曼昆经济学原理课后答案13章.docx

曼昆经济学原理课后答案13章.docx

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曼昆经济学原理课后答案13章

Chapter1

ProblemsandApplications

1.a.Afamilydecidingwhethertobuyanewcarfacesatrade-offbetweenthecostofthecarandotherthingstheymightwanttobuy.Forexample,buyingthecarmightmeantheymustgiveupgoingonvacationforthenexttwoyears.Sotherealcostofthecaristhefamily'sopportunitycostintermsofwhattheymustgiveup.

b.ForamemberofCongressdecidingwhethertoincreasespendingonnationalparks,thetrade-offisbetweenparksandotherspendingitemsortaxcuts.Ifmoremoneygoesintotheparksystem,thatmaymeanlessspendingonnationaldefenseoronthepoliceforce.Or,insteadofspendingmoremoneyontheparksystem,taxescouldbereduced.

c.Whenacompanypresidentdecideswhethertoopenanewfactory,thedecisionisbasedonwhetherthenewfactorywillincreasethefirm'sprofitscomparedtootheralternatives.Forexample,thecompanycouldupgradeexistingequipmentorexpandexistingfactories.Thebottomlineis:

Whichmethodofexpandingproductionwillincreaseprofitthemost?

d.Indecidinghowmuchtoprepareforclass,aprofessorfacesatrade-offbetweenthevalueofimprovingthequalityofthelecturecomparedtootherthingsshecoulddowithhertime,suchasworkingonadditionalresearch.

2.Whenthebenefitsofsomethingarepsychological,suchasgoingonavacation,itisnoteasytocomparebenefitstocoststodetermineifitisworthdoing.Buttherearetwowaystothinkaboutthebenefits.Oneistocomparethevacationwithwhatyouwoulddoinitsplace.Ifyoudidnotgoonvacation,wouldyoubuysomethinglikeanewsetofgolfclubs?

Thenyoucandecideifyouwouldratherhavethenewclubsorthevacation.Asecondwayistothinkabouthowhardyouhadtoworktoearnthemoneytopayforthevacation.Youcanthendecideifthepsychologicalbenefitsofthevacationwereworththepsychologicalcostofworking.

3.Ifyouarethinkingofgoingskiinginsteadofworkingatyourpart-timejob,thecostofskiingincludesitsmonetaryandtimecosts,whichincludestheopportunitycostofthewagesyouaregivingupbynotworking.Ifthechoiceisbetweenskiingandgoingtothelibrarytostudy,thenthecostofskiingisitsmonetaryandtimecostsincludingthecostofgettinglowergradesinyourcourses.

4.Ifyouspend$100nowinsteadofsavingitforayearandearning5percentinterest,youaregivinguptheopportunitytospend$105ayearfromnow.

5.Thefactthatyouhavealreadysunk$5millionisnotrelevanttoyourdecisionanymore,becausethatmoneyisgone.Whatmattersnowisthechancetoearnprofitsatthemargin.Ifyouspendanother$1millionandcangeneratesalesof$3million,you'llearn$2millioninmarginalprofit,soyoushoulddoso.Youarerighttothinkthattheprojecthaslostatotalof$3million（$6millionincostsandonly$3millioninrevenue）andyoushouldnothavestartedit.Thatistrue,butifyoudonotspendtheadditional$1million,youwillnothaveanysalesandyourlosseswillbe$5million.Sowhatmattersisnotthetotalprofit,buttheprofityoucanearnatthemargin.Infact,youwouldpayupto$3milliontocompletedevelopment;anymorethanthat,andyouwillnotbeincreasingprofitatthemargin.

6.Harrysuggestslookingatwhetherproductivitywouldriseorfall.Productivityiscertainlyimportant,sincethemoreproductiveworkersare,thelowerthecostpergallonofpotion.Ronwantstolookataveragecost.ButbothHarryandRonaremissingtheothersideoftheequationrevenue.Afirmwantstomaximizeitsprofits,soitneedstoexaminebothcostsandrevenues.Thus,Hermioneisrightitisbesttoexaminewhethertheextrarevenuewouldexceedtheextracosts.Hermioneistheonlyonewhoisthinkingatthemargin.

7.a.TheprovisionofSocialSecuritybenefitslowersanindividual’sincentivetosaveforretirement.Thebenefitsprovidesomelevelofincometotheindividualwhenheorsheretires.Thismeansthattheindividualisnotentirelydependentonsavingstosupportconsumptionthroughtheyearsinretirement.

b.Sinceapersongetsfewerafter-taxSocialSecuritybenefitsthegreaterhisorherearningsare,thereisanincentivenottowork（ornotworkasmuch）afterage65.Themoreyouwork,theloweryourafter-taxSocialSecuritybenefitswillbe.Thus,thetaxationofSocialSecuritybenefitsdiscouragesworkeffortafterage65.

8.a.Whenwelfarerecipientshavetheirbenefitscutoffaftertwoyears,theyhaveagreaterincentivetofindjobsthaniftheirbenefitsweretolastforever.

b.Thelossofbenefitsmeansthatsomeonewhocannotfindajobwillgetnoincomeatall,sothedistributionofincomewillbecomelessequal.Buttheeconomywillbemoreefficient,becausewelfarerecipientshaveagreaterincentivetofindjobs.Thus,thechangeinthelawisonethatincreasesefficiencybutreducesequity.

