经济学原理 英文版 曼昆 复习资料Chap_15
曼昆经济学原理英文版
曼昆经济学原理英文版As the author of the Baidu Wenku document "Principles of Economics by Mankiw (English Version)", I would like to provide an overview of this influential book and its significance in the field of economics."Principles of Economics" by N. Gregory Mankiw is a widely used textbook for introductory economics courses. It provides an overview of the basic principles of economics and introduces students to the fundamental concepts of microeconomics and macroeconomics. The English version of this book has been widely acclaimed for its clear and concise explanations, as well as its real-world examples that help students understand complex economic theories.One of the key strengths of Mankiw's book is its ability to make economics accessible to students with varying levels of prior knowledge. The book begins with an introduction to the Ten Principles of Economics, which serve as a framework for understanding the behavior of individuals, firms, and governments in the economy. These principles include concepts such as opportunity cost, trade-offs, and the role of incentives in decision-making. By presenting these principles in a clear and engaging manner, Mankiw lays the foundation for students to build a solid understanding of economic theory.In addition to the foundational principles, Mankiw's book covers a wide range of topics, including supply and demand, elasticity, consumer choice, production and costs, and market structures. The book also delves into macroeconomic concepts such as GDP, inflation, unemployment, fiscal policy, and monetary policy. Throughout the text, Mankiw incorporates real-world examples and case studies to illustrate how economic principles apply to everyday life.Furthermore, Mankiw's writing style is engaging and accessible, making the material easy to digest for students. He presents complex ideas in a straightforward manner, using clear and concise language that avoids unnecessary jargon. This approach helps students grasp economic concepts more easily and fosters a deeper understanding of the material.Overall, "Principles of Economics" by Mankiw is a valuable resource for students and instructors alike. Its comprehensive coverage of both microeconomics and macroeconomics, combined with its clear and engaging presentation, makes it an ideal textbook for introductory economics courses. The English version of the book has been widely praised for its effectiveness in teaching economic principles and fostering a deeper understanding of the subject.In conclusion, "Principles of Economics by Mankiw (English Version)" is a highly influential and widely used textbook that has made a significant impact in the field of economics. Its clear and concise explanations, real-world examples, and engaging writing style make it an invaluable resource for students and instructors. Whether used in a classroom setting or for self-study, this book provides a solid foundation for understanding the principles of economics.。
曼昆经济学原理Chapter15垄断 中英文笔记
Chapter 15 Monopoly 垄断§1. 垄断Monopoly一．对比竞争企业是价格接受者，垄断企业是价格制定者。
a competitive firm is a price taker, a monopoly firm is a price maker二．定义垄断企业：作为一种没有相近替代品的产品的唯一卖者的企业A firm is considered a monopoly if it is the sole seller of its product & its product does not have close substitutes. 如果一个企业是其产品唯一的卖者，而且如果其产品并没有相近的替代品，这个企业就是垄断者。
§2. 为什么会产生垄断Why Monopolies Arise一．（1）垄断的基本原因fundamental cause：进入障碍barriers to entry（2）进入障碍的三个主要来源Barriers to entry have three sources1.垄断资源：生产所需要的关键资源由一家企业拥有Ownership of a key resource.2.政府管制：政府给予一个企业排他性地生产某种产品或服务的权利The government gives a single firm the exclusive right to produce some good.3.生产流程：生产成本使一个生产者比大量生产者更有效率Costs of production make a single producer more efficient than a large number of producers.二．垄断资源Monopoly Resources虽然关键资源的排他性所有权是垄断的一个潜在原因，但垄断很少产生于这种原因Although exclusive ownership of a key resource is a potential source of monopoly, in practice monopolies rarely arise for this reason.三．政府制造的垄断Government-Created Monopolies1.政府给予一个企业排他性地出售某种物品或劳务的权利，限制其他企业进入市场，从而造成垄断。
曼昆经济学原理英文书
曼昆经济学原理英文书The Economics Principles by MankiwChapter 1: Ten Principles of EconomicsChapter 2: Thinking Like an EconomistChapter 3: Interdependence and the Gains from Trade Chapter 4: The Market Forces of Supply and Demand Chapter 5: Elasticity and Its ApplicationChapter 6: Supply, Demand, and Government Policies Chapter 7: Consumers, Producers, and Efficiency of Markets Chapter 8: Application: The Costs of TaxationChapter 9: Application: International TradeChapter 10: ExternalitiesChapter 11: Public Goods and Common Resources Chapter 12: The Design of the Tax SystemChapter 13: The Costs of ProductionChapter 14: Firms in Competitive MarketsChapter 15: MonopolyChapter 16: Monopolistic CompetitionChapter 17: OligopolyChapter 18: The Markets for Factors of Production Chapter 19: Earnings and DiscriminationChapter 20: Income Inequality and PovertyChapter 21: Introduction to MacroeconomicsChapter 22: Measuring a Nation's IncomeChapter 23: Measuring the Cost of LivingChapter 24: Production and GrowthChapter 25: Saving, Investment, and the Financial System Chapter 26: The Basic Tools of FinanceChapter 27: UnemploymentChapter 28: The Monetary SystemChapter 29: Money Growth and InflationChapter 30: Open-Economy Macroeconomics: Basic Concepts Chapter 31: A Macroeconomic Theory of the Open Economy Chapter 32: Aggregate Demand and Aggregate SupplyChapter 33: The Influence of Monetary and Fiscal Policy on Aggregate DemandChapter 34: The Short-Run Trade-Off between Inflation and UnemploymentChapter 35: The Theory of Consumer ChoiceChapter 36: Frontiers of MicroeconomicsChapter 37: Monopoly and Antitrust PolicyChapter 38: Oligopoly and Game TheoryChapter 39: Externalities, Public Goods, and Environmental Policy Chapter 40: Uncertainty and InformationChapter 41: Aggregate Demand and Aggregate Supply Analysis Chapter 42: Understanding Business CyclesChapter 43: Fiscal PolicyChapter 44: Money, Banking, and Central BankingChapter 45: Monetary PolicyChapter 46: Inflation, Disinflation, and DeflationChapter 47: Exchange Rates and the International Financial SystemChapter 48: The Short - Run Trade - Off between Inflation and Unemployment RevisitedChapter 49: Macroeconomic Policy: Challenges in the Twenty - First CenturyEpilogue: 14 Big IdeasNote: The chapter titles have been abbreviated for simplicity and brevity purposes.。
Chap公共部门经济学经济学原理曼昆中英文双语实用
Immunizations 免疫Restored historic buildings 修复历史古迹Research into new technologies新技术研究开发
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Negative Externalities
负外部性
Internalizing an externality involves altering incentives so that people take into account the external effects of their actions. 外部性的内在化——通过改变激励，使人们考虑他们自己行为的外部效应。
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Positive Externalities 正外部性
When an externality benefits the bystanders, a positive externality exists.当外部性有利于旁观者时，就存在正外部性。The social value of the good exceeds the private value. 物品的社会价值大于私人价值。
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Figure 3 Education and thntity of
Education
0
Price of
Education
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图3. 教育与社会最优
教育的数量
0
教育的价格
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Positive Externalities
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The Market for Aluminum and Welfare Economics
铝市场和福利经济学
曼昆经济学原理宏观经济学分册英文原版
REAL VERSUS NOMINAL GDP
• An accurate view of the economy requires adjusting nominal to real GDP by using the GDP deflator.
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Table 2 Real and Nominal GDP
The GDP Deflator
• The GDP deflator is calculated as follows:
GDP deflator = Nominal GDP 100 Real GDP
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The GDP Deflator
• Nominal GDP is converted to real GDP as follows:
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THE ECONOMY’S INCOME AND EXPENDITURE
• For an economy as a whole, income must equal expenditure because: • Ever y transaction has a buyer and a seller. • Ever y dollar of spending by some buyer is a dollar of income for some seller.
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Table 2 Real and Nominal GDP
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Table 2 Real and Nominal GDP
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The GDP Deflator
• The GDP deflator is a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100.
曼昆经济学原理答案英文版
曼昆经济学原理答案英文版一、选择题1、在经济学中，什么是GDP？A.国内生产总值B.国民生产总值C.国内总收入D.国民总收入答案：A.国内生产总值（Gross Domestic Product，GDP）是指一个国家在一定时期内所有常住单位的生产活动的最终成果。
2、GDP的计算方法是什么？A.收入法B.支出法C.生产法D.混合法答案：B.支出法。
GDP可以通过对一国所有常住单位的商品和服务的最终消费支出、资本形成总额和货物与服务净出口进行计算，这种计算方法被称为支出法。
3、在经济学中，什么是通货膨胀？A.货币贬值B.物价上涨C.货币供应增加D.以上都不是答案：A.通货膨胀是指商品和服务的总体价格水平上升，导致货币购买力下降。
4、什么是货币政策？A.政府调节货币供应量的政策B.政府调节利率的政策C.政府调节汇率的政策D.以上都不是答案：A.货币政策是指中央银行通过控制货币供应量来调节利率和影响经济活动的政策。
二、简答题1、请简述GDP的概念及作用。
答案：GDP是指一个国家在一定时期内所有常住单位的生产活动的最终成果。
GDP是国民经济核算的核心指标，也是衡量一个国家经济状况和发展水平的重要指标。
它反映了整个国家经济运行的有效性，以及国民收入分配的公平性。
2、请简述通货膨胀的原因及影响。
答案：通货膨胀的原因有多种，包括货币供应量增加、需求拉动、成本推动等。
其中，货币供应量增加是最主要的原因。
当货币供应量增加时，物价上涨，导致货币购买力下降。
通货膨胀会对经济产生负面影响，包括降低消费者购买力、增加企业成本、扭曲价格信号等。
通货膨胀还会导致社会不稳定和政治风险。
曼昆的经济学原理课件是经济学教育中的重要资源，它以深入浅出的方式解释了经济学的基本原理和概念。
本文将对这些原理进行概述，并解释它们在现实生活中的应用。
曼昆的经济学原理主要包括微观经济学和宏观经济学两个部分。
微观经济学主要研究个体经济单位的行为和决策，如消费者、企业和政府。
曼昆经济学原理复习资料整理.
