曼昆微观经济学课后练习英文答案完整版.docx
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曼昆微观经济学课后练习英文答案完整版.docx
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曼昆微观经济学课后练习英文答案完整版
曼昆微观经济学课后练
习英文答案
集团标准化办公室:
[VV986T-J682P28-JP266L8-68PNN]
CoNSUMERS,PRODUCERS,ANDTHEEFFlClENCYOFMARKETS
LEARNINC
BytheenαoιrnιsCnaPrer,SrUaenτsSnOUIaUnaerSτana;
theIinkbetweenbuyers,WillingneSStoPayforagoodandthedemand
CUrVe・
howtodefineandmeasureCOnSUmerSUrPIUS・
theIinkbetweenSelIerStCOStSOfPrOdUCingagoodandtheSUPPIyCUrVe・howtodefineandmeasurePrOdUCerSUrPIUS・
thattheequilibriumOfSUPPIyanddemandmaximizestotalSUrPIUSinamarket・
CONTEXTANDPURPOSE:
ChaPter7isthefirstChaPterinathree-chapterSeqUenCeOnWeIfareeconomicsandmarketefficiency・ChaPter7employstheSUPPIyanddemandmodeltodevelopCOnSUmerSUrPIUSandPrOdUCerSUrPIUSasameasureOfWeIfareandmarketefficiency・TheSeCOnCePtSarethenUtiliZedinChaPterS8and9todeterminetheWinnerSandIOSerSfromtaxationandrestrictionsOninternationaltrade・
ThePUrPOSeOfChaPter7istodevelopWelfareeconomic—theStUdyOfhowtheallocationOfresourcesaffectseconomicWelI-being・ChaPterS4through6employedSUPPIyanddemandinaPOSitiVeframework,WhiChfocusedOntheQUeStion,u%rhatistheequilibriumPriCeandQUantityinamarketnThiSChaPternowaddressesthenormativeQUeStiOnJTStheequilibriumPriCeandQUantityinamarketthebestPOSSibIeSOIUtiOntotheresourceallocationproblem,OrisitSimPIythePriCeandQUantitythatbalanceSUPPIyanddemandnStUdentSWilIdiscoverthatUndermostCirCUmStanCeStheequilibriumPriCeandquantityisalsotheOnethatmaximizesWeIfare・
KEYPoINTS:
COnSUmerSUrPIUSequalsbuyers'WillingneSStoPayforagoodIninUStheamounttheyactuallyPayforit,anditmeasuresthebenefitbuyersgetfromPartiCiPatinginamarket・COnSUmerSUrPIUSCanbeCOmPUtedbyfindingtheareabelowthedemandCUrVeandabovethePriCe・
PrOdUCerSUrPIUSequalstheamountSelIerSreceivefortheirgoodsIllinUStheirCOStSOfPrOdUCtiOnJanditmeasuresthebenefitSelIerSgetfromPartiCiPatinginamarket・PrOdUCerSUrPIUSCanbeCOmPUtedbyfindingtheareabelowthePriCeandabovetheSUPPIyCUrVe・
AnallocationOfresourcesthatmaximizestheSUmOfCOnSUmerandPrOdUCerSUrPIUSisSaidtobeefficient・POliCymakerSareOftenCOnCerneciWiththeefficiency,asWelIastheequality,OfeconomicOUtCOmeS・
TheequilibriumOfSUPPIyanddemandmaximizestheSUmOfCOnSUmerandPrOdUCerSUrPIUS・Thatis,theinvisiblehandOfthemarketplaceIeadSbuyersandSelIerStoallocateresourcesefficiently.
MarketSdonotallocateresourcesefficientlyinthePreSenCeOfmarketfailuresSUChasmarketPOWerOrexternalities・
CHAPTEROUTLINE:
I.DefinitiOnOfWelfdreeconomics:
theStUdyOfhowtheallocationOfresourcesaffectseconomicWelI-being.
StUdentsOftenareCOnfUSedbytheUSeOftheWOrdUWeIfare・,,RemindthemthatWearetalkingaboutSOCiaIwell-beingandnot
丄丄.l∕U[iSUUl匕JLQUJLP-LUS
A.WillingneSStoPay
1.DefinitiOnOfWilIiHgneSStopay:
theInaXimUlDamountthatabuyerWillPayforagood.
