曼昆经济学原理复习资料整理.docx

曼昆经济学原理复习资料整理.docx

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曼昆经济学原理复习资料整理

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Q4Whyshouldpolicymakersthinkaboutincentives?

Policymakersneedtothinkaboutincentivessotheycanunderstandhowpeoplewillrespondtothepoliciestheyputinplace.Thetext'sexampleofseatbeltsshowsthatpolicyactionscanhavequiteunintendedconsequences.Ifincentivesmatteralot,theymayleadtoaverydifferenttypeofpolicy;forexample,someeconomistshavesuggestedputtingknivesinsteeringcolumnssothatpeoplewilldrivemuchmorecarefully!

Whilethissuggestionissilly,ithighlightstheimportanceofincentives.

Q6whatdoestheinvisiblehandofthemarketplacedo?

The"invisiblehand"ofthemarketplacerepresentstheideathateventhoughindividualsandfirmsareallactingintheirownself-interest,pricesandthemarketplaceguidethemtodowhatisgoodforsocietyasawhole.

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Q1Howiseconomicslikeascience?

Economicsislikeasciencebecauseeconomistsusethescientificmethod.Theydevisetheories,collectdata,andthenanalyzethesedatainanattempttoverifyorrefutetheirtheoriesabouthowtheworldworks.Economistsusetheoryandobservationlikeotherscientists,buttheyarelimitedintheirabilitytoruncontrolledexperiments.Instead,theymustrelyonnaturalexperiments.

Q5Useaproductionpossibilitiesfrontiertodescribetheideaof“efficiency”?

Theideaofefficiencyisthatanoutcomeisefficientiftheeconomyisgettingallitcanfromthescarceresourcesithasavailable.Intermsoftheproductionpossibilitiesfrontier,anefficientpointisapointonthefrontier,suchaspointAinFigure4.Apointinsidethefrontier,suchaspointB,isinefficientsincemoreofonegoodcouldbeproducedwithoutreducingtheproductionofanothergood.

Q7Whatisthedifferencebetweenapositiveandanormativestatement?

Giveanexampleofthat.

Positivestatementsaredescriptiveandmakeaclaimabouthowtheworldis,whilenormativestatementsareprescriptiveandmakeaclaimabouthowtheworldoughttobe.Hereisanexample.Positive:

Arapidgrowthrateofmoneyisthecauseofinflation.Normative:

Thegovernmentshouldkeepthegrowthrateofmoneylow.

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Q1Explainhowabsoluteadvantageandcomparativeadvantagediffer.

Absoluteadvantagereflectsacomparisonoftheproductivityofoneperson,firm,ornationtothatofanother,whilecomparativeadvantageisbasedontherelativeopportunitycostsofthepersons,firms,ornations.Whileaperson,firm,ornationmayhaveanabsoluteadvantageinproducingeverygood,theycan'thaveacomparativeadvantageineverygood.

Q4WillanationtendtoexportorimportgoodstoQuestion2.

Anationwillexportgoodsforwhichithasacomparativeadvantagebecauseithasasmalleropportunitycostofproducingthosegoods.Asaresult,citizensofallnationsareabletoconsumequantitiesofgoodsthatareoutsidetheirproductionpossibilitiesfrontiers.

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Q5Propeye’sincomedeclines,andasaresult,hebuysmorespinach.Isspinachaninferiororanormalgoods?

WhathappenstoPopeye’sdemandcurveforspinach?

SincePopeyebuysmorespinachwhenhisincomefalls,spinachisaninferiorgoodforhim.Sincehebuysmorespinach,butthepriceofspinachisunchanged,hisdemandcurveforspinachshiftsoutasaresultofthedecreaseinhisincome.

Q8Doseachangeinproducers’technologyleadtoamovementalongthesupplycurve?

Doesachangeinpriceleadtoamovementalongthesupplycurveorashiftinthesupplycurve?

Achangeinproducers'technologyleadstoashiftinthesupplycurve.Achangeinpriceleadstoamovementalongthesupplycurve.

Q9Definetheequilibriumofamarket.Describetheforcesthatmoveamarkettowardsitsequilibrium.

Theequilibriumofamarketisthepointatwhichthequantitydemandedisequaltoquantitysupplied.Ifthepriceisabovetheequilibriumprice,sellerswanttosellmorethanbuyerswanttobuy,sothereisasurplus.Sellerstrytoincreasetheirsalesbycuttingprices.Thatcontinuesuntiltheyreachtheequilibriumprice.Ifthepriceisbelowtheequilibriumprice,buyerswanttobuymorethansellerswanttosell,sothereisashortage.Sellerscanraisetheirpricewithoutlosingcustomers.Thatcontinuesuntiltheyreachtheequilibriumprice.

Q11Describetheroleofpricesinmarketeconomies.

Pricesplayavitalroleinmarketeconomiesbecausetheybringmarketsintoequilibrium.Ifthepriceisdifferentfromitsequilibriumlevel,quantitysuppliedandquantitydemandedarenotequal.Theresultingsurplusorshortageleadssupplierstoadjustthepriceuntilequilibriumisrestored.Pricesthusserveassignalsthatguideeconomicdecisionsandallocatescarceresources.

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Q2Listandexplainthefourdeterminantsofthepriceelasticityofdemanddiscussedinthechapter.

