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中級(jí)微觀經(jīng)濟(jì)學(xué) 15 Chapter Fifteen Market Demand 市場(chǎng)需求 Structure ?From Individual to Market Demand Functions ?Elasticities ?Revenue and ownprice elasticity of demand ?Marginal revenue and price elasticity From Individual to Market Demand Functions ?Think of an economy containing n consumers, denoted by i = 1, … ,n. ?Consumer i’s ordinary demand function for modity j is x p p mji i* ( , , )1 2From Individual to Market Demand Functions ?When all consumers are pricetakers, the market demand function for modity j is ?If all consumers are identical then where M = nm. X p p m m x p p mj n j i iin( , , , , ) ( , , ) .*1 2 1 1 21? ???X p p M n x p p mj j( , , ) ( , , )*1 2 1 2? ?From Individual to Market Demand Functions ?The market demand curve is the “horizontal sum” of the individual consumers’ demand curves. ?. suppose there are only two consumers。 i = A,B. From Individual to Market Demand Functions p1 p1 x A1* xB1*20 15 p1’ p1” p1’ p1” From Individual to Market Demand Functions p1 p1 x A1* xB1*x xA B1 1* ?p1 20 15 p1’ p1” p1’ p1” p1’ From Individual to Market Demand Functions p1 p1 x A1* xB1*x xA B1 1* ?p1 20 15 p1’ p1” p1’ p1” p1’ p1” From Individual to Market Demand Functions p1 p1 x A1* xB1*x xA B1 1* ?p1 20 15 35 p1’ p1” p1’ p1” p1’ p1” The “horizontal sum” of the demand curves of individuals A and B. Elasticities ( 彈性) ?Elasticity measures the “sensitivity” of one variable with respect to another. ?The elasticity of variable X with respect to variable Y is ? x y xy,%%.? ??Economic Applications of Elasticity ?Economists use elasticities to measure the sensitivity of ?quantity demanded of modity i with respect to the price of modity i (ownprice elasticity of demand, 需求的自價(jià)格彈性 ) ?demand for modity i with respect to the price of modity j (crossprice elasticity of demand,需求的交叉價(jià)格彈性 ).