chapter_7The Cost of Production
曼昆微观经济学课后练习英文答案(第七章)
✍ how to define and measure consumer surplus.✍ the link between sellers’ costs of producing a good and the supply curve.✍ how to define and measure producer surplus.✍ that the equilibrium of supply and demand maximizes total surplus in a market. CONTEXT AND PURPOSE:Chapter 7 is the first chapter in a three-chapter sequence on welfare economics and market efficiency. Chapter 7 employs the supply and demand model to develop consumer surplus and producer surplus as a measure of welfare and market efficiency. These concepts are then utilized in Chapters 8 and 9 to determine the winners and losers from taxation and restrictions on international trade.The purpose of Chapter 7 is to develop welfare economics—the study of how the allocation of resources affects economic well-being. Chapters 4 through 6 employed supply and demand in a positive framework, which focused on the question, “What is the equilibrium price and quantity in a market?” This chapter now addresses the normative question, “Is the equilibrium price and quantity in a market the best possible solution to the resource allocation problem, or is it simply the price and quantity that balance supply and demand?” Students will discover that under most circumstances the equilibrium price and quantity is also the one that maximizes welfare.KEY POINTS:? Consumer surplus equals buyers’ willingness to pay for a good minus the amount they actually pay for it, and it measures the benefit buyers get from participating in a market.Consumer surplus can be computed by finding the area below the demand curve and above the price.? Producer surplus equals the amount sellers receive for their goods minus their costs of production, and it measures the benefit sellers get from participating in a market. Producer surplus can be computed by finding the area below the price and above the supply curve.? An allocation of resources that maximizes the sum of consumer and producer surplus is said to be efficient. Policymakers are often concerned with the efficiency, as well as the equality, of economic outcomes.? The equilibrium of supply and demand maximizes the sum of consumer and producer surplus.That is, the invisible hand of the marketplace leads buyers and sellers to allocate resources efficiently.? Markets do not allocate resources efficiently in the presence of market failures such as market power or externalities.CHAPTER OUTLINE:I. Definition of welfare economics: the study of how the allocation of resources affects economic well-being.A. Willingness to Pay1. Definition of willingness to pay: the maximum amount that a buyer will pay for a good.2. Example: You are auctioning a mint-condition recording of Elvis Presley’s first album. Four buyers show up. Their willingness to pay is as follows:for John. Because John is willing to pay more than he has to for the album,he derives some benefit from participating in the market.3. Definition of consumer surplus: the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.4. Note that if you had more than one copy of the album, the price in the auction would end up being lower (a little over $70 in the case of two albums) and both John and Paul would gain consumer surplus.B. Using the Demand Curve to Measure Consumer Surplus1. We can use the information on willingness to pay to derive a demand curve for the rare2. . Because the demand curve shows the buyers’ willingness to pay, we can use the demand curve to measure consumer surplus.C. How a Lower Price Raises Consumer Surplusare paying less for the product than before (area A on the graph).b. Because the price is now lower, some new buyers will enter the market and receive consumer surplus on these additional units of output purchased (area B on the graph).D. What Does Consumer Surplus Measure?1. Remember that consumer surplus is the difference between the amount that buyers are willing to pay for a good and the price that they actually pay.2. Thus, it measures the benefit that consumers receive from the good as the buyers themselves perceive it.III. Producer SurplusA. Cost and the Willingness to Sell1. Definition of cost: the value of everything a seller must give up to produce a good .2. Example: You want to hire someone to paint your house. You accept bids for the work from four sellers. Each painter is willing to work if the price you will pay exceeds her opportunity cost. (Note that this opportunity cost thus represents willingness to sell.) The costs are: ALTERNATIVE CLASSROOM EXAMPLE:Review the material on price ceilings from Chapter 6. Redraw the market for two-bedroom apartments in your town. Draw in a price ceiling below the equilibriumprice.Then go through:✍ consumer surplus before the price ceiling is put into place.✍ consumer surplus after the price ceiling is put into place.You will need to take some time to explain the relationship between the producers’ willingness to sell and the cost of producing the good. The relationship between cost and the supply curve is not as apparent as the relationship between the demand curve and willingness to pay. It is important to stress that consumer surplus is measured in monetary terms. Consumer surplus gives us a way to place a monetary cost on inefficient market outcomes (due to government involvement or market failure).except for Grandma. Because Grandma receives more than she would require to paint the house, she derives some benefit from producing in the market.4.Definition of producer surplus: the amount a seller is paid for a good minus the seller’s cost of providing it.5. Note that if you had more than one house to paint, the price in the auction would end up being higher (a little under $800 in the case of two houses) and both Grandma and Georgia would gain producer surplus.B. Using the Supply Curve to Measure Producer Surplus1. We can use the information on cost (willingness to sell) to derive a supply curve for2. marginal seller . Because the supply curve shows the sellers’ cost (willingness to sell), we can use the supply curve to measure producer surplus.are receiving more for the product than before (area C on the graph).b. Because the price is now higher, some new sellers will enter the market and receive producer surplus on these additional units of output sold (area D on the graph).D. Producer surplus is used to measure the economic well-being of producers, much like consumer surplus is used to measure the economic well-being of consumers.ALTERNATIVE CLASSROOM EXAMPLE:Review the material on price floors from Chapter 6. Redraw the market for anagricultural product such as corn. Draw in a price support above the equilibriumprice.Then go through:✍ producer surplus before the price support is put in place.✍ producer surplus after the price support is put in place.Make sure that you discuss the cost of the price support to taxpayers.IV.Market EfficiencyA. The Benevolent Social Planner1. The economic well-being of everyone in society can be measured by total surplus, which is the sum of consumer surplus and producer surplus:Total Surplus = Consumer Surplus + Producer SurplusTotal Surplus = (Value to Buyers – Amount Paid by Buyers) +(Amount Received by Sellers – Cost to Sellers)Because the Amount Paid by Buyers = Amount Received bySellers:2. Definition of efficiency: the property of a resource allocation of maximizing the total surplus received by all members of society .3. Definition of equality: the property of distributing economic prosperity uniformly the members of society .a. Buyers who value the product more than the equilibrium price will purchase the product; those who do not, will not purchase the product. In other words, the free market allocates the supply of a good to the buyers who value it most highly, as measured by their willingness to pay.b. Sellers whose costs are lower than the equilibrium price will produce the product; those whose costs are higher, will not produce the product. In other words, the free market allocates the demand for goods to the sellers who can produce it at the lowest cost.to the marginal buyer is greater than the cost to the marginal seller so total surplus would rise if output increases.b. At any quantity of output greater than the equilibrium quantity, the value of the product to the marginal buyer is less than the cost to the marginal seller so total surplus would rise if output decreases.3. Note that this is one of the reasons that economists believe Principle #6: Markets are usually a good way to organize economic activity.It would be a good idea to remind students that there are circumstances whenthe market process does not lead to the most efficient outcome. Examplesinclude situations such as when a firm (or buyer) has market power over priceor when there are externalities present. These situations will be discussed inlater chapters.Pretty Woman, Chapter 6. Vivien (Julia Roberts) and Edward (Richard Gere)negotiate a price. Afterward, Vivien reveals she would have accepted a lowerprice, while Edward admits he would have paid more. If you have done a goodjob of introducing consumer and producer surplus, you will see the light bulbsgo off above your students’ heads as they watch this clip.C. In the News: Ticket Scalping1. Ticket scalping is an example of how markets work to achieve an efficient outcome.2. This article from The Boston Globe describes economist Chip Case’s experience with ticket scalping.D. Case Study: Should There Be a Market in Organs?1. As a matter of public policy, people are not allowed to sell their organs.a. In essence, this means that there is a price ceiling on organs of $0.b. This has led to a shortage of organs.2. The creation of a market for organs would lead to a more efficient allocation of resources, but critics worry about the equity of a market system for organs.V. Market Efficiency and Market FailureA. To conclude that markets are efficient, we made several assumptions about how markets worked.1. Perfectly competitive markets.2. No externalities.B. When these assumptions do not hold, the market equilibrium may not be efficient.C. When markets fail, public policy can potentially remedy the situation. SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. Figure 1 shows the demand curve for turkey. The price of turkey is P1 and the consumer surplus that results from that price is denoted CS. Consumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. It measures the benefit to buyers of participating in a market.Figure 1 Figure 22. Figure 2 shows the supply curve for turkey. The price of turkey is P1 and the producer surplus that results from that price is denoted PS. Producer surplus is the amount sellers are paid for a good minus the sellers’ cost of providing it (measured by the supply curve). It measures the benefit to sellers of participating in a market.Figure 33. Figure 3 shows the supply and demand for turkey. The price of turkey is P1, consumer surplus is CS, and producer surplus is PS. Producing more turkeys than the equilibrium quantity would lower total surplus because the value to the marginal buyer would be lower than the cost to the marginal seller on those additional units.Questions for Review1. The price a buyer is willing 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 the price that each buyer is willing to pay minus the price actually paid.2. 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 received minus each seller's costs of producing the good.Figure 43. Figure 4 shows producer and consumer surplus in a supply-and-demand diagram.4. An allocation of resources is efficient if it maximizes total surplus, the sum of consumer surplus and producer surplus. But efficiency may not be the only goal of economic policymakers; they may also be concerned about equity the fairness of the distribution of well-being.5. The invisible hand of the marketplace guides the self-interest of buyers and sellers into promoting general economic well-being. Despite decentralized decision making and self-interested decision makers, free markets often lead to an efficient outcome.6. Two types of market failure are market power and externalities. Market power may cause market outcomes to be inefficient because firms may cause price and quantity to differ from the levels they would be under perfect competition, which keeps total surplus from being maximized. Externalities are side effects that are not taken into account by buyers and sellers. As a result, the free market does not maximize total surplus.Problems and Applications1. a. Consumer surplus is equal to willingness to pay minus the price paid. Therefore, Melissa’s willingness to pay must be $200 ($120 + $80).b. Her consumer surplus at a price of $90 would be $200 ? $90 = $110.c. If the price of an iPod was $250, Melissa would not have purchased one because the price is greater than her willingness to pay. Therefore, she would receive no consumer surplus.2. If an early freeze in California sours the lemon crop, the supply curve for lemons shifts to the left, as shown in Figure 5. The result is a rise in the price of lemons and a decline in consumer surplus from A + B + C to just A. So consumer surplus declines by the amount B + C.Figure 5 Figure 6In the market for lemonade, the higher cost of lemons reduces the supply of lemonade, as shown in Figure 6. The result is a rise in the price of lemonade and a decline in consumer surplus from D + E + F to just D, a loss of E + F. Note that an event that affects consumer surplus in one market often has effects on consumer surplus in other markets.3. A rise in the demand for French bread leads to an increase in producer surplus in the market for French bread, as shown in Figure 7. The shift of the demand curve leads to an increased price, which increases producer surplus from area A to area A + B + C.Figure 7The increased quantity of French bread being sold increases the demand for flour, as shown in Figure 8. As a result, the price of flour rises, increasing producer surplus from area Dto D + E + F. Note that an event that affects producer surplus in one market leads to effects on producer surplus in related markets.Figure 84. a.Figure 9b. When the price of a bottle of water is $4, Bert buys two bottles of water. His consumer surplus is shown as area A in the figure. He values his first bottle of water at $7, but pays only $4 for it, so has consumer surplus of $3. He values his second bottle of water at $5, but pays only $4for it, so has consumer surplus of $1. Thus Bert’s total consumer surplus is $3 + $1 = $4, which is the area of A in the figure.c. When the price of a bottle of water falls from $4 to $2, Bert buys three bottles of water, an increase of one. His consumer surplus consists of both areas A and B in the figure, an increase in the amount of area B. He gets consumer surplus of $5 from the first bottle ($7 value minus $2 price), $3 from the second bottle ($5 value minus $2 price), and $1 from the third bottle ($3 value minus $2 price), for a total consumer surplus of $9. Thus consumer surplus rises by $5 (which is the size of area B) when the price of a bottle of water falls from $4 to $2.5. a.Figure 10b. When the price of a bottle of water is $4, Ernie sells two bottles of water. His producer surplus is shown as area A in the figure. He receives $4 for his first bottle of water, but it costs only $1 to produce, so Ernie has producer surplus of $3. He also receives $4 for his second bottle of water, which costs $3 to produce, so he has producer surplus of $1. Thus Ernie’s total producer surplus is $3 + $1 = $4, which is the area of A in the figure.c. When the price of a bottle of water rises from $4 to $6, Ernie sells three bottles of water, an increase of one. His producer surplus consists of both areas A and B in the figure, an increase by the amount of area B. He gets producer surplus of $5 from the first bottle ($6 price minus $1 cost), $3 from the second bottle ($6 price minus $3 cost), and $1 from the third bottle ($6 price minus $5 price), for a total producer surplus of $9. Thus producer surplus rises by $5 (which is the size of area B) when the price of a bottle of water rises from $4 to $6.6. a. From Ernie’s supply schedule and Bert’s demand schedule, the quantityequilibrium quantity of two.b. At a price of $4, consumer surplus is $4 and producer surplus is $4, as shown in Problems 3 and 4 above. Total surplus is $4 + $4 = $8.c. If Ernie produced one less bottle, his producer surplus would decline to $3, as shown in Problem 4 above. If Bert consumed one less bottle, his consumer surplus would decline to $3, as shown in Problem 3 above. So total surplus would decline to $3 + $3 = $6.d. If Ernie produced one additional bottle of water, his cost would be $5, but the price is only $4, so his producer surplus would decline by $1. If Bert consumed one additional bottle of water, his value would be $3, but the price is $4, so his consumer surplus would decline by $1. So total surplus declines by $1 + $1 = $2.7. a. The effect of falling production costs in the market for stereos results in a shift to the right in the supply curve, as shown in Figure 11. As a result, the equilibrium price of stereos declines and the equilibrium quantity increases.Figure 11b. The decline in the price of stereos 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. Because consumer surplus rises by B + C + D and producer surplus rises by F + G – B, total surplus rises by C + D + F + G.c. If the supply of stereos is very elastic, then the shift of the supply curve benefits consumers most. To take the most dramatic case, suppose the supply curve were horizontal, as shown in Figure 12. Then there is no producer surplus at all. Consumers capture all the benefits of falling production costs, with consumer surplus rising from area A to area A + B.Figure 128. Figure 13 shows supply and demand curves for haircuts. Supply equals demand at a quantity of three haircuts and a price between $4 and $5. Firms A, C, and D should cut the hair of Ellen, Jerry, and Phil. Oprah’s willingness to pay is too low and firm B’s costs are too high, so they do not participate. The maximum total surplus is the area between the demand and supply curves, which totals $11 ($8 value minus $2 cost for the first haircut, plus $7 value minus $3 cost for the second, plus $5 value minus $4 cost for the third).Figure 139. a. 