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微观经济学英文版ppt课件ch05checkpoint

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

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

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

(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

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

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
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Edited by Yong, E.L.
Continuously,
Quantity of Apple
10 9
a b
6
c
2
d
0
67
Edited by Yong, E.L.
12 13
Quantity of Apple Pie
Continuously,
Assumptions inside the Production possibility Frontier (PPF)
Economic is an academic discipline of social science that provides discourse about the allocation of limited resources in economy to produce goods and services to satisfy unlimited wants Economics, indeed, is a broad discipline itself. Microeconomics and macroeconomics are two separated but interrelated branches of economics. There are many more fields that each served to focus on a particular area of study.
Factors of production is fixed; labour and capital and no technology development
Agent involved is firm/producer who face economic problems and questions
Edited by Yong, E.L.
Continuously,
Thus, it is obvious that opportunity cost has increased from 1 to 2 units What should the opportunity cost should be measured in real term than in money term?
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.
The concept of increasing opportunity applied. Producers are rational. Normal good: Apple and Apple pie At a particular price, place and time (PPPT)
Applied Statistics
Continuously,
Microeconomics Focuses on the study of choice and decision making for an individual household and firm, while macroeconomics studies the behaviour of the economic as a whole. 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
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.Βιβλιοθήκη Continuously,
Social Science
Economics
Microeconomics
Macroeconomics
Industrial
financial
Human Capital Environmental
Others
Edited by Yong, E.L.
Mathematical Economics Econometrics
Week 1: Microeconomics II
Topic: Microeconomics and Application
Outline
Essential Microeconomics Principles Uses of Microeconomics Application 1
Subtopic 1: Economic Principles