chapter 5 elasticity and its application：5章弹性及其应用

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1、21HarvardUniversityEconomicsStudyGuidePrinciplesofMicroEconomics:N.GregoryMankiw3rdEditionChapter6:Supply,Demand,andGovernmentPoliciesSummaryMainPoints:1.Apriceceilingisalegalmaximumonthepriceofagoodorservice.Ifthepriceceilingislowerthantheequilibriumprice,thequantitydemandedexceedsthequantity

2、supplied.Becauseoftheresultingshortage,sellersmustinsomewayrationthegoodorserviceamongbuyers.2.Apricefloorisalegalminimumonthepriceofagoodorservice.IFthepricefloorisabovetheequilibriumprice,thequantitysuppliedexceedsthequantitydemanded.Becauseoftheresultingsurplus,burs’demandsforthegoodorservi

3、cemustinsomewayberationedamongsellers.3.Whenthegovernmentleviesataxonagood,theequilibriumquantityofthegoodfalls.Thatis,ataxonamarketshrinksthesizeofthemarket.4.Ataxonagoodplacesawedgebetweenthepricepaidbybuyersandthepricereceivedbysellers.Whenthemarketmovestothenewequilibrium,buyerspaymorefort

4、hegoofandsellersreceivelessforit.Inthissense,buyersandsellerssharethetaxburden.Theincidenceofataxdoesnotdependonwhetherthetaxisleviedonbuyersorsellers.5.Theincidenceofataxdependsonthepriceelasticitiesofsupplyanddemand.Theburdentendstofallonthesideofthemarketthatislesselasticbecausethatsideofth

5、emarketcanrespondlesseasilytothetaxbychangingthequantityboughtorsold.KeyConcepts:1.PriceCeiling:alegalmaximumonthepriceatwhichagoodcanbesold.2.PriceFloor:alegalminimumonthepriceatwhichagoodcanbesold.3.TaxIncidence:themannerinwhichtheburdenofataxissharedamongparticipantsinamarket.QuestionsforRe

6、view:1.Giveanexampleofapriceceilingandapricefloor.2.Whichcausesashortageofagood–apriceceilingorapricefloor?Whichcausesasurplus?3.Whatmechanismsallocateresourceswhenthepriceofagoodisnotallowedtobringsupplyanddemandintoequilibrium?4.Explainwhyeconomistsusuallyopposecontrolsonprices.5.Whatisthedi

7、fferencebetweenataxpaidbybuyersandataxpaidbysellers?6.Howdoesataxonagoodaffectthepricepaidbybuyers?Thepricereceivedbysellers,andthequantitysold?7.Whatdetermineshowtheburdenofataxisdividedbetweenbuyersandsellers?Why?*NotesprovidedbyLeoEf