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.Figure 14 Figure 15Prior to the shift in supply, producer surplus was areas B + E (the area above thesupply curve and below the price). After the shift in supply, producer surplus isareas E + F + G. So producer surplus changes by the amount F + G – B, whichmay be positive or negative. The increase in quantity increases producer surplus,while the decline in the price reduces producer surplus. Because consumer surplusrises by B + C + D and producer surplus rises by F + G – B, total surplus rises byC +D + F + G.b. Because typewriters are substitutes for computers, the decline in the price of computers means that people substitute computers for typewriters, shifting the demand for typewriters to the left, as shown in Figure 15. The result is a decline in both the equilibrium price and equilibrium quantity of typewriters. Consumer surplus in the typewriter 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. Typewriter producers are sad about technological advances in computers because their producer surplus declines.c. Because 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, anet 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.Figure 16d. Yes, this analysis helps explain why Bill Gates is one the world’s richest people, because his company produces a lot of software that is a complement with computers and there has been tremendous technological advance in computers.10. a. With Provider A, the cost of an extra minute is $0. With Provider B, the cost of anextra minute is $1.b. With Provider A, my friend will purchase 150 minutes [= 150 – (50)(0)]. WithProvider B, my friend would purchase 100 minutes [= 150 – (50)(1)].c. With Provider A, he would pay $120. The cost would be $100 with Provider B.Figure 17d. Figure 17 shows the friend’s demand. With Provider A, he buys 150 minutes andhis consumer surplus is equal to (1/2)(3)(150) – 120 = 105. With Provider B, hisconsumer surplus is equal to (1/2)(2)(100) = 100.e. I would recommend Provider A because he receives greater consumer surplus.11. a. Figure 18 illustrates the demand for medical care. If each procedure has a price of $100, quantity demanded will be Q1 procedures.Figure 18b. If consumers pay only $20 per procedure, the quantity demanded will be Q2 procedures. Because the cost to society is $100, the number of procedures performed is too large to maximize total surplus. The quantity that maximizes total surplus is Q1 procedures, which is less than Q2.c. The use of medical care is excessive in the sense that consumers get procedures whose value is less than the cost of producing them. As a result, the economy’s total surplus is reduced.d. To prevent this excessive use, the consumer must bear the marginal cost of the procedure. But this would require eliminating insurance. Another possibility would be that the insurance company, which pays most of the marginal cost of the procedure ($80, in this case) could decide whether the procedure should be performed. But the insurance company does not get the benefits of the procedure, so its decisions may not reflect the value to the consumer.。
国际商务 Chap12 中文翻译
International Business
国际商务
山东经济学院· 国际贸易学院 School of International Trade, Shandong Economic University
Shandong Economic University
Global Expansion, Profitability, And Profit Growth
公司可以经由在国际范围销售本土研发的货物或者服务来 增加成长 公司国际化扩展的成功取决于他们销售的产品或者服务， 以及他们的核心竞争力 (公司里那些其他公司无法轻易匹 敌或模仿的技术) 核心竞争力使得公司减少创造价值的成本和/或创造使得 公司可以获得更好出价的方式的价值
山东经济学院· 国际贸易学院 School of International Trade, Shandong Economic University 1-10
Strategic Positioning
Figure 12.3: Strategic Choice in the International Hotel Industry
山东经济学院· 国际贸易学院 School of International Trade, Shandong Economic University 1-12
Classroom Performance System
Which of the following is not an example of a primary activity? a) Logistics b) Marketing and sales c) Customer service d) Production
范里安微观经济学(第九版)Chapter 7
Cost Minimizing Input Choice
How does a firm select inputs to produce a given output at minimum cost? Assumptions
◦ Two Inputs: Labor (L) and capital (K) ◦ Price of labor: wage rate (w) ◦ The price of capital (r)
In the short run, some costs are fixed In the long run, firm can change anything including plant size
◦ Can produce at a lower average cost in long run than in short run ◦ Capital and labor are both flexible
input added to the production process will add an equivalent amount of output.
MPL
MPK
Cost in the Long Run
Cost minimization with Varying Output Levels
Q1
C2
Labor per year
Input Substitution When an Input Price Change
If the price of labor changes, then the slope of the isocost line changes, -(w/r) It now takes a new quantity of labor and capital to produce the output If price of labor increases relative to price of capital, and capital is substituted for labor
人力资源管理英文版选择题题库1
Chapter1Exam Questions1. The human resource management function (56)A. is concerned with ensuring that a firm's human resources have the land, capital, andequipment needed to perform their jobs effectively.B. helps an organization deal effectively with its people during the various phases of theemployment cycle--pre-selection, selection, and post-selection.C. is necessary only in those organizations where labor-management relations are strained.D. is irrelevant in an age of rapidly changing work processes.Answer: B2. The dominant activity in the pre-selection phase of the employment cycle isA. planning.B. performance management.C. selection.D. assessment.Answer: A3. Developing human resource practices for effectively managing people is most closely associatedwith which phase of the employment cycle? (38)A. pre-selectionB. selectionC. post-selectionD. management phaseAnswer: C4. Human resource planning has as its primary goal (39)A. gathering, analyzing, and documenting information about jobs.B. locating and attracting job applicants.C. helping managers anticipate and meet the changing need for human resources.D. measuring the adequacy of an employee's job performance.Answer: C5. The decision to use a personality inventory in the employee selection process would be madebased on (43)A. job analysis information.B. human resource planning information.C. performance appraisal information.D. recruitment information.Answer: A6. Which of the following is not among the external factors influencing human resourcemanagement?A. rapid advances in technologyB. a high rate of illiteracy among the work forceC. company policy regarding flexible work arrangementsD. emphasis on quality improvementAnswer: C7. Unions are most likely to influence company policies regarding (59)A. human resource planning, job analysis, and recruitment.B. discipline, promotions, and grievances.C. international human resource management.D. strategic planning and resource allocation.Answer: B8. Which of the following is not one of the issues that needs to be addressed when establishingoperations in other countries?A. setting performance standardsB. use of expatriatesC. cultural differencesD. compensationAnswer: A9. Which statement below best describes the relationship between line management and HRprofessionals? (58)A. HR professionals focus more on developing human resource programs, while line managersare more involved in implementing those programs.B. HR professionals are solely responsible for evaluating programs designed to manage humanresources.C. Line management requires the services of the HR professional only infrequently.D. Line management focuses more on developing human resource programs, while the HRprofessional is more involved in implementing programs.Answer: A10 Which of the following activities is most consistent with the HR professional’s role ofdeveloping/choosing HRM methods? (31)A. determining the order in which job applicants should complete selection measures.B. determining that a test of cognitive ability should be used as part of a selection process.C. determining that a personality test has been ineffective in screening job applicants.D. offering a manager instruction on how to appraise employee performance.Answer: B11. Which of the following activities is not part of the line manager's role in the HRM process? (32)A. interview job applicantsB. settle grievance issuesC. provide and communicate job performance ratingsD. develop an evaluation strategy for training programsAnswer: D12. A competitive advantage is defined in the text as (33)A. a demonstrated willingness to take on all competitors in the marketplace.B. hiring a workforce that has a high need for achievement.C. achieving a superior marketplace position relative to one’s competition.D. organizational self-confidence.Answer: C13. A cost leadership strategy for gaining competitive advantage can be produced by(34)A. reducing the cost of production, regardless of the number of units produced.B. increasing the number of units produced, regardless of the cost per unit.C. cutting overhead costs while maintaining or increasing the number of units produced.D. performing regularly scheduled maintenance on production equipment.Answer: C14. Product differentiation can offer a firm a competitive advantage because (35)A. it allows a firm to offer a unique product not being offered by competitors.B. it can reduce a product’s cost per unit.C. it reduces a firm’s dependence on one supplier for raw materials.D. imitating a competitor’s strategy is the surest way to be competitive.Answer: A15. Which of the following statements best characterizes the relationship between a firm’s HRMpractices and important outcome measures such as productivity, profits, and overall organizational performance? (36)A. HRM practices have little impact on such“hard measures” of organizational performance.B. Firms with progressive HRM practices tend to perform better on such hard measures oforganizational performance than those using less sound practices.C. Those firms that use sophisticated HRM practices tend to be only slightly less successful thanother firms.D. The more money a firms spends on salaries for HRM personnel, the more successful it willbe.Answer: B16. According to Jeffrey Pfeffer, a firm that adopts a program of employee participation andempowerment is most likely to generate (37)A. uncertainty among the workforce regarding job responsibilities.B. support from union leadership.C. a decline in short-term profits until the organization adapts to the change.D. a competitive advantage by increasing employee satisfaction and productivity.Answer: D17. According to the model linking HRM practices to competitive advantage discussed in chapter 1,which of the following HRM practices can have a direct effect on achieving competitive advantage?A. performance appraisalB. HR planningC. unionsD. workplace justice programsAnswer: A18. According to the model linking HRM practices to competitive advantage discussed in chapter 1,which of the following employee-centered outcomes is a direct result of implementing progressive HRM practices?A. employee retentionB. legal complianceC. employee competenceD. company imageAnswer: C19. Organizational citizenship concerns(40)A. an employee’s willingness to engage in work behaviors that are not usually specified in a jobB. the relative strength of an employee’s identification with and involvement in a particularorganization.C. the favorableness of an employee’s attitude toward his or her job.D. the tendency of an organization to be involved in the civic affairs of the community in whichit resides.Answer: A20. An employee is overheard saying“I think the company is doing the right thing by introducing thisnew product line. I hope I get the chance to work on it.” This statement most likely reflects the employee’s (41)A. organizational commitment.B. organizational citizenship.C. job satisfaction.D. self-efficacy.Answer: A21. Which of the following pairs of HRM practices is most likely to influence employeemotivation?(42)A. job analysis and HR planningB. selection and productivity improvement programsC. training and safety and health programsD. motivation is one of the few variables that cannot be improved using HR practices.Answer: B22. According to the model linking HRM practices to competitive advantage discussed in Chapter 1,how can one describe the relationship between organization-centered outcomes and employee-centered outcomes?A. organization-centered outcomes are believed to“cause” employee-centered outcomes.B. employee-centered outcomes are believed to“cause” organization-centered outcomes.C. both employee-centered and organization-centered outcomes are believed to have direct pathsto competitive advantage but no effect on each other.D. organization-centered outcomes are directly influenced by certain HRM practices, whileemployee-centered outcomes are not.Answer: B23. Which of the following strategies is not used by HR professionals to achieve cost leadership? (44)A. motivating workers to be more productive by introducing a productivity improvementprogram.B. developing a performance appraisal system that provides workers with the feedback necessaryto be more productive.C. introducing a new piece of equipment to improve worker efficiency.D. using a more efficient recruitment strategy to reduce the cost of hiring new workers.Answer: C24. The use of HRM practices can promote a sustained competitive advantage because(45)A. being the first to institute an innovative HR practice discourages a firm's competition.B. HR practices cannot be imitated.C. people are a firm’s most valuable resource.D. the organizational environment in which innovative HR practices are implemented can rarelyAnswer: D25. Which of the following HR practices is likely to have the greatest and most direct impact onachieving competitive advantage through product differentiation?A. compensationB. selectionC. job analysisD. performance appraisalAnswer: B。
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.。
Chapter 5 Production__ management
How can productivity be raised? Training can improve the knowledge and skills of
staff. Improved recruitment and selection may have the
Key benefits and disadvantages
Production and operations management
• Layout strategy • product layout • process (functional) layout • fixed-position layout
Enterprise resource planning
Transactional Backbone
E R Advanced
Applications
P
Management Portal/Dashboar d
Financials Distribution Human Resources Product lifecycle management Customer Relationship Management Supply chain management
Production and operations management
(4) Production process Mass production is the production of
large amounts of standardized products, including and especially on assembly lines.
