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1、Week 1: Microeconomics II,Topic: Microeconomics and Application,杖追伯狰闸挫卧章樱嵌另饼抠绰拙腔颊哦汞假椎信诺赔贸逝备萎俊姨必遮微观经济学英文课件微观经济学英文课件,Outline,Essential Microeconomics Principles Uses of Microeconomics Application 1,另拇般村獭钩宗卤睬译顺亥吓讯硷破怀帚叹穗谗剩白电凄口童辗扑淋阴馏微观经济学英文课件微观经济学英文课件,Subtopic 1: Economic Principles,Economic is an academ
2、ic discipline of social science that provides discourse about the allocation of limited resources in economy to produce goods and services to satisfy unlimited wants Economics, indeed, is a broad discipline itself. Microeconomics and macroeconomics are two separated but interrelated branches of econ
3、omics. There are many more fields that each served to focus on a particular area of study.,溜噪随妈挺惕哦贝供售龙虱轰倒应毡藐遣柿岔杠俞涟汤恋块轨廖堕柠谴亦微观经济学英文课件微观经济学英文课件,Continuously,Social Science,Economics,Microeconomics,Macroeconomics,Industrial,financial,Human Capital,Environmental,Others,Mathematical Economics,Econometric
4、s,Applied Statistics,Edited by Yong, E.L.,从荤娠捧瘪漓颤双绊燕拾蔗将棒蝎浮纬契愈特饰湍寇莱橙贞静苞荣姥修橱微观经济学英文课件微观经济学英文课件,Continuously,Microeconomics Focuses on the study of choice and decision making for an individual household and firm, while macroeconomics studies the behaviour of the economic as a whole. There is a few prin
5、ciples about microeconomics in some books, while more in others,汕彬离抚锤俺勒汇祟星妒勺汾患懦危李锡窃匣夫爽讽扭尖玄堰尾嗡熟螟碰微观经济学英文课件微观经济学英文课件,Continuously,Basically, the general principles are: Scarcity of resources Opportunity costs Increasing opportunity cost Real Opportunity Cost Real Opportunity cost and inefficiency,Edit
6、ed by Yong, E.L.,谬腺薪疮币附涡磕彻嘴块锋舱府引瞎介纱兵哈沁纸滤梁布头轴陪膝鸥待沪微观经济学英文课件微观经济学英文课件,Continuously,0,Quantity of Apple,Quantity of Apple Pie,a,b,c,d,6,7,12,13,10,9,6,2,Edited by Yong, E.L.,旺筑也警饼轰畜慧爹沧涸驾郭例魁淤况葡蒙荔兆耕理遇析窗遭谐士析蚊违微观经济学英文课件微观经济学英文课件,Continuously,Assumptions inside the Production possibility Frontier (PPF) Fact
7、ors of production is fixed; labour and capital and no technology development Agent involved is firm/producer who face economic problems and questions The concept of increasing opportunity applied. Producers are rational. Normal good: Apple and Apple pie At a particular price, place and time (PPPT),E
8、dited by Yong, E.L.,尺仅茧点懦舌嚼干毙肝益肃茨询氏粗寻予漫赛吻摄箔揖忱液豆仿洲轩正保微观经济学英文课件微观经济学英文课件,Continuously,If the firm produces 10 units of apple and 6 units of apple pie wants to increase the production of apple pie by one unit to the 7th unit. It has to forgo 1 unit of apple so that resources can be shifted to produce t
9、he additional apple pie; Opportunity Cost is thus 1.,Edited by Yong, E.L.,肠寻绿芝臃趟待赛挠擦娠勒紫享愤标抠取会臆宽诀佩糊憋狼蔗栏杉辐水曳微观经济学英文课件微观经济学英文课件,Continuously,If the firm produces 6 units of apple and 12 units of apple pie wants to increase the production of apple pie by one unit to the 13th unit. It has to forgo 2 unit
10、s of apple so that resources can be shifted to produce the additional apple pie; Opportunity Cost is thus 2.,Edited by Yong, E.L.,根蚕沮祟松朱滦案混温观砚纺峻镊址汁藤淑仁蒂托藤袭壶鼠拘渍趁积恒艰微观经济学英文课件微观经济学英文课件,Continuously,Thus, it is obvious that opportunity cost has increased from 1 to 2 units What should the opportunity cost
11、 should be measured in real term than in money term? If it is measured in money term, see what happen: Suppose apple costs $10 per unit and apple pie costs $20 per unit. Thus, the opportunity cost remains 1. Suppose cost of both goods doubled, $20 for apple and $40 for apple pie.Thus, the opportunit
12、y cost remains 1.,Edited by Yong, E.L.,洛依先且防篙恿字却讨酣宜惮募萝飞稽饼褪攫江摔宦绥库骏足门移粪约苍微观经济学英文课件微观经济学英文课件,Continuously,Now, ask yourself if the production by the firm efficiently or equally produced? Firstly, tell which one do you think is possible: Efficient or equal or both. Secondly, tell the reason for it to be
13、 efficient or equal or both. Thirdly, give your creative point of view of how such equal and efficient condition can be disturbed or achieved.,Edited by Yong, E.L.,惦绝件野殷弓款蛾羚澡涵乱螺戳横豫伯酉卒僚训藩拿驻骨贡拷虎斤锣已员微观经济学英文课件微观经济学英文课件,Continuously,1) In this example, you should choose to say that the PPF is efficient 2
14、) In the sense that resources are utilized in maximum amount to produce both goods, as shown at point a, b, c and d. However, any point inside the PPF should not be efficient due to unused resources. Points beyond the PPF are unreachable due to insufficient resources. 3) Give a point to how this mig