1Q4Why should policy makers think about incentives?Policymakers need to think about incentives so they can understand how people will respond to the policies they put in place. The text's example of seat belts shows that policy actions can have quite unintended consequences. If incentives matter a lot, they may lead to a very different type of policy; for example, some economists have suggested putting knives in steering columns so that people will drive much more carefully! While this suggestion is silly, it highlights the importance of incentives.Q6what does the invisible hand of the marketplace do?The "invisible hand" of the marketplace represents the idea that even though individuals and firms are all acting in their own self-interest, prices and the marketplace guide them to do what is good for society as a whole.2Q1How is economics like a science?Economics is like a science because economists use the scientific method. They devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories about how the world works. Economists use theory and observation like other scientists, but they are limited in their ability to run controlled experiments. Instead, they must rely on natural experiments.Q5 Use a production possibilities frontier to describe the idea of “efficiency”? The idea of efficiency is that an outcome is efficient if the economy is getting all it can from the scarce resources it has available. In terms of the production possibilities frontier, an efficient point is a point on the frontier, such as point A in Figure 4. A point inside the frontier, such as point B, is inefficient since more of one good could be produced without reducing the production of another good.Q7What is the difference between a positive and a normative statement? Give an example of that.Positive statements are descriptive and make a claim about how the world is, while normative statements are prescriptive and make a claim about how the world ought to be. Here is an example. Positive: A rapid growth rate of money is the cause of inflation. Normative: The government should keep the growth rate of money low.3Q1 Explain how absolute advantage and comparative advantage differ.Absolute advantage reflects a comparison of the productivity of one person, firm, or nation to that of another, while comparative advantage is based on the relative opportunity costs of the persons, firms, or nations. While a person, firm, or nation may have an absolute advantage in producing every good, they can't have a comparative advantage in every good.Q4Will a nation tend to export or import goods to Question2.A nation will export goods for which it has a comparative advantage because it has a smaller opportunity cost of producing those goods. As a result, citizens of all nations are able to consume quantities of goods that are outside their production possibilitiesfrontiers.4Q5Propeye’s income declines, and as a result, he buys more spinach. Is spinach an inferior or a normal goods? What happens to Popeye’s demand curve for spinach?Since Popeye buys more spinach when his income falls, spinach is an inferior good for him. Since he buys more spinach, but the price of spinach is unchanged, his demand curve for spinach shifts out as a result of the decrease in his income.Q8 Dose a change in producers’ technology lead to a movement along the supply curve? Does a change in price lead to a movement along the supply curve or a shift in the supply curve?A change in producers' technology leads to a shift in the supply curve. A change in price leads to a movement along the supply curve.Q9 Define the equilibrium of a market. Describe the forces that move a market towards its equilibrium.The equilibrium of a market is the point at which the quantity demanded is equal to quantity supplied. If the price is above the equilibrium price, sellers want to sell more than buyers want to buy, so there is a surplus. Sellers try to increase their sales by cutting prices. That continues until they reach the equilibrium price. If the price is below the equilibrium price, buyers want to buy more than sellers want to sell, so there is a shortage. Sellers can raise their price without losing customers. That continues until they reach the equilibrium price.Q11 Describe the role of prices in market economies.Prices play a vital role in market economies because they bring markets into equilibrium. If the price is different from its equilibrium level, quantity supplied and quantity demanded are not equal. The resulting surplus or shortage leads suppliers to adjust the price until equilibrium is restored. Prices thus serve as signals that guide economic decisions and allocate scarce resources.5Q2 List and explain the four determinants of the price elasticity of demand discussed in the chapter.The determinants of the price elasticity of demand include how available close substitutes are, whether the good is a necessity or a luxury, how broadly defined the market is, and the time horizon. Luxury goods have greater price elastic ties than necessities, goods with close substitutes have greater elastic ties, goods in more narrowly defined markets have greater elastic ties, and the elasticity of demand is higher the longer the time horizon.Q4 On a supply-and-demand diagram, show equilibrium price, equilibrium quantity, and the total revenue received by producers.Figure 1 presents a supply-and-demand diagram, showing equilibrium price, equilibrium quantity, and the total revenue received by producers. Total revenue equals the equilibrium price times the equilibrium quantity, which is the area of the rectangle shown in the figure.Figure 16Q2Which causes a shortage of a good—a price ceiling or a price floor? Which causes a surplus?A shortage of a good arises when there is a binding price ceiling. A surplus of a good arises when there is a binding price floor.Q6How does a tax on a good affect the price paid by buyers, and the quantity sold?A tax on a good raises the price buyers pay, lowers the price sellers receive, and reduces the quantity sold.Q7What determines how the burden of a tax is divided between buyers and sellers? Why?The burden of a tax is divided between buyers and sellers depending on the elasticity of demand and supply. Elasticity represents the willingness of buyers or sellers to leave the market, which in turns depends on their alternatives. When a good is taxed, the side of the market with fewer good alternatives cannot easily leave the market and thus bears more of the burden of the tax.7Q1Explain how buyer’s willingness to pay, consumer’ surplus, and the demand curve are related.Buyers' willingness to pay, consumer surplus, and the demand curve are all closely related. The height of the demand curve represents the willingness to pay of the buyers. Consumer surplus is the area below the demand curve and above the price, which equals each buyer's willingness to pay less the price of the good.Q2 Explain how seller’s costs, producer’s surplus, and the supply curve are related.Sellers' costs, producer surplus, and the supply curve are all closely related. The height of the supply curve represents the costs of the sellers. Producer surplus is the area below the price and above the supply curve, which equals the price minus each sellers' costs.Figure 413Q2 Give an example of an opportunity cost that accountant might not count as a cost. Why would the accountant ignore the cost?An accountant would not count the owner’s opportunity cost of alternative employment as an accounting cost. An example is given in the text in which Helen runs a cookie business, but she could instead work as a computer programmer. Because she's working in her cookie factory, she gives up the opportunity to earn $100 per hour as a computer programmer. The accountant ignores this opportunity cost because no money flow occurs. But the cost is relevant to Helen's decision to run the cookie factory.Q3What is marginal product, and what does it means if it is diminishing? Marginal product is the increase in output that arises from an additional unit of input. Diminishing marginal product means that the marginal product of an input declines as the quantity of the input increases.Q8Defind economies of scale and explain why they might arise. Define diseconomies of scale and explain why then might arise.Economies of scale exist when long-run average total cost falls as the quantity of output increases, which occurs because of specialization among workers. Diseconomies of scale exist when long-run average total cost rises as the quantity of output increases, which occurs because of coordination problems inherent in a large organization.14Q2Draw the cost curves for a typical firm. For a given price, explain how the firm chooses the level of output that maximizes profit. Figure 2 shows the cost curves for a typical firm. For a given price (such as P*), the level of output that maximizes profit is the output where marginal cost equals price (Q*), as long as price is greater than average variable cost at that point (in the short run), or greater than average total cost (in the long run).Figure 2Q6 Does a firm’s price equal marginal cost in the short run, in the long run, or both? Explain.The firm's price equals the minimum of average total cost only in the long run. In the short run, price may be greater than average total cost, in which case the firm is making profits, or price may be less than average total cost, in which case the firm is making losses. But the situation is different in the long run. If firms are making profits, other firms will enter the industry, which will lower the price of the good. If firms are making losses, they will exit the industry, which will raise the price of the good. Entry or exit continues until firms are making neither profits nor losses. At that point, price equals average total cost.15Q3Why is monopolist’s marginal revenue less than the price of its goods? Can marginal revenue be negative? Explain.A monopolist's marginal revenue is less than the price of its product because: (1) its demand curve is the market demand curve, so (2) to increase the amount sold, the monopolist must lower the price of its good for every unit it sells. (3) This cut in prices reduces revenue on the units it was already selling.A monopolist's marginal revenue can be negative because to get purchasers to buy an additional unit of the good, the firm must reduce its price on all units of the good. The fact that it sells a greater quantity increases revenue, but the decline in price decreases revenue. The overall effect depends on the elasticity of the demand curve. If the demand curve is inelastic, marginal revenue will be negative.Q4 Draw the demand, marginal-revenue, and marginal-cost curve for a monopolist. Show the profit-maximizing level of output. Show the profit-maximizing price.Figure 1 shows the demand, marginal-revenue, and marginal-cost curves for a monopolist. The intersection of the marginal-revenue and marginal-cost curves determines the profit-maximizing level of output, Q m. The demand curve then shows the profit-maximizing price, P m.Figure 116Q1If a group of sellers could form a cartel, what quantity and price would they try to set?If a group of sellers could form a cartel, they would try to set quantity and price like amonopolist. They would set quantity at the point where marginal revenue equals marginal cost, and set price at the corresponding point on the demand curve.Q5What is the prisoners’ dilemma and what does it have to do with oligopoly? The prisoners' dilemma is a game between two people or firms that illustrates why it is difficult for opponents to cooperate even when cooperation would make them all better off. Each person or firm has a great incentive to cheat on any cooperative agreement to make himself or itself better off.17Q2 Draw a diagram of the long-run equilibrium in a monopolistically competitive market. How is price related to average total cost? How is price related to marginal cost?In Figure 2, a firm has demand curve D1 and marginal-revenue curve MR1. The firm is making profits because at quantity Q1, price (P1) is above average total cost (ATC). Those profits induce other firms to enter the industry, causing the demand curve to shift to D2 and the marginal-revenue curve to shift to MR2. The result is a decline in quantity to Q2, at which point the price (P2) equals average total cost (ATC), so profits are now zero.Figure 223Q1 Explain why an economy’s income must equal its expenditure.An economy's income must equal its expenditure, since every transaction has a buyer and a seller. Thus, expenditure by buyers must equal income by sellers.24Q2 Describe the three problems that make the consumer price index an imperfect measure of the cost of living.The three problems in the consumer price index as a measure of the cost of living are: (1) substitution bias, which arises because people substitute toward goods that have become relatively less expensive; (2) the introduction of new goods, which are not reflected quickly in the CPI; and (3) unmeasured quality change.25Q2List and describe four determinants of productivity.The four determinants of productivity are: (1) physical capital, which is the stock of equipment and structures that are used to produce goods and services; (2) human capital, which consists of the knowledge and skills that workers acquire through education, training, and experience; (3) natural resources, which are inputs into production that are provided by nature; and (4) technological knowledge, which issociety’s understanding of the best ways to produce goods and services.Questions are chosen from problems and applications.Chapter 1: Q9By specializing in each task, you and