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【正文】 a pack less. The price paid by buyers rises to $ a pack. Taxes 169。 2020 Pearson AddisonWesley Taxes Everything you earn and most things you buy are taxed. Who really pays these taxes? Ine tax and the Social Security tax are deducted from your pay, and state sales tax is added to the price of the things you buy, so isn’t it obvious that you pay these taxes? Isn’t it equally obvious that your employer pays the employer’s contribution to the Social Security tax? You’re going to discover that it isn’t obvious who pays a tax and that lawmakers don’t decide who will pay! 169。 2020 Pearson AddisonWesley A lottery gives scarce housing to the lucky. A firste, first served gives scarce housing to those who have the greatest foresight and get their names on the list first. Discrimination gives scarce housing to friends, family members, or those of the selected race or sex. None of these methods leads to a fair oute. A Housing Market with a Rent Ceiling 169。 2020 Pearson AddisonWesley Housing Shortage Figure shows the effects of a rent ceiling that is set below the equilibrium rent. The equilibrium rent is $1,000 a month. A rent ceiling is set at $800 a month. So the equilibrium rent is in the illegal region. A Housing Market with a Rent Ceiling 169。 2020 Pearson AddisonWesley The Big Tradeoff Utilitarianism ignores the cost of making ine transfers. Recognizing these costs leads to the big tradeoff between efficiency and fairness. Because of the big tradeoff, John Rawls proposed that ine should be redistributed to point at which the poorest person is as well off as possible. Is the Competitive Market Fair? 169。 2020 Pearson AddisonWesley Monopoly A monopoly is a firm that has sole provider of a good or service. The selfinterest of a monopoly is to maximize its profit. To do so, a monopoly sets a price to achieve its selfinterested goal. As a result, a monopoly produces too little and underproduction results. Is the Competitive Market Efficient? 169。 2020 Pearson AddisonWesley Overproduction If production is expanded to 15,000 pizzas a day, a deadweight loss arises from overproduction. Again, the efficient quantity is 10,000 pizzas a day. This loss is a social loss. Is the Competitive Market Efficient? 169。 2020 Pearson AddisonWesley At $15 a pizza, the producer surplus for the economy is the area under the market price above the market supply curve, summed over the 150 pizzas sold. Benefit, Cost, and Surplus 169。 2020 Pearson AddisonWesley Max and Mario are the only producers of pizza. At $15 a pizza, the quantity supplied by Max is 100 pizzas. Benefit, Cost, and Surplus 169。 2020 Pearson AddisonWesley Lisa and Nick pay the market price, which is $1 a slice. The value Lisa places on the 10th slice is $2. Lisa’s consumer surplus from the 10th slice is the value minus the price, which is $1. Benefit, Cost, and Surplus 169。 2020 Pearson AddisonWesley Force Force plays a role in allocating resources. For example, war has played an enormous role historically in allocating resources. Theft, taking property of others without their consent, also plays a large role. But force provides an effective way of allocating resources—for the state to transfer wealth from the rich to the poor and establish the legal framework in which voluntary exchange can take place in markets. Resource Allocation Methods 169。 2020 Pearson AddisonWesley Resource Allocation Methods Scare resources might be allocated by ? Market price ? Command ? Majority rule ? Contest ? Firste, firstserved ? Sharing equally ? Lottery ? Personal characteristics ? Force How does each method work? 169。 2020 Pearson AddisonWesley Market Price When a market allocates a scarce resource, the people who get the resource are those who are willing to pay the market price. Most of the scarce resources that you supply get allocated by market price. You sell your labor services in a market, and you buy most of what you consume in markets. For most goods and services, the market turns out to do a good job. Resource Allocation Methods 169。 2020 Pearson AddisonWesley Benefit, Cost, and Surplus Demand, Willingness to Pay, and Value Value is what we get, price is what we pay. The value of one more unit of a good or service is its marginal benefit. We measure value as the maximum price that a person is willing to pay. But willingness to pay determines demand. A demand curve is a marginal benefit curve. 169。 2020 Pearson AddisonWesley At $1 a slice, Lisa buys 30 slices. So her consumer surplus is the area of the green triangle. Benefit, Cost, and Surplus 169。 2020 Pearson AddisonWesley Max and Mario are the only producers of pizza. At $15 a pizza, the quantity supplied by Mario is 50 pizzas. Benefit, Cost, and Surplus 169。 2020 Pearson AddisonWesley The red areas show the cost of producing the pizzas sold. The producer surplus is the value of the pizza sold in excess of the cost of producing it. Benefit, Cost, and Surplus 169。 2020 Pearson AddisonWesley Sources of Market Failure In petitive markets, underproduction or overproduction arise when there are ? Price and quantity regulations ? Taxes and subsidies ? Externalities ? Public goods and mon resources ? Monopoly ? High transactions costs Is the Competitive Market Efficient? 169。 2020 Pearson AddisonWesley High Transactions Costs Transactions costs are the opportunity cost of making trades in a market. To use the market price as the allocator of scarce resources, it must be worth bearing the opportunity cost of establishing a market. Some markets are just too costly to operate. When transactions costs are high, the market might underproduce. Is the Competitive Market Efficient? 169。 2020 Pearson AddisonWesley It’s No
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