曼昆经济学原理微观经济学英文版习题答案考试章节筛选Word格式文档下载.docx
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(1)peoplefacetradeoffs;
(2)thecostofsomethingiswhatyougiveuptogetit;
(3)rationalpeoplethinkatthemargin;
and(4)peoplerespondtoincentives.Peoplefacetradeoffsbecausetogetonethingthattheylike,theyusuallyhavetogiveupanotherthingthattheylike.Thecostofsomethingiswhatyougiveuptogetit,notjustintermsofmonetarycostsbutallopportunitycosts.Rationalpeoplethinkatthemarginbytakinganactionifandonlyifthemarginalbenefitsexceedthemarginalcosts.Peoplerespondtoincentivesbecauseastheycomparebenefitstocosts,achangeinincentivesmaycausetheirbehaviortochange.
2.Thethreeprinciplesconcerningeconomicinteractionsare:
(1)tradecanmakeeveryonebetteroff;
(2)marketsareusuallyagoodwaytoorganizeeconomicactivity;
and(3)governmentscansometimesimprovemarketoutcomes.Tradecanmakeeveryonebetteroffbecauseitallowscountriestospecializeinwhattheydobestandtoenjoyawidervarietyofgoodsandservices.Marketsareusuallyagoodwaytoorganizeeconomicactivitybecausetheinvisiblehandleadsmarketstodesirableoutcomes.Governmentscansometimesimprovemarketoutcomesbecausesometimesmarketsfailtoallocateresourcesefficientlybecauseofanexternalityormarketpower.
3.Thethreeprinciplesthatdescribehowtheeconomyasawholeworksare:
(1)acountry’sstandardoflivingdependsonitsabilitytoproducegoodsandservices;
(2)pricesrisewhenthegovernmentprintstoomuchmoney;
and(3)societyfacesashort-runtradeoffbetweeninflationandunemployment.Acountry’sstandardoflivingdependsonitsabilitytoproducegoodsandservices,whichinturndependsonitsproductivity,whichisafunctionoftheeducationofworkersandtheaccessworkershavetothenecessarytoolsandtechnology.Pricesrisewhenthegovernmentprintstoomuchmoneybecausemoremoneyincirculationreducesthevalueofmoney,causinginflation.Societyfacesashort-runtradeoffbetweeninflationandunemploymentthatisonlytemporaryandpolicymakershavesomeabilitytoexploitthisrelationshipusingvariouspolicyinstruments.
QuestionsforReview
1.Examplesoftradeoffsincludetimetradeoffs(suchasstudyingonesubjectoveranother,orstudyingatallcomparedtoengaginginsocialactivities)andspendingtradeoffs(suchaswhethertouseyourlasttendollarsonpizzaoronastudyguideforthattougheconomicscourse).
2.Theopportunitycostofseeingamovieincludesthemonetarycostofadmissionplusthetimecostofgoingtothetheaterandattendingtheshow.Thetimecostdependsonwhatelseyoumightdowiththattime;
ifit'
sstayinghomeandwatchingTV,thetimecostmaybesmall,butifit'
sworkinganextrathreehoursatyourjob,thetimecostisthemoneyyoucouldhaveearned.
3.Themarginalbenefitofaglassofwaterdependsonyourcircumstances.Ifyou'
vejustrunamarathon,oryou'
vebeenwalkinginthedesertsunforthreehours,themarginalbenefitisveryhigh.Butifyou'
vebeendrinkingalotofliquidsrecently,themarginalbenefitisquitelow.Thepointisthateventhenecessitiesoflife,likewater,don'
talwayshavelargemarginalbenefits.
4.Policymakersneedtothinkaboutincentivessotheycanunderstandhowpeoplewillrespondtothepoliciestheyputinplace.Thetext'
sexampleofseatbeltsshowsthatpolicyactionscanhavequiteunintendedconsequences.Ifincentivesmatteralot,theymayleadtoaverydifferenttypeofpolicy;
forexample,someeconomistshavesuggestedputtingknivesinsteeringcolumnssothatpeoplewilldrivemuchmorecarefully!
Whilethissuggestionissilly,ithighlightstheimportanceofincentives.
5.Tradeamongcountriesisn'
tagamewithsomelosersandsomewinnersbecausetradecanmakeeveryonebetteroff.Byallowingspecialization,tradebetweenpeopleandtradebetweencountriescanimproveeveryone'
swelfare.
6.The"
invisiblehand"
ofthemarketplacerepresentstheideathateventhoughindividualsandfirmsareallactingintheirownself-interest,pricesandthemarketplaceguidethemtodowhatisgoodforsocietyasawhole.
7.Thetwomaincausesofmarketfailureareexternalitiesandmarketpower.Anexternalityistheimpactofoneperson’sactionsonthewell-beingofabystander,suchasfrompollutionorthecreationofknowledge.Marketpowerreferstotheabilityofasingleperson(orsmallgroupofpeople)toundulyinfluencemarketprices,suchasinatownwithonlyonewelloronlyonecabletelevisioncompany.Inaddition,amarketeconomyalsoleadstoanunequaldistributionofincome.