9.Byspecializingineachtask,youandyourroommatecanfinishthechoresmorequickly.Ifyoudividedeachtaskequally,itwouldtakeyoumoretimetocookthanitwouldtakeyourroommate,anditwouldtakehimmoretimetocleanthanitwouldtakeyou.Byspecializing,youreducethetotaltimespentonchores.

Similarly,countriescanspecializeandtrade,makingbothbetteroff.Forexample,supposeittakesSpanishworkerslesstimetomakeclothesthanFrenchworkers,andFrenchworkerscanmakewinemoreefficientlythanSpanishworkers.ThenSpainandFrancecanbothbenefitifSpanishworkersproducealltheclothesandFrenchworkersproduceallthewine,andtheyexchangewineforclothes.

10.a.ToproducetherightnumberofCDsbytherightartistsanddeliverthemtotherightpeoplerequiresanenormousamountofinformation.YouneedtoknowaboutproductiontechniquesandcostsintheCDindustry.Youneedtoknoweachperson'smusicaltastesandwhichartiststheywanttohear.Ifyoumakethewrongdecisions,youwillbeproducingtoomanyCDsbyartiststhatpeopledonotwanttohear,andnotenoughbyothers.

b.YourdecisionsaboutCDswillcarryovertootherdecisions.YouhavetomaketherightnumberofCDplayersforpeopletouse.IfyoumaketoomanyCDsandnotenoughcassettetapes,peoplewithcassetteplayerswillbestuckwithCDstheycannotplay.Theprobabilityofmakingmistakesisveryhigh.Youwillalsobefacedwithtoughchoicesaboutthemusicindustrycomparedtootherpartsoftheeconomy.Ifyouproducemoresportsequipment,youwillhavefewerresourcesformakingCDs.SoalldecisionsabouttheeconomyinfluenceyourdecisionsaboutCDproduction.

11.Countriesthathavecorruptpoliceandcourtsystemsdonotenforceindividualpropertyrights,includingtherightsoverthegoodsandservicesproducedbyhouseholdsandfirms.Firmswillnotchoosetoproduceproductsandindividualswillchoosenottoworkifthereisnoguaranteethattheywillreceivepaymentfortheirefforts.Therefore,thesecountriesendupwithalowerstandardofliving.

12.a.Efficiency:

ThemarketfailurecomesfromthemarketpowerofthecableTVfirm.

b.Equity

c.Efficiency:

Anexternalityarisesbecausesecondhandsmokeharmsnonsmokers.

d.Efficiency:

ThemarketfailureoccursbecauseofStandardOil'smarketpower.

e.Equity

f.Efficiency:

Thereisanexternalitybecauseofaccidentscausedbydrunkdrivers.

13.a.Ifeveryonewereguaranteedthebesthealthcarepossible,muchmoreofournation'soutputwouldbedevotedtomedicalcarethanisnowthecase.Wouldthatbeefficient?

Ifyoubelievethatdoctorshavemarketpowerandrestricthealthcaretokeeptheirincomeshigh,youmightthinkefficiencywouldincreasebyprovidingmorehealthcare.Butmorelikely,ifthegovernmentmandatedincreasedspendingonhealthcare,theeconomywouldbelessefficientbecauseitwouldgivepeoplemorehealthcarethantheywouldchoosetopayfor.Fromthepointofviewofequity,ifpoorpeoplearelesslikelytohaveadequatehealthcare,providingmorehealthcarewouldrepresentanimprovement.Eachpersonwouldhaveamoreevensliceoftheeconomicpie,thoughthepiewouldconsistofmorehealthcareandlessofothergoods.

b.Whenworkersarelaidoff,equityconsiderationsarguefortheunemploymentbenefitssystemtoprovidethemwithsomeincomeuntiltheycanfindnewjobs.Afterall,nooneplanstobelaidoff,sounemploymentbenefitsareaformofinsurance.Butthereisanefficiencyproblemwhyworkifyoucangetincomefordoingnothing?

Theeconomyisnotoperatingefficientlyifpeopleremainunemployedforalongtime,andunemploymentbenefitsencourageunemployment.Thus,thereisatrade-offbetweenequityandefficiency.Themoregenerousunemploymentbenefitsare,thelessincomeislostbyanunemployedperson,butthemorethatpersonisencouragedtoremainunemployed.Sogreaterequityreducesefficiency.

14.BecauseaverageincomeintheUnitedStateshasroughlydoubledevery35years,wearelikelytohaveabetterstandardoflivingthanourparents,andamuchbetterstandardoflivingthanourgrandparents.Thisismainlytheresultofincreasedproductivity,sothatanhourofworkproducesmoregoodsandservicesthanitusedto.Thus,incomeshavecontinuouslyrisenovertime,ashasthestandardofliving.

15.IfAmericanssavemoreanditleadstomorespendingonfactories,therewillbeanincreaseinproductionandproductivity,becausethesamenumberofworkerswillhavemoreequipmenttoworkwith.Thebenefitsfromhigherproductivitywillgotoboththeworkers,whowillgetpaidmorebecausetheyareproducingmore,andthefactoryowners,whowillgetareturnontheirinvestments.Thereisnosuchthingasafreelunch,however,becausewhenpeoples