微观经济学课件

,*,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,Chapter 14,Land And Rent,黄新飞,International Business School,Sun,Yat Sen University,Chapter 14 Land And Rent,2,Rent as Return to Fixed Factors,The price of using a piece of land for a period of time is called,rent,or,pure economic rent,.,Rent is the payment of the use of factors of production that are fixed in supply.,2Rent as Return to Fixed Facto,3,Fixed Land Must Work for whatever it can earn,R,L,D,D,S,S,Perfectly inelastic supply characterizes the case of rent.,We run up the SS curve to the factor demand curve to determine rent.,3Fixed Land Must Work for what,4,Rent of land(dollars per year),Quantity of land,S,D,D,400,300,200,100,0,Q,In economics,we say that the landlord bears the burden of the tax.,S,E,E,L,D,D,4Rent of land(dollars per yea,5,Taxing Land,A tax on fixed land leaves prices paid by users unchanged at E but reduces rent retained by landowners to E,R,L,D,D,S,S,100,200,300,0,E,E,D,D,5Taxing LandA tax on fixed lan,6,The Single Tax Movement,That is precisely the conclusion reached by someone a continent away in a similar situation.,That person was the journalist Henry George,the time and place was 19th-century America,and the debate was over the so-called single tax movement.“,A tax on pure economic rent leads to,no,allocative inefficiency or dead weight loss,6The Single Tax MovementThat i,7,Basic Concepts,Capital,(or capital goods)consists of those durable produced goods that are in turn used as productive input for further production.,There are three major categories of capital goods:structures,equipment,and inventories of inputs and outputs.,7Basic ConceptsCapital(or cap,8,Price and Rentals on Capital Goods,Price of capital goods denotes the price of capital goods bought and sold in capital-goods markets.,Payments for temporary use of capital goods called rentals.,8Price and Rentals on Capital,9,The Rate of Return on Capital,The,rate of return on capital,denotes the net dollar per year for every dollar of invested capital.,9The Rate of Return on Capital,10,课堂测试,14,世纪的欧洲，鼠疫的流行在短短几年内夺去了大约三分之一人口的生命。这个被称为黑死病的事件为检验我们刚刚提出了一个可怕的自然实验。你认为工人攒到的工资和土地所有者的租金有什么变动呢？,10课堂测试 14世纪的欧洲，鼠疫的流行在短短几年内夺去了大,11,Financial Assets and Interest Rate,Financial assets,include Cash,and those assets that can be converted to cash in a reasonably short period of time.,The,interest rate,is the price for borrowing money for period of time,usually expressed as a percentage of the principal(,本金,)per year.,11Financial Assets and Interes,12,Nominal and Real Interest Rate,The,nominal interest rate,measures the yield in dollars per year per dollar investment.,The,real interest rate,is the nominal rate of interest,adjusted for compounding,minus the inflation rate.,12Nominal and Real Interest Ra,13,The Relation of Real Interest Rate and Nominal Rate,Let,r,the real interest,；,i,the nominal interest rate,；,be the inflation rate,：,13The Relation of Real Interes,14,Interest Rates on Selected Finanical Instruments,U.S.financial instrument,%,State and local bonds,High grade,tax free,3.5,Federal government bonds,Short term,6.5,Long term,8.3,Corporate bonds,Safe(Aaa),9.2,Risky(Bbb),10.3,Consumer loans,Mortgages,9.9,Credit cards,16.2,Mew-car loans,11.2,14Interest Rates on Selected F,15,Present Value of Assets,The,present value,is the dollar value today of a stream of income over time.,15Present Value of AssetsThe p,16,Present Value,t,years from now,16Present Value t years from,17,General Formula for Present Value,17General Formula for Present,Present Value of an Asset,Present Value of an Asset,19,Present Value for Perpetuties,Perpetuity pays,N,each year from now to eternity,We can calculate present value,：,19Present Value for Perpetutie,20,课堂测试,请判断以下观点是否正确：,如果投资,1,单位资本的净现值为正，则为了利润最大化目标的企业投资这一单位的资本,利率越高，资本需求量越大；资本需求的增加会导致利率的提高,对于不可再生性自然资源，如果下一年度预期价格的现值高于本年度的价格，则企业会选择下一年出售该资源而不是在本年度就出售。,20课堂测试 请判断以下观点是否正确：,21,Profits and Determinants of Profits,Acting to Maximize Present Value,Determinants of Profits:,profits as implicit returns,profits as reward for risk bearing,Profits as reward for innovation,21Profits and Determinants of,22,The Theories of Capital and Interest,Investment is a roundabout,（,迂回,）,production behavior,Investments today yield consumption,Per capita consumption,time,present,future,22The Theories of Capital and,23,课堂测试,资本的需求曲线反映着利率与资本需求量之间的反向关系；资本供给反映着利率和资本供给量之间的正向关系。请解释资本需求曲线和资本供给曲线的移动因素是什么？,23课堂测试 资本的需求曲线反映着利率与资本需求量之间的反向,24,Short-Run Equilibrium,In the short run,the economy has inherited a given stock of capital from past,D,D,S,S,Rate of return and interest rate,Stock of Capital,E,24Short-Run EquilibriumIn the,25,Long Run Equilibrium of Capital Market,In the long-run stock of capital comes at the real interest rate where the value of assets that people want to hold exactly matches the amount of capital that firms want for production,D,D,S,S,S,S,S,S,S,L,S,L,E,E,Long-run,equilibrium,Short-run,equilibrium,Rate of return and interest rate,Stock of Cap