微观经济学theanalysisofcompetitivemarkets(编辑修改稿)

微观经济学theanalysisofcompetitivemarkets(编辑修改稿)内容摘要：

ducer losses equal to the total cost of production above quantity demanded 169。 2020 Pearson Education, Inc. Chapter 9 37 Minimum Prices Losses in consumer surplus are still the same Increased price leading to decreased quantity equals area A Those priced out of the market lose area B Producer surplus similar Increases from increased price for units sold equal to A Losses from drop in sales equal to C 169。 2020 Pearson Education, Inc. Chapter 9 38 Minimum Prices What if producers expand production to Q2 from the increased price? Since they only sell Q3, there is no revenue to cover the additional production (Q2Q3) Supply curve measures MC of production so total cost of additional production is area under the supply curve for the increased production (Q2Q3) = area D Total change in producer surplus = A – C – D 169。 2020 Pearson Education, Inc. Chapter 9 39 B A The change in producer surplus will be A C D. Producers may be worse off. C D Minimum Prices Quantity Price S D P0 Q0 Q3 Q2 Pmin If producers produce Q2, the amount Q2 Q3 will go unsold. D measures total cost of increased production not sold. 169。 2020 Pearson Education, Inc. Chapter 9 40 Minimum Wages Wage is set higher than market clearing wage Decreased quantity of workers demanded Those workers hired receive higher wages Unemployment results, since not everyone who wants to work at the new wage can 169。 2020 Pearson Education, Inc. Chapter 9 41 B The deadweight loss is given by triangles B and C. C A L1 L2 Unemployment wmin Firms are not allowed to pay less than wmin. This results in unemployment. S D w0 L0 The Minimum Wage L w A is gain to workers who find jobs at higher wage. 169。 2020 Pearson Education, Inc. Chapter 9 42 Airline Regulation Before 1970, the airline industry was heavily regulated by the Civil Aeronautics Board (CAB) During 19761981, the airline industry in the . changed dramatically as deregulation led to major changes Some airlines merged or went out of business as new airlines entered the industry 169。 2020 Pearson Education, Inc. Chapter 9 43 Airline Regulation Although prices in the industry fell considerably (helping consumers), profits did not. Regulation caused significant inefficiencies and artificially high costs We can show the effects of this regulation by looking at the effects on surplus from the controlled prices 169。 2020 Pearson Education, Inc. Chapter 9 44 B A C After deregulation: Prices fell to PO. The change in consumer surplus is A + B. Q3 D Area D is the cost of unsold output. Effect of Airline Regulation Quantity Price S D P0 Q0 Q1 Pmin Q2 Prior to deregulation price was at Pmin. Production was Q3 hoping to outsell petitors. 169。 2020 Pearson Education, Inc. Chapter 9 45 Airline Industry Data 169。 2020 Pearson Education, Inc. Chapter 9 46 Airline Industry Data  Airline industry data show: 1. Longrun adjustment as the number of carriers increased and prices decreased 2. Higher load factors indicating more efficiency 3. Falling rates 4. Real cost increased slightly (adjusted fuel cost) 5. Large welfare gain 169。 2020 Pearson Education, Inc. Chapter 9 47 Price Supports Much of agricultural policy is based on a system of price supports Prices set by government above freemarket level and maintained by governmental purchases of excess supply Government can also increase prices through restricting production, directly or through incentives to producers 169。 2020 Pearson Education, Inc. Chapter 9 48 Price Supports What are the impacts on consumers, producers and the federal budget? Consumers Quantity demanded falls and quantity supplied increases Government buys surplus Consumers must pay higher price for the good Loss in consumer surplus equal to A+B 169。 2020 Pearson Education, Inc. Chapter 9 49 Price Supports Producers Gain since they are selling more at a higher price Producer surplus increases by A+B+D Government Cost of buying the surplus, which is funded by taxes, so indirect cost on consumers Cost to government = (Q2Q1)PS 169。 2020 Pearson Education, Inc. Chapter 9 50 Price Supports  Government may be able to “dump” some of the goods in the foreign markets Hurts domestic producers that government is trying to help in the first place  Total welfare effect of policy CS + PS – Govt. cost = D – (Q2Q1)PS  Society is worse off overall  Less costly to simply give farmers the money 169。 2020 Pearson Education, Inc. Chapter 9 51 B D A To maintain a price Ps the government buys quantity Qg . D + Qg Qg Price Supports Quantity Price S D P0 Q0 Ps Q2 Q1 E Net Loss to society is E + B. 169。 2020 Pearson Education, Inc. Chapter 9 52 Production Quotas The government can also cause the price of a good to rise by reducing supply Limitations of taxi medallions in New York City Limitation of required liquor licenses for restaurants 169。 2020 Pearson Education, Inc. Chapter 9 53 B A •CS reduced by A + B •Change in PS = A C •Deadweight loss = BC C Supply Restrictions Quantity Price D P0 Q0 S S’ PS Q1 •Supply restricted to Q1 •Supply shifts to S’ amp。 Q1 169。 2020 Pearson Education, Inc. Chapter 9 54 Supply Restrictions Incentive Programs US agricultural policy uses production incentives instead of direct quotas Government gives farmers financial incentives to restrict supply  Acreage limitation programs Quantity decreases and price increases for the crop 169。 2020 Pearson Education, Inc. Chapter 9 55 Supply Restrictions Incentive Program Gain in PS of A from increased price of amount sold Loss of PS of C from decreased product。