Microeconomics-曼昆宏觀經(jīng)濟(jì)學(xué)

1、Microeconomics-曼昆宏觀經(jīng)濟(jì)學(xué)Microeconomics-曼昆宏觀經(jīng)濟(jì)學(xué)2I. Course Description This course is an introduction to part of economics called Microeconomics which studies how individuals and firms make decisions. The other main branch of economics is called Macroeconomics which looks at the economy as a whole and i

2、ncludes a discussion of topics like inflation and unemployment. 4I. Course Description This co3What to Expect from This Course1) Economics will be a new way of thinking about behavior. Since other behavioral sciences (like psychology, sociology, etc.) and business disciplines (accounting, etc.) also

3、 study behavior it isnt the only way. You should try to use economic logic to solve problems while you are in this course - that is what the course is all about.5What to Expect from This Cour42) There is a lot of math and graphs involved in studying economics. If you are uncomfortable with math then

4、 you need to be extra careful to make certain that you dont get behind. It isnt possible to do well in this course without using math so dont try.3) A goal of this course is to try to acquaint you with many of the topics which economists study.62) There is a lot of math and5II. Course Schedule Per c

5、hapter per week from chapter 1 to chapter 16, except chapter 11, 12.There will be small quiz at due time.At the end of this semester there will be a final exam.7II. Course Schedule Per chapt6III. Assessment Plan:Assessment of your accomplishment in this course consists of classroom performance 20%)

6、and small quiz (30%) and the final exam (50%). Classroom Performance: lecture attendance, participation in classroom activities and behavior in an agreeable manner8III. Assessment Plan:Assessm7Mid-term exam and final exam : You are expected to have a mid-term exam and a final exam , both consisting

7、of Multiple choice, Problems and Applications .9Mid-term exam and final exam 8IV. Suggested Reading: Core Textbook: N. Gregory Mankiw, Principles of Economics, 3rd Ed., 2004 by Thomson Learning. Supplementary Textbooks:1. Paul A. Samuelson, William D. Nordhaus, Economics, 16th ed., 1998 by The McGra

8、w-Hill Companies, Inc.10IV. Suggested Reading: Core 92.Joseph E. Stiglitz, Carl E. Walsh, Economics, 3rd ed., Renmin University of China Press, 2005.3. Robert H. Frank, Ben S. Bernanke: Principles of Microeconomics, 3rd ed., Beijing: Tsinghua University Press, 2007.4. 西方經(jīng)濟(jì)學(xué)（微觀部分）/高鴻業(yè)主編， 第3版，中國人民大學(xué)出版

9、社，2004。112.Joseph E. Stiglitz, Carl E10Journals in English:1. Econometrica （數(shù)量經(jīng)濟(jì)學(xué)）2. Quarterly Journal of Economics （經(jīng)濟(jì)學(xué)季刊雜志）3. Journal of Economic Literature （經(jīng)濟(jì)學(xué)文獻(xiàn)雜志）4. American Economic Review （美國經(jīng)濟(jì)評論）5. Journal of Political Economy （政治經(jīng)濟(jì)學(xué)雜志）6. Review of Economic Studies （經(jīng)濟(jì)研究評論）12Journals in Eng

10、lish:1. Econ117. Journal of Monetary Economics （貨幣經(jīng)濟(jì)學(xué)雜志）8. Journal of Economic Theory （經(jīng)濟(jì)學(xué)理論雜志）9. Games and Economic Behavior （博弈與經(jīng)濟(jì)行為）10. Journal of Economics Perspectives （經(jīng)濟(jì)學(xué)展望雜志）11. Journal of Econometrics （計量經(jīng)濟(jì)學(xué)雜志）137. Journal of Monetary Econo12Journals in Chinese:1. 經(jīng)濟(jì)研究2. 管理世界3. 中國社會科學(xué)4. 經(jīng)濟(jì)學(xué)

