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1、MICROECONOMICSClassroom Lecture Notes (3 credits, as of 2004)based on Hal R. Varians Intermediate Microeconomics, Sixth Edition, referring to Pindyck and Rubinfelds Microeconomics, Fourth Edition. Chapter 0 The source of all economic problems is scarcity. Problem of trade-off, and choice. Economics,
2、 as a way of thinking, as a dismal science. Problems- solutions- hidden consequences. Main decision-making agents: 1 individuals (household), 2 firms, and 3 governments.Objects of economic choice are commoditiescommodities, , including goods and services.Main economic activities: Consumption, Produc
3、tion, and Exchange.Microeconomics and macroeconomics:to show the market mechanism (the invisible hand), to supplement it.The circular flow of economic activities. product market factor marketThe product market and the factor market. The market relation is mutual and voluntary. Positive issues and no
4、rmative issues.Marginal analysislRelations between lTotal magnitudes, lAverage magnitudes, and lMarginal magnitudes.1, MM is the slope of the TM curve; 2, AM is the slope of the ray from the origin to the point at the TM curve; TMMM(x*)AM(x*)x*x3, TM increasing (decreasing) if and only if MM 0 ( MM
5、AM ( MM 0. lThus both the income offer curves and the Engel curves are all rays through the origin. lExample:lQuasilinear preferenceslead to vertical (horizontal) income offer curves and vertical (horizontal) Engel curves.Chapter 8Slutsky EquationlHow the optimum moves when the price of a good chang
6、es? lDecomposition: lthe total effect = the substitution effect + the income effect.l p139 lThe pivot gives the substitution effect, lthe shift gives the income effect.lP103andp137lSlutsky identity, pivoting the budget line around the original choice. Fig.lHicks decomposition, pivoting the budget li
7、ne around the indifference curve. Fig.Chapter 9 Buying and Sellingfor a consumer with an endowment x1x1x2p111Net and gross demands, net supply. Offer curve and demand curve.p164lLabor supply p174$Leisure RLaborWLeisureEChapter 10Intertemporal ChoicelSuppose for example in a 3-period model, the consu
8、mption is ck and the interest rate is rk in period k, lthen the present value of the consumptions is lc1 + c2 / (1+r1) + c3 / (1+r1) (1+r2).lp190Chapter 12 UncertaintyUtilities and probabilities. lExpected utility functions, or von Neumann-Morgensternutility functions. lThey are indifferent up to la
9、ny positive affine transformation.l(affine transformation: y = a + bx).lRisk aversion and risk loving.Concave vs convex utility. The second derivatives.$UUChapter 14Consumers Consumers surplussurplus1 2 3 4 5 6pr1 r2 r3 r4r5 r6Consumers Surplus p250消费者得益总收益Producers surplus p259Producers surplus Sup
10、ply curveQP*Q*PQSupply curveChange in producers surplusRTQQ PP PThe water-diamond paradoxPdPwQCalculating gains and lossesChange in consumers surplusBTChapter 15 Market DemandOne can think of the market demand as the demand of some “representative consumer”.Adding up demand curves: The horizontal su
11、mmation principle. +=Horizontal summationHorizontal summationPRICEDEMAND CURVED(p)QUANTITYIt is the sum of the individual demand curveThe market demand curveThe price elasticity of demand:= (q / q ) / (p / p)= ( p / q ) / (p /q), or= ( d q / q ) / ( d p / p)= ( p / q ) / ( d p / d q)= slope of ray /
12、 slope of curve .A good has an elastic ( inelastic, unitary) demandif | 1 ( | 1 =1 f ( t x ) ( 1/2 , p = 0, 1 if q = 1/2 ,0 if q 1/2 , q = 0, 1 if p = 1/2 ,1 if p 1/2 .q 11 pN0lMethod of response functions: The intersections of response functions give Nash equilibria (p*, q*) = (1/2, 1/2) in example
13、)lNash Theorem: There is always a ( maybe “mixed”) Nash equilibrium for any finite gamelSequential games.lGames in extensive form versusin normal form. Battle of Sexes againBoyGirlBalletBalletBalletSoccerSoccerSoccer( 1, 2)( -1, -1)( 0, 0)( 2, 1)Strategies as Plans of Actions.Boys strategies: Ballet
14、, and Soccer. Girls Strategies:Ballet strategy;Soccer strategy;Strategy to follow; and Strategy to oppose.Chapter 28 Exchange Partial equilibrium and general equilibrium Edgeworth box p497 lA pure exchange model of two goods, two consumers with fixed endowments w. l Region of mutual advantages.l Par
15、eto set and the contract curve.l Bargaining for relative prices.l Gross demand x (p) , l Net or excess demand z (p) = x (p) - w (p).Person BPerson AxA1wA1Endowment wA2xA2GOOD 2GOOD 1xB1wB1xB2wB2MEndowmentPerson Bs indifference curveA Pareto efficient allocationPerson As indifference curveContract curvePerson AGOOD 1GOOD 2Person BlFrom disequilibrium to the competitive equilibrium.Which good is too cheap?lOffer curve appro
