Microeconomics Exam 1 Study Guide Chapters 1-6
Microeconomics Exam 1 Study Guide Chapters 1-6 Econ 1011
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MICROECONOMICS EXAM 1 STUDY GUIDE CHAPTERS 1-6 CHAPTER 1- FIRST PRINCIPLES Economic analysis is all based on a set of 12 basic principles that apply to three levels of economic activity. o Study of how individuals make choices; how these choices interact; and how the economy functions overall. The Principle of Economics Every economic issue involves individual choice-- or decisions taken by an individual about what to do and not to do. o If it’s not about choice, it isn't economics The Principles of Individual Choice: People must make choices because resources are scarce. A resource is anything that can be used to produce something else. o For e.g. land, labor (time of workers), capital (machinery, buildings, and other man-made productive assets), and human capital (the educational achievements and skills of workers). Resources are scarce when there’s not enough of the resources available to satisfy all the ways a society wants to use it. o Scarce resources include natural resources that come from the physical environment or human resources like labor, skill, and intelligence. Scarcity of resources means that society as a whole must make choices as well. o Each of the millions of individuals in the economy makes his or her own choice about where to shop, and the overall choice is simply the sum of those individual decisions. However, society sometimes decides to leave some decisions for the government. o For e.g. In the rapidly developing rural areas of the US, some residents feel that some land should be left undeveloped; however, no one is willing to give up the opportunity cost of getting money from the government in order to give the residents some natural space. So, the US local governments decide to purchase some land to give the residents what they want. The opportunity cost of an item—what you must give up in order to get it—is its true cost. The opportunity cost of an item is what you must give up in order to get that item. o For e.g. If it’s a week before the Micro midterm- you have two options. The first is to study your ass off for it every day for 2 hours or watch Netflix in place of studying for 2 hours. The opportunity cost of studying for 2 hours is leaving Netflix behind… the opportunity cost of watching Netflix for 2 hours is not studying…and failing that exam. The concept of opportunity cost is crucial to understanding individual choice—All costs are opportunity costs. As you expand the set of decisions that underlie each choice, you’ll realize that all costs are ultimately opportunity costs. “How much” decisions require making trade-offs at the margin: comparing the costs and benefits of doing a little bit more of an activity versus doing a little bit less. Some decisions end up involve an “either-or” choice—either I study for Micro midterm, or watch a bunch of Netflix—but other decisions involve choices that deal with “how much” o If I am taking Microeconomics and Accounting this semester, I have to decide how much time to spend studying for each. Example: I am taking both Accounting and Astronomy this semester; however, I care more about Accounting because I’m a business major… but is it truly better for me to spend ALL my time studying for Accounting and taking the L for Astronomy? Nah bro. o Spending more time studying accounting involves a benefit (of me getting a higher grade) and a cost (like me studying for Astronomy). My decision involves a trade-off—a comparison of costs and benefits. Deciding a “how much” question involves the decision-making a bit at a time. o If I study for Accounting and Astronomy for 3 hours each and decide to study for just one more hour for Accounting—this will produce a trade-off with a cost of me giving up studying for Astronomy but a benefit in me getting a higher grade on Accounting. This concept of just one more hour is considered as a marginal decision—whether to do a bit more or a bit less of an activity, like what to do with your next hour, your next dollar, and so on. o The study of these decisions is known as marginal analysis. People usually respond to incentives, exploiting opportunities to make themselves better off. People are hella selfish and will take any chance to make themselves better off—this is the definition of an incentive. o The principle that people will exploit opportunities to make themselves better off is the basis of all predictions by economists about individual behavior. If the salaries of those who get MBAs soar while the salaries of those who get law degrees’ decline, we can expect more students to go to business school and fewer to go to law school. Economist tend to be skeptical of any attempt to change people’s behavior that doesn’t change their incentives. o For e.g. a plan that calls in manufacturers to reduce pollution voluntarily probably won’t be effective because it hasn’t changed manufacturers’ incentives. In contrast, if the plan starts whippin’ out cash for the manufacturers that actually reduce pollution is a lot more likely to work because it has changed their incentives. QUICK REVIEW To decide how many hours per week to exercise, I compare the health