Yunastiti Purwaningsih 1. Intro to Microeconomics.

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1 Yunastiti Purwaningsih 1. Intro to Microeconomics

2 Economics is the science that deals with the allocation of limited resources to satisfy unlimited human wants. To produce goods and services, we need resources, including labor, managerial talent, capital, and raw materials. Resources are said to be scarce because their supply is limited. The scarcity of resources means that we are constrained in the choices we can make about the goods and services we produce, and thus also about which human wants we will ultimately satisfy. That is why economics is often described as the science of constrained choice. 1.1 WHY STUDY MICROECONOMICS ? yst Sumber daya terbatas Keinginan tidak terbatas labor, managerial talent, capital, raw materials goods and services Scarce :

3 1.1 WHY STUDY MICROECONOMICS ? yst Economics : microeconomics and macroeconomics Microeconomics : studies the economic behavior of individual economic decision makers, such as a consumer, a worker, a firm, or a manager. It also analyzes the behavior of individual households, industries, markets, labor unions, or trade associations. Macroeconomics : analyzes how an entire national economy performs. A course in macroeconomics would examine aggregate levels of income and employment, the levels of interest rates and prices, the rate of inflation, and the nature of business cycles in a national economy.

4 Constrained choice is important in both macroeconomics and microeconomics. In macroeconomics we would see that a society with full employment could produce more goods for national defense, but it would then have to produce fewer civilian goods. It might use more of its depletable natural resources, such as natural gas, coal, and oil, to manufacture goods today, in which case it would conserve less of these resources for the future. 1.1 WHY STUDY MICROECONOMICS ? yst

5 Constrained choice is important in both macroeconomics and microeconomics. In a microeconomic setting, a consumer might decide to allocate more time to work, but would then have less time available for leisure activities. The consumer could spend more income on consumption today, but would then save less for tomorrow. A manager might decide to spend more of a firm’s resources on advertising, but this might leave less available for research and development. 1.1 WHY STUDY MICROECONOMICS ? Every society has its own way of deciding how to allocate its scarce resources. yst

6 Regardless of its market system, every society must answer these questions: What goods and services will be produced, and in what quantities ?..what Who will produce the goods and services, and how ?....how Who will receive the goods and services ?...for whom 1.1 WHY STUDY MICROECONOMICS ? What……How…..For Whom yst

7 Microeconomic analysis attempts to answer these questions by studying the behaviour of individual economic units. By answering questions about how consumers and producers behave, microeconomics helps us understand the pieces that collectively make up a model of an entire economy. 1.1 WHY STUDY MICROECONOMICS ? What……How…..For Whom yst

8 Microeconomic analysis also provides the foundation for examining the role of the government in the economy and the effects of government actions. Microeconomic tools are commonly used to address some of the most important issues in contemporary society. These include (but are not limited to) pollution, rent controls, minimum wage laws, import tariffs and quotas, taxes and subsidies, food stamps, government housing and educational assistance programs, government health care programs, workplace safety, and the regulation of private firms. 1.1 WHY STUDY MICROECONOMICS ? What……How…..For Whom yst

9 To study real phenomena in a world that is exceedingly complex, economists construct and analyze economic models, or formal descriptions, of the problems they are addressing. Exogenous variable : A variable whose value is taken as given in the analysis of an economic system. Endogenous variable : A variable whose value is determined within the economic system being studied. 1.2 THREE KEY ANALYTICAL TOOLS yst

10 1.2 THREE KEY ANALYTICAL TOOLS Model : seberapa jauh bola jatuh setelah dijatuhkan dari atap gedung… Mengasumsikan kekuatan gravitasi dan udara tertentu (konstan)  variable eksogen Dengan variabel eksogen tertentu  model dibangun dengan menerangkan hubungan antara jarak dari tempat bola dijatuhkan dan waktu bola jatuh  jarak dan waktu merupakan variabel endogen yst

