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Tài liệu trung cấp môn Kinh tế vi mô bằng tiếng Anh - Phần 10

Tài liệu tham khảo Tài liệu trung cấp môn Kinh tế vi mô bằng tiếng Anh gồm 41 phần giúp sinh viên khoa kinh tế học tốt môn Kinh tế vi mô. Tài liệu này là phần 10 giới thiệu về " Mua và bán - Buying and selling " | CHAPTER 9 BUYING AND SELLING In the simple model of the consumer that we considered in the preceding chapters the income of the consumer was given. In reality people earn their income by selling things that they own items that they have produced assets that they have accumulated or most commonly their own labor. In this chapter we will examine how the earlier model must be modified so as to describe this kind of behavior. 9.1 Net and Gross Demands As before we will limit ourselves to the two-good model. We now suppose that the consumer starts off with an endowment of the two goods which we will denote by This is how much of the two goods the consumer has before he enters the market. Think of a farmer who goes to market with cui units of carrots and u 2 units of potatoes. The farmer inspects the prices available at the market and decides how much he wants to buy and sell of the two goods. 1 The Greek letter cj omega is pronounced o-may-gah. THE BUDGET CONSTRAINT 161 Let us make a distinction here between the consumer s gross demands and his net demands. The gross demand for a good is the amount of the good that the consumer actually ends up consuming how much of each of the goods he or she takes home from the market. The net demand for a good is the difference between what the consumer ends up with the gross demand and the initial endowment of goods. The net demand for a good is simply the amount that is bought or sold of the good. If we let be the gross demands then a i cui X2 c are the net demands. Note that while the gross demands are typically positive numbers the net demands may be positive or negative. If the net demand for good 1 is negative it means that the consumer wants to consume less of good 1 than she has that is she wants to supply good 1 to the market. A negative net demand is simply an amount supplied. For purposes of economic analysis the gross demands are the more important since that is what the consumer is ultimately concerned with. But the net