第6讲购买和销售.pptVIP

第六十二页，共九十页。 Some Results about Price Change If a consumer is a net seller of a good, when the price of the good decreases, if she remains a buyer then the consumer is worse off. If a consumer if a net buyer of a good, when the price decreases, the consumer will remain a buyer and be better off. 第六十三页，共九十页。 第六十四页，共九十页。 第六十五页，共九十页。 Labor Supply A worker is endowed with $m of nonlabor income and R hours of time which can be used for labor or leisure. w = (R, m). Consumption good’s price is pc. w is the wage rate. ? ? 第六十六页，共九十页。 Labor Supply The worker’s budget constraint iswhere C, R denote gross demands for the consumption good and for leisure. That is ? ? { { endowment value expenditure 第六十七页，共九十页。 Labor Supply ? rearranges to ? 第六十八页，共九十页。 Labor Supply C R R ? endowment m ($) 第六十九页，共九十页。 Labor Supply C R R ? endowment ? m 第七十页，共九十页。 Labor Supply C R R ? endowment ? ? m 第七十一页，共九十页。 Labor Supply C R R ? endowment ? ? m slope = , the ‘real wage rate’ 第七十二页，共九十页。 Labor Supply C R R ? endowment ? ? m C* R* leisuredemanded laborsupplied 第七十三页，共九十页。 Labor Supply Curve 第七十四页，共九十页。 Slutsky’s Equation Revisited Slutsky: changes to demands caused by a price change are the sum of a pure substitution effect, and an income effect. This assumed that income y did not change as prices changed. But does change with price. How does this modify Slutsky’s equation? 第七十五页，共九十页。 Slutsky’s Equation Revisited A change in p1 or p2 changes so there will bean additional income effect, called the endowment income effect （禀赋收入效应）. Slutsky’s decomposition will thus have three components a pure substitution effect an (ordinary) income effect, and an endowment income effect. 第七十六页，共九十页。 Slutsky’s Equation Revisited x1 w2 w1 x2 x2’ x1’ Initial prices are (p1’,p2’). 第七十七页，共九十页。 Slutsky’s Equation Revisited x1 w2 w1 x2 x2’ x1” x2” Initial prices are (p1’,p2’).Final prices are (p1”,p2”). x1’ 第七十八页，共九十页。