2.Example:
YOUareauctioningaInint-COnditiOnrecordingOfEIViSPreSIeytSfirstalbum・FOUrbuyersShOWup.TheirWillingneSStoPayisas
follows:
IfthebiddinggoestoSIightIyhigherthan$80,allbuyersdropOUtexceptforJOhn.BeCaUSeJOhnisWillingtoPaymorethanhehastoforthealbum,hederivesSOmebenefitfromPartiCiPatinginthemarket・
3.DefinitiOnOfCOnSUmersurplus:
theamountabuyerisWillingtoPay
foragoodminustheamountthebuyeractuallyPaySforit∙
4・NOtethatifyouhadmorethanOneCOPyOfthealbum,thePriCeintheauctionWOUldendUPbeingIOWer(aIittIeOVer$70intheCaSeOftwoalbums)andbothJOhnandPaUIWOUldgainCOnSUmerSUrPIUS・
ACtiVity1—ValUeOfaTimeMaChine
Type:
In-CIaSSdemonstration
Topics:
COnSUmerSUrPIUS
MateriaISneeded:
NOne
Time:
10minutes
ClaSSIimitations:
WOrkSinanySiZeCIaSS
PUrPOSe
COnSUmerSUrPIUSCanbeahardCOnCePtforStUdentSbecauseitisbasedOnavoidedexpenseratherthanOnmoneythatisactuallyexchanged・ThiSexamplePUtSaSPeCifiCdollarVaIUeOnCOnSUmerSUrPIUS・InStrUCtiOnS
TelItheclass,"AnewtechnologyhasbeendevelopedthatallowsindividualstotravelbackwardOrforwardintime.WeWanttoidentifytheVaIUethistimemachinePrOVideStoCOnSUmerS・Let'SassumethefourCOnSUmerSWhOmostdesirethisPrOdUCtareinthisCIaSS・”
ChOOSefourStUdentnamesandUSetheminthefollowingexample:
"ScottistheCOnSUmerWhOmostVaIUeSthisPrOdUCt・HeWantStogobacktothetimeOfthedinosaurs・HeisWilIingtoPay$3,000.,,
UCarOIistheCOnSUmerWiththenexthighestWillingneSStopay.SheWOUldIiketoSee200yearsinthefuture・She'dpay$2,500.”
USteVeisthenexthighestbidder・He'dIiketorelivethisentireSemeSter・He'11PayUPto$80O.''
UJeanneisOUrfourthCOnSUmer・She'dPay$200tomovethe
"ThisrepresentsthedemandCUrVeforthetimemachine・COnSUmerSUrPIUSisthedifferencebetweenWhatCOnSUmerSareWilIingtoPayandtheamounttheyactuallyhavetopay.ThemarketPriCeWilIdetermineWhOUSeSthetimemachineandhowmuchSUrPlUStheykeep・M
TfthePriCeOfatimemachinerideWaS$500,threeridesWOUIdbeSOId—OnetoSCOttJOnetoCarOlJandOnetoSteVe・JeanneisnotWilIingtoPay$500,SOSheWOUIdn,ttimetrave1.''
UWeCanCalCUlatetheCOnSUmerSUrPlUSOfthreetimetrips・SCOttWOUIdPay$3,OOObutOnlyPayS$500,IeaVing$2,500Ofnetbenefits.n(PUtthesenumbersOntheboard・)"CarolhasnetbenefitsOf$2,00O.SteVehas$300innetbenefits.AddingUPthesenetSaVingSgives$4,800inCOnSUmerSUrPlUS・V
POintSforDiSCUSSiOn
B.USingtheDemandCUrVetoMeaSUreCOnSUmerSUrPIUS
1.WeCanUSetheinformationOnWillingneSStoPaytoderiveademandCUrVefortherareEIViSPreSIeyalbum・
PriCe
BUyerS
QUantityDemanded
MOrethan
$100
NOne
0
$80to$100
JOhn
1
$70to$80
JOhnJPaUI
2
$50to$70
JOhnJPaul,GeOrge
3
$50OrIeSS
JOhnJPaul,George,RingO
4
2・IFi^Ure1Inquantity,thePriCegivenbythedemandCUrVereflectstheWiIIingneSStoPayOftheInarginaIbuyer.BeCaUSethedemandCUrVeShOWSthebuyers*WilIingneSStopay,WeCanUSethedemandCUrVetomeasureCOnSUmerSUrPIUS・
FiffUre2ISUrPIUSCanbemeasuredastheareabelowthedemandCUrVeand
abovetheprice.
SUrPIUSincreasesfortworeasons・
PrOdUCtWilIreceiveadditionalCOnSUmer
SUrPIUSbecausetheyarePayingIeSSforthePrOdUCtthanbefore(areaAOnthegraph)・
b・BeCaUSethePriCeisnowlower,SOmenewbuyersWilIenterthemarketandreceiveCOnSUmerSUrPIUSOntheseadditionalUnitSOfOUtPUtPUrChaSed(areaBOnthegraph)・
that
y.
as
D・WrhatDOeSCOnSUmerSUrPIUSMeasure?
