曼昆微观经济学课后练习英文答案.docx
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曼昆微观经济学课后练习英文答案.docx
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曼昆微观经济学课后练习英文答案
rkets
WHAT’SNEWINTHESIXTHEDITION:
Therearenomajorchangestothischapter.
LEARNINGOBJECTIVES:
Bytheendofthischapter,studentsshouldunderstand:
✍thelinkbetweenbuyers’willingnesstopayforagoodandthedemandcurve.
✍howtodefineandmeasureconsumersurplus.
✍thelinkbetweensellers’costsofproducingagoodandthesupplycurve.
✍howtodefineandmeasureproducersurplus.
✍thattheequilibriumofsupplyanddemandmaximizestotalsurplusinamarket.
CONTEXTANDPURPOSE:
Chapter7isthefirstchapterinathree-chaptersequenceonwelfareeconomicsandmarketefficiency.Chapter7employsthesupplyanddemandmodeltodevelopconsumersurplusandproducersurplusasameasureofwelfareandmarketefficiency.TheseconceptsarethenutilizedinChapters8and9todeterminethewinnersandlosersfromtaxationandrestrictionsoninternationaltrade.
ThepurposeofChapter7istodevelopwelfareeconomics—thestudyofhowtheallocationofresourcesaffectseconomicwell-being.Chapters4through6employedsupplyanddemandinapositiveframework,whichfocusedonthequestion,“Whatistheequilibriumpriceandquantityinamarket?
”Thischapternowaddressesthenormativequestion,“Istheequilibriumpriceandquantityinamarketthebestpossiblesolutiontotheresourceallocationproblem,orisitsimplythepriceandquantitythatbalancesupplyanddemand?
”Studentswilldiscoverthatundermostcircumstancestheequilibriumpriceandquantityisalsotheonethatmaximizeswelfare.
KEYPOINTS:
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Consumersurplusequalsbuyers’willingnesstopayforagoodminustheamounttheyactuallypayforit,anditmeasuresthebenefitbuyersgetfromparticipatinginamarket.Consumersurpluscanbecomputedbyfindingtheareabelowthedemandcurveandabovetheprice.
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Producersurplusequalstheamountsellersreceivefortheirgoodsminustheircostsofproduction,anditmeasuresthebenefitsellersgetfromparticipatinginamarket.Producersurpluscanbecomputedbyfindingtheareabelowthepriceandabovethesupplycurve.
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Anallocationofresourcesthatmaximizesthesumofconsumerandproducersurplusissaidtobeefficient.Policymakersareoftenconcernedwiththeefficiency,aswellastheequality,ofeconomicoutcomes.
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Theequilibriumofsupplyanddemandmaximizesthesumofconsumerandproducersurplus.Thatis,theinvisiblehandofthemarketplaceleadsbuyersandsellerstoallocateresourcesefficiently.
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Marketsdonotallocateresourcesefficientlyinthepresenceofmarketfailuressuchasmarketpowerorexternalities.
CHAPTEROUTLINE:
I.Definitionofwelfareeconomics:
thestudyofhowtheallocationofresourcesaffectseconomicwell-being.
II.ConsumerSurplus
A.WillingnesstoPay
1.Definitionofwillingnesstopay:
themaximumamountthatabuyerwillpayforagood.
2.Example:
Youareauctioningamint-conditionrecordingofElvisPresley’sfirstalbum.Fourbuyersshowup.Theirwillingnesstopayisasfollows:
Buyer
WillingnesstoPay
John
$100
Paul
$80
George
$70
Ringo
$50
Ifthebiddinggoestoslightlyhigherthan$80,allbuyersdropoutexceptforJohn.BecauseJohniswillingtopaymorethanhehastoforthealbum,hederivessomebenefitfromparticipatinginthemarket.
3.Definitionofconsumersurplus:
theamountabuyeriswillingtopayforagoodminustheamountthebuyeractuallypaysforit.
4.Notethatifyouhadmorethanonecopyofthealbum,thepriceintheauctionwouldendupbeinglower(alittleover$70inthecaseoftwoalbums)andbothJohnandPaulwouldgainconsumersurplus.
B.UsingtheDemandCurvetoMeasureConsumerSurplus
1.WecanusetheinformationonwillingnesstopaytoderiveademandcurvefortherareElvisPresleyalbum.
Price
Buyers
QuantityDemanded
Morethan$100
None
0
$80to$100
John
1
$70to$80
John,Paul
2
$50to$70
John,Paul,George
3
$50orless
John,Paul,George,Ringo
4
Figure1
2.Atanygivenquantity,thepricegivenbythedemandcurvereflectsthewillingnesstopayofthemarginalbuyer.Becausethedemandcurveshowsthebuyers’willingnesstopay,wecanusethedemandcurvetomeasureconsumersurplus.
Figure2
3.Consumersurpluscanbemeasuredastheareabelowthedemandcurveandabovetheprice.
C.HowaLowerPriceRaisesConsumerSurplus
Figure3
1.Aspricefalls,consumersurplusincreasesfortworeasons.
a.Thosealreadybuyingtheproductwillreceiveadditionalconsumersurplusbecausetheyarepayinglessfortheproductthanbefore(areaAonthegraph).
b.Becausethepriceisnowlower,somenewbuyerswillenterthemarketandreceiveconsumersurplusontheseadditionalunitsofoutputpurchased(areaBonthegraph).
D.WhatDoesConsumerSurplusMeasure?
