曼昆微观经济学课后练习英文答案完整版Word下载.docx

曼昆微观经济学课后练习英文答案完整版Word下载.docx

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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

$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・

SelIerS

QUantitySUPPlied

$900Or

more

Mary,Frida,GeOrgia,Grandma

$800to

Frida,GeOrgia,Grandma

$600to

GeOrgia,Grandma

$500to

IeSSthan

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