Microeconomics_chapter_04

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《市场失灵》PPT课件

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一、概念
外部性（Externalities，又称外在性）：
是企业或者个人向市场之外的其他人所强加的成本或者收益。
是一种影响其无法完全地体现在价格和市场交易之上的行为。（成本或者收益不能完全内生化
的行为）
例：污染、在公共场所抽烟、狗叫阳台上的花、养蜂场的蜜蜂、
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二、外部性对市场效率的影响
科斯定理（The Coase Theorem)：如果产权得到明确界定，如果协商或谈判等活动发生的交易成本为零，那么在有外部性效应的市场上，无论所涉及的资源的产权属于哪一方，交易双方总能够通过协商谈判达到资源配置有效率状态。
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(1) 产权（ property rights ）是与所有权（ ownership rights）相联系的概念。产权不仅包含传统意义上所有权内涵，而且进一步描述人们可以对他们的财产做什么的法律规则。
3000，4000，5000
B企业减少一吨污水的边际成本分别为：
5000，6000，7000
如果政府管制，规定A、B两企业各减少1吨污水排放，每家企业付出的减污成本为？
排放费：规定每排放一吨污水向政府交纳4500元，此时每家企业付出的减污成本为？
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管制和排放费的作用比较：
从社会减少污染总水平上，管制和排放费同样有效。
社会成本供给
（私人成本）
需求曲线最优产量市场量纸张数量
——当公私成本和利益不一致时，企业或个人最优
决策不一定是社会最优决策。
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2、从控制污染的成本收益角度衡量
120
受控益污 100

微观经济学Microeconomics-精品课件

• 参考教材：黄亚钧郁义鸿主编《微观经济学》，高等教育出版社，2003年。
• 参考书目： • [美]H.范里安著《微观经济学：现代观
点》，上海三联书店上海人民出版社， 1994年； • [美]平狄克鲁宾费尔德著《微观经济学》，中国人民大学出版社，1997年。 • 黎诣远《微观经济分析》，清华大学出版社
13、He who seize the right moment, is the right man.谁把握机遇，谁就心想事成。21.7.1421.7.1 401:18:2501:18 :25July 14, 2021
•
14、谁要是自己还没有发展培养和教育好，他就不能发展培养和教育别人。202 1年7月 14日星期三上午1时1 8分25 秒01:18:2521.nomic Man 经济人
• 如果说，稀缺是社会存在的经济概括，那么，经济人这个概念就是对社会意识的经济学概括。
• 经济学并不研究稀缺本身，而是研究在稀缺条件下人的行为，也就是研究经济人的行为。
© copyrights by Changde Zheng 2004. Economic college，Southwest University For Nationalities.
ii) Scarcity means that to have more of some things there must be less of others (Opportunity Cost): Production Possibilities Frontier
iii) Scarcity implies choice
•
15、一年之计，莫如树谷；十年之计，莫如树木；终身之计，莫如树人。2021 年7月上午1时1 8分21. 7.1401:18July 14, 2021

微观经济学(全部)

第五节生产可能性曲线和机会成本一、生产可能性曲线
（Production possibility curve））在生产技术和资源既定的条件下，在生产技术和资源既定的条件下，生产两种商品的最大可能组合的轨迹。品的最大可能组合的轨迹。 1.生产可能性表
各种可能性组合 A B C D E 棉衣(X商品) 产量 0 1 000 2 000 3 000 4 000 棉被(Y商品)产量 200 180 140 80 0
x年x月x日某商品的需求表年月日某商品的需求表
价格数量关系
价格（元）
A
B
C
D
EFG1Fra bibliotek2 600
3 500 P 7 6
4 400
5 300
6
7
需求量（单位数）700
200 100
2) 需求函数 Qd = f（p）（） Qd=800-100p 3) 需求曲线
A B C
Qd=800-100p D E F
1. 微观经济学（Microeconomics）微观经济学（） 2. 宏观经济学（Macroeconomics）） 3. 国际经济学（International Economics））参考教材：参考教材：现代西方经济学教科书》《现代西方经济学教科书》
全国二十所高校合编陕西人民出版社
《现代西方经济学习题集指南》现代西方经济学习题集指南》
微观经济学）宏观经济学）（微观经济学），（宏观经济学）尹伯成主编复旦大学出版社
《西方经济学习题精编》陈恳吴卫华西方经济学习题精编》《Principles of Economics》》
主编高等教育出版社
N.Gregory Mankiw [美] 曼昆著梁小民译美曼昆/著梁小民/译北京大学出版社

微观经济学

§1·3 西方经济学的由来和演变
四、当代西方经济学
1.第一阶段：凯恩斯革命，现代宏观经济学的产生
☆ 产生时间：20世纪30年代~60年代 ☆ 代表人物：凯恩斯 ☆ 代表作： 1936年的《就业、利息和货币通论》 ☆ 基本观点：市场有局限性，提出有效需求理论 ☆ 政策主张：国家干预、放弃自由放任
§1·3 西方经济学的由来和演变
现代西方经济学
§1·3 西方经济学的由来和演变
一、重商主义 —— 西方经济学的萌芽阶段
☆ 产生时间：1500-1776，西欧封建制度逐渐解体，资本主义萌芽时期
☆ 代表人物：英国经济学学家，蒙克莱田、约翰·海尔斯 ☆ 代表作： 1615年《献给国王和王后的政治经济学》 ☆ 基本观点：金银是最佳的财富形式 ☆ 政策主张：政府干预经济，发展对外贸易
§1·3 西方经济学的由来和演变
★ 经济人和自私自利的人
《国富论》中，亚当·斯密写道：我们期待得到晚餐，不是根据屠夫、酿酒商或面包师的仁慈，而是因为他们都关心自己的利益。我们要关注的不是他们的仁慈，而是他们对自己的爱；从来也不用向他们说我们需要什么，只要向他们说什么是他们的利益所在。
斯密还写道市场经济中的协调机制（价格体系）被亚当·斯密描述为
§1·2 经济学的研究内容和方法
2.边际分析法
研究一种可变因素的单位数量变动会对其他可变因素的变
动产生多大影响的方法。
“边际效用”、“边际产量”、“边际收入”
3.均衡分析法
“均衡”是指在一个经济体系中，由于各种经济因素的相互作用而产生的一种相对静止状态。均衡分析是指对均衡形成原因及其变动条件的分析。
取舍（Tradeoffs）——选择
§1·1 经济学的研究对象

第二章供给与需求

10 价格（元）数量（个） 100
12 80
15 60
—— 用图形表示的需求表就是需求曲线。用图形表示的需求表就是需求曲线。
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第一节需求和需求规律
2.需求曲线
P
7 6 5 4 3 2 1
描述价格和需求数量的关系，描述价格和需求数量的关系，习惯：自变量Ｐ为纵轴，习惯：自变量Ｐ为纵轴，因变量牢记它！Ｑ为横轴 —— 牢记它！
（1）商品本身的价格（price）。一般P↑，Qd↓ （2）消费者的偏好（taste）。T↑，Qd↑ （3）消费者货币收入（income）。（4）其他商品的价格（price）。（替代品）（互补品）（5）人们对未来的预期（expectations）预期价格PE↑，Qd↑ 预期收入ME↑，Qd↑ （6）如规则制定、气候、消费者人数、时间等因素也会影响商
P P0 P1 E1 E0
S1
S0
D1 O Q1 Q0
D0 Q
33
供求变动对均衡价格的影响
• 需求与供给同时发生变动反向变动：
需求增加，供给减少均衡价格上升，均衡产量不定
P P1 P0 E0
E1 S1
S0
D0 O Q0 Q1
D1 Q
34
供求变动对均衡价格的影响
• 需求与供给同时发生变动：反向变动：
9
第一节需求和需求规律
相关商品：
替代品：可以与一种商品产生类似功效的商品。替代品：可以与一种商品产生类似功效的商品。肯德基，肯德基，麦当劳汉堡 A提价需求量上升提价B需求量上升提价互补品：互补品：为实现某种功效而需要一起消费的那些商品汽车与汽油。提价B需求量下降汽车与汽油。A 提价需求量下降独立品：价格与B无关无关。独立品：A 价格与无关。铅笔与苹果