11 1.2 THREE KEY ANALYTICAL TOOLS Model : Seberapa banyak jumlah beras yang dibeli pada berbagai tingkat harga beras. Mengasumsikan variabel : Pendapatan, selera, jumlah anggota keluarga tetap (semuanya konstan)  variable eksogen Dengan variabel eksogen tertentu = ceteris paribus  maka model dibangun dengan menerangkan hubungan antara jumlah beras dan harga beras  tingkat harga beras merupakan variabel endogen Qd beras = F ( P beras | pendapatan, selera, jumlah anggota keluarga ) yst cp Contoh

12 1.2 THREE KEY ANALYTICAL TOOLS Model : Seberapa banyak jumlah mobil R3 yang ditawarkan pada berbagai tingkat harga mobil R3. Mengasumsikan variabel : Tingkat teknologi, harga input, peraturan pemerintah (semuanya konstan)  variable eksogen Dengan variabel eksogen tertentu = ceteris paribus  maka model dibangun dengan menerangkan hubungan antara jumlah mobil R3 dan harga mobil R3  tingkat harga mobil R3 merupakan variabel endogen Qd mobil R3 = F ( P mobil R3 | Tingkat teknologi, harga input, peraturan pemerintah ) yst cp Contoh

13 1.2 THREE KEY ANALYTICAL TOOLS yst

14 1.2 THREE KEY ANALYTICAL TOOLS yst Optimasi dengan kendala  pilihan optimal

15 1.2 THREE KEY ANALYTICAL TOOLS yst Konsumen membeli barang untuk memaksimalkan kepuasannya  fungsi obyektif : tingkat kepuasan dan jumlah barang yang dibeli Produsen memproduksi output pada ongkos yang minimal  fungsi obyektifnya : ongkos total yang minimal pada beberapa output yang diproduksi

16 1.2 THREE KEY ANALYTICAL TOOLS yst Meminimalkan pengeluaran dengan kendala tingkat kepuasan  Meminimalkan pengeluaran pada tingkat kepuasan

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19 1.2 THREE KEY ANALYTICAL TOOLS yst

20 1.2 THREE KEY ANALYTICAL TOOLS yst

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23 1.3 POSITIVE AND NORMATIVE ANALYSIS yst

24 1.3 POSITIVE AND NORMATIVE ANALYSIS Positive analysis asks explanatory questions such as “What has happened?” or “What is happening?” It may also ask a predictive question: “What will happen if some exogenous variable changes?” yst Qd beras = F ( P beras | pendapatan, selera, jumlah anggota keluarga ) ceteris paribus

25 1.3 POSITIVE AND NORMATIVE ANALYSIS normative analysis asks prescriptive questions, such as “What should be done?” Normative studies typically focus on issues of social welfare, examining what will enhance or detract from the common good. In so doing, they often involve value judgments. For example, policy makers may want to consider whether we should raise the minimum wage to benefit the least skilled and least experienced workers. yst Analisis positif ????

26 REVIEW QUESTIONS 1.What is the difference between microeconomics and macroeconomics ? 2.Why is economics often described as the science of constrained choice ? 3.How does the tool of constrained optimization help decision makers make choices ? What roles do the objective function and constraints play in a model of constrained optimization ? 4.Suppose the market for wheat is competitive, with an upward-sloping supply curve, a downward-sloping demand curve, and an equilibrium price of $4.00 per bushel. Why would a higher price (e.g., $5.00 per bushel) not be an equilibrium price? Why would a lower price (e.g., $2.50 per bushel) not be an equilibrium price ? yst

27 REVIEW QUESTIONS 5.What is the difference between an exogenous variable and an endogenous variable in an economic model ? Would it ever be useful to construct a model that contained only exogenous variables (and no endogenous variables) ? 6.Why do economists do comparative statics analysis? What role do endogenous variables and exogenous variables play in comparative statics analysis? 7.What is the difference between positive and normative analysis? Which of the following questions would entail positive analysis, and which normative analysis? a.What effect will Internet auction companies have on the profits of local automobile dealerships ? b.Should the government impose special taxes on sales of merchandise made over the Internet ? yst

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