ItisimportanttoStreSSthatCOnSUmerSUrPlUSismeasuredinmonetaryterms・COnSUmerSUrPlUSgivesUSaWaytoPIaCeaTnCna十KXWCCU十CnVnaffVcSan+τnκxlrα∙t∙mιt(tnOrcuaxnnian+
thebuyerSthemselvesperceiveit.
ALTERNATlVECLASSROOMEXAMPLE:
ReVieWthemdterialOnPriCeCeiIingSfromChaPter6.RedraWthemarketfortwo-bedroomapartmentsinyourtown・DraWinaPriCeCeiIingbelowtheequilibriumPriCe・
Thengothrough:
COnSUmerSUrPIUSbeforethePriCeCeiIingisPUtintoPlaCe・
III.PrOdUCerSUrPIUS
A.COStandtheWillingneSStoSelI1・DefinitiOnOfcost:
theVaIUeOfeverythingaSelIermustgiveUPtoPrOdUCeagood・
DidSriceDSt
YOUWilIneedtotakeSOmetimetoexplaintherelationshipbetweentheproducers'WilIingneSStoSelIandtheCOStOfPrOdUCingthegood・TherelationshipbetweenCOStandthe
T・JtΛ1Tl'1∙14
LJjLCL»ViiLL>VVjLOSCJ-J../IiiCl(JOLJjLC.'
Seller
COSt
Mary
$900
Frida
$800
GeOrgia
$600
Grandma
$500
SelIerSWilIdropOUtexceptforGrandma・BeCaUSeGrandmareceivesmorethanSheWOUldrequiretoPaintthehouse,ShederivesSOmebenefitfromPrOdUCinginthemarket.
4.DefinitiOnOfProdUCersurplus:
theamountaSelIerisPaidforagoodminustheseller'SCOStOfPrOVidingit.
5.NOtethatifyouhadmorethanOnehousetopaint,thePriCeintheauctionWOUIdendUPbeinghigher(aIittIeUnder$800intheCaSeOftwohouses)andbothGrandmaandGeOrgiaWOUIdgainPrOdUCerSUrPIUS・
B.USingtheSUPPIyCUrVetoMeaSUrePrOdUCerSUrPIUS
1.WeCanUSetheinformationOnCOSt(WilIingneSStoSelI)toderiveaSUPPIyCUrVeforhousePaintingSerViCeS・
PriCe
SelIerS
QUantitySUPPlied
$900Or
more
Mary,Frida,GeOrgia,Grandma
4
$800to
$900
Frida,GeOrgia,Grandma
3
$600to
$800
GeOrgia,Grandma
2
$500to
$600
Grandma
1
IeSSthan
$500
NOne
O
2.
belowtheprice.
Atanygivenquantity,thePriCegivenbytheSUPPIyCUrVerepresentstheCOStOfthemarginalseller.BeCaUSetheSUPPIyCUrVeShOWSthesellers'COSt(WilIingneSStoSell)JWeCanUSetheSUPPIyCUrVetomeasurePrOdUCerSUrPIUS・
SUrPIUSCanbemeasuredastheareaabovetheSUPPIyCUrVeand
C.HOWaHigherPriCeRaiSeSPrOdUCerSUrPIUS
IFiSrure6[rises,PrOdUCerSUrPIUSincreasesfortworeasons・
a.ThOSealreadySelIingthePrOdUCtWilIreceiveadditionalPrOdUCerSUrPIUSbecausetheyarereceivingmoreforthePrOdUCtthanbefore(areaCOnthegraph)・
b・BeCaUSethePriCeisnowhigher,SOmenewSelIerSWilIenterthemarketandreceivePrOdUCerSUrPIUSOntheseadditionalUnitSOfOUtPUtSOId(areaDOnthegraph)・
D.PrOdUCerSUrPIUSisUSedtomeasuretheeconomicWelI-beingOfproducers,
ALTERNATlVECLASSRoOMEXAMPLE:
ReVieWthematerialOnPriCefloorsfromChaPter6.RedraWthemarketforanagriculturalPrOdUCtSUChasCOrn.DraWinaPriCeSUPPOrtabovetheequilibriumPriCe・
Therlgothrough:
PrOdUCerSUrPIUSbeforethePriCeSUPPOrtisPUtinPIaCe・
PrOdUCerSUrPIUSafterthePriCeSUPPOrtisPUtinPIaCe・
muchIikeCOnSUmerSUrPIUSisUSedtomeasuretheeconomicWelI-beingOf
COnSUmerS・
1・TheeconomicWel
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