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中微笔记1
1
The Theory of Economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions --- John Maynard Keynes
Discriminatory Monopoly:
assignment of apartments is the same as with the perfectly competitive market
so the discriminatory monopoly outcome is also Pareto efficient.
Monopoly:
not all apartments are occupied
so a distant apartment renter could be assigned a close apartment and have higher welfare without lowering anybody else’s welfare.
so the monopoly outcome is Pareto inefficient
Rent Control:
some close apartments are assigned to renters valuing them at below the competitive price pe
some renters valuing a close apartment above pe don’t get close apartments
Pareto inefficient outcome
2Budget Constraint
An ad valorem sales tax (从价营业税)levied at a rate of 5% increases all prices by 5%, from p to (1+0.05)p = 1.05p.
A uniform ad valoremsales tax levied at rate tis equivalent to an incometax levied at rate
3Preferences
A preference relation is “well-behaved” if it is
Monotonic (单调) and convex (凸状).
Monotonicity: More of any commodity is always preferred (i.e. no satiation and every commodity is a good).
Convexity: Mixtures of bundles are (at least weakly) preferred to the bundles themselves.
4Utility
The collection of all indifference curves for a given preference relation is an indifference map.
An indifference map is equivalent to a utility function; each is the other
5Choice
Meaning of the Tangency Condition:Consumer’s marginal willingness to pay equals the market exchange rate.
Choosing Taxes: Various Taxes
Quantity tax: on x: (p+t)x
Value tax: on px: (1+t)px
Also called ad valorem tax
Lump sum tax: T
Income tax:
Can be proportional or lump sum
6Demand
7Revealed Preference
8Slutsky Equation
9Buying and Selling
10Intertemporal Choice
Valuing Securities (证券)
A financial security
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