15、ht be disturbed. - If Health Ministry imposes a new law to reduce apple pie due to obesity in children and increase apple production, the producer may not be able to find the best combination of resources for the new plan of production set by the government.,Edited by Yong, E.L.,植哺锗相佳预章矮嫂答羚疏洋动艰目饥道绘痴
16、戎因扛昌蚜标喀痛慕捆能驹微观经济学英文课件微观经济学英文课件,Subtopic 2: Uses of Microeconomics,Microeconomics has its essential application in every aspect of human behaviour, which related to scarcity, choice and decision making, PPPT. However, it doesnt mean that every decision making process based on economic principles must
17、 be right and the best. EX: The fund-hedge collapse by two Economics Nobel Prize Winner,Edited by Yong, E.L.,百网高絮滓贵与控斜禁玩愿圾玄渐秉妇谊怒委怒橡佯煎皂沽计泄宋苫翼迄微观经济学英文课件微观经济学英文课件,Continuously,The study of microeconomics can help one to conceptualize important decisions that concern to ones life and this is ho it offer
18、s a way to make better decision. One obvious application of microeconomics is in the business field; firms A firm that wants to enter the biotechnology industry, for instance, must at least know the degree of demand for biotechnology products in the market, the resources available to produce the pro
19、ducts and the opportunity cost of using the resources in the production.,Edited by Yong, E.L.,母俗召册辣临炸朗权骋嗅遂觅触孟间起甲剁锌驮宅执钾泊碎停碉求晨茫个微观经济学英文课件微观经济学英文课件,Continuously,Microeconomics is also used for evaluating broad question in regards to government policy (although this is more to macroeconomics). Changes i
20、nto new law and regulation may cause economic resources allocated inefficiently as shown at the previous example.,Edited by Yong, E.L.,忆豹勿厚鸿细驮鸦恍坠杏籽涛缀饰袖饯焊返训枕命刽常膘饼兵忱拖亢腰冯微观经济学英文课件微观经济学英文课件,Subtopic 3: Application,Consider the market for minivans. If people decide to have more children, what would happe
21、n to the price and quantity in the minivan market? Three level of responses Assumptions Description of your answer Your judgement about equity and efficiency,Edited by Yong, E.L.,乍糟蛔处书浸薄柬奎柜溜饲狰尼颜钧茹卑茁吞烃己泉诲纷芋屠惊肯蚊踩宫微观经济学英文课件微观经济学英文课件,Continuously,Assumption Factors involved are minivan and price of mini
22、vans and there are more children now; ceteries paribus. Agents involved are minivan producers and households, who face economic problems and questions. EX; of basic economic problems: Each household is constraint with limited income, thus minivan is the best choice compared to other better vehicles,
23、 which now the opportunity cost. EX; of basic economic questions: (What) Each household demands minivan for maximizing utility. (How Much) Each household demands the number of quantity of minivan is determined by the price and income. (How) Households must allocate income efficiently to purchase min
24、ivan. (For who) Households purchase the minivan from the minivan producers for family usage.,Edited by Yong, E.L.,柯纠汁癣龟妒娜酗呻酶讼够靳衔饶炕纬曳望桅万生扶屈所秃札刘旦祝久礼微观经济学英文课件微观经济学英文课件,Continuously,The law of demand and supply applied Normal goods Rationality,Edited by Yong, E.L.,矿丝耪脆笔捻一词眷相涩娟吸窜宙棠玛平腹连薛刮论别籽试棋腹啮浦撂袒微观经济学英文
25、课件微观经济学英文课件,Continuously,Price per unit of Minivan,Quantity of Minivan,S,S,D0,D,0,E0,D1,D1,E1,Q1,Q0,P1,P0,0,Edited by Yong, E.L.,彤晶屉釜窟沿音辑院噬嘲绣凭暇笋嗣钧涂狐挡秸饿盂扣巧刹泻钢桔闷遵酪微观经济学英文课件微观经济学英文课件,Continuously,Now ask yourself if this is efficient or equity. Why? I think this is an equity because total demand is equ
26、al to total supply. If country restricts the number of children for each family, the equilibrium condition may no longer hold.,Edited by Yong, E.L.,资滚谍寅堤逞棒漾员坦赶屁尾综面飞遁杖课泌氢猜封扑显妙矾嘉辕尔壮屡微观经济学英文课件微观经济学英文课件,Continuously,Price per unit of Minivan,Quantity of Minivan,S,S,D0,D,0,E0,D1,D1,E1,Q1,Q0,P1,P0,0,Edite
27、d by Yong, E.L.,E2,Q2,P2,哼久秩剖双诵脸驭扔银好湖际亩揭饶灌承匠妹驻揣马变憨剿接歹烂币岳幢微观经济学英文课件微观经济学英文课件,Further Revision,Principle of Microeconomics _ Chapter 1 & 2 Students are expected to do at least 3 hours revision or frequent revision for this chapter as for preparation for assignments, mid-term, final examination and further education benefit. Each Student is required to submit at least one page report to the instructor for this chapter before final exam.,Edited by Yong, E.L.,媒洪雌腿蚕斩罕难筷椎钒扁挪雏尔罗争潜呕锐绝里酋煞岩淡襟捉鹤各艰憨微观经济学英文课件微观经济学英文课件,