曼昆经济学原理chapt1chapt15笔记整理.docx

曼昆经济学原理chapt1chapt15笔记整理.docx

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曼昆经济学原理chapt1chapt15笔记整理

Chapter1:

Introduction

前言

1.  Societyallocatespeopletovariousjobsandtheoutputofgoodsandservices.

2.  Scarcitymeansthatresourcesarelimitedsocannotproduceallthegoodsandservicespeoplewant.

3.  Economicsisthestudyofhowsocietymanagesitsscareresources.

4.  Economistsstudy3things:

·        Howpeoplemakedecisions

·        Howpeopleinteractwithoneanother

·        Analyzeforcesandtrendsthataffecttheeconomyasawhole

Howpeoplemakedecisions（10principles）

1.  Peoplefacetrade-off

1）  Makingdecisionsrequirestradingoffonegoalagainstanother.

2）  Trade-offsocietyfaces:

·        Gunsandbutter;acleanenvironmentandahighlevelofincome

·        Efficiencyandequityàmaximumbenefitsandfair

2.  Thecostofsthiswhatyougiveuptogetit

1）  Opportunitycost:

whatyougiveuptogetthatitem

3.  Rationalpeoplethinkatthemargin

1）  Theysystematicallyandpurposefullydothebesttoachievetheirobjectives

2）  Marginalchangesareadjustmentsaroundtheedgesofwhatyouaredoing

3）  Rationalpeoplemakedecisionsbycomparingmarginalbenefitsandcosts

4）  People’swillingnesstopayforanygoodisthemarginalbenefitofanextraunitofthegoodwouldbring

4.  Peoplerespondtoincentives

1）  Publicpolicymakersàincentivesàpolicieschangepeople’sbehavior.E.g.tax

Howpeopleinteract

5.  Tradecanmakeeveryonebetteroff

1）  Allowcountriestospecializeinwhattheydobestandtoenjoymoregoods

6.  Marketsareusuallyagoodwaytoorganizeeconomicactivity

1）  Marketeconomyismoresuccessful

2）  Theinvisiblehandispricewhichadjusttomaximizethewelfareofsociety

7.  Governmentscansometimesimprovemarketoutcomes

1）  ReasonswhyweneedG

·        Invisiblehandworksonlyifpropertyrightsareenforced

·        Invisiblehandispowerfulbutnotomnipotent全能的;policiesaimtopromotebothefficiencyandequityàMarketfailureàasituationinwhichthemarketonitsownfailstoproduceanefficientallocationofresources.Causes:

externalityandmarketpower

·        Invisiblehandfailtoensurethateconomicprosperityisdistributedequitably

Howtheeconomyasawholeworks

8.  Acountry’sstandardoflivingdependsonitsabilitytoproducegoodsandservices

1）  Productivityàthequantityofgoodsandservicesproducedfromeachhourofaworker’stimeàproductivityhigh,livingstandardhigh

2）  Far-reachingandpublicpolicywillimplicatetherelationshipbetweenproductivityandlivingsrandard

9.  PricesrisewhentheGprintstoomanymoney

1）  Keepinflationatalowlevel

2）  Growthintheamountofmoneycausesinflation

10.       Societyfacesashort-runtrade-offbetweeninflationandunemployment

1）  Businesscycleàfluctuationsineconomicactivity,suchasemploymentandproduction

Chapter2:

Thinkinglikeaneconomist

1.  Thescientificmethod:

observationàtheoryàmoreobservationàadvancedtheory

2.  Economistsmakeassumptionsbecausetheycansimplifythecomplexworldandmakeiteasiertounderstand

3.  Economistsusediff.assumptionstoanswerdiff.Qs

4.  Economistsusemodels,whicharebuiltwithassumptionsandcomposedofdiagramsandequations,tolearnabouttheworld

Model1:

thecircular-flowdiagramàonlytwotypesofdecisionmakersàfirmsandhouseholds

Model2:

theproductionpossibilitiesfrontier

1）  TheshapeofPPFisbowedoutward

2）  OnPPFàefficiencylevelofproduction;InoroutoffPPTàinefficiency

3）  PPFshowstheopportunitycostofonegoodasmeasuredintermsoftheothergood

4）  Theopportunitycostofproducts’quantityisreflectedintheshapeofthePPF

5.  PositiveVSnormativeanalysis

PS:

descriptive;claimsabouthowtheworldisàscientists

NS:

prescriptive;claimsabouthowtheworldoughttobeàpolicyadvisers

6.  Thefieldofeconomicsisdividedintomicroeconomicsandmacroeconomics

7.  Differencesinscientificjudgmentsorvaluescausetheconflictionsbetweeneconomistswhoadvisepolicymaker

Chapter4:

Themarketforcesofsupplyanddemand

Marketandcompetition

1.  Market

1）  Buyersandsellersàdemandandsupply

2）  Highlyorganizedandlessorganizedmarketàagriculturalcommoditiesandicecreammarket

2.  Perfectlycompetitionmarket

1）  Goodsareexactlythesame

2）  Sonumerousbuyersandsellersànosingleonewillinfluencethemarketprice

3）  Buyersandsellersarepricetakers,andcanbuyorsellalltheywant

4）  e.g.wheatmarket,icecreammarket

5）  Economistsusethemodelofsupplyanddemandtoanalyzethismarket

Demand

1.  Quantitydemanded:

theamountofgoodthatbuyersarewillingandabletobuy

1）  Thequantitydemandedisnegativelyrelatedtothepriceàpricerises,quantitydemandedfallsàpriceaffectamovementalongthedemandcurve