11、動態(tài)5. 世界經(jīng)濟(jì)6. 經(jīng)濟(jì)學(xué)(季刊)7. 中國人口資源與環(huán)境8. 中國工業(yè)經(jīng)濟(jì)9. 國際貿(mào)易問題10. 南開管理評論14Journals in Chinese:1. 經(jīng)濟(jì)研究1311. 人民日報、經(jīng)濟(jì)日報、光明日報（理論版）12. 經(jīng)濟(jì)社會體制比較13. 經(jīng)濟(jì)評論14. 經(jīng)濟(jì)學(xué)家15. 經(jīng)濟(jì)科學(xué)16. 中國經(jīng)濟(jì)問題17. 中國農(nóng)村經(jīng)濟(jì)18. 經(jīng)濟(jì)理論與經(jīng)濟(jì)管理19. 南開經(jīng)濟(jì)研究20. 中國經(jīng)濟(jì)問題1511. 人民日報、經(jīng)濟(jì)日報、光明日報（理論版）14A Lecture Presentation in PowerPoint to AccompanyPrinciples of Economic

12、sSecond EditionbyN. Gregory MankiwPrepared by Mark P. Karscig, Department of Economics & Finance, Central Missouri State University.16A Lecture Presentation in PoTen Principles of EconomicsChapter 1Copyright 2001 by Harcourt, Inc.All rights reserved. Requests for permission to make copies of any par

13、t of thework should be mailed to:Permissions Department, Harcourt College Publishers,6277 Sea Harbor Drive, Orlando, Florida 32887-6777.Ten Principles of EconomicsCha16LEARNING OBJECTIVES:By the end of this chapter, students should understand:that economics is about the allocation of scarce resource

14、s.that individuals face tradeoffs.the meaning of opportunity cost.18LEARNING OBJECTIVES:By the 17how to use marginal reasoning when making decisions.how incentives affect peoples behavior.why trade among people or nations can be good for everyone.why markets are a good, but not perfect, way to alloc

15、ate resources.what determines some trends in the overall economy.19how to use marginal reasonin18Economy. . . . . . The word economy comes from a Greek word for “one who manages a household.”20Economy. . . . . . The wo19A household and an economy face many decisions:Who will work?What goods and how

16、many of them should be produced?What resources should be used in production?At what price should the goods be sold?21A household and an economy 20Society and Scarce Resources:The management of societys resources is important because resources are scarce.22Society and Scarce Resources21Scarcity . . .

17、 . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have.23Scarcity . . . . . means th22Economics is the study of how society manages its scarce resources. Definition of Economics24Economics is the study of ho23Economics is the study o

18、f how societies use scarce resources to produce valuable commodities and distribute them among different people. (Paul A. Samuelson) 25Economics24Economics is the study of how people make choices under conditions of scarcity and of the results of those choices for society. (Robert H. Frank) 26Econom

19、ics 25Economists study. . . How people make decisions.How people interact with each other.The forces and trends that affect the economy as a whole.27Economists study. . . How pe26Ten Principles of EconomicsPeople face tradeoffs.The cost of something is what you give up to get it.Rational people thin

20、k at the margin.People respond to incentives.How People Make Decisions28Ten Principles of EconomicsP27Ten Principles of EconomicsTrade can make everyone better off.Markets are usually a good way to organize economic activity.Governments can sometimes improve economic outcomes.How People Interact29Te

21、n Principles of EconomicsT28Ten Principles of EconomicsThe standard of living depends on a countrys production.Prices rise when the government prints too much money.Society faces a short-run tradeoff between inflation and unemployment.How the Economy as a Whole Works30Ten Principles of EconomicsT291

22、. People face tradeoffs.“There is no such thing as a free lunch!”311. People face tradeoffs.“Th301. People face tradeoffs.To get one thing, we usually have to give up another thing. Guns v. butter Food v. clothing Leisure time v. work Efficiency v. equityMaking decisions requires trading off one goa

23、l against another.321. People face tradeoffs.To 31Examples of a tradeoff include:how a student spends his/her time,how a family decides to spend its income, how the government spends its tax revenue, how regulations may protect the environment at a cost to firm owners.33Examples of a tradeoff incl32

24、1. People face tradeoffs.Efficiency means society gets the most that it can from its scarce resources.Equity means the benefits of those resources are distributed fairly among the members of society.A special example of a tradeoff is the tradeoff between efficiency and equity. Efficiency v. Equity34

25、1. People face tradeoffs.Eff332. The cost of something is what you give up to get it.Decisions require comparing costs and benefits of alternatives.Whether to go to college or to work?Whether to study or go out on a date?Whether to go to class or sleep in?352. The cost of something is 342. The cost

