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1、CHAPTER9THEANALYSISOFCOMPETITIVEMARKETSTEACHINGNOTESWiththeexceptionofChapter1,Chapter9isthemoststraightforwardandeasilyunderstoodchapterinthetext.Thechapterbeginswithareviewofconsumerandproducersurplusinsection9.1.Ifyouhavepostponedthesetopics,youshouldcarefullyexplainth
2、edefinitionofeach.Section9.2discussesthebasicconceptofefficiencyincompetitivemarketsbycomparingcompetitiveoutcomeswiththoseundermarketfailure.AmoredetaileddiscussionofefficiencyispresentedinChapter16.Sections9.3to9.6presentexamplesofgovernmentpoliciesthatcausethemarketequ
3、ilibriumtodifferfromthecompetitive,efficientequilibrium.Theinstructorcanpickandchooseamongsections9.3to9.6dependingontimeconstraintsandpersonalpreference.Thepresentationineachofthesesectionsfollowsthesameformat:thereisageneraldiscussionofwhymarketinterventionleadstodeadwe
4、ightloss,followedbythepresentationofanimportantpolicyexample.Eachsectionisdiscussedinonereviewquestionandappliedinatleastoneexercise.Exercise(1)focusesonminimumwagespresentedinSection9.3.Exercises(4)and(5)reinforcediscussionofpricesupportsandproductionquotasfromSection9.4
5、.Theuseoftariffsandquotas,presentedinSection9.5,canbefoundinExercises(3),(6),(7),(8),(11),and(12).Taxesandsubsidies(Section9.6)arediscussedinExercises(2),(9),and(14).Exercise(10)reviewsnaturalgaspricecontrolsinExample9.1,acontinuationofExample2.7.Exercise(4)maybecomparedt
6、oExample9.4anddiscussedasanextensionofExample2.2.REVIEWQUESTIONS1.Whatismeantbydeadweightloss?Whydoesapriceceilingusuallyresultinadeadweightloss?Deadweightlossreferstothebenefitslosttoeitherconsumersorproducerswhenmarketsdonotoperateefficiently.Thetermdeadweightdenotestha
7、tthesearebenefitsunavailabletoanyparty.Apriceceilingwilltendtoresultinadeadweightlossbecauseatanypricebelowthemarketequilibriumprice,quantitysuppliedwillbebelowthemarketequilibriumquantitysupplied,resultinginalossofsurplustoproducers.Consumerswillpurchaselessthanthemarket
8、equilibriumquantity,resultinginalossofsurplustoconsumers.Consumerswillalsopurchaselessthanthequa
