上財中級微觀經(jīng)濟學課件ch02budget-預覽頁
【正文】 ermediate Microeconomics 2 Consumption Choice Sets ?A consumption choice set is the collection of all consumption choices available to the consumer. ?What constrains consumption choice? –Budgetary, time and other resource limitations. 2021/11/11 Intermediate Microeconomics 3 Budget Constraints ?A consumption bundle containing n modities is denoted by the vector (x1, x2, … , x n). ?Commodity prices are p1, p2, … , p n. 2021/11/11 Intermediate Microeconomics 4 Budget Constraints ?The bundles that are only just affordable form the consumer’s budget constraint. This is the set { (x1,…,x n) | x1 ? 0, …, x n ??? and p1x1 + … + p nxn = m }. 2021/11/11 Intermediate Microeconomics 5 Budget Constraints ?The consumer’s budget set is the set of all affordable bundles。 before stamps. 2021/11/11 Intermediate Microeconomics 41 The Food Stamp Program G F 100 100 F + G = 100: before stamps. 2021/11/11 Intermediate Microeconomics 42 The Food Stamp Program G F 100 100 F + G = 100: before stamps. Budget set after 40 food stamps issued. 140 40 2021/11/11 Intermediate Microeconomics 43 The Food Stamp Program G F 100 100 F + G = 100: before stamps. Budget set after 40 food stamps issued. 140 The family’s budget set is enlarged. 40 2021/11/11 Intermediate Microeconomics 44 The Food Stamp Program ?What if food stamps can be traded on a black market for $ each? 2021/11/11 Intermediate Microeconomics 45 The Food Stamp Program G F 100 100 F + G = 100: before stamps. Budget constraint after 40 food stamps issued. 140 120 Budget constraint with black market trading. 40 2021/11/11 Intermediate Microeconomics 46 The Food Stamp Program G F 100 100 F + G = 100: before stamps. Budget constraint after 40 food stamps issued. 140 120 Black market trading makes the budget set larger again. 40 2021/11/11 Intermediate Microeconomics 47 Budget Constraints Relative Prices ?“ Numeraire” means “unit of account”. ?Suppose prices and ine are measured in dollars. Say p1=$2, p2=$3, m = $12. Then the constraint is 2x1 + 3x2 = 12. 2021/11/11 Intermediate Microeconomics 48 Budget Constraints Relative Prices ?If prices and ine are measured in cents, then p1=200, p2=300, m=1200 and the constraint is 200x1 + 300x2 = 1200, the same as 2x1 + 3x2 = 12. ?Changing the numeraire changes neither the budget constraint nor the budget set. 2021/11/11 Intermediate Microeconomics 49 Budget Constraints Relative Prices ?The constraint for p1=2, p2=3, m=12 2x1 + 3x2 = 12 is also + (3/2)x2 = 6, the constraint for p1=1, p2=3/2, m=6. Setting p1=1 makes modity 1 the numeraire and defines all prices relative to p
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