北大微观经济学(英文版)ch5 ChoicePPT课件
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《微观经济学》PPT课件
〔1〕静态分析法： 只分析某 一时点上经济变量的状况
〔2〕比较静态分析法：只分析 始点和终点的经济变量的 状 况
〔3〕动态分析法 引入时间因 素,分析某一时期内经济变量 的过程状况 .
三、经济模型
1、 经 济 模 型 〔economic
model>：用来表述经济
P price
变量之间的依存关系的理
李嘉图发展了亚当、斯密的思想,建立起了以劳动价 值论为基础,以分配论为中心的理论体系.并提出了 比较成本学说.他认为：每个国家都可以通过生产具 有相对优势的商品,通过国际贸易获得利益.
３、萨伊<Say>〔法〕 〔1767-1832〕
让·巴蒂斯特·萨伊
代表作《政治经济学概论》1803年
他认为：供给创造需求,储蓄必然转化 为投资,生产就是消费,供给就是需求, 生产过剩的危机是不会发生的.一个 国家生产者越多,产品越多,企业越多, 贸易越多社会财富越多.主张发展生 产.
2、按研究经济问题判断标准的不同可分为：
• 实证经济学<positive economics>：用事 实说明经济现象的现状如何？回答是什么 〔What is>如：某一时期的经济增长率为 8%,失业率是6%.
•规范经济学<normative economics>：以一 定的判断标准为出发点,力求回答应该是 什么〔What ought to be>.如：要实现8%的 年经济增长速度,政府应采取什么样的财 政政策和货币政策.某国的收入分配是不 是公平.
亚当、斯密的《国富论》
在《国富论》的序论中的第一句话就是： "被看作政治家或立法家的一门政治经济学 提出两个目标： 第一,给人民提供充足的收入或生计, 第二,给国家或社会提供充足的收入. 总之,其目的在于富国裕民".
〔2〕比较静态分析法：只分析 始点和终点的经济变量的 状 况
〔3〕动态分析法 引入时间因 素,分析某一时期内经济变量 的过程状况 .
三、经济模型
1、 经 济 模 型 〔economic
model>：用来表述经济
P price
变量之间的依存关系的理
李嘉图发展了亚当、斯密的思想,建立起了以劳动价 值论为基础,以分配论为中心的理论体系.并提出了 比较成本学说.他认为：每个国家都可以通过生产具 有相对优势的商品,通过国际贸易获得利益.
３、萨伊<Say>〔法〕 〔1767-1832〕
让·巴蒂斯特·萨伊
代表作《政治经济学概论》1803年
他认为：供给创造需求,储蓄必然转化 为投资,生产就是消费,供给就是需求, 生产过剩的危机是不会发生的.一个 国家生产者越多,产品越多,企业越多, 贸易越多社会财富越多.主张发展生 产.
2、按研究经济问题判断标准的不同可分为：
• 实证经济学<positive economics>：用事 实说明经济现象的现状如何？回答是什么 〔What is>如：某一时期的经济增长率为 8%,失业率是6%.
•规范经济学<normative economics>：以一 定的判断标准为出发点,力求回答应该是 什么〔What ought to be>.如：要实现8%的 年经济增长速度,政府应采取什么样的财 政政策和货币政策.某国的收入分配是不 是公平.
亚当、斯密的《国富论》
在《国富论》的序论中的第一句话就是： "被看作政治家或立法家的一门政治经济学 提出两个目标： 第一,给人民提供充足的收入或生计, 第二,给国家或社会提供充足的收入. 总之,其目的在于富国裕民".
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?
