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1、Markets,Prices,Supply,andDemandChapter61MacroeconomicsChapter6MarketsintheMacroeconomyAssumingthathouseholdsperformallofthefunctionsintheeconomy.Eachhouseholdrunsafamilybusinessanduseslabor,L,andcapital,K,toproducegoods,Y,throughtheproductionfunction.Y=A·F(K,L)2MacroeconomicsChapter6Market
2、sintheMacroeconomyGoodsmarketLabormarketRentalmarketBondmarketHouseholdsHouseholds(Firms)3MacroeconomicsChapter6TheGoodsMarketHouseholdssellallthegoodstheyproduceonagoodsmarket.Thenhouseholdsbuybackfromthismarketthegoodsthattheywant.Householdbuysgoodsforconsumption.toincreasethestockofgood
3、sintheformofcapitalusedforproduction,calledinvestment.4MacroeconomicsChapter6TheGoodsMarketandPricesThepriceinthisgoodsmarket,denotedbyP,expressesthenumberofdollarsthatexchangeforoneunitofgoods.WecallPthepricelevel.5MacroeconomicsChapter6ThegoodsMarketandPricesY=A·F(K,L)Sinceallofthesegood
4、saresoldonthegoodsmarket,thevariableYwillalsorepresenttheQuantityofgoodsperyearsoldandboughtonthegoodsmarket.ThequantityPYisthedollarvalueperyearofthegoodsboughtandsoldonthegoodsmarket.6MacroeconomicsChapter6ThegoodsMarketandPricesTheexpression1/Pisthevalueof$1intermsofthegoodsthatitbuys.M
5、dollarsexchangefor(M)·(1/P)=M/PAnexpressionlikeM/Pisinrealterms,inunitsofgoods,whereasaquantitylikeMisindollarornominalterms.7MacroeconomicsChapter6LaborMarketintheMacroeconomyHouseholdssupplylaboronalabormarket.Assumethatthequantitysupplied,Ls,isaconstant,L.Householdsbuyandselllaborinthel
6、abormarketatthedollarornominalwagerate,w.Therealwagerateisw/P.8MacroeconomicsChapter6RentalMarketsintheMacroeconomyEachhouseholdrentsoutallofthecapitalthatitownsonarentalmarket.Wethinkofthecapitalofferedontherentalmarketasthesupplyofcapitalservices,Ks.Sincewehaveassumedthateachhouseholdren
7、tsoutallofitscapital,wehaveKs=K.9MacroeconomicsChapter6RentalMarketsandPricesHouseholdsrentoutcapital,K,fordollarsatthedollarornominalrentalprice,RAhouseholdthatrentstheamountofcapitalKdpaysthenominalamountRKdperyearandthengetstousethecapitalasaninputtoproduct