ECON5001_Microeconomics_2008 Semester 1_Mid_Semester exam ECON5001_2004

Discipline of EconomicsECON 5001: MICROECONOMICSMid-Semester Test(Friday September 10, 2004)Instructions1.The test lasts for 1½ hours. Maximum marks = 40.2.The test consists of two parts. You must answer ALL questions in both parts.(i).Part A Multiple Choice: 20 questions (1 mark each).Answer on the sheet provided.(ii).Part B Problems: 2 problems (10 marks each).Answer in the booklet provided.3.Put your name, SID, and stream on the multiple choice answer sheet, and theexam booklet. Failure to comply may result in a mark of zero.4.This is a closed book exam: no notes are allowed. Non-programmable calculatorsare permitted.5.University of Sydney Examination Regulations apply. No person may leave theexamination room in the first 30 minutes or in the last 20 minutes of the exam. 6.GOOD LUCK!Part A: Multiple Choice (20 marks)1. The slope of an indifference curve reveals:a.that preferences are complete.b.the marginal rate of substitution of one good for another good.c.the ratio of market prices.d.that preferences are transitive.e.none of the above.2. Jane is trying to decide which courses to take next semester. She has narroweddown her choice to two courses Econ 1 and Econ 2. Now she is having trouble.She just cannot decide whi ch of the two courses to take. It’s not that she isindifferent between the two courses, she just cannot decide. An economistwould say that this is an example of preferences that:a.are not transitive.b.are incomplete.c.violate the assumption that more is preferred to less.d.all of the above.3. If a consumer must spend her entire income on some combination of twocommodities and chooses to spend it all on just one of the commodities then:a.the other commodity is an economic bad.b.the other commodity must have zero marginal utility.c.the other commodity generates less utility per dollar spent on the good.d.the two commodities must be perfect substitutes.4. The change in the price of one good has no effect on the quantity demanded ofanother good. These goods are:plements.b.substitutes.c.both inferior.d.both Giffen goods.e.none of the above.5. The income-consumption curve for Dana between Q A and Q B is given by theequation Q A = Q B. His budget constraint is given as:120 = Q A + 4Q BHow much Q A will Dana consume to maximize utility?a.0.b.24.c.30.d.60.e.More information is needed to answer this question.6. Assume that beer is a normal good. If the price of beer rises, then thesubstitution effect results in the person buying ______ of the good and theincome effect results in the person buying ______ of the good.a.more, more.b.more, less.c.less, more.d.less, less.7. Which of the following will cause the price of beer to rise?a. A shift to the right in the demand curve for beer.b. A shift to the left in the supply curve of beer.c.both (a) and (b).d.none of the above.8. Blanca would prefer a certain income of $20,000 to a gamble with a 0.5probability of $10,000 and a 0.5 probability of $30,000. Based on thisinformation:a.we can infer that Blanca neutral.b.we can infer that Blanca is risk averse.c.we can infer that Blanca is risk loving.d.we cannot infer Blanca's risk preferences.Wanting to invest in the computer games industry, you select Whizbo, Yowzo and Zowiebo as the three best firms. Over the past 10 years, the three firms have had good years and bad years. The following table shows their performance:9. Refer to the table above. Where is the highest expected revenue, based on the10 years' past performance?a.Whizbo.b.Yowzo.c.Zowiebo.d.Whizbo and Yowzo.e.Yowzo and Zowiebo.10. The price of good A goes up. As a result the demand for good B shifts to theleft. From this we can infer that:a.good A is used to produce good B.b.good B is used to produce good A.c.goods A and B are substitutes.d.goods A and B are complements.e.none of the above.11. A firm uses two factors of production. Irrespective of how much of each factoris used, both factors always have positive marginal products which imply thata. isoquants are relevant only in the long run.b. isoquants have negative slope.c. isoquants are convex.d. isoquants can become vertical or horizontal.e. none of the above.12. A firm's marginal product of labor is 4 and its marginal product of capital is 5.If the firm adds one unit of labor, but does not want its output quantity tochange, the firm shoulda. use five fewer units of capital.b. use 0.8 fewer units of capital.c. use 1.25 fewer units of capital.d. add 1.25 units of capital.13. If input prices are constant, a firm with increasing returns to scale can expecta. costs to double as output doubles.b. costs to more than double as output doubles.c. costs to go up less than double as output doubles.d. to hire more and more labor for a given amount of capital, since marginalproduct increases.e. to never reach the point where the marginal product of labor is equal tothe wage.14. Which of the following is not an expression for the cost minimizing combinationof inputs?a. MRTS = MP L / MP K.b. MP L / w = MP K / r.c. MRTS = w / r.d. MP L / MP K = w / r.e. None of these.15. A firm wants to minimize the total cost of producing 100 tons of dynamite. Thefirm uses two factors of production, chemicals and labor. The combination of chemicals and labor that minimizes production costs will be found wherea.the marginal products of chemicals and labor are equal.b.the ratio of the amount of chemicals used to the amount of labor usedequals the ratio of the marginal product of chemicals to the marginalproduct of labor.c.the ratio of the amount of chemicals used to the amount of labor usedequals the ratio of the price of chemicals to the wage rate.d.the production of an additional unit of dynamite costs the same regardlessof whether chemicals or labor are used.e.none of the above.16. A firm employs 100 workers at a wage rate of $10 per hour, and 50 units ofcapital at a rate of $21 per hour. The marginal product of labor is 3, and themarginal product of capital is 5. The firma. is producing its current output level at the minimum cost.b. could reduce the cost of producing its current output level by employingmore capital and less labor.c. could reduce the cost of producing its current output level by employingmore labor and less capital.d. could increase its output at no extra cost by employing more capital andless labor.e. both (b) and (d) are true.17. When an isocost line is just tangent to an isoquant, we know thata.output is being produced at minimum cost.b.output is not being produced at minimum cost.c.the two products are being produced at the least input cost to the firm.d.the two products are being produced at the highest input cost to the firm.18. If current output is less than the profit-maximizing output, then the next unitproduceda.will decrease profit.b.will increase cost more than it increases revenue.c.will increase revenue more than it increases cost.d.will increase revenue without increasing cost.e.may or may not increase profit.19. If a graph of a perfectly competitive firm shows that the MR = MC point occurswhere MR is above AVC but below ATC,a.the firm is earning negative profit, and will shut down rather thanproduce that level of output.b.the firm is earning negative profit, but will continue to produce whereMR = MC in the short run.c.the firm is still earning positive profit, as long as variable costs arecovered.d.the firm is covering explicit, but not implicit, costs.e.the firm can cover all of fixed costs but only a portion of variable costs.20.When the price faced by a competitive firm was $5, the firm produced nothingin the short run. However, when the price rose to $10, the firm produced 100 tons of output. From this we can infer thata.the firm's marginal cost curve must be flat.b.the firm's marginal costs of production never fall below $5.c.the firm's average cost of production was less than $10.d.the firm's total cost of producing 100 tons is less than $1000.e.the minimum value of the firm's average variable cost lies between $5and $10.Part B: Problems (20 marks - Answer BOTH questions)1. (10 marks)Mark derives utility from attending rock concerts (R) and fromcolas (C) as follows:U(C,R) = C 0.9R 0.1.The marginal utility of cola (MU C) and the marginal utility of rock concerts(MU R) are given as follows:MU C = 0.9C −0.1R 0.1 ,MU R = 0.1C 0.9R−0.9 ,withMRS = MU C/ MU R = 9R / C.a.If the price of cola (P C) is $1 and the price of concert tickets (P R)is $30 and Natasha's income is $300, how many colas and ticketsshould Natasha buy to maximize utility? (4 marks)b.Suppose that the promoters of rock concerts require each fan tobuy 4 tickets or none at all. Under this constraint and given theprices and income in (a), how many colas and tickets shouldNatasha buy to maximize utility? (4 marks)c.Is Natasha better off under the conditions in (a) or (b)? Explainyour answer. (2 marks)2.(10 marks)Consider a competitive market made up of a large number ofidentical firms. The market demand curve for the product is:Q = 1,000 – 50P,where P is price and Q is quantity. The market supply is expressed as:Q = 200P– 1,000.A typical firm in the industry has a marginal cost function as follows:MC = 5 + 0.5Q.a.Determine the market equilibrium price and quantity for theindustry. (2 marks)b.Determine each firm’s ou tput level and the number of firms in theindustry. (2 marks)c.Suppose that the government imposes a tax of $1 per unit ofoutput produced by firms. Compute the new equilibrium price inthe market after the tax is imposed. (3 marks)d.Suppose that the price in (a) represented a long-run equilibrium inthe market. Does the new equilibrium (c) represent a long-runequilibrium? What adjustments, if any, will occur in the industry?Explain. (3 marks)***** END OF TEST ******。

微观经济学microeconomics Chapter1PPT课件

of alternatives.
• Whether to go to college or to work? • Whether to study or go out on a date? • Whether to go to class or sleep in?
Principle #1: People Face Trade-offs.
• To get one thing, we usually have to give up another thing.
• Bicycle v. butter • Food v. clothing • Leisure time v. work • Efficiency v. equity
© 22000171ThCoemnsgoangSeoSutohu-Wthe-sWterenstern
TEN PRINCIPLES OF ECONOMICS
Economics is the study of how society manages its scarce resources.
© 22000171ThCoemnsgoangSeoSutohu-Wthe-sWterenstern
© 20©1120C0e7nTghaogmesoSnoSuotuht-hW-Weesstteernn
Principle #2: The Cost of Something Is What You Give Up to Get It. • Decisions require comparing costs and benefits
• Efficiency means society gets the most that it can from its scarce resources.

复旦冯剑亮-微观经济学-4

微观经济学
Microeconomics
复旦大学经济学院冯剑亮
微观经济学 Microeconomics
第四章
生产理论
© Copyright by Jianliang Feng 2003 All rights reserved. Fudan University
第四章生产理论
本章从生产函数出发，分别研究短期生产和长期生产中的投入量与产出量之间的关系及其有关规律。其目标
第二节生产过程与生产函数第三节短期生产函数与生产决策第五节规模报酬
第四节长期生产函数与生产决策 • 问/答
24
© copyrights by Jianliang Feng 2003. Fudan University.
等产量曲线
定义等产量曲线(isoquants)表示在一定技术条件下，生产既定产品产量所需投入的生产要素的各种可能组合点的轨迹。
4
5
65
75
85
90
100
105
110
115
115
120
13
© copyrights by Jianliang Feng 2003. Fudan University.
生产与生产函数
• 生产函数(production function)（续2） – 表述方法图像法：三维产量山，生产面(production surface) Q K A0 K0 A0’ (L0,K0) L0 L
当MPL＝APL，则dAPL/dL=0，APL极大。
20
© copyrights by Jianliang Feng 2003. Fudan University.
边际报酬递减规律

