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1、Intermediate Microeconomics Lee, Junqing, Associate-professor Department of Economics , Nankai University,Contact to： Email： Email for lecture: Password:123456 Tel:022-87890765,References: Microeconomic Theory: Basic Principles and Extension, 9th Edition, South-western, 2005 Hal Varian, Intermediate
2、 Microeconomics: A Modern Approach, 6th Edition, Norton, 2003 平新乔，微观经济学十八讲，北京大学出版社2001年,Test: Final，60%； Homework，20% Case， 20%。,Microeconomic TheoryBasic Principles and Extensions, 9e,By WALTER NICHOLSON,Hints,Three key points : Thinks ; Theory and Way ; Model and Policy Four kind economist ； expla
3、in the simple things in a simple way explain the simple things in a profound way explain the profound things in a profound way explain the profound things in a simple way,Chapter 1,ECONOMIC MODELS,Contents,Theory models Verification of economic Model General Feature of economic model Development of
4、the economic theory of value Modern development,Economics：The study of the allocation of scarce resources among alternative end uses,Map of the Process of Economic Activities,Theoretical Models,Economists use models to describe economic activities While most economic models are abstractions from rea
5、lity, they provide aid in understanding economic behavior,Verification of Economic Models,There are two general methods used to verify economic models: direct approachSimon establishes the validity of the models assumptions indirect approachFriedman shows that the model correctly predicts real-world
6、 events,Verification of Economic Models,We can use the profit-maximization model to examine these approaches is the basic assumption valid? do firms really seek to maximize profits? can the model predict the behavior of real-world firms?,Features of Economic Models,Ceteris Paribus assumption Optimiz
7、ation assumption Distinction between positive and normative analysis,Ceteris Paribus Assumption,Ceteris Paribus means “other things the same” Economic models attempt to explain simple relationships focus on the effects of only a few forces at a time other variables are assumed to be unchanged during
8、 the period of study The problem of conduct controlled experiments in economics,Optimization Assumptions,Many economic models begin with the assumption that economic actors are rationally pursuing some goal consumers seek to maximize their utility firms seek to maximize profits (or minimize costs) g
9、overnment regulators seek to maximize public welfare,Optimization Assumptions,Optimization assumptions generate precise, solvable models- Maths techniques Optimization models appear to be perform fairly well in explaining reality,Positive-Normative Distinction,Positive economic theories seek to expl
10、ain the economic phenomena that is observed“In fact” Normative economic theories focus on what “should” be done,The Economic Theory of Value,Early Economic ThoughtThomas Aquinas “value” was considered to be synonymous with “importance, essential, godliness” since prices were determined by humans, it
11、 was possible for the price of an item to differ from its value prices value were judged to be “unjust”,The Economic Theory of Value,The Founding of Modern Economics the publication of Adam Smiths The Wealth of Nations is considered the beginning of modern economics-1776 distinguishing between “valu
12、e” and “price” continued (illustrated by the diamond-water paradox) the value of an item meant its “value in use” the price of an item meant its “value in exchange”,The Economic Theory of Value,Labor Theory of Exchange ValueRiardo,Marx the exchange values of goods are determined by what it costs to
13、produce them these costs of production were primarily affected by labor costs therefore, the exchange values of goods were determined by the quantities of labor used to produce them producing diamonds requires more labor than producing water Demand is transient role in determining relative price,The
14、 Economic Theory of Value,The Marginalist Revolution-Dupuit Menger Wieser,Javons，Bawerk the exchange value of an item is not determined by the total usefulness of the item, but rather the usefulness of the last unit consumed because water is plentiful, consuming an additional unit has a relatively l
15、ow value to individuals,The Economic Theory of Value,Marshallian Supply-Demand Synthesis Alfred Marshall showed that supply and demand simultaneously operate to determine price prices reflect both the marginal evaluation that consumers place on goods and the marginal costs of producing the goods wat
16、er has a low marginal value and a low marginal cost of production Low price diamonds have a high marginal value and a high marginal cost of production High price,Supply-Demand Equilibrium,Quantity per period,Price,Supply-Demand Equilibrium,S,Quantity per period,D,Price,5,500,An increase in demand.,leads to a rise in the equilibrium price and quantity.,General Equilibrium ModelsWalras ,Arrow,Debreu the Marshallian model is a partial equilibrium model focuses only on one market at a tim