benefits of one more hour of exercise to the effect on my grades of one fewer hour spent studying. What principle of individual choice am I dealing with here? up for somethese.re hour th—marginal decision of givinI am dealing with a “how much” choice There are Gains from Trade The key to a much better standard of living for everyone is trade—in which people divide tasks among themselves and each person provides a good or service that other people want in return for different goods and services that he or she wants. Gains from trade allow people to get more of what they want through trade than they could if they tried to be self-sufficient. Specialization occurs when different people each engage in a different task, specializing in those tasks that they are good at performing. o The economy, as a whole, can produce more when each person specialized in a task and trades with others. Because people respond to incentives, markets move towards equilibrium A situation in which individuals cannot make themselves better off by doing something different is what economists call an equilibrium. o An economic situation is in equilibrium when no individual would be better off doing something different. Any time there is a change, the situation will move to an equilibrium. o For e.g. people who live in big cities can be sure that the supermarket shelves will always be fully stocked. Why? Because if some merchants who distribute food didn’t make deliveries, a big profit opportunity would be created for another merchant—and there would be a rush to supply food. Resources Should Be Used Efficiently to Achieve Society’s Goals An economy is efficient if it takes all opportunities to make some people better off without making other people worse off. o When an economy is efficient, it is producing the maximum gains from trade possible given the resources available. o An economy’s resources are used efficiently when they are used in a way that has fully exploited all opportunities to make everyone better off. Efficiency is only a means to achieving society’s goals. o Sometimes efficiency may conflict with a goal that society has deemed worthwhile to achieve. For e.g. people also care about issues of equity, or fairness—and there is a trade-off between equity and efficiency: policies that promote equity often come at a cost of decreased efficiency in the economy, and vice versa. Because People Usually Exploit Gains from Trade, Markets Usually Lead to Efficiency If there is a way in which some people can be made better off, people will usually be able to take advantage of that opportunity. The incentives built into a market economy ensure that resources are usually put to good use and that opportunities to make people better off are not wasted. o For e.g. If a college were known for its habit of crowding student into small classrooms while large classrooms went unused, it would soon find its enrollment dropping, putting the jobs of its administrators at risk. The “market” for college students would respond in a way that induced administrators to run the college efficiently. When Markets Don’t Achieve Efficiency, Government Intervention Can Improve Society’s Welfare An appropriately designed government policy can sometimes move society closer to an efficient outcome by changing how society’s resources are used. o For e.g. Charging toll roads and taxing sales of gasoline change the incentives of would-be drivers, motivating them to drive less and use alternative transportation—These policies rely on government intervention in the market. One person’s spending is another person’s income As incomes fall, spending by consumers fall as well because if there is a cut in minimum wage, there is less expenditures by consumers in an effort to save that money that they have earned. In a market economy, people make a living selling things- including labor—to other people. If some group in the economy decides, for whatever reason, to spend more, the income of other groups will rise. If some group decides to spend less, the income of other groups will fall. Overall Spending Sometimes Gets Out of Line with the Economy’s Productive Capacity Economists learned, from the troubles of the 1930s, that overall spending—the amount of goods and services that consumers and businesses want to buy—sometimes doesn’t match the amount of goods and services the economy is capable of producing. o In the 1930s, spending fell far short of what was needed to keep American workers employed, and the result was a severe economic slump. o It’s also possible for overall spending to be too high—which results in the economy going through an inflation, a rise in prices throughout the economy. Government Policies Can Change Spending The government itself does plenty of spending on anything from defense purchases to education—and it has the choice to do more or less. o Government also can vary the amount it can collect from taxes, which in turn impacts how much income consumers and businesses have left to spend. Government spending, taxes, and control of money are the tools of macroeconomic policy. So IN THIS CLASS—We will only be focusing on the first 9 principles. CHAPTER 2—ECONOMIC MODELS: TRADE-OFFS AND TRADE Models in Economics: Some Important Examples Model: simplified