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页数:29页
时间:2019-10-12
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1、2012.09.29LectureFourWelcometotheMicroeconomicsWorld!1Chapter4SupplyandDemand:ElasticityandApplications2Overview3Aswehavealreadyknown,properlyframed,theessenceofmosteconomicquestionscanbeapproachedusingthebasicmarketanalysisyoulearnedinChapter3.Properlyinterpreted,thean
2、swertoalmostanyquestionconcerningresourceallocationcanbeexplainedintermsofsupply-demandintuition.Overview4InChapter3,wehavelearnedthelawofdemandandsupply.And,weknowtherearesomefactorsotherthantheownpriceofthegoodwillaffectconsumers’orfirms’behavior,shiftingthedemandorsu
3、pplycurve.Incomeincreasedemandcurveshiftstotherightotherthingsequal,bothpriceandquantityexchangedincreaseTechnologyprogresssupplycurveshiftstotherightheldotherthingsconstant,pricegoesdownandquantityexchangedincreasesOverview5Thisleadsnaturallytothefollowingquestions
4、:“Byhowmuch?”Howlargearetheresponsestothechanges,anduponwhatdoesthisresponsivenessdepend?Thischapterwillprovideyouwiththetoolsyouneedtoanswerthisquestionandwiththeopportunitytoapplyyourtoolsinthearenaofpolicy-making.4.1PriceElasticityofDemandandsupply4.1.1PriceElasticit
5、yofDemandCalculatingElasticitiesPriceElasticityDiagramsAShortcutforCalculatingElasticitiesTheAlgebraofElasticitiesElasticityisNottheSameasSlope4.1.2ElasticityandRevenue4.1.3PriceElasticityofSupplyOutline64.2ApplicationstoMajorEconomicIssues4.2.1TheEconomicsofAgriculture
6、Long-runRelativeDeclineofFarmingCropRestrictions4.2.2ImpactofaTaxonPriceandQuantity4.2.3MinimumFloorsandMaximumCeilingsTheMinimum-WageControversyEnergyPriceControlsRationingbytheQueue,byCoupons,orbythePurse?SummaryOutline74.1PriceElasticityofDemandandsupply8Tosolvethe“H
7、owmuch”question,weneedtointroduceanewandkeyeconomicconceptElasticityAllelasticitiesaredesignedtoanswerthisquestion.Forexample,weknowfromthelawofdemandthataspricefalls,quantitydemandedincreases.4.1.1PriceElasticityofDemand9Priceelasticityofdemanddescribesthepercentagecha
8、ngeinquantitydemandedofaproductcausedbysomepercentagechangeinitsprice.4.1.1PriceElasticityofDemand10Whenthepri
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