平狄克微观经济学英文版课件01

1of18Copyright©2013PearsonEducation,Inc.•Microeconomics•Pindyck/Rubinfeld,8e.1.1TheThemesofMicroeconomics1.2WhatIsaMarket?1.3RealversusNominalPrices1.4WhyStudyMicroeconomics?CHAPTER1Preparedby:FernandoQuijano,IllustratorPreliminariesCHAPTEROUTLINE2of18Copyright©2013PearsonEducation,Inc.•Microeconomics•Pindyck/Rubinfeld,8e.●microeconomicsBranchofeconomicsthatdealswiththebehaviorofindividualeconomicunits—consumers,firms,workers,andinvestors—aswellasthemarketsthattheseunitscomprise.●macroeconomicsBranchofeconomicsthatdealswithaggregateeconomicvariables,suchasthelevelandgrowthrateofnationaloutput,interestrates,unemployment,andinflation.3of18Copyright©2013PearsonEducation,Inc.•Microeconomics•Pindyck/Rubinfeld,8e.CONSUMERSConsumershavelimitedincomes,whichcanbespentonawidevarietyofgoodsandservices,orsavedforthefuture.WORKERSWorkersalsofaceconstraintsandmaketrade-offs.First,peoplemustdecidewhetherandwhentoentertheworkforce.Second,workersfacetrade-offsintheirchoiceofemployment.Finally,workersmustsometimesdecidehowmanyhoursperweektheywishtowork,therebytradingofflaborforleisure.FIRMSFirmsalsofacelimitsintermsofthekindsofproductsthattheycanproduce,andtheresourcesavailabletoproducethem.TheThemesofMicroeconomics1.1Trade-Offs4of18Copyright©2013PearsonEducation,Inc.•Microeconomics•Pindyck/Rubinfeld,8e.Microeconomicsdescribeshowpricesaredetermined.Inacentrallyplannedeconomy,pricesaresetbythegovernment.Inamarketeconomy,pricesaredeterminedbytheinteractionsofconsumers,workers,andfirms.Theseinteractionsoccurinmarkets—collectionsofbuyersandsellersthattogetherdeterminethepriceofagood.PricesandMarkets5of18Copyright©2013PearsonEducation,Inc.•Microeconomics•Pindyck/Rubinfeld,8e.TheoriesandModelsIneconomics,explanationandpredictionarebasedontheories.Theoriesaredevelopedtoexplainobservedphenomenaintermsofasetofbasicrulesandassumptions.Amodelisamathematicalrepresentation,basedoneconomictheory,ofafirm,amarket,orsomeotherentity.PositiveversusNormativeAnalysis●positiveanalysisAnalysisdescribingrelationshipsofcauseandeffect.●normativeanalysisAnalysisexaminingquestionsofwhatoughttobe.6of18Copyright©2013PearsonEducation,Inc.•Microeconomics•Pindyck/Rubinfeld,8e.●marketCollectionofbuyersandsellersthat,throughtheiractualorpotentialinteractions,determinethepriceofaproductorsetofproducts.●marketdefinitionDeterminationofthebuyers,sellers,andrangeofproductsthatshouldbeincludedinaparticularmarket.●arbitragePracticeofbuyingatalowpriceatonelocationandsellingatahigherpriceinanother.WhatIsaMarket?1.27of18Copyright©2013PearsonEducation,Inc.•Microeconomics•Pindyck/Rubinfeld,8e.CompetitiveversusNoncompetitiveMarkets●perfectlycompetitivemarketMarketwithmanybuyersandsellers,sothatnosinglebuyerorsellerhasasignificantimpactonprice.Manyothermarketsarecompetitiveenoughtobetreatedasiftheywereperfectlycompetitive.Othermarketscontainingasmallnumberofproducersmaystillbetreatedascompetitiveforpurposesofanalysis.Finally,somemarketscontainmanyproducersbutarenoncompetitive;thatis,individualfirmscanjointlyaffecttheprice.8of18Copyright©2013PearsonEducation,Inc.•Microeconomics•Pindyck/Rubinfeld,8e.MarketPrice●marketpricePriceprevailinginacompetitivemarket.Inmarketsthatarenotperfectlycompetitive,differentfirmsmightchargedifferentpricesforthesameproduct.Thismighthappenbecauseonefirmistryingtowincustomersfromitscompetitors,orbecausecustomershavebrandloyaltiesthatallowsomefirmstochargehigherpricesthanothers.Themarketpricesofmostgoodswillfluctuateovertime,andformanygoodsthefluctuationscanberapid.Thisisparticularlytrueforgoodssoldincompetitivemarkets.9of18Copyright©2013PearsonEducation,Inc.•Microeconomics•Pindyck/Rubinfeld,8e.MarketDefinition—TheExtentofaMarket●extentofamarketBoundariesofamarket,bothgeographicalandintermsofrangeofproductsproducedandsoldwithinit.Marketdefinitionisimportantfortworeasons:•Acompanymustunderstandwhoitsactualandpotentialcompetitorsareforthevariousproductsthatitsellsormightsellinthefuture.•Marketdefinitioncanbeimportantforpublicpolicydecisions.Forsomegoods,itmakessensetotalkaboutamarketonlyintermsofveryrestrictivegeographicboundaries.Wemustalsothinkcarefullyabouttherangeofproductstoincludeinamarket.10of18Copyright©2013PearsonEducation,Inc.•Microeconomics•Pindyck/Rubinfeld,8e.In1990,theArcher-Daniels-MidlandCompany(ADM)acquiredtheClintonCornProcessingCompany(CCP).TheU.S.DepartmentofJustice(DOJ)challengedtheacquisitiononthegroundsthatitwouldleadtoadominantproducerofcornsyrupwiththepowertopushpricesabovecompetitivelevels.ADMfoughttheDOJdecision,andthecasewenttocourt.Thebasicissuewaswhethercornsyruprepresentedadistinctmarket.ADMarguedthatsugarandcornsyrupshouldbeconsideredpartofthesamemarketbecausetheyareusedinterchangeablytosweetenavastarrayoffoodproducts.EXAMPLE1.1THEMARKETFORSWEETENERS11of18Copyright©2013PearsonEducation,Inc.•Microeconomics•Pindyck/Rubinfeld,8e.EXAMPLE1.2ABICYCLEISABICYCLE.ORISIT?TABLE1.1MARKETSFORBICYCLESTYPEOFBICYCLECOMPANIESANDPRICES(2011)MassMarketBicycles:SoldbymassmerchandiserssuchasTarget,Wal-Mart,Kmart,andSears.Huffy:$90—$140Sch