【正文】 op to $490 before a 2nd person would rent. Then p = $490 ? QD = 2. 15 Modeling Apartment Demand ?The lower is the rental rate p, the larger is the quantity of close apartments demanded p ? ? QD ?. ?The quantity demanded vs. price graph is the market demand curve for close apartments. 16 Market Demand Curve for Apartments p QD 17 Modeling Apartment Supply ?Supply: It takes time to build more close apartments so in this shortrun the quantity available is fixed (at say 100). 18 Market Supply Curve for Apartments p QS 100 19 Competitive Market Equilibrium ?“ low‖ rental price ? quantity demanded of close apartments exceeds quantity available ? price will rise. ?―high‖ rental price ? quantity demanded less than quantity available ? price will fall. 20 Competitive Market Equilibrium ?Quantity demanded = quantity available ? price will neither rise nor fall ?so the market is at a petitive equilibrium. 21 Competitive Market Equilibrium p QD,QS 100 22 Competitive Market Equilibrium p QD,QS pe 100 23 Competitive Market Equilibrium p QD,QS pe 100 People willing to pay pe for close apartments get close apartments. 24 Competitive Market Equilibrium p QD,QS pe 100 People willing to pay pe for close apartments get close apartments. People not willing to pay pe for close apartments get distant apartments. 25 Competitive Market Equilibrium ?Q: Who rents the close apartments? ?A: Those most willing to pay. ?Q: Who rents the distant apartments? ?A: Those least willing to pay. ?So the petitive market allocation is by ―willingnesstopay‖. 26 Comparative Statics ?What is exogenous in the model? –price of distant apartments –quantity of close apartments –ines of potential renters. ?What happens if these exogenous variables change? 27 Comparative Statics ?Suppose the price of distant apartment rises. ?Demand for close apartments increases (rightward shift), causing ?a higher price for close apartments. 28 Market Equilibrium p QD,QS pe 100 29 Market Equilibrium p QD,QS pe 100 Higher demand 30 Market Equilibrium p QD,QS pe 100 Higher demand causes higher market price。1 教材 Intermediate Microeconomics: A Modern Approach (Sixth Edition) by Hal R. Varian W. W. Norton， 2022 2 ?參考書目： 《 微觀經(jīng)濟(jì)學(xué) 》 ，周惠中，上海人民出版社 ? 《 微觀經(jīng)濟(jì)學(xué) 》 ，范家驤，劉文忻，東北財經(jīng)大學(xué)出版社 ?參考習(xí)題冊： 《 微觀經(jīng)濟(jì)學(xué)：現(xiàn)代觀點(diǎn) 》 練習(xí)冊，伯格斯特龍、范里安著，費(fèi)方域等譯，上海三聯(lián)書店，上海人民出版社。 ? 《 西方經(jīng)濟(jì)學(xué)學(xué)習(xí)精要與習(xí)題集（微觀部分） 》 張軍主編，上海財經(jīng)大學(xué)出版社。 same quantity traded. 31 Comparative Statics ?Suppose there were more close apartments. ?Supply is greater, so ?the price for close apartments falls. 32 Market Equilibrium p QD,QS pe 100 33 Market Equilibrium p QD,QS 100 Higher supply pe 34 Market Equilibrium p QD,QS pe 100 Higher supply causes a lower market price and a larger quantity traded. 35 Comparative Statics ?Suppose potential renters‘ ines rise, increasing their willingnesstopay for close apartments. ?Demand rises (upward shift), causing ?higher price for close apartments. 36 Market Equilibrium p QD,QS pe 100 37 Market Equilibrium p QD,QS pe 100 Higher ines cause higher willingnesstopay 38 Market Equilibrium p QD,QS pe 100 Higher ines cause higher willingnesstopay, higher market price, and the same quantity traded. 39 Taxation Policy Analysis ?Local government taxes apartment owners. ?What happens to –price –quantity of close apartments rented? ?Is any of the tax ―passed‖ to renters? 40 Taxation Policy Analysis ?Market supply is unaffected. ?Market demand is unaffected. ?So the petitive market equilibrium is unaffected by the tax. ?Price and the quantity of close apartments rented are not changed. ?Landlords pay all of the tax. 41 Imperfectly Competitive Markets ?Amongst many possibilities are: –a monopolistic landlord –a perfectly discriminatory monopolistic landlord –a petitive market subject to rent control. 42 A Monopolistic Landlord ?When the landlord sets a rental price p he rents D(p) apartments. ?Revenue = pD(p). ?Revenue is low if p ? 0 ?Revenue is low if p is so high that D(p) ? 0. ?An intermediate value for p maximizes revenue. 43 Monopolistic Market Equilibrium p QD Low price Low price, high quantity demanded, low revenue. 44 Monopolistic Market Equilibrium p QD High price High price, low quantity demanded, low revenue. 45 Monopolistic Market Equilibrium p QD Middle price Middle price, medium quantity demanded, larger revenue. 46 Monopolistic Market Equilibrium p QD,QS Middle price Middle price, medium quantity demanded, larger revenue. Monopolist does not rent all the close apartments. 100 47 Monopolistic Market Equilibrium p QD,QS Middle price Middle price, medium quantity demanded, larger revenue. Monopolist does not rent all the close apartments. 100 Vacant close apartments. 48 Perfectly Discriminatory Monopolistic Landlord ?Imagine the monopolist knew everyone‘s willingnesstopay. ?Charge $500 to the most willingtopay, ?charge $490 to the 2nd most willingtopay, etc. 49 Discriminatory Monopolistic Market Equilibrium p QD,QS 100 p1 =$500 1 50 Discriminatory Monopolistic Market Equilibrium p QD,QS 100 p1 =$500 p2 =$490 1 2 51 Discriminatory Monopolistic Market Equilibrium p QD,QS 100 p1 =$500 p2 =$490 1 2 p3 =$475 3 52 Discriminatory Monopolistic Market Equilibrium p QD,QS 100 p1 =$500 p2 =$490 1 2 p3 =$475 3 53 Discriminatory Monopolistic Market Equilibrium p QD,QS 100 p1 =$500 p2 =$490 1 2 p3 =$475 3 pe