Factors of production
【国际经济学专题考试试卷十三】The Costs of Production
Chapter 13The Costs of ProductionTRUE/FALSE1. The economic field of industrial organization examines how firms’ decisions about prices and quantitiesdepend on the market conditions they face.ANS: T DIF: 2 REF: 13-0 NAT: AnalyticLOC: Costs of production TOP: Industrial organizationMSC: Interpretive2. Profit equals marginal revenue minus marginal cost.ANS: F DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit MSC: Definitional3. Profit equals total revenue minus total cost.ANS: T DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit MSC: Definitional4. The difference between economic profit and accounting profit is that economic profit is calculated based onboth implicit and explicit costs whereas accounting profit is calculated based on explicit costs only.ANS: T DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Economic profit | Accounting profitMSC: Interpretive5. Accounting profit is greater than or equal to economic profit.ANS: T DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Accounting profit | Economic profitMSC: Analytical6. Economic profit is greater than or equal to accounting profit.ANS: F DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Accounting profit | Economic profitMSC: Analytical7. Although economists and accountants treat many costs differently, they both treat the cost of capital the same. ANS: F DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Economic profit | Accounting profitMSC: Interpretive8. Accountants keep track of the money that flows into and out of firms.ANS: T DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Accounting profitMSC: Interpretive9. When economists speak of a firm's costs, they are usually excluding the opportunity costs.ANS: F DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costsMSC: Interpretive10. Economists and accountants both include forgone income as a cost to a small business owner.ANS: F DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costsMSC: Interpretive11. Economists and accountants usually disagree on the inclusion of implicit costs into the cost analysis of a firm. ANS: T DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Implicit costsMSC: Interpretive850Chapter 13/The Costs of Production 851 12. Implicit costs are costs that do not require an outlay of money by the firm.ANS: T DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Implicit costsMSC: Definitional13. Accountants often ignore implicit costs.ANS: T DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Implicit costsMSC: Interpretive14. In the long run, a factory is usually considered a fixed input.ANS: F DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Long run MSC: Interpretive15. Diminishing marginal productivity implies decreasing total product.ANS: F DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Diminishing marginal productMSC: Interpretive16. Diminishing marginal product exists when the total cost curve becomes flatter as outputs increases.ANS: F DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Diminishing marginal productMSC: Interpretive17. Diminishing marginal product exists when the production function becomes flatter as inputs increase.ANS: T DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Diminishing marginal productMSC: Interpretive18. A second or third worker may have a higher marginal product than the first worker in certain circumstances. ANS: T DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Marginal productMSC: Interpretive19. The typical total-cost curve is U-shaped.ANS: F DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Total-cost curveMSC: Interpretive20. The average fixed cost curve is constant.ANS: F DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Average fixed costMSC: Interpretive21. In the short run, if a firm produces nothing, total costs are zero.ANS: F DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Total costs | Fixed costsMSC: Interpretive22. If a firm produces nothing, it still incurs its fixed costs.ANS: T DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Fixed costs MSC: Interpretive23. The shape of the total cost curve is unrelated to the shape of the production function.ANS: F DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Total-cost curve | Production functionMSC: Interpretive852 Chapter 13/The Costs of Production24. The shape of the total cost curve is related to the shape of the production function.ANS: T DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Total-cost curve | Production functionMSC: Interpretive25. If the marginal cost of producing the tenth unit of output is $3, and if the average total cost of producing thetenth unit of output is $2, then at ten units of output, average total cost is rising.ANS: T DIF: 3 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Marginal cost | Average total costMSC: Analytical26. If the marginal cost of producing the tenth unit of output is $2.50, and if the average total cost of producing thetenth unit of output is $3, then at ten units of output, average total cost is rising.ANS: F DIF: 3 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Marginal cost | Average total costMSC: Analytical27. If the marginal cost of producing the fifth unit of output is higher than the marginal cost of producing thefourth unit of output, then at five units of output, average total cost must be rising.ANS: F DIF: 3 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Marginal cost | Average total costMSC: Analytical28. Marginal costs are costs that do not vary with the quantity of output produced.ANS: F DIF: 1 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Marginal costMSC: Definitional29. Several related measures of cost can be derived from a firm's total cost.ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Cost curves MSC: Interpretive30. Variable costs usually change as the firm alters the quantity of output produced.ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Variable costsMSC: Definitional31. Variable costs equal fixed costs when nothing is produced.ANS: F DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Variable costsMSC: Interpretive32. The cost of producing an additional unit of a good is not the same as the average cost of the good.ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average total costMSC: Interpretive33. Average variable cost is equal to total variable cost divided by quantity of output.ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average variable costMSC: Definitional34. The average total cost curve is unaffected by diminishing marginal product.ANS: F DIF: 3 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Diminishing marginal product | Average total cost MSC: Interpretive35. The average total cost curve reflects the shape of both the average fixed cost and average variable cost curves. ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average total costMSC: InterpretiveChapter 13/The Costs of Production 853 36. If the marginal cost curve is rising, then so is the average total cost curve.ANS: F DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Marginal cost | Average total costMSC: Interpretive37. The marginal cost curve intersects the average total cost curve at the minimum point of the average total costcurve.ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average total cost | Marginal costMSC: Interpretive38. The marginal cost curve intersects the average total cost curve at the minimum point of the marginal costcurve.ANS: F DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average total cost | Marginal costMSC: Interpretive39. Assume Jack received all A's in his classes last semester. If Jack gets all B's in his classes this semester, hisGPA may or may not fall.ANS: T DIF: 3 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average total costMSC: Interpretive40. Average total cost and marginal cost express information that is already contained in a firm's total cost. ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average total costMSC: Interpretive41. Average total cost reveals how much total cost will change as the firm alters its level of production.ANS: F DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average total costMSC: Interpretive42. The shape of the marginal cost curve tells a producer something about the marginal product of her workers. ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Marginal cost | Marginal productMSC: Interpretive43. When average total cost rises if a producer either increases or decreases production, then the firm is said to beoperating at efficient scale.ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Efficient scaleMSC: Interpretive44. Fixed costs are those costs that remain fixed no matter how long the time horizon is.ANS: F DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Fixed costs MSC: Interpretive45. Diseconomies of scale often arise because higher production levels allow specialization among workers. ANS: F DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Diseconomies of scaleMSC: Interpretive46. Economies of scale often arise because higher production levels allow specialization among workers.ANS: T DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Economies of scaleMSC: Interpretive854 Chapter 13/The Costs of Production47. If long-run average total cost is rising, then the firm is experiencing economies of scale.ANS: F DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Economies of scale | Diseconomies of scaleMSC: Definitional48. The fact that many inputs are fixed in the short run but variable in the long run has little impact on the firm'scost curves.ANS: F DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Long run MSC: Interpretive49. In some cases, specialization allows larger factories to produce goods at a lower average cost than smallerfactories.ANS: T DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: SpecializationMSC: Interpretive50. The use of specialization to achieve economies of scale is one reason modern societies are as prosperous asthey are.ANS: T DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: SpecializationMSC: Interpretive51. As a firm moves along its long-run average cost curve, it is adjusting the size of its factory to the quantity ofproduction.ANS: T DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Average total costMSC: Interpretive52. Because of the greater flexibility that firms have in the long run, all short-run cost curves lie on or above thelong-run curve.ANS: T DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Average total costMSC: Interpretive53. There is general agreement among economists that the long-run time period exceeds one year.ANS: F DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Long run MSC: InterpretiveTable 13-1Listed in the table are the long-run total costs for three different firms.54. Refer to Table 13-1. Firm A is experiencing economies of scale.ANS: T DIF: 3 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Economies of scaleMSC: Analytical55. Adam Smith's example of the pin factory demonstrates that economies of scale result from specialization. ANS: T DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Economies of scaleMSC: InterpretiveChapter 13/The Costs of Production 855 SHORT ANSWER1. What are opportunity costs? How do explicit and implicit costs relate to opportunity costs?ANS:The opportunity cost of an item refers to all those things that must be forgone to acquire that item. Both explicit and implicit costs are included as opportunity costs.DIF: 2 REF: 13-1 NAT: Analytic LOC: Costs of productionTOP: Opportunity costs MSC: Definitional2. A key difference between accountants and economists is their different treatment of the cost of capital. Doesthis cause an accountant's estimate of total costs to be higher or lower than an economist's estimate? Explain. ANS:An accountant would not include the forgone interest income that the money could have earned elsewhere if it had not been invested in the business. Therefore, an accountant's estimate of total cost will be less than an economist's. DIF: 2 REF: 13-1 NAT: Analytic LOC: Costs of productionTOP: Economic profit | Accounting profit MSC: Analytical3. The production function depicts a relationship between which two variables? Also, draw a production functionthat exhibits diminishing marginal product.ANS:It depicts a relationship between output and a given input. The graph should show output increasing, but at a decreasing rate as inputs increase.DIF: 2 REF: 13-2 NAT: Analytic LOC: Costs of productionTOP: Production function MSC: Applicative856 Chapter 13/The Costs of Production4. How would a production function that exhibits decreasing marginal product affect the shape of the total costcurve? Explain or draw a graph.ANS:The total cost curve will increase at an increasing rate, or in other words, the total cost curve gets steeper as the amount produced rises.DIF: 2 REF: 13-3 NAT: Analytic LOC: Costs of productionTOP: Diminishing marginal product | Total-cost curve MSC: Analytical5. What effect, if any, does diminishing marginal product have on the shape of the marginal cost curve?ANS:Diminishing marginal product causes the marginal cost curve to rise.DIF: 2 REF: 13-3 NAT: Analytic LOC: Costs of productionTOP: Diminishing marginal product | Marginal cost MSC: Analytical6. Bob Edwards owns a bagel shop. Bob hires an economist who assesses the shape of the bagel shop's averagetotal cost (ATC) curve as a function of the number of bagels produced. The results indicate a U-shapedaverage total cost curve. Bob's economist explains that ATC is U-shaped for two reasons. The first is theexistence of diminishing marginal product, which causes it to rise. What would be the second reason? Assume that the marginal cost curve is linear. (Hint: The second reason relates to average fixed cost)ANS:Average fixed cost always declines as output rises because fixed cost is being spread over a larger number of units, thus causing the average total cost curve to fall.DIF: 3 REF: 13-3 NAT: Analytic LOC: Costs of productionTOP: Average total cost MSC: Analytical7. If the average total cost curve is falling, what is necessarily true of the marginal cost curve? If the average totalcost curve is rising, what is necessarily true of the marginal cost curve?ANS:When average total cost curve is falling, marginal cost is below ATC. If the average total cost curve is rising, marginal cost is above ATC.DIF: 2 REF: 13-3 NAT: Analytic LOC: Costs of productionTOP: Average total cost | Marginal cost MSC: Analytical8. According to the mathematical laws that govern the relationship between average total cost and marginal cost,where must these two curves intersect?ANS:The two curves will cross at the minimum point on the average total cost curve.DIF: 2 REF: 13-3 NAT: Analytic LOC: Costs of productionTOP: Average total cost | Marginal cost MSC: AnalyticalChapter 13/The Costs of Production 857 Sec00 - The Costs of ProductionMULTIPLE CHOICE1. Analyzing the behavior of the firm enhances our understanding ofa.what decisions lie behind the market supply curve.b.how consumers allocate their income to purchase scarce resources.c.how financial institutions set interest rates.d.whether resources are allocated fairly.ANS: A DIF: 1 REF: 13-0 NAT: AnalyticLOC: Costs of production TOP: Supply curveMSC: Applicative2. Which field of economics studies how the number of firms affects the prices in a market and the efficiency ofmarket outcomes?a.macro economicsb.industrial organizationbor economicsd.monetary economicsANS: B DIF: 1 REF: 13-0 NAT: AnalyticLOC: Costs of production TOP: Industrial organizationMSC: Definitional3. Economists in the field of industrial organization study howa.central banking policies affect financial markets.b.firms’ demand for labor and individuals’ supply of labor affect resource markets.c.firms’ decisions about prices and quantities depend on market conditions.d.externalities and public goods affect the environment.ANS: C DIF: 1 REF: 13-0 NAT: AnalyticLOC: Costs of production TOP: Industrial organizationMSC: Definitional4. Industrial organization is the study of howbor unions organize workers in industries.b.profitable firms are in organized industries.c.industries organize for political advantage.d.firms' decisions regarding prices and quantities depend on the market conditions they face.ANS: D DIF: 1 REF: 13-0 NAT: AnalyticLOC: Costs of production TOP: Industrial organizationMSC: Definitional5. To an economist, the field of industrial organization answers which of the following questions?a.Why are consumers subject to the law of demand?b.Why do firms experience diminishing marginal products of inputs?c.How does the number of firms affect prices and the efficiency of market outcomes?d.Why do firms consider production costs when determining product supply?ANS: C DIF: 1 REF: 13-0 NAT: AnalyticLOC: Costs of production TOP: Industrial organizationMSC: Definitional6. A student might describe information about the costs of production asa.dry and technical.b.boring.c.crucial to understanding firms and market structures.d.All of the above could be correct.ANS: D DIF: 1 REF: 13-0 NAT: AnalyticLOC: Costs of production TOP: Supply curveMSC: Interpretive858 Chapter 13/The Costs of ProductionSec01 - The Costs of Production - What Are Costs?MULTIPLE CHOICE1. Economists assume that the typical person who starts her own business does so with the intention ofa.donating the profits from her business to charity.b.capturing the highest number of sales in her industry.c.maximizing profits.d.minimizing costs.ANS: C DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit maximizationMSC: Applicative2. Economists normally assume that the goal of a firm is to(i)sell as much of their product as possible.