管理经济学-第一章(1)-绪论

第一章（1）
管理经济学绪论 (managerial Economics)
1
经济学(Economics)：一定制度下研究资源的稀缺性
资源的稀缺性有两层含义一、是指任何资源的取得都是有成本的二、是指相对于人的需要和欲望而言任何资源都是有限的
2
经济学(Economics)的分类
理论经济学
• ２、企业的特征：生产规模化、分工合作、生产组织严密、大量采用高新技术、所有权与经营权分离、产品标准化、重视研究开发与市场营销。 18
企业的性质
• ３、企业的起源与发展历史 • 手工作坊、工场手工业、工厂、公司、现代企业、跨国公司 • ４、企业功能 • 资源转换、分配资源、创新 • ５、企业的运行机制 • 企业、市场与社会
19
企业的性质
• • • • • • • ６、现代企业理论分为两大类：生产实体观与合同关系观生产实体观企业理论（１）新古典企业理论（２）管理主义理论（３）Ｘ效率理论（４）两权分离理论
20
企业的性质
• • • • （５）企业创新理论（６）企业知识理论合同关系观企业理论（１）交易费用理论：是一系列制度成本，包括信息成本、谈判成本、拟订和实施契约的成本、界定和控制产权的成本、监督管理的成本和制度结构变化的成本。简言之，包括一切不直接发生在物质生产过程 21 中的成本。
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内容不同微观经济学 (microeconomics) 宏观经济学 (macroeconomics) 方法不同实证经济学(positive) 规范经济学(normative)
应用经济学
专业不同管理经济学产业经济学资源经济学环境经济学政策经济学制度经济学信息经济学等部门不同农业经济学工业经济学

曼昆经济学原理04-供给需求及市场力量

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Change in Quantity Demanded versus Change in Demand
Change in Demand
A shift in the demand curve, either to the left or right.
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The demand curve slopes downward because, ceteris paribus, lower prices
imply a greater quantity demanded!
Market Demand
Market demand refers to the sum of all individual demands for a particular good or service. Graphically, individual demand
Markets
Buyers determine demand.
Sellers determine supply.
Marcompetitive market is a market. . .
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Price of Ice-Cream Cone
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Microeconomics(8th edition)[Pindyck Rubinfeld]目录