your roommate can finish the chores more quickly. If you divided each task equally, it would take you more time to cook than it would take your roommate, and it would take him more time to clean than it would take you. By specializing, you reduce the total time spent on chores.Similarly, countries can specialize and trade, making both better off. For example, suppose it takes Spanish workers less time to make clothes than French workers, and French workers can make wine more efficiently than Spanish workers. Then Spain and France can both benefit if Spanish workers produce all the clothes and French workers produce all the wine, and they exchange some wine for some clothes. Chapter 2: Q2a. Figure 6 shows a production possibilities frontier between guns and butter. It is bowed out because when most of the economy’s resources are being used to produce butter, the frontier is steep and when most of the economy’s resources are being used to produce guns, the frontier is very flat. When the economy is producing a lot of guns, workers and machines best suited to making butter are being used to make guns, so each unit of guns given up yields a large increase in the production of butter. Thus, the production possibilities frontier is flat. When the economy is producing a lot of butter, workers and machines best suited to making guns are being used to make butter, so each unit of guns given up yields a small increase in the production of butter. Thus, the production possibilities frontier is steep.b. Point A is impossible for the economy to achieve; it is outside the production possibilities frontier. Point B is feasible but inefficient because it’s inside the production possibilities frontier.Figure 6c. The Hawks might choose a point like H, with many guns and not much butter. The Doves might choose a point like D, with a lot of butter and few guns.d. If both Hawks and Doves reduced their desired quantity of guns by the same amount, the Hawks would get a bigger peace dividend because the production possibilities frontier is much steeper at point H than at point D. As a result, the reduction of a given number of guns, starting at point H, leads to a much larger increase in the quantity of butter produced than when starting at point D.Chapter 3: Q4a. Since a Canadian worker can make either two cars a year or 30 bushels of wheat, the opportunity cost of a car is 15 bushels of wheat. Similarly, the opportunity cost of a bushel of wheat is 1/15 of a car. The opportunity costs are the reciprocals of eachother.b. See Figure 4. If all 10 million workers produce two cars each, they produce a total of 20 million cars, which is the vertical intercept of the production possibilities frontier. If all 10 million workers produce 30 bushels of wheat each, they produce a total of 300 million bushels, which is the horizontal intercept of the production possibilities frontier. Since the tradeoff between cars and wheat is always the same, the production possibilities frontier is a straight line.If Canada chooses to consume 10 million cars, it will need 5 million workers devoted to car production. That leaves 5 million workers to produce wheat, who will produce a total of 150 million bushels (5 million workers times 30 bushels per worker). This is shown as point A on Figure 4.c. If the United States buys 10 million cars from Canada and Canada continues to consume 10 million cars, then Canada will need to produce a total of 20 million cars. So Canada will be producing at the vertical intercept of the production possibilities frontier. But if Canada gets 20 bushels of wheat per car, it will be able to consume 200 million bushels of wheat, along with the 10 million cars. This is shown as point B in the figure. Canada should accept the deal because it gets the same number of cars and 50 million more bushes of wheat.Figure 4Chapter 4: Q1a. Cold weather damages the orange crop, reducing the supply of oranges. This can be seen in Figure 6 as a shift to the left in the supply curve for oranges. The new equilibrium price is higher than the old equilibrium price.b. People often travel to the Caribbean from New England to escape cold weather, so demand for Caribbean hotel rooms is high in the winter. In the summer, fewer people travel to the Caribbean, since northern climes are more pleasant. The result, as shown in Figure 7, is a shift to the left in the demand curve. The equilibrium price of Caribbean hotel rooms is thus lower in the summer than in the winter, as the figure shows.Figure 6a Figure 7bc. When a war breaks out in the Middle East, many markets are affected. Sincemuch oil production takes place there, the war disrupts oil supplies, shifting the supply curve for gasoline to the left, as shown in Figure 8. The result is a rise in the equilibrium price of gasoline. With a higher price for gasoline, the cost of operating a gas-guzzling automobile, like a Cadillac, will increase. As a result, the demand for used Cadillacs will decline, as people in the market for cars will not find Cadillacs as attractive. In addition, some people who already own Cadillacs will try to sell them. The result is that the demand curve for used Cadillacs shifts to the left, while the supply curve shifts to the right, as shown in Figure 9. The result is a decline in the equilibrium price of used Cadillacs.Figure 8c Figure 9c Chapter 5: Q2a. For business travelers, the price elasticity of demand when the price of tickets rises from $200 to $250 is [(2,000 - 1,900)/1,950]/[(250 - 200)/225] = 0.05/0.22 = 0.23. For vacationers, the price elasticity of demand when the price of tickets rises from $200 to $250 is [(800 - 600)/700] / [(250 - 200)/225] = 0.29/0.22 = 1.32.b. The price elasticity of demand for vacationers is higher than the elasticity for business travelers because vacationers can choose more easily a different mode of transportation (like driving or taking the train). Business travelers are less likely to do so since time is more important to them and their schedules are less adaptable. Chapter 6: Q2a. The imposition of a binding price floor in the cheese market is shown in Figure 3. In the absence of the price floor, the price would be P1 and the quantity would be Q1. With the floor set at P f, which is greater than P1, the quantity demanded is Q2, while quantity supplied is Q3, so there is a surplus of cheese in the amount Q3– Q2.b. The farmers’ complaint that their total revenue has declined is correct if demand is elastic. With elastic demand, the percentage decline in quantity would exceed the percentage rise in price, so total revenue would decline.c. If the government purchases all the surplus cheese at the price floor, producers benefit and taxpayers lose. Producers would produce quantity Q3 of cheese, and their total revenue would increase substantially. But consumers would buy only quantity Q2 of cheese, so they are in the same position as before. Taxpayers lose because they would be financing the purchase of the surplus cheese through higher taxes.Figure 3aChapter 7: Q8a. The effect of falling production costs in the market for computers results in a shift to the right in the supply curve, as shown in Figure 14. As a result, the equilibrium price of computers declines and the equilibrium quantity increases. The decline in the price of computers increases consumer surplus from area A to A + B + C + D, an increase in the amount B + C + D.Prior to the shift in supply, producer surplus was areas B + E (the area above the supply curve and below the price). After the shift in supply, producer surplus is areas E + F + G. So producer surplus changes by the amount F + G – B, which may be positive or negative. The increase in quantity increases producer surplus, while the decline in the price reduces producer surplus. Since consumer surplus rises by B + C + D and producer surplus rises by F + G – B, total surplus rises by C + D + F + G.Figure 14A Figure 15bb. Since adding machines are substitutes for computers, the decline in the price of computers means that people substitute computers for adding machines, shifting the demand for adding machines to the left, as shown in Figure 15. The result is a decline in both the equilibrium price and equilibrium quantity of adding machines. Consumer surplus in the adding-machine market changes from area A + B to A + C, a net change of C – B. Producer surplus changes from area C + D + E to area E, a net loss of C + D. Adding machine producers are sad about technological advance in computers because their producer surplus declines.c. Since software and computers are complements, the decline in the price and increase in the quantity of computers means that the demand for software increases, shifting the demand for software to the right, as shown in Figure 16. The result is anincrease in both the price and quantity of software. Consumer surplus in the software market changes from B + C to A + B, a net change of A – C. Producer surplus changes from E to C + D + E, an increase of C + D, so software producers should be happy about the technological progress in computers.d. Yes, this analysis helps explain why Bill Gates is one the world’s richest men, since his company produces a lot of software that is a complement with computers and there has been tremendous technological advance in computers.Figure 16Chapter 13: Q4a. The following table shows the marginal product of each hour spent fishing:Hours Fish FixedCost VariableCostTotalCostMarginalProduct0 $10$0$10 ---1 10 105 15102 18 10 10 20 83 24 10 15 25 64 28 10 20 30 45 30 10 25 25 2function becomes flatter as the number of hours spent fishing increases, illustrating diminishing marginal product.Figure 7b Figure 8c c. The table shows the fixed cost, variable cost, and total cost of fishing.Figure 8 shows the fisherman's total-cost curve. It slopes up because catching additional fish takes additional time. The curve is convex because there are diminishing returns to fishing time?each additional hour spent fishing yields fewer additional fish.Chapter 14: Q9a. Figure 9 illustrates the situation in the U.S. textile industry. With no international trade, the market is in long-run equilibrium. Supply intersects demand at quantity Q1 and price $30, with a typical firm producing output q1.Figure 9b. The effect of imports at $25 is that the market supply curve follows the old supply curve up to a price of $25, then becomes horizontal at that price. As a result, demand exceeds domestic supply, so the country imports textiles from other countries. The typical domestic firm now reduces its output from q1 to q2, incurring losses, since the large fixed costs imply that average total cost will be much higher than the price.c. In the long run, domestic firms will be unable to compete with foreign firms because their costs are too high. All the domestic firms will exit the industry and other countries will supply enough to satisfy the entire domestic demand.Chapter 15: Q4a. Figure 5 illustrates the market for groceries when there are many competing supermarkets with constant marginal cost. Output is Q C, price is P C, consumer surplus is area A, producer surplus is zero, and total surplus is area A.Figure 5aFigure 6bb. If the supermarkets merge, Figure 6 illustrates the new situation. Quantity declines from Q C to Q M and price rises to P M. Area A in Figure 5 is equal to area B + C + D + E + F in Figure 6. Consumer surplus is now area B + C, producer surplus is area D + E, and total surplus is area B + C + D + E. Consumers transfer the amount of area D + E to producers and the deadweight loss is area F.Chapter 16: Q2a. OPEC members were trying to reach an agreement to cut production so they could raise the price.b. They were unable to agree on cutting production because each country has an incentive to cheat on any agreement. The turmoil is a decline in the price of oil because of increased production.c. OPEC would like Norway and Britain to join their cartel so they could act like a monopoly.Chapter 23: Q1a. Consumption increases because a refrigerator is a good purchased by a household. Investment increases because a house is an investment good.Consumption increases because a car is a good purchased by a household, but investment decreases because the car in Ford’s inventory had been counted as an investment good until it was sold.Consumption increases because pizza is a good purchased by a household. Government purchases increase because the government spent money to provide a good to the public.Consumption increases because the bottle is a good purchased by a household, but net exports decrease because the bottle was imported.Investment increases because new structures and equipment were built.Chapter 24: Q4a. Since the increase in cost was considered a quality improvement, there was no increase registered in the CPI.b. The argument in favor of this is that consumers are getting a better good than before, so the price increase equals the improvement in quality. The problem is that the increased cost might exceed the value of the improvement in air quality, so consumers are worse off. In this case, it would be better for the CPI to at least partially reflect the higher cost.Chapter 25: Q4The opportunity cost of investing in capital is the loss of consumption that results from redirecting resources towards investment. Over-investment in capital is possible because of diminishing marginal returns. A country can "over-invest" in capital if people would prefer to have higher consumption spending and less future growth. The opportunity cost of investing in human capital is also the loss of consumption that is needed to provide the resources for investment. A country could "over-invest" in human capital if people were too highly educated for the jobs they could get?for example, if the best job a Ph.D. in philosophy could find is managing a restaurant.。
