上財中級微觀經(jīng)濟學(xué)課件ch02budget-閱讀頁
2024-11-01 00:21本頁面
【正文】 get constraint change as p1 decreases from p1’ to p1”? Original budget set x2 x1 m/p2 m/p1’ m/p1” New affordable choices Budget constraint pivots。 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 p1。 . p1 = $2. p2 = $1. Ine, other than from accepting modity 1, is m = $10. ?Then the constraint is 2x1 + x2 = 10 or x2 = 2x1 + 10. 2021/11/11 Intermediate Microeconomics 61 Shapes of Budget Constraints One Price Negative 10 Budget constraint’s slope is p1/p2 = (2)/1 = +2 x2 x1 x2 = 2x1 + 10 2021/11/11 Intermediate Microeconomics 62 Shapes of Budget Constraints One Price Negative 10 x2 x1 Budget set is all bundles for which x1 ? 0, x2 ? 0 and x2 ? 2x1 + 10. 2021/11/11 Intermediate Microeconomics 63 More General Choice Sets ?Choices are usually constrained by more than a budge
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