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1、Intermediate Microeconomics and Its Application 10th Edition by Walter Nicholson, Amherst College Christopher Snyder, Dartmouth College,PowerPoint Slide Presentation by Mark Karscig Central Missouri State University, 2006 Thomson Learning/South-Western,Chapter 1,Economic Models, 2004 Thomson Learnin
2、g/South-Western,3,Economics,Economics How societies allocate scarce resources among alternative usesthree questions: What to produce How much to produce Who gets the physical and monetary proceeds,4,MICROECONOMICS,How individuals and firms make economic choices among scarce resources How these choic
3、es create markets,5,Economic Models,Simple theoretical descriptions-capture essentials of how economies work Real economies too complex to describe in useful detail Models are unrealistic, but useful Maps unrealistic-do not show every house, parking lot, etc. Despite lack of “realism,” maps show ove
4、rall picture; help us get where we want to go; form mental image,6,Production Possibility Frontier,Graph showing all possible combinations of goods produced with fixed resources Figure 1-1 shows production possibility frontier-food and clothing produced per week At point A, society can produce 10 un
5、its of food and 3 units of clothing,7,Amount of food per weeklbs.,4,10,A,B,Amount of clothing per weekarticles of clothing,0,3,12,FIGURE 1-1: Production Possibility Frontier,8,Production Possibility Frontier,At B, society can choose to produce 4 lbs. of food and 12 articles of clothing. Without more
6、 resources, points outside production possibilities frontier are unattainable Resources are scarce; we must choose among what we have to work with.,9,Production Possibility Frontier,Simple model illustrates five principles common to microeconomic situations: Scarce Resources Scarcity expressed as Op
7、portunity costs Rising Opportunity Costs Importance of Incentives Inefficiency costs real resources,10,Scarcity And Opportunity Costs,Opportunity cost: Cost of a good as measured by goods or services that could have been produced using those scarce resources,11,Opportunity Cost Example,Figure 1-1: i
8、f economy produces one more article of clothing beyond 10 at point A, economy can only produce 9.5 lbs. of food, given scarce resources. Tradeoff (or OPPORTUNITY COST) at pt. A: lb food for each article of clothing.,12,Amount of food per week (lbs.),9.5,10,A,Opportunity cost of clothing = pound of f
9、ood,Amount of clothing per week (articles),0,3,4,FIGURE 1-1: Production Possibility Frontier,13,Rising Opportunity Costs,Fig.1-1 also shows that opportunity cost of clothing rises so that it is much higher at point B (1 unit of clothing costs 2 lbs. of food). Opportunity costs of economic action not
10、 constant, but vary along PPF,14,Amount of food per week (lbs.),4,B,Opportunity cost of clothing = 2 pounds of food,2,Amount of clothing per week (articles),0,12,13,FIGURE 1-1: Production Possibility Frontier,15,Amount of food per week,4,9.5,10,A,B,Opportunity cost of clothing = pound of food,Opport
11、unity cost of clothing = 2 pounds of food,2,Amount of clothing per week,0,3,4,12,13,FIGURE 1-1: Production Possibility Frontier,16,Uses of Microeconomics,Uses of microeconomic analysis vary. One useful way to categorize: by user type: Individuals making decisions regarding jobs, purchases, and finan
12、ces; Businesses making decisions regarding product demand or production costs, or Governments making policy decisions about economic effects of various proposed or existing laws and regulations.,17,Basic Supply-Demand Model,Model describes how sellers and buyers behavior determines goods price Econo
13、mists hold that market behavior generally explained by relationship between buyers preferences for a good (demand) and firms costs involved in bringing that good to market (supply).,18,Adam Smith-The Invisible Hand,Adam Smith (1723-1790) saw prices as force that directed resources into activities wh
14、ere resources were most valuable. Prices told both consumers and firms the “worth” of goods. Smiths somewhat incomplete explanation for prices: determined by the costs to produce the goods.,19,Adam Smith-the Invisible Hand,In 18th century, labor was primary resource. Thus Smith embraced labor-based
15、theory of prices: If catching a deer took twice as long as catching a beaver, one deer should trade for two beaver (the relative price of a deer is two beavers). Figure 1-2(a), horizontal line at P* shows that any number of deer can be produced without affecting relative cost,20,Price (hrs),P*,Quant
16、ity deer per week,FIGURE 1-2(a): Smiths Model,21,David Ricardo-Diminishing Returns,David Ricardo (1772-1823) believed that labor and other costs would rise with production level As new, less fertile, land was cultivated, farming would require more labor for same yield Increasing cost argument: now referred to as the Law of Diminishing Returns,22,David Ricardo-Diminishing Returns,Relative price of good could be practically any amount,
