曼昆微观经济学教材第六章练习英文答案.docx
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曼昆微观经济学教材第六章练习英文答案.docx
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曼昆微观经济学教材第六章练习英文答案
WHAT’SNEWINTHESIXTHEDITION:
ThereisanewIntheNewsfeatureon“ShouldUnpaidInternshipsBeAllowed?
”
LEARNINGOBJECTIVES:
Bytheendofthischapter,studentsshouldunderstand:
Øtheeffectsofgovernmentpoliciesthatplaceaceilingonprices.
Øtheeffectsofgovernmentpoliciesthatputafloorunderprices.
Øhowataxonagoodaffectsthepriceofthegoodandthequantitysold.
Øthattaxesleviedonsellersandtaxesleviedonbuyersareequivalent.
Øhowtheburdenofataxissplitbetweenbuyersandsellers.
CONTEXTANDPURPOSE:
Chapter6isthethirdchapterinathree-chaptersequencethatdealswithsupplyanddemandandhowmarketswork.Chapter4developedthemodelofsupplyanddemand.Chapter5addedprecisiontothemodelofsupplyanddemandbydevelopingtheconceptofelasticity—thesensitivityofthequantitysuppliedandquantitydemandedtochangesineconomicconditions.Chapter6addressestheimpactofgovernmentpoliciesoncompetitivemarketsusingthetoolsofsupplyanddemandthatyoulearnedinChapters4and5.
ThepurposeofChapter6istoconsidertwotypesofgovernmentpolicies—pricecontrolsandtaxes.Pricecontrolssetthemaximumorminimumpriceatwhichagoodcanbesoldwhileataxcreatesawedgebetweenwhatthebuyerpaysandwhatthesellerreceives.Thesepoliciescanbeanalyzedwithinthemodelofsupplyanddemand.Wewillfindthatgovernmentpoliciessometimesproduceunintendedconsequences.
KEYPOINTS:
∙Apriceceilingisalegalmaximumonthepriceofagoodorservice.Anexampleisrentcontrol.Ifthepriceceilingisbelowtheequilibriumprice,sothepriceceilingisbinding,thequantitydemandedexceedsthequantitysupplied.Becauseoftheresultingshortage,sellersmustinsomewayrationthegoodorserviceamongbuyers.
∙Apricefloorisalegalminimumonthepriceofagoodorservice.Anexampleistheminimumwage.Ifthepricefloorisabovetheequilibriumprice,sothepricefloorisbinding,thequantitysuppliedexceedsthequantitydemanded.Becauseoftheresultingsurplus,buyers’demandsforthegoodorservicemustberationedinsomewayamongsellers.
∙Whenthegovernmentleviesataxonagood,theequilibriumquantityofthegoodfalls;thatis,ataxonamarketshrinksthesizeofthemarket.
∙Ataxonagoodplacesawedgebetweenthepricepaidbybuyersandthepricereceivedbysellers.Whenthemarketmovestothenewequilibrium,buyerspaymoreforthegoodandsellersreceivelessforit.Inthissense,buyersandsellerssharethetaxburden.Theincidenceofatax(thatis,thedivisionofthetaxburden)doesnotdependonwhetherthetaxisleviedonbuyersorsellers.
∙Theincidenceofataxdependsonthepriceelasticitiesofsupplyanddemand.Mostoftheburdenfallsonthesideofthemarketthatislesselasticbecausethatsideofthemarketcanrespondlesseasilytothetaxbychangingthequantityboughtorsold.
CHAPTEROUTLINE:
I.ControlsonPrices
A.Definitionofpriceceiling:
alegalmaximumonthepriceatwhichagoodcanbesold.
B.Definitionofpricefloor:
alegalminimumonthepriceatwhichagoodcanbesold.
C.HowPriceCeilingsAffectMarketOutcomes
Figure1
1.Therearetwopossibleoutcomesifapriceceilingisputintoplaceinamarket.
a.Ifthepriceceilingishigherthanorequaltotheequilibriumprice,itisnotbindingandhasnoeffectonthepriceorquantitysold.
b.Ifthepriceceilingislowerthantheequilibriumprice,theceilingisabindingconstraintandashortageiscreated.
2.Ifashortageforaproductoccurs(andpricecannotadjusttoeliminateit),amethodforrationingthegoodmustdevelop.
3.Notallbuyersbenefitfromapriceceilingbecausesomewillbeunabletopurchasetheproduct.
4.CaseStudy:
LinesattheGasPump
Figure2
a.In1973,OPECraisedthepriceofcrudeoil,whichledtoareductioninthesupplyofgasoline.
b.Thefederalgovernmentputapriceceilingintoplaceandthiscreatedlargeshortages.
c.Motoristswereforcedtospendlargeamountsoftimeinlineatthegaspump(whichishowthegaswasrationed).
d.Eventually,thegovernmentrealizeditsmistakeandrepealedthepriceceiling.
ALTERNATIVECLASSROOMEXAMPLE:
Askstudentsabouttherentalmarketintheirtown.Drawasupply-and-demandgraphfortwo-bedroomapartmentsaskingstudentswhattheybelievetheequilibriumrentalrateis.Thensuggestthatthecitycouncilisaccusinglandlordsoftakingadvantageofstudentsandthusplacesapriceceilingbelowtheequilibriumprice.Makesurethatstudentscanseethatashortageofapartmentswouldresult.Askstudentstoidentifythewinnersandlosersofthisgovernmentpolicy.