8.Productivityisimportantbecauseacountry'
sstandardoflivingdependsonitsabilitytoproducegoodsandservices.Thegreateracountry'
sproductivity(theamountofgoodsandservicesproducedfromeachhourofaworker'
stime),thegreaterwillbeitsstandardofliving.
9.Inflationisanincreaseintheoveralllevelofpricesintheeconomy.Inflationiscausedbyincreasesinthequantityofanation'
smoney.
10.Inflationandunemploymentarenegativelyrelatedintheshortrun.Reducinginflationentailscoststosocietyintheformofhigherunemploymentintheshortrun.
ProblemsandApplications
1.a.Afamilydecidingwhethertobuyanewcarfacesatradeoffbetweenthecostofthecarandotherthingstheymightwanttobuy.Forexample,buyingthecarmightmeantheymustgiveupgoingonvacationforthenexttwoyears.Sotherealcostofthecaristhefamily'
sopportunitycostintermsofwhattheymustgiveup.
b.ForamemberofCongressdecidingwhethertoincreasespendingonnationalparks,thetradeoffisbetweenparksandotherspendingitemsortaxcuts.Ifmoremoneygoesintotheparksystem,thatmaymeanlessspendingonnationaldefenseoronthepoliceforce.Or,insteadofspendingmoremoneyontheparksystem,taxescouldbereduced.
c.Whenacompanypresidentdecideswhethertoopenanewfactory,thedecisionisbasedonwhetherthenewfactorywillincreasethefirm'
sprofitscomparedtootheralternatives.Forexample,thecompanycouldupgradeexistingequipmentorexpandexistingfactories.Thebottomlineis:
Whichmethodofexpandingproductionwillincreaseprofitthemost?
d.Indecidinghowmuchtoprepareforclass,aprofessorfacesatradeoffbetweenthevalueofimprovingthequalityofthelecturecomparedtootherthingsshecoulddowithhertime,suchasworkingonadditionalresearch.
2.Whenthebenefitsofsomethingarepsychological,suchasgoingonavacation,itisn'
teasytocomparebenefitstocoststodetermineifit'
sworthdoing.Buttherearetwowaystothinkaboutthebenefits.Oneistocomparethevacationwithwhatyouwoulddoinitsplace.Ifyoudidn'
tgoonvacation,wouldyoubuysomethinglikeanewsetofgolfclubs?
Thenyoucandecideifyou'
dratherhavethenewclubsorthevacation.Asecondwayistothinkabouthowmuchworkyouhadtodotoearnthemoneytopayforthevacation;
thenyoucandecideifthepsychologicalbenefitsofthevacationwereworththepsychologicalcostofworking.
3.Ifyouarethinkingofgoingskiinginsteadofworkingatyourpart-timejob,thecostofskiingincludesitsmonetaryandtimecosts,whichincludestheopportunitycostofthewagesyouaregivingupbynotworking.Ifthechoiceisbetweenskiingandgoingtothelibrarytostudy,thenthecostofskiingisitsmonetaryandtimecostsincludingthecosttoyouofgettingalowergradeinyourcourse.
4.Ifyouspend$100nowinsteadofsavingitforayearandearning5percentinterest,youaregivinguptheopportunitytospend$105ayearfromnow.Theideathatmoneyhasatimevalueisthebasisforthefieldoffinance,thesubfieldofeconomicsthathastodowithpricesoffinancialinstrumentslikestocksandbonds.
5.Thefactthatyou'
vealreadysunk$5millionisn'
trelevanttoyourdecisionanymore,sincethatmoneyisgone.Whatmattersnowisthechancetoearnprofitsatthemargin.Ifyouspendanother$1millionandcangeneratesalesof$3million,you'
llearn$2millioninmarginalprofit,soyoushoulddoso.Youarerighttothinkthattheprojecthaslostatotalof$3million($6millionincostsandonly$3millioninrevenue)andyoushouldn'
thavestartedit.That'
strue,butifyoudon'
tspendtheadditional$1million,youwon'
thaveanysalesandyourlosseswillbe$5million.Sowhatmattersisnotthetotalprofit,buttheprofityoucanearnatthemargin.Infact,you'
dpayupto$3milliontocompletedevelopment;
anymorethanthat,andyouwon'
tbeincreasingprofitatthemargin.
6.Harrysuggestslookingatwhetherproductivitywouldriseorfall.Productivityiscertainlyimportant,sincethemoreproductiveworkersare,thelowerthecostpergallonofpotion.Ronwantstolookataveragecost.ButbothHarryandRonaremissingtheothersideoftheequationrevenue.Afirmwantstomaximizeitsprofits,soitneedstoexaminebothcostsandrevenues.Thus,Hermioneisrightit’sbesttoexaminewhethertheextrarevenuewouldexceedtheextracosts.Hermioneistheonlyonewhoisthinkingatthemargin.
7.a.TheprovisionofSocialSecuritybenefitslowersanindividual’sincentivetosaveforretirement.Thebenefitsprovidesomelevelofincometotheindividualwhenheorsheretires.Thismeansthattheindividualisnotentirelydependentonsavingstosupportconsumptionthroughtheyearsinretirement.
b.Sinceapersongetsfewerafter-taxSocialSecuritybenefitsthegreaterishisorherearnings,thereisanincentivenottowork(ornotworkasmuch)