曼昆《经济学原理》英文原版重要知识点课件
13FINAL THOUGHTS36Five Debates OverMacroeconomicPolicyFive Debates over MacroeconomicPolicy1.Should monetary and fiscal policymakers try tostabilize the economy?2.Should monetary policy be made by rule ratherthan by discretion?than by discretion?3.Should the central bank aim for zero inflation?4.Should the government balance its budget?5.Should the tax laws be reformed to encourage saving?1Should monetary and fiscal 1.Should monetary and fiscalpolicymakers try to stabilize the economy?Pro: Policymakers should try tostabilize the economy•The economy is inherently unstable, and left on its own will fluctuate.•Policy can manage aggregate demand in order to offset this inherent instability and reduce the to offset this inherent instability and reduce the severity of economic fluctuations.Pro: Policymakers should try tostabilize the economy •There is no reason for society to suffer through the booms and busts of the business cycle.•Monetary and fiscal policy can stabilize aggregate demand and,thereby,production and aggregate demand and, thereby, production and employment.Con: Policymakers should not try to stabilize the economy •Monetary policy affects the economy with long and unpredictable lags between the need to act and the time that it takes for these policies to work.•Many studies indicate that changes in monetary policy have little effect on aggregate demand until about six months after the change is made.Con: Policymakers should not try to stabilize the economy •Fiscal policy works wi th a lag because of the long political process that governs changes in spending and taxes.•It can take years to propose,pass,andIt can take years to propose, pass, and implement a major change in fiscal policy.Con: Policymakers should not try to stabilize the economy•All too often policymakers can inadvertently exacerbate rather than mitigate the magnitude of economic fluctuations.•It might be desirable if policy makers couldPro: Monetary policy should bemade by rule •Discretionary monetary policy c an suffer fromincompetence and abuse of power.•To the extent that central bankers allythemselves with politicians,discretionary themselves with politicians, discretionarypolicy can lead to economic fluctuations thatreflect the electoral calendar—the politicalbusiness cycle.Pro: Monetary policy should bemade by rule•There may be a discrepancy between what policymakers say they will do and what they actually do—called time inconsistency of policy.p y•Because policymakers are so often time inconsist ent, people are skeptical when central bankers announce their intentions to reduce the rate of inflation.Pro: Monetary policy should bemade by rule •Committing the Fed to a moderate and steady growth of the money supply would limit incompetence, abuse of power, and time inconsistency.y Con: Monetary policy should not bemade by rule•An important advantage of discretionary monetary policy is its flexibility.•Inflexible policies will limit the ability of policymakers to respond to changing economic policymakers to respond to changing economic circumstances.Con: Monetary policy should not bemade by rule•The alleged problems with discretion and abuseof power are largely hypothetical.•Also, the importance of the political businesscycle is far from clear.cycle is far from clear.3.Should the central bank aim for zeroinflation?Pro: The central bank should aim forzero inflation•Inflation confers no benefit to society, but it imposes several real costs.•Shoeleather costs•Menu costs•Increased variabil ity of relative prices•Unintended changes in tax liabilities•Confusion and inconvenience•Arbitrary redistribution of wealth Pro: The central bank should aim forzero inflation•Reducing inflation is a policy with temporary costs and permanent benefits.•Once the disinflationary recession is over, the benefits of zero inflation would persist. benefits of zero inflation would persist.Con: The central bank should notaim for zero inflation•Zero inflation is probably unattainable, and toget there involves output, unemployment, andsocial costs that are too high.•Policymakers can reduce many of the costs ofPolicymakers can reduce many of the costs ofinflation without actually reducing inflation. 4.Should fiscal policymakers reducethe government debt?Pro: The government shouldbalance its budget •Budget deficits impose an unjustifiable burden on future generations by raising their taxes and lowering their incomes.•When the debts and accumulated interest come When the debts and accumulated interest come due, future taxpayers will face a difficult choice:•They can pay higher taxes, enjoy less governmentspending, or both.Pro: The government shouldbalance its budget•By shifting the cost of current government benefits to future generations, there is a bias against future taxpayers.•Deficits reduce national saving,leading to a Deficits reduce national saving, leading to a smaller stock of capital, which reduces productivity and growth.Con: The government should notbalance its budget•The problem with th e deficit is often exaggerated.•The transfer of debt to the future may be justified because some government purchases justified because some government purchases produce benefits well into the future.Con: The government should notbalance its budget•The government debt can continue to rise because population growth and technological progress increase the nation’s ability to pay the interest on the debt.5.Should the tax laws be reformed to encourage saving?Pro: Tax laws should be reformed toencourage saving•A nation’s saving rate is a key determinant of its long-run economic prosperity.•A nation’s productive capability is determined largely by how much it saves and invests for the largely by how much it saves and invests for the future.•When the savin g rate is higher, more resources are available for investment in new plant and equipment.Pro: Tax laws should be reformed toencourage saving•The U.S. tax system discourages saving in many ways, such as by heavily taxing the income from capital and by reducing benefits for those who have accumulated wealth.Pro: Tax laws should be reformed toencourage saving•The consequences of high capital income tax policies are reduced saving, reduced capital accumulation, lower labor productivity, and reduced economic growth.gPro: Tax laws should be reformed toencourage saving•An alternative to current tax policies advocated by many economists is a consumption taxconsumption tax.•With a consumption tax, a household pays taxes based on what it spends not on what it earns. based on what it spends not on what it earns.•Income that is saved is exempt from taxation untilthe saving is later withdrawn and spent onconsumption goods.Con: Tax laws should not bereformed to encourage saving •Many of the changes in tax la ws to stimulate saving would primarily benefit the wealthy.•High-income households save a higher fraction of their income than low-income households.•Any tax change that favors people who save willalso tend to favor people with high incomes.2009-11-1 C on: Tax laws should not be reformed to encourage saving • Reducing the tax burden on the wealthy would lead to a less egalitarian society. • This would also force the government to raise the tax burden on the poor. Con: Tax laws should not be reformed to e ncourage saving • Raising public saving by eliminating the government’s budget deficit would provide a more direct and equitable way to increase national saving.g Summary • Advocates of active monetary and fiscal policy view the economy as inherently unst able and believe policy can be used to offset this inherent instability. y • Critics of active policy emphasize that policy affects the economy with a lag and our ability to forecast future economic conditions is poor, both of which can lead to policybein g destabilizing. Summary • Advocates of rules for monetary policy argue that discretionary policy can suffer from incompetence, abuse of power, and time inconsistency. y • Critics of rules for monetary policy argue that discretionary policy is more flexibl e in responding to economic circumstances. Summary • Advocates of a zero-inflation target emphasize that inflation has many costs and few if any benefits. zero-inflation • Critics of a zero inflation target claim that moderate inflation imposes only small costs on society, whereas the recession necessary to reduce inflation is quite costly. Summary • Advocates of reducing the government debt argue that the debt imposes a burden on future generations by raising their taxes and lowering their incomes. • Criti cs of reducing the government debt argue that the debt is only one small piece of fiscal policy. 62009-11-1 Summary • Advocates of tax incentives for saving point out that our society discourages saving in many ways such as taxing income from capital and reducing benefits for those who have g accumulated wealth. • Critics of tax incentives argue that many proposed changes to stimulate saving would primarily benefit the wealthy and also might have only a small effect on private saving. 7。
曼昆经济学原理复习资料整理.
1Q4Why should policy makers think about incentives?Policymakers need to think about incentives so they can understand how people will respond to the policies they put in place. The text's example of seat belts shows that policy actions can have quite unintended consequences. If incentives matter a lot, they may lead to a very different type of policy; for example, some economists have suggested putting knives in steering columns so that people will drive much more carefully! While this suggestion is silly, it highlights the importance of incentives.Q6what does the invisible hand of the marketplace do?The "invisible hand" of the marketplace represents the idea that even though individuals and firms are all acting in their own self-interest, prices and the marketplace guide them to do what is good for society as a whole.2Q1How is economics like a science?Economics is like a science because economists use the scientific method. They devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories about how the world works. Economists use theory and observation like other scientists, but they are limited in their ability to run controlled experiments. Instead, they must rely on natural experiments.Q5 Use a production possibilities frontier to describe the idea of “efficiency”?The idea of efficiency is that an outcome is efficient if the economy is getting all it can from the scarce resources it has available. In terms of the production possibilities frontier, an efficient point is a point on the frontier, such as point A in Figure 4. A point inside the frontier, such as point B, is inefficient since more of one good could be produced without reducing the production of another good.Q7What is the difference between a positive and a normative statement? Give an example of that. Positive statements are descriptive and make a claim about how the world is, while normative statements are prescriptive and make a claim about how the world ought to be. Here is an example. Positive: A rapid growth rate of money is the cause of inflation. Normative: The government should keep the growth rate of money low.3Q1 Explain how absolute advantage and comparative advantage differ.Absolute advantage reflects a comparison of the productivity of one person, firm, or nation to that of another, while comparative advantage is based on the relative opportunity costs of the persons, firms, or nations. While a person, firm, or nation may have an absolute advantage in producing every good, they can't have a comparative advantage in every good.Q4Will a nation tend to export or import goods to Question2.A nation will export goods for which it has a comparative advantage because it has a smaller opportunity cost of producing those goods. As a result, citizens of all nations are able to consume quantities of goods that are outside their production possibilities frontiers.4Q5Propeye’s income declines, and as a result, he buys more spinach. Is spinach an inferior or a normal goods? What happens to Popeye’s demand curve for spinach?Since Popeye buys more spinach when his income falls, spinach is an inferior good for him. Since he buys more spinach, but the price of spinach is unchanged, his demand curve for spinach shifts out as a result of the decrease in his income.Q8 Dose a change in producers’ technology lead to a movement along the supply curve? Does a change in price lead to a movement along the supply curve or a shift in the supply curve?A change in producers' technology leads to a shift in the supply curve. A change in price leads to a movement along the supply curve.Q9 Define the equilibrium of a market. Describe the forces that move a market towards its equilibrium. The equilibrium of a market is the point at which the quantity demanded is equal to quantity supplied. If the price is above the equilibrium price, sellers want to sell more than buyers want to buy, so there is a surplus. Sellers try to increase their sales by cutting prices. That continues until they reach the equilibrium price. If the price is below the equilibrium price, buyers want to buy more than sellers want to sell, so there is a shortage. Sellers can raise their price without losing customers. That continues until they reach the equilibrium price.Q11 Describe the role of prices in market economies.Prices play a vital role in market economies because they bring markets into equilibrium. If the price is different from its equilibrium level, quantity supplied and quantity demanded are not equal. The