(ii)set the price of the product as high as possible.(iii)maximize profit.a.(i) and (ii) are true.b.(ii) and (iii) are true.c.(iii) is true.d.(i) and (iii) are true.ANS: C DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit maximizationMSC: Interpretive3. Economists normally assume that the goal of a firm is to earn(i)profits as large as possible, even if it means reducing output.(ii)profits as large as possible, even if it means incurring a higher total cost.(iii)revenues as large as possible, even if it reduces profits.a.(i) and (ii) are true.b.(i) and (iii) are true.c.(ii) and (iii) are true.d.(i), (ii), and (iii) are true.ANS: A DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit maximizationMSC: Interpretive4. A n entrepreneur’s motivation to start a business arises froma.an innate love for the type of business that he or she starts.b. a desire to earn a profit.c.an altruistic desire to provide the world with a good product.d.All of the above could be correct.ANS: D DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit maximizationMSC: Interpretive5. Economists normally assume that the goal of a firm is toa.maximize its total revenue.b.maximize its profit.c.minimize its explicit costs.d.minimize its total cost.ANS: B DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit maximizationMSC: DefinitionalChapter 13/The Costs of Production 8596. Economists assume that the goal of the firm is to maximize totala.revenue.b.profits.c.costs.d.satisfaction.ANS: B DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit maximizationMSC: Interpretive7. When a firm is making a profit-maximizing production decision, which of the following principles ofeconomics is likely to be most important to the firm's decision?a.The cost of something is what you give up to get it.b. A country's standard of living depends on its ability to produce goods and services.c.Prices rise when the government prints too much money.ernments can sometimes improve market outcomes.ANS: A DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit maximizationMSC: Interpretive8. The amount of money that a firm receives from the sale of its output is calleda.total gross profit.b.total net profit.c.total revenue. revenue.ANS: C DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Total revenueMSC: Definitional9. Total revenue equalsa.price x quantity.b.price/quantity.c.(price x quantity) - total cost.d.output - input.ANS: A DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Total revenueMSC: Definitional10. The amount of money that a firm pays to buy inputs is calleda.total cost.b.variable cost.c.marginal cost.d.fixed cost.ANS: A DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Total cost MSC: Definitional11. Total cost is thea.amount a firm receives for the sale of its output.b.fixed cost less variable cost.c.market value of the inputs a firm uses in production.d.quantity of output minus the quantity of inputs used to make a good.ANS: C DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Total cost MSC: Definitional12. Profit is defined as revenue minus depreciation.b.total revenue minus total cost.c.average revenue minus average total cost.d.marginal revenue minus marginal cost.ANS: B DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit MSC: Definitional13. Profit is defined as total revenuea.plus total cost.b.times total cost.c.minus total cost.d.divided by total cost.ANS: C DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit MSC: Definitional14. Which of the following can be added to profit to obtain total revenue? profitb.capital profitc.operational profitd.total costANS: D DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Total revenueMSC: Analytical15. If Kelsey sells 300 glasses of lemonade at $0.50 each, her total revenues area.$150.b.$299.50.c.$300.d.$600.ANS: A DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Total revenueMSC: Analytical16. If Amanda sells 200 glasses of lemonade at $0.50 each, her total revenues area.$100.b.$199.50.c.$200.d.$400.ANS: A DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Total revenueMSC: Analytical17. Kirsten sells 300 glasses of lemonade at $0.50 each. Her total costs are $125. Her profits area.$25.b.$124.50.c.$125.d.$150.ANS: A DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit MSC: Analytical18. Zoe sells 200 glasses of lemonade at $0.50 each. Her total costs are $25. Her profits area.$25.b.$75.c.$100.d.$175.ANS: B DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit MSC: Analytical19. XYZ corporation produced 300 units of output but sold only 275 of the units it produced. The average cost ofproduction for each unit of output produced was $100. Each of the 275 units sold was sold for a price of $95.Total profit for the XYZ corporation would bea.-$3,875.b.$26,125.c.$28,500.d.$30,000.ANS: A DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit MSC: Applicative20. Those things that must be forgone to acquire a good are calleda.implicit costs.b.opportunity costs.c.explicit costs.d.accounting costs.ANS: B DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Definitional21. Gordon is a senior majoring in computer network development at Smart State University. While he has beenattending college, Gordon started a computer consulting business to help senior citizens set up their network connections and teach them how to use e-mail. Gordon charges $25 per hour for his consulting services.Gordon also works 5 hours a week for the Economics Department to maintain that department's Web page.The Economics Department pays Gordon $20 per hour. From this information we can conclude:a.Gordon should increase the number of hours he works for the Economics Department to make itcomparable to his consulting business income.b.Gordon is obviously not maximizing his well-being if he continues to work for the EconomicsDepartment.c.If Gordon chooses one hour at the beach with his friends rather than spend one more hour with aconsulting client, the forgone income of $25 is considered a cost of the choice to go to the beach.d.Both b and c are correctANS: C DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Analytical22. A firm's opportunity costs of production are equal to itsa.explicit costs only.b.implicit costs only.c.explicit costs + implicit costs.d.explicit costs + implicit costs + total revenue.ANS: C DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Definitional23. Susan used to work as a telemarketer, earning $25,000 per year. She gave up that job to start a cateringbusiness. In calculating the economic profit of her catering business, the $25,000 income that she gave up is counted as part of the catering firm'sa.total revenue.b.opportunity costs.c.explicit costs.d.marginal costs.ANS: B DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Interpretive24. John has decided to start his own lawn-mowing business. To purchase the mowers and the trailer to transportthe mowers, John withdrew $1,000 from his savings account, which was earning 3% interest, and borrowed an additional $2,000 from the bank at an interest rate of 7%. What is John's annual opportunity cost of thefinancial capital that has been invested in the business?a.$30b.$140c.$170d.$300ANS: C DIF: 3 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Analytical25. Gavin has decided to start his own snow removal business. To purchase the necessary equipment, Gavinwithdrew $2,000 from his savings account, which was earning 3% interest, and borrowed an additional $4,000 from the bank at an interest rate of 7%. What is Gavin's annual opportunity cost of the financial capital that has been invested in the business?a.$60b.$280c.$340d.$660ANS: C DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Analytical26. Dianne has decided to start her own photography studio. To purchase the necessary equipment, Diannewithdrew $10,000 from her savings account, which was earning 3% interest, and borrowed an additional$5,000 from the bank at an interest rate of 8%. What is Dianne's annual opportunity cost of the financialcapital that has been invested in the business?a.$300b.$400c.$700d.$1,650ANS: C DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Analytical27. The value of a business owner's time is an example ofa.an opportunity cost.b. a fixed cost.c.an explicit cost.d.total revenue.ANS: A DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Interpretive28. An example of an opportunity cost that is also an implicit cost isa. a lease payment.b.the cost of raw materials.c.the value of the business owner’s time.d.All of the above are correct.ANS: C DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Interpretive。
曼昆微观经济学课后练习英文答案(第七章)
rketsWHAT’S NEW IN THE SIXTH EDITION:There are no major changes to this chapter.LEARNING OBJECTIVES:By the end of this chapter, students should understand:the link between buyers’ willingness to pay for a good and the demand curve.how to define and measure consumer surplus.the link between sellers’ costs of producing a good and the supply curve.how to define and measure producer surplus.that the equilibrium of supply and demand maximizes total surplus in a market.CONTEXT AND PURPOSE:Chapter 7 is the first chapter in a three-chapter sequence on welfare economics and market efficiency. Chapter 7 employs the supply and demand model to develop consumer surplus and producer surplus as a measure of welfare and market efficiency. These concepts are then7CONSUMERS, PRODUCERS, AND THEEFFICIENCY OF MARKETSutilized in Chapters 8 and 9 to determine the winners and losers from taxation and restrictions on international trade.The purpose of Chapter 7 is to develop welfare economics—the study of how the allocation of resources affects economic well-being. Chapters 4 through 6 employed supply and demand in a positive framework, which focused on the question, “What is the equilibrium price and quantity in a market” This chapter now addresses the normative question, “Is the equilibrium price and quantity in a market the best possible solution to the resource allocation problem, or is it simply the price and quantity that balance supply and demand” Students will discover that under most circumstances the equilibrium price and quantity is also the one that maximizes welfare.KEY POINTS:Consumer surplus equals buyers’ willingness to pay for a good minus the amount they actually pay for it, and it measures the benefit buyers get from participating in a market.Consumer surplus can be computed by finding the area below the demand curve and above the price.Producer surplus equals the amount sellers receive for their goods minus their costs of production, and it measures the benefit sellers get from participating in a market.Producer surplus can be computed by finding the area below the price and above the supply curve.An allocation of resources that maximizes the sum of consumer and producer surplus is said to be efficient. Policymakers are often concerned with the efficiency, as well as the equality, of economic outcomes.The equilibrium of supply and demand maximizes the sum of consumer and producer surplus.That is, the invisible hand of the marketplace leads buyers and sellers to allocate resources efficiently.Markets do not allocate resources efficiently in the presence of market failures such as market power or externalities.CHAPTER OUTLINE:I. Definition of welfare economics: the study of how the allocation of resources affectseconomic well-being.Students often are confused by the use of the word “welfare.” Remind themthat we are talking about social well-being and not public assistance.II. Consumer SurplusA. Willingness to Pay1. Definition of willingness to pay: the maximum amount that a buyer will pay for agood.2. Example: You are auctioning a mint-condition recording of Elvis Presley’s firstalbum. Four buyers show up. Their willingness to pay is as follows:If the bidding goes to slightly higher than $80, all buyers drop outexcept for John. Because John is willing to pay more than he has to forthe album, he derives some benefit from participating in the market.3. Definition of consumer surplus: the amount a buyer is willing to pay for a goodminus the amount the buyer actually pays for it.4. Note that if you had more than one copy of the album, the price in the auctionJohn and Paul would gain consumer surplus.B. Using the Demand Curve to Measure Consumer Surplus1. We can use the information on willingness to pay to derive a demand curve for therare Elvis Presley album.2. At any given quantity, the price given by the demand curve reflects thewillingness to pay of the marginal buyer. Because the demand curve shows the buyers’ willingness to pay, we can use the demand curve to measure consumer surplus.Figure 23. Consumer surplus can be measured as the area below the demand curve and above theprice.C. How a Lower Price Raises Consumer SurplusFigure 31. As price falls, consumer surplus increases for two reasons.a. Those already buying the product will receive additional consumer surplusbecause they are paying less for the product than before (area A on the graph).b. Because the price is now lower, some new buyers will enter the market andreceive consumer surplus on these additional units of output purchased (area Bon the graph).D. What Does Consumer Surplus MeasureIt is important to stress that consumer surplus is measured in monetaryterms. Consumer surplus gives us a way to place a monetary cost on1. Remember that consumer surplus is the difference between the amount that buyersare willing to pay for a good and the price that they actually pay.2. Thus, it measures the benefit that consumers receive from the good as the buyersthemselves perceive it.ALTERNATIVE CLASSROOM EXAMPLE:Review the material on price ceilings from Chapter 6. Redraw the market for two-bedroom apartments in your town. Draw in a price ceiling below the equilibriumprice.III. Producer SurplusA. Cost and the Willingness to Sell1. Definition of cost: the value of everything a seller must give up to produce agood.You will need to take some time to explain the relationship between theproducers’ willingness to sell and the cost of producing the good. Therelationship between cost and the supply curve is not as apparent as the2. Example: You want to hire someone to paint your house. You accept bids for thework from four sellers. Each painter is willing to work if the price you will pay exceeds her opportunity cost. (Note that this opportunity cost thus represents willingness to sell.) The costs are:3. Bidding will stop when the price gets to be slightly below $600. All sellers willdrop out except for Grandma. Because Grandma receives more than she would require to paint the house, she derives some benefit from producing in the market.4. Definition of producer surplus: the amount a seller is paid for a good minus theseller’s cost of providing it.5. Note that if you had more than one house to paint, the price in the auction wouldend up being higher (a little under $800 in the case of two houses) and both Grandma and Georgia would gain producer surplus.B. Using the Supply Curve to Measure Producer Surplus1. We can use the information on cost (willingness to sell) to derive a supply curvefor house painting services.Price Sellers Quantity Supplied$900 or more Mary, Frida, Georgia, Grandma4$800 to $900Frida, Georgia, Grandma3$600 to $800Georgia, Grandma2$500 to $600Grandma1less than $500None02. At any given quantity, the price given by the supply curve represents the cost ofthe marginal seller. Because the supply curve shows the sellers’ cost (willingness to sell), we can use the supply curve to measure producer surplus.3. Producer surplus can be measured as the area above the supply curve and below theprice.Figure 4Figure 5C. How a Higher Price Raises Producer Surplus1. As price rises, producer surplus increases for two reasons.a. Those already selling the product will receive additional producer surplusbecause they are receiving more for the product than before (area C on thegraph).b. Because the price is now higher, some