representation of a real situation that is used to better understand real-life situations. o Economists turn simplified representations of economic situations by creating a simplified economy or simulate the workings of the economy on a computer. o Models are important because their simplicity allows economists to focus on the effects of only one change at a time. Other things equal assumption: An assumption that all other relevant factors remain unchanged. o This assumption is important in building economic models because it allows us to hold everything else constant and only study how one change affects the overall economic outcome. The most important models to study in economics o Production Possibility Frontier- model that helps economists think about the trade-offs every economy faces o Comparative Advantage- model that clarifies the principle of gains from trade— trade both between individuals and between countries. o Circular- Flow Diagram- schematic representation that helps us to understand how flows of money, goods, and services are channeled through the economy. Trade-offs: The Production Possibility Frontier The PPF illustrates the trade-offs facing an economy that produces only two goods. o It shows the maximum quantity of one good that can be produced for any given quantity produced of the other. Breaking Down a Production Possibility Frontier Okay—so having Figure 2-1 in view, we can go ahead and analyze what two goods are being produced and their trade-offs. This PPF is showing the production of Dreamliners and the production of Small Jets by the company, Boeing. There’s a significant distinction between points inside or on the PPF and outside the PPF. If a point lies inside or on a PPF—like point C, where the production of small jets is 20 and the production of Dreamliners is 9—it is feasible. The frontier shows us that if Boeing makes 20 small jets, it could also make a max. amount of 15 Dreamliners that year… so it could absolutely make 9 Dreamliners at point C. A production point that lies outside the frontier—like point D—where Boeing makes 40 small jets and 30 Dreamliners—isn’t feasible. Boeing can produce 40 small jets and 30 Dreamliners OR it can produce 30 Dreamliners and no small jets—it CAN’T do both. Moving on, we can observe the place where the PPF interests the horizontal axis, and the other place where it intersects the vertical axis. The intersection at the horizontal axis means that if Boeing dedicated all its production capacity to making small jets, it could produce 40 small jets/ year but no Dreamliners. Similarly, the intersection at the vertical axis means that if Boeing dedicated all of its production capacity to making Dreamliners, it could produce 30 Dreamliners/year but no small jets. Analyzing Other Points The figure also shows less extreme trade-offs. o If Boeing’s managers decide to make 20 small jets this year, they can produce at most 15 Dreamliners; this production choice is shown by point A—and if Boeing’s managers decide to produce 28 small jets, they can make at most 9 Dreamliners, as seen at point B. The Production Possibility Frontier helps us to understand some aspects of the real economy better than we could without the model: efficiency, opportunity cost, and economic growth. Efficiency A key element of efficiency is that there are no missed opportunities in production—there is no way to produce more of one good without producing less of other goods. As long as Boeing operates on its PPF, it’s production is efficient. o For any points that are under the PPF curve—that production is feasible, but not efficient; this means that not all resources are being used to get to the full potential of production. If the economy as a whole could not produce more of any one good without producing less of something else, then we say that the economy is efficient in production Efficiency also requires tha.t the economy allocate its resources so that consumers are as well off as possible—if an economy achieves this, we say that it is efficient in allocation. Opportunity Cost The PPF is also helpful in the reminder of the point that the true cost of any good isn’t the money it costs to buy, but what must be given up in order to get that good—the opportunity cost. Economic Growth An outward shift of the PPF means that the economy is growing to produce more in the same period. There are two basic sources for growth: Factors of production—resources such as land, labor, capital, and human capital, inputs that are not used up in production. Improved technology Comparative Advantage and Gains from Trade Here we can see PPFs of two countries who produce small jets and large jets. We can see that the US has an absolute advantage in both. The gains from trade between the US and Brazil can be calculated through the comparison of their opportunity costs for producing small jets or large jets. Based on the opportunity cost, the US and Brazil can make gains from trade in order to make them both better off. If the United States specialized in the production of large jets, and Brazil specializes in the production of small jets—both the US and Brazil can consume more of both types of plane than they would have without trade. CHAPTER 3- SUPPLY AND DEMAND Supply and Demand The supply and demand