中微课件范里安版 Micro Ch9.ppt

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1、ChapterNineBuyingandSellingWhatAreWeDoinginthisChapter?Weexpandourbasicconsumerchoiceframeworktoincludethepossibilitythatconsumerscansellsomethingtogenerateincome.Again,intermsoftheoreticalframework,nothingisnew.Endowments禀赋Thelistofresourceunitswithwhichaconsumerstartsishisendowment.Acons

2、umer’sendowmentwillbedenotedbythevector(omega).EndowmentsE.g.statesthattheconsumerisendowedwith10unitsofgood1and2unitsofgood2.Whatistheendowment’svalue?Forwhichconsumptionbundlesmayitbeexchanged?BudgetConstraintsRevisitedSo,givenp1andp2,thebudgetconstraintforaconsumerwithanendowmentisTheb

3、udgetsetisBudgetConstraintsRevisitedx2x1w1w2BudgetsetBudgetConstraintsRevisitedx2x1w1w2BudgetsetBudgetConstraintsRevisitedx2x1w1w2Theendowmentpointisalwaysonthebudgetconstraint.Sopricechangespivottheconstraintabouttheendowmentpoint.BudgetConstraintsRevisitedTheconstraintisThatis,thes

4、umofthevaluesofaconsumer’snetdemandsiszero.NetDemandsx2x1w1w2x2*x1*Atprices(p1,p2)theconsumersellsunitsofgood1toacquiremoreunitsofgood2.NetDemandsx2x1x2*=w2x1*=w1Atprices(p1”,p2”)theconsumerconsumesherendowment;netdemandsareallzero.NetDemandsx2x1w1w2Price-offercurvecontainsalltheutili

5、ty-maximizinggrossdemandsforwhichtheendowmentcanbeexchanged.AVariationoftheTheme:IncomefromLaborAworkerisendowedwith$mofnonlaborincomeandRhoursoftimewhichcanbeusedforlabororleisure.w=(R,m).Consumptiongood’spriceispc.wisthewagerate.¾¾LaborSupplyTheworker’sbudgetconstraintiswhereC,Rdeno

6、tegrossdemandsfortheconsumptiongoodandforleisure.Thatis¾¾{{endowmentvalueexpenditureLaborSupplyCRR¾endowmentm($)LaborSupplyCRR¾endowment¾¾mLaborSupplyCRR¾endowment¾¾mslope=,the‘realwagerate’LaborSupplyCRR¾endowment¾¾mC*R*leisuredemandedlaborsuppliedTheMoraleoftheStory:LimitedPossibility

7、ofMarketTransactionsTherearesomecasesinwhichagoodcannotbesoldorboughtinanyamount!Slutsky’sEquationRevisitedSlutsky:changestodemandscausedbyapricechangearethesumofapuresubstitutioneffect,andanincomeeffect.Thisassumedthatincomeydidnotchangeaspriceschanged.Butd