ixCONTENTS• PART ONEIntroduction: Markets and Prices 11 Preliminaries 31.1 The Themes of Microeconomics 4Trade-Offs 4Prices and Markets 5Theories and Models 5Positive versus Normative Analysis 61.2 What Is a Market? 7Competitive versus Noncompetitive Markets 8Market Price 8Market Definition—The Extent of a Market 91.3 Real versus Nominal Prices 12 1.4 Why Study Microeconomics? 16Corporate Decision Making: The Toyota Prius 16Public Policy Design: Fuel Efficiency Standards for the Twenty-First Century 17Summary 18Questions for Review 19Exerc i ses 192 The Basics of Supply andDemand 212.1 Supply and Demand 22The Supply Curve 22The Demand Curve 232.2 The Market Mechanism 25 2.3 Changes in Market Equilibrium 26 2.4 Elasticities of Supply and Demand 33Point versus Arc Elasticities 362.5 Short-Run versus Long-Run Elasticities 39Demand 40Supply 45*2.6 Understanding and Predicting the Effects ofChanging Market Conditions 482.7 Effects of Government Intervention—PriceControls 58Summary 60Questions for Review 61Exerc i ses 62• PART TWOProducers, Consumers, and Competitive Markets 653 Consumer Behavior 67Consumer Behavior 67 3.1 Consumer Preferences 69Market Baskets 69Some Basic Assumptions about Preferences 70Indifference Curves 71Indifference Maps 72The Shape of Indifference Curves 73The Marginal Rate of Substitution 74Perfect Substitutes and Perfect Complements 753.2 Budget Constraints 82The Budget Line 82The Effects of Changes in Income and Prices 843.3 Consumer Choice 86Corner Solutions 893.4 Revealed Preference 92 3.5 Marginal Utility and Consumer Choice 95Rationing 98*3.6 Cost-of-Living Indexes 100Ideal Cost-of-Living Index 101Laspeyres Index 102Paasche Index 103Price Indexes in the United Statics: Chain Weighting 104Summary 105Questions for Review 106Exerc i ses 107Preface xviix • CONTENTS5 Uncertainty and ConsumerBehavior 1595.1 Describing Risk 160Probability 160Expected Value 161Variability 161Decision Making 1635.2 Preferences Toward Risk 165Different Preferences Toward Risk 1665.3 Reducing Risk 170Diversification 170Insurance 171The Value of Information 174*5.4 The Demand for Risky Assets 176Assets 176Risky and Riskless Assets 177Asset Returns 177The Trade-Off Between Risk and Return 179The Investor’s Choice Problem 1805.5 Bubbles 185Informational Cascades 1875.6 Behavioral Economics 189Reference Points and Consumer Preferences 190Fairness 192Rules of Thumb and Biases in Decision Making 194Summing Up 196Summary 197Questions for Review 197Exerc i ses 1986 Production 201The Production Decisions of a Firm 201 6.1 Firms and Their Production Decisions 202Why Do Firms Exist? 203The Technology of Production 204The Production Function 204The Short Run versus the Long Run 2056.2 Production with One Variable Input (Labor) 206Average and Marginal Products 206The Slopes of the Product Curve 207The Average Product of Labor Curve 209The Marginal Product of Labor Curve 209The Law of Diminishing Marginal Returns 209Labor Productivity 2146.3 Production with Two Variable Inputs 216Isoquants 2164 Individual and MarketDemand 1114.1 Individual Demand 112Price Changes 112The Individual Demand Curve 112Income Changes 114Normal versus Inferior Goods 115Engel Curves 116Substitutes and Complements 1184.2 Income and Substitution Effects 119Substitution Effect 120Income Effect 121A Special Case: The Giffen Good 1224.3 Market Demand 124From Individual to Market Demand 124Elasticity of Demand 126Speculative Demand 1294.4 Consumer Surplus 132Consumer Surplus and Demand 1324.5 Network Externalities 135Positive Network Externalities 135Negative Network Externalities 137*4.6 Empirical Estimation ofDemand 139The Statistical Approach to Demand Estimation 139The Form of the Demand Relationship 140Interview and Experimental Approaches to Demand Determination 143Summary 143Questions for Review 144Exerc i ses 145APPENDIX TO CHAPTER 4:Demand Theory—A Mathematical Treatment 149Utility Maximization 149The Method of Lagrange Multipliers 150The Equal Marginal Principle 151Marginal Rate of Substitution 151Marginal Utility of Income 152An Example 153Duality in Consumer Theory 154Income and Substitution Effects 155Exerc i ses 157CONTENTS • xiAPPENDIX TO CHAPTER 7:Production and Cost Theory—A Mathematical Treatment 273Cost Minimization 273Marginal Rate of Technical Substitution 274Duality in Production and Cost Theory 275The Cobb-Douglas Cost and Production Functions 276Exerc i ses 2788 Profit Maximization andCompetitive Supply 2798.1 Perfectly Competitive Markets 279When Is a Market Highly Competitive? 2818.2 Profit Maximization 282Do Firms Maximize Profit? 282Alternative Forms of Organization 2838.3 Marginal Revenue, Marginal Cost, and ProfitMaximization 284Demand and Marginal Revenue for a Competitive Firm 285Profit Maximization by a Competitive Firm 2878.4 Choosing Output in the Short Run 287Short-Run Profit Maximization by a Competitive Firm 287When Should the Firm Shut Down? 2898.5 The Competitive Firm’s Short-Run SupplyCurve 292The Firm’s Response to an Input Price Change 2938.6 The Short-Run Market Supply Curve 295Elasticity of Market Supply 296Producer Surplus in the Short Run 2988.7 Choosing Output in the Long Run 300Long-Run Profit Maximization 300Long-Run Competitive Equilibrium 301Economic Rent 304Producer Surplus in the Long Run 3058.8 The Industry’s Long-Run SupplyCurve 306Constant-Cost Industry 307Increasing-Cost Industry 308Decreasing-Cost Industry 309The Effects of a Tax 310Long-Run Elasticity of Supply 311Summary 314Questions for Review 314Exerc i ses 315Input Flexibility 217Diminishing Marginal Returns 217Substitution Among Inputs 218Production Functions—Two Special Cases 2196.4 Returns to Scale 223Describing Returns to Scale 224Summary 226Questions for Review 226Exerc i ses 2277 The Cost of Production 2297.1 Measuring Cost: Which Costs Matter? 229Economic Cost versus Accounting Cost 230Opportunity Cost 230Sunk Costs 231Fixed Costs and Variable Costs 233Fixed versus Sunk Costs 234Marginal and Average Cost 2367.2 Cost in the Short Run 237The Determinants of Short-Run Cost 237The Shapes of the Cost Curves 2387.3 Cost in the Long Run 243The User Cost of Capital 243The Cost-Minimizing Input Choice 244The Isocost Line 245Choosing Inputs 245Cost Minimization with Varying Output Levels 249The Expansion Path and Long-Run Costs 2507.4 Long-Run versus Short-Run Cost Curves 253The Inflexibility of Short-Run Production 253Long-Run Average Cost 254Economies and Diseconomies of Scale 255The Relationship between Short-Run and Long-Run Cost 2577.5 Production with Two Outputs—Economies ofScope 258Product Transformation Curves 258Economies and Diseconomies of Scope 259The Degree of Economies of Scope 259*7.6 Dynamic Changes in Costs—The LearningCurve 261Graphing the Learning Curve 261Learning versus Economies of Scale 262*7.7 Estimating and Predicting Cost 265Cost Functions and the Measurement of Scale Economies 267Summary 269Questions for Review 270Exerc i ses 271xii • CONTENTS10.5 Monopsony 382Monopsony and Monopoly Compared 38510.6 Monopsony Power 385Sources of Monopsony Power 386The Social Costs of Monopsony Power 387Bilateral Monopoly 38810.7 Limiting Market Power: The AntitrustL aws 389Restricting What Firms Can Do 390Enforcement of the Antitrust Laws 391Antitrust in Europe 392Summary 395Questions for Review 395Exerc i ses 39611 Pricing with Market Power 39911.1 Capturing Consumer Surplus 400 11.2 Price Discrimination 401First-Degree Price Discrimination 401Second-Degree Price Discrimination 404Third-Degree Price Discrimination 40411.3 Intertemporal Price Discrimination andPeak-Load Pricing 410Intertemporal Price Discrimination 411Peak-Load Pricing 41211.4 The Two-Part Tariff 414 *11.5 Bundling 419Relative Valuations 420Mixed Bundling 423Bundling in Practice 426Tying 428*11.6 Advertising 429A Rule of Thumb for Advertising 431Summary 434Questions for Review 434Exerc i ses 435APPENDIX TO CHAPTER 11:The Vertically Integrated Firm 439Why Vertically Integrate? 439Market Power and Double M arginalization 439Transfer Pricing in the Integrated Firm 443Transfer Pricing When There Is No Outside Market 443Transfer Pricing with a Competitive Outside Market 4469 The Analysis of CompetitiveMarkets 3179.1 Evaluating the Gains and Losses fromGovernment Policies—Consumer and Producer Surplus 317Review of Consumer and Producer Surplus 318Application of Consumer and Producer Surplus 3199.2 The Efficiency of a Competitive Market 323 9.3 Minimum Prices 328 9.4 Price Supports and Production Quotas 332Price Supports 332Production Quotas 3339.5 Import Quotas and Tariffs 340 9.6 The Impact of a Tax or Subsidy 345The Effects of a Subsidy 348Summary 351Questions for Review 352Exerc i ses 352• PART THREEMarket Structure and CompetitiveStrategy 35510 Market Power: Monopolyand Monopsony 35710.1 Monopoly 358Average Revenue and Marginal Revenue 358The Monopolist’s Output Decision 359An Example 361A Rule of Thumb for Pricing 363Shifts in Demand 365The Effect of a Tax 366*The Multiplant Firm 36710.2 Monopoly Power 368Production, Price, and Monopoly Power 371Measuring Monopoly Power 371The Rule of Thumb for Pricing 37210.3 Sources of Monopoly Power 375The Elasticity of Market Demand 376The Number of Firms 376The Interaction Among Firms 37710.4 The Social Costs of Monopoly Power 377Rent Seeking 378Price Regulation 379Natural Monopoly 380Regulation in Practice 381CONTENTS • xiii13.6 Threats, Commitments, and Credibility 505Empty Threats 506Commitment and Credibility 506Bargaining Strategy 50813.7 Entry Deterrence 510Strategic Trade Policy and International Competition 512*13.8 Auctions 516Auction Formats 517Valuation and Information 517Private-Value Auctions 518Common-Value Auctions 519Maximizing Auction Revenue 520Bidding and Collusion 521Summary 524Questions for Review 525Exerc i ses 52514 Markets for Factor Inputs 52914.1 Competitive Factor Markets 529Demand for a Factor Input When Only One Input Is Variable 530Demand for a Factor Input When Several Inputs Are Variable 533The Market Demand Curve 534The Supply of Inputs to a Firm 537The Market Supply of Inputs 53914.2 Equilibrium in a Competitive FactorMarket 542Economic Rent 54214.3 Factor Markets with Monopsony Power 546Monopsony Power: Marginal and Average Expenditure 546Purchasing Decisions with Monopsony Power 547Bargaining Power 54814.4 Factor Markets with Monopoly Power 550Monopoly Power over the Wage Rate 551Unionized and Nonunionized Workers 552Summary 555Questions for Review 556Exerc i ses 55615 Investment, Time, and CapitalMarkets 55915.1 Stocks versus Flows 560 15.2 Present Discounted Value 561Valuing Payment Streams 562Transfer Pricing with a Noncompetitive Outside M arket 448Taxes and Transfer Pricing 448A Numerical Example 449Exerc i ses 45012 Monopolistic Competition andOligopoly 45112.1 Monopolistic Competition 452The Makings of Monopolistic Competition 452Equilibrium in the Short Run and the Long Run 453Monopolistic Competition and Economic Efficiency 45412.2 Oligopoly 456Equilibrium in an Oligopolistic Market 457The Cournot Model 458The Linear Demand Curve—An Example 461First Mover Advantage—The Stackelberg M odel 46312.3 Price Competition 464Price Competition with Homogeneous Products— The Bertrand Model 464Price Competition with Differentiated Products 46512.4 Competition versus Collusion: The Prisoners’Dilemma 46912.5 Implications of the Prisoners’ Dilemma forOligopolistic Pricing 472Price Rigidity 473Price Signaling and Price Leadership 474The Dominant Firm Model 47612.6 Cartels 477Analysis of Cartel Pricing 478Summary 482Questions for Review 482Exerc i ses 48313 Game Theory and CompetitiveStrategy 48713.1 Gaming and Strategic Decisions 487Noncooperative versus Cooperative Games 48813.2 Dominant Strategies 490 13.3 The Nash Equilibrium Revisited 492Maximin Strategies 494*Mixed Strategies 49613.4 Repeated Games 498 13.5 Sequential Games 502The Extensive Form of a Game 503The Advantage of Moving First 504xiv • CONTENTS16.4 Efficiency in Production 613Input Efficiency 613The Production Possibilities Frontier 614Output Efficiency 615Efficiency in Output Markets 61716.5 The Gains from Free Trade 618Comparative Advantage 618An Expanded Production Possibilities Frontier 61916.6 An Overview—The Efficiency of CompetitiveMarkets 62316.7 Why Markets Fail 625Market Power 625Incomplete Information 625Externalities 626Public Goods 626Summary 627Questions for Review 628Exerc i ses 62817 Markets with AsymmetricInformation 63117.1 Quality Uncertainty and the Market forL emons 632The Market for Used Cars 632Implications of Asymmetric Information 634The Importance of Reputation and Standardization 63617.2 Market Signaling 638A Simple Model of Job Market Signaling 639Guarantees and Warranties 64217.3 Moral Hazard 643 17.4 The Principal–Agent Problem 645The Principal–Agent Problem in Private Enterprises 646The Principal–Agent Problem in Public Enterprises 648Incentives in the Principal–Agent Framework 650*17.5 Managerial Incentives in an IntegratedFirm 651Asymmetric Information and Incentive Design in the Integrated Firm 652Applications 65417.6 Asymmetric Information in Labor Markets:Efficiency Wage Theory 654Summary 656Questions for Review 657Exerc i ses 65715.3 The Value of a Bond 564Perpetuities 565The Effective Yield on a Bond 56615.4 The Net Present Value Criterion for CapitalInvestment Decisions 569The Electric Motor Factory 570Real versus Nominal Discount Rates 571Negative Future Cash Flows 57215.5 Adjustments for Risk 573Diversifiable versus Nondiversifiable Risk 574The Capital Asset Pricing Model 57515.6 Investment Decisions by Consumers 578 15.7 Investments in Human Capital 580 *15.8 Intertemporal Production Decisions—Depletable Resources 584The Production Decision of an Individual Resource Producer 584The Behavior of Market Price 585User Cost 585Resource Production by a Monopolist 58615.9 How Are Interest Rates Determined? 588A Variety of Interest Rates 589Summary 590Questions for Review 591Exerc i ses 591• PART FOURInformation, Market Failure, andthe Role of Government 59316 General Equilibrium and EconomicEfficiency 59516.1 General Equilibrium Analysis 595Two Interdependent Markets—Moving to General Equilibrium 596Reaching General Equilibrium 597Economic Efficiency 60116.2 Efficiency in Exchange 602The Advantages of Trade 602The Edgeworth Box Diagram 603Efficient Allocations 604The Contract Curve 606Consumer Equilibrium in a Competitive Market 607The Economic Efficiency of Competitive M arkets 60916.3 Equity and Efficiency 610The Utility Possibilities Frontier 610Equity and Perfect Competition 612CONTENTS • xv18.7 Private Preferences for Public Goods 694Summary 696Questions for Review 696Exerc i ses 697APPENDIX:The Basics of Regression 700An Example 700Estimation 701Statistical Tests 702Goodness of Fit 704Economic Forecasting 704Summary 707Glossary 708Answers to Selected Exercises 718Photo Credits 731Index 73218 Externalities and PublicGoods 66118.1 Externalities 661Negative Externalities and Inefficiency 662Positive Externalities and Inefficiency 66418.2 Ways of Correcting Market Failure 667An Emissions Standard 668An Emissions Fee 668Standards versus Fees 669Tradeable Emissions Permits 671Recycling 67518.3 Stock Externalities 678Stock Buildup and Its Impact 67918.4 Externalities and Property Rights 684Property Rights 684Bargaining and Economic Efficiency 685Costly Bargaining—The Role of Strategic Behavior 686A Legal Solution—Suing for Damages 68618.5 Common Property Resources 687 18.6 Public Goods 690Efficiency and Public Goods 691Public Goods and Market Failure 692。

《微观经济学》课程教学大纲

《微观经济学》课程教学大纲一、课程基本信息课程代码：16143103课程名称：西方经济学（微观部分）英文名称：Microeconomics课程类型：学科基础课学时：48学时学分：3学分适应对象：全院经济管理类各本科专业考核方式：考试先修课程：高等数学二、课程简介中文简介：（附内容结构图）微观经济学研究单个经济单位的活动规律。

具体地说，微观经济学研究单个消费者、单个生产者、单个市场的的经济行为，其对单个经济单位的考察，是在三个逐步深入的层次上进行：第一层次考察单个消费者、单个生产者的均衡；第二层次考察单个的市场均衡；第三层次考察所有单个市场均衡价格的决定。

