《曼昆微观经济学原理》-第六章-Supply--Demand--and-Government-Policies.ppt
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《曼昆微观经济学原理》-第六章-Supply--Demand--and-Government-Policies.ppt
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Supply,Demand,andGovernmentPolicies,Macroeconomics,PRINCIPLESOF,N.GregoryMankiw,PremiumPowerPointSlidesbyRonCronovich,6,Inthischapter,lookfortheanswerstothesequestions:
Whatarepriceceilingsandpricefloors?
Whataresomeexamplesofeach?
Howdopriceceilingsandpricefloorsaffectmarketoutcomes?
Howdotaxesaffectmarketoutcomes?
Howdotheeffectsdependonwhetherthetaxisimposedonbuyersorsellers?
Whatistheincidenceofatax?
Whatdeterminestheincidence?
1,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,2,GovernmentPoliciesThatAlterthePrivateMarketOutcome,PricecontrolsPriceceiling:
alegalmaximumonthepriceofagoodorserviceExample:
rentcontrolPricefloor:
alegalminimumonthepriceofagoodorserviceExample:
minimumwageTaxesThegovtcanmakebuyersorsellerspayaspecificamountoneachunitbought/sold.,Wewillusethesupply/demandmodeltoseehoweachpolicyaffectsthemarketoutcome(thepricebuyerspay,thepricesellersreceive,andeqmquantity).,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,3,EXAMPLE1:
TheMarketforApartments,Eqmw/opricecontrols,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,4,HowPriceCeilingsAffectMarketOutcomes,Apriceceilingabovetheeqmpriceisnotbindinghasnoeffectonthemarketoutcome.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,5,HowPriceCeilingsAffectMarketOutcomes,Theeqmprice($800)isabovetheceilingandthereforeillegal.Theceilingisabindingconstraintontheprice,causesashortage.,$800,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,6,HowPriceCeilingsAffectMarketOutcomes,Inthelongrun,supplyanddemandaremoreprice-elastic.So,theshortageislarger.,$800,150,450,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,7,ShortagesandRationing,Withashortage,sellersmustrationthegoodsamongbuyers.Somerationingmechanisms:
(1)Longlines
(2)DiscriminationaccordingtosellersbiasesThesemechanismsareoftenunfair,andinefficient:
thegoodsdonotnecessarilygotothebuyerswhovaluethemmosthighly.Incontrast,whenpricesarenotcontrolled,therationingmechanismisefficient(thegoodsgotothebuyersthatvaluethemmosthighly)andimpersonal(andthusfair).,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,8,EXAMPLE2:
TheMarketforUnskilledLabor,Eqmw/opricecontrols,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,9,HowPriceFloorsAffectMarketOutcomes,Apricefloorbelowtheeqmpriceisnotbindinghasnoeffectonthemarketoutcome.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,10,HowPriceFloorsAffectMarketOutcomes,Theeqmwage($4)isbelowthefloorandthereforeillegal.Thefloorisabindingconstraintonthewage,causesasurplus(i.e.,unemployment).,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,11,Minwagelawsdonotaffecthighlyskilledworkers.Theydoaffectteenworkers.Studies:
A10%increaseintheminwageraisesteenunemploymentby1-3%.,TheMinimumWage,ACTIVELEARNING1Pricecontrols,Determineeffectsof:
A.$90priceceilingB.$90pricefloorC.$120pricefloor,12,ACTIVELEARNING1A.$90priceceiling,Thepricefallsto$90.Buyersdemand120rooms,sellerssupply90,leavingashortage.,13,ACTIVELEARNING1B.$90pricefloor,Eqmpriceisabovethefloor,sofloorisnotbinding.P=$100,Q=100rooms.,Pricefloor,14,ACTIVELEARNING1C.$120pricefloor,Thepricerisesto$120.Buyersdemand60rooms,sellerssupply120,causingasurplus.,15,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,16,EvaluatingPriceControls,RecalloneoftheTenPrinciplesfromChapter1:
Marketsareusuallyagoodwaytoorganizeeconomicactivity.,Pricesarethesignalsthatguidetheallocationofsocietysresources.Thisallocationisalteredwhenpolicymakersrestrictprices.Pricecontrolsoftenintendedtohelpthepoor,butoftenhurtmorethanhelp.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,17,Taxes,Thegovtleviestaxesonmanygoods&servicestoraiserevenuetopayfornationaldefense,publicschools,etc.Thegovtcanmakebuyersorsellerspaythetax.Thetaxcanbea%ofthegoodsprice,oraspecificamountforeachunitsold.Forsimplicity,weanalyzeper-unittaxesonly.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,18,EXAMPLE3:
