微观经济学原理曼昆英文第六章.ppt

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * SUPPLY, DEMAND, AND GOVERNMENT POLICIES ? 2009 South-Western, a part of Cengage Learning, all rights reserved C H A P T E R Supply, Demand, and Government Policies Economics P R I N C I P L E S O F N. Gregory Mankiw 6 In this chapter, look for the answers to these questions: What are price ceilings and price floors? What are some examples of each? How do price ceilings and price floors affect market outcomes? How do taxes affect market outcomes? How do the effects depend on whether the tax is imposed on buyers or sellers? What is the incidence of a tax? What determines the incidence? * SUPPLY, DEMAND, AND GOVERNMENT POLICIES * Government Policies That Alter the Private Market Outcome Price controls Price ceiling: a legal maximum on the price of a good or service Example: rent control Price floor: a legal minimum on the price of a good or service Example: minimum wage Taxes The govt can make buyers or sellers pay a specific amount on each unit bought/sold. We will use the supply/demand model to see how each policy affects the market outcome (the price buyers pay, the price sellers receive, and eq’m quantity). SUPPLY, DEMAND, AND GOVERNMENT POLICIES * EXAMPLE 1: The Market for Apartments Eq’m w/o price controls P Q D S Rental price of apts $800 300 Quantity of apartments SUPPLY, DEMAND, AND GOVERNMENT POLICIES * How Price Ceilings Affect Market Outcomes A price ceiling above the eq’m price is not binding – has no effect on the market outcome. P Q D S $800 300 Price ceiling $1000 SUPPLY, DEMAND, AND GOVERNMENT POLICIES * How Price Ceilings Affect Market Outcomes The eq’m price ($800) is above the ceiling and therefore illegal. The ceiling is a binding constraint on the price, causes a shortage. P Q D S $800 Price ceiling $500 250 400 shortage SUPPLY, DEMAND, AND GOVERNMENT POLICIES * How Price Ceilings Affect M