平狄克微观经济学笔记 9Word文档下载推荐.docx
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平狄克微观经济学笔记 9Word文档下载推荐.docx
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Sections9.3to9.6presentexamplesofgovernmentpoliciesthatcausethemarketequilibriumtodifferfromthecompetitive,efficientequilibrium.Theinstructorcanpickandchooseamongsections9.3to9.6dependingontimeconstraintsandpersonalpreference.Thepresentationineachofthesesectionsfollowsthesameformat:
thereisageneraldiscussionofwhymarketinterventionleadstodeadweightloss,followedbythepresentationofanimportantpolicyexample.Eachsectionisdiscussedinonereviewquestionandappliedinatleastoneexercise.Exercise
(1)focusesonminimumwagespresentedinSection9.3.Exercises(4)and(5)reinforcediscussionofpricesupportsandproductionquotasfromSection9.4.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)maybecomparedtoExample9.4anddiscussedasanextensionofExample2.2.
REVIEWQUESTIONS
1.Whatismeantbydeadweightloss?
Whydoesapriceceilingusuallyresultinadeadweightloss?
Deadweightlossreferstothebenefitslosttoeitherconsumersorproducerswhenmarketsdonotoperateefficiently.Thetermdeadweightdenotesthatthesearebenefitsunavailabletoanyparty.Apriceceilingwilltendtoresultinadeadweightlossbecauseatanypricebelowthemarketequilibriumprice,quantitysuppliedwillbebelowthemarketequilibriumquantitysupplied,resultinginalossofsurplustoproducers.Consumerswillpurchaselessthanthemarketequilibriumquantity,resultinginalossofsurplustoconsumers.Consumerswillalsopurchaselessthanthequantitytheydemandatthepricesetbytheceiling.Thesurpluslostbyconsumersandproducersisnotcapturedbyeithergroup,andsurplusnotcapturedbymarketparticipantsisdeadweightloss.
2.Supposethesupplycurveforagoodiscompletelyinelastic.Ifthegovernmentimposedapriceceilingbelowthemarket-clearinglevel,wouldadeadweightlossresult?
Explain.
Whenthesupplycurveiscompletelyinelastic,theimpositionofaneffectivepriceceilingtransfersalllossinproducersurplustoconsumers.Consumersurplusincreasesbythedifferencebetweenthemarket-clearingpriceandthepriceceilingtimesthemarket-clearingquantity.Consumerscapturealldecreasesintotalrevenue.Therefore,nodeadweightlossoccurs.
3.Howcanapriceceilingmakeconsumersbetteroff?
Underwhatconditionsmightitmakethemworseoff?
Ifthesupplycurveisperfectlyinelasticapriceceilingwillincreaseconsumersurplus.Ifthedemandcurveisinelastic,pricecontrolsmayresultinanetlossofconsumersurplusbecauseconsumerswillingtopayahigherpriceareunabletopurchasetheprice-controlledgoodorservice.Thelossofconsumersurplusisgreaterthanthetransferofproducersurplustoconsumers.Ifdemandiselastic(andsupplyisrelativelyinelastic)consumersintheaggregatewillenjoyanincreaseinconsumersurplus.
4.Supposethegovernmentregulatesthepriceofagoodtobenolowerthansomeminimumlevel.Cansuchaminimumpricemakeproducersasawholeworseoff?
Becauseahigherpriceincreasesrevenueanddecreasesdemand,someconsumersurplusistransferredtoproducersbutsomeproducerrevenueislostbecauseconsumerspurchaseless.Theproblemwithapricefloororminimumpriceisthatitsendsthewrongsignaltoproducers.Thinkingthatmoreshouldbeproducedasthepricegoesup,producersincurextracosttoproducemorethanwhatconsumersarewillingtopurchaseatthesehigherprices.Theseextracostscanoverwhelmgainscapturedinincreasedrevenues.Thus,unlessallproducersdecreaseproduction,aminimumpricecanmakeproducersasawholeworseoff.
5.Howareproductionlimitsusedinpracticetoraisethepricesofthefollowinggoodsorservices:
(a)taxirides,(b)drinksinarestaurantorbar,(c)wheatorcorn?
Municipalauthoritiesusuallyregulatethenumberoftaxisthroughtheissuanceoflicenses.Whenthenumberoftaxisislessthanitwouldbewithoutregulation,thosetaxisinthemarketmaychargeahigher-than-competitiveprice.
Stateauthoritiesusuallyregulatethenumberofliquorlicenses.Byrequiringthatanybarorrestaurantthatservesalcoholhavealiquorlicenseandthenlimitingthenumberoflicensesavailable,theStatelimitsentrybynewbarsandrestaurants.Thislimitationallowsthoseestablishmentsthathavealicensetochargeahigherpriceforalcoholicbeverages.
