Mankiw Economics Chap_07 中山大学吴柏林教授“曼昆·经济学原理”绝密资料.pptVIP

* 38 26 * 38 26 * 38 26 * 45 26 * 56 33 * 56 33 * 8 * 13 13 * 13 13 * 13 13 * 13 13 * 21 17 * 5 5 * 34 24 * 35 11 * 32 22 * 36 11 * 38 26 * 38 26 * 38 26 * 45 26 * 53 32 * * * 54 32 * 54 32 * 56 33 * 56 33 * 8 * 67 38 * 68 39 * * * * * 13 13 * 13 13 * 13 13 * 21 17 Consumer and Producer Surplus in the Market Equilibrium... Price Equilibrium price 0 Quantity Equilibrium quantity A Supply C B Demand D E Producer surplus Consumer surplus Three Insights Concerning Market Outcomes Free markets allocate the supply of goods to the buyers who value them most highly. Free markets allocate the demand for goods to the sellers who can produce them at least cost. Free markets produce the quantity of goods that maximizes the sum of consumer and producer surplus. Price 0 Quantity Equilibrium quantity Supply Demand Cost to sellers Value to buyers Value to buyers Cost to sellers Value to buyers is greater than cost to sellers. Value to buyers is less than cost to sellers. The Efficiency of the Equilibrium Quantity The Efficiency of the Equilibrium Quantity Because the equilibrium outcome is an efficient allocation of resources, the social planner can leave the market outcome as he/she finds it. This policy of leaving well enough alone goes by the French expression laissez faire. Market Power If a market system is not perfectly competitive, market power may result. Market power is the ability to influence prices. Market power can cause markets to be inefficient because it keeps price and quantity from the equilibrium of supply and demand. Externalities Externalities are created when a market outcome affects individuals other than buyers and sellers in that market. Externalities cause welfare in a market to depend on more than just the value to the buyers and cost to the sellers. When buyers and sellers do not take externalities into account when deciding how much to consume and produce, the equilibrium in the market can be inefficient. Summary Consumer surplus measures the benef