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【正文】 odel. Endogenous variables: determined by forces described in the model. The optimization principle: People try to choose what’s best for them. The equilibrium principle: Prices adjust until demand and supply are equal. The demand curve: A curve that relates the quantity demanded to price. The reservation price: One’s maximum willingness to pay for something. From people39。s reservation prices to the demand curve. Similarly, the supply curve. Fig. 500 490 480 The demand curve Reservation price Number of apartment From peoples’ reservation prices to the market demand curve. supply Demand P Q Equilibrium P* Q* E (P*,Q*) supply Demand p q E Equilibrium Pareto efficiency: A concept to evaluate different ways of allocating resources. A Pareto improvement is a change to make some people better off without hurting anybody else. ?An economic situation is ?Pareto efficient ?or ?Pareto optimal ?if there is already no way to make any more Pareto improvement. Short run and long run ?Equilibria in the short run (some factors are unchanged) and in the long run. Chapter 2 Two goods are often enough to discuss. ?The budget constraint: p1 x1 + p2 x2 ≤ m. ?The budget line and the budget set (the market opportunity set). ?The slope of the budget line: d x2 /d x1 = – p1 / p2 . ?How the budget line moves when
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