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1、Supply,Demand,andGovernmentPoliciesEconomicsPRINCIPLESOFN.GregoryMankiw6Inthischapter,lookfortheanswerstothesequestions:Whatarepriceceilingsandpricefloors?Whataresomeexamplesofeach?Howdopriceceilingsandpricefloorsaffectmarketoutcomes?Howdotaxesaffectmarketout
2、comes?Howdotheeffectsdependonwhetherthetaxisimposedonbuyersorsellers?Whatistheincidenceofatax?Whatdeterminestheincidence?1SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES2GovernmentPoliciesThatAlterthePrivateMarketOutcomePricecontrolsPriceceiling:alegalmaximumontheprice
3、ofagoodorserviceExample:rentcontrolPricefloor:alegalminimumonthepriceofagoodorserviceExample:minimumwageTaxesThegovtcanmakebuyersorsellerspayaspecificamountoneachunitbought/sold.Wewillusethesupply/demandmodeltoseehoweachpolicyaffectsthemarketoutcome(thepriceb
4、uyerspay,thepricesellersreceive,andeq’mquantity).SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES3EXAMPLE1:TheMarketforApartmentsEq’mw/opricecontrolsPQDSRentalpriceofapts$800300QuantityofapartmentsSUPPLY,DEMAND,ANDGOVERNMENTPOLICIES4HowPriceCeilingsAffectMarketOutcomesApric
5、eceilingabovetheeq’mpriceisnotbinding–hasnoeffectonthemarketoutcome.PQDS$800300Priceceiling$1000SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES5HowPriceCeilingsAffectMarketOutcomesTheeq’mprice($800)isabovetheceilingandthereforeillegal.Theceilingisabindingconstraintont
6、heprice,causesashortage.PQDS$800Priceceiling$500250400shortageSUPPLY,DEMAND,ANDGOVERNMENTPOLICIES6HowPriceCeilingsAffectMarketOutcomesInthelongrun,supplyanddemandaremoreprice-elastic.So,theshortageislarger.PQDS$800150Priceceiling$500450shortageSUPPLY,DEMAND
7、,ANDGOVERNMENTPOLICIES7ShortagesandRationingWithashortage,sellersmustrationthegoodsamongbuyers.Somerationingmechanisms:(1)Longlines(2)Discriminationaccordingtosellers’biasesThesemechanismsareoftenunfair,andinefficient:thegoodsdonotnecessarilygotothebuyerswhoval
8、uethemmosthighly.Incontrast,whenpricesarenotcontrolled,therationingmechanismisefficient(thegoodsgotothebuyersthatvaluethemmosthighly)andimpersonal(andthusfair).SUP