Thedeterminantsofthepriceelasticityofdemandincludehowavailableclosesubstitutesare,whetherthegoodisanecessityoraluxury,howbroadlydefinedthemarketis,andthetimehorizon.Luxurygoodshavegreaterpriceelastictiesthannecessities,goodswithclosesubstituteshavegreaterelasticties,goodsinmorenarrowlydefinedmarketshavegreaterelasticties,andtheelasticityofdemandishigherthelongerthetimehorizon.

Q4Onasupply-and-demanddiagram,showequilibriumprice,equilibriumquantity,andthetotalrevenuereceivedbyproducers.

Figure1presentsasupply-and-demanddiagram,showingequilibriumprice,equilibriumquantity,andthetotalrevenuereceivedbyproducers.Totalrevenueequalstheequilibriumpricetimestheequilibriumquantity,whichistheareaoftherectangleshowninthefigure.

Figure1

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Q2Whichcausesashortageofagood—apriceceilingorapricefloor?

Whichcausesasurplus?

Ashortageofagoodariseswhenthereisabindingpriceceiling.Asurplusofagoodariseswhenthereisabindingpricefloor.

Q6Howdoesataxonagoodaffectthepricepaidbybuyers,andthequantitysold?

Ataxonagoodraisesthepricebuyerspay,lowersthepricesellersreceive,andreducesthequantitysold.

Q7Whatdetermineshowtheburdenofataxisdividedbetweenbuyersandsellers?

Why?

Theburdenofataxisdividedbetweenbuyersandsellersdependingontheelasticityofdemandandsupply.Elasticityrepresentsthewillingnessofbuyersorsellerstoleavethemarket,whichinturnsdependsontheiralternatives.Whenagoodistaxed,thesideofthemarketwithfewergoodalternativescannoteasilyleavethemarketandthusbearsmoreoftheburdenofthetax.

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Q1Explainhowbuyer’swillingnesstopay,consumer’surplus,andthedemandcurvearerelated.

Buyers'willingnesstopay,consumersurplus,andthedemandcurveareallcloselyrelated.Theheightofthedemandcurverepresentsthewillingnesstopayofthebuyers.Consumersurplusistheareabelowthedemandcurveandabovetheprice,whichequalseachbuyer'swillingnesstopaylessthepriceofthegood.

Q2Explainhowseller’scosts,producer’ssurplus,andthesupplycurvearerelated.

Sellers'costs,producersurplus,andthesupplycurveareallcloselyrelated.Theheightofthesupplycurverepresentsthecostsofthesellers.Producersurplusistheareabelowthepriceandabovethesupplycurve,whichequalsthepriceminuseachsellers'costs.

Figure4

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Q2Giveanexampleofanopportunitycostthataccountantmightnotcountasacost.Whywouldtheaccountantignorethecost?

Anaccountantwouldnotcounttheowner’sopportunitycostofalternativeemploymentasanaccountingcost.AnexampleisgiveninthetextinwhichHelenrunsacookiebusiness,butshecouldinsteadworkasacomputerprogrammer.Becauseshe'sworkinginhercookiefactory,shegivesuptheopportunitytoearn$100perhourasacomputerprogrammer.Theaccountantignoresthisopportunitycostbecausenomoneyflowoccurs.ButthecostisrelevanttoHelen'sdecisiontorunthecookiefactory.

Q3Whatismarginalproduct,andwhatdoesitmeansifitisdiminishing?

Marginalproductistheincreaseinoutputthatarisesfromanadditionalunitofinput.Diminishingmarginalproductmeansthatthemarginalproductofaninputdeclinesasthequantityoftheinputincreases.

Q8Defindeconomiesofscaleandexplainwhytheymightarise.Definediseconomiesofscaleandexplainwhythenmightarise.

Economiesofscaleexistwhenlong-runaveragetotalcostfallsasthequantityofoutputincreases,whichoccursbecauseofspecializationamongworkers.Diseconomiesofscaleexistwhenlong-runaveragetotalcostrisesasthequantityofoutputincreases,whichoccursbecauseofcoordinationproblemsinherentinalargeorganization.

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Q2Drawthecostcurvesforatypicalfirm.Foragivenprice,explainhowthefirmchoosesthelevelofoutputthatmaximizesprofit.Figure2showsthecostcurvesforatypicalfirm.Foragivenprice（suchasP*）,thelevelofoutputthatmaximizesprofitistheoutputwheremarginalcostequalsprice（Q*）,aslongaspriceisgreaterthanaveragevariablecostatthatpoint（intheshortrun）,orgreaterthanaveragetotalcost（inthelongrun）.

Figure2

Q6Doesafirm’spriceequalmarginalcostintheshortrun,inthelongrun,orboth?

Explain.

Thefirm'spriceequalstheminimumofaveragetotalcostonlyinthelongrun.Intheshortrun,pricemaybegreaterthanaveragetotalcost,inwhichcasethefirmismakingprofits,orpricemaybelessthanaveragetotalcost,inwhichcasethefirmismakinglosses.Butthesituationisdifferentinthelongrun.Iffirmsaremakingprofits,otherfirmswillentertheindustry,whichwilllowerthepriceofthegood.Iffirmsaremakinglosses,theywillexittheindustry,whichwillraisethepriceofthegood.Entryorexitcontinuesuntilfirmsaremakingn