正因为其分析涉及的变量都是经济个量，它才被称为微观经济学。

价格分析是微观经济学分析的核心，微观经济学也被称为价格理论。

本书关于价格理论的讲述是按以下层次展开：开篇简介西方经济学；第二章介绍价格的确定是由于供需两种因素均衡的结果，当然，作为必备知识，本章也介绍了供给、需求函数及相关曲线、供求的各种弹性；第三章介绍了决定商品价格的需求因素，需求曲线之所以向右下方倾斜，是由于效用最大化原则的要求；为说明供给曲线，第四章、第五章介绍了生产函数和成本函数，得到了一定产量时厂商成本最小化的条件和长短期成本曲线。

通过第六章的学习，可以得到完全竞争的市场条件下，厂商的商品供给曲线即是其边际成本线（高于平均可变成本最低点以上部分）。

第七章介绍了三种不完全竞争市场条件下都不存在规律的供给曲线。

至此，商品的供求及价格决定的内容已完整。

第八章、第九章介绍了要素的供求，从而确定了要素均衡时的价格。

第十章将单个市场均衡推广到多个市场，并讨论了生产和交换的最优条件；第十一章则从价格失灵的角度讨论其失灵原因及相应的对策。

英文简介：The conomics behaviors of single unit are studies in the subject of Microeconomics.In details,a cosumer、a poductor or a market is studied.Three contends are included in the book.The first one describes the conomics equilibrium behaviors of single cosumer andsingle cosumer;the second part explains how some market turning equilibrium;the equilibrium price and quantity of all markets was discussed in the third one.Because single unit is discussed,the subject was called as Microeconomics.The price analyses is the core of Microeconomics.What is Economics is introduced in the first chaptes;how the price deing decided is explained in the second chapter;demanding is described in the third;how to get supply curve is the main contend from the fourthchapter to the seventh one.The discussion about the factors demand and supply was introduced.The contend of the tenth chapter is market equilibrium and the production optimization and exchange optimization;Externalities、public goods、asymmetric information and Microeconomics policy are discussed in the eleventh.微观经济学内容结构图第一章：引论第四章：生产论第三章：效用论第二章：需求曲线和供给曲线概述以及有关的基本概念第十章：一般均衡论和福利经济学第九章：生产要素价格决定的供给方面第五章：成本论第六章：完全竞争市场第七章：不完全竞争市场第八章：生产要素价格决定的需求方面第十一章：市场失灵和微观经济政策在本课程体系中的功能章次及内容简介“西方经济学”范畴价格的形成机制——供求均衡的结果商品需求曲线的形成：消费者效用最大化的结果完全竞争时商品供给曲线的形成：生产者利润最大化的结果生产函数成本函数利润最大化条件不完全竞争条件下无有规律的商品供给曲线商品价格的形成：供求均衡生产要素的需求因素：边际要素收益=边际要素成本生产要素的供给因素：要素自用效用=要素供给效用所有市场的均衡价要素价格的形成：供求均衡价格失灵，不能起资源调配作用，采用相关经济政策生产和交换的最优条件实证经济学规范经济学三、课程性质与教学目的课程性质：作为西方经济学的组成部分,微观经济学是对西方发达资本主义国家二百多年市场经济发展中的单个经济单位活动规律的一般抽象和概括。

《微观经济学microeconomics》英文版全套课件(101页)

Assumption: It is homogeneous of degree of zero ( Definition
2.E.1 ): individual’s choice depends only on the set of feasible points. It satisfies Walras’ law ( Definition 2.E.2 ): the consumer fully expends his wealth. Exercise 2.E.1
微观经济学
Microeconomics
Hale Waihona Puke ECON501 Lecture Note 1
Preference and Choice
Structure
Preference relation Choice rules The link between preference and choice
Preference Relations
X RL {x R : xl 0 for l 1,..., L}
The economic constraint:
px p1x1 ... pL xL w
The Walrasian budget set (Definition 2.D.1)
Bp,w {x RL : px w}
x y u(x) u( y)
A preference relation can be represented by a utility function only if it is rational
Choice Rules
A choice structure ( ,C())
Budget sets B
Intuition: Figure 2.F.1

范里安-微观经济学现代观点(第七版)-4效用(含习题解答)-东南大学-曹乾

Chapter 4: UtilityIntermediate Microeconomics:A Modern Approach (7th Edition)Hal R. Varian(University of California at Berkeley)第4章:效用(含习题答案)中级微观经济学：现代方法（第7版）范里安著（加州大学伯克利）曹乾译（东南大学caoqianseu@）简短说明：翻译此书的原因是教学的需要，当然也因为对现行中文版教材的不满，我在美国流浪期间翻译了此书的大部分。

仅供教学和学习参考。

4.效用在维多利亚时代，哲学家和经济学家轻率地把“效用”作为衡量一个人总体福利（well-being ）的指标。

他们用效用数值衡量一个人的幸福程度。

在这种思想下，自然可认为消费者做出选择的目的是最大化他们的效用，即，使他们尽可能地幸福。

问题在于这些古典经济学家从未真正地阐述过怎样衡量效用。

我们应该如何量化不同选择下的效用“数额”？某人的效用与另外一人的效用相同吗？额外一颗糖块的效用是额外一根胡萝卜效用的两倍，这句话到底是什么意思？效用是人们希望最大化的“东西”，这里的“东西”是指什么？因为这些概念上的问题，现代经济学家已经抛弃了上述老套的观点，即他们不再把效用看成幸福的衡量指标。

取而代之的是，他们用消费者偏好．．．．．（consumer preferences ）重新改写了消费者行为理论，效用仅仅被当作为一种描述偏好的方法一种描述偏好的方法．．．．．．．．．。

经济学家逐渐认识到，对于选择行为而言，效用最要紧的事情是是否一个商品束比另外一个商品束效用高，至于高多少并不重要。

起初，偏好是用效用定义的：说一个商品束),(21x x 比另外一个商品束),(21y y 更受偏好，表示x 商品束比y 商品束效用更高。

但现在我们的观点正好反过来。

消费者的偏好偏好．．是研究选择行为的最基本工具，效用只是描述偏好的一种方法。

微观经济学消费者理论知识

品和服务的数量越来越小， 8
B
1
MRS XY= 4
-4
也即这种商品能够替代的其
他商品的数量越来越小。
6
•
边际替代率递减是人们的 4
1 -2
C
MRS XY= 2 D MRS XY= 1
1 -1
E
偏好普遍具有的一个特征，
2
1U
与边际效用递减规律是一致的。
0 1 2 3 4 5X 30
二、无差异曲线
边际替代率 • 无差异曲线的斜率； • 为维持效用不变，消费者每增加某一种商品的数量
边际效用递减规律有以下特点：
第一，边际效用的大小同人们的欲望强度成正比。
第二，边际效用的大小同人们消费的商品数量成反比。人们不能准确说出每单位的边际效用，但可以人们愿意支付的需求价格来近似地表示。
第三，边际效用离不开时间因素，是在特定时间内的效用。人们的欲望具有反复性或再生性，边际效用也具有时间性。
PX
PY
Q1
2
3
4
5
6
7
8
MUX 16 14 12 10
8
6
4
2
MUY 11 10
9
8
7
6
5
4
若选择2X—8Y，则所得总效用为90，
而此时MUX/PX=14/2=7〉MUY/PY=4/1=4；
19
三、消费者均衡
• 实例（续3）
Q1
2
3
4
5
6
7
8
MUX 16 14 12 10
8
6
4
2
MUY 11 10
39
四、消费者均衡
1、效用极大化 • 边际成本=边际收益边际分析法

microeco_frq_02

AP ® Microeconomics2002 Free-Response QuestionsThese materials were produced by Educational Testing Service ® (ETS ®), which develops and administers the examinations of the Advanced PlacementProgram for the College Board. The College Board and Educational Testing Service (ETS) are dedicated to the principle of equal opportunity, and theirprograms, services, and employment policies are guided by that principle.The College Board is a national nonprofit membership association dedicated to preparing, inspiring, and connecting students to college and opportunity.Founded in 1900, the association is composed of more than 4,200 schools, colleges, universities, and other educational organizations. Each year, theCollege Board serves over three million students and their parents, 22,000 high schools, and 3,500 colleges, through major programs and services incollege admission, guidance, assessment, financial aid, enrollment, and teaching and learning. Among its best-known programs are the SAT ®, thePSAT/NMSQT ®, and the Advanced Placement Program ® (AP ®). The College Board is committed to the principles of equity andexcellence, and that commitment is embodied in all of its programs, services, activities, and concerns.Copyright © 2002 by College Entrance Examination Board. All rights reserved. College Board, Advanced Placement Program, AP, SAT, and the acorn logoare registered trademarks of the College Entrance Examination Board. APIEL is a trademark owned by the College Entrance Examination Board. PSAT/NMSQT is aregistered trademark jointly owned by the College Entrance Examination Board and the National Merit Scholarship Corporation.Educational Testing Service and ETS are registered trademarks of Educational Testing Service. The materials included in these files are intended for use by AP teachers for courseand exam preparation in the classroom; permission for any other use must besought from the Advanced Placement Program ®. Teachers may reproduce them, inwhole or in part, in limited quantities, for face-to-face teaching purposes but maynot mass distribute the materials, electronically or otherwise. These materials andany copies made of them may not be resold, and the copyright notices must beretained as they appear here. This permission does not apply to any third-partycopyrights contained herein.MICROECONOMICSSection IIPlanning time—10 minutesWriting time—50 minutesDirections: You have fifty minutes to answer all three of the following questions. It is suggested that you spend approximately half your time on the first question and divide the remaining time equally between the next two questions. In answering the questions, you should emphasize the line of reasoning that generated your results; it is not enough to list the results of your analysis. Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes.1. Claire invented product X and obtained a patent to prevent other firms from producing X. She is currentlyproducing product X and earning positive economic profits.(a) Using a correctly labeled graph, show each of the following for Claire if she maximizes profits.(i) Output(ii) Price(iii) Economic profits(b) Assume that Claire hires labor in a perfectly competitive labor market. Using correctly labeled side-by-sidegraphs for the labor market and for Claire, show each of the following.(i) The wage rate of the workers(ii) The number of workers Claire will hire(c) Assume now the patent expires and many firms produce the identical product that Claire produces. Usingcorrectly labeled side-by-side graphs for the industry and the firm, show each of the following in long-run equilibrium.(i) Industry price and output(ii) The typical firm’s price and outputCopyright © 2002 by College Entrance Examination Board. All rights reserved.Copyright © 2002 by College Entrance Examination Board. All rights reserved.2. The graph below shows the price (P 0) and quantity (Q 0) at which there is an efficient allocation of resources.However, in some cases the market fails to allocate resources efficiently.(a) Assume the chemical industry is polluting the air.(i) Using marginal benefit and marginal cost analysis, explain how the chemical industry is misallocatingresources.(ii) Identify one policy or action the government could take to correct this market failure.(b) Assume it is difficult to exclude nonpayers from enjoying the benefits of national defense.(i) Using marginal benefit and marginal cost analysis, explain how the private market will fail to producethe efficient level of national defense.(ii) Identify one policy or action the government could take to correct this market failure.Copyright © 2002 by College Entrance Examination Board. All rights reserved.3. The table below shows total utility in utils that a utility-maximizing consumer receives from consuming two goods: apples and oranges.Apples Oranges Quantity Total utility Quantity Total utility 0 0 0 01 20 1 302 35 2 503 45 3 654 50 4 755 52 5 80Assume that apples cost $1 each, oranges cost $2 each, and the consumer spends the entire income of $7 on apples and oranges.(a) Using the concept of marginal utility per dollar spent, identify the combination of apples and oranges the consumer will purchase. Explain your reasoning.(b) With the prices of apples and oranges remaining constant, assume that the consumer ’s income increases to $12. Identify each of the following.(i) The combination of apples and oranges the consumer will now purchase(ii) The total utility the consumer will receive from consuming the combination in (i)(c) With income remaining at $12, assume the price of oranges increases to $4 each. Identify each of the following.(i) The combination of apples and oranges the consumer will now purchase(ii) The total utility the consumer will receive from consuming the combination in (i)END OF EXAMINATION。