北大微观经济学课件(英文版)ch3 Preferences
中级微观经济学
Assumptions about Preference Relations
Transitivity
(传递性): If x is at least as preferred as y, and y is at least as preferred as z, then x is at least as preferred as z; i.e.
x1
2012-10-9 中级微观经济学
Indifference Curves Exhibiting Satiation
x2
Satiation (bliss) point Better
2012-10-9
中级微观经济学
Extreme Cases of Indifference Curves; Perfect Substitutes
x2
15 I2 8 Slopes are constant at - 1.
I1
Bundles in I2 all have a total of 15 units and are strictly preferred to all bundles in I1, which have a total of only 8 units in them. x1 8 15
x
f y and y f z ~ ~
x f z.
~
2012-10-9
中级微观经济学
Indifference Curves
Take
a reference bundle x’. The set of all bundles equally preferred to x’ is the indifference curve containing x’; the set of all bundles y ~ x’. Since an indifference “curve” is not always a curve a better name might be an indifference “set”.
微观经济学英文课件Ch
– 着眼于推动技术进步的政府对经济的干预政策成为技术 政策。
• Patent laws are a form of technology policy that give the individual (or firm) with patent protection a property right over its invention.
Examples of Negative Externalities 负的外部性的例子
• Automobile exhaust • Cigarette smoking • Barking dogs (loud pets) • Loud stereos in an apartment building • Stinky Toufu
Pollution and the Social Optimum...
Price of Aluminum
Cost of pollution
Social cost
Supply
(private cost)
Optimum
Equilibrium
Demand
(private value)
0
Qoptimum QMARKE
0
QMARKET QOPTIMUM
Quantity of Robots
Positive Externalities in Production
• The intersection of the demand curve and the social-cost curve determines the optimal output level.
T
Quantity of Aluminum
Negative Externalities in Production 生产中的负的外部性
• Patent laws are a form of technology policy that give the individual (or firm) with patent protection a property right over its invention.
Examples of Negative Externalities 负的外部性的例子
• Automobile exhaust • Cigarette smoking • Barking dogs (loud pets) • Loud stereos in an apartment building • Stinky Toufu
Pollution and the Social Optimum...
Price of Aluminum
Cost of pollution
Social cost
Supply
(private cost)
Optimum
Equilibrium
Demand
(private value)
0
Qoptimum QMARKE
0
QMARKET QOPTIMUM
Quantity of Robots
Positive Externalities in Production
• The intersection of the demand curve and the social-cost curve determines the optimal output level.
T
Quantity of Aluminum
Negative Externalities in Production 生产中的负的外部性
微观经济学英文课件
Edited by Yong, E.L.
Continuously,
Microeconomics is also used for evaluating broad question in regards to government policy (although this is more to macroeconomics).
Edited by Yong, E.L.
Continuously,
If the firm produces 6 units of apple and 12 units of apple pie wants to increase the production of apple pie by one unit to the 13th unit. It has to forgo 2 units of apple so that resources can be shifted to produce the additional apple pie; Opportunity Cost is thus 2.
Edited by Yong, E.L.
Continuously,
If the firm produces 10 units of apple and 6 units of apple pie wants to increase the production of apple pie by one unit to the 7th unit. It has to forgo 1 unit of apple so that resources can be shifted to produce the additional apple pie; Opportunity Cost is thus 1.