resulting surplus or shortage leads suppliers to adjust the price until equilibrium is restored. Prices thus serve as signals that guide economic decisions and allocate scarce resources.5Q2 List and explain the four determinants of the price elasticity of demand discussed in the chapter. The determinants of the price elasticity of demand include how available close substitutes are, whether the good is a necessity or a luxury, how broadly defined the market is, and the time horizon. Luxury goods have greater price elastic ties than necessities, goods with close substitutes have greater elastic ties, goods in more narrowly defined markets have greater elastic ties, and the elasticity of demand is higher the longer the time horizon.Q4 On a supply-and-demand diagram, show equilibrium price, equilibrium quantity, and the total revenue received by producers.Figure 1 presents a supply-and-demand diagram, showing equilibrium price, equilibrium quantity, and the total revenue received by producers. Total revenue equals the equilibrium price times the equilibrium quantity, which is the area of the rectangle shown in the figure.Figure 16Q2Which causes a shortage of a good—a price ceiling or a price floor? Which causes a surplus?A shortage of a good arises when there is a binding price ceiling. A surplus of a good arises when there is a binding price floor.Q6How does a tax on a good affect the price paid by buyers, and the quantity sold?A tax on a good raises the price buyers pay, lowers the price sellers receive, and reduces the quantity sold.Q7What determines how the burden of a tax is divided between buyers and sellers? Why?The burden of a tax is divided between buyers and sellers depending on the elasticity of demand and supply. Elasticity represents the willingness of buyers or sellers to leave the market, which in turns depends on their alternatives. When a good is taxed, the side of the market with fewer good alternatives cannot easily leave the market and thus bears more of the burden of the tax.7Q1Explain how buyer’s willingness to pay, consumer’ surplus, and the demand curve are related. Buyers' willingness to pay, consumer surplus, and the demand curve are all closely related. The height of the demand curve represents the willingness to pay of the buyers. Consumer surplus is the area below the demand curve and above the price, which equals each buyer's willingness to pay less the price of the good.Q2 Explain how seller’s costs, producer’s surplus, and the supply curve are related.Sellers' costs, producer surplus, and the supply curve are all closely related. The height of the supply curve represents the costs of the sellers. Producer surplus is the area below the price and above the supply curve, which equals the price minus each sellers' costs.Figure 413Q2 Give an example of an opportunity cost that accountant might not count as a cost. Why would the accountant ignore the cost?An accountant would not count the owner’s opportunity cost of alternative employment as an accounting cost. An example is given in the text in which Helen runs a cookie business, but she could instead work as a computer programmer. Because she's working in her cookie factory, she gives up the opportunity to earn $100 per hour as a computer programmer. The accountant ignores this opportunity cost because no money flow occurs. But the cost is relevant to Helen's decision to run the cookie factory.Q3What is marginal product, and what does it means if it is diminishing?Marginal product is the increase in output that arises from an additional unit of input. Diminishing marginal product means that the marginal product of an input declines as the quantity of the input increases.Q8Defind economies of scale and explain why they might arise. Define diseconomies of scale and explain why then might arise.Economies of scale exist when long-run average total cost falls as the quantity of output increases, which occurs because of specialization among workers. Diseconomies of scale exist when long-run average total cost rises as the quantity of output increases, which occurs because of coordination problems inherent in a large organization.14Q2Draw the cost curves for a typical firm. For a given price, explain how the firm chooses the level of output that maximizes profit. Figure 2 shows the cost curves for a typical firm. For a given price (such as P*), the level of output that maximizes profit is the output where marginal cost equals price (Q*), as long as price is greater than average variable cost at that point (in the short run), or greaterthan average total cost (in the long run).Figure 2Q6 Does a firm’s price equal marginal cost in the short run, in the long run, or both? Explain. The firm's price equals the minimum of average total cost only in the long run. In the short run, price may be greater than average total cost, in which case the firm is making profits, or price may be less than average total cost, in which case the firm is making losses. But the situation is different in the long run. If firms are making profits, other firms will enter the industry, which will lower the price of the good. If firms are making losses, they will exit the industry, which will raise the price of the good. Entry or exit continues until firms are making neither profits nor losses. At that point, price equals average total cost.15Q3Why is monopolist’s marginal revenue less than the price of its goods? Can marginal revenue be negative? Explain.A monopolist's marginal revenue is less than the price of its product because: (1) its demand curve is the market demand curve, so (2) to increase the amount sold, the monopolist must lower the price of its good for every unit it sells. (3) This cut in prices reduces revenue on the units it was already selling.A monopolist's marginal revenue can be negative because to get purchasers to buy an additional unit of the good, the firm must reduce its price on all units of the good. The fact that it sells a greater quantity increases revenue, but the decline in price decreases revenue. The overall effect depends on the elasticity of the demand curve. If the demand curve is inelastic, marginal revenue will be negative. Q4 Draw the demand, marginal-revenue, and marginal-cost curve for a monopolist. Show the profit-maximizing level of output. Show the profit-maximizing price.Figure 1 shows the demand, marginal-revenue, and marginal-cost curves for a monopolist. The intersection of the marginal-revenue and marginal-cost curves determines the profit-maximizing level of output, Q m. The demand curve then shows the profit-maximizing price, P m.Figure 116Q1If a group of sellers could form a cartel, what quantity and price would they try to set?If a group of sellers could form a cartel, they would try to set quantity and price like a monopolist. They would set quantity at the point where marginal revenue equals marginal cost, and set price at the corresponding point on the demand curve.Q5What is the prisoners’ dilemma and what does it have to do with oligopoly?The prisoners' dilemma is a game between two people or firms that illustrates why it is difficult for opponents to cooperate even when cooperation would make them all better off. Each person or firm hasa great incentive to cheat on any cooperative agreement to make himself or itself better off.17Q2 Draw a diagram of the long-run equilibrium in a monopolistically competitive market. How is price related to average total cost? How is price related to marginal cost?In Figure 2, a firm has demand curve D1and marginal-revenue curve MR1. The firm is making profits because at quantity Q1, price (P1) is above average total cost (ATC). Those profits induce other firms to enter the industry, causing the demand curve to shift to D2 and the marginal-revenue curve to shift to MR2. The result is a decline in quantity to Q2, at which point the price (P2) equals average total cost (ATC), so profits are now zero.Figure 223Q1 Explain why an economy’s income must equal its expenditure.An economy's income must equal its expenditure, since every transaction has a buyer and a seller. Thus, expenditure by buyers must equal income by sellers.24Q2 Describe the three problems that make the consumer price index an imperfect measure of the cost of living.The three problems in the consumer price index as a measure of the cost of living are: (1) substitution bias, which arises because people substitute toward goods that have become relatively less expensive;(2) the introduction of new goods, which are not reflected quickly in the CPI; and (3) unmeasured quality change.25Q2List and describe four determinants of productivity.The four determinants of productivity are: (1) physical capital, which is the stock of equipment and structures that are used to produce goods and services; (2) human capital, which consists of the knowledge and skills that workers acquire through education, training, and experience; (3) natural resources, which are inputs into production that are provided by nature; and (4) technological knowledge, which is society’s understanding of the best ways to produce goods and services.Questions are chosen from problems and applications.Chapter 1: Q9By specializing in each task, you and your roommate can finish the chores more quickly. If you divided each task equally, it would take you more time to cook than it would take your roommate, and it would take him more time to clean than it would take you. By specializing, you reduce the total time spent on chores.Similarly, countries can specialize and trade, making both better off. For example, suppose it takes Spanish workers less time to make clothes than French workers, and French workers can make wine more efficiently than Spanish workers. Then Spain and France can both benefit if Spanish workers produce all the clothes and French workers produce all the wine, and they exchange some wine for some clothes. Chapter 2: Q2a. Figure 6 shows a production possibilities frontier between guns and butter. It is bowed out because when most of the economy’s resources are being used to produce butter, the frontier is steep and when most of the economy’s resources are being used to produce guns, the frontier is very flat. When the economy is producing a lot of guns, workers and machines best suited to making butter are being used to make guns, so each unit of guns given up yields a large increase in the production of butter. Thus, the production possibilities frontier is flat. When the economy is producing a lot of butter, workers and machines best suited to making guns are being used to make butter, so each unit of guns given up yields a small increase in the production of butter. Thus, the production possibilities frontier is steep.b. Point A is impossible for the economy to achieve; it is outside the production possibilities frontier. Point B is feasible but inefficient because it’s inside the production possibilities frontier.Figure 6c. The Hawks might choose a point like H, with many guns and not much butter. The Doves might choosea point like D, with a lot of butter and few guns.d. If both Hawks and Doves reduced their desired quantity of guns by the same amount, the Hawks would get a bigger peace dividend because the production possibilities frontier is much steeper at point H than at point D. As a result, the reduction of a given number of guns, starting at point H, leads to a much larger increase in the quantity of butter produced than when starting at point D.Chapter 3: Q4a. Since a Canadian worker can make either two cars a year or 30 bushels of wheat, the opportunity cost of a car is 15 bushels of wheat. Similarly, the opportunity cost of a bushel of wheat is 1/15 of a car. The opportunity costs are the reciprocals of each other.b. See Figure 4. If all 10 million workers produce two cars each, they produce a total of 20 million cars, which is the vertical intercept of the production possibilities frontier. If all 10 million workers produce 30 bushels of wheat each, they produce a total of 300 million bushels, which is the horizontal intercept of the production possibilities frontier. Since the tradeoff between cars and wheat is always the same, the production possibilities frontier is a straight line.If Canada chooses to consume 10 million cars, it will need 5 million workers devoted to car production. That leaves 5 million workers to produce wheat, who will produce a total of 150 million bushels (5 million workers times 30 bushels per worker). This is shown as point A on Figure 4.c. If the United States buys 10 million cars from Canada and Canada continues to consume 10 million cars, then Canada will need to produce a total of 20 million cars. So Canada will be producing at the vertical intercept of the production possibilities frontier. But if Canada gets 20 bushels of wheat per car, it will be able to consume 200 million bushels of wheat, along with the 10 million cars. This is shown as point B in the figure. Canada should accept the deal because it gets the same number of cars and 50 million more bushes of wheat.Figure 4Chapter 4: Q1a. Cold weather damages the orange crop, reducing the supply of oranges. This can be seen in Figure6 as a shift to the left in the supply curve for oranges. The new equilibrium price is higher than the old equilibrium price.b. People often travel to the Caribbean from New England to escape cold weather, so demand for Caribbean hotel rooms is high in the winter. In the summer, fewer people travel to the Caribbean, since northern climes are more pleasant. The result, as shown in Figure 7, is a shift to the left in the demand curve. The equilibrium price of Caribbean hotel rooms is thus lower in the summer than in the winter, as