王则柯微观经济学.pptxVIP

Intermediate MicroeconomicsIntroduction ContentsInstructor and TAsRequirementsCourse outlineAn example: market for apartments TextbookIntermediate Microeconomics: A Modern Approach (Sixth Edition) by Hal R. VarianW. W. Norton， 2003 The Theory of Economics does notfurnish a body of settled conclusionsimmediately applicable to policy. It isa method rather than a doctrine, anapparatus of the mind, a technique ofthinking which helps its possessor todraw correct conclusions --- John Maynard Keynes Is Economics Useful?A thinking machineChanges the way you view life and understand problemsAn all round major Economics Graduates Type of EmployerPercent of GraduatesTraditional Business 23.3Government 18.4Financial Business 17.7Graduate School 13.7Consulting Services 4.4Private/public School 3.9Law Firm 3.5Other 9.8 Jobs for EconomistsBusiness economistsGovernment economistsAcademic economists MicroeconomicsTheoryApplicationsLabor economicsEconomics of educationAgricultural economicsIndustrial organizationsHealth economics…… Course OutlineConsumer theory (1-15)Producer theory (18-27)Market equilibrium (16-17, 30-32)Special topics on equilibrium Economic ModelingWhat causes what in economic systems?At what level of detail shall we model an economic phenomenon?Which variables are determined outside the model (exogenous) and which are to be determined by the model (endogenous)? Modeling the Apartment MarketHow are apartment rents determined?Suppose apartments are close or distant, but otherwise identicaldistant apartments rents are exogenous and knownmany potential renters and landlords Modeling the Apartment MarketWho will rent close apartments?At what price?Will the allocation of apartments be desirable in any sense?How can we construct an insightful model to answer these questions? Two Principles in EconomicsOptimization: Each person tries to choose the best alternative available to him or her.Equilibrium: Market price adjusts until quantity demanded equals quanti