《曼昆微观经济学原理》-第六章-Supply--Demand--and-Government-Policies.ppt

《曼昆微观经济学原理》-第六章-Supply--Demand--and-Government-Policies.ppt

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Supply,Demand,andGovernmentPolicies,Macroeconomics,PRINCIPLESOF,N.GregoryMankiw,PremiumPowerPointSlidesbyRonCronovich,6,Inthischapter,lookfortheanswerstothesequestions:

Whatarepriceceilingsandpricefloors?

Whataresomeexamplesofeach?

Howdopriceceilingsandpricefloorsaffectmarketoutcomes?

Howdotaxesaffectmarketoutcomes?

Howdotheeffectsdependonwhetherthetaxisimposedonbuyersorsellers?

Whatistheincidenceofatax?

Whatdeterminestheincidence?

1,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,2,GovernmentPoliciesThatAlterthePrivateMarketOutcome,PricecontrolsPriceceiling:

alegalmaximumonthepriceofagoodorserviceExample:

rentcontrolPricefloor:

alegalminimumonthepriceofagoodorserviceExample:

minimumwageTaxesThegovtcanmakebuyersorsellerspayaspecificamountoneachunitbought/sold.,Wewillusethesupply/demandmodeltoseehoweachpolicyaffectsthemarketoutcome（thepricebuyerspay,thepricesellersreceive,andeqmquantity）.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,3,EXAMPLE1:

TheMarketforApartments,Eqmw/opricecontrols,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,4,HowPriceCeilingsAffectMarketOutcomes,Apriceceilingabovetheeqmpriceisnotbindinghasnoeffectonthemarketoutcome.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,5,HowPriceCeilingsAffectMarketOutcomes,Theeqmprice（$800）isabovetheceilingandthereforeillegal.Theceilingisabindingconstraintontheprice,causesashortage.,$800,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,6,HowPriceCeilingsAffectMarketOutcomes,Inthelongrun,supplyanddemandaremoreprice-elastic.So,theshortageislarger.,$800,150,450,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,7,ShortagesandRationing,Withashortage,sellersmustrationthegoodsamongbuyers.Somerationingmechanisms:

（1）Longlines

（2）DiscriminationaccordingtosellersbiasesThesemechanismsareoftenunfair,andinefficient:

thegoodsdonotnecessarilygotothebuyerswhovaluethemmosthighly.Incontrast,whenpricesarenotcontrolled,therationingmechanismisefficient（thegoodsgotothebuyersthatvaluethemmosthighly）andimpersonal（andthusfair）.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,8,EXAMPLE2:

TheMarketforUnskilledLabor,Eqmw/opricecontrols,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,9,HowPriceFloorsAffectMarketOutcomes,Apricefloorbelowtheeqmpriceisnotbindinghasnoeffectonthemarketoutcome.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,10,HowPriceFloorsAffectMarketOutcomes,Theeqmwage（$4）isbelowthefloorandthereforeillegal.Thefloorisabindingconstraintonthewage,causesasurplus（i.e.,unemployment）.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,11,Minwagelawsdonotaffecthighlyskilledworkers.Theydoaffectteenworkers.Studies:

A10%increaseintheminwageraisesteenunemploymentby1-3%.,TheMinimumWage,ACTIVELEARNING1Pricecontrols,Determineeffectsof:

A.$90priceceilingB.$90pricefloorC.$120pricefloor,12,ACTIVELEARNING1A.$90priceceiling,Thepricefallsto$90.Buyersdemand120rooms,sellerssupply90,leavingashortage.,13,ACTIVELEARNING1B.$90pricefloor,Eqmpriceisabovethefloor,sofloorisnotbinding.P=$100,Q=100rooms.,Pricefloor,14,ACTIVELEARNING1C.$120pricefloor,Thepricerisesto$120.Buyersdemand60rooms,sellerssupply120,causingasurplus.,15,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,16,EvaluatingPriceControls,RecalloneoftheTenPrinciplesfromChapter1:

Marketsareusuallyagoodwaytoorganizeeconomicactivity.,Pricesarethesignalsthatguidetheallocationofsocietysresources.Thisallocationisalteredwhenpolicymakersrestrictprices.Pricecontrolsoftenintendedtohelpthepoor,butoftenhurtmorethanhelp.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,17,Taxes,Thegovtleviestaxesonmanygoods&servicestoraiserevenuetopayfornationaldefense,publicschools,etc.Thegovtcanmakebuyersorsellerspaythetax.Thetaxcanbea%ofthegoodsprice,oraspecificamountforeachunitsold.Forsimplicity,weanalyzeper-unittaxesonly.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,18,EXAMPLE3:

TheMarketforPizza,Eqmw/otax,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,19,ATaxonBuyers,Thepricebuyerspayisnow$1.50higherthanthemarketpriceP.Pwouldhavetofallby$1.50tomakebuyerswillingtobuysameQasbefore.E.g.,ifPfallsfrom$10.00to$8.50,buyersstillwillingtopurchase500pizzas.,Effectsofa$1.50perunittaxonbuyers,Hence,ataxonbuyersshiftstheDcurvedownbytheamountofthetax.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,20,ATaxonBuyers,Effectsofa$1.50perunittaxonbuyers,Neweqm:

Q=450SellersreceivePS=$9.50BuyerspayPB=$11.00Differencebetweenthem=$1.50=tax,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,21,TheIncidenceofaTax:

howtheburdenofataxissharedamongmarketparticipants,Inourexample,buyerspay$1.00more,sellersget$0.50less.,SUPPLY,DEMAND,ANDGO