《西方经济学》英文 版课件.pptx
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,CHAPTERCHECKLIST,Whenyouhavecompletedyourstudyofthischapter,youwillbeableto1Explaintheeffectsoftaxesongoodsandlaboranddeterminewhopaysthetaxes.,Explainhowarentceilingcreatesahousingshortage,inefficiency,andunfairness.Explainhowtheminimumwagecreatesunemployment,inefficiency,andunfairness.,2,3,TaxIncidence,TaxincidenceThedivisionoftheburdenofataxbetweenthebuyerandtheseller.Ifthepricerisesbythefullamountofthetax,thentheburdenofthetaxfallsentirelyonthebuyer.Ifthepricerisesbyalesseramountthanthetax,thentheburdenofthetaxfallspartlyonthebuyerandpartlyontheseller.Ifthepricedoesntchange,thentheburdenofthetaxfallsentirelyontheseller.,Figure7.1showstheeffectsofataxonCDplayers.1.Withnotax,thepriceofaCDplayeris$100and5,000CDplayersaweekarebought.2.A$10taxonCDplayersshiftsthesupplycurvetoS+tax.,Thepricerisesto$105anincreaseof$5aCDplayer.Thequantitydecreasesto2,000CDplayersaweek.5.Sellersreceive$95adecreaseof$5aCDplayer.,6.Thegovernmentcollectstaxrevenueof$20,000aweekthepurplerectangle.Theburdenofthetaxissplitequallybetweenthebuyerandthesellereachpays$5perCDplayer.,TaxIncidenceandElasticitiesofDemandandSupply,Foragivenelasticityofsupply,thebuyerpaysalargershareofthetaxthemoreinelasticisthedemandforthegood.Foragivenelasticityofdemand,thesellerpaysalargershareofthetaxthemoreinelasticisthesupplyofthegood.,TaxIncidenceandElasticityofDemand,PerfectlyInelasticDemand:
BuyerPaysEntireTaxPerfectlyElasticDemand:
SellerPaysEntireTaxFigures7.2(a)and7.2(b)illustratethesetwoextremecases.,Figure7.2(a)showstaxincidenceinamarketwithperfectlyinelasticdemandthemarketforinsulin.Ataxof20adoseraisesthepriceby20,andthebuyerpaysallthetax.,Figure7.2(b)showstaxincidenceinamarketwithperfectlyelasticdemandthemarketforpinkmarkerpens.,Ataxof10apenlowersthepricereceivedbythesellerby10,andthesellerpaysallthetax.,TaxIncidenceandElasticityofSupplyPerfectlyInelasticSupply:
SellerPaysEntireTaxPerfectlyElasticSupply:
BuyerPaysEntireTaxFigures7.2(c)and7.2(d)illustratethesetwoextremecases.,Figure7.2(c)showstaxincidenceinamarketwithperfectlyinelasticsupplythemarketforspringwater.,Ataxof5abottlelowersthepricereceivedbythesellerby5,andthesellerpaysallthetax.,Figure7.2(d)showstaxincidenceinamarketwithperfectlyelasticsupplythemarketforsand.,Ataxof1apoundincreasesthepriceby1apound,andthebuyerpaysallthetax.,TaxesonIncomeandEmployment,Theprincipleswevejuststudiedapplytoalltypesoftaxes.Theyapplytoincometaxesandemploymenttaxes.TheprinciplesalsoimplythatCongresscannotdecidewhowillpayatax.Marketforcesmakethatdecision.Thenextslidesexaminetaxesonlabor.,Withnotaxes,thewagerateis$6.00anhourand4,000peopleareemployed.1.A20percentsocialsecuritytaxonworkersshiftsthesupplycurvetoS+tax.,Thewageratepaidbyemployersrisesto$6.25anhouranincreaseof25centsanhour.3.Thenumberofpeopleemployeddecreasesto3,000.4Workersreceive$5.00anhouradecreaseof$1anhour.,5.Thegovernmentcollectstaxrevenueshownbythepurplerectangle.Workerspaymostofthetaxbecausethesupplyoflaborismoreinelasticthanthedemandforlabor.,Withnotaxes,thewagerateis$6.00anhourand4,000peopleareemployed.1.Apayrolltaxof$1.25anhourshiftsthedemandcurvetoDtax.2.Thewageratefallsto$5anhouradecreaseof$1.00anhour.,3.Thenumberofworkersemployeddecreasesto3,000.4.Employerstotalcostoflaborrisesto$6.25anhourthe$5.00wagerateplusthe$1.25payrolltax.5.Thegovernmentcollectstaxrevenueshownbythepurplerectangle.,YouvenowseenwhyCongresscantdecidewhopaysataxandhowmarketforcesmakethatdecision.,Wenowexaminetheefficiencyoftaxes.,TaxesandEfficiencyAtaxplacesawedgebetweenthebuyersprice(marginalbenefit)andthesellersprice(marginalcost).Theequilibriumquantityislessthantheefficientquantityandadeadweightlossarises.Theburdenofthetaxexceedsthetaxrevenue.ExcessburdenThedeadweightlossfromataxtheamountbywhichtheburdenofataxexceedsthetaxrevenuereceivedbythegovernment.,7.1TAXES,Figure7.5showstheinefficiencyoftaxes.InFigure7.5(a),themarketisefficientwithmarginalbenefitequaltomarginalcost.,7.1TAXES,Figure7.5(b)showshowtaxescreateinefficiency.A$10taxshiftsthesupplycurvetoS+tax.Marginalbenefitexceedsmarginalcost.Consumersurplusandproducersurplusshrink.Thegovernmentcollectsitstaxrevenue.Adeadweightlossarises.,7.1TAXES,Thelossofconsumersurplusandproducersurplusistheburdenofthetax,whichequalsthetaxrevenueplusthedeadweightloss.Thedeadweightlossistheexcessburdenofthetax.,7.1TAXES,RentceilingAgovernmentregulationthatmakesitillegaltochargemorethanaspecifiedrentforhousing.PriceceilingThehighestpriceatwhichitislegaltotradeaparticulargood,service,orfactorofproduction.Arentceilingisanexampleofapriceceiling.,ARentCeiling,Figure7.6showsahousingmarket.Thedemandforandsupplyofhousingdeterminetheequilibriumrentof$550amonthandtheequilibriumquantityof4,000unitsofhousing.,Figure7.7showshowarentceilingcreatesashortage.Arentceilingisimposedbelowtheequilibriumrentat$400amonth.Thequantityofhousingsupplieddecreasesto3,000units.Thequantityofhousingdemandedincreasesto6,000units.Ashortageof3,000unitsarises.,Whenarentceilingcreatesahousingshortage,twodevelopmentsoccur:
AblackmarketIncreasedsearchactivityBlackmarketAnillegalmarketthatoperatesalongsideagovernment-regulatedmarket.SearchactivityThetimespentlookingforsomeonewithwhomtodobusiness.,Figure7.8showshowarentceilingcreatesablackmarketandhousingsearch.Witharentceilingof$400amonth:
3,000unitsofhousingareavailable.Someoneiswillingtopay$625amonthforthe3,000thunitofhousing.,3.Blackmarketrentsmightbeashighas$625amonthandresourcesgetusedupincostlysearchactivity.,AreRentCeilingsEfficient?
Witharentceiling,theoutcomeisinefficient.Marginalbenefitexceedsmarginalcost.Producersurplusandconsumersurplusshrink,andadeadweightlossarises.Peoplewhocantfindhousingandlandlordswhocantofferhousingatalowerrentlose.,Figure7.9(a)showsanefficienthousingmarket.Themarketisefficientwithmarginalbenefitequaltomarginalcost.Consumersurplusandproducersurplusareaslargeaspossible.,Figure7.9(b)showstheinefficiencyofarentceiling.Arentceilingrestrictsthequantitysuppliedandmarginalbenefitexceedsmarginalcost.Consumersurplus(greenarea)andproducersurplus(bluearea)shrink,Adeadweightlossarises.Otherresourcesarelostinsearchactivityandevadingandenforcingtherentceilinglaw.Resourceuseisinefficient.,Aretherulesfair?
Aretheresultsfair?
Doesblockingrentadjustmentsavoidscarcity?
Whatmechanismsallocateresourceswhenpricesdontdothejob?
Arethosenon-pricemechanismsfair?
AreRentCeilingsFair?
Currentrentersgainandlobbypoliticians.Morerentersthanlandlords,sorentceilingscantipanelection.,IfRentCeilingsAreSoBad,WhyDoWeHaveThem?
Thelabormarketinfluencesemploymentopportunitiesandwagerates.Figure7.10showsamarketforfast-foodserversThedemandforandsupplyoffast-foodserversdeterminetheequilibriumwagerateof$5anhourandtheequilibriumquantityof5,000serversemployed.,MinimumwagelawAgovernmentregulationthatmakeshiringlaborforlessthanaspecifiedwageillegal.PricefloorThelowestpriceatwhichitislegaltotradeaparticulargood,service,orfactorofproduction.Theminimumwageisanexampleofapricefloor.,TheMinimumWage,Figure7.11showshowaminimumwagecreatesunemployment.Aminimumwageisintroducedat$7anhour.Thequantityoflabordemandeddecreasesto3,000workers.Thequantityoflaborsuppliedincreasesto7,000people.4,000peopleareunemployed.,Figure7.12showshowaminimumwageincreasesjobsearch.Attheminimumwagerateof$7anhour,3,000jobsareavailable.Someoneiswillingtotakethe3,000thjobfor$3anhour.,3.Illegalwageratesmightrangefromjustbelow$7anhourto$3anhour.Peoplearewillingtospendtimeonjobsearchthatisworththeequivalentofloweringtheirwagerateby$4anhour.,Thefirmssurplusandworkerssurplusshrink,andadeadweightlossarises.Firmsthatcutbackemploymentandbypeoplewhocantfindjobsatthehigherwageratelose.Thetotallossexceedsthedeadweightlossbecauseresourcesgetusedincostlyjob-searchactivity.,IstheMinimumWageEfficient?
Figure7.13(a)showsanefficientlabormarket.1.Atthemarketequilibrium,themarginalbenefitoflabortofirmsequalsthemarginalcostofworking.2.Thefirmsandworkerssurplusesareaslargeaspossible.,Figure7.13(b)showsaninefficientlabormarketwithaminimumwage.1.Theminimumwagerestrictsthequantitydemanded.2.Thefirmssurplusandtheworkerssurplusshrinks.,3.Adeadweightlossarises.4.OtherresourcesareusedupinjobsearchactivityTheoutcomeisinefficient.,Istherulefair?
Istheresultfair?
Ifthewageratedoesntallocatelabor,whatdoes?
Arenon-wageallocationmechanismsfair?
IstheMinimumWageFair?
Theeffectsofminimumwageonemploymentmightbesmall.Whatwouldmaketheeffectsonemploymentsmall?
Laborunionsmightlobbyforaminimumwage:
why?
IftheMinimumWageIsSoBad,WhyDoWeHaveIt?