《曼昆经济学原理英文课件Chap07》由会员分享，可在线阅读，更多相关《曼昆经济学原理英文课件Chap07（53页珍藏版）》请在金锄头文库上搜索。
1、Consumers, Producers, and the Efficiency of MarketsChapter 7Copyright 2001 by Harcourt, Inc.All rights reserved. Requests for permission to make copies of any part of the work should be mailed to:Permissions Department, Harcourt College Publishers, 6277 Sea Harbor Drive, Orlando, Florida 32887-6777.
2、Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Revisiting the Market EquilibriumDo the equilibrium price and quantity maximize the total welfare of buyers and sellers?uMarket equilibrium reflects the way markets allocate scarce resources. u Whether the market allocation is de
3、sirable is determined by welfare economics.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Welfare EconomicsWelfare economics is the study of how the allocation of resources affects economic well-being.uBuyers and sellers receive benefits from taking part in the market. uThe e
4、quilibrium in a market maximizes the total welfare of buyers and sellers. Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Welfare EconomicsEquilibrium in the market results in maximum benefits, and therefore maximum total welfare for both the consumers and the producers of the
5、 product.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Welfare EconomicsuConsumer surplus measures economic welfare from the buyers side.uProducer surplus measures economic welfare from the sellers side.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.C
6、onsumer SurplusuWillingness to pay is the maximum price that a buyer is willing and able to pay for a good.uIt measures how much the buyer values the good or service.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Consumer SurplusConsumer surplus is the amount a buyer is willi
7、ng to pay for a good minus the amount the buyer actually pays for it.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Four Possible Buyers Willingness to Pay.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Consumer SurplusThe market demand curve depicts t
8、he various quantities that buyers would be willing and able to purchase at different prices.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Four Possible Buyers Willingness to Pay.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Measuring Consumer Surplus
9、 with the Demand Curve.Price of Album5070800$1001234Quantity of AlbumsJohns willingness to payPauls willingness to payGeorges willingness to payRingos willingness to payDemandHarcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Measuring Consumer Surplus with the Demand Curve.Price
10、 of Album5070800$1001234Quantity of AlbumsDemandJohns consumer surplus ($20)Price = $80Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Measuring Consumer Surplus with the Demand Curve.Price of Album5070800$1001234Quantity of AlbumsDemandJohns consumer surplus ($30)Total consum
11、er surplus ($40)Price = $70Pauls consumer surplus ($10)Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Measuring Consumer Surplus with the Demand CurveThe area below the demand curve and above the price measures the consumer surplus in the market.Q2P2How the Price Affects Cons
12、umer Surplus.QuantityPrice0DemandCopyright 2001 by Harcourt, Inc. All rights reservedInitial consumer surplusAdditional consumer surplus to initial consumersConsumer surplus to new consumersQ1P1DEFBCAHarcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Consumer Surplus and Economic
13、 Well-BeingConsumer surplus, the amount that buyers are willing to pay for a good minus the amount they actually pay for it, measures the benefit that buyers receive from a good as the buyers themselves perceive it.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Producer Surpl
14、usuProducer surplus is the amount a seller is paid minus the cost of production. uIt measures the benefit to sellers participating in a market.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.The Costs of Four Possible Sellers.Harcourt, Inc. items and derived items copyright 20
15、01 by Harcourt, Inc.Producer Surplus and the Supply CurveuJust as consumer surplus is related to the demand curve, producer surplus is closely related to the supply curve.uAt any quantity, the price given by the supply curve shows the cost of the marginal seller, the seller who would leave the marke
16、t first if the price were any lower.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Supply Schedule for the Four Possible Sellers.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Producer Surplus and the Supply Curve.Quantity of Houses PaintedPrice of House Painting500800$90006001234Grandmas costGeorgias costFridas costMarys costSupplyHarcourt, Inc. items and derived items copyright 2001 by H