【精品】微观经济学PPT课件(完整版)
Q ＝f( P, Pc, T, Pf, G E…) Q ＝f (P) P Q ＝－ｃ＋ｄ·
s s
s
2.6 供给量的变动与供给的变动
2.6.1 供给量的变动 由商品自身价格变化导致的变化
1.6.2 供给的变动
由价格以外的因素的变化导致的变化
3 均衡价格的决定
3.1 均衡价格和均衡数量
均衡价格 指某种商品的市场需求量和市场供给量相等时的价格。 均衡数量 在均衡价格水平下的相等的供求数量 均衡点 需求曲线和市场供给曲线相交的交点
轿车供给量增加的可能原因
—轿车价格上涨
—油价下降 —摩托车价格上升 —自动化水平提高 —工人工资下降 —减少进口汽车配件的关税 —轿车将大规模进入家庭
2.3 供给定理
在其他条件不变的情况下，某商品的供给量与价格之间成 同方向变动。
2.4 供给表与供给曲线
某商品的供给表
某商品的供给曲线
2.5 供给函数
供给点弹性的图形
4.3.4 影响供给弹性的因素
（1）长期和短期
（2）技术状况：技术含量
技术类型
（3）生产周期
案例：为什么石油输出国组织不能长久保持石油的高价格？
案例：禁毒增加还是减少了与毒品相关的犯罪？
5 供求理论与经济政策
5.1 最高价格／限制价格
优点：有利于社会的安定和 平等。 缺点：1、短缺（排队，配给） 2、浪费 3、黑市
微观经济学
主要内容
第1章导论 第2章 供求理论 第3章 消费者行为理论 第4章生产理论 第5章 成本理论 第6章 市场理论 第7章 分配理论 第8章 福利经济学 第9章 市场失灵
第1章
导 言
经济学的研究对象 微观经济学的基本内容 微观经济学的研究方法 学习微观经济学的意义
北大微观经济学课件PPT课件
• 间接传递：花费成本传递可信的信息：
– 信号传递：如提供保修，或允许退货；广告； – 声誉机制；
26
二手车市场
• 假定二手车对车主的价值是20万，对买者的价值 是30万；高质量车发生故障的概率是10%,低质量 车发生故障的概率是50%。再假定修理故障的成 本是10万。
• 那么，高质量车的卖主愿意提供保修，价格26万； 低质量车卖主不愿意提供保修，售价是22万。
• 资本市场：高风险的企业更愿意事情贷款。银行 实行的信贷配给与此有关。(问题：为什么银行可 以拒绝贷款而商店不能拒绝销售？）
8
二手车市场
• 简单的例子：设想二手车的质量有两种：L 和H. L质量的车对车主值2万，对买主值2.4 万；H质量的二手车对车主值6万，对买主 值7.2万；
• 车主知道车的质量，买主不知道，只知道H 和L的可能性各为50%；
• 这被称为“市场失灵”。 • 据此，有些经济学家认为需要政府介入才能解决
市场失灵。 • 但，市场没有失灵(二手车市场没有消失）。市场
本身就是解决非对称信息的机制，发现和传递信 息社会企业家的主要功能。 • 非对称信息并不证明政府干预市场一定是是正确 的选择。甚至可以说，如果没有非对称信息就不 需要市场！
第十章 非对称信息与市场
张维迎 2013年11月26日
1
国家发改委价格司官员回应：
• 问：有些人提出，约谈企业有行政干预之嫌，会影响价格 机制正常运行。请问，您对此怎么看？
• 答：约谈是一种沟通方式，不是行政干预，更谈不上干涉 企业定价自主权。政府价格主管部门一贯充分尊重企业定 价自主权，坚持依法行政。 市场机制的核心，是通过市场价格的变动，引导资源优化
– 标准合同：基本保费；赔偿80%； – 全额保险：基本保费+附加保费；赔偿100%
– 信号传递：如提供保修，或允许退货；广告； – 声誉机制；
26
二手车市场
• 假定二手车对车主的价值是20万，对买者的价值 是30万；高质量车发生故障的概率是10%,低质量 车发生故障的概率是50%。再假定修理故障的成 本是10万。
• 那么，高质量车的卖主愿意提供保修，价格26万； 低质量车卖主不愿意提供保修，售价是22万。
• 资本市场：高风险的企业更愿意事情贷款。银行 实行的信贷配给与此有关。(问题：为什么银行可 以拒绝贷款而商店不能拒绝销售？）
8
二手车市场
• 简单的例子：设想二手车的质量有两种：L 和H. L质量的车对车主值2万，对买主值2.4 万；H质量的二手车对车主值6万，对买主 值7.2万；
• 车主知道车的质量，买主不知道，只知道H 和L的可能性各为50%；
• 这被称为“市场失灵”。 • 据此，有些经济学家认为需要政府介入才能解决
市场失灵。 • 但，市场没有失灵(二手车市场没有消失）。市场
本身就是解决非对称信息的机制，发现和传递信 息社会企业家的主要功能。 • 非对称信息并不证明政府干预市场一定是是正确 的选择。甚至可以说，如果没有非对称信息就不 需要市场！
第十章 非对称信息与市场
张维迎 2013年11月26日
1
国家发改委价格司官员回应：
• 问：有些人提出，约谈企业有行政干预之嫌，会影响价格 机制正常运行。请问，您对此怎么看？
• 答：约谈是一种沟通方式，不是行政干预，更谈不上干涉 企业定价自主权。政府价格主管部门一贯充分尊重企业定 价自主权，坚持依法行政。 市场机制的核心，是通过市场价格的变动，引导资源优化
– 标准合同：基本保费；赔偿80%； – 全额保险：基本保费+附加保费；赔偿100%
中级微观经济学_Ch5
The optimal choice, (x1*,x2*) satisfies (1) p1x1* + p2x2* = m; (2) x2* = ax1*.