2）  Marketdemandisthesumofalltheindividualsdemandsforagood

2.  Demandcurve:

whathappenstothequantitydemandedofagoodwhenthepricevaries

3.  Curveshiftswhenthereisachangeinarelevantvariablethatisnotmeasuredoneitheraxis

4.  Shiftsindemandcurve（right,increaseindemand;left,decrease）

1）  Income

·        Normalgood（includenecessityandluxury）:

incomefallsàdemandfalls（positivecorrelation）;e.g.icecream

·        Inferiorgood:

incomefallsàdemandrises（negativecorrelation）;e.g.torideabus

2）  Pricesofrelatedgoods

·        Substitutes:

priceofonegoodfalls,demandofanothergoodreduceàpairsofgoodsinplaceofeachother;e.g.hotdogsandhamburgers

·        Complements:

priceofonegoodfalls,demandofanothergoodraisesàpairsofgoodsusedtogether;e.g.computerandsoftware

3）  Tastes:

themostobviousdeterminantofthedemand;likeàbuymore

4）  Expectations

·        Expecthigherincomeàsavelessàbuymoretoday

·        Expecthigherpriceàbuymoretoday

5）  Numbersofbuyers:

moremembers,shifttoright

Supply

1.  Quantitysuppliedistheamountthatsellersarewillingandabletosellàpositiverelatedtothegood’spriceàchangeofpriceleadtosupply’schange

2.  Marketsupplyisthesumofthesuppliesofallsellersàaddallofthesuppliers

3.  Shiftsinthesupplycurve

1）  Inputpricesàinput’spricerisessubstantially,shifttoleft

2）  Technologyàadvance intechnology,raisethesupply

3）  Expectationsàfirm,priceriseinthefuture,supplyless

4）  Numberofsellersàmoremembers,highersupply

Equilibrium

1.  Equilibrium:

marketpiecehasreachedthelevelatwhichquantitysupplied=quantitydemandedàthequantityofgoodsbuyersarewillingandabletobuy=sellersarewillingandabletosell

2.  Equilibriumprice=market-clearingpriceàeveryoneinthemarkethasbeensatisfiedàdetermineshowmuchofthegoodbuyerschoosetopurchaseandhowmuchsellerschoosetoproduce

3.  Actualprice>Epriceàsurplus=excesssupplyàquantitysupplied>quantitydemandedàsellerscutthepriceàincreasequantitydemandedanddecreasequantitysupplied

4.  Marketprice

5.  Lawofsupplyanddemand:

thepriceofanygoodadjuststobringthequantitysuppliedandquantitydemandedforthatgoodintobalance

6.  Howquicklypricesadjustdeterminehowquicklyequilibriumisreached;varyfrommarkettomarket

7.  Surplusesandshortagesinfreemarketaretemporary

ThreestepstoanalyzingchangesinE

1.  Decidewhethertheeventsshiftsthesupplyordemandcurve（orperhapsboth）

2.  Decideinwhichdirectionthecurveshifts

3.  Usethesupply-and-demanddiagramtoseehowtheshiftchangestheequilibriumpriceandquantity（comparenewEwiththeinitialE）

4.  Ashiftinthesupply/demandcurve=changeinsupply/demand;amovementalongafixedsupply/demandcurve=changeinthequantitysupplied/demanded

5.   

Nochanges inS

AnincreaseinS

AdecreaseinS

NochangeinD

P,Qsame

Pdown,Qup

Pup,Qdown

AnincreaseinD

Pup,Qup

Pambiguous,Qup

Pup,Qambi.

AdecreaseinD

Pdown,Qdown

Pdown,Qambiguous

Pambi.,Qdown

Conclusion

1.  Supplyanddemandtogetherdeterminethepricesofgoods,priceinturnguidetheallocationofresources

2.  Pricesdeterminewhobuyseachgoodandhowmuchisproduced

Chapter5:

Elasticityanditsapplication

Thepriceelasticityofdemand

1.  Determinantofthepriceelasticityofdemand

Moreelasticdemand

Lesselasticdemand

Goodswithclosesubstitutes

e.g.butterandmargarine

Without

e.g.eggs

Luxuries

Necessities

Narrowlydefinedmarket

e.g.icecream

Broadlydefinedmarket

e.g.food

Longertimehorizons

Shortertimehorizons

2.  Priceelasticityofdemand=%changeinquantitydemanded/%changeinprice

3.  Alargerpriceelasticityàagreaterresponsivenessofquantitydemandedtoprice

4.  Midpointmethod:

abetterway

Priceelasticityofdemand=[（Q2-Q1）/（Q2+Q1）]/[（P2-P1）/（P2+P1）]

5.  Thevarietyofdemandcurves:

theflatterthedemandcurvethatpassesthroughagivenpoint,thegreaterthepriceelasticityofdemand

1）  Perfectlyinelastic:

elasticity=0,demandcurveisvertical

2）  Inelastic:

elasticity<1,demandcurveseemssteep

   Priceandtotalrevenuemoveinthesamedirection

3）  Unitelasticity:

elasticity=1

   Totalrevenueremainsconstantwhenthepricechange

4）  Elastic:

elasticity>1,demandcurveseemsflat

   Priceandtotalrevenuemoveinoppositedirections

5）  Perfectlyelastic:

elasticity=infinity,demandcurveishorizontal

6.  Theslopeofalineardemandcurve=1whiletheelasticityisnotthesamealongtheentirecurve.

7.  Otherdemandela