### 经济代写|微观经济学代写Microeconomics代考|ECON 2506

statistics-lab™ 为您的留学生涯保驾护航 在代写微观经济学Microeconomics方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写微观经济学Microeconomics代写方面经验极为丰富，各种代写微观经济学Microeconomics相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|微观经济学代写Microeconomics代考|Equilibrium

Have you ever thought about how it is possible that the baker knows that you will buy a bagel when you go to the city? When you enter his store, the bagel is just there, ready for you to buy and eat it. How come? How could the baker have known, even though you never ordered the bagel in advance? If this example seems a little bit underwhelming, to put it mildly, then you better think twice. The great miracle of the market mechanism is that millions and billions of people are making decisions in an apparently uncoordinated, decentralized way and, despite this fact, there is a great deal of order in market outcomes. How is this possible?

Well, the first hint is that decisions are, of course, not uncoordinated. They are coordinated by market prices that shape individual incentives to buy and sell (and,more generally, to act), so decisions in a market economy are decentralized, but not uncoordinated. The question then becomes: to what extent are prices able to coordinate individual behavior and what does this imply for the functioning of markets?

Economists put a lot of emphasis on the idea of equilibrium. To motivate a formal definition, look at the following example: assume that, at a given market price, demand exceeds supply, i.e., customers want to buy more than suppliers are willing to sell. A situation like this has an in-built tension, because some customers have to go home unsatisfied: the decentralized plans of the economic agents are mutually inconsistent. (One reaches the same conclusion in the opposite case of excessive supply.) Therefore, the only situation where all the plans of the economic agents are compatible is at a price where supply equals demand. This situation is called an equilibrium. It can be defined for the whole economy with $n$ different goods and associated markets (general equilibrium), or for a single market for good $i$, leaving the rest of the economy out of the picture (partial equilibrium). For simplicity, and without significance for the results, suppose that all customers have identical budgets, $b$.

## 经济代写|微观经济学代写Microeconomics代考|Equilibrium Analysis

As one says, the proof of the pudding is in the eating so, the next step is to see how useful the model of perfect competition is for gaining better understanding of the economy. The most important comparative-static exercises for the supply and demand side have already been covered. This subchapter will now put them together to show how they can be used to develop one’s intuition for the effects of external shocks or economic policy. The case studies below are intended to give one a basic idea of how to analyze economic problems by means of models. The purpose is not to develop a complete picture, which would be a very demanding task. Even the very simple model of demand and supply gives one a lot of mileage in understanding complex social phenomena.

Case Study: How Bad Weather in Brazil Affects the Swiss Coffee Market Coffee is an important agricultural product worldwide, and Brazil is the world’s largest coffee producer. In the days before the so-called second and third waves of coffee culture, coffee was essentially run down to a commodity of moderate quality and low prices. Low quality implied that the customers had low willingness to pay, and a low willingness to pay implied that farmers would have a low willingness to invest in quality. Assume that there is a world market for green coffee and that the situation in this market can be summarized by Fig. 4.10.

The supply of green coffee is shown by the upward-sloping supply function $y(p)$, which is determined by the coffee farmers from the different growing regions. On that note, the downward-sloping function, $x(p)$, is the demand for green coffee, which is determined by the coffee roasters, who buy green coffee, roast and package it, and sell it directly to the consumer or to national retailers. Assume that these supply and demand functions reflect the situation in an average year with average harvests. The equilibrium in this market is given by the intersection of the supply and demand curves, which implies a market price of $p^{}$ and a trade volume of $x^{}$.
Now, examine the effects of adverse weather conditions in a country, like Brazil, that is responsible for about one third of the world supply of green coffee. These weather conditions reduce the crop by a substantial amount compared to an average year. The effect of this reduction in supply is illustrated in Fig. 4.11: the world supply function for green coffee shifts leftward, because the quantity available at any given price is now smaller than in an average year. The demand function is unaffected by this change, because it is mainly determined by the demand function of the final customers, which leverages onto the demand function of the roasters.

## 经济代写|微观经济学代写Microeconomics代考|Normative Properties of Competitive Markets

The definition of Pareto efficiency is very general and relies on a concept of individual well-being that this textbook has not formally introduced so far. While motivating individual and market demand, Chap. 4 made a vague point that it has something to do with individual preferences that we will formally introduce in Chap. 7. In order to see if one can say anything about the efficiency of equilibria on competitive markets, one has to derive a proximate measure for efficiency. Fortunately, this can be done.

In order to see how to do this, it makes sense to focus on a special example of a market, a market for some good in which the demand of a single customer is typically either zero or one, like refrigerators. The analysis is completely general, though, and extends to all products. Figure $5.1$ shows the demand function on the market for fridges.

Each point along the demand function can be associated with a specific individual in society and the individuals are ranked according to their willingness to pay for a fridge. This interpretation allows for a very powerful interpretation of the points along the demand function: they give us the customers’ maximum willingness to pay. Look at the individual who is “behind” the first unit of the good. The marketdemand function at this point signals a willingness to pay that is equal to $\mathrm{CHF} 2000$. How does one know? By analyzing the response of this customer to different prices. If the market price is below CHF 2000 , the customer is willing to buy, if it is above, she prefers to not buy. Thus, CHF 2000 is the critical price of the good where the customer is indifferent between buying and not buying, hence it is her willingness to pay.

Assume that the price of the good is equal to CHF 1200. In that case, the customer will buy one unit of the product. Is it possible to infer anything about the customer’s increase in well-being? Under a certain condition that will have to be scrutinized below, yes, because her willingness to pay would have been CHF 2000 and she pays only CHF 1200 , so a monetary measure for her increase in wellbeing is CHF 2000 – CHF $1200=$ CHF 800 . The same logic can be applied to all customers, whose willingness to pay exceeds the market price. (All other customers are neither better nor worse off, because they do not buy the good.) Therefore, the aggregate monetary surplus is given by the added differences between one’s maximum willingness to pay and one’s actual payment. It is equal to the triangular area $\mathrm{ABC}$ in Fig. 5.1. This area is called the consumer surplus.

In order to define this measure formally, one has to make use of the concept of an inverse function. Remember that a function, $f$, is a mapping from one set $A$ to some other set $B$ that links elements from $A$ with elements from $B$, so $f: A \rightarrow B$. Assume that the mapping is one-to-one such that, for every element $a$ in $A$ there is exactly one element $b$ in $B$ that is connected with the element in $A$ by $f, b=f(a)$ and vice versa. The function, $f$, answers the question as to which elements in $B$ are associated with the elements in $A$. One can also ask the opposite question: take an arbitrary element of $B$; which element of $A$ is associated with it? Given that the mapping is on-to-one, the answer is given by the inverse function that is usually denoted by $f^{-1}$ and which is a mapping from $B$ to $A$.

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## MATLAB代写

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