the figure shows.Figure 6a Figure 7bc. When a war breaks out in the Middle East, many markets are affected. Since much oil production takes place there, the war disrupts oil supplies, shifting the supply curve for gasoline to the left, as shown in Figure 8. The result is a rise in the equilibrium price of gasoline. With a higher price for gasoline, the cost of operating a gas-guzzling automobile, like a Cadillac, will increase. As a result, the demand for used Cadillacs will decline, as people in the market for cars will not find Cadillacs as attractive. In addition, some people who already own Cadillacs will try to sell them. The result is that the demand curve for used Cadillacs shifts to the left, while the supply curve shifts to the right, as shown in Figure 9. The result is a decline in the equilibrium price of used Cadillacs.Figure 8c Figure 9cChapter 5: Q2a. For business travelers, the price elasticity of demand when the price of tickets rises from $200 to $250 is [(2,000 - 1,900)/1,950]/[(250 - 200)/225] = 0.05/0.22 = 0.23. For vacationers, the price elasticity of demand when the price of tickets rises from $200 to $250 is [(800 - 600)/700] / [(250 - 200)/225] = 0.29/0.22 = 1.32.b. The price elasticity of demand for vacationers is higher than the elasticity for business travelers because vacationers can choose more easily a different mode of transportation (like driving or taking the train). Business travelers are less likely to do so since time is more important to them and their schedules are less adaptable.Chapter 6: Q2a. The imposition of a binding price floor in the cheese market is shown in Figure 3. In the absence of the price floor, the price would be P1 and the quantity would be Q1. With the floor set at P f, which is greater than P1, the quantity demanded is Q2, while quantity supplied is Q3, so there is a surplus of cheese in the amount Q3– Q2.b. The farmers’ complaint that their total revenue has declined is correct if demand is elastic. With elastic demand, the percentage decline in quantity would exceed the percentage rise in price, so total revenue would decline.c. If the government purchases all the surplus cheese at the price floor, producers benefit and taxpayers lose. Producers would produce quantity Q3of cheese, and their total revenue would increase substantially.But consumers would buy only quantity Q2of cheese, so they are in the same position as before. Taxpayers lose because they would be financing the purchase of the surplus cheese through higher taxes.Figure 3aChapter 7: Q8a. The effect of falling production costs in the market for computers results in a shift to the right in the supply curve, as shown in Figure 14. As a result, the equilibrium price of computers declines and the equilibrium quantity increases. The decline in the price of computers increases consumer surplus from area A to A + B + C + D, an increase in the amount B + C + D.Prior to the shift in supply, producer surplus was areas B + E (the area above the supply curve and below the price). After the shift in supply, producer surplus is areas E + F + G. So producer surplus changes by the amount F + G – B, which may be positive or negative. The increase in quantity increases producer surplus, while the decline in the price reduces producer surplus. Since consumer surplus rises by B + C + D and producer surplus rises by F + G – B, total surplus rises by C + D + F + G.Figure 14A Figure 15bb. Since adding machines are substitutes for computers, the decline in the price of computers means that people substitute computers for adding machines, shifting the demand for adding machines to the left, as shown in Figure 15. The result is a decline in both the equilibrium price and equilibrium quantity of adding machines. Consumer surplus in the adding-machine market changes from area A + B to A + C, a net change of C – B. Producer surplus changes from area C + D + E to area E, a net loss of C + D. Adding machine producers are sad about technological advance in computers because their producer surplus declines.c. Since software and computers are complements, the decline in the price and increase in the quantity of computers means that the demand for software increases, shifting the demand for software to the right, as shown in Figure 16. The result is an increase in both the price and quantity of software. Consumer surplus in the software market changes from B + C to A + B, a net change of A – C. Producer surplus changes from E to C + D + E, an increase of C + D, so software producers should be happy about the technological progress in computers.d. Yes, this analysis helps explain why Bill Gates is one the world’s richest men, since his company produces a lot of software that is a complement with computers and there has been tremendous technological advance in computers.Figure 16Chapter 13: Q4a. The following table shows the marginal product of each hour spent fishing:b. Figure 7 graphs the fisherman's production function. The production function becomes flatter as the number of hours spent fishing increases, illustrating diminishing marginal product.Figure 7b Figure 8cc. The table shows the fixed cost, variable cost, and total cost of fishing.Figure 8 shows the fisherman's total-cost curve. It slopes up because catching additional fish takes additional time. The curve is convex because there are diminishing returns to fishing time each additional hour spent fishing yields fewer additional fish.Chapter 14: Q9a. Figure 9 illustrates the situation in the U.S. textile industry. With no international trade, the market is in long-run equilibrium. Supply intersects demand at quantity Q1and price $30, with a typical firm producing output q1.Figure 9b. The effect of imports at $25 is that the market supply curve follows the old supply curve up to a price of $25, then becomes horizontal at that price. As a result, demand exceeds domestic supply, so the country imports textiles from other countries. The typical domestic firm now reduces its output from q1 to q2, incurring losses, since the large fixed costs imply that average total cost will be much higher than the price.c. In the long run, domestic firms will be unable to compete with foreign firms because their costs are too high. All the domestic firms will exit the industry and other countries will supply enough to satisfy the entire domestic demand.Chapter 15: Q4a. Figure 5 illustrates the market for groceries when there are many competing supermarkets with constant marginal cost. Output is Q C, price is P C, consumer surplus is area A, producer surplus is zero, and totalsurplus is area A.Figure 5a Figure 6b b. If the supermarkets merge, Figure 6 illustrates the new situation. Quantity declines from Q C to Q M and price rises to P M. Area A in Figure 5 is equal to area B + C + D + E + F in Figure 6. Consumer surplus is now area B + C, producer surplus is area D + E, and total surplus is area B + C + D + E. Consumers transfer the amount of area D + E to producers and the deadweight loss is area F.Chapter 16: Q2a. OPEC members were trying to reach an agreement to cut production so they could raise the price.b. They were unable to agree on cutting production because each country has an incentive to cheat on any agreement. The turmoil is a decline in the price of oil because of increased production.c. OPEC would like Norway and Britain to join their cartel so they could act like a monopoly.Chapter 23: Q1a. Consumption increases because a refrigerator is a good purchased by a household.Investment increases because a house is an investment good.Consumption increases because a car is a good purchased by a household, but investment decreases because the car in Ford’s inventory had been counted as an investment good until it was sold.Consumption increases because pizza is a good purchased by a household.Government purchases increase because the government spent money to provide a good to the public. Consumption increases because the bottle is a good purchased by a household, but net exports decrease because the bottle was imported.Investment increases because new structures and equipment were built.Chapter 24: Q4a. Since the increase in cost was considered a quality improvement, there was no increase registered in the CPI.b. The argument in favor of this is that consumers are getting a better good than before, so the price increase equals the improvement in quality. The problem is that the increased cost might exceed the value of the improvement in air quality, so consumers are worse off. In this case, it would be better for the CPI to at least partially reflect the higher cost.Chapter 25: Q4The opportunity cost of investing in capital is the loss of consumption that results from redirecting resources towards investment. Over-investment in capital is possible because of diminishing marginal returns. A country can "over-invest" in capital if people would prefer to have higher consumption spending and less future growth. The opportunity cost of investing in human capital is also the loss of consumption that is needed to provide the resources for investment. A country could "over-invest" in human capital if people were too highly educated for the jobs they could get for example, if the best job a Ph.D. in philosophy could find is managing a restaurant.。
曼昆经济学原理英文版文案加习题答案15章
WHAT ’S NEW IN THE SEVENTH EDITION:There are no major changes to this chapter.LEARNING OBJECTIVES:By the end of this chapter, students should understand:➢ what market structures lie between monopoly and competition.➢ competition among firms that sell differentiated products.➢ how the outcomes under monopolistic competition and under perfect competition compare.➢ the desirability of outcomes in monopolistically competitive markets.➢ the debate over the effects of advertising.➢ the debate over the role of brand names.CONTEXT AND PURPOSE:Chapter 16 is the fourth chapter in a five-chapter sequence dealing with firm behavior and the organization of industry. The previous two chapters developed the two extreme forms of market structure —competition and monopoly. The market structure that lies between competition and monopoly is known as imperfect competition. There are two types of imperfect competition —monopolistic competition and oligopoly. This chapter addresses monopolistic competition while the final chapter in the sequence addresses oligopoly. The analysis in this chapter is again based on the cost curves developed in Chapter 13.MONOPOLISTIC COMPETITION16The purpose of Chapter 16 is to address monopolistic competition—a market structure in which many firms sell products that are similar but not identical. Monopolistic competition differs from perfect competition because each of the many sellers offers a somewhat different product. As a result, monopolistically competitive firms face a downward-sloping demand curve while competitive firms face a horizontal demand curve at the market price. Monopolistic competition is extremely common.KEY POINTS:• A monopolistically competitive market is characterized by three attributes: many firms, differentiated products, and free entry.•The long-run equilibrium in a monopolistically competitive market differs from that in a perfectly competitive market in two related ways. First, each firm in a monopolistically competitive market has excess capacity. That is, it chooses a quantity that puts it on the downward-sloping portion of the average-total-cost curve. Second, each firm charges a price above marginal cost.•Monopolistic competition does not have all of the desirable properties of perfect competition.There is the standard deadweight loss of monopoly caused by the markup of price over marginal cost. In addition, the number of firms (and thus the variety of products) can be too large or too small. In practice, the ability of policymakers to correct these inefficiencies is limited.