16
5.2 Solutions to the Consumer’s Problem: Demand Function
The optimal choice is called the consumer’s ORDINARY DEMAND （一般需求）at the given prices and income. Ordinary demand function are denoted by x1*(p1,p2,m) and x2*(p1,p2,m).
18
Example 2: Quasi-linear Utility Function
Suppose a consumer has quasi-linear utility function: u(x1,x2)=aln x1+x2, a>0. The prices of x1 and x2 are p1 and p2, respectively, and consumer’s income is denoted by m. Also, x1 and x2 are nonnegative. What is the optimal consumptionnditions simultaneously you can get the interior solutions.
11
Solving for Interior Solution (method 2)
The conditions may be obtained by using the Lagrangian multiplier method, i.e., constrained optimization in calculus. How to do it? see supplement.
16
5.2 Solutions to the Consumer’s Problem: Demand Function
The optimal choice is called the consumer’s ORDINARY DEMAND （一般需求）at the given prices and income. Ordinary demand function are denoted by x1*(p1,p2,m) and x2*(p1,p2,m).
18
Example 2: Quasi-linear Utility Function
Suppose a consumer has quasi-linear utility function: u(x1,x2)=aln x1+x2, a>0. The prices of x1 and x2 are p1 and p2, respectively, and consumer’s income is denoted by m. Also, x1 and x2 are nonnegative. What is the optimal consumptionnditions simultaneously you can get the interior solutions.
11
Solving for Interior Solution (method 2)
The conditions may be obtained by using the Lagrangian multiplier method, i.e., constrained optimization in calculus. How to do it? see supplement.
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.
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.
北大中级微观经济学课件ch5.ppt
(x1, x2) is not optimal choice She can be better off increasing her consumption of x1.
x2
x1
x1
Computing Ordinary Demands
Solve for 2 simultaneous equations. – Tangency – Budget constraint The conditions may be obtained by using the Lagrangian multiplier method, i.e., constrained optimization in calculus.
Chapter Five
Choice 选择
Structure
Rational constrained choice Computing ordinary demands – Interior solution （内在解） – Corner solution （角点解） – “Kinky” solution Example: Choosing taxes
x1*
x1
Rational Constrained Choice
(x1*,x2*) satisfies two conditions:
(a) the budget is exhausted; p1x1* + p2x2* = m
(b) tangency: the slope of the budget constraint, -p1/p2, and the slope of the indifference curve containing (x1*,x2*) are equal at (x1*,x2*).
x2
x1
x1
Computing Ordinary Demands
Solve for 2 simultaneous equations. – Tangency – Budget constraint The conditions may be obtained by using the Lagrangian multiplier method, i.e., constrained optimization in calculus.