Itisimportanttostressthatconsumersurplusismeasuredinmonetaryterms.Consumersurplusgivesusawaytoplaceamonetarycostoninefficientmarketoutcomes(duetogovernmentinvolvementormarketfailure).
1.Rememberthatconsumersurplusisthedifferencebetweentheamountthatbuyersarewillingtopayforagoodandthepricethattheyactuallypay.
2.Thus,itmeasuresthebenefitthatconsumersreceivefromthegoodasthebuyersthemselvesperceiveit.
ALTERNATIVECLASSROOMEXAMPLE:
ReviewthematerialonpriceceilingsfromChapter6.Redrawthemarketfortwo-bedroomapartmentsinyourtown.Drawinapriceceilingbelowtheequilibriumprice.
Thengothrough:
✍consumersurplusbeforethepriceceilingisputintoplace.
✍consumersurplusafterthepriceceilingisputintoplace.
III.ProducerSurplus
A.CostandtheWillingnesstoSell
1.Definitionofcost:
thevalueofeverythingasellermustgiveuptoproduceagood.
Youwillneedtotakesometimetoexplaintherelationshipbetweentheproducers’willingnesstosellandthecostofproducingthegood.Therelationshipbetweencostandthesupplycurveisnotasapparentastherelationshipbetweenthedemandcurveandwillingnesstopay.
2.Example:
Youwanttohiresomeonetopaintyourhouse.Youacceptbidsfortheworkfromfoursellers.Eachpainteriswillingtoworkifthepriceyouwillpayexceedsheropportunitycost.(Notethatthisopportunitycostthusrepresentswillingnesstosell.)Thecostsare:
Seller
Cost
Mary
$900
Frida
$800
Georgia
$600
Grandma
$500
Table2
3.Biddingwillstopwhenthepricegetstobeslightlybelow$600.AllsellerswilldropoutexceptforGrandma.BecauseGrandmareceivesmorethanshewouldrequiretopaintthehouse,shederivessomebenefitfromproducinginthemarket.
4.Definitionofproducersurplus:
theamountasellerispaidforagoodminustheseller’scostofprovidingit.
5.Notethatifyouhadmorethanonehousetopaint,thepriceintheauctionwouldendupbeinghigher(alittleunder$800inthecaseoftwohouses)andbothGrandmaandGeorgiawouldgainproducersurplus.
B.UsingtheSupplyCurvetoMeasureProducerSurplus
1.Wecanusetheinformationoncost(willingnesstosell)toderiveasupplycurveforhousepaintingservices.
Price
Sellers
QuantitySupplied
$900ormore
Mary,Frida,Georgia,Grandma
4
$800to$900
Frida,Georgia,Grandma
3
$600to$800
Georgia,Grandma
2
$500to$600
Grandma
1
lessthan$500
None
0
2.Atanygivenquantity,thepricegivenbythesupplycurverepresentsthecostofthemarginalseller.Becausethesupplycurveshowsthesellers’cost(willingnesstosell),wecanusethesupplycurvetomeasureproducersurplus.
3.Producersurpluscanbemeasuredastheareaabovethesupplycurveandbelowtheprice.
C.HowaHigherPriceRaisesProducerSurplus
Figure6
1.Aspricerises,producersurplusincreasesfortworeasons.
a.Thosealreadysellingtheproductwillreceiveadditionalproducersurplusbecausetheyarereceivingmorefortheproductthanbefore(areaConthegraph).
b.Becausethepriceisnowhigher,somenewsellerswillenterthemarketandreceiveproducersurplusontheseadditionalunitsofoutputsold(areaDonthegraph).
ALTERNATIVECLASSROOMEXAMPLE:
ReviewthematerialonpricefloorsfromChapter6.Redrawthemarketforanagriculturalproductsuchascorn.Drawinapricesupportabovetheequilibriumprice.
Thengothrough:
✍producersurplusbeforethepricesupportisputinplace.
✍producersurplusafterthepricesupportisputinplace.
Makesurethatyoudiscussthecostofthepricesupporttotaxpayers.
D.Producersurplusisusedtomeasuretheeconomicwell-beingofproducers,muchlikeconsumersurplusisusedtomeasuretheeconomicwell-beingofconsumers.
PrettyWoman,Chapter6.Vivien(JuliaRoberts)andEdward(RichardGere)negotiateaprice.Afterward,Vivienrevealsshewouldhaveacceptedalowerprice,whileEdwardadmitshewouldhavepaidmore.Ifyouhavedoneagoodjobofintroducingconsumerandproducersurplus,youwillseethelightbulbsgooffaboveyourstudents’headsastheywatchthisclip.
IV.MarketEfficiency
A.TheBenevolentSocialPlanner
1.Theeconomicwell-beingofeveryoneinsocietycanbemeasuredbytotalsurplus,whichisthesumofconsumersurplusandproducersurplus:
TotalSurplus=ConsumerSurplus+ProducerSurplus
TotalSurplus=(ValuetoBuyers–AmountPaidbyBuyers)+
(AmountReceivedbySellers–CosttoSellers)
BecausetheAmountPaidbyBuyers=AmountReceivedby
Sellers:
2.Definitionofefficiency:
thepropertyofaresourceallocationofmaximizingthetotalsurplusreceivedbyallmembersofsociety.
3.Definitionofequality:
thepropertyofdistributingeconomicprosperityuniformlythemembersofsociety.
B.EvaluatingtheMarketEquilibrium
1.Atthemarketequilibriumprice:
a.Buy
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