杨-Lecture3-ChoiceandDemand.pptVIP

All Rights Reserved By QJ Yang, RUC Lecture 3 Choice Demand Equilibrium of Consumer 即消费者在特定约束条件下（比如给定预算支出）达到最佳的消费组合状态，或者，实现了效用最大化状态。 Ⅰ. Budget Curve 一、可行集 图示 预算线的变动 情况1 情况2 Ⅱ.Choice under Given Income ： Utility Maximization Mathematic Analysis 重要提示：最优商品组合取决于相对价格，而与绝对价格无关。 Corner Solutions The first-order conditions of those equations hold exactly only for interior maxima for which some positive amount of each good is purchased. 消费替代性商品的均衡 消费互补性商品的均衡 Cobb-Douglas Demand Functions Indirect Utility Function Indirect Utility in the Cobb-Douglas Expenditure Minimization Expenditure Function The Individual’s expenditure function shows the minimal expenditures necessary to achieve a given utility level for a particular set of prices. Properties of Expenditure Functions Example：Expenditure Function from the Cobb-Douglas Income and Substitution Effects Price-Consumption Curve Demand Curve From Individual Demand Curve to Market Demand Cure *补充：更现实的情况 Income Effects： 实际收入或者购买力的变化，从而引起消费组合的变化。 Substitution Effects 相对价格变化，从而引起消费组合的变化。 Income Effects: Income-Consumption Curve Normal Goods Inferior Goods Engel’s Law: The proportion of total expenditure devoted to food declines as income rises. In other words, food is a necessity whose consumption rises less rapidly than does income. A Fall in the Price of X Normal Goods Inferior Goods: Income and Substitution Effects Special Inferior Goods: Giffen’s Paradox Sumary: The utility-maximization hypothesis suggests that, for normal goods, a fall in the price of a good leads to an increase in quantity purchased because (1) the substitution effect causes more to be purchased as the individual moves along an indifference curve; and (2) the income effect causes more to be purchased because the price decline has increased purchasing power, thereby permitting movement to a higher indifference curve. When the price of a normal good rises, similar reasoning predicts a decline in the quantity purchased. For inferior goods, s