中级微观经济管理学及财务知识分析.pptx

Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinCopyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 2Q. How many conservative economists does it take to screw in a lightbulb? A. None.If the government would just leave it alone, it would screw itself in. Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 3uChanges in supply and demand will change equilibrium price and quantity.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 4uA shift in demand that moves the demand curve to the right causes equilibrium price and quantity to rise.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 5uA shift in supply that moves the supply curve to the left causes equilibrium price to rise and equilibrium quantity to fall.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 6Price (per cassette)AS0Quantity of cassettes (per week)$2.502.2509810Excess demandD1D0BCopyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 7APrice (per cassette)Quantity of cassettes (per week)$2.502.2509810D0S1S0CBExcess demandCopyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 8uSupply and demand can shed light on a variety of real-world events:lFlorida freeze.lFinancial assets and the baby boomers.lTen percent excise tax.lRice in Indonesia.lFarm laborers.lChristmas toys.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 9uThe crop-damaging freeze shifted the supply curve to the left.uAt the original price, quantity demanded exceeded quantity supplied.uPrice rose until the quantity demanded equaled the quantity supplied.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 10DemandS0(c)P1QeP0QDQSS1Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 11uDemographic changes among baby boomers moved the demand curve for financial assets to the right.uAt the original price, quantity demanded exceeded quantity supplied.uPrice rose until the quantity demanded equaled the quantity supplied.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 12S(f)D0P1Q1Q0P0D1QDCopyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 13uThe same phenomenon occurred in the surging demand for housing among this group during the 1980s.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 14uCongress imposed a 10 percent surtax on luxury boats.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 15uA 10 percent surtax on luxury boats levied on suppliers shifts the supply curve to the left.uAfter the tax is imposed, the quantity of boats demanded drops.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 16S0D0P1Q1P0Q0S1QDCopyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 17uDrought, pestilence, and the financial crisis shifted the supply curve to the left.uThe steep demand curve means that the quantity demanded does not change much with changes in price.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 18uResponding to high prices, the government imported rice and distributed it to the market, causing the supply curve to shift to the right.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 19(a)S0DemandP1Q1P2Q2P0Q0S1S2Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 20uThe compressed harvesting season increased the demand and increased INS patrols decreased supply.uDemand shifted to the right and supply shifted to the left.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 21uAt the original price, the quantity of workers demanded exceeded the quantity supplied.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 22uPrice rises until the quantity demanded equaled the quantity supplied.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 23uThe effect on the number of laborers hired depended on the relative size of the supply shift.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 24(b)S0D0P1S1D1P0QeCopyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 25uA Christmas craze for Furbies shifts demand to the right.uA shortage ensued along with a black market.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 26uFinally the supplier produced more, shifting the supply curve to the right, causing the price to drop.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 27(d)P1P0QS0S0D0S1D1QD0QD1Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 28No change insupplySupply shiftsoutSupply shiftsinNo changein demandNo change.Price falls;Quantity rises.Price rises;Quantity falls.Demandshifts outPrice rises;Quantity falls.Quantity rises;Price could behigh or lower.Price rises;Quantity couldrise or fall.Price rises;Quantity fallsPrice falls;Quantity couldrise or fall.Quantity falls;Price couldrise or fall.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 29uBuyers look to government for ways to hold prices down.uSellers look to government for ways to hold prices up.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 30uA price ceiling is a government-imposed limit on how high a price can be charged.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 31uRent control is a price ceiling on rents set by government.uAn example is rent control in Paris following World War I and World War II.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 32uThe following were the consequences of rent control in Paris:lA huge shortage of living quarters.lNew housing construction stopped.lExisting housing was allowed to deteriorate.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 33uThe following were the consequences of rent control in Paris:lFor many, the only way to get living quarters was to offer a huge bribe to the landlord.lMany families had to double up with other family members.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 34QSQDSupplyDemandRental Price (per month)Quantity of apartments2.50$17.00ShortageCopyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 35uA similar situation occurred in New York City.lAll of the consequences of rent control in Paris (called non-price rationing) have occurred in New York City.lIn addition, preferences based upon gender, race, and other characteristics of tenants, although illegal, are brought into play.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 36uA price floor is a government-imposed limit on how low a price can be charged.