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时间:2020-01-15
《Varian_Chapter15_Market_Demand.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、ChapterFifteenMarketDemandFromIndividualtoMarketDemandFunctionsThinkofaneconomycontainingnconsumers,denotedbyi=1,…,n.Consumeri’sordinarydemandfunctionforcommodityjisFromIndividualtoMarketDemandFunctionsWhenallconsumersareprice-takers,themarketdemandfunctionforcommodityjisIfallconsum
2、ersareidenticalthenwhereM=nm.FromIndividualtoMarketDemandFunctionsThemarketdemandcurveisthe“horizontalsum”oftheindividualconsumers’demandcurves.E.g.supposethereareonlytwoconsumers;i=A,B.FromIndividualtoMarketDemandFunctionsp1p12015p1’p1”p1’p1”FromIndividualtoMarketDemandFunctions
3、p1p1p12015p1’p1”p1’p1”p1’FromIndividualtoMarketDemandFunctionsp1p1p12015p1’p1”p1’p1”p1’p1”FromIndividualtoMarketDemandFunctionsp1p1p1201535p1’p1”p1’p1”p1’p1”The“horizontalsum”ofthedemandcurvesofindividualsAandB.ElasticitiesElasticitymeasuresthe“sensitivity”ofonevariablewithrespect
4、toanother.TheelasticityofvariableXwithrespecttovariableYisEconomicApplicationsofElasticityEconomistsuseelasticitiestomeasurethesensitivityofquantitydemandedofcommodityiwithrespecttothepriceofcommodityi(own-priceelasticityofdemand)demandforcommodityiwithrespecttothepriceofcommodityj(
5、cross-priceelasticityofdemand).EconomicApplicationsofElasticitydemandforcommodityiwithrespecttoincome(incomeelasticityofdemand)quantitysuppliedofcommodityiwithrespecttothepriceofcommodityi(own-priceelasticityofsupply)EconomicApplicationsofElasticityquantitysuppliedofcommodityiwithre
6、specttothewagerate(elasticityofsupplywithrespecttothepriceoflabor)andmany,manyothers.Own-PriceElasticityofDemandQ:Whynotuseademandcurve’sslopetomeasurethesensitivityofquantitydemandedtoachangeinacommodity’sownprice?Own-PriceElasticityofDemandX1*5501010slope=-2slope=-0.2p1p1Inwhich
7、caseisthequantitydemandedX1*moresensitivetochangestop1?X1*Own-PriceElasticityofDemand5501010slope=-2slope=-0.2p1p1X1*X1*InwhichcaseisthequantitydemandedX1*moresensitivetochangestop1?Own-PriceElasticityofDemand5501010slope=-2slope=-0.2p1p110-packsSingleUnitsX1*X1*Inwhichcaseist
8、hequantitydemanded
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