【精品】上财中级微观经济学课件Ch01Market.pptVIP

* * Intermediate Microeconomics Grading Course participation 5% Quizzes 10% Homework 15% Midterm Exams 30% Final Exam 40% * * Intermediate Microeconomics Roadmap to the Course Consumer Theory: Feb. 24- Mar. 19 Budget Constraint Preference, utility Choice, demand Consumer surplus Producer Theory: Mar. 24- Apr. 9 Technology Profit Max. and Cost Min. Market: Apr. 23-June 11 * * Intermediate Microeconomics Comparative Statics Suppose potential renters’ incomes rise, increasing their willingness-to-pay for close apartments. Demand rises (upward shift), causing higher price for close apartments. * * Intermediate Microeconomics Market Equilibrium p QD,QS pe 100 * * Intermediate Microeconomics Market Equilibrium p QD,QS pe 100 Higher incomes causehigher willingness-to-pay * * Intermediate Microeconomics Market Equilibrium p QD,QS pe 100 Higher incomes causehigher willingness-to-pay,higher market price, andthe same quantity traded. * * Intermediate Microeconomics Taxation Policy Analysis Local government taxes apartment owners. What happens to price quantity of close apartments rented? Is any of the tax “passed” to renters? * * Intermediate Microeconomics Taxation Policy Analysis Market supply is unaffected. Market demand is unaffected. So the competitive market equilibrium is unaffected by the tax. Price and the quantity of close apartments rented are not changed. Landlords pay all of the tax. * * Intermediate Microeconomics Imperfectly Competitive Markets Amongst many possibilities are: a monopolistic landlord a perfectly discriminatory monopolistic landlord a competitive market subject to rent control. * * Intermediate Microeconomics A Monopolistic Landlord When the landlord sets a rental price p ,he rents D(p) apartments. Revenue = pD(p). Revenue is low if p ? 0 Revenue is low if p is so high that D(p) ? 0. An intermediate value for p maximizes revenue. * * Intermediate Microeconomics Monopo