new sellers will enter the market andreceive producer surplus on these additional units of output sold (area D onthe graph).D. Producer surplus is used to measure the economic well-being of producers, much like Figure 6ALTERNATIVE CLASSROOM EXAMPLE:Review the material on price floors from Chapter 6. Redraw the market for an agricultural product such as corn. Draw in a price support above the equilibriumprice.Then go through:IV. Market EfficiencyA. The Benevolent Social Planner1. The economic well-being of everyone in society can be measured by total surplus,which is the sum of consumer surplus and producer surplus:Total Surplus = Consumer Surplus + Producer SurplusTotal Surplus = (Value to Buyers – Amount Paid by Buyers) + (Amount Received by Sellers – Cost to Sellers)Because the Amount Paid by Buyers = Amount Received by Sellers:2. Definition of efficiency: the property of a resource allocation of maximizing thetotal surplus received by all members of society .3. Definition of equality: the property of distributing economic prosperity uniformlythe members of society .B. Evaluating the Market EquilibriumTotal Surplus = Value to Buyers Cost to SellersFigure 7Now might be a good time to point out that many government policies involvea trade-off between efficiency and equity. When you evaluate government Pretty Woman, Chapter 6. Vivien (Julia Roberts) and Edward (Richard Gere)negotiate a price. Afterward, Vivien reveals she would have accepted a lower price, while Edward admits he would have paid more. If you have done a good job of introducing consumer and producer surplus, you will see the1. At the market equilibrium price:a. Buyers who value the product more than the equilibrium price will purchase theproduct; those who do not, will not purchase the product. In other words, thefree market allocates the supply of a good to the buyers who value it mosthighly, as measured by their willingness to pay.b. Sellers whose costs are lower than the equilibrium price will produce theproduct; those whose costs are higher, will not produce the product. In otherwords, the free market allocates the demand for goods to the sellers who canproduce it at the lowest cost.2. Total surplus is maximized at the market equilibrium.Figure 8a. At any quantity of output smaller than the equilibrium quantity, the value ofthe product to the marginal buyer is greater than the cost to the marginalseller so total surplus would rise if output increases.b. At any quantity of output greater than the equilibrium quantity, the value ofthe product to the marginal buyer is less than the cost to the marginal sellerso total surplus would rise if output decreases.3. Note that this is one of the reasons that economists believe Principle #6: Marketsare usually a good way to organize economic activity.It would be a good idea to remind students that there are circumstanceswhen the market process does not lead to the most efficient outcome.Examples include situations such as when a firm (or buyer) has market powerC. In the News: Ticket Scalping1. Ticket scalping is an example of how markets work to achieve an efficient outcome.2. This article from The Boston Globe describes economist Chip Case’s experiencewith ticket scalping.D. Case Study: Should There Be a Market in Organs1. As a matter of public policy, people are not allowed to sell their organs.a. In essence, this means that there is a price ceiling on organs of $0.b. This has led to a shortage of organs.2. The creation of a market for organs would lead to a more efficient allocation ofresources, but critics worry about the equity of a market system for organs.V. Market Efficiency and Market FailureA. To conclude that markets are efficient, we made several assumptions about how marketsworked.1. Perfectly competitive markets.2. No externalities.B. When these assumptions do not hold, the market equilibrium may not be efficient.C. When markets fail, public policy can potentially remedy the situation.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. Figure 1 shows the demand curve for turkey. The price of turkey is P1and theconsumer surplus that results from that price is denoted CS. Consumer surplus isthe amount a buyer is willing to pay for a good minus the amount the buyeractually pays for it. It measures the benefit to buyers of participating in amarket.Figure 1 Figure 22. Figure 2 shows the supply curve for turkey. The price of turkey is P1and theproducer surplus that results from that price is denoted PS. Producer surplus isthe amount sellers are paid for a good minus the sellers’ cost of providing it(measured by the supply curve). It measures the benefit to sellers ofparticipating in a market.Figure 33. Figure 3 shows the supply and demand for turkey. The price of turkey is P1,consumer surplus is CS, and producer surplus is PS. Producing more turkeys thanthe equilibrium quantity would lower total surplus because the value to themarginal buyer would be lower than the cost to the marginal seller on thoseadditional units.Questions for Review1. The price a buyer is willing to pay, consumer surplus, and the demand curve areall closely related. The height of the demand curve represents the willingness topay of the buyers. Consumer surplus is the area below the demand curve and abovethe price, which equals the price that each buyer is willing to pay minus theprice actually paid.2. Sellers' costs, producer surplus, and the supply curve are all closely related.The height of the supply curve represents the costs of the sellers. Producersurplus is the area below the price and above the supply curve, which equals theprice received minus each seller's costs of producing the good.Figure 43. Figure 4 shows producer and consumer surplus in a supply-and-demand diagram.4. An allocation of resources is efficient if it maximizes total surplus, the sum ofconsumer surplus and producer surplus. But efficiency may not be the only goal ofeconomic policymakers; they may also be concerned about equity the fairness ofthe distribution of well-being.5. The invisible hand of the marketplace guides the self-interest of buyers andsellers into promoting general economic well-being. Despite decentralized decisionmaking and self-interested decision makers, free markets often lead to anefficient outcome.6. Two types of market failure are market power and externalities. Market power maycause market outcomes to be inefficient because firms may cause price and quantityto differ from the levels they would be under perfect competition, which keepstotal surplus from being maximized. Externalities are side effects that are nottaken into account by buyers and sellers. As a result, the free market does notmaximize total surplus.Problems and Applications1. a. Consumer surplus is equal to willingness to pay minus the price paid.Therefore, Melissa’s willingness to pay must be $200 ($120 + $80).b. Her consumer surplus at a price of $90 would be $200 − $90 = $110.c. If the price of an iPod was $250, Melissa would not have purchased one becausethe price is greater than her willingness to pay. Therefore, she would receiveno consumer surplus.2. If an early freeze in California sours the lemon crop, the supply curve for lemonsshifts to the left, as shown in Figure 5. The result is a rise in the price oflemons and a decline in consumer surplus from A + B + C to just A. So consumersurplus declines by the amount B + C.Figure 5 Figure 6In the market for lemonade, the higher cost of lemons reduces the supply oflemonade, as shown in Figure 6. The result is a rise in the price of lemonade anda decline in consumer surplus from D + E + F to just D, a loss of E + F. Note thatan event that affects consumer surplus in one market often has effects on consumersurplus in other markets.3. A rise in the demand for French bread leads to an increase in producer surplus inthe market for French bread, as shown in Figure 7. The shift of the demand curveleads to an increased price, which increases producer surplus from area A to areaA +B + C.Figure 7The increased quantity of French bread being sold increases the demand for flour,as shown in Figure 8. As a result, the price of flour rises, increasing producersurplus from area D to D + E + F. Note that an event that affects producer surplusin one market leads to effects on producer surplus in related markets.Figure 84. a. Bert’s demand schedule is:Price Quantity DemandedMore than $70$5 to $71$3 to $52$1 to $33$1 or less4Bert’s demand curve is shown in Figure 9.Figure 9b. When the price of a bottle of water is $4, Bert buys two bottles of water. Hisconsumer surplus is shown as area A in the figure. He values his first bottleof water at $7, but pays only $4 for it, so has consumer surplus of $3. Hevalues his second bottle of water at $5, but pays only $4 for it, so hasconsumer surplus of $1. Thus Bert’s total consumer surplus is$3 + $1 = $4,which is the area of A in the figure.c. When the price of a bottle of water falls from $4 to $2, Bert buys threebottles of water, an increase of one. His consumer surplus consists of bothareas A and B in the figure, an increase in the amount of area B. He getsconsumer surplus of $5 from the first bottle ($7 value minus $2 price), $3 fromthe second bottle ($5 value minus $2 price), and $1 from the third bottle ($3value minus $2 price), for a total consumer surplus of $9. Thus consumersurplus rises by $5 (which is the size of area B) when the price of a bottle ofwater falls from $4 to $2.5. a. Ernie’s supply schedule for water is:Price Quantity SuppliedMore than $74$5 to $73$3 to $52$1 to $31Less than $10Ernie’s su pply curve is shown in Figure 10.Figure 10b. When the price of a bottle of water is $4, Ernie sells two bottles of water.His producer surplus is shown as area A in the figure. He receives $4 for his first bottle of water, but it costs only $1 to produce, so Ernie has producer surplus of $3. He also receives $4 for his second bottle of water, which costs $3 to produce, so he has producer surplus of $1. Thus Ernie’s total producer surplus is $3 + $1 = $4, which is the area of A in the figure.c. When the price of a bottle of water rises from $4 to $6, Ernie sells threebottles of water, an increase of one. His producer surplus consists of bothareas A and B in the figure, an increase by the amount of area B. He gets producer surplus of $5 from the first bottle ($6 price minus $1 cost), $3 from the second bottle ($6 price minus $3 cost), and $1 from the third bottle ($6 price minus $5 price), for a total producer surplus of $9. Thus producer surplus rises by $5 (which is the size of area B) when the price of a bottle of water rises from $4 to $6.6. a. From Ernie’s supply schedule and Bert’s demand schedule, the quantitydemanded and supplied are:Only a price of $4 brings supply and demand into equilibrium, with an equilibrium quantity of two.b. At a price of $4, consumer surplus is $4 and producer surplus is $4, as shownin Problems 3 and 4 above. Total surplus is $4 + $4 = $8.c. If Ernie produced one less bottle, his producer surplus would decline to $3, asshown in Problem 4 above. If Bert consumed one less bottle, his consumer surplus would decline to $3, as shown in Problem 3 above. So total surplus would decline to $3 + $3 = $6.d. If Ernie produced one additional bottle of water, his cost would be $5, but theprice is only $4, so his producer surplus would decline by $1. If Bert consumed one additional bottle of water, his value would be $3, but the price is $4, so his consumer surplus would decline by $1. So total surplus declines by $1 + $1 = $2.7. a. The effect of falling production costs in the market for stereos results in ashift to the right in the supply curve, as shown in Figure 11. As a result, theequilibrium price of stereos declines and the equilibrium quantity increases.Figure 11b. The decline in the price of stereos 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 theprice). After the shift in supply, producer surplus is areas E + F + G. Soproducer surplus changes by the amount F + G –B, which may be positive ornegative. The increase in quantity increases producer surplus, while thedecline in the price reduces producer surplus. Because consumer surplus risesby B + C + D and producer surplus rises by F + G – B, total surplus rises by C+ D + F + G.c. If the supply of stereos is very elastic, then the shift of the supply curvebenefits consumers most. To take the most dramatic case, suppose the supplycurve were horizontal, as shown in Figure 12. Then there is no producer surplusat all. Consumers capture all the benefits of falling production costs, withconsumer surplus rising from area A to area A + B.Figure 128. Figure 13 shows supply and demand curves for haircuts. Supply equals demand at aquantity of three haircuts and a price between $4 and $5. Firms A, C, and D shouldcut the hair of Ellen, Jerry, and Phil. Oprah’s willingness to pay is too low andfirm B’s costs are too high, so they do not participate. The maximum totalsurplus is the area between the demand and supply curves, which totals $11 ($8value minus $2 cost for the first haircut, plus $7 value minus $3 cost for thesecond, plus $5 value minus $4 cost for the third).Figure 139. a. The effect of falling production costs in the market for computers results in ashift to the right in the supply curve, as shown in Figure 14. As a result, theequilibrium price of computers declines and the equilibrium quantity increases.The decline in the price of computers increases consumer surplus from area A toA +B +C + D, an increase in the amount B + C + D.Figure 14 Figure 15Prior to the shift in supply, producer surplus was areas B + E (the area abovethe supply curve and below the price). After the shift in supply, producersurplus 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.Because consumer surplus rises by B + C + D and producer surplus rises by F + G – B, total surplus rises by C + D + F + G.b. Because typewriters are substitutes for computers, the decline in the price ofcomputers means that people substitute computers for typewriters, shifting the demand for typewriters to the left, as shown in Figure 15. The result is a decline in both the equilibrium price and equilibrium quantity of typewriters.Consumer surplus in the typewriter 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. Typewriter producers are sad about technological advances in computers because their producer surplus declines.c. Because software and computers are complements, the decline in the price andincrease in the quantity of computers means that the demand for softwareincreases, 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. Consumersurplus 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, sosoftware producers should be happy about the technological progress incomputers.Figure 16d. Yes, this analysis helps explain why Bill Gates is one the world’s richestpeople, because his company produces a lot of software that is a complementwith computers and there has been tremendous technological advance in computers.10. a. With Provider A, the cost of an extra minute is $0. With Provider B, the costof an extra minute is $1.b. With Provider A, my friend will purchase 150 minutes [= 150 – (50)(0)]. WithProvider B, my friend would purchase 100 minutes [= 150 – (50)(1)].c. With Provider A, he would pay $120. The cost would be $100 with Provider B.Figure 17d. Figure 17 shows the friend’s demand. With Provider A, he buys 150 minutes andhis consumer surplus is equal to (1/2)(3)(150) – 120 = 105. With Provider B,his consumer surplus is equal to (1/2)(2)(100) = 100.e. I would recommend Provider A because he receives greater consumer surplus.11. a. Figure 18 illustrates the demand for medical care. If each procedure has aprice of $100, quantity demanded will be Q1 procedures.Figure 18b. If consumers pay only $20 per procedure, the quantity demanded will be Q2procedures. Because the cost to society is $100, the number of proceduresperformed is too large to maximize total surplus. The quantity that maximizestotal surplus is Q1 procedures, which is less than Q2.c. The use of medical care is excessive in the sense that consumers get procedureswhose value is less than the cost of producing them. As a result, theeconomy’s total surplus is reduced.d. To prevent this excessive use, the consumer must bear the marginal cost of theprocedure. But this would require eliminating insurance. Another possibilitywould be that the insurance company, which pays most of the marginal cost ofthe procedure ($80, in this case) could decide whether the procedure should beperformed. But the insurance company does not get the benefits of the procedure,so its decisions may not reflect the value to the consumer.。
微观经济学(平狄克鲁宾费尔德)第六版课后答案--微观经济学 英文原版-CH02PINDYCK
The Basics of Supply and Demand
Introduction
What are supply and demand? What is the market mechanism? What are the effects of changes in market equilibrium? What are elasticities of supply and demand?
