demanded?
name WTP
Anthony $250
Chad
175
Flea
300
John
125
A: Anthony & Flea will buy an iPod, Chad & John will not.
$50
This D curve looks like a staircase with 4 steps – one per buyer.
If there were a huge # of buyers, as in a competitive market,
there would be a huge # of very tiny steps,
Consumer surplus is the amount a buyer is willing to pay minus the amount the buyer actually pays:
CS = WTP – P
name WTP
Anthony $250
Chad
175
Flea
300
John
125
Hence, Qd = 2 when P = $200.
.
4
WTP and the Demand Curve
Derive the demand schedule:
P (price of iPod)
who buys
Qd
$301 & up nobody
0
name WTP 251 – 300 Flea
1
Suppose P = $260.
Flea’s CS = $300 – 260 = $40.
The others get no CS because they do not buy an iPod at this price.
Total CS = $40.
.
9Fra Baidu bibliotek
CS and the Demand Curve
▪ Do markets produce a desirable allocation of
resources? Or could the market outcome be improved upon?
1
Welfare Economics
▪ Recall, the allocation of resources refers to:
▪ how much of each good is produced ▪ which producers produce it ▪ which consumers consume it
▪ Welfare economics studies how the allocation
of resources affects economic well-being.
Anthony $250 176 – 250 Anthony, Flea
2
Chad Flea John
175 300
126 – 175
Chad, Anthony, Flea
3
125
0 – 125
John, Chad, Anthony, Flea
4
.
5
WTP and the Demand Curve
P
$350 $300 $250
P $301 & up
$200
251 – 300
$150 $100
$50 $0
176 – 250 126 – 175
0 – 125
Q
01234
.
Qd 0 1 2 3 4
6
About the Staircase Shape…
P
$350 $300 $250 $200 $150 $100
7 C H A P T E R
Consumers, Producers, and the Efficiency of Markets
Economics P R I N C I P L E S O F
N. Gregory Mankiw
© 2009 South-Western, a part of Cengage Learning, all rights reserved
▪ First, we look at the well-being of consumers.
.
2
Willingness to Pay (WTP)
A buyer’s willingness to pay for a good is the maximum amount the buyer will pay for that good.
and it would look more like a smooth curve.
$0
Q
01234
.
7
WTP and the Demand Curve
P
$350 $300 $250 $200 $150 $100
$50
Flea’s WTP Anthony’s WTP
Chad’s WTP John’s WTP
At any Q, the height of the D curve is the WTP of the marginal buyer, the buyer who would leave the market if P were any higher.
$0
Q
01234
.
8
Consumer Surplus (CS)
WTP measures how much the buyer values the good.
name WTP
Anthony $250
Chad
175
Flea
300
John
125
Example: 4 buyers’ WTP for an iPod
.
3
WTP and the Demand Curve
In this chapter, look for the answers to these questions:
▪ What is consumer surplus? How is it related to the
demand curve?
▪ What is producer surplus? How is it related to the
P
$350 $300 $250 $200
Flea’s WTP
Q: If price of iPod is $200, who will buy an iPod, and what is quantity demanded?
name WTP
Anthony $250
Chad
175
Flea
300
John
125
A: Anthony & Flea will buy an iPod, Chad & John will not.
$50
This D curve looks like a staircase with 4 steps – one per buyer.
If there were a huge # of buyers, as in a competitive market,
there would be a huge # of very tiny steps,
Consumer surplus is the amount a buyer is willing to pay minus the amount the buyer actually pays:
CS = WTP – P
name WTP
Anthony $250
Chad
175
Flea
300
John
125
Hence, Qd = 2 when P = $200.
.
4
WTP and the Demand Curve
Derive the demand schedule:
P (price of iPod)
who buys
Qd
$301 & up nobody
0
name WTP 251 – 300 Flea
1
Suppose P = $260.
Flea’s CS = $300 – 260 = $40.
The others get no CS because they do not buy an iPod at this price.
Total CS = $40.
.
9Fra Baidu bibliotek
CS and the Demand Curve