《微观经济学》第1章 市场-英文教学课件（非AI生成）.ppt

ChapterOneTheMarket1

TheTheoryofEconomicsdoesnot

furnishabodyofsettledconclusions

immediatelyapplicabletopolicy.Itis

amethodratherthanadoctrine,an

apparatusofthemind,atechniqueof

thinkingwhichhelpsitspossessorto

drawcorrectconclusions

---JohnMaynardKeynes2

EconomicModelingWhatcauseswhatineconomicsystems?Atwhatlevelofdetailshallwemodelaneconomicphenomenon?Whichvariablesaredeterminedoutsidethemodel(exogenous)andwhicharetobedeterminedbythemodel(endogenous)?3

ModelingtheApartmentMarketHowareapartmentrentsdetermined?Supposeapartmentsarecloseordistant,butotherwiseidenticaldistantapartmentsrentsareexogenousandknownmanypotentialrentersandlandlords4

ModelingtheApartmentMarketWhowillrentcloseapartments?Atwhatprice?Willtheallocationofapartmentsbedesirableinanysense?

Howcanweconstructaninsightfulmodeltoanswerthesequestions?5

EconomicModelingAssumptionsTwobasicpostulates:RationalChoice:Eachpersontriestochoosethebestalternativeavailabletohimorher.Equilibrium:Marketpriceadjustsuntilquantitydemandedequalsquantitysupplied.6

ModelingApartmentDemandDemand:Supposethemostanyonepersoniswillingtopaytorentacloseapartmentis$500/month.Then p=$500?QD=1.Supposethepricehastodropto$490beforea2ndpersonwouldrent.Then p=$490?QD=2.7

ModelingApartmentDemandTheloweristherentalratep,thelargeristhequantityofcloseapartmentsdemanded

p??QD?.Thequantitydemandedvs.pricegraphisthemarketdemandcurveforcloseapartments.8

MarketDemandCurveforApartmentspQD9

ModelingApartmentSupplySupply:Ittakestimetobuildmorecloseapartmentssointhisshort-runthequantityavailableisfixed(atsay100).10

MarketSupplyCurveforApartmentspQS10011

CompetitiveMarketEquilibrium“low”rentalprice?quantitydemandedofcloseapartmentsexceedsquantityavailable?pricewillri