中级宏观经济学答案华中科技大学

Microeconomics, 4e (Perloff)Chapter 1 Introduction1.1 Microeconomics: The Allocation of Scarce Resources1) Microeconomics studies the allocation ofA) decision makers.B) scarce resources.C) models.D) unlimited resources.Answer: BTopic: The Allocation of Scarce Resources2) Microeconomics is often calledA) price theory.B) decision science.C) scarcity.D) resource theory.Answer: ATopic: The Allocation of Scarce Resources3) Most microeconomic models assume that decision makers wish toA) make themselves as well off as possible.B) act selfishly.C) make others as well off as possible.D) None of the above.Answer: ATopic: The Allocation of Scarce Resources4) Society faces trade-offs because ofA) government regulations.B) greedy corporations.C) faceless bureaucrats.D) scarcity.Answer: DTopic: The Allocation of Scarce Resources5) A marketA) always involves the personal exchange of goods for money.B) allows interactions between consumers and firms.C) always takes place at a physical location.D) has no influence on prices.Answer: BTopic: The Allocation of Scarce Resources6) What links the decisions of consumers and firms in a market?A) the governmentB) pricesC) coordination officialsD) microeconomicsAnswer: BTopic: The Allocation of Scarce Resources7) The price of a good isA) always equal to the cost of producing the good.B) never affected by the number of buyers and sellers.C) usually determined in a market.D) None of the above.Answer: CTopic: The Allocation of Scarce Resources8) The flu vaccination example in Section 1.1 is an example of how policy makers may cope withA) scarcity of medical treatment.B) scarcity of patients.C) scarcity of policy makers.D) answering the question of how to produce.Answer: ATopic: The Allocation of Scarce Resources9) Who or what is responsible for the allocation of scarce resources into the production of most goods in the U.S.?A) the U.S. governmentB) the United NationsC) the Federal Reserve BankD) markets and pricesAnswer: DTopic: The Allocation of Scarce ResourcesFor the following, please answer "True" or "False" and explain why.10) Under most circumstances, the application of taxes on goods will only affect who gets the goods. Answer: False. Taxes will affect which goods are produced, how goods are produced, and who gets the goods.Topic: The Allocation of Scarce Resources11) Most modern financial centers use computers to match buyers and sellers. This absence of personal contact contradicts the definition of a market.Answer: False. Buyers and sellers need not meet during a market transaction since a market is not tied to a particular location.Topic: The Allocation of Scarce Resources12) Explain how a market helps determine which goods and services will be produced, how to produce them, and who gets them.Answer: A market promotes interaction between consumers and firms. This interaction will result in prices, which influence the decisions of consumers and firms.Topic: The Allocation of Scarce Resources1.2 Models1) The purpose of making assumptions in economic model building is toA) force the model to yield the correct answer.B) minimize the amount of work an economist must do.C) simplify the model while keeping important details.D) express the relationship mathematically.Answer: CTopic: Models2) Einstein was quoted saying "Everything should be made as simple as possible, but not simpler." When it comes to economic models this means thatA) models shouldn't be too complex.B) models shouldn't be too simple.C) models should have a level of abstraction appropriate to the topic investigated.D) all of the aboveAnswer: DTopic: Models3) If a model's predictions are correct, thenA) its assumptions must have been correct.B) it is proven to be correct.C) Both A and B above.D) None of the above.Answer: DTopic: Models4) Economists tend to judge a model based uponA) the reality of its assumptions.B) the accuracy of its predictions.C) its simplicity.D) its complexity.Answer: BTopic: Models5) Which of the following is an example of a normative statement?A) A higher price for a good causes people to want to buy less of that good.B) A lower price for a good causes people to want to buy more of that good.C) To make the good available to more people, a lower price should be set.D) If you consume this good, you will be better off.Answer: CTopic: Models6) Every economic model should include money as a variable. This statement isA) True, because every transaction in the economy uses money.B) True, because the federal reserve is very important.C) False, because some transactions in the economy are transacted without money.D) False, because a model can get unnecessarily complex if it includes money.Answer: DTopic: Models7) Which of the following is an example of a normative statement?A) Since this good is bad for you, you should not consume it.B) This good has bad health effects.C) If you consume this good, you will get sick.D) People usually get sick after consuming this good.Answer: ATopic: Models8) Which of the following is an example of a positive statement?A) Since this good is bad for you, you should not consume it.B) If this good is bad for you, you should not consume it.C) If you consume this good, you will get sick.D) None of the above.Answer: CTopic: ModelsFor the following, please answer "True" or "False" and explain why.9) Normative analysis offers decision makers the most valuable information when choosing among alternatives.Answer: False. Normative analysis states subjective goals but not how those goals can be achieved. To choose among alternatives decision maker use positive analysis.Topic: Models10) If a model fits reality but doesn't generate testable predictions, it is of little value to economists. Answer: True. If the model doesn't deliver testable predictions it cannot be tested against competing models. Topic: Models11) If actual experience supports two competing theories, then both theories are proven to be true. Answer: False. Neither theory can be rejected but if they are competing, then the test was inconclusive. Topic: Models12) Legislators argue that a minimum wage law is instituted to help poor people. Economists can attack the minimum wage law on two fronts. First, some argue that government should not help the poor. Second, some argue that minimum wage laws actually hurt the poor because it creates unemployment. Which argument is normative and which is positive?Answer: An opinion about the role of government is a normative statement. An observation about the impact of a law is a positive statement.Topic: Models1.3 Uses of Microeconomic Models1) Economic Policy of the government is often based onA) microeconomic models.B) educated guessing.C) intuitive reasoning.D) hints.Answer: ATopic: Uses of Microeconomic Models2) Microeconomic Models are used toA) make predictions.B) explain real-life phenomena.C) evaluate policy alternatives.D) All of the above.Answer: DTopic: Uses of Microeconomic Models3) A microeconomic model CANNOT be used toA) evaluate the impact of a price change on a firm's revenue.B) predict the impact on a rise of the minimum wage on unemployment.C) evaluate the fairness of the proposal to nationalize health insurance.D) evaluate the effect of an increase in stadium size on the price of a sport team's tickets.Answer: CTopic: Uses of Microeconomic ModelsFor the following, please answer "True" or "False" and explain why.4) Microeconomics can be used by governments to predict the impacts of a policy and suggest solutions to problems.Answer: True. Microeconomics models can be used to examine the effects of a policy, and can provide insight into possible solutions to economics problems.Topic: Uses of Microeconomic Models5) One model in economics is the permanent income hypothesis, which basically states that a household's expenditures will not react to a change in income unless that change in income is viewed as being permanent. How would you use this model to predict the expenditure patterns over the course of a year of a real estate agent who only sells homes during the months of April through July?Answer: The agent will not consume all of her income when it is earned. She knows that her paychecks will not be coming during August through March. As a result, some of her summer income will be saved for use during those months.Topic: Uses of Microeconomic Models6) One million automobiles have a defect that could cause the car to explode; however, only one of those cars will actually explode. Nobody knows which one car it is. When the car does explode, the victim's family will sue the automaker for $1 million and win. The defect costs $2 per car to repair. What does economics predict about the automaker's decision to repair the defect?Answer: Correcting the defect will cost $2 million. Not correcting the defect will only cost $1 million. Economics predicts that the automaker will not correct the defect.Topic: Uses of Microeconomic Models。

MICROECONOMICS1995(微观经济真题)

