经济学作业.docx

经济学作业.docx

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经济学作业

Economics

Chapter1

4.[RelatedtoSolvedProblem1-1]SupposeDelliscurrentlyselling250,000Pentium4laptopspermonth.AmanageratDellargues,“Thelast10,000laptopsweproducedincreasedourrevenueby8.5millionandourcostsby8.9million.However,becausewearemakingasubstantialtotalprofitof$25millionfromproducing250,000laptops,Ithinkweareproducingtheoptimalnumberoflaptops.”Brieflyexplainwhetheryouagreewiththemanger’sreasoning.

Optimaldecisionsaremadeatthemargin.Fortheoptimalnumber,MB=MC,8.5mnotequal8.9m,soI’mnotagreewiththemanager’sreasoning.

8.In1838,theU.S.ArmywasgiventhejobofmovingtheCherokees,Creeks,Choctaws,andSeminolesfromtheeasternUnitedStatestoOklahoma.Contractorsweregiven$65perperson（about$1,270intoday’smoney）toprovidefoodandmedicinefortheIndiansduringthe1,000-mileforcedmarch.Manyofthecontractorsprovidedscantyfoodportions,badmeat,andnomedicine.Asaresult,approximatelyone-quarteroftheseIndiansperishedalongtheway.Howcouldtheincentiveshavebeenchangedsothatthedeathrateswouldhavebeenlower?

Humanbeingsactfromavarietyofmotives,thecontractors’immoralactsweredrovedbymassivebenefit.Sotheincentiveshavetobechanged,thewageorsalaryshouldnotbedecidedfirstandpaidinadvance,thepaidmakearelationshipwiththealivepeople,themorealivepeople,themorepaidthecontractorsget.Whilethemoredeath,thelowerpaidandeventhepenalty.Thisactmaymakethedeathrateswouldbelower.

15.ManylargefirmshavebegunoutsourcingworktoChina.

a.Whyhavetheydonethis?

b.Isoutsourcingworktolow-wageChineseworkersarisk-freepropositionforlargefirms?

a.Mosteconomists/corporatesbelievethatinternationaltrade,includingthetradethatresultswhenfirmsmoveproductionoffshore,increaseseconomicefficiencyandraisesincomes.LargefirmshavebegunoutsourcingworktoChinabecauseofthelowerproductionandlaborcosts,closenesstotheChinesemarketandChinesecustomers,aswellasshorterdeliverytimesandglobalpresence.

b.No,therearealsorisksforoutsourcingworktoChina,suchasqualitystandardissues,difficultytokeeptheChinesestaff,IPRproblems,andunemploymentintheoriginalindustries,etc.

17.Brieflyexplainwhethereachofthefollowingisprimarilyamicroeconomicissueoramacroeconomicissue:

a.Theeffectofhighercigarettetaxesonthequantityofcigarettesold

b.Theeffectofhigherincometaxedonthetotalamountofconsumerspending

c.ThereasonfortheeconomicsofEastAsiancountriesgrowingfasterthantheeconomicsofsub-SaharanAfricancountries

d.Thereasonsforlowratesofprofitintheairlineindustry.

a.andd.aremicroeconomicquestionsbecausetheyrelatetospecificindustries;b.andc.aremacroeconomicquestionsbecausetheyrelatetoeconomy-wideissues.

Chapter2

11.Usingthesameamountofresources,theUnitedStatesandCanadacanbothproducelumberjackshirtsandlumberjackbootsasshowninthefollowingproductionpossibilitiesfrontiers:

a.Whohasacomparativeadvantageinproducinglumberjackboots?

Whohasacomparativeadvantageinproducinglumberjackshirts?

Explainyourreasoning.

b.Doeseithercountryhaveanabsoluteadvantageinproducingbothgoods?

Explain.

c.Supposethatbothcountriesarecurrentlyproducingthreepairsofbootsandthreeshirts.Showthatbothcanbebetteroffiftheyspecializeinproducingonegoodandthenengageintrade.

a.Canadahasthecomparativeadvantageinmakingboots.Canada’sopportunitycostofmaking1bootisgivingup1shirt.IntheUnitedStates,theopportunitycostofmaking1bootisgivingup3shirts.TheUnitedStateshasthecomparativeadvantageinmakingshirts.IntheUnitedStates,theopportunitycostofmakingoneshirtisgivingup1/3boot,butCanada’sopportunitycostofmaking1shirtis1boot.

b.Neithercountryhasanabsoluteadvantageinmakingbothgoods.TheUnitedStateshastheabsoluteadvantageinmakingshirts,butCanadahastheabsoluteadvantageinmakingboots.Remember,bothcountrieshavethesameamountofresources.Ifeachcountryputsallofitsresourcesintomakingshirts,thentheUnitedStatesmakes12shirts,butCanadamakesonly6shirts.Ifeachcountryputsallofitsresourcesintomakingboots,thenCanadamakes6boots,buttheUnitedStatesmakesonly4boots.

c.Ifeachcountryspecializesintheproductionofthegoodinwhichithasacomparativeadvantageandthentradeswiththeothercountry,bothwillbebetteroff.Let’susethecaseinwhicheachcountrytradeshalfofwhatitmakesforhalfofwhattheothermakes.TheUnitedStateswillspecializebymaking12shirtsandCanadawillspecializebymaking6boots.Becauseeachgetshalfoftheother’sproduction,theybothendupwith6shirtsand3boots.Theyarebetteroffthanbeforetradingbecausetheyendupwiththesamenumberofboots,buttwiceasmanyshirts.Othertradeswillalsomakethembetteroff.