model shows how a competitive market, one with many buyers and sellers, none of whom can influence the market price, works. Demand Schedule Shows the quantity demanded at each price and is shown graphically by a demand curve. LAW OF DEMAND: Demand curves slope downward; a higher price for a good or service leads people to demand a smaller quantity, other things equal. Movement along demand curve occurs when a price change leads to a change in the quantity demanded. o Shifts of a demand curve—a change in the quantity demanded at any given price. Increase in demand causes a rightward shift of demand curve, Decrease in demand causes a leftward shift Shifts of a Demand Curve There are five main factors that shift the demand curve: A change in the prices of related goods or services, such as substitutes or complements A change in income: when income rises, the demand for normal goods increases and the demand for inferior goods decreases A change in tastes A change in expectations A change in the number of consumers The market demand curve for a good or service is the horizontal sum of the individual demand curves of all consumers in the market. Supply Curve Supply Schedule Shows the quantity supplied at each price and is represented graphically by a supply curve Movement along Supply Curve Occurs when a price change leads to a change in the quantity supplied. Shifts of A Supply Curve o A change in input prices o A change in the prices of related goods and services o A change in technology o A change in expectations o A change in the number of producers The market supply curve for a good or service is the horizontal sum of the individual supply curve of all producers in the market. The supply and demand model is based on the principle that the price in a market moves to its equilibrium price, or market-clearing price, the price at which the quantity demanded is equal to the quantity supplied. This quantity is the equilibrium quantity. When the price is above its market-clearing level, there is a surplus that pushes the price down. When the price is below its market-clearing level, there is a shortage that pushes the price up. Shifts of the demand curve and the supply curve can happen simultaneously. When they shift in opposite directions, the change in equilibrium price is predictable but the change in equilibrium quantity is not. When they shift in the same direction, the change in equilibrium quantity is predictable but the change in equilibrium price is not. In general, the curve that shifts the greater distance has a greater effect on the changes in equilibrium price and quantity. CHAPTER 4- CONSUMER AND PRODUCER SURPLUS Measuring Market Efficiency Markets are usually efficient: we can measure their benefit to society by measuring: o Consumer Surplus The difference between market price and what consumers (as individuals or the market) would be willing to pay. o Producer Surplus The Demand Curve for Used Textbooks A consumer’s willingness to pay for a good is the maximum price at which he or she would buy that good. Consumer Surplus The total consumer surplus is the entire shaded area—the sum of the individual consumer surpluses of Aleisha, Brad, and Claudia ($29 + $15 + $5 = $49). Consumer surplus is the area beneath the demand curve and above the price. Consumer surpluses rise with a fall in price because new buyers then add into that surplus. Gains in consumer surplus are split by taking the increase in consumer surplus to the previous buyers and then expanding out from the surplus gained from the new buyers. The Supply Curve Producer Surplus The difference between market price and the price at which firms are willing to supply the product. Total producer surplus from sales of a good at a given price is the area above the supply curve but below that price. Producer surplus rises if the price increases. Total Surplus Total Surplus is the sum of the producer and consumer surpluses. o maximized at Market Equilibrium The three ways you might (unsuccessfully) try to increase the total surplus are: o Reallocating consumption among consumers o Reallocating sales among sellers o Change the quantity traded The Efficiency of Markets Competitive markets are usually efficient: Allocate consumption of the good to the potential buyers who most value it Allocate sales to the potential sellers who most value the right to sell the good (e.g. who have the lowest cost) They ensure that all transactions are mutually beneficial: Every consumer who makes a purchase values the good more than every seller who makes a sale. Equity and Efficiency Efficiency is important, but society also cares about equity. o Sometimes societies choose to have governments intervene in markets to increase efficiency (even though it reduces efficiency). Why Markets Typically Work So Well Well-functioning markets are effective because of: o Property Rights o Economic Signals Why Private Property Matters Private property rights create and protect incentives to trade with others—and to innovate. Why Good Economic Signals Matter Equilibrium prices signal to resources exactly where they are most valued. Prices translate complex information into an easy signal for producers: o Profits rise in industries when consumers want more of that industry’s products