# 经济代写|微观经济学代写Microeconomics代考|ECON20002

## 经济代写|微观经济学代写Microeconomics代考|How Prices Allocate Resources

This chapter has analyzed supply and demand in a single market. Our discussion has centered on the market for ice cream, but the lessons learned here apply to most other markets as well. Whenever you go to a store to buy something, you are contributing to the demand for that item. Whenever you look for a job, you are contributing to the supply of labor services. Because supply and demand are such pervasive economic phenomena, the model of supply and demand is a powerful tool for analysis. We use this model repeatedly in the following chapters.

One of the Ten Principles of Economics in Chapter 1 is that markets are usually a good way to organize economic activity. Although it is still too early to judge whether market outcomes are good or bad, in this chapter we have begun to see how markets work. In any economic system, scarce resources have to be allocated among competing uses. Market economies harness the forces of supply and demand to serve that end. Supply and demand together determine the prices of the economy’s many different goods and services; prices in turn are the signals that guide the allocation of resources.

For example, consider the allocation of beachfront land. Because the amount of this land is limited, not everyone can enjoy the luxury of living by the beach. Who gets this resource? The answer is whoever is willing and able to pay the price. The price of beachfront land adjusts until the quantity of land demanded exactly balances the quantity supplied. Thus, in market economies, prices are the mechanism for rationing scarce resources.

Similarly, prices determine who produces each good and how much is produced. For instance, consider farming. Because we need food to survive, it is crucial that some people

Because we need food to survive, it is crucial that some people work on farms. What determines who is a farmer and who is not? In a free society, there is no government planning agency making this decision and ensuring an adequate supply of food. Instead, the allocation of workers to farms is based on the job decisions of millions of workers. This decentralized system works well because these decisions depend on prices. The prices of food and the wages of farmworkers (the price of their labor) adjust to ensure that enough people choose to be farmers.

If a person had never seen a market economy in action, the whole idea might seem preposterous. Economies are enormous groups of people engaged in a multitude of interdependent activities. What prevents decentralized decision making from degenerating into chaos? What coordinates the actions of the millions of people with their varying abilities and desires? What ensures that what needs to be done is in fact done? The answer, in a word, is prices. If an invisible hand guides market economies, as Adam Smith famously suggested, the price system is the baton with which the invisible hand conducts the economic orchestra.

When studying changes in supply or demand in a market, one variable we often want to study is total revenue, the amount paid by buyers and received by sellers of a good. In any market, total revenue is $P \times Q$, the price of the good times the quantity of the good sold. We can show total revenue graphically, as in Figure 2. The height of the box under the demand curve is $P$, and the width is $Q$. The area of this box, $P \times Q$, equals the total revenue in this market. In Figure 2, where $P=\$ 4$and$Q=100$, total revenue is$\$4 \times 100$, or $\$ 400$. How does total revenue change as one moves along the demand curve? The answer depends on the price elasticity of demand. If demand is inelastic, as in panel (a) of Figure 3, then an increase in the price causes an increase in total revenue. Here an increase in price from$\$4$ to $\$ 5$causes the quantity demanded to fall from 100 to 90 , so total revenue rises from$\$400$ to $\$ 450$. An increase in price raises$P \times Q$because the fall in$Q$is proportionately smaller than the rise in$P$. In other words, the extra revenue from selling units at a higher price (represented by area$\mathrm{A}$in the figure) more than offsets the decline in revenue from selling fewer units (represented by area B). We obtain the opposite result if demand is elastic: An increase in the price causes a decrease in total revenue. In panel (b) of Figure 3, for instance, when the price rises from$\$4$ to $\$ 5$, the quantity demanded falls from 100 to 70 , so total revenue falls from$\$400$ to $\$ 350$. Because demand is elastic, the reduction in the quantity demanded is so great that it more than offsets the increase in the price. That is, an increase in price reduces$P \times Q$because the fall in$Q$is proportionately greater than the rise in$P$. In this case, the extra revenue from selling units at a higher price (area$\mathrm{A}$) is smaller than the decline in revenue from selling fewer units (area B). # 微观经济学代考 ## 经济代写|微观经济学代写Microeconomics代考|How Prices Allocate Resources 本章分析了单一市场的供需情况。我们的讨论集中在冰淇淋市场上，但这里吸取的教训也适用于大多数其他市场。每当你去商店买东西时，你就是在促进对该商品的需求。每当你找工作时，你就是在为提供劳务服务做贡献。由于供需是如此普遍的经济现象，供需模型是分析的有力工具。我们在接下来的章节中反复使用这个模型。 第一章中的经济学十大原理之一是市场通常是组织经济活动的好方法。尽管现在判断市场结果是好是坏还为时过早，但在本章中，我们已经开始了解市场是如何运作的。在任何经济体系中，都必须在竞争性用途之间分配稀缺资源。市场经济利用供求力量来实现这一目标。供求共同决定了经济中许多不同商品和服务的价格；价格反过来又是指导资源配置的信号。 例如，考虑海滨土地的分配。因为这片土地的数量有限，并不是每个人都能享受到海边生活的奢侈。谁得到这个资源？答案是谁愿意并有能力付出代价。海滨土地的价格不断调整，直到土地需求量与供应量完全平衡。因此，在市场经济中，价格是分配稀缺资源的机制。 同样，价格决定了谁生产每种商品以及生产多少。例如，考虑农业。因为我们需要食物才能生存，所以一些人至关重要 因为我们需要食物才能生存，所以一些人在农场工作至关重要。什么决定了谁是农民，谁不是？在一个自由社会中，没有政府规划机构做出这一决定并确保充足的食物供应。相反，工人到农场的分配是基于数百万工人的工作决定。这种去中心化系统运作良好，因为这些决定取决于价格。食品价格和农场工人的工资（他们的劳动力价格）进行调整，以确保有足够多的人选择成为农民。 如果一个人从未见过市场经济在运作，整个想法可能看起来很荒谬。经济体是从事多种相互依存活动的庞大人群。是什么阻止了去中心化决策陷入混乱？是什么使数百万人的行动与他们不同的能力和愿望相协调？什么确保需要做的事情实际上已经完成？总之，答案是价格。如果说一只看不见的手指导市场经济，正如亚当·斯密的名言，价格体系就是那只看不见的手指挥经济管弦乐队的指挥棒。 ## 经济代写|微观经济学代写Microeconomics代考|Total Revenue and the Price Elasticity of Demand 在研究市场供需变化时，我们经常要研究的一个变量是总收入，即一种商品的买方支付和卖方收到的金额。在任何市场，总收入为磷×问，商品的价格乘以商品的销售量。我们可以用图形显示总收入，如图 2 所示。需求曲线下方的方框高度为磷，宽度为问. 这个盒子的面积，磷×问, 等于该市场的总收入。在图 2 中，其中磷=$4和问=100，总收入为$4×100， 或者$400.

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