【正文】
difference curve A Quantity of Pizza Quantity of Pepsi 0 14 2 3 7 B 1 MRS = 6 4 6 Perfect Substitutes Dimes 0 Nickels 2 1 4 2 I1 I2 6 3 I3 Perfect Complements Right Shoes 0 Left Shoes 7 5 7 5 I1 I2 The Consumer’s Optimum... Quantity of Pizza Quantity of Pepsi 0 I1 I2 I3 Budget constraint A B Optimum An Increase in Ine... Quantity of Pizza Quantity of Pepsi 0 I1 I2 2. …raising pizza consumption… 3. …and Pepsi consumption. Initial optimum New budget constraint 1. An increase in ine shifts the budget constraint outward… Initial budget constraint New optimum An Inferior Good... New budget constraint 1. When an increase in ine shifts the budget constraint outward... Quantity of Pizza Quantity of Pepsi 0 Initial optimum I1 New optimum I2 2. ... pizza consumption rises, making pizza a normal good... 3. ... but Pepsi consumption falls, making Pepsi an inferior good. Initial budget constraint A Change in Price... Quantity of Pizza 100 Quantity of Pepsi 1,000 500 0 I1 New budget constraint 3. …and raising Pepsi consumption. Initial budget constraint 2. …reducing pizza consumption… 1. A fall in the price of Pepsi rotates the budget constraint outward… New optimum I2 Ine and Substitution Effects... Quantity of Pizza Quantity of Pepsi 0 A Initial optimum I1 New budget constraint Initial budget constraint I2 C New optimum Ine effect Ine effect Substitution effect B Substitution effect Deriving the Demand Curve... (a) The Consumer’s Optimum (b) The Demand Curve for Pepsi I1 I2 A B Initial budget constraint New budget constraint 50 150 Quantity of Pizza Quantity of Pepsi 0 0 Quantity of Pepsi 50 150 1 $2 Price of Pepsi A B Quantity of Meat A Quantity of Potatoes 0 E C I2 I1 Initial budget constraint New budget constraint D B Optimum with low price of potatoes Optimum with high price of potatoes 1. An increase in the price of potatoes rotates the budget... 2...which increases potato consumption if potatoes are a Giffen good. A Giffen Good... Hours of Leisure 0 2,000 $5,000 60 Consumption 100 Optimum I3 I2 I1 The WorkLeisure Decision... Hours of Labor Supplied 0 Wage . . . the labor supply curve slopes upward. Hours of Leisure 0 Consumption (a) For a person with these preferences… I2 I1 BC2 BC1 2. …h(huán)ours of leisure decrease… 3. ...and hours of labor increase. 1. When the wage rises… An Increase in the Wage... An Increase in the Wage... Hours of Labor Supplied 0 Wage . . . the labor supply curve slopes backward. Hours of Leisure 0 Consumption (b) For a person with these preferences… I2 I1 BC2 BC1 1. When the wage rises… 2. …h(huán)ours of leisure increase… 3. ...and hours of labor decrease. Consumption when Young 0 55,000 $110,000 $50,000 Consumption when Old 100,000 Optimum I3 I2 I1 Budget constraint The ConsumptionSaving Decision... An Increase in the Interest Rate... 0 Consumption when Old 1. A higher interest rate rotates the budget constraint outward... I2 I1 BC2 BC1 2. …resulting in lower consumption when young and, thus, higher saving. Consumption when Young Hours of Leisure 0 I2 I1 BC2 BC1 Consumption when Old 1. A higher interest rate rotates the budget constraint outward... 2. …resulting in higher consumption when young and, thus, lower saving. (a) Higher Interest Rate Raises Saving (b) Higher Interest Rate Lowers Saving Cash Transfer InKind Transfer (a) The Constraint Is Not Binding Nonfood Consumption 0 $1,000 $1,000 Food A B I2 I1 BC1 BC2 (with $1,000 cash) Nonfood Consumption 0 Food A B I2 I1 BC1 BC2 (with $1,000 food stamps) Cash versus InKind Transfers... Cash versus InKind Transfers... Cash Transfer InKind Transfer (b) The Constraint Is Binding Nonfood Consumption 0 $1,000 $1,000 Food A B I2 I1 BC1 BC2 (with $1,000 cash) Nonfood Consumption 0 Food A B I2 I1 BC1 BC2 (with $1,000 food stamps) C I