经济学原理Chap06曼昆.ppt

Supply, Demand and Government Policies Chapter 6 Copyright ? 2001 by Harcourt, Inc . All rights reserved. Requests for permission to make copies of any part of the work should be mailed to: Permissions Department, Harcourt College Publishers, 6277 Sea Harbor Drive, Orlando, Florida 32887-6777. Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. Supply, Demand, and Government Policies u In a free, unregulated market system, market forces establish equilibrium prices and exchange quantities. u While equilibrium conditions may be efficient, it may be true that not everyone is satisfied. u One of the roles of economists is to use their theories to assist in the development of policies. Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. Price Controls... u Are usually enacted when policymakers believe the market price is unfair to buyers or sellers. u Result in government-created price ceilings and floors. Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. Price Ceilings & Price Floors Price Ceiling u A legally established maximum price at which a good can be sold. Price Floor u A legally established minimum price at which a good can be sold. Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. Price Ceilings Two es are possible when the government imposes a price ceiling: ? The price ceiling is not binding if set above the equilibrium price. ? The price ceiling is binding if set below the equilibrium price, leading to a shortage. A Price Ceiling That Is Not Binding... $4 3 Quantity of Ice-Cream Cones 0 Price of Ice-Cream Cone Demand Supply Price ceiling Equilibrium price 100 Equilibrium quantity Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. A Price Ceiling That Is Binding... $3 Quantity of Ice-Cream Cones 0 Price of Ice-Cream Cone 2 Demand Supply Equilibrium price Price ceiling Shortage 125 Quantity demanded