MICROECONOMICSSection ITime—70 minutes60 QuestionsDirections: Each of the questions or incomplete statements below is followed by five suggested answers or completions. Select the one that is best in each case and place the letter of your choice in the corresponding box on the student answer sheet.1. The allocation of resources in a market economy is described by which of the following statements?I.The government decides which goods will be produced and which consumers will receivethem.II.Buyers and sellers exchange goods and services on a voluntary basis.III.Prices and costs help producers decide whether they are producing too little or too much of a good.A. ⅠonlyB. Ⅱ onlyC. Ⅲ onlyD. Ⅰ and Ⅲ onlyE. Ⅱand Ⅲ only2. If the government imposes a tax on the production of cars, which of the following will occur in the market for cars?A. There will be a movement to the right along the supply curve.B. There will be a movement to the right along the demand curve.C. The supply curve will shift to the right.D. The supply curve will shift to the left.E. The demand curve will shift to the right.3. Which of the following is true of a price floor?A. The intention of the government in creating the price floor is to assist the producers of the good.B. To have an impact in the market for the good, the price floor should be set below the existing market price of the good.C. An effective price floor will increase the quantity demanded of the good.D. The price floor would tent to create a shortage of the good in the market.E. The creation of the price floor would not change the quantity supplied of the good if the supply curve were upward-sloping to the right.PRICESupplyDemandQUANTITY OF TOMATOES4. On the basis of the graph above, which of the following statements concerning changes in the demand for and supply of tomatoes is correct?A.If both the demand and supply increase, the price of tomatoes will definitely increase.B.If both the demand and supply increase, the quantity of tomatoes sold will definitelydecrease.C.If the demand decreases while the supply increases, the price of tomatoes will definitelyincrease.D.If the demand decreases while the supply increases, the quantity of tomatoes sold willdefinitely decrease.E.If the demand increases while the supply decreases, the price of tomatoes will definitelyincrease.5. Which of the following best illustrates the concept of consumer surplus?A.A thirsty athlete pays $0.85 for a cold drink when she would have gladly paid $1.50 for thedrink.B.An individual who is willing to accept a job at $7.50 per hour is offered $7.00 per hour.C.An individual pays the sale price of $15.00 for the same shirt that the individual refused topurchase earlier at $18.00.D.An individual finds that the price of artichokes, a food she dislikes, has been reduced by 50percent.E. A wood-carver has a marginal cost of $5.00 for a unit of output, but sells that unit at $6.00Questions 6-7 are based on the table below, which gives cost information for a perfectly competitive firm.Quantity Average Fixed Costs Average Variable Costs Marginal Costs 01 $100.00 $55.00 $55.002 50.00 45.00 35.003 33.33 50.00 60.004 25.00 55.00 70.005 20.00 60.00 80.006 16.67 65.00 90.006. The average total cost to the firm of producing 2 units of output is A. $35.00 B. $85.00 C. $95.00 D. $100.00 E. $130.007. If the product price is $85, how many units of output must the firm produce in order to maximize profits? A. 0 B. 3 C. 4 D. 5 E. 68. Which of the following factors can cause a firm’s cost curves shift upward? A. An increase in wagesB. An in crease in the firm’s outputC. An increase in the output priceD. A decrease in the firm’s outputE. A decrease in the price of energy9. The diagram above shows a perfectly competitive firm’s short -run cost curves. If the price of the output increases from $8 to $10, the profit-maximizing firm willA. Continue producing 15 units because average total cost is at a maximumB. Continue producing 15 units because average total cost is equal to marginal costC. Increase output to 20 units because this is the output at which price equals average total costD. Increase output to 18 units because this is the output at which price equals marginal costQuantityPrice Marginal CostAverage Total CostAverage V ariable Cost10 15 18 20 28$10E.Decrease output to 10 units because this is the output at which average variable cost is at aminimum10. Which of the following statements is true about a firm that sells its output in a perfectly competitive market?A.The demand for its product is a downward-sloping function.B.The firm will earn zero economic profits in long-run equilibrium.C.Advertising is an important tool of the firm.D.The firm will increase its total economic profits if it charges a price that is lower than themarket price.E.The marginal revenue the firm receives from selling an additional unit of output will bedifferent from the price at which it sells that unit.11. One justification for government regulation of a monopoly is that the unregulated monopolyA. earn a normal profitB. pays its workers a lower wage than if the market were competitiveC. has a very elastic demand curveD. Charges a price higher than a competitive market priceE. sells too much of the product12. Which of the following is most likely to shift the demand for aircraft mechanics to the right?A.An increase in the demand for air travelB.An increase in the price of a license necessary for aircraft mechanicsC.A decrease in the price of license necessary for aircraft mechanicsD.A decrease in the demand for air travelE. A decrease in the marginal productivity of aircraft mechanicsWage RateSupplyMarginal Revenue ProductNumber of workers13. The graph above shows the marginal revenue product curve and supply curve of labor for a firm. The introduction of new management techniques dramatically increases worker productivity. Which of the following changes is most likely to occur?A.The supply curve will shift to the left, increasing the wage rate.B.The supply curve will shift to the right, increasing employment.C.The marginal revenue product curve will shift to the right, increasing the wage rate.D. The marginal revenue product curve will shift to the left, reducing employment.E. Neither the marginal revenue product curve nor the supply curve will shift, but the wage will increase and employment will fall.14. If the production of a good results in a positive externality, the government might be able to improve economic efficiency in this market by A. eliminating private production of the good B. imposing a tax on private producersC. promoting the export of the surplus outputD. initiating antitrust actionE. granting a subsidy to private producers15. All of the following are sources of inequality in the distribution of personal income EXCEPT A. progressive income taxes B. discrimination in employment C. differences in personal motivationD. differences in educational level attainedE. differences in abilities16. An outward shift in the production possibilities curve of an economy can be cause by an increase inA. unemploymentB. the labor forceC. inflationD. outputE. demand17. The graph above shows an economy’s production possibilitie s frontier for the production of two goods, X and Y. Assume that the economy is currently at point B. The opportunity cost of moving from point B to point C is A. AH units of good YCBA H GOE F DUnits of Good XU n i t s o f G o o d YB.HG units of good YC.OG units of good YD.EF units of good XE.OF units of good X18. If the demand for potatoes increases whenever a person’s income increase, then potatoes are an example ofA. an inferior goodB. a free goodC. a Giffen goodD. a normal goodE. a public good19. The American Heart Association has just issued a report warning consumers about the negative health effects of eating beef. Which of the following changes in the beef market is most likely to occur as a result?A.The supply curve will shift to the left, increasing the price of beef.B.The demand curve will shift to the left, decreasing the price of beef.C.The demand curve will shift to the right, increasing the price of beef.D.Neither the supply nor demand curve will shift; only quantity will increase as price decreases.E.Neither the supply nor demand curve will shift; only quantity will decrease as price increases.20. Which of the following is most likely to increase the supply of soldiers for an all-volunteer army?A.A decrease in the salaries paid to soldiersB.A decrease in the average wage rate in civilian employmentC.A reduction in college tuition benefits provided to soldiersD.The imposition of new restrictions on women in the militaryE.An increase in the required length of service21. If the increase in the price of one good decreases the demand for another, then the two goods areA. inferior goodsB. luxury goodsC. normal goodsD. substitute goodsE. complementary goods22. Which of the following is true about a firm’s average variable cost?A.It will rise if marginal cost is less than average variable cost.B.It wil l never equal the firm’s marginal cost.C.It will decline when the firm’s marginal product declines.D.It will be negative if marginal revenue declines.E.It will equal average total cost when fixed costs are zero.Questions 23-24 refer to the graph below showing cost curves for a perfectly competitive firm.23. At a market price of $6, the profit-maximizing rate of output will result in A. economic profits B. economic losses C. normal profitsD. profits that are less than normalE. profits that are greater than normal24. If the market price of $10, how many widgets should this profit-maximizing firm produce? A. 3,000 B. 6,000 C. 12,000 D. 16,000 E. 21,00025. A competitive firm produces a product using labor and plastic. The firm is initially in equilibrium. If the cost of plastic suddenly increases, which of the following will occur? A. The demand curve for the product will shift to the left. B. The firm’s demand curve for plastic will shift to the left. C. The firm will increase the number of units offered for sale.D. The firm will definitely go out of business, since competitive firms earn zero economic profits in equilibrium.E. The firm’s marginal costs will increase at each level of output.Marginal CostAverage Total Cost61012 16Number of Widgets (in thousands)$326. Given the cost and demand schedules depicted above, if the firm increased output from q1 to q2, it wouldA. earn a normal profitB. experience an increase in profitsC. experience a decline in profitsD. increase revenues but not costsE. increase costs but not revenues27. Which of the following are characteristics of a perfectly competitive industry? I. New firms can enter the industry easily. II. There is no product differentiation.III. The industry’s demand curve is perfectly elastic.IV. The supply curve of an individual firm in the industry is perfectly elastic.A. Ⅰand ⅡonlyB. Ⅰand Ⅲ onlyC. Ⅱand Ⅳ onlyD. Ⅰ, Ⅱ, and Ⅳ onlyE. Ⅰ, Ⅲ, and Ⅳ only28. The profit-maximizing output level produced by an unregulated monopoly isA. the socially optimal output level, since the firm’s marginal revenue equals its marginal costB. greater than the socially optimal level, since the firm’s marginal cost exceeds its marginal revenueC. greater than the socially optimal level, since the firm makes economic profitsD. less than the socially optimal level, since the price paid by cons umers exceeds the firm’s marginal costE. less than the socially optimal level, since the price of the product is less than the firm’s marginal revenue29. The wage rate is $10 per hour and the last worker hired by the firm increased output by 100 units. Computers rent for $100 per hour and the last computer rented by the firm increased output by 2,000 units. To minimize costs the firm shouldDemandMarginal CostOutputPriceq 1 q 2A. hire more workers and rent more computers because the marginal revenue products of both workers and computers are greater than their respective pricesB. hire more workers and reduce the number of computers rented because workers are cheaper