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 37uThe minimum wage is an example of a price floor.uA minimum wage is set by government specifying the lowest wage a firm can legally pay an employee.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 38uThe minimum wage creates winners and losers:lThose who can find work earn a higher wage.lOthers become unemployed.lProduction costs increase.lConsumers pay higher prices.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 39uEconomists disagree about the effects of the minimum wage.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 40uAn excise tax is a tax that is levied on a specific good.uA tariff is an excise tax on an imported good.uTaxes and tariffs raise prices and reduce quantity.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 41uA 10 percent luxury tax on expensive boats was imposed in 1990.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 42uBecause the luxury tax was imposed on the boat builders, the supply curve moved up by the amount of the tax.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 43uAt a price equal to the original price plus the tax there was excess supply.uThe price for boats rose by less than the tax, while quantity supplied and demanded fell.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 4465,000510S1420$70,000 DS0Quantity of luxury boats0Price of luxury boatsThe supply curve shifts up by the $10,000 tax60,000600Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 45uThe tax was repealed in 1993 because of tax revenue shortfalls.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 46uA quota is a quantitative restriction on the amount that one nation can export to another.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 47uThe U.S. government restricted imports of Japanese cars.uThe effect was to raise the prices Japanese automobiles in the U.S.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 485 SupplyDemand9,0008$17,0006,000Japanese exports of cars (in millions)QuotaCopyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 49uTariffs and quotas can both be used to reduce quantity and raise prices.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 50uThere is a difference between imposing a tariff and imposing a quota.lIn the case of a quota, the profits from a higher price goes to the manufacturer.lIn the case of the tariff, the tax goes to the government.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 51uAs a consequence, once quotas are instituted, Japanese firms competed intensely to get them.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 52Japanese exports of cars S1DemandPrice of Japanese carsS0Tariff revenue 9,0008 $11,0006,000$17,0005Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 53uIt is not enough to be able to explain what happens when supply or demand curves shift.uIt is necessary to understand the assumptions underlying the analysis.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 54uOther things dont remain constant.uSometimes supply and demand are interconnected.uSupply/demand analysis is the first step to analysis, not the complete analysis. Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 55uDeciding whether the effects are significant to consider requires a knowledge of the structure of the economy because all actions have ripple or feedback effects.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 56uThe other-things-constant assumption is likely not to hold true when one the goods represent a large percentage of the entire economy.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 57uThe fallacy of composition is the false assumption that what is true for a part will also be true for the whole.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 58uThousands of small effects taken together add up to a large effect.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 59uWhen analyzing the aggregate, small effects that can be put aside in micro, can add up, and hence cannot be forgotten.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 60uSmall effects comprise microeconomics while large effects comprise macroeconomics.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 61uProvide a stable institutional framework.uPromote effective and workable competition.uCorrect for externalities.uEnsure economic stability and growth.uProvide for public goods.uAdjust for undesired market results.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 62uOnly the government can create a stable environment and enforce contracts through its legal system.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 63uWhen governments do not provide a stable environment, as is now happening in Russia, economic growth is difficult - usually such economies are stagnant.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 64uGovernment promotes competition and protect against monopolies. lMonopoly power is the ability of individuals or firms currently in business to prevent other individuals or firms from entering the same kind of businessCopyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 65uMonopoly power gives existing firms or individuals the power to raise prices.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 66uMany players in the market insist on open competition except when it comes to themselves:lFarmers like competition but still want price supports.lLawyers and architects like competition but still want licensing to prevent others from entering the market.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 67uUnless they are required to do so, parties to any exchange are unlikely to take into account any externality.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 68uAn externality is the effect that an action may have on a third party that the person who undertook that action did not take into account.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 69uThe externality may be positive in which case society benefits even more than the two parties an example is education.Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin5 - 70uThe externality may be negative in which case society as a whole benefits less than the two parties an example is pollut