TheMarketforPizza,Eqmw/otax,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,19,ATaxonBuyers,Thepricebuyerspayisnow$1.50higherthanthemarketpriceP.Pwouldhavetofallby$1.50tomakebuyerswillingtobuysameQasbefore.E.g.,ifPfallsfrom$10.00to$8.50,buyersstillwillingtopurchase500pizzas.,Effectsofa$1.50perunittaxonbuyers,Hence,ataxonbuyersshiftstheDcurvedownbytheamountofthetax.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,20,ATaxonBuyers,Effectsofa$1.50perunittaxonbuyers,Neweqm:
Q=450SellersreceivePS=$9.50BuyerspayPB=$11.00Differencebetweenthem=$1.50=tax,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,21,TheIncidenceofaTax:
howtheburdenofataxissharedamongmarketparticipants,Inourexample,buyerspay$1.00more,sellersget$0.50less.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,22,ATaxonSellers,Effectsofa$1.50perunittaxonsellers,Thetaxeffectivelyraisessellerscostsby$1.50perpizza.Sellerswillsupply500pizzasonlyifPrisesto$11.50,tocompensateforthiscostincrease.,Hence,ataxonsellersshiftstheScurveupbytheamountofthetax.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,23,ATaxonSellers,Effectsofa$1.50perunittaxonsellers,Neweqm:
Q=450BuyerspayPB=$11.00SellersreceivePS=$9.50Differencebetweenthem=$1.50=tax,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,24,TheOutcomeIstheSameinBothCases!
Whatmattersisthis:
Ataxdrivesawedgebetweenthepricebuyerspayandthepricesellersreceive.,450,PB=,PS=,Tax,TheeffectsonPandQ,andthetaxincidencearethesamewhetherthetaxisimposedonbuyersorsellers!
ACTIVELEARNING2Effectsofatax,Supposegovtimposesataxonbuyersof$30perroom.FindnewQ,PB,PS,andincidenceoftax.,ACTIVELEARNING2Answers,Q=80,PB=$110,PS=$80,Incidencebuyers:
$10sellers:
$20,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,27,ElasticityandTaxIncidence,CASE1:
Supplyismoreelasticthandemand,Itseasierforsellersthanbuyerstoleavethemarket.Sobuyersbearmostoftheburdenofthetax.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,28,ElasticityandTaxIncidence,CASE2:
Demandismoreelasticthansupply,Itseasierforbuyersthansellerstoleavethemarket.Sellersbearmostoftheburdenofthetax.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,29,CASESTUDY:
WhoPaystheLuxuryTax?
1990:
Congressadoptedaluxurytaxonyachts,privateairplanes,furs,expensivecars,etc.Goalofthetax:
raiserevenuefromthosewhocouldmosteasilyaffordtopaywealthyconsumers.Butwhoreallypaysthistax?
SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,30,CASESTUDY:
WhoPaystheLuxuryTax?
Themarketforyachts,Demandisprice-elastic.,Intheshortrun,supplyisinelastic.,Hence,companiesthatbuildyachtspaymostofthetax.,SUPPLY,DEMAND,ANDGOVERNMENTPOLICIES,31,CONCLUSION:
GovernmentPoliciesandtheAllocationofResources,Eachofthepoliciesinthischapteraffectstheallocationofsocietysresources.Example1:
AtaxonpizzareduceseqmQ.Withlessproductionofpizza,resources(workers,ovens,cheese)willbecomeavailabletootherindustries.Example2:
Abindingminimumwagecausesasurplusofworkers,awasteofresources.So,itsimportantforpolicymakerstoapplysuchpoliciesverycarefully.,CHAPTERSUMMARY,Apriceceilingisalegalmaximumonthepriceofagood.Anexampleisrentcontrol.Ifthepriceceilingisbelowtheeqmprice,itisbindingandcausesashortage.Apricefloorisalegalminimumonthepriceofagood.Anexampleistheminimumwage.Ifthepricefloorisabovetheeqmprice,itisbindingandcausesasurplus.Thelaborsurpluscausedbytheminimumwageisunemployment.,32,CHAPTERSUMMARY,Ataxonagoodplacesawedgebetweenthepricebuyerspayandthepricesellersreceive,andcausestheeqmquantitytofall,whetherthetaxisimposedonbuyersorsellers.Theincidenceofataxisthedivisionoftheburdenofthetaxbetweenbuyersandsellers,anddoesnotdependonwhetherthetaxisimposedonbuyersorsellers.Theincidenceofthetaxdependsonthepriceelasticitiesofsupplyanddemand.,33,
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