26、of something is what you give up to get it.The opportunity cost of an item is what you give up to obtain that item.362. The cost of something is 35Opportunity cost of the chosen item or activity is the value of the best alternative that is forgone37Opportunity cost of the chos36Time is the ultimate

27、constraintBy pursuing one activity, we cannot at the same time do something else each activity undertaken has an opportunity costMonetary costMay be a reasonable approximation but can omit the time involved which may be substantial for some activities38Time is the ultimate constra373. Rational peopl

28、e think at the margin.Marginal changes are small, incremental adjustments to an existing plan of action.People make decisions by comparing costs and benefits at the margin.393. Rational people think at 38Case Study 1 : thinking at the marginSuppose that flying a 200-seat plane across the country cos

29、ts the airline $100,000 which means that the average cost of each seat is $500. Suppose that the plane is minutes from departure and a passenger is willing to pay $300 for a seat. Should the airline sell the seat for $300?40Case Study 1 : thinking at t394. People respond to incentives.Marginal chang

30、es in costs or benefits motivate people to respond.The decision to choose one alternative over another occurs when that alternatives marginal benefits exceed its marginal costs!414. People respond to incenti40Because people make decisions by weighing costs and benefits, their decisions may change in

31、 response to changes in costs and benefits.Sometimes policymakers fail to understand how policies may alter incentives and behavior. 42Because people make decision41Family of Marginal Concepts Marginal Benefit (MB)Marginal Cost (MC)Marginal Utility (MU)Marginal Revenue (MR)43Family of Marginal Conce

32、pts 42Marginal Benefit & Marginal CostMarginal benefit (MB)Change in total benefit (TB) caused by an incremental change in the level of the activityMarginal cost (MC)Change in total cost (TC) caused by an incremental change in the level of the activity44Marginal Benefit & Marginal 43Marginal Benefit

33、 & Marginal Cost45Marginal Benefit & Marginal 44Net BenefitNet Benefit (NB)Difference between total benefit (TB) and total cost (TC) for the activityNB = TB TC46Net BenefitNet Benefit (NB)45Using Marginal Analysis to Find Optimal Activity LevelsIf marginal benefit marginal costActivity should be inc

34、reased to reach highest net benefitIf marginal cost marginal benefitActivity should be decreased to reach highest net benefitOptimal level of activityWhen no further increases in net benefit are possibleOccurs when MB = MC47Using Marginal Analysis to F46Case Study 2: Average Cost and Marginal CostPr

35、ofessor Kston Banifoot, a prominent supporter of the National Aeronautics and Space Administrations (NASA) space shuttle program, estimated that the gains from the program are currently $24 billion per year (an average of $6 billion per launch). And that its costs are $20 billion per year (an averag

36、e of $5 billion per launch). On the basis of these estimates, Professor Banifoot testified before Congress that NASA should definitely expand the space shuttle program. 48Case Study 2: Average Cost a47Suppose, for the sake of discussion, that the benefit of an additional launch is in fact the same a

37、s the average benefit per launch thus far, $6 billion, should Congress follow Professor Banifoots advice? (The total costs and average costs per launch are as the following table.)If the marginal benefit of each launch had not been $6 billion but $9 billion, how many shuttles should NASA have launch

38、ed?49Suppose, for the sake of dis48Table 1 (Case Study 2):How Total cost Varies with the Number of LaunchesNumber of launchesTotal cost($ billion)Average cost ($ billion/launch)000133273.5312442055326.450Table 1 (Case Study 2):How 49Solution:To discover whether expanding the program makes economic s

39、ense, we must compare the marginal cost of a launch to its marginal benefit.NASA should continue to launch shuttles as long as the marginal benefit of the program exceeds its marginal cost. In this example, the marginal benefit is constant at $6 billion per launch, regardless of the number of shuttl

40、es launched. NASA should thus keep launching shuttles as long as the marginal cost per launch is less than or equal to $6 billion. According to the data of the following tables, NASA should launch three shuttles.51Solution:To discover whether50Table 2 (Case Study 2):How Marginal cost Varies with the

