Transcript Indifference Curve - RI UAEMex - Universidad Autónoma del Estado

UNIVERSIDAD AUTÓNOMA DEL ESTADO DE MÉXICO
FACULTAD DE ECONOMÍA
Licenciatura en Negocios
Internacionales, Bilingüe
Unidad de Aprendizaje:
Fundamentos Economicos de los
Negocios*
Unidad 3.- Analisis de la Demanda
Elaboró: Gabriela Munguía
Vázquez
O c t ubre 2 016
Guión explicativo de uso
■ Las siguientes diapositivas contienen puntos importantes sobre la Unidad I de UA
Fundamentos Económicos de los Negocios*.
■ Éstas se complementan con ejemplos claros y ejercicios con la finalidad de ayudar a
que el alumno tenga una mejor comprensión de los temas tratados.
Explanatory use guide
■ The following slides contain important points on the Unit I of the Economic
Foundations of Business* learning unit.
■ These are complemented with clear examples and exercises in order to help the
student to have a better understanding of the class issues.
Fundamentos Económicos de los
Negocios*
Objetivos de la unidad de aprendizaje.
Comprender la economía de los negocios y de las áreas funcionales en las que se
estructuran, a partir de los conceptos básicos como: oferta, demanda, elasticidades,
agregados económicos, estructuras de mercado
Unidad 3. Análisis de la demanda
3.1. La Utilidad
3.2. Intercambios y sustitución
3.3. Principios de la equimarginalidad
3.4. Análisis basado en curvas de indiferencia
3.5. El excedente del consumidor y sus aplicaciones
Objectives
After studying this session, you will be able to:
– Define economics and distinguish between microeconomics and
macroeconomics
– Explain how economists go about their work as social scientists
– Explain the ideas that define the economic way of thinking
– Explain the three big questions of microeconomics
1-6
3.1. LA UTILIDAD
Definition: The utility function measures the level of
satisfaction that a consumer receives from any
basket of goods.
8
 The utility function assigns a number to each
basket
 More preferred baskets get a higher number
than less preferred baskets.
 Utility is an ordinal concept
 The precise magnitude of the number that the
function assigns has no significance.
9
 Ordinal ranking gives information about the
order in which a consumer ranks baskets
 E.g. a consumer may prefer A to B, but we
cannot know how much more she likes A to B
 Cardinal ranking gives information about the
intensity of a consumer’s preferences.
 We can measure the strength of a consumer’s
preference for A over B.
10
Example: Consider the result of an exam
• An ordinal ranking lists the students in order of their
performance
E.g., Harry did best, Sean did second best, Betty did
third best, and so on.
• A cardinal ranking gives the marks of the exam, based on
an absolute marking standard
E.g. Harry got 90, Sean got 85, Betty got 80, and so on.
11
Implications of an ordinal utility function:
 Difference in magnitudes of utility have no
interpretation per se
 Utility is not comparable across individuals
12
3.2 INTERCAMBIOS Y
SUSTITUCION
We can express the MRS for any basket as a ratio of
the marginal utilities of the goods in that basket
 Suppose the consumer changes the level of
consumption of x and y. Using differentials:
dU = MUx . dx + MUy . dy
 Along a particular indifference curve, dU = 0, so:
0 = MUx . dx + MUy . dy
14
 Solving for dy/dx:
dy = _ MUx
dx MUy
 By definition, MRSx,y is the negative of the slope
of the indifference curve:
MRSx,y = MUx
MUy
15
 Diminishing marginal utility implies the
indifference curves are convex to the origin
(implies averages preferred to extremes)
16
3.3. PRICIPIOS DE
EQUIMARGINALIDAD
Definition: The marginal utility of good x is the
additional utility that the consumer gets from
consuming a little more of x
MUx = dU
dx
 It is is the slope of the utility function with
respect to x.
 It assumes that the consumption of all other
goods in consumer’s basket remain constant.
18
Definition: The principle of diminishing marginal
utility states that the marginal utility of a good
falls as consumption of that good increases.
