微观经济学-Ch01_Pindyck
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Do I work or go on vacation? Do I purchase a new car or save my money? Do we hire more workers or buy new
machinery?
How are these trade-offs best made?
much insigrson Education, Inc.
Chapter 1
12
Positive & Normative Analysis
Positive Analysis – statements that describe the relationship of cause and effect
©2005 Pearson Education, Inc.
Chapter 1
16
What is a Market?
Defining the Market
Many of the most interesting questions in economics concern the functioning of markets
What choices do individuals make in terms of jobs or workplaces?
How many hours do individuals choose to work?
Trade-off of labor and leisure
©2005 Pearson Education, Inc.
Determination of the buyers, sellers, and range of products that should be included in a particular market
Arbitrage
The practice of buying a product at a low price in one location and selling it for more in another location
©2005 Pearson Education, Inc.
Chapter 1
13
Positive & Normative Analysis
Normative Analysis – analysis examining questions of what ought to be
Often supplemented by value judgments
Economic models are created from theories Models are mathematical representations
used to make quantitative predictions
©2005 Pearson Education, Inc.
Chapter 1
Chapter 1
Preliminaries
Introduction
What are the key themes of microeconomics?
What is a market? What is the difference between real and
nominal prices? Why study microeconomics?
Should the government impose a larger gasoline tax?
Should the government decrease the tariffs on imported cars?
©2005 Pearson Education, Inc.
Chapter 1
©2005 Pearson Education, Inc.
Chapter 1
17
Types of Markets
Perfectly competitive markets
Because of the large number of buyers and sellers, no individual buyer or seller can influence the price
11
Theories and Models
Validating a Theory
The validity of a theory is determined by the quality of its prediction, given the assumptions
Theories must be tested and refined Theories are invariably imperfect – but gives
14
What is a Market?
Markets
Collection of buyers and sellers, through their actual or potential interaction, determine the prices of products
Buyers: consumers purchase goods, companies purchase labor and inputs
Sellers: consumers sell labor, resource owners sell inputs, firms sell goods
©2005 Pearson Education, Inc.
Chapter 1
15
What is a Market?
Market Definition
The Theory of the Firm The Theory of Consumer Behavior
©2005 Pearson Education, Inc.
Chapter 1
10
Theories and Models
Theories are used to make predictions
Noncompetitive Markets
Markets where individual producers can influence the price
Cartels – groups of producers who act collectively
©2005 Pearson Education, Inc.
Chapter 1
2
Themes of Microeconomics
Microeconomics deals with limits
Limited budgets Limited time Limited ability to produce
Questions that deal with explanation and prediction
What will be the impact of an import quota on foreign cars?
What will be the impact of an increase in the gasoline excise tax?
Theory of the Firm – describes how these trade-offs are best made
©2005 Pearson Education, Inc.
Chapter 1
7
Themes of Microeconomics
Prices
Trade-offs are often based on prices faced by consumers and producers
©2005 Pearson Education, Inc.
Chapter 1
4
Themes of Microeconomics
Consumers
Limited incomes Consumer theory – describes how
consumers maximize their well-being, using their preferences, to make decisions about trade-offs How do consumers make decisions about consumption and savings?
Chapter 1
6
Themes of Microeconomics
Firms
What types of products do firms produce?
Constraints on production capacity and financial resources create needs for trade-offs
©2005 Pearson Education, Inc.
Chapter 1
9
Theories and Models
Economics is concerned with explanation of observed phenomena
Theories are used to explain observed phenomena in terms of a set of basic rules and assumptions:
©2005 Pearson Education, Inc.
Chapter 1
5
Themes of Microeconomics
Workers
Individuals decide when and if to enter the workforce
Trade-offs of working now or obtaining more education/training
Example: Most agricultural markets
Fierce competition among firms can create a competitive market
©2005 Pearson Education, Inc.
Chapter 1
18
Types of Markets
How do we make the most of limits? How do we allocate scarce resources?
©2005 Pearson Education, Inc.
Chapter 1
3
Themes of Microeconomics
Workers, firms and consumers must make trade-offs
Market economies – prices determined by interaction of market participants
Markets – collection of buyers and sellers whose interaction determines the prices of goods
Workers make decisions based on prices for labor – wages
Firms make decisions based on wages and prices for inputs and on prices for the goods they produce
©2005 Pearson Education, Inc.
Chapter 1
8
Themes of Microeconomics
Prices
How are prices determined?
Centrally planned economies – governments control prices
Why are there a lot of firms in some markets and not in others?