Produced Q1 at P1 and Q0 at P2 Now produce Q2 at P1 and Q1 at P2 Supply curve shifts right to S’
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The Demand Curve
Price ($ per unit) The demand curve slopes downward, demonstrating that consumers are willing to buy more at a lower price as the product becomes relatively cheaper.
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Quantity
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The Supply Curve
Other Variables Affecting Supply
Costs of Production
华农张应强微经整理
Chapter1 Basic Elements of Supply and Demand一、The Demand Schedule/Curve需求曲线1.The demand schedule or curve or demand denotes the relationship between price and quantity demanded ,other things being constant.需求曲线表示的是在其他因素不变的情况下，价格和需求量之间的关系。
w of downward-slopping demand :when the price of a commodity israised ,buyers tend to buy less of the commodity ,in other words ,the price and quantity are inversely related ,other things held constant.需求曲线下降理论：当一种商品的价格升高时，购买者购买该商品的数量会减少；换句话说，当其他因素不变时，商品的需求量和价格之间成反方向变动关系。
P D D'A A'BQ3.Behind the Demand CurveFactors affecting the demand curve 影响需求曲线的因素（1）Average income 消费者收入水平（2）Population 消费者数量（3）Price of related goods(substitutes/complements) 相关商品的价格（4）Tastes or Preference 消费者的偏好（5）Special influence 特殊因素的影响注：当研究某一因素对需求曲线的影响时，其他因素假定不变。
4.A Change in Demand and Quantity Demanded 需求的变化和需求量的变化（1）An increase in demand（需求增加的变化）：a rightward shift in the demand curve(D—D') or an increase at the amount demanded at each price 需求曲线向右移动或者是每个价格上增加的需求量（2）An increase in quantity demanded（需求量增加的变化）：moving to the different point on the same demand curve after a change(A—B) 在同一条曲线上移动到不同的位置上二、The Supply Schedule 供给曲线1.The supply schedule or curve or supply denotes the relationship between the price and the quantity that producers are willing to produce ,other things being constant. 供给曲线表示的是生产者在一定时期内在各种可能的价格下愿意而且能够提供出售的该种商品的数量。
The Costs of Production 微观经济汇总
Chapter 13The Costs of ProductionMULTIPLE CHOICEScenario 13-5Samantha has been working for a law firm and earning an annual salary of $80,000. She decides to open her own practice. Her annual expenses will include $15,000 for office rent, $3,000 for equipment rental, $1,000 for supplies, $1,200 for utilities, and a $35,000 salary for a secretary/bookkeeper. Samantha will cover her start-up expenses by cashing in a $20,000 certificate of deposit on which she was earning annual interest of $500.1. Refer to Scenario 13-5. Samantha's annual implicit costs will equala. $55,200.b. $75,200.c. $80,000.d. $80,500.e. $165,700.ANS: D DIF: 2 REF: 13-1NAT: Analytic LOC: Costs of production TOP: Implicit costsMSC: Analytical2. Refer to Scenario 13-5. Samantha's annual accounting costs will equala. $55,200.b. $75,200.c. $80,000.d. $80,500.e. $165,700.ANS: A DIF: 2 REF: 13-1NAT: Analytic LOC: Costs of production TOP: Explicit costsMSC: Analytical3. Refer to Scenario 13-5. Samantha's annual economic costs will equala. $55,200.b. $75,200.c. $80,000.d. $80,500.e. $135,700.ANS: E DIF: 2 REF: 13-1NAT: Analytic LOC: Costs of productionTOP: Explicit costs | Implicit costs MSC: Analytical205206 ❖Chapter 13/The Costs of Production4. Refer to Scenario 13-5. According to Samantha’s accountant, which of the following revenue totalswill yield her business $50,000 in profits?a. $55,200.b. $105,200.c. $130,000.d. $132,500.e. $185,700.ANS: B DIF: 3 REF: 13-1NAT: Analytic LOC: Costs of production TOP: Accounting profitMSC: Analytical5. Refer to Scenario 13-5. According to an economist, which of the following revenue totals will yieldher business $50,000 in economic profits?a. $55,200.b. $100,200.c. $130,000.d. $132,500.e. $185,700.ANS: E DIF: 3 REF: 13-1NAT: Analytic LOC: Costs of production TOP: Economic profitMSC: AnalyticalScenario 13-4Wanda owns a lemonade stand. She produces lemonade using five inputs: water, sugar, lemons, paper cups, and labor. Her costs per glass are as follows: $0.01 for water, $0.02 for sugar, $0.03 for lemons, $0.02 for cups, and $0.10 for the opportunity cost of her labor. She can sell 300 glasses for $0.50 each.6. Refer to Scenario 13-4. What are Wanda’s explicit costs per glass?a. $0.50b. $0.18c. $0.10d. $0.08e. $0.02ANS: D DIF: 2 REF: 13-1NAT: Analytic LOC: Costs of production TOP: Explicit costsMSC: Analytical7. Refer to Scenario 13-4. What are Wanda’s implicit costs per glass?a. $0.50b. $0.18c. $0.10d. $0.08e. $0.02ANS: C DIF: 2 REF: 13-1NAT: Analytic LOC: Costs of production TOP: Implicit costsMSC: AnalyticalChapter 13/The Costs of Production ❖2078. Refer to Scenario 13-4. What are Wanda’s total costs per glass?a. $0.50b. $0.18c. $0.10d. $0.08e. $0.02ANS: B DIF: 2 REF: 13-1NAT: Analytic LOC: Costs of production TOP: Total costMSC: Analytical9. Refer to Scenario 13-4. What are Wanda’s total accounting profits?a. $150b. $126c. $96d. $24e. $12ANS: B DIF: 2 REF: 13-1NAT: Analytic LOC: Costs of production TOP: Economic profitMSC: Analytical10. Refer to Scenario 13-4. What are Wanda’s total economic profits?a. $150b. $126c. $96d. $54e. $50ANS: C DIF: 2 REF: 13-1NAT: Analytic LOC: Costs of production TOP: Economic profitMSC: Analytical11. When calculating a firm's profit, an economist will subtract onlya. explicit costs from total revenue because these are the only costs that can be measuredexplicitly.b. implicit costs from total revenue because these include both the costs that can be directlymeasured as well as the costs that can be indirectly measured.c. the opportunity costs from total revenue because these include both the implicit andexplicit costs of the firm.d. the marginal cost because the cost of the next unit is the only relevant cost.e. the variable cost because fixed costs are not relevant for determining profit.ANS: C DIF: 2 REF: 13-1NAT: Analytic LOC: Costs of production TOP: Economic profitMSC: Definitional208 ❖Chapter 13/The Costs of Production12. Which of the following is an example of an implicit cost?(i) the owner of a firm forgoing an opportunity to earn a large salary working for a WallStreet brokerage firm(ii) interest paid on the firm's debt(iii) rent paid by the firm to lease office spacea. (ii) and (iii) onlyb. (i) and (iii) onlyc. (i) onlyd. (ii) onlye. (iii) onlyANS: C DIF: 2 REF: 13-1NAT: Analytic LOC: Costs of production TOP: Implicit costs MSC: Interpretive13. Economists normally assume that the goal of a firm is toa. maximize its total revenue.b. maximize its profit.c. minimize its explicit costs.d. minimize its total cost.e. maximize sales.ANS: B DIF: 1 REF: 13-1NAT: Analytic LOC: Costs of production TOP: Profit maximization MSC: Definitional14. Economists normally assume that the goal of a firm is to(i) sell as much of their product as possible.(ii) set the price of the product as high as possible.(iii) maximize profit.a. (i) and (ii) are true.b. (ii) and (iii) are true.c. only (iii) is true.d. (i) and (iii) are true.e. only (ii) is true.ANS: C DIF: 2 REF: 13-1NAT: Analytic LOC: Costs of production TOP: Profit maximization MSC: InterpretiveChapter 13/The Costs of Production ❖20915. Refer to Table 13-2. The marginal product of the second worker isa. 170 units.b. 90 units.c. 85 units.d. 80 units.e. 20 units.ANS: D DIF: 2 REF: 13-2NAT: Analytic LOC: Costs of production TOP: Marginal productMSC: Analytical16. Refer to Table 13-2. The marginal product of the fourth worker isa. 10 units.b. 50 units.c. 60 units.d. 230 units.e. 240 units.ANS: A DIF: 2 REF: 13-2NAT: Analytic LOC: Costs of production TOP: Marginal productMSC: Analytical17. Refer to Table 13-2. At which number of workers does diminishing marginal product begin?a. 0b. 1c. 2d. 3e. 4ANS: C DIF: 1 REF: 13-2NAT: Analytic LOC: Costs of production TOP: Marginal productMSC: Analytical210 ❖Chapter 13/The Costs of Production18. Refer to Table 13-2. If the firm can sell its output for $1 per unit, what is the profit-maximizinglevel of output?a. 240 unitsb. 230 unitsc. 190 unitsd. 170 unitse. 150 unitsANS: B DIF: 2 REF: 13-2NAT: Analytic LOC: Costs of production TOP: ProfitMSC: Analytical19. When adding another unit of labor leads to an increase in output that is smaller than the increases inoutput that resulted from adding previous units of labor, the firm is experiencinga. diminishing labor.b. diminishing output.c. diminishing marginal product.d. negative marginal product.e. negative returns to scale.ANS: C DIF: 2 REF: 13-2NAT: Analytic LOC: Costs of productionTOP: Diminishing marginal product MSC: Applicative20. A production function is a relationship between inputs anda. quantity of output.b. revenue.c. costs.d. profit.e. price.ANS: A DIF: 1 REF: 13-2NAT: Analytic LOC: Costs of production TOP: Production functionMSC: Definitional21. If marginal cost is rising,a. average variable cost must be falling.b. average fixed cost must be rising.c. marginal product must be falling.d. marginal product must be rising.e. marginal product could be rising, falling, or constant.ANS: C DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of productionTOP: Marginal cost | Diminishing marginal product MSC: InterpretiveChapter 13/The Costs of Production ❖ 21122. When a firm is operating at an efficient scale,a. average variable cost is minimized.b. average fixed cost is minimized.c. average total cost is minimized.d. marginal cost is minimized.e. marginal product is minimized.ANS: CDIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Efficient scaleMSC: InterpretiveFigure 13-7C A DB23. Refer to Figure 13-7. The efficient scale of production occurs at which quantity?a. any quantity less than Ab. Bc. Cd. De. any quantity greater than DANS: C DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Efficient scaleMSC: Analytical24. Refer to Figure 13-7. Quantity C represents the output level where the firma. maximizes profits.b. minimizes total costs.c. produces at the efficient scale.d. minimizes marginal costs.e. minimizes average fixed costs.ANS: CDIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Efficient scaleMSC: Analytical212 ❖ Chapter 13/The Costs of Production25. Refer to Figure 13-7. Quantity B represents the output level where the firma. maximizes profits.b. minimizes average variable costs.c. produces at the efficient scale.d. minimizes marginal costs.e. minimizes average fixed costs.ANS: B DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of productionTOP: Cost curves | Average variable costMSC: AnalyticalFigure 13-4123456789101112123456789101126. Refer to Figure 13-4. The vertical distance between Curve B and Curve C represents what type ofcost?a. marginal costb. average total costc. average variable costd. average fixed coste. total costANS: D DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of productionTOP: Cost curves | Average fixed cost MSC: InterpretiveChapter 13/The Costs of Production ❖21327. Refer to Figure 13-4. Which of the curves is most likely to represent average fixed cost?a. Ab. Bc. Cd. De. None of the curves drawn represents average fixed costsANS: A DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of productionTOP: Cost curves | Average fixed cost MSC: Interpretive28. Refer to Figure 13-4. The sum of the costs shown by Curve A and Curve B represents what type ofcost?a. marginal costb. average total costc. average variable costd. average fixed coste. total costANS: B DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of productionTOP: Cost curves | Average total cost MSC: Interpretive29. Refer to Figure 13-4. Which curve is most likely to represent average total cost?a. Ab. Bc. Cd. De. None of the curves drawn represents average total costANS: C DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of productionTOP: Cost curves | Average total cost MSC: Interpretive30. Refer to Figure 13-4. Which curve is most likely to represent marginal cost?a. Ab. Bc. Cd. De. None of the curves drawn represents marginal costANS: D DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Cost curves | Marginal cost MSC: Interpretive214 ❖Chapter 13/The Costs of Production31. Refer to Figure 13-4. Curve D is increasing because ofa. diminishing marginal product.b. increasing marginal product.c. the fact that increasing marginal product follows decreasing marginal product.d. the fact that decreasing marginal product follows increasing marginal product.e. the fact that marginal product equals marginal cost.ANS: A DIF: 3 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Cost curves | Marginal cost MSC: Analytical32. Refer to Figure 13-4. Curve A is always declining because ofa. diminishing marginal product.b. dividing fixed costs by higher and higher levels of output.c. the fact that increasing marginal product follows decreasing marginal product.d. the fact that decreasing marginal product follows increasing marginal product.e. the fact that marginal product equals marginal cost.ANS: B DIF: 3 REF: 13-3NAT: Analytic LOC: Costs of productionTOP: Cost curves | Average fixed cost MSC: Analytical33. When marginal cost exceeds average total cost,a. average fixed cost must be rising.b. average total cost must be rising.c. average total cost must be falling.d. average total cost could be rising, falling, or constant.e. marginal cost must be falling.ANS: B DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Cost curvesMSC: Interpretive34. The average fixed cost curvea. always declines with increased levels of output.b. always rises with increased levels of output.c. declines as long as it is above marginal cost.d. declines as long as it is below marginal cost.e. remains constant.ANS: A DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of productionTOP: Cost curves | Average fixed cost MSC: Interpretive35. Johnny is a sophomore in college and has a 1.5 cumulative grade point average (GPA). Johnny'scumulative GPA will be better next semester if he(i) performs better than he did last semester.(ii) performs better than his cumulative GPA.