•The product differentiation inherent in monopolistic competition leads to the use of advertising and brand names. Critics of advertising and brand names argue that firms use them to manipulate consumers’ tastes and to reduce competition. Defenders of advertising and brand names argue that firms use them to inform consumers and to compete more vigorously on price and product quality.CHAPTER OUTLINE:I. Between Monopoly and Perfect CompetitionA. The typical firm has some market power, but its market power is not as great as thatdescribed by monopoly.B. Firms in imperfect competition lie somewhere between the competitive model and themonopoly model.C. Definition of oligopoly: a market structure in which only a few sellers offer similar oridentical products.1. Economists measure a market’s domination by a small number of firms with astatistic called a concentration ratio.2. The concentration ratio is the percentage of total output in the market supplied bythe four largest firms.3. In the U.S. economy, most industries have a four-firm concentration ratio under50%.D. Definition of monopolistic competition: a market structure in which many firms sellproducts that are similar but not identical.1. Characteristics of Monopolistic Competitiona. Many Sellersb. Product Differentiationc. Free EntryE. Figure 1 summarizes the four types of market structure. Note that it is the number offirms and the type of product sold that distinguishes one market structure fromanother.II. Competition with Differentiated ProductsA. The Monopolistically Competitive Firm in the Short Run1. Each firm in monopolistic competition faces a downward-sloping demand curvebecause its product is different from those offered by other firms.2. The monopolistically competitive firm follows a monopolist's rule for maximizingprofit.a. It chooses the output level where marginal revenue is equal to marginal cost.b. It sets the price using the demand curve to ensure that consumers will demandexactly the amount produced.Figure 23. We can determine whether or not the monopolistically competitive firm is earning aprofit or loss by comparing price and average total cost.a. If P > ATC, the firm is earning a profit.b. If P < ATC, the firm is earning a loss.c. If P = ATC, the firm is earning zero economic profit.B. The Long-Run Equilibrium1. When firms in monopolistic competition are making profit, new firms have anincentive to enter the market.a. This increases the number of products from which consumers can choose.b. Thus, the demand curve faced by each firm shifts to the left.c. As the demand falls, these firms experience declining profit.2. When firms in monopolistic competition are incurring losses, firms in the marketwill have an incentive to exit.a. Consumers will have fewer products from which to choose.b. Thus, the demand curve for each firm shifts to the right.c. The losses of the remaining firms will fall.3. The process of exit and entry continues until the firms in the market are earningzero profit.a. This means that the demand curve and the average-total-cost curve are tangentto each other.b. At this point, price is equal to average total cost and the firm is earning zeroeconomic profit.4. There are two characteristics that describe the long-run equilibrium in amonopolistically competitive market. Point out to students that, just like firms in perfect competition, firms in monopolisticcompetition also earn zero economic profit in the long run. Show them that this result occurs because firms can freely enter the market when profits occur, drivingthe level of profits to zero. Any market with no barriers to entry will see zeroeconomic profit in the long run.Remember that students have a hard time understanding why a firm will continue to operate if it is earning “only” zero economic profit. Remind them that zero economic profit means that firms are earning an accounting profit equal to their implicit costs.Figure 3a. Price exceeds marginal cost (due to the fact that each firm faces a downward-sloping demand curve).b. Price equals average total cost (due to the freedom of entry and exit).C. Monopolistic versus Perfect Competition1. Excess Capacitya. The quantity of output produced by a monopolistically competitive firm issmaller than the quantity that minimizes average total cost (the efficient scale).b. This implies that firms in monopolistic competition have excess capacity,because the firm could increase its output and lower its average total cost ofproduction.c. Because firms in perfect competition produce where price is equal to theminimum average total cost, firms in perfect competition produce at theirefficient scale.2. Markup over Marginal Costa. In monopolistic competition, price is greater than marginal cost because the firmhas some market power.b. In perfect competition, price is equal to marginal cost.D. Monopolistic Competition and the Welfare of Society1. One source of inefficiency is the markup over marginal cost. This implies adeadweight loss (similar to that caused by monopolies).2. Because there are so many firms in this type of market structure, regulating thesefirms would be difficult.3. Also, forcing these firms to set price equal to marginal cost would force them out ofbusiness (because they are already earning zero economic profit).4. There are also externalities associated with entry.a. The product-variety externality occurs because as new firms enter, consumersget some consumer surplus from the introduction of a new product. Note thatthis is a positive externality.b. The business-stealing externality occurs because as new firms enter, other firmslose customers and profit. Note that this is a negative externality.c. Depending on which externality is larger, a monopolistically competitive marketcould have too few or too many products.5. In the News: Insufficient Variety as a Market Failurea. Firms may insufficiently service consumers with unusual preferences in marketswith large fixed costsb. This article from Slate describes how some consumers get left out of the marketbecause of the high fixed costs associated with creating additional varieties of aproduct.III. AdvertisingA. The Debate over Advertising1. The Critique of Advertisinga. Firms advertise to manipulate people's tastes.b. Advertising impedes competition because it increases the perception of productdifferentiation and fosters brand loyalty. This means that consumers will be lessconcerned with price differences among similar goods.2. The Defense of Advertisinga. Firms use advertising to provide information to consumers.b. Advertising fosters competition because it allows consumers to be betterinformed about all of the firms in the market.3. Case Study: Advertising and the Price of Eyeglassesa. In the United States during the 1960s, states differed on whether or not theyallowed advertising for optometrists.b. In the states that prohibited advertising, the average price paid for a pair ofeyeglasses in 1963 was $33; in states that allowed advertising, the average pricewas $26 (a difference of more than 20%).B. Advertising as a Signal of Quality1. The willingness of a firm to spend a large amount of money on advertising may be asignal to consumers about the quality of the product being offered.2. Example: Kellogg and Post have each developed a new cereal that would sell for $3per box. (Assume that the marginal cost of producing the cereal is zero.) Eachcompany knows that if it spends $10 million on advertising, it will get one millionnew consumers to try the product. If consumers like the product, they will buy itagain.a. Post has discovered through market research that its new cereal is not very good.After buying it once, consumers would not likely buy it again. Thus, it will onlyearn $3 million in revenue, which would not be enough to pay for the advertising.Therefore, it does not advertise.b. Kellogg knows that its cereal is great. Each person that buys it will likely buyone box per month for the next year. Therefore, its sales would be $36 million,which is more than enough to justify the advertisement.c. By its willingness to spend money on advertising, Kellogg signals to consumersthe quality of its cereal.3. Note that the content of the advertisement is unimportant; what is important is thatconsumers know that the advertisements are expensive.C. Brand Names1. In many markets there are two types of firms; some firms sell products with widelyrecognized brand names while others sell generic substitutes.2. Critics of brand names argue that they cause consumers to perceive differences thatdo not really exist.3. Economists have defended brand names as a useful way to ensure that goods are ofhigh quality.a. Brand names provide consumers with information about quality when qualitycannot be judged easily in advance of purchase.b. Brand names give firms an incentive to maintain high quality, because firmshave a financial stake in maintaining the reputation of their brand names.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. Oligopoly is a market structure in which only a few sellers offer similar or identicalproducts. Examples include the market for breakfast cereals and the world marketfor crude oil. Monopolistic competition is a market structure in which many firmssell products that are similar but not identical. Examples include the markets fornovels, movies, restaurant meals, and computer games.2. The three key attributes of monopolistic competition are: (1) there are many sellers;(2) each firm produces a slightly different product; and (3) firms can enter or exit themarket freely.Figure 1 shows the long-run equilibrium in a monopolistically competitive market.This equilibrium differs from that in a perfectly competitive market because priceexceeds marginal cost and the firm does not produce at the minimum point ofaverage total cost but instead produces at less than the efficient scale.Figure 13. Advertising may make markets less competitive if it manipulates people’s tastesrather than being informative. Advertising may give consumers the perception thatthere is a greater difference between two products than really exists. That makes thedemand curve for a product more inelastic, so the firms can then charge greatermarkups over marginal cost. However, some advertising could make markets morecompetitive because it sometimes provides useful information to consumers,allowing them to take advantage of price differences more easily. Advertising alsofacilitates entry because it can be used to inform consumers about a new product.In addition, expensive advertising can be a signal of quality.Brand names may be beneficial because they provide information to consumersabout the quality of goods. They also give firms an incentive to maintain high quality,since their reputations are important. But brand names may be criticized becausethey may simply differentiate products that are not really different, as in the case ofdrugs that are identical with the brand-name drug selling at a much higher pricethan the generic drug.Questions for Review1. The three attributes of monopolistic competition are: (1) there are many sellers; (2)each seller produces a slightly different product; and (3) firms can enter or exit the market without restriction. Monopolistic competition is like monopoly because firms face a downward-sloping demand curve, so price exceeds marginal cost.Monopolistic competition is like perfect competition because, in the long run, price equals average total cost, as free entry and exit drive economic profit to zero.2. In Figure 2, a firm has demand curve D1 and marginal-revenue curve MR1. The firmis making profits because at quantity Q1, price (P1) is above average total cost (ATC).Those profits induce other firms to enter the industry, causing the demand curve to shift to D2 and the marginal-revenue curve to shift to MR2. The result is a decline in quantity to Q2, at which point the price (P2) equals average total cost (ATC), soprofits are now zero.Figure 23. Figure 3 shows the long-run equilibrium in a monopolistically competitive market.Price equals average total cost. Price is above marginal cost.Figure 34. Because, in equilibrium, price is above marginal cost, a monopolistic competitorproduces too little output. But this is a hard problem to solve because: (1) theadministrative burden of regulating the large number of monopolisticallycompetitive firms would be high; and (2) the firms are earning zero economic profits,so forcing them to price at marginal cost means that firms would lose money unlessthe government subsidized them.5. Advertising might reduce economic well-being because it manipulates people'stastes and impedes competition by making products appear more different thanthey really are. But advertising might increase economic well-being by providinguseful information to consumers and fostering competition.6. Advertising with no apparent informational content might convey information toconsumers if it provides a signal of quality. A firm will not be willing to spend muchmoney advertising a low-quality good, but may be willing to spend significantly moreto advertise a high-quality good.7. The two benefits that might arise from the existence of brand names are: (1) brandnames provide consumers information about quality when quality cannot be easilyjudged in advance; and (2) brand names give firms an incentive to maintain highquality to maintain the reputation of their brand names.Quick Check Multiple Choice1. b2. d3. a4. d5. a6. cProblems and Applications1. a. Tap water is a monopoly because there is a single seller of tap water to ahousehold .b. Bottled water is a monopolistically competitive market. There are many sellers ofbottled water, but each firm tries to differentiate its own brand from the rest.c. The cola market is an oligopoly. There are only a few firms that control a largeportion of the market.d. The beer market is an oligopoly. There are only a few firms that control a largeportion of the market.2. a. The market for wooden #2 pencils is perfectly competitive because pencils byany manufacturer are identical and there are a large number of manufacturers.b. The market for copper is perfectly competitive, because all copper is identicaland there are a large number of producers.c. The market for local electricity service is monopolistic because it is a naturalmonopoly—it is cheaper for one firm to supply all the output.d. The market for peanut butter is monopolistically competitive because differentbrand names exist with different quality characteristics.e. The market for lipstick is monopolistically competitive because lipstick fromdifferent firms differs slightly, but there are a large number of firms that canenter or exit without restriction.3. a. A firm in monopolistic competition sells a differentiated product from itscompetitors.b. A firm in monopolistic competition has marginal revenue less than price.c. Neither a firm in monopolistic competition nor in perfect competition earnseconomic profit in the long run.d. A firm in perfect competition produces at the minimum average total cost in thelong run.e. Both a firm in monopolistic competition and a firm in perfect competition equatemarginal revenue and marginal cost.f. A firm in monopolistic competition charges a price above marginal cost.4. a. Both a firm in monopolistic competition and a monopoly firm face a downward-sloping demand curve.b. Both a firm in monopolistic competition and a monopoly firm have marginalrevenue that is less than price.c. A firm in monopolistic competition faces the entry of new firms selling similarproducts.d. A