Are consumers better off with many firms? Should the government intervene in markets?
machinery?
How are these trade-offs best made?
much insigrson Education, Inc.
Chapter 1
12
Positive & Normative Analysis
Positive Analysis – statements that describe the relationship of cause and effect
©2005 Pearson Education, Inc.
Chapter 1
16
What is a Market?
Defining the Market
Many of the most interesting questions in economics concern the functioning of markets
What choices do individuals make in terms of jobs or workplaces?
How many hours do individuals choose to work?
Trade-off of labor and leisure
©2005 Pearson Education, Inc.
Determination of the buyers, sellers, and range of products that should be included in a particular market
Arbitrage
The practice of buying a product at a low price in one location and selling it for more in another location
©2005 Pearson Education, Inc.
Chapter 1
13
Positive & Normative Analysis
Normative Analysis – analysis examining questions of what ought to be
Often supplemented by value judgments
Economic models are created from theories Models are mathematical representations
used to make quantitative predictions
©2005 Pearson Education, Inc.
Chapter 1
Chapter 1
Preliminaries
Introduction
What are the key themes of microeconomics?
What is a market? What is the difference between real and
nominal prices? Why study microeconomics?
Should the government impose a larger gasoline tax?
Should the government decrease the tariffs on imported cars?
©2005 Pearson Education, Inc.
Chapter 1
©2005 Pearson Education, Inc.
Chapter 1
17
Types of Markets
Perfectly competitive markets
Because of the large number of buyers and sellers, no individual buyer or seller can influence the price
11
Theories and Models
Validating a Theory
The validity of a theory is determined by the quality of its prediction, given the assumptions
Theories must be tested and refined Theories are invariably imperfect – but gives
14
What is a Market?
Markets
Collection of buyers and sellers, through their actual or potential interaction, determine the prices of products
Buyers: consumers purchase goods, companies purchase labor and inputs
Sellers: consumers sell labor, resource owners sell inputs, firms sell goods
©2005 Pearson Education, Inc.
Chapter 1
15
What is a Market?
Market Definition
The Theory of the Firm The Theory of Consumer Behavior
©2005 Pearson Education, Inc.
Chapter 1
10
Theories and Models
Theories are used to make predictions
Noncompetitive Markets
Markets where individual producers can influence the price
Cartels – groups of producers who act collectively
©2005 Pearson Education, Inc.
Chapter 1
2
Themes of Microeconomics
Microeconomics deals with limits
Limited budgets Limited time Limited ability to produce
Questions that deal with explanation and prediction
What will be the impact of an import quota on foreign cars?
What will be the impact of an increase in the gasoline excise tax?
Theory of the Firm – describes how these trade-offs are best made
©2005 Pearson Education, Inc.
Chapter 1
7
Themes of Microeconomics
Prices
Trade-offs are often based on prices faced by consumers and producers
©2005 Pearson Education, Inc.
Chapter 1
4
Themes of Microeconomics
Consumers
Limited incomes Consumer theory – describes how
consumers maximize their well-being, using their preferences, to make decisions about trade-offs How do consumers make decisions about consumption and savings?
Chapter 1
6
Themes of Microeconomics
Firms
What types of products do firms produce?
Constraints on production capacity and financial resources create needs for trade-offs
©2005 Pearson Education, Inc.
Chapter 1
9
Theories and Models
Economics is concerned with explanation of observed phenomena
Theories are used to explain observed phenomena in terms of a set of basic rules and assumptions:
©2005 Pearson Education, Inc.
Chapter 1
5
Themes of Microeconomics
Workers
Individuals decide when and if to enter the workforce
Trade-offs of working now or obtaining more education/training
Example: Most agricultural markets
Fierce competition among firms can create a competitive market
©2005 Pearson Education, Inc.
Chapter 1
18
Types of Markets
How do we make the most of limits? How do we allocate scarce resources?
©2005 Pearson Education, Inc.
Chapter 1
3
Themes of Microeconomics
Workers, firms and consumers must make trade-offs
Market economies – prices determined by interaction of market participants
Markets – collection of buyers and sellers whose interaction determines the prices of goods
Workers make decisions based on prices for labor – wages
Firms make decisions based on wages and prices for inputs and on prices for the goods they produce
©2005 Pearson Education, Inc.
Chapter 1
8
Themes of Microeconomics
Prices
How are prices determined?
Centrally planned economies – governments control prices
Why are there a lot of firms in some markets and not in others?
Are consumers better off with many firms? Should the government intervene in markets?