Note: A positive marginal utility implies
monotonicity.
19
3.4 ANALISIS BASADOS EN
CUERVAS DE
INDIFERENCIA
Definition: An Indifference Curve is the set of all
baskets for which the consumer is indifferent
Definition: An Indifference Map illustrates the set
of indifference curves for a particular consumer
21
1. Completeness
 Each basket lies on only one indifference
curve
2. Monotonicity
 Indifference curves have negative slope
 Indifference curves are not “thick”
22
y
•
A
x
23
y
Preferred to A
•
A
x
24
y
Preferred to A
•
A
Less
preferred
x
25
y
Preferred to A
•
A
Less
preferred
IC1
x
26
y
A
•
•
B
IC1
x
27
3. Transitivity
 Indifference curves do not cross
4. Averages preferred to extremes
 Indifference curves are bowed toward the
origin (convex to the origin).
28
y
• Suppose a consumer is
indifferent between A and C
• Suppose that B preferred to A.
IC1
•
A
•
B
C
•
x
29
y
IC1
IC2
•
A
•
B
 It cannot be the case that an IC
contains both B and C
 Why? because, by definition of IC
the consumer is:
• Indifferent between A & C
• Indifferent between B & C
Hence he should be indifferent
between A & B (by transitivity).
=> Contradiction.
C
•
x
30
y
A
•
•
B
IC1
x
31
y
A
•
(.5A, .5B)
•
•
B
IC1
x
32
y
A
•
(.5A, .5B)
•
IC2
•
B
IC1
x
33
There are several ways to define the Marginal Rate
of Substitution
Definition 1: It is the maximum rate at which the
consumer would be willing to substitute a little
more of good x for a little less of good y in order
to leave the consumer just indifferent between
consuming the old basket or the new basket
34
Definition 2: It is the negative of the slope of the
indifference curve:
MRSx,y = — dy (for a constant level of
dx
preference)
35
An indifference curve exhibits a diminishing
marginal rate of substitution:
1. The more of good x you have, the more you
are willing to give up to get a little of good y.
2. The indifference curves
• Get flatter as we move out along the
horizontal axis
• Get steeper as we move up along the
vertical axis.
36
3.5 EL EXCEDENTE DEL
CONSUMIDOR Y SUS
APLICACIONES
Surplus
Price of coffee
beans (per pound)
There is a surplus of a
good when the quantity
supplied exceeds the
quantity demanded.
Surpluses occur when
the price is above its
equilibrium level.
Supply
$2.00
1.75
Surplus
1.50
1.25
E
1.00
0.75
0.50
0
Demand
7
8.1
10
11.2
13
15
17
Quantity of coffee beans
(billions of pounds)
Quantity
demanded
Quantity
supplied
Shortage
Price of
coffee beans
(per pound)
Supply
$2.00
1.75
1.50
1.25
There is a shortage of a
good when the quantity
demanded exceeds the
quantity supplied.
Shortages occur when
the price is below its
equilibrium level.
E
1.00
0.75
Shortage
0.50
0
7
9.1
10
Quantity
supplied
11.5
Quantity
demanded
Demand
13
15
17
Quantity of coffee beans
(billions of pounds)
1. Characterization of consumer preferences without
any restrictions imposed by budget
2. Minimal assumptions on preferences to get
interesting conclusions on demand…seem to be
satisfied for most people. (ordinal utility function)
40
Acervo bibliográfico
Hirshleifer, Jack; Glazer, Amihai (1994) Microeconomía, Teoría y
Aplicaciones, 5ª Edición, Prentice Hall.
Gould, John P. Lazear, Edward (1994) Teoría Microeconómica, 3ª
Edición, F.C.E
Samuelson, Nordhaus, Dieck y J. Salazar (2005) Economía. Mc Graw
Hill.
Samuelson, Nordhaus, Dieck y J. Salazar (2001) Macroeconomía
con aplicaciones a México. Mc Graw Hill.
Stanley Fischer, Rudiger Dornbusch (2002) Economía. España.
McGraw – Hill.