o Profits decline in industries when consumers want less of that industry’s products CHAPTER 5- PRICE CONTROLS AND QUOTAS: MEDDLING WITH MARKETS Price Controls Price Controls are legal restrictions on how high or low a market price may go. There are two types: o Price ceiling: a maximum price sellers are allowed to charge for a good or service (usually set BELOW equilibrium) o Price floor: a minimum price buyers are required to pay for a good or service (usually set ABOVE equilibrium) How Price Ceilings Cause Inefficiency Price ceilings cause predictable side effects: o Inefficiently low quantity o Inefficient allocation to customers o Wasted resources o Inefficiently low quality o Black markets EXAMPLE: The Effects of a Price Ceiling The price ceiling at $800/month would result in a housing shortage of 400,000 apartments. When prices are held below the market price, shortages are created. The lower the controlled price relative to the market equilibrium price, the larger the shortage. Price Controls Cause Losses Deadweight loss: the loss in total surplus that occurs whenever an action or a policy reduces the quantity transacted below the efficient market equilibrium quantity. Inefficient Allocation to Customers Price controls distort signals that would help the good get allocated to their highest-valued uses. Consumers who value a good most don’t necessarily get it. So producers have no incentive to supply the good to the “right” people first. As a result, good are misallocated. Wasted Resources Price controls that create shortages lead to bribery and wasteful lines. Shortages: not all byers will be able to purchase the good. Normally, buyers would compete with each other by offering a higher price. If price is not allowed to rise, buyers must compete in other ways (waiting in line, illegal bribes and favors.) Inefficiently Low Quality At the controlled price, sellers have more customers than good. In a free market, this would be an opportunity to profit by raising prices But when prices are controlled, sellers cannot. Sellers responds to this problem in two ways: - Reduce quality - Reduce service Black Markets A market in which goods or services are bought and sold illegally—either because they are prohibited or because the equilibrium price is illegal. Why Are There Price Ceilings? They do benefit some people (who are typically better organized and more vocal than those who are harmed by them). If the price ceiling is longstanding, buyers may not have a realistic idea of what would happen without it. o Government officials often do not understand supply and demand analysis. Price Floors Sometimes governments intervene to push market prices up instead of down. How A Price Floor Causes Inefficiency Price floors cause predictable side effects: Deadweight loss from inefficiently low quantity Inefficient allocation of sales among sellers Wasted resources Inefficiently high quality (cars with AC) Temptation to break the law by selling below the legal price Inefficient Allocation of Sales Among Sellers Price floors misallocate sales by: - Allowing high-cost firms to operate - Preventing low-cost firms from entering the industry Price floors and regulation prevented Southwest (and 79 other firms) from entering the national market Wasted Resources Price floors encourage waste. To deal with the surplus generated by agricultural price floors, the U.S. government sometimes buys back the excess and donates or destroys it. Inefficiently High Quality Higher quality raises costs and reduces sellers’ profit. Buyers get higher quality but would prefer a lower price. Price floors encourage sellers to waste resources: higher quality than buyers are willing to pay for. Illegal Activity Price floors encourage black markets. There are willing sellers (and buyers) at illegal prices, so they are tempted to break the law and trade with each other. So Why Are There Price Floors? ^ Same as price ceilings: They do benefit some people (who are typically better organized and more vocal than those who are harmed by them). - If the price floor is longstanding, buyers may not have a realistic idea of what would happen without it. - Government officials often do not understand supply and demand analysis. Controlling Quantities Government sometimes control quantity instead of price - Quota: an upper limit, set by the government, on the quantity of some good that can be bought or sold; also referred to as a quantity control - Quota limit: the total amount of a good under a quota or quantity control that can be legally transacted. - License: the right, conferred by the government, to supply a good. EXAMPLE The Wedge, or Quota, rent: the different between the demand price and the supply price at the quota limit. Equal to the market price of the license when the license is traded. The Costs of Quantity Control Like price controls, quotas impose losses on society. - Deadweight loss (some mutually beneficial transactions don’t occur - Incentives for illegal activities CHAPTER 6- ELASTICITY Price Elasticity of Demand A demand curve is elastic when an increase in price reduces the quantity demanded a lot (and vice versa). When the same increase in price reduces quantity demanded just a bit, then the demand curve is inelastic. The more responsive the