Chapter Five
Choice 选择
Structure
Rational constrained choice Computing ordinary demands – Interior solution （内在解） – Corner solution （角点解） – “Kinky” solution Example: Choosing taxes
x1*
x1
Rational Constrained Choice
(x1*,x2*) satisfies two conditions:
(a) the budget is exhausted; p1x1* + p2x2* = m
(b) tangency: the slope of the budget constraint, -p1/p2, and the slope of the indifference curve containing (x1*,x2*) are equal at (x1*,x2*).
微观经济学英文课件Ch_05
(Q2 Q1 )/[(Q2 + Q1 )/2] Price Elasticity of Dem and = (P2 P )/[(P2 + P )/2] 1 1
Computing the Price Elasticity of Demand Using the Midpoint Formula
Example: If the price of an ice cream cone increases from $2.00 to $2.20 and the amount you buy falls from 10 to 8 cones the your elasticity of demand, using the midpoint formula, would be calculated as:
Elastic demands
– – – – – Purchased meals Metals Furnitures, timber Motor, Vehicles Transportation 2.27 1.52 1.25 1.14 1.03
Inelastic demands
– 如果你是博物馆的馆长,你的财务经理建议你涨价提高 收入,你会怎么办?
If you are a manager of a cinema, then what will you do in the same situation?
– 如果你是电影院的经理,同样的情况下你会怎么办?
Some Price Elasticities in the U.S. Economy
– 对于富有弹性的需求曲线,价格上涨导致需求 量的减少比例更大,这样总收入下降.
Elasticity and Total Revenue: Elastic Demand
《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
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
北大微观经济学(英文版) ppt课件
A x1
B x2
29
A x2
Edgeworth’s Box
B 1
xB 1
OB
A 2
B 2
OA
ppt课件
A 1
A x1
xB 2
30
Pareto-Improvement
An
allocation of the endowment that improves the welfare of a consumer without reducing the welfare of another is a Pareto-improving allocation. Where are the Pareto-improving allocations?
A 1
A x1
xB 2
33
Pareto-Improvements
Since
each consumer can refuse to trade, the only possible outcomes from exchange are Pareto-improving allocations. But which particular Paretoimproving allocation will be the outcome of trade?
ppt课件
34
x2
xB 1
Pareto-Improvements A
B 1
OB
A 2
B 2
OA The set of Paretoimproving reallocations ppt课件
A 1
A x1
xB 2
35
Pareto-Improvements
[北大微观经济学课件]ch5Choice
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x2
x2*
x1*
x1
Rational Constrained Choice
x2 (x1*,x2*) is the most preferred affordable bundle.
x2*
x1*
x1
Rational Constrained Choice
The
most preferred affordable bundle is called the consumer’s ORDINARY DEMAND （一般需求）at the given prices and budget. Ordinary demands will be denoted by x1*(p1,p2,m) and x2*(p1,p2,m).
(x1*,x2*)
also exhausts the budget so
* * p x p x m . 11 22
(B)
Computing Ordinary Demands a Cobb-Douglas Example.
So
now we know that * bp * 1 x2 x1 ap2
Examples of Corner Solutions -the Perfect Substitutes Case
x2 MRS = -1
Slope = -p1/p2 with p1 > p2. x1
Examples of Corner Solutions -the Perfect Substitutes Case
Chapter Five
Choice 选择
Structure
Rational
constrained choice Computing ordinary demands – Interior solution （内在解） – Corner solution （角点解） – “Kinky” solution Example: Choosing taxes
x2*
x1*
x1
Rational Constrained Choice
x2 (x1*,x2*) is the most preferred affordable bundle.
x2*
x1*
x1
Rational Constrained Choice
The
most preferred affordable bundle is called the consumer’s ORDINARY DEMAND （一般需求）at the given prices and budget. Ordinary demands will be denoted by x1*(p1,p2,m) and x2*(p1,p2,m).
(x1*,x2*)
also exhausts the budget so
* * p x p x m . 11 22
(B)
Computing Ordinary Demands a Cobb-Douglas Example.
