曼昆经济学原理第5版中文课件(陈宇峰编译)第21章.pptVIP

Consumer optimization is another example of “thinking at the margin.” Remember that MRS = marginal value of the good on the X-axis (fish) in terms of the good on Y-axis (mangos). If MRS Pf/Pm, the value of another fish is greater than its cost, so Hurley can make himself happier by decreasing his mango purchases and using the proceeds to buy another fish. If MRS Pf/Pm, the value of another fish is less than its cost, so Hurley should move along his budget line to a bundle with less fish and more mangos to make himself happier. In Active Learning 2, students determined that a fall in income shifts the budget constraint downward. They should readily accept, then, that an increase in income shifts the budget line upward/outward. Instead of merely showing students the diagram for the case where one of the goods is inferior, let’s just remind them of the definition and see if they can figure out how to draw the diagram. In Active Learning 2, students determined that an increase in the price of a good pivots the budget constraint inward. Here, the price of a good is falling, so the budget line pivots outward. * On the previous slide, the fall in the price of fish caused a net decrease in Hurley’s demand for mangos: the substitution effect is greater than the income effect, as depicted on the following slide. However, it could have gone the other way: if the income effect were greater than the substitution effect, then Hurley’s demand for mangos would have risen. This diagram decomposes the movement from the old optimum (A) to the new one (C) into two parts. The first part, from A to B, represents the substitution effect. It shows the change in the optimal bundle due to the relative price change, holding constant the consumer’s level of well-being. The second part, from B to C, represents the income effect. It shows the change in the optimal bundle due to the increase in the purchasing power of the consumer’s income. The dashed line throu