范里安中级微观经济学知识点总结.doc

范里安中级微观经济学知识点总结

Summary

Marginalanalysis:1:Marginalmagnitudes=tangentα=slopeofTM

TMMM0MM02:Averagemagnitudes=tangent

TMMM0MM0

3:Totalmagnitude

TMMM(x*)AM(x*)x*4:AMMMAMAM

TM

MM(x*)

AM(x*)

x*

5:MMcutsAMatAM’Smaxormin

Budgetconstraintandindifferencecurves:

X2X1BudgetsetBudgetlineSlope=-p1/p2

X2

X1

Budgetset

Budgetline

Slope=-p1/p2

m/p2

m/p1

Budgetlines:slope=

Horizontalintersection:

Imposingatax/givingasubsidy;changingincome/price.

IncreasingpriceIncreasingincomeX2

Increasingprice

Increasingincome

X2

X1

Budgetline

Slope=-p1/p2

m’/p2

m/p2

m/p1

m’/p1

Slope

Slope

=-p’1/p2

m/p2

Budgetline

Slope=-p1/p2

m/p’1

m/p1

Indifferencecurves:cannotcrosseachother.

Followingaresomeindifferencecurves.

NeutralsBadsBadsGoods

Neutrals

Bads

Bads

Goods

GoodsGoodsBadsGoods

Goods

Goods

Bads

Goods

Good2Good1Perfectcomplement

Good2

Good1

Perfectcomplement

Good1

PerfectsubstitutesGood2

Perfectsubstitutes

Good2

Utilityfunction:

Optimalchoice:(Interior/boundary/kinkysolutions)

X1 1

X1 1

mX2

m

X2 1

Luxurygoods:0

ByincomeNormalgoods:0

Byincome

Necessarygoods:0

Inferiorgoods:0

m

m

X2

NormalGood

X1

InferiorGood

O

Complementgoods:0Substitutiongoods:0Byprice

Complementgoods:0

Substitutiongoods:0

Byprice

Giffengoods:

Ordinarygoods:

YX

Y

X

O

X2

X1

O

GiffenGoodOrdinaryGood

GiffenGood

OrdinaryGood

Perfectcomplement:

Good1EngelCurveI

Good1

EngelCurve

I

Slope=

Incomeoffercurve

Good2

Good1

Perfectcomplement

Budgetlines

P

P1

DemandCurve

Priceoffercurve

Priceoffercurve

Good2

Good1

Perfectcomplement

Good1Budget

Good1

BudgetlinesX1

Budgetlines

X1

X2

Incomeoffercurve

X

X1

I

EngelCurve

Slope=

DemandCurveP

DemandCurve

P1

Budgetlines

X1

X2

Priceoffercurve

X

X1

IEngelCurveSlope=

I

EngelCurve

Slope=

X

X2

X1

Incomeoffercurve

Budgetlines

X

X1

X2

X2

X1

Budgetlines

P1

x1

Demandcurve

X1=

Priceoffercurve

Priceoffercurve

X