So
now we know that * bp * 1 x2 x1 ap2
Examples of Corner Solutions -the Perfect Substitutes Case
x2 MRS = -1
Slope = -p1/p2 with p1 > p2. x1
Examples of Corner Solutions -the Perfect Substitutes Case
Chapter Five
Choice 选择
Structure
Rational
constrained choice Computing ordinary demands – Interior solution （内在解） – Corner solution （角点解） – “Kinky” solution Example: Choosing taxes
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Affordable
bundles
2020/8/3
x1
中级微观经济学
6
Rational Constrained Choice
x2
x2*
2020/8/3
x1*
x1
中级微观经济学
7
Rational Constrained Choice
x2
(x1*,x2*) is the most
preferred affordable
(b) The slope of the indiff.
curve at (x1*,x2*) equals the slope of the budget
constraint. x2*
2020/8/3
x1*
x1
中级微观经济学
13
Rational Constrained Choice
(x1*,x2*) satisfies two conditions:
(x1, x2) is not optimal choice
She can be better off increasing her
2020c/8/o3 nsumption of x . 中级 1 微观经济学
15
x2
2020/8/3
x1
x1
中级微观经济学
16
Computing Ordinary Demands
bundle.
x2*
2020/8/3
x1*
x1
中级微观经济学
8
Rational Constrained Choice
The most preferred affordable bundle is called the consumer’s ORDINARY DEMAND （一般需求）at the given prices and budget. Ordinary demands will be denoted by x1*(p1,p2,m) and x2*(p1,p2,m).
2020/8/3
中级微观经济学
10
Rational Constrained Choice
x2
(x1*,x2*) is interior.
(x1*,x2*) exhausts the budget.
x2*
2020/8/3
x1*
x1
中级微观经济学
11
Rational Constrained Choice
Solve for 2 simultaneous equations. – Tangency – Budget constraint The conditions may be obtained by using the Lagrangian multiplier method, i.e., constrained optimization in calculus.
Chapter Five
Choice 选择
2020/8/3
中级微观经济学
1
整体概况
概况一
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01
概况二
点击此处输入 相关文本内容
02
概况三
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03
2
Structure
Rational constrained choice Computing ordinary demands – Interior solution （内在解） – Corner solution （角点解） – “Kinky” solution Example: Choosing taxes
2020/8/3
中级微观经济学
14
Meaning of the Tangency Condition
Consumer’s marginal willingness to pay equals the market exchange rate.
Suppose at a consumption bundle (x1, x2),
2020/8/3
中级微观经济学
9
Rational Constrained Choice
When x1* > 0 and x2* > 0 the demanded bundle is INTERIOR. If buying (x1*,x2*) costs $m then the budget is exhausted.
2020/8/3
中级微观经济学
3
Economic Rationality
The principal behavioral postulate is that a decision-maker chooses its most preferred alternative from those available to it. The available choices constitute the choice set. How is the most preferred bundle in the choice set located?
2020/8/3
中级微观经济学
4
Rational Constrained Choice
x2
More preferred bundles
2020/8/3
Affordable bundles
中级微观经济学
x1
5
Rational Constrained Choice
x2
More preferred bundles
MRS=-2, -P1/P2=-1
– The consumer is willing to give up 2
unit of x2 to exchange for an additional unit of x1
– The market allows her to give up only 1
unit of x2 to obtain an additional x1
(a) the budget is exhausted; p1x1* + p2x2* = m
(b) tangency: the slope of the budget constraint, -p1/p2, and the slope of the indifference curve containing (x1*,x2*) are equal at (x1*,x2*).
x2
(x1*,x2*) is interior.
(a) (x1*,x2*) exhausts the
budget; p1x1* + p2x2* = m.
x2*
2020/8/3
x1*
x1
中级微观经济学
12
Rational Constrained Choice
x2
(x1*,x2*) is interior .