15.Identifywhethereachofthefollowingtransactionswilltakeplaceinthefactorsmarketorintheproductmarket,orservice,ordemandingthegoodorservice:

a.GeorgebuysaBMWX5SUV

b.BMWincreaseemploymentatitsSpartanburgplant.

c.Georgeworks20hoursperweekatMcDonald’s

d.GeorgesellslandheownstoMcDonald’ssoitcanbuildanewrestaurant.

a.Anautopurchasetakesplaceintheproductmarket.Thehousehold（George）demandsthegood,andthefirm（TeslaMotors）suppliesthegood.

b.Thelabormarketisafactormarket.Householdssupplylabor,andthefirmdemandslabor.

c.Thelabormarketisafactormarket.Thehousehold（George）suppliesthefactorofproduction（labor）,whilethefirm（McDonald’s）demandsit.

d.Thelandmarketisafactormarket.Thehousehold（George）suppliesthefactorofproduction（land）,andthefirm（McDonald’s）demandsit.

16.InTheWealthofNations,AdamSmithwrotethefollowing（BookI,ChapterII）:

Itisnotfromthebenevolenceofthebutcher,thebrewer,orthebaker,thatweexpectourdiner,butfromtheirregardtotheirowninterest.

Brieflydiscusswhathemeantbyhis.

AdamSmithrealized—aseconomiststodayrealize—thatpeople’smotivescanbecomplex.Butinanalyzingpeopleintheactofbuyingandselling,economistshaveconcludedthatinmostinstances,themotivationoffinancialrewardprovidesthebestexplanationfortheactionspeopletake.Moreover,beingself-interested—lookingoutforyourownwell-beingandhappiness—andbeingselfish—caringonlyaboutyourself—arenotexactlythesamething.Manysuccessfulbusinesspeopleare,infact,generous:

Donatingtocharity,volunteeringforactivities,andotherwiseactinginagenerousway.Theseactionsarenotinconsistentwithmakingbusinessdecisionsthatmaximizeprofitsfortheircompanies.

Chapter3

2.Foreachofthefollowingpairsofproducts,statewhicharecompliments,whicharesubstitutes,andwhichareunrelated.

a.PepsiandCoke

b.OscarMayerhotdogsandWonderhotdogbuns

c.JiffypeanutbutterandSmucker’sstrawberryjam

d.Hewlett-PackardprintersandTexasInstrumentshandcalculators

a.Substitutes

b.Complements

c.Complements

d.Unrelated

3.StatewhethereachofthefollowingeventswillresultinamovementalongthedemandcurveforMcDonald’sBigMachamburgersorwhetheritwillcausethecurvetoshift.Ifthedemandcurveshifts,indicatewhetheritwillshifttotheleftortotherightanddrawagraphtoillustratetheshift.

a.ThepriceofBurgerKing’sWhopperhamburgerdeclines.

b.McDonald’sdistributescouponsfor$1.00offonapurchaseofaBigMac.

c.Becauseofashortageofpotatoes,thepriceofFrenchfriesincreases.

d.KentuckyFriedChickenraisesthepriceofabucketoffriedchicken.

a.Becausethepriceofasubstitutegoodhasdeclined,thedemandcurveforBigMacswillshifttotheleftfromD1toD2.

b.ThecouponresultsinacutinthepriceofBigMacs,sotherewillbeamovementdownthedemandcurveforBigMacs.

c.BecauseformostpeopleBigMacsandfriesarecomplements,thedemandcurveforBigMacswillshifttotheleftfromD1toD2.

d.ThedemandcurveforBigMac’swillshift.IftheBigMacisaninferiorgood,thedemandcurvewillshifttotheleftfromD1toD2.IftheBigMacisanormalgood,thedemandcurvewillshifttotheright.

21.Brieflyexplainwhethereachofthefollowingstatementsistrueorfalse.

a.Ifthedemandandsupplyforaproductbothincrease,theequilibriumquantityoftheproductmustalsoincrease.

b.Ifthedemandandsupplyforaproductbothincrease,theequilibriumpriceoftheproductmustalsoincrease.

c.Ifthedemandforaproductdecreasesandthesupplyoftheproductmayincreaseofdecrease,dependinguponwhethersupplyordemandhasshiftedbymore.

Anincreaseindemandincreasestheequilibriumpriceandequilibriumquantity.

Adecreaseindemanddecreasestheequilibriumpriceandequilibriumquantity.

Anincreaseinsupplydecreasesequilibriumpriceandincreasestheequilibriumquantity.

Adecreaseinsupplyincreasesequilibriumpriceanddecreasestheequilibriumquantity.

a.True

b.False

c.False

22.AccordingtoanarticleintheWallStreetJournal,“OnlineauctioneerslikeeBayarehavingahugeimpactonthepriceoffame.AfterCalRipkenJr.announcedhisretirementfrombaseball…dozenofRipken-autographedgamejerseys,baseballcardsandWheatiesboxesfloodedtheonlinebazaar.”UseademandandsupplygraphtoillustratetheimpactofeBayontheequilibriumpriceofCalRipkenmemorabilia.

Chapter4

1.Thefigurebelowillustratesthemarketforapplesinwhichthegovernmenthasimpos