Federalauthoritiesusuallyregulatethenumberofacresofwheatorcorninproductionbycreatingacreagelimitationprogramsthatgivefarmersfinancialincentivestoleavesomeoftheiracreageidle.Thisreducessupply,drivingupthepriceofwheatorcorn.
6.Supposethegovernmentwantstoincreasefarmers’incomes.Whydopricesupportsoracreagelimitationprogramscostsocietymorethansimplygivingfarmersmoney?
Pricesupportsandacreagelimitationscostsocietymorethanthedollarcostoftheseprogramsbecausethehigherpricethatresultsineithercasewillreducequantitydemandedandhenceconsumersurplus,leadingtoadeadweightlossbecausethefarmerisnotabletocapturethelostsurplus.Givingthefarmersmoneydoesnotresultinanydeadweightloss,butismerelyaredistributionofsurplusfromonegrouptotheother.
7.Supposethegovernmentwantstolimitimportsofacertaingood.Isitpreferabletouseanimportquotaoratariff?
Why?
Changesindomesticconsumerandproducersurplusesarethesameunderimportquotasandtariffs.Therewillbealossin(domestic)totalsurplusineithercase.However,withatariff,thegovernmentcancollectrevenueequaltothetarifftimesthequantityofimportsandtheserevenuescanberedistributedinthedomesticeconomytooffsetthedomesticdeadweightlossby,forexample,reducingtaxes.Thus,thereislessofalosstothedomesticsocietyasawhole.Withtheimportquota,foreignproducerscancapturethedifferencebetweenthedomesticandworldpricetimesthequantityofimports.Therefore,withanimportquota,thereisalosstothedomesticsocietyasawhole.Ifthenationalgovernmentistryingtoincreasewelfare,itshoulduseatariff.
8.Theburdenofataxissharedbyproducersandconsumers.Underwhatconditionswillconsumerspaymostofthetax?
Underwhatconditionswillproducerspaymostofit?
Whatdeterminestheshareofasubsidythatbenefitsconsumers?
Theburdenofataxandthebenefitsofasubsidydependontheelasticitiesofdemandandsupply.Iftheratiooftheelasticityofdemandtotheelasticityofsupplyissmall,theburdenofthetaxfallsmainlyonconsumers.Ontheotherhand,iftheratiooftheelasticityofdemandtotheelasticityofsupplyislarge,theburdenofthetaxfallsmainlyonproducers.Similarly,thebenefitofasubsidyaccruesmostlytoconsumers(producers)iftheratiooftheelasticityofdemandtotheelasticityofsupplyissmall(large).
9.Whydoesataxcreateadeadweightloss?
Whatdeterminesthesizeofthisloss?
Ataxcreatesdeadweightlossbyartificiallyincreasingpriceabovethefreemarketlevel,thusreducingtheequilibriumquantity.Thisreductionindemandreducesconsumeraswellasproducersurplus.Thesizeofthedeadweightlossdependsontheelasticitiesofsupplyanddemand.Astheelasticityofdemandincreasesandtheelasticityofsupplydecreases,i.e.,assupplybecomesmoreinelastic,thedeadweightlossbecomeslarger.
EXERCISES
1.In1996,theU.S.Congressraisedtheminimumwagefrom$4.25perhourto$5.15perhour.Somepeoplesuggestedthatagovernmentsubsidycouldhelpemployersfinancethehigherwage.Thisexerciseexaminestheeconomicsofaminimumwageandwagesubsidies.Supposethesupplyoflow-skilledlaborisgivenby
whereLSisthequantityoflow-skilledlabor(inmillionsofpersonsemployedeachyear)andwisthewagerate(indollarsperhour).Thedemandforlaborisgivenby
.
a.Whatwillthefreemarketwagerateandemploymentlevelbe?
Supposethegovernmentsetsaminimumwageof$5perhour.Howmanypeoplewouldthenbeemployed?
Inafree-marketequilibrium,LS=LD.Solvingyieldsw=$4andLS=LD=40.Iftheminimumwageis$5,thenLS=50andLD=30.Thenumberofpeopleemployedwillbegivenbythelabordemand,soemployerswillhire30millionworkers.
Figure9.1.a
b.
Supposethatinsteadofaminimumwage,thegovernmentpaysasubsidyof$1perhourforeachemployee.Whatwillthetotallevelofemploymentbenow?
Whatwilltheequilibriumwageratebe?
Letwdenotethewagereceivedbytheemployee.Thentheemployerreceivingthe$1subsidyperworkerhouronlypaysw-1foreachworkerhour.AsshowninFigure9.1.b,thelabordemandcurveshiftsto:
LD=80-10(w-1)=90-10w,
wherewrepresentsthewagereceivedbytheemployee.
Thenewequilibriumwillbegivenbytheintersectionoftheoldsupplycurvewiththenewdemandcurve,andtherefore,90-10W**=10W**,orw**=$4.5perhourandL**=10(4.5)
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