than computersC. lay off workers and rent more computers because computers produce more output per dollar of additional expenditureD. lay off workers and rent more computers because computers produce more outputE. keep the same number of workers and computers because the marginal revenue products of both workers and computers are positive30. Imposing taxes that increase as a firm’s pollution increases is often recommended by economists as a means to reduce pollution. The reason for this recommendation is that such taxes would likelyA. eliminate pollution completelyB. encourage firms to use the most efficient method to reduce pollutionC. increase the government’s revenuesD. encourage firms to increase productionE. be paid out of firms’ profits and not paid for by higher consumer prices31. The opportunity cost of owning a business is equal to which of the following?I.The economic profits earned in the businessII.The accounting profits earned in the businessIII.The profits that could be earned in another business using the same amount of resourcesA. ⅠonlyB. Ⅱ onlyC. Ⅲ onlyD. Ⅰ and Ⅲ onlyE. Ⅰ, Ⅱand ⅢPriceSupplyDemandQuantity of computers32. The graph above shows the supply and demand curves for a particular brand of computers. In 1988, 10,000 computers were sold for $1,000 each, but in 1989, 9,000 computers were sold for $1,000 each. Which of the following changes in the supply and demand curves could most likely have caused this change?Demand Curve Supply CurveA. Shift right Shift rightB. Shift right Shift leftC. No change Shift leftD. Shift left Shift leftE. Shift left No change33. If the minimum wage for teen-agers increased to a rate higher than their market equilibrium wage, what would be the effect on their wage and employment?Wage EmploymentA. Increase No effectB. Increase IncreaseC. Increase DecreaseD. Decrease IncreaseE. Decrease Decrease34. If a store raises its prices by 20 percent and its total revenue increases by 10 percent, the demand it faces in this price range must beA. inelasticB. elasticC. unit elasticD. perfectly elasticE. perfectly inelastic35. A farmer produces peppers in a perfectly competitive market. If the price falls, in the short run the farmer shouldA. increase production until the new price equals average revenueB. increase production to offset the fall in priceC. discontinue production if the new price is less than marginal revenueD. continue to produce only if the new price covers average fixed costsE. continue to produce only if the new price covers average variable costs36. Which of the following is true if a perfectly competitive market is in long-run equilibrium?A.Market price will eventually decrease.B.New firms will enter the industry.C.Marginal revenue is equal to average total cost.D.Price is not equal to marginal revenue.E.Average variable costs are decreasing.Units of output Units of Capital12 3 U n i t s o f l a b o r1 100 140 1602 140 200 240 316024030037. The table above shows the various units of output that can be produced with different combinations of capital and labor. Which of the following statements is correct according to the information in the table?A. In the long run, there are constant returns to scale.B. In the long run, there are increasing returns to scale.C. In the short run, the marginal product of capital is constant.D. In the short run, the marginal product of labor is constant.E. In the short run, the law of diminishing marginal returns does not hold.38. The graph above shows a firm’ cost and revenue curves. This profit -maximizing firm will A. produce where demand is inelasticB. charge a higher price than that necessary to maximize revenuesC. have many profit-maximizing price and quantity combinationsD. be unable to increase sales and total revenues by lowering its priceE. never have a region of falling average total cost39. Which of the following is necessarily true of the profit-maximizing equilibrium of a monopolist who sets a single price? A. Price equals average total cost. B. Price is greater than marginal cost.C. Average total cost is at its minimum level.D. Marginal revenue is greater than marginal cost.E. Marginal cost is minimized.PriceQuantityMarginal CostDemand Marginal RevenueNumber of Workers Number of Sandwiches Produced per day1 802 1503 2004 2405 2506 2307 20040. Given the production information in the table above, how many workers would be employed if the wage rate were $20.00 per day and if sandwiches sold for $0.50?A.1B.2C.4D.5E.741. Which of the following is true when the production of a good results in negative externalities?A.The government must produce the good.B.The private market will produce too little of the goodC.The private market price will be too low.D.The government must prevent the production of the good.E.Private firms will not be able to maximize profits.42. In the long run, a monopolistically competitive firm is allocatively inefficient because the firm willA. produce only when marginal cost is greater than marginal revenueB. produce only when marginal revenue is greater than marginal costC. charge a price greater tan the marginal costD. earn positive economic profitsE. experience economic losses43. A change in which of the following will NOT causes a shift in the demand curve for a factor of production?A.Demand for the goods produced by the factorB.Prices of the goods produced by the factorC.Prices of substitute factorsD.Supply of the factorE.Supply of substitute factors44. There are negative externalities associated with the use of a freeway in a major city at rush hour because during this timeA. drivers slow down other drivers because of the high traffic volumeB. drivers value their time moreC. government revenues from toll roads increaseD. revenues of bus companies increaseE. gasoline costs more45. Economic growth can be depicted using a production possibilities curve by which of the following?A. A rightward shift of the curveB. A movement upward on an existing curveC. A movement downward on an existing curveD. A movement from a point outside the curve to a point on the curveE. A movement from a point on the curve to a point inside the curve46. If a one-of-a-kind Etruscan Vase is offered for sale at an auction, which, if any, of the following correctly shows the supply curve for the vase?E. It is impossible to determine the shape of the supply curve from the given information.47. Which of the following will cause an unregulated monopolist to produce a more allocativelyQuantitySupplyPriceD. QuantitySupplyPriceC. QuantitySupplyPriceB. QuantitySupplyPriceA.efficient level of output?A. A tax based on the amount of profitsB. A tax that does not change as output increasesC. A tax that increases as output increasesD. A subsidy that increases as output increasesE. A subsidy that does not change as output increases48. The graph above shows the cost and revenue curves for a natural monopoly. Consider the following two policies for regulating this natural monopoly.Policy Ⅰ: Require the monopoly to set quantity and price where demand equals marginal cost. Policy Ⅱ: Require the monopoly to set quantity and price where demand equals average total cost.Which of the following is true of these policies?A. Both would result in the same level of output and price.B. Both would result in an inefficient allocation of resources relative to the unregulated result.C. Policy Ⅰwould result in a lower level of output than would Policy Ⅱ.D. Policy Ⅰwould result in a higher price than would Policy Ⅱ.E. Policy Ⅰmight require the payment of a subsidy to the firm.49. Which of the following is true in the market for a certain product if producers consistently are willing to sell more at the going price than consumers are willing to buy? A. Demand is highly inelastic. B. Supply is highly elastic. C. The product is inferior.D. There is a price ceiling on the product.E. There is a price floor on the product.50. According to the theory of consumer behavior, which of the following decreases first as additional units of a product are consumed? A. Total utility B. Average utility C. Marginal utilityMarginal Cost AverageTotal CostDemandMarginal RevenueQUANTITYPriceD. Marginal physical productE. Total physical product51. Under which of the following circumstances is firm experiencing economies of scale? A. The firm increases only its labor input, and output decreases. B. The firm doubles its inputs, and output triples.C. The firm builds a new plant, and the average cost of production increases.D. The firm hires a new plant manager, and profits increase.E. The product price increases, and the firm increases its output.52. Which of the following statements about cost is always true for both monopolies and perfectly competitive firms?A. Average total cost equals marginal cost when average total cost is a minimum.B. Marginal cost decreases as production increases.C. Average fixed cost is equal to marginal cost when average fixed cost is a minimum.D. Average variable cost is equal to marginal cost when marginal cost is a minimum.E. Average variable cost decreases as production increases.53. The graph above depicts cost and revenue curves for a typical firm in a monopolistically competitive industry. Suppose that the firm is producing 0M units of output. To maximize profits, it should do which of the following to output and price? Output Price A. Increase Decrease B. Increase Increase C. Decrease Increase D. Not change Increase E. Not change Not changeQuantityDemandMarginal RevenueMarginal CostAverage Total CostPriceK MWU 054. In most cases the supply curve for a perfectly competitive industry can be described as which of the following?A.More elastic in the short run than in the long runB.More elastic in the long run than in the short runC.Downward sloping in the short runD.Perfectly inelastic in the long runE.Perfectly elastic in the short run55. Compared with firms in a perfectly competitive industry, firms in a monopolistically competitive industry are inefficient because theyA. make economic profits in the long runB. do not lower the product price if input prices fallC. restrict their output level to maximize profitsD. charge the highest price that consumers will payE. waste resources by producing an excess amount of output56. Which of the following is NOT a characteristic of monopolistically competitive markets?A.Relatively easy market entryB.Differentiated productsC.Substantial product advertisingD.A large number of both buyers and sellersE.Long-run economic profits57. Which of the following will happen in the labor market if the price of the good produced by the workers decreases?A.The marginal product of labor will increase.B.The marginal product of labor will decrease.C.The marginal revenue product of labor will increase.D.The marginal revenue product of labor will decrease.E.The demand curve for labor will shift to the right.58. Assume that a firm is hiring labor in a perfectly competitive labor market. If the marginal revenue product of labor is greater than the wage rate, which of the following will be true?A.The firm must be losing money.B.The firm should employ more workers.C.The firm should replace workers with capital.D.The firm is maximizing its profits.E.The firm is experiencing diminishing marginal utility.。

Microeconomic 0_Midterm_solution

(a) Jack could increase his utility by buying more pens and fewer pencils. (b) Jack could increase his utility by buying more pencils and fewer pens. (c) Jack could increase his utility by buying more pencils and more pens. (d) Jack could increase his utility by buying fewer pencils and fewer pens. (e) Jack is at a corner solution and is maximizing his utility.
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2
10. We learnt from other reliable sources that Frank’s preference is strictly convex. Frank consumes two goods, 1 and 2. When the prices are (p1, p2) = (10, 10), Frank’s chooses x = (x1, x2) = (2, 3). What can we learn?
(a) A is preferred to C. (b) A is preferred to B. (c) Both A and B answer choices are correct. (d) None of the above.