mankiw6e-chap_精品文档.ppt

mankiw6e-chap_精品文档.ppt

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MACROECONOMICSCHAPTER2008WorthPublishers,allrightsreservedSIXTHEDITIONSIXTHEDITIONPowerPointPowerPointSlidesbyRonCronovichSlidesbyRonCronovichN.GREGORYMANKIWNationalIncome:

WhereitComesFromandWhereitGoes3slide1Inthischapter,youwilllearnwhatdeterminestheeconomystotaloutput/incomehowthepricesofthefactorsofproductionaredeterminedhowtotalincomeisdistributedwhatdeterminesthedemandforgoodsandserviceshowequilibriuminthegoodsmarketisachievedCHAPTER3NationalIncomeslide2OutlineofmodelAclosedeconomy,market-clearingmodelSupplysidefactormarkets（supply,demand,price）determinationofoutput/incomeDemandsidedeterminantsofC,I,andGEquilibriumgoodsmarketloanablefundsmarketCHAPTER3NationalIncomeslide3FactorsofproductionK=capital:

tools,machines,andstructuresusedinproductionL=labor:

thephysicalandmentaleffortsofworkersCHAPTER3NationalIncomeslide4TheproductionfunctiondenotedY=F（K,L）showshowmuchoutput（Y）theeconomycanproducefromKunitsofcapitalandLunitsoflaborreflectstheeconomysleveloftechnologyexhibitsconstantreturnstoscaleCHAPTER3NationalIncomeslide5Returnstoscale:

AreviewInitiallyY1=F（K1,L1）Scaleallinputsbythesamefactorz:

K2=zK1andL2=zL1（e.g.,ifz=1.25,thenallinputsareincreasedby25%）Whathappenstooutput,Y2=F（K2,L2）?

Ifconstantreturnstoscale,Y2=zY1Ifincreasingreturnstoscale,Y2zY1Ifdecreasingreturnstoscale,Y20CHAPTER3NationalIncomeslide7Example2decreasingreturnstoscaleforanyz1CHAPTER3NationalIncomeslide8Example3increasingreturnstoscaleforanyz1CHAPTER3NationalIncomeslide9NowyoutryDeterminewhetherconstant,decreasing,orincreasingreturnstoscaleforeachoftheseproductionfunctions:

（a）（b）CHAPTER3NationalIncomeslide10Answertopart（a）constantreturnstoscaleforanyz0CHAPTER3NationalIncomeslide11Answertopart（b）constantreturnstoscaleforanyz0CHAPTER3NationalIncomeslide12Assumptionsofthemodel1.Technologyisfixed.2.TheeconomyssuppliesofcapitalandlaborarefixedatCHAPTER3NationalIncomeslide13DeterminingGDPOutputisdeterminedbythefixedfactorsuppliesandthefixedstateoftechnology:

CHAPTER3NationalIncomeslide14Thedistributionofnationalincomedeterminedbyfactorprices,thepricesperunitthatfirmspayforthefactorsofproductionwage=priceofLrentalrate=priceofKCHAPTER3NationalIncomeslide15NotationW=nominalwageR=nominalrentalrateP=priceofoutputW/P=realwage（measuredinunitsofoutput）R/P=realrentalrateCHAPTER3NationalIncomeslide16HowfactorpricesaredeterminedFactorpricesaredeterminedbysupplyanddemandinfactormarkets.Recall:

Supplyofeachfactorisfixed.Whataboutdemand?

CHAPTER3NationalIncomeslide17DemandforlaborAssumemarketsarecompetitive:

eachfirmtakesW,R,andPasgiven.Basicidea:

Afirmhireseachunitoflaborifthecostdoesnotexceedthebenefit.cost=realwagebenefit=marginalproductoflaborCHAPTER3NationalIncomeslide18Marginalproductoflabor（MPL）definition:

Theextraoutputthefirmcanproduceusinganadditionalunitoflabor（holdingotherinputsfixed）:

MPL=F（K,L+1）F（K,L）CHAPTER3NationalIncomeslide19Exercise:

Compute&graphMPLa.DetermineMPLateachvalueofL.b.Graphtheproductionfunction.c.GraphtheMPLcurvewithMPLontheverticalaxisandLonthehorizontalaxis.LYMPL00n.a.110?

219?

3278434?

540?

645?

749?

852?

954?

1055?

CHAPTER3NationalIncomeslide20Answers:

CHAPTER3NationalIncomeslide21YoutputMPLandtheproductionfunctionLlabor1MPL1MPL1MPLAsmorelaborisadded,MPLSlopeoftheproductionfunctionequalsMPLCHAPTER3NationalIncomeslide22DiminishingmarginalreturnsAsafactorinputisincreased,itsmarginalproductfalls（otherthingsequal）.Intuition:

SupposeLwhileholdingKfixedfewermachinesperworkerlowerworkerproductivityCHAPTER3NationalIncomeslide23Checkyourunderstanding:

Whichoftheseproductionfunctionshavediminishingmarginalreturnstolabor?

CHAPTER3NationalIncomeslide24Exercise（part2）SupposeW/P=6.d.IfL=3,shouldfirmhiremoreorlesslabor?

Why?

e.IfL=7,shouldfirmhiremoreorlesslabor?

Why?

LYMPL00n.a.110102199327843475406645574948523954210551CHAPTER3NationalIncomeslide25MPLandthedemandforlaborEachfirmhireslaboruptothepointwhereMPL=W/P.UnitsofoutputUnitsoflabor,LMPL,LabordemandRealwageQuantityoflabordemandedCHAPTER3NationalIncomeslide26TheequilibriumrealwageTherealwageadjuststoequatelabordemandwithsupply.UnitsofoutputUnitsoflabor,LMPL,LabordemandequilibriumrealwageLaborsupplyCHAPTER3NationalIncomeslide27DeterminingtherentalrateWehavejustseenthatMPL=W/P.ThesamelogicshowsthatMPK=R/P:

diminishingreturnstocapital:

MPKasKTheMPKcurveisthefirmsdemandcurveforrentingcapital.FirmsmaximizeprofitsbychoosingKsuchthatMPK=R/P.CHAPTER3NationalIncomeslide28Theequilibriumrealren