5.CaseStudy:
RentControlintheShortRunandtheLongRun
Figure3
a.Thegoalofrentcontrolistomakehousingmoreaffordableforthepoor.
b.Becausethesupplyofapartmentsisfixed(perfectlyinelastic)intheshortrunandupwardsloping(elastic)inthelongrun,theshortageismuchlargerinthelongrunthanintheshortrun.
c.Rent-controlledapartmentsarerationedinanumberofwaysincludinglongwaitinglists,discriminationagainstminoritiesandfamilieswithchildren,andevenunder-the-tablepaymentstolandlords.
d.Thequalityofapartmentsalsosuffersduetorentcontrol.
Seinfeld,“TheApartment.”Season2(1:
55-5:
20,9:
02-9:
49).Jerrylivesinarent-controlledbuilding.TheonlytimeanapartmentopensupiswhenMrs.Hudwalkerdiesbecauserentcontrolscreateimmobility.ElaineandJerryfindoutabouttheopening,andbecauseElainehappenstobefirstinline,shegetsitfor$400permonth.Subsequently,JerrygetsworriedabouthavingElainelivingsoclose,andtellsElainethatshecan'thavetheapartment—thesuperwasoffereda$5,000bribe.Thisisagoodcliptointroducetheconceptofblackmarkettransactions.
D.HowPriceFloorsAffectMarketOutcomes
1.Therearetwopossibleoutcomesifapricefloorisputintoplaceinamarket.
Figure4
a.Ifthepricefloorislowerthanorequaltotheequilibriumprice,itisnotbindingandhasnoeffectonthepriceorquantitysold.
b.Ifthepricefloorishigherthantheequilibriumprice,thefloorisabindingconstraintandasurplusiscreated.
ALTERNATIVECLASSROOMEXAMPLE:
Gothroughanexamplewithanagriculturalpricesupport.Showstudentsthat,eventhoughapricesupportisnotalegalminimumprice,itsresultisexactlythesameasapricefloor.Makesurethatstudentscanseethatasurpluswillresult.Askstudentstoidentifythewinnersandlosersofthisgovernmentpolicy.Makesurethatyoualsopointoutthecostsoftheprogram(purchasingthesurplusandstoringit).
2.CaseStudy:
TheMinimumWage
Figure5
a.Themarketforlaborlookslikeanyothermarket:
downward-slopingdemand,upward-slopingsupply,anequilibriumprice(calledawage),andanequilibriumquantityoflaborhired.
b.Iftheminimumwageisabovetheequilibriumwageinthelabormarket,asurplusoflaborwilldevelop(unemployment).
c.Theminimumwagewillbeabindingconstraintonlyinmarketswhereequilibriumwagesarelow.
d.Thus,theminimumwagewillhaveitsgreatestimpactonthemarketforteenagersandotherunskilledworkers.
E.IntheNews:
ShouldUnpaidInternshipsBeAllowed?
1.Regulatorsareconcernedthatemployersmaybeusingunpaidinternshipsasawaytogetfreelabor.
2.ThisisanarticlefromTheNewYorkTimesdiscussingthisconcern.
F.EvaluatingPriceControls
1.Becausemosteconomistsfeelthatmarketsareusuallyagoodwaytoorganizeeconomicactivity,mostopposetheuseofpriceceilingsandfloors.
a.Pricesbalancesupplyanddemandandthuscoordinateeconomicactivity.
b.Ifpricesaresetbylaws,theyobscurethesignalsthatefficientlyallocatescarceresources.
Thisisagoodchancetoreinforcetheprinciple“Marketsareusuallyagoodwaytoorganizeeconomicactivity.”
2.Priceceilingsandpricefloorsoftenhurtthepeopletheyareintendedtohelp.
a.Rentcontrolscreateashortageofqualityhousingandprovidedisincentivesforbuildingmaintenance.
b.Minimumwagelawscreatehigherratesofunemploymentforteenageandlowskilledworkers.
Bepreparedtoanswerthequestion,“Ifpricecontrolshavesuchadverseconsequences,whyaretheyimposed?
”Youmaywanttopointoutthat,sometimes,economicignoranceleadstounintendedoutcomes.Youmayalsowanttopointoutthateconomicanalysisservesasonlyaguidetopolicymakers.Theymaychoosetoignoreitwhenformingpolicy.Inaddition,itisofteninterestingtoencouragethestudentstothinkaboutthedistributionaleffectsofthesegovernmentprograms.
Activity1—DucksinaRow
Type:
In-classdemonstration
Topics:
Priceceilings,subsidies,andunintendedconsequences
Materialsneeded:
2toyducks,someplaymoney,3volunteers
Time:
10minutes
Classlimitations:
Worksinanysizeclass
Purpose
Thisdemonstrationillustratessomecommonproblemsofgovernmentinterventioninmarkets.
Instructions
Onevolunteerplaystheroleofthegovernmentinapoorcountry.Givetheplaymoneytothe“government,”exceptfor$1.Thegovernmentusesthismoneytobuyducksfromthefarmerandprovidestheduckstotheshopkeeper.Thesecondvolunteerisanurbanshopkeeper.Theshopkeeperasksthegovernmentformoreduckswheneverheorsheissoldout.Givetheshopkeeperoneduck.Thethirdvolunteerisaconsumer.Theconsumerbuysducks.Givetheconsumer$1inplaymoney.Theinstructorisaduckfarmer.Thefarmerkeepsthesecondduck.
Explainthisbackground:
“Ducksareastaplefoodinthiscountrybuttheyareexpensiveat$3each.Thegovernmentwantstomakefoodcheapfort
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