经济代写|微观经济学代写Microeconomics代考|BEA470

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• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
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经济代写|微观经济学代写Microeconomics代考|Consumer and Producer Surplus

The aggregated demand curve (the market demand curve) informs us about the consumers’ willingness to pay. If we have an equilibrium price in a market, then some people would be willing to pay more than the market price. Thus, the market price makes this group of consumers better off. We call the difference between willingness to pay and market price consumer surplus. A similar argument applies to producers: Some are willing to supply the good at a lower than equilibrium price. They are also better off and profit from the producer surplus. Figure 5.10 clearly shows the consumer and producer surplus.

The size of the surplus depends on elasticities. In Figure 5.11 you can see the surplus for inelastic and elastic demand curves; the size of the surplus varies considerably.

We should never forget that the willingness to pay depends on the ability to pay. A family who would like to buy a one-family home and does not have the necessary funds will not be able to bring its demand to the market. A similar observation applies to producers with average total costs above market price.

A decrease in price will increase the consumer surplus as long as there are no changes to the demand curve. What happens to the producer surplus depends on the elasticities. In Figure 5.12, the producer surplus also increases because the increase in quantity offsets the decrease in price. What is important is the idea that price changes lead to changes of the surpluses.

As discussed in Chapter 4, we can distinguish different supply curves which reflect the reaction possibilities of the producers. This reaction depends on the time available to the producers when demand increases. In the very short run, producers cannot react at all. In the short run, they can adjust their resources to supply larger quantities and in the long run, additional producers can enter or leave the market to increase capacity.

经济代写|微观经济学代写Microeconomics代考|Long-Run Supply Curve

In the long run, producers cannot only supply larger quantities, they also must expect that the additional profits attract others to set up new production facilities for the market. Transaction costs for entering the market are neglected in the model and the assumption is that all producers face the same unchanged cost curves. In this market, a producer can adjust his factors of production in such a way that he can produce with minimum costs.
At the beginning of the following explanation, we assume a producer who has minimized his costs in such a way that he realizes an economic profit. The same applies to the other producers in the market. The profits attract new entrants. The new entrants increase supply and the supply curve shifts outward. The market price falls since demand is unchanged. We can spin the story: Some producers leave the market; the supply curve shifts back with the corresponding increase in price and profits for the remaining producers. Here, we return to the beginning of the story. The long-run supply curve thus becomes horizontal with fluctuations around the zero-profit line: The long-run supply curve allows no economic profits to the producer (Figure 5.16).

We saw already that economic profits differ from the definition of accounting or estimating profits. Economic profits are the difference between total revenues and total opportunity costs. The opportunity costs include adequate pay for the owners and interest on equity. If the owners would decide to invest their money in some other form (working as a manager for someone else and investing the equity in the stock market), the likely gains are the owners’ opportunity costs of running his own firm. An owner who realizes zero economic profit has no reason to leave the market, there is no better way (opportunity) to employ his own resources.

Figure 5.15 repeats some of the information from Figure 5.16: Point $\mathrm{A}$ describes the initial situation. The producer supplies the quantity $q_{1 P}$ at the market equilibrium price $P_1$. The producer provides the quantity where the market price $P_1$ equals marginal costs.

The price equals the minimum of short-run average costs. Hence, economic profit is zero. Next, the demand curve shifts outward for some reason to point $\mathrm{B}$. The producer (and all others like him) increase output without changes to the cost curves. The price rises to $P_2$ and the quantity of the individual producer to $q_{2 \mathrm{P}}$ and the market quantity to $Q_2$. The producer realizes now an economic profit since the price is higher than the average total costs for the quantity provided. This is the grey area in the left panel.

The economic profit of the producers does not remain unnoticed; it attracts others who will enter the market. Remember that there are no transaction costs to the new entrants and they have the same cost curves as all others. The new entrants expand supply from $Q_2$ to $Q_3$ by shifting the supply curves outward from $S_{\mathrm{O}}$ to $S_{\mathrm{N}}$. The price adjusts to the new intersection of $S_{\mathrm{N}}$ and $D_{\mathrm{N}}$ (point C). The long-run supply curve runs through point $\mathrm{A}$ and Point $\mathrm{C}$. The faster the market adjustments, the smaller the fluctuations around the horizontal long run supply curve. Thus, in the long run, economic profits are close to zero.

微观经济学代考

有限元方法代写

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MATLAB代写

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