(iii) gives an average performance.a. (i) onlyb. (ii) onlyc. (iii) onlyd. (i) and (ii)e. (ii) and (iii)ANS: B DIF: 3 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Average total costMSC: AnalyticalScenario 13-6A certain firm produces and sells staplers. Last year, it produced 7,000 staplers and sold each stapler for $6. In producing the 7,000 staplers, it incurred variable costs of $28,000 and a total cost of $45,000.36. Refer to Scenario 13-6. The firm's fixed costs amounted toa. $7,000.b. $17,000.c. $21,000.d. $28,000.e. $42,000.ANS: B DIF: 1 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Fixed costsMSC: Applicative37. Refer to Scenario 13-6. In producing the 7,000 staplers, the firm's average fixed cost wasa. $1.00.b. $1.32.c. $2.21.d. $2.43.e. $7.00.ANS: D DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Average fixed costMSC: Applicative38. Refer to Scenario 13-6. In producing the 7,000 staplers, the firm's average variable cost wasa. $2.43.b. $4.00.c. $6.00.d. $6.43.e. $7.00.ANS: B DIF: 1 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Average variable cost MSC: Applicative39. Refer to Scenario 13-6. In producing the 7,000 staplers, the firm's average total cost wasa. $2.43.b. $4.00.c. $6.00.d. $6.43.e. $7.00.ANS: D DIF: 1 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Average total costMSC: Applicative40. Refer to Scenario 13-6. Suppose the owner of the business had an offer to work for another firmthat raises his opportunity cost by $25,000. The firm's accounting profit for the year wasa. $-28,000.b. $-25,000c. $-3,000.d. $17,000.e. $28,000.ANS: C DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Accounting profitMSC: Applicative41. Refer to Scenario 13-6. Suppose the owner of the business had an offer to work for another firmthat raises his opportunity cost by $25,000. The firm's economic profit for the year wasa. $-28,000.b. $-25,000c. $-3,000.d. $17,000.e. $28,000.ANS: A DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Economic profitMSC: ApplicativeTable 13-1042. Refer to Table 13-10. What is the fixed cost of production at Jimmy's Gigaplots factory?a. $12b. $20c. $25d. $38e. $51ANS: C DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Fixed costsMSC: Applicative43. Refer to Table 13-10. What is the variable cost of producing five gigaplots at Jimmy's Gigaplotsfactory?a. $64b. $85c. $90d. $100e. $110ANS: B DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Variable costsMSC: Applicative44. Refer to Table 13-10. What is the total cost of producing seven gigaplots at Jimmy's Gigaplotsfactory?a. $140b. $150c. $153d. $158e. $200ANS: D DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Total costMSC: Applicative45. Refer to Table 13-10. What is the average variable cost of producing six gigaplots at Jimmy'sGigaplots factory?a. $16b. $17c. $18d. $19e. $20ANS: C DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Average variable cost MSC: Applicative46. Refer to Table 13-10. What is the average fixed cost of producing eight gigaplots at Jimmy'sGigaplots factory?a. $2.12b. $3.13c. $20.00d. $24.37e. $70.00ANS: B DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Average fixed cost MSC: Applicative47. Refer to Table 13-10. What is the marginal cost of the eighth gigaplot at Jimmy's Gigaplotsfactory?a. $20b. $27c. $160d. $185e. $200ANS: B DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Marginal costMSC: Applicative48. Refer to Table 13-10. What is the marginal cost of the second gigaplot at Jimmy's Gigaplotsfactory?a. $14b. $15c. $28d. $34e. $70ANS: B DIF: 2 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Marginal costMSC: ApplicativeFigure 13-549. Refer to Figure 13-5. Which of the following can be inferred from the preceding figure?(i) Marginal cost is increasing at all levels of output.(ii) Marginal product is increasing at low levels of output.(iii) Marginal product is decreasing at high levels of output.a. (i) and (ii) onlyb. (ii) and (iii) onlyc. (i) and (iii) onlyd. (ii) onlye. (iii) onlyANS: B DIF: 3 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Cost curves | Marginal cost MSC: Analytical50. Refer to Figure 13-5. Why does the total cost curve not begin at the origin (the point 0,0)?a. because variable costs are positive when output is zerob. because fixed costs are positive when output is zeroc. because the firm is producing at the efficient scaled. because the firm is maximizing profitse. because the firm is perfectly competitiveANS: B DIF: 3 REF: 13-3NAT: Analytic LOC: Costs of production TOP: Cost curves | Fixed costs MSC: AnalyticalFREE RESPONSE1. If the average total cost curve is falling, what is necessarily true of the marginal cost curve? If theaverage total cost curve is rising, what is necessarily true of the marginal cost curve?ANS:When average total cost curve is falling, marginal cost is below ATC. If the average total cost curve is rising, marginal cost is above ATC.DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average total cost | Marginal costMSC: Analytical2. What are opportunity costs? How do explicit and implicit costs relate to opportunity costs? ANS:The opportunity cost of an item refers to all those things that must be forgone to acquire that item. Both explicit and implicit costs are included as opportunity costs.DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costsMSC: Definitional。
CH10TheCostofCapital(财务管理,英文版)
10 - 22
What’s a reasonable final estimate of ks?
Method CAPM DCF kd + RP
Average
Estimate 14.2% 13.8% 14.0% 14.0%
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
Example:
10 - 12
kp = 9% kd = 10% T = 40%
kp, AT = kp – kp (1 – 0.7)(T) = 9% – 9%(0.3)(0.4) =
7.92%.
What’s the expected future g?
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
Retention growth rate:
10 - 19
g = (1 – Payout)(ROE) = 0.35(15%) = 5.25%.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
10 - 3
Should we focus on before-tax or after-tax capital costs?
Stockholders focus on A-T CFs. Therefore, we should focus on A-T capital costs, i.e., use A-T costs in WACC. Only kd needs adjustment.
Copyright © 2001 by Harcourt, Inc.
经济学原理曼昆课后答案chapter4
Problems and Applications1. a. Cold weather damages the orange crop, reducing the supply of oranges. This can beseen in Figure 4-6 as a shift to the left in the supply curve for oranges. The newequilibrium price is higher than the old equilibrium price.Figure 4-6b. People often travel to the Caribbean from New England to escape cold weather, sodemand for Caribbean hotel rooms is high in the winter. In the summer, fewer peopletravel to the Caribbean, since northern climes are more pleasant. The result, as shownin Figure 4-7, is a shift to the left in the demand curve. The equilibrium price ofCaribbean hotel rooms is thus lower in the summer than in the winter, as the figureshows.Figure 4-7c. When a war breaks out in the Middle East, many markets are affected. Since much oilproduction takes place there, the war disrupts oil supplies, shifting the supply curve forgasoline to the left, as shown in Figure 4-8. The result is a rise in the equilibrium priceof gasoline. With a higher price for gasoline, the cost of operating a gas-guzzlingautomobile, like a Cadillac, will increase. As a result, the demand for used Cadillacs will decline, as people in the market for cars won't find Cadillacs as attractive. In addition,some people who already own Cadillacs will try to sell them. The result is that thedemand curve for used Cadillacs shifts to the left, while the supply curve shifts to theright, as shown in Figure 4-9. The result is a decline in the equilibrium price of usedCadillacs.Figure 4-8Figure 4-92. The statement that "an increase in the demand for notebooks raises the quantity of notebooksdemanded, but not the quantity supplied" is false, in general. As Figure 4-10 shows, theincrease in demand for notebooks results in an increased quantity supplied. The only way the statement would be true is if the supply curve were perfectly inelastic, as shown in Figure 4-11.Figure 4-10Figure 4-113. a. If people decide to have more children (a change in tastes), they'll want larger vehiclesfor hauling their kids around, so the demand for minivans will increase. Supply won'tbe affected. The result is a rise in both price and quantity, as Figure 4-12 shows.Figure 4-12Figure 4-13b. If a strike by steelworkers raises steel prices, the costs of producing a minivan rise (a risein input prices), so the supply of minivans decreases. Demand won't be affected.The result is a rise in the price of minivans and a decline in the quantity, as Figure 4-13shows.c. The development of new automated machinery for the production of minivans is animprovement in technology. The reduction in firms' costs results in an increase insupply. Demand isn't affected. The result is a decline in the price of minivans and an increase in the quantity, as Figure 4-14 shows.Figure 4-14Figure 4-15d. The rise in the price of station wagons affects minivan demand because station wagonsare substitutes for minivans (that is, there's a rise in the price of a related good). Theresult is an increase in demand for minivans. Supply isn't affected. In equilibrium,the price and quantity of minivans both rise, as Figure 4-12 shows.e. The reduction in peoples' wealth caused by a stock-market crash reduces their income,leading to a reduction in the demand for minivans, since minivans are a normal good.Supply isn’t affected. As a result, both price and quantity decline, as Figure 4-15shows.4. Technological advances that reduce the cost of producing computer chips represent a decline inan input price for producing a computer. The result is a shift to the right in the supply ofcomputers, as shown in Figure 4-16. The equilibrium price falls and the equilibrium quantityrises, as the figure shows.Figure 4-16Figure 4-17Since computer software is a complement to computers, the increased equilibrium quantity ofcomputers increases the demand for software. As Figure 4-17 shows, the result is a rise in both the equilibrium price and quantity of software.Since typewriters are substitutes for computers, the increased equilibrium quantity of computers reduces the demand for typewriters. As Figure 4-18 shows, the result is a decline in both theequilibrium price and quantity of typewriters.Figure 4-185. a. When a hurricane in South Carolina damages the cotton crop, it raises input prices forproducing sweatshirts. As a result, the supply of sweatshirts shifts to the left, asshown in Figure 4-19. The new equilibrium has a higher price and lower quantity ofsweatshirts.Figure 4-19b. A decline in the price of leather jackets leads more people to buy leather jackets,reducing the demand for sweatshirts. The result, shown in Figure 4-20, is a decline in both the equilibrium price and quantity of sweatshirts.Figure 4-20c. The effects of colleges requiring students to engage in morning calisthenics inappropriate attire raises the demand for sweatshirts, as shown in Figure 4-21. Theresult is an increase in both the equilibrium price and quantity of sweatshirts.Figure 4-21d. The invention of new knitting machines increases the supply of sweatshirts. As Figure4-22 shows, the result is a reduction in the equilibrium price and an increase in theequilibrium quantity of sweatshirts.Figure 4-226. A temporarily high birth rate in the year 2005 leads to opposite effects on the price of babysittingservices in the years 2010 and 2020. In the year 2010, there are more 5-year olds who needsitters, so the demand for babysitting services rises, as shown in Figure 4-23. The result is ahigher price for babysitting services in 2010. However, in the year 2020, the increased numberof 15-year olds shifts the supply of babysitting services to the right, as shown in Figure 4-24.The result is a decline in the price of babysitting services.Figure 4-23Figure 4-247. Since ketchup is a complement for hot dogs, when the price of hot dogs rises, the quantitydemanded of hot dogs falls, thus reducing the demand for ketchup, causing both price andquantity of ketchup to fall. Since the quantity of ketchup falls, the demand for tomatoes byketchup producers falls, so both price and quantity of tomatoes fall. When the price oftomatoes falls, producers of tomato juice face lower input prices, so the supply curve for tomato juice shifts down, causing the price of tomato juice to fall and the quantity of tomato juice to rise.The fall in the price of tomato juice causes people to substitute tomato juice for orange juice, sothe demand for orange juice declines, causing the price and quantity of orange juice to fall.Now you can see clearly why a rise in the price of hot dogs leads to a fall in price of orange juice!Figure 4-258. a. Cigars and chewing tobacco are substitutes for cigarettes, since a higher price forcigarettes would increase demand for cigars and chewing tobacco.b. An increase in the tax on cigarettes leads to increased demand for cigars and chewingtobacco. The result, as shown in Figure 4-25 for cigars, is a rise in both the equilibriumprice and quantity of cigars and chewing tobacco.c. The results in part (b) showed that a tax on cigarettes leads people to substitute cigarsand chewing tobacco for cigarettes when the tax on cigarettes rises. To reduce totaltobacco usage, policymakers might also want to increase the tax on cigars and chewingtobacco, or pursue some type of public education program.9. Quantity supplied equals quantity demanded at a price of $6 and quantity of 81 pizzas (Figure 4-26).If price were greater than $6, quantity supplied would exceed quantity demanded, so supplierswould reduce their price to gain sales. If price were less than $6, quantity demanded wouldexceed quantity supplied, so suppliers could raise their price without losing sales. In both cases, the price would continue to adjust until it reached $6, the only price at which there's neithersurplus nor shortage.Figure 4-2610. a. If the price of flour falls, since flour is an ingredient in bagels, the supply curve for bagelswould shift to the right. The result, shown in Figure 4-27, would be a fall in the price ofbagels and a rise in the equilibrium quantity of bagels.Since cream cheese is a complement to bagels, the rise in quantity demanded of bagelsincreases the demand for cream cheese, as shown in Figure 4-28. The result is a rise inboth the equilibrium price and quantity of cream cheese. So, a fall in the price of flourindeed raises both the equilibrium price of cream cheese and the equilibrium quantityof bagels.Figure 