范里安中级微观经济学知识点总结

范里安中级微观经济学知识点总结I.SummaryMarginalanalysis:1:Marginalmagnitudes=tangentα=slopeofTM2:Averagemagnitudes=tangentβ=slopeofray3:Totalmagnitude..max0FOCMMMIN4:AMMMAMAMMMAM5:MMcutsAMatAM’SmaxorminBudgetconstraintandindifferencecurves:1122MPXPXmVerticalintersection:2mPBudgetlines:slope=12PPHorizontalintersection:1mpImposingatax/givingasubsidy;changingincome/price.TMMM0TMMM0TMMM(x*)AM(x*)x*X2X1BudgetsetBudgetlineSlope=-p1/p2m/p2m/p1X2BudgetlineSlope=-p1/p2m’/p2m/p2IncreasingincomeIncreasingpriceIndifferencecurves:cannotcrosseachother.Followingaresomeindifferencecurves.Utilityfunction:121212()mvdxPMRSforgoodonemvdxPGood2Good1NeutralsGoodsGoodsBadsBadsBadsGoodsGoodsSlope=-p’1/p2m/p2BudgetSlope=-p1/p2m/p’1m/p1PerfectsubstitutesGood2bayGood1PerfectcomplementOptimalchoice:12121122nnMVMDMVnPPPnpxpxpxm(Interior/boundary/kinkysolutions)Graphically,itisthepointwherebudgetlineandindifferencescurvestangentLuxurygoods:212mx0Normalgoods:1mx0Necessarygoods:212mx0Inferiorgoods:1xm01100xxxpxpmX21X11Ordinarygoods:ByincomeGiffengoods:BypriceSubstitutiongoods:yPx0Complementgoods:yPx0mX2NormalGoodX1InferiorGoodOX2YXOPerfectcomplement:BudgetlinesBudgetlinesPerfectsubstitutes:Good1OrdinaryGoodGiffenGoodIncomeoffercurveGood2Good1PerfectcomplementISlope=211PPGood1EngelCurvePriceoffercurveGood2Good1PerfectcomplementP1DemandCurveBudgetlinesX1X2IncomeoffercurveX1IEngelCurveSlope=11PCobb-Douglas:Quansilinear:X1X1IEngelCurveSlope=1PaBudgetlinesX1X2PriceoffercurveDemandCurveP1X2X1IncomeoffercurveBudgetlinesPriceoffercurve2*PmbabX2X1Budgetlines2Pm1PmP1x1DemandcurveX1=1PmbaaIX1EngelcurvePriceoffercurveX2X2BudgetlinesIncomeoffercurveX1X*SlutskyequationThetotaleffect=thesubstitutioneffect+theincomeeffectAgiffengoodmustbeaninferiorgoodEndowmentBudgetlinegoesthroughendowmenthasaslope=12ppDemandcurvemP1X1X*)()(*1*1111xxxxxxPmxYXFODESlutskydecompositionofGiffengoodYXAOCBSlutskydecompositionofinferiorgoodWAYXBimposingtaxonxresultsinthebudgetline’spivotaroundwYXWxpBetter-offbybuyXsellYXP①worse-off②aswell-off③better-offbysellXbuyYMarketdemandHorizontalsummingupprincipleωX1X2ω1MinimumutilityUtilityUtilityPriceoffercurvewithendowmentPQ1Q1*PQ1Q2*PQ1Q1*Q1*+Q2*Priceelasticityofdemand:curveofsloperayofslopedqdpqpppqqLineardemandcurve:EquilibriumImposingtaxPassingalongthetaxburden:Thesteeperthecurveis,themoretaxthatsidesuffers1XXPXSRRSTQQQkpRskdTPPTpkdksKTPPTKDRtaxpaybyconsumerDead-weightloss2()1()11[1][1]()()()slopeMRslopeddARdRqqdpdRMRppdqqqAARPqB)(qpqRARElasticdemand1Inelasticdemand1Unitarydemand=1QUANTITYPRICEaa/2Slope=-2bSlope=-ba/2ba/bMRDemand,ARtaxpaybayproducerQUANTITYThedeadweightlossofthetax:B+DSupplyDemandPRICEAPpPrQ*Amountoftaxrevenue:A+CBDP*EQ0CSupply’(onproducer)Demand’(onconsumer)TechnologyMarginalproduct:MPI=iQXTechnicalnoteofsubstitution:TRS211212dxMPxxdxMP(slopeofisoquants)Lawofdiminishingmarginalproduct:0.2IiQQXX022iXQReturnstoscalesProfitmaximizationandcostminimizationProfit:2211212211,xxxxfPxxYPXbeconstantisoprofitlines:xpxppy11220111..max1xfpxCOFx...11111max0FOCWWPMPWMPMRMCXPIfthefirmisatitsprofitmaximizationcondition,itmustalsobeitscostminimizationconditionXYFixproportionvs.PerfectcomplementIsoquantsYXIsoquantsPerfectsubstitutionYXIsoquantsCobb-DouglasyAxQVerticalintersection:22xppSlope:11pQXOClX()QfXQOptimalchoiceIsoprofitlinesProductionfunctionIsocostlines:c=111222221wcwxwxwwTangencyconditionyieldstheoptimalcostminimizationpoint:-1122mpWTRSmpWPerfectcomplement:121211211211222121212121212,cos()()()()()()()cos[(.)()]()min,()()(bbabcababaaabababbaabababyyxxabwwtyab)()()(.)(.)()lim00limQFCAVCQQQDTCQDACQdAVCQMCQDQdQdQacAVCLIMNCXAPXMPXMPXAPXOCrossthesameverticalintersection2x1xIsocostlinesslope=–w1/w2x2*x2OptimalchoiceYX等产量曲线OOptimalchoice121211211211222121212121212,cos()()()()()()()cos[(.)()]()min,()()(bbabcababaaabababbaabababyyxxabwwtyab)()()(.)(.)()lim00limQFCAVCQQQDTCQDACQdAVCQMCQDQdQdQacAVCLIMNCACQlim0MCAVCQQ00limlimqqMCqTC0)()(Cobb-Douglas121211211211222121212121212,cos()()()()()()()cos[(.)()]()min,()()(bbabcababaaabababbaabababyyxxabwwtyab)()()(.)(.)()lim00limQFCAVCQQQDTCQDACQdAVCQMCQDQdQdQacAVCLIMNCYX等产量曲线OOptimalchoice1/(a+b)OptimalchoiceOptimalchoiceYX等产量曲线OYX等产量曲线OPerfectsubstitution(cornersolution)21wwba,bywc221wwba,aywc1},min{21bwawCMCAVCACyACAVCMCFirmsupplyandindustrysupplyProducer’ssurplusThefirmwillbreakdownwhenAVCPThefirm’sprofitiszerowhenAC=PMC(y*)=P=MRMC(Y*)≥0ProfitmaximizationMCACAVCQ零利润点停业点OPMCACAVCQO－FCMCmAVCmACmHorizontalsumminguptogetmarketsuppuycuveEcon