41、 Number of LaunchesNumber of launchesTotal cost($ billion)Marginal cost ($ billion/launch)0013327431254208532?52Table 2 (Case Study 2):How 51Economists use the term marginal changes to describe small incremental adjustments to an existing plan of action. Keep in mind that “margin” means “edge,” so m

42、arginal changes are adjustments around the edges of what you are doing.In many situations, people make the best decisions by thinking at the margin.53Economists use the term marg52LA Laker basketball star Kobe Bryant chose to skip college and go straight to the NBA from high school when offered a $1

43、0 million contract.4. People respond to incentives.54LA Laker basketball star Kob535. Trade can make everyone better off.People gain from their ability to trade with one another.Competition results in gains from trading.Trade allows people to specialize in what they do best.555. Trade can make every

44、one b546. Markets are usually a good way to organize economic activity.In a market economy, households decide what to buy and who to work for.Firms decide who to hire and what to produce. 566. Markets are usually a goo55 Market Economy: an economy that allocates resources through the decentralized d

45、ecisions of many firms and households as they interact in markets for goods and services.Market prices reflect both the value of a product to consumers and the cost of the resources used to produce it. Therefore, decisions to buy or produce goods and services are made based on the cost to society of

46、 providing them.57 Market Economy: an economy 566. Markets are usually a good way to organize economic activity.Adam Smith made the observation that households and firms interacting in markets act as if guided by an “invisible hand.”586. Markets are usually a goo57The Invisible HandAdam Smith procla

47、imed the principle of the “invisible hand”. This principle holds that, in selfishly pursuing only his or her personal good, every individual is led, as if by an invisible hand, to achieve the best good for all.Smith held that in this best of all possible worlds, government interference with market c

48、ompetition is almost certain to be injurious.59The Invisible HandAdam Smith58In The Wealth of Nations (1776), Smith saw the harmony between private and public interest:Every individual endeavors to employ his capital so that its produce may be of greatest value. He generally neither intents to promo

49、te the public interest, nor knows how much he is promoting it. He intends only his own security, only his own gain. And he is in this led by an invisible hand to promote an end which was no part of his intention. By pursuing his own interest he frequently promotes that of society more effectually th

50、an when he really intends to promote it.60In The Wealth of Nations (1759Now we recognize the scope and realistic limitations of Adam Smiths invisible-hand doctrine.There are “market failures” and the markets do not always lead to the most efficient outcome. One set of market failures concerns monopo

51、lies and other forms of imperfect competition.61Now we recognize the scope a60 A second failure of the invisible hand comes when there are spillovers or externalities outside the marketplacePositive externalities such as scientific discoveriesNegative spillovers such as pollution A final market fail

52、ure comes when the income distribution is politically or ethically unacceptable.62 A second failure of the inv61When any of these elements occur, Adam Smiths invisible-hand doctrine breaks down and government may want to step in to mend the flawed invisible hand. 63When any of these elements o626. M

53、arkets are usually a good way to organize economic activity.Because households and firms look at prices when deciding what to buy and sell, they unknowingly take into account the social costs of their actions.As a result, prices guide decision makers to reach outcomes that tend to maximize the welfa

54、re of society as a whole.646. Markets are usually a goo637. Governments can sometimes improve market outcomes.When the market fails (breaks down) government can intervene to promote efficiency and equity.657. Governments can sometimes647. Governments can sometimes improve market outcomes.Market fail

55、ure occurs when the market fails to allocate resources efficiently.667. Governments can sometimes657. Governments can sometimes improve market outcomes.Market failure may be caused by an externality, which is the impact of one person or firms actions on the well-being of a bystander.677. Governments

56、 can sometimes667. Governments can sometimes improve market outcomes.Market failure may also be caused by market power, which is the ability of a single person or firm to unduly influence market prices. 687. Governments can sometimes678. The standard of living depends on a countrys production.Standa

57、rd of living may be measured in different ways:By comparing personal incomes.By comparing the total market value of a nations production.698. The standard of living de688. The standard of living depends on a countrys production.Almost all variations in living standards are explained by differences in countries productivities.708. The standard of living de698. The standard of living depends on a countrys production.Productivity is the amount of goods and services produced from each hour of a workers time.Higher productivity Higher standard of living718. The st