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ID:49906853
大小:1.02 MB
页数:43页
时间:2020-03-04
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1、3SUPPLYANDDEMANDII:MARKETSANDWELFARE7Consumers,Producers,andtheEfficiencyofMarketsREVISITINGTHEMARKETEQUILIBRIUMDotheequilibriumpriceandquantitymaximizethetotalwelfareofbuyersandsellers?Marketequilibriumreflectsthewaymarketsallocatescarceresources.Whetherthemarketallocationi
2、sdesirablecanbeaddressedbywelfareeconomics.WelfareEconomicsWelfareeconomicsisthestudyofhowtheallocationofresourcesaffectseconomicwell-being.Buyersandsellersreceivebenefitsfromtakingpartinthemarket.Theequilibriuminamarketmaximizesthetotalwelfareofbuyersandsellers.WelfareEcono
3、micsEquilibriuminthemarketresultsinmaximumbenefits,andthereforemaximumtotalwelfareforboththeconsumersandtheproducersoftheproduct.WelfareEconomicsConsumersurplusmeasureseconomicwelfarefromthebuyer’sside.Producersurplusmeasureseconomicwelfarefromtheseller’sside.CONSUMERSURPLUS
4、Willingnesstopayisthemaximumamountthatabuyerwillpayforagood.Itmeasureshowmuchthebuyervaluesthegoodorservice.CONSUMERSURPLUSConsumersurplusisthebuyer’swillingnesstopayforagoodminustheamountthebuyeractuallypaysforit.Table1FourPossibleBuyers’WillingnesstoPayCopyright©2004South-
5、WesternCONSUMERSURPLUSThemarketdemandcurvedepictsthevariousquantitiesthatbuyerswouldbewillingandabletopurchaseatdifferentprices.TheDemandScheduleandtheDemandCurveFigure1TheDemandScheduleandtheDemandCurveCopyright©2003Southwestern/ThomsonLearningPriceofAlbum0QuantityofAlbumsD
6、emand1234$100John’swillingnesstopay80Paul’swillingnesstopay70George’swillingnesstopay50Ringo’swillingnesstopayFigure2MeasuringConsumerSurpluswiththeDemandCurveCopyright©2003Southwestern/ThomsonLearning(a)Price=$80PriceofAlbum5070800$100Demand1234QuantityofAlbumsJohn’sconsume
7、rsurplus($20)Figure2MeasuringConsumerSurpluswiththeDemandCurveCopyright©2003Southwestern/ThomsonLearning(b)Price=$70PriceofAlbum5070800$100Demand1234Totalconsumersurplus($40)QuantityofAlbumsJohn’sconsumersurplus($30)Paul’sconsumersurplus($10)UsingtheDemandCurvetoMeasureConsu
8、merSurplusTheareabelowthedemandcurveandabovethepricemeasurestheconsumersurp
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