monopoly firm earns economic profit in the long run.e. Both a firm in monopolistic competition and a monopoly firm equate marginalrevenue and marginal cost.f. Neither a firm in monopolistic competition nor a monopoly firm produces thesocially efficient quantity of output.5. a. The firm is not maximizing profit. For a firm in monopolistic competition, price isgreater than marginal revenue. If price is below marginal cost, marginal revenue must be less than marginal cost. Thus, the firm should reduce its output toincrease its profit.b. The firm may be maximizing profit if marginal revenue is equal to marginal cost.However, the firm is not in long-run equilibrium because price is less thanaverage total cost. In this case, firms will exit the industry and the demandfacing the remaining firms will rise until economic profit is zero.c. The firm is not maximizing profit. For a firm in monopolistic competition, price isgreater than marginal revenue. If price is equal to marginal cost, marginalrevenue must be less than marginal cost. Thus, the firm should reduce itsoutput to increase its profit.d. The firm could be maximizing profit if marginal revenue is equal to marginal cost.The firm is in long-run equilibrium because price is equal to average total cost.Therefore, the firm is earning zero economic profit.6. a. Figure 4 illustrates the market for Sparkle toothpaste in long-run equilibrium.The profit-maximizing level of output is Q M and the price is P M.Figure 4b. Sparkle's profit is zero, because at quantity Q M, price equals average total cost.c. The consumer surplus from the purchase of Sparkle toothpaste is areas A + B.The efficient level of output occurs where the demand curve intersects themarginal-cost curve, at Q C. The deadweight loss is area C, the area abovemarginal cost and below demand, from Q M to Q C.d. If the government forced Sparkle to produce the efficient level of output, the firmwould lose money because average total cost would exceed price, so the firmwould shut down. If that happened, Sparkle's customers would earn noconsumer surplus.7. a. As N rises, the demand for each firm’s product falls. As a result, each firm’sdemand curve will shift left.b. The firm will produce where MR = MC:100/N– 2Q = 2QQ = 25/Nc. 25/N = 100/N–PP = 75/Nd. Total revenue = P⨯Q = 75/N⨯ 25/N = 1875/N2Total cost = 50 + Q2 = 50 + (25/N)2 = 50 + 625/N2Profit = 1875/N2– 625/N2– 50 = 1250/N2– 50e. In the long run, profit will be zero. Thus:1250/N2– 50 = 01250/N2 = 50N = 58. Figure 5 shows the cost, marginal revenue and demand curves for the firm underboth conditions.Figure 5a. The price will fall from P MC to the minimum average total cost (P C) when themarket becomes perfectly competitive.b. The quantity produced by a typical firm will rise to Q C, which is at the efficientscale of output.c. Average total cost will fall as the firm increases its output to the efficient scale.d. Marginal cost will rise as output rises. Marginal cost is now equal to price.e. Profit will not change. In either case, the market will move to long-runequilibrium where all firms will earn zero economic profit.9. a. A family-owned restaurant would be more likely to advertise than a family-owned farm because the output of the farm is sold in a perfectly competitivemarket, in which there is no reason to advertise, while the output of therestaurant is sold in a monopolistically competitive market.b. A manufacturer of cars is more likely to advertise than a manufacturer offorklifts because there is little difference between different brands of industrialproducts like forklifts, while there are greater perceived differences betweenconsumer products like cars. The possible return to advertising is greater in the case of cars than in the case of forklifts.c. A company that invented a very comfortable razor is likely to advertise morethan a company that invented a less comfortable razor that costs the sameamount to make because the company with the very comfortable razor will getmany repeat sales over time to cover the cost of the advertising, while thecompany with the less comfortable razor will not.10. a. Figure 6 shows Sleek’s demand, marginal-revenue, marginal-cost, and average-total-cost curves. The firm will maximize profit at an output level of Q * and aprice of P *. The shaded are shows the firm’s profits.Figure 6b. In the long run, firms will enter, shifting the demand for Sleek’s product to theleft. Its price and output will fall. Firms will enter until profits are equal to zero (as shown in Figure 7).Figure 7c. As consumers become more focused on the stylistic differences in brands, theywill be less focused on price. This will make the demand for each firm’sproducts more price inelastic. The demand curves may become relativelysteeper, allowing Sleek to charge a higher price. If these stylistic features cannot be copied, they may serve as a barrier to entry and allow Sleek to earn profit in the long run.d. A firm in monopolistic competition produces where marginal revenue is greaterthan zero. This means that firm must be operating on the elastic portion of its demand curve.。
曼昆《经济学原理》(宏观经济学分册)英文原版
Con ps riin uc d m P eer o e x b if rcae o s g fk o a eo s n td e dr s 1 v0 ic Pr ob ifcae is b nk a ye s ete ar
© 2007 Thomson South-Western
THE CONSUMER PRICE INDEX
• The consumer price index (CPI) is a measure of the overall cost of the goods and services bought by a typical consumer.
© 2007 Thomson South-Western
How the Consumer Price Index Is Calculated • The inflation rate is calculated as follows:
I n f l a t i o n R a t e i n Y e a r 2 = C P I i n Y e a r 2 C P I i n Y e a r 1 1 0 0 C P I i n Y e a r 1
© 2007 Thomson South-Western
How the Consumer Price Index Is Calculated
4. Choose a base year and compute the index.
经济学原理 曼昆 英文
经济学原理曼昆英文1. Economics as a Social Science: In this chapter, the author introduces the study of economics as a social science that explores how individuals, firms, and societies make decisions about resource allocation.2. The Role of Incentives: This chapter explores how individuals respond to incentives and how they influence decision-making in economics. Various types of incentives, such as financial rewards and punishments, are discussed.3. Supply and Demand: The concept of supply and demand is explained in this chapter. It delves into how the interaction between buyers and sellers in a market determines the equilibrium price and quantity of a product.4. Elasticity and Its Applications: Elasticity, a measure of responsiveness, is discussed in this chapter. The various types of elasticity, including price elasticity of demand and income elasticity of demand, are explained and their applications are explored.5. Consumer Choice: This chapter explores how individuals make choices as consumers, considering factors such as preferences, constraints, and budget constraints. Utility theory and indifference curves are introduced as tools to understand consumer choice.6. Production and Costs: The author discusses how firms make decisions regarding production and cost in this chapter. Topics covered include production functions, costs of production, and theconcept of economies of scale.7. Perfect Competition: This chapter explores the characteristics of perfect competition, including the large number of buyers and sellers, homogenous products, and ease of entry and exit. It also examines the implications of perfect competition on market outcomes.8. Monopoly: The concept of monopoly, where a single firm controls the market, is discussed in this chapter. The author analyzes the sources of monopoly power and its implications for prices and output in the market.9. Market Failures and Government Intervention: This chapter examines market failures, situations where the market fails to allocate resources efficiently. Different types of market failures, such as externalities and public goods, are explained, along with the role of government intervention in correcting these failures.10. Externalities: Externalities, or the consequences of economic activities on third parties, are explored in this chapter. The author discusses positive and negative externalities and their implications for resource allocation.11. Public Goods and Common Resources: This chapter focuses on the characteristics of public goods and common resources. It discusses the free-rider problem and the challenges in providing public goods efficiently.12. Markets for Factors of Production: The author explores themarkets for factors of production, including labor and capital, in this chapter. Wage determination, discrimination, and other factors influencing the prices of these factors are analyzed.13. The Economics of Income Inequality: Income inequality and its causes are discussed in this chapter. The author explores different theories and factors that contribute to income inequality, as well as its implications for society and policy considerations.14. The Theory of Consumer Choice: This chapter delves deeper into the theory of consumer choice, examining topics such as consumer preferences, budget constraints, and the concept of utility maximization.15. Frontiers of Microeconomics: The final chapter explores the frontiers of microeconomics, including topics such as behavioral economics, game theory, and the economics of information. The author discusses how these fields have expanded our understanding of economic behavior.。
微观经济学 曼昆 第十五章ppt课件
▪ 垄断企业（以及其他具有市场势力的企业）试图对
有更高支付意愿的消费者收取更高的价格来增加利 润，这种行为称为价格歧视
29
内容提要
▪ 政策制定者可以通过以下方法管制垄断：用反托拉
斯法来赠强竞争，或者把垄断企业变为政府经营的 企业。由于这些方法都存在问题，最好的选择可能 是不作为
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6 1.50
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利润最大化
▪ 与竞争性企业一样，垄断者最大化它的利润直到
MR = MC
▪ 一旦垄断者决定好生产数量，它将把消费者为那
个数量所愿意支付的最高价格作为市场价格
▪ 垄断者从需求曲线上找出这个价格
完MO整N版OPPPOTL课Y 件
11
利润最大化
成本与收
1. 利润最大化的产 益
垄断者没有供给曲线
一个竞争性企业
▪ 把价格作为给定 ▪ 有一条供给曲线，表示出它的产量如何取决于价格
一个垄断企业
▪ 是一个“价格制定者”，而不是“价格接受者” ▪ 产量并不取决于价格，而是产量与价格由MC, MR
与需求曲线共同决定
因此，垄断者没有供给曲线
完MO整N版OPPPOTL课Y 件
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Competition versus Monopoly Competitive Firm
Is one of many producers Has a horizontal demand curve Is a price taker Sells as much or as little at same price
Monopoly
Chapter 15
LEARNING OBJECTIVES:
why some markets have only one seller. how a monopoly determines the quantity to produce and the price to charge. how the monopoly’s decisions affect economic well-being. the various public policies aimed at solving the problem of monopoly. why monopolies try to charge different prices to different customers.
P x Q = TR
Average Revenue
TR/Q = AR = P
Marginal Revenue
∆TR/∆Q = MR
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A Monopoly’s Total, Average, and Marginal Revenue
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Monopoly Resources
Although exclusive ownership of a key resource is a potential source of monopoly, in practice monopolies rarely arise for this reason.
Marginal revenue
1 2 3 4 5 6 7 8
Demand (average revenue)
Quantity of Water
Monopolist is setting one price and sticking to it rather than having the ability to set the price and lower it little by little as he wishes to sell more.
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Government-Created Monopolies
Patent and copyright laws are two important examples of how government creates a monopoly to serve the public interest.
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Natural Monopolies
A natural monopoly arises when there are economies of scale over the relevant range of output.
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Demand and Marginal Revenue Curves for a Monopoly...
Price $11 10 9 8 7 6 5 4 3 2 1 0 -1 -2 -3 -4
Quantity (Q) 0 1 2 3 4 5 6 7 8 Price (P) $11.00 $10.00 $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 Total Revenue (TR=PxQ) $0.00 $10.00 $18.00 $24.00 $28.00 $30.00 $30.00 $28.00 $24.00 Average Revenue (AR=TR/Q) $10.00 $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 Marginal Revenue (MR= ∆TR / ∆Q ) $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 -$2.00 -$4.00
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Why Monopolies Arise
Barriers to entry have three sources:
Ownership of a key resource. The government gives a single firm the exclusive right to produce some good. Costs of production make a single producer more efficient than a large number of producers.
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A Monopoly’s Marginal Revenue When a monopoly increases the amount it sellsenue (P x Q).
Demand
Demand
0 Quantity of Output 0 Quantity of Output
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A Monopoly’s Revenue
Total Revenue
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Monopoly
A firm is considered a monopoly if . . . …it is the sole seller of its product. …its product does not have close substitutes.
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Economies of Scale as a Cause of Monopoly...
Cost
Average total cost 0
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Natural Monopolies
An industry is a natural monopoly when a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms.
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Demand Curves for Competitive and Monopoly Firms...
(a) A Competitive Firm’s Demand Curve Price Price (b) A Monopolist’s Demand Curve
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Monopoly
While a competitive firm is a price taker, a monopoly firm is a price maker.
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Why Monopolies Arise The fundamental cause of monopoly is barriers to entry.
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A Monopoly’s Marginal Revenue A monopolist’s marginal revenue is always less than the price of its good.