中级微观范里安课堂讲义-英文版(上)(上海交通大学,赵旭 朱保华).ppt

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1、ChapterOneTheMarketTheTheoryofEconomicsdoesnotfurnishabodyofsettledconclusionsimmediatelyapplicabletopolicy.Itisamethodratherthanadoctrine,anapparatusofthemind,atechniqueofthinkingwhichhelpsitspossessortodrawcorrectconclusions---JohnMaynardKeyne

2、sEconomicModelingWhatcauseswhatineconomicsystems?Atwhatlevelofdetailshallwemodelaneconomicphenomenon?Whichvariablesaredeterminedoutsidethemodel(exogenous)andwhicharetobedeterminedbythemodel(endogenous)?ModelingtheApartmentMarketHowareapartmentrentsdeter

3、mined?Supposeapartmentsarecloseordistant,butotherwiseidenticaldistantapartmentsrentsareexogenousandknownmanypotentialrentersandlandlordsModelingtheApartmentMarketWhowillrentcloseapartments?Atwhatprice?Willtheallocationofapartmentsbedesirableinanysense?H

4、owcanweconstructaninsightfulmodeltoanswerthesequestions?EconomicModelingAssumptionsTwobasicpostulates:RationalChoice:Eachpersontriestochoosethebestalternativeavailabletohimorher.Equilibrium:Marketpriceadjustsuntilquantitydemandedequalsquantitysupplied.M

5、odelingApartmentDemandDemand:Supposethemostanyonepersoniswillingtopaytorentacloseapartmentis$500/month.Thenp=$500QD=1.Supposethepricehastodropto$490beforea2ndpersonwouldrent.Thenp=$490QD=2.ModelingApartmentDemandTheloweristherentalratep,thelargeristhe

6、quantityofcloseapartmentsdemandedpQD.Thequantitydemandedvs.pricegraphisthemarketdemandcurveforcloseapartments.MarketDemandCurveforApartmentspQDModelingApartmentSupplySupply:Ittakestimetobuildmorecloseapartmentssointhisshort-runthequantityavailableis

7、fixed(atsay100).MarketSupplyCurveforApartmentspQS100CompetitiveMarketEquilibrium“low”rentalpricequantitydemandedofcloseapartmentsexceedsquantityavailablepricewillrise.“high”rentalpricequantitydemandedlessthanquantityavailablepricewillfall.Competitiv

8、eMarketEquilibriumQuantitydemanded=quantityavailablepricewillneitherrisenorfallsothemarketisatacompetitiveequilibrium.CompetitiveMarketEquilibriumpQD,QS100CompetitiveMarketEquilibriumpQD,QSpe100CompetitiveMarketEquilibriumpQD,QS