微观经济学ConsumerBehavior教材.ppt

Chapter 3 115 116 117 2 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 66 42 67 42 68 69 78 70 71 72 76 79 79 81 81 83 84 85 86 87 88 88 92 92 93 97 97 102 107 108 109 110 111 112 33 35 38 36 40 41 41 43 44 45 45 103 104 104 54 42 27 28 46 42 47 42 48 42 49 42 50 12 54 42 55 42 56 42 57 42 58 42 58 42 61 42 62 42 62 42 65 42 ?2005 Pearson Education, Inc. Chapter 3 Empirical Estimation of Demand The Statistical Approach to Demand Estimation Properly applied, the statistical approach to demand estimation can enable one to sort out the effects of variables on the quantity demanded of a product “Least-squares” regression is one approach ?2005 Pearson Education, Inc. Chapter 3 Demand Data for Raspberries ?2005 Pearson Education, Inc. Chapter 3 Empirical Estimation of Demand Assuming only price determines demand: Q = a - bP Q = 28.2 -1.00P ?2005 Pearson Education, Inc. Chapter 3 Estimating Demand Quantity Price 0 5 10 15 20 25 15 10 5 25 20 d1 d2 d3 D D represents demand if only P determines demand and then from the data: Q=28.2-1.00P ?2005 Pearson Education, Inc. Chapter 3 Estimating Demand – Changes in Income Quantity Price 0 5 10 15 20 25 15 10 5 25 20 D d1 d2 d3 d1, d2, d3 represent the demand for each income level. Including income in the demand equation: Q = a - bP + cI or Q = 8.08 - .49P + .81I ?2005 Pearson Education, Inc. Chapter 3 Empirical Estimation of Demand Estimating Elasticities For the demand equation: Q = a - bP Elasticity: ?2005 Pearson Education, Inc. Chapter 3 Empirical Estimation of Demand Assuming: Price and income elasticity are constant The isoelastic demand = The slope, -b = price elasticity of demand Constant, c = income elasticity of demand ?2005 Pearson Education, Inc. Chapter 3 Empirical Estimation of Demand Using the Raspberry data: Price elasticity = -0.24 (Inelastic) Income elasticity = 1.46 ?2005 Pearson Education, Inc. Chapter 3 Empirical Estimation of Demand Substitutes: b2 is positive Complements: b2 is negative Complements and Substitutes