quantity demanded is to a change in price, the more elastic the demand curve is. Elasticity does NOT EQUAL slope BUT: If two linear demand (or supply) curves run through a common point, then at any given quantity, the curve that is FLATTER is MORE ELASTIC Defining and Measuring Elasticity - Price elasticity of demand is the percentage change in quantity demanded divided by the percentage change in price. ** Our percent change calculation depends on our choice of starting point. To solve this, we use the midpoint formula. Midpoint Formula Estimating Elasticities Economists are interested in price elasticity of demand. Estimating elasticity is crucial to understanding and predicting market outcomes. Interpreting the Price Elasticity of Demand Classification of price elasticity of demand: A good can have a price elasticity as low as zero or as high as infinity. If the demand curve is a straight, vertical line it has a price elasticity demand of 0. If the demand curve is a straight, horizontal line, it has a price elasticity demand of infinity. If the demand curve increases an X percent in price, and that same X percent in quantity demanded, then it has a price elasticity of 1. The same thing applies for the rest of the curves—if there is a correlation, the change in quantity demanded over the increase in price results in the price elasticity demand. Elasticity and Total Revenue Total revenue is the price times quantity demanded (sold). TR = P x Q Effect of a Price Increase on Total Revenue - The price effect of a price increase is a higher price for each unit sold. o The quantity effect of a price increase is fewer units sold. When demand is inelastic, the price effect dominates the quantity effect— So an increase in price will cause only a slight reduction in the quantity demanded. When demand is INELASTIC total revenue will rise when the price rises—(and vice versa). _________________________________________________ When demand is elastic, the quantity effect dominates the price effect. So an increase in price will cause significant reduction in the quantity demanded. When demand is ELASTIC, total revenue will fall when the price rises—(and vice versa). _________________________________________________ When demand is unit-elastic, the quantity effect equals the price effect. So an increase in price exactly balances the reduction in the quantity demanded. In this instance, total revenue doesn’t change. What Factors Determine the Price Elasticity of Demand? 1. The availability of close substitutes is very important. a. Fewer substitutes make it harder for consumers to adjust Q when P changes, so demand is inelastic. b. Many substitutes? Switching brands when prices change is EASY, so demand is elastic. 2. Whether the good is a necessity or luxury also affects the elasticity of demand a. For necessities, we do not change Q much when P changes. b. For luxuries, we are more sensitive to P changes. 3. The share of income spent on the good matters. a. We are less sensitive to price changes when the good feels cheap b. We are more sensitive to price changes when the good feels expensive 4. The length of time elapsed since the price change matters. a. Less time to adjust means lower elasticity b. Over time consumers can adjust their behavior by finding substitutes (making demand more elastic). Applications of Elasticity of Demand Because demand for most illegal drugs is inelastic, drug dealers earn greater revenue and gain more power as the drug war becomes more effective. Other Demand Elasticities The cross-price elasticity of demand measures how sensitive the quantity demanded of good A is to the price of good B. Cross-price Elasticity of Demand For substitute, cross-price elasticity of demand is positive An increase in the price of one brand of cookies will increase the demand for other brands. For complements, cross-price elasticity of demand is negative. An increase in the price of milk causes a decrease in demand for Oreos. Income Elasticity of Demand - The income elasticity of demand measures how sensitive the quantity demanded of a good is to changes in income. - The income elasticity of demand can be used to distinguish normal from inferior goods. o For normal goods, income elasticity is positive. o For inferior goods, income elasticity is negative. - Normal goods can be income-elastic or not. o For income-elastic goods, income elasticity is greater than 1. o For Income-Inelastic goods, income elasticity is positive but less than 1. Price Elasticity of Supply Usually, sellers offer more when prices are higher, but how strong is that relationship? Elasticity of Supply A supply curve is elastic if a rise in price increases the quantity supplied a lot (and vice versa). Its inelastic if sellers change quantity just a little. What Factors Determine the Price Elasticity of Supply? 1. Availability of inputs a. If increased production is very expensive, then the supply curve will be inelastic. b. If production can be increased cheaply, then the supply curve will be elastic. 2. Time a. Price elasticity of supply increases as producers have more time to respond to price changes. b. Long-run price elasticity of supply is usually higher than the short-run elasticity.
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