4-27Figure 4-28What happens if the price of milk falls Since milk is an ingredient in cream cheese, the fall in the price of milk leads to an increase in the supply of cream cheese. This leads to a decrease in the price of cream cheese (Figure 4-29), rather than a rise in the price of cream cheese. So a fall in the price of milk couldn't have been responsible for the pattern observed.Figure 4-29Figure 4-30b. In part (a), we found that a fall in the price of flour led to a rise in the price of creamcheese and a rise in the equilibrium quantity of bagels. If the price of flour rose, theopposite would be true; it would lead to a fall in the price of cream cheese and a fall inthe equilibrium quantity of bagels. Since the question says the equilibrium price ofcream cheese has risen, it couldn't have been caused by a rise in the price of flour.What happens if the price of milk rises From part (a), we found that a fall in the priceof milk caused a decline in the price of cream cheese, so a rise in the price of milk would cause a rise in the price of cream cheese. Since bagels and cream cheese arecomplements, the rise in the price of cream cheese would reduce the demand for bagels,as Figure 4-30 shows. The result is a decline in the equilibrium quantity of bagels. Soa rise in the price of milk does cause both a rise in the price of cream cheese and adecline in the equilibrium quantity of bagels.11. a. As Figure 4-31 shows, the supply curve is vertical. The constant supply makes sensebecause the basketball arena has a fixed number of seats no matter what the price.Figure 4-31b. Quantity supplied equals quantity demanded at a price of $8. The equilibrium quantityis 8,000 tickets.c.Price Quantity Demanded Quantity Supplied$ 414,0008,000811,0008,000128,0008,000165,0008,000202,0008,000The new equilibrium price will be $12, which equates quantity demanded to quantitysupplied. The equilibrium quantity is 8,000 tickets.12. The executives are confusing changes in demand with changes in quantity demanded. Figure4-32 shows the demand curve prior to the marketing campaign (D1), and after the campaign (D2).The marketing campaign increased the demand for champagne, as shown, leading to a higherequilibrium price and quantity. The influence of the higher price on demand is alreadyreflected in the outcome. It's impossible for the scenario outlined by the executives to occur.Figure 4-32。
曼昆经济学原理微观名词解释13(中英)
CHAPTER 13The Costs of Productiontotal revenue: the amount a firm receives for the sale of its output总收益：企业出售其产品所得到的货币量total cost: the market value of the inputs a firm uses in production总成本：企业用于生产的投入品的市场价值profit: total revenue minus total cost利润：总收益减去总成本explicit costs: input costs that require an outlay of money by the firm显性成本：需要企业支出货币的投入成本implicit costs: input costs that do not require an outlay of money by the firm隐性成本：不需要企业支出货币的投入成本economic profit: total revenue minus total cost, including both explicit and implicit costs经济利润：总收益减总成本，包括显性成本与隐性成本accounting profit: total revenue minus total explicit cost会计利润：总收益减总显性成本production function: the relationship between the quantity ofinputs used to make a good and the quantity of output of that good生产函数：用于生产一种物品的投入量与该物品产量之间的关系marginal product: the increase in output that arises from an additional unit of input边际产量：增加一单位投入所引起的产量增加diminishing marginal: product the property whereby the marginal product of an input declines as the quantity of the input increases边际产量递减：一种投入的边际产量随着投入量增加而减少的特征fixed costs: costs that do not vary with the quantity of output produced固定成本：不随着产量变动而变动的成本variable costs: costs that vary with the quantity of output produced可变成本：随着产量变动而变动的成本average total cost: total cost divided by the quantity of output 平均总成本：总成本除以产量average fixed cost: fixed cost divided by the quantity of output 平均固定成本：固定成本除以产量average variable cost: variable cost divided by the quantity of output平均可变成本：可变成本除以产量marginal cost: the increase in total cost that arises from an extra unit of production边际成本：额外一单位产量所引起的总成本的增加efficient scale: the quantity of output that minimizes average total cost有效规模：使平均总成本最小的产量economies of scale: the property whereby long-run average total cost falls as the quantity of output increases规模经济：长期平均总成本随产量增加而减少的特性diseconomies of scale: the property whereby long-run average total cost rises as the quantity of output increases规模不经济：长期平均总成本随产量增加而增加的特性constant returns to scale: the property whereby long-run average total cost stays the same as the quantity of output changes规模收益不变：长期平均总成本在产量变动时保持不变的特性。
曼昆经济学原理英文版文案加习题答案13章(最新整理)
221WHAT’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 items are included in a firm’s costs of production. the link between a firm’s production process and its total costs.the meaning of average total cost and marginal cost and how they are related. the shape of a typical firm’s cost curves.the relationship between short-run and long-run costs.CONTEXT AND PURPOSE:Chapter 13 is the first chapter in a five-chapter sequence dealing with firm behavior and the organization of industry. It is important that students become comfortable with the material in Chapter 13 because Chapters 14 through 17 are based on the concepts developed in Chapter 13. To be more specific, Chapter 13 develops the cost curves on which firm behavior is based. The remaining chapters in thissection (Chapters 14-17) utilize these cost curves to develop the behavior of firms in a variety of different market structures—competitive, monopolistic, monopolistically competitive, and oligopolistic.The purpose of Chapter 13 is to address the costs of production and develop the firm’s cost curves. These cost curves underlie the firm’s supply curve. In previous chapters, we summarized the firm’s production decisions by starting with the supply curve. While this is suitable for answering manyquestions, it is now necessary to address the costs that underlie the supply curve in order to address the part of economics known as industrial organization —the study of how firms’ decisions about prices and quantities depend on the market conditions they face.KEY POINTS:The goal of firms is to maximize profit, which equals total revenue minus total cost.THE COSTS OF PRODUCTION222 ❖ Chapter 13/The Costs of Production∙When analyzing a firm’s behavior, it is important to include all the opportunity costs of production. Some of the opportunity costs, such as the wages a firm pays its workers, are explicit. Other opportunity costs, such as the wages the firm owner gives up by working at the firm rather than taking another job, are implicit. Economic profit takes both explicit and implicit costs into account, whereas accounting profits consider only explicit costs.∙A firm’s costs reflect its production process. A typical firm’s production function gets flatter as the quantity of an input increases, displaying the property of diminishing marginal product. As a result, a firm’s total-cost curve gets steeper as the quantity produced rises.∙A firm’s total costs can be divided between fixed costs and variable costs. Fixed costs are costs that do not change when the firm alters the quantity of output produced. Variable costs are costs that change when the firm alters the quantity of output produced.∙From a firm’s total cost, two related measures of cost are derived. Average total cost is total cost divided by the quantity of output. Marginal cost is the amount by which total cost rises if output increases by one unit.∙When analyzing firm behavior, it is often useful to graph average total cost and marginal cost. For a typical firm, marginal cost rises with the quantity of output. Average total cost first falls as output increases and then rises as output increases further. The marginal-cost curve always crosses the average-total-cost curve at the minimum of average total cost.∙A firm’s costs often depend on the time horizon considered. In particular, many costs are fixed in the short run but variable in the long run. As a result, when the firm changes its level of production, average total cost may rise more in the short run than in the long run.CHAPTER OUTLINE:I.What Are Costs?A.Total Revenue, Total Cost, and Profit1.The goal of a firm is to maximize profit.Chapter 13/The Costs of Production ❖ 2232.Definition oftotal revenue: the amount a firm receives for the sale of its output.3.Definition of total cost: the market value of the inputs a firm uses in production.4.Definition of profit: total revenue minus total cost.B.Costs as Opportunity Costs1.Principle #2: The cost of something is what you give up to get it.2.The costs of producing an item must include all of the opportunity costs of inputs used inproduction.3.Total opportunity costs include both implicit and explicit costs.a.Definition of explicit costs: input costs that require an outlay of money by thefirm.b.Definition of implicit costs: input costs that do not require an outlay of moneyby the firm.c.The total cost of a business is the sum of explicit costs and implicit costs.d.This is the major way in which accountants and economists differ in analyzing theperformance of a business.e.Accountants focus on explicit costs, while economists examine both explicit and implicitcosts.C.The Cost of Capital as an Opportunity Cost1.The opportunity cost of financial capital is an important cost to include in any analysis of firmperformance.2.Example: Caroline uses $300,000 of her savings to start her firm. It was in a savings accountpaying 5% interest.3.Because Caroline could have earned $15,000 per year on this savings, we must include thisopportunity cost. (Note that an accountant would not count this $15,000 as part of the firm'scosts.)224 ❖ Chapter 13/The Costs of Production4.If Caroline had instead borrowed $200,000 from a bank and used $100,000 from her savings,the opportunity cost would not change if the interest rate stayed the same (according to the economist). But the accountant would now count the $10,000 in interest paid for the bank loan.D.Economic Profit versus Accounting Profit1.Figure 1 highlights the differences in the ways in which economists and accountants calculateprofit.2.Definition of economic profit: total revenue minus total cost, including both explicitand implicit costs .a.Economic profit is what motivates firms to supply goods and services.b.To understand how industries evolve, we need to examine economic profit.3.Definition of accounting profit: total revenue minus total explicit cost .4.If implicit costs are greater than zero, accounting profit will always exceed economic profit.II.Production and CostsA.The Production Function1.Definition of production function: the relationship between quantity of inputs usedto make a good and the quantity of output of that good.2.Example: Caroline's cookie factory. The size of the factory is assumed to be fixed; Carolinecan vary her output (cookies) only by varying the labor used.Number ofWorkersOutputMarginal Productof LaborCost of Factory Cost of WorkersTotal Cost of Inputs 00---$30$0$30150503010402904030205031203030306041402030407051501030508061555306090Chapter 13/The Costs of Production ❖ 2253.Definition of marginal product: the increase in output that arises from an additionalunit of input.a.As the amount of labor used increases, the marginal product of labor falls.b.Definition of diminishing marginal product: the property whereby the marginalproduct of an input declines as the quantity of the input increases.4.We can draw a graph of the firm's production function by plotting the level of labor (x -axis)against the level of output (y -axis).226 ❖ Chapter 13/The Costs of Productiona.The slope of the production function measures marginal product.b.Diminishing marginal product can be seen from the fact that the slope falls as theamount of labor used increases.B.From the Production Function to the Total-Cost Curve1.We can draw a graph of the firm's total cost curve by plotting the level of output (x-axis)against the total cost of producing that output (y-axis).a.The total cost curve gets steeper and steeper as output rises.b.This increase in the slope of the total cost curve is also due to diminishing marginalproduct: As Caroline increases the production of cookies, her kitchen becomesovercrowded, and she needs a lot more labor.Chapter 13/The Costs of Production ❖ 227III.The Various Measures of CostA.Example: Conrad’s Coffee ShopOutputTotal Cost Fixed Cost Variable Cost Average Fixed Cost Average Variable Cost AverageTotalCostMarginal Cost 0 $3.00 $3.00 $0------------1 3.30 3.000.30$3.00$0.30$3.30$0.302 3.80 3.000.80 1.500.40 1.900.503 4.50 3.00 1.50 1.000.50 1.500.704 5.40 3.00 2.400.750.60 1.350.905 6.50 3.00 3.500.600.70 1.30 1.1067.80 3.00 4.800.500.80 1.30 1.3079.30 3.00 6.300.430.901.33 1.50228 ❖ Chapter 13/The Costs of Production811.00 3.008.000.38 1.00 1.38 1.70912.90 3.009.900.33 1.10 1.43 1.901015.003.0012.000.301.201.502.10B.Fixed and Variable Costs1.Definition of fixed costs: costs that do not vary with the quantity of outputproduced.2.Definition ofvariable costs: costs that do vary with the quantity of outputproduced.3.Total cost is equal to fixed cost plus variable cost.C.Average and Marginal Cost1.Definition of average total cost: total cost divided by the quantity of output.2.Definition ofaverage fixed cost: fixed costs divided by the quantity of output.3.Definition of average variable cost: variable costs divided by the quantity of output.4.Definition of marginal cost: the increase in total cost that arises from an extra unitof production.Chapter 13/The Costs of Production ❖ 2295.Average total cost tells us the cost of a typical unit of output and marginal cost tells us thecost of an additional unit of output.D.Cost Curves and Their Shapes1.Rising Marginal Costa.This occurs because of diminishing marginal product.b.At a low level of output, there are few workers and a lot of idle equipment. But as outputincreases, the coffee shop gets crowded and the cost of producing another unit of outputbecomes high.2.U-Shaped Average Total Costa.Average total cost is the sum of average fixed cost and average variable cost.b.AFC declines as output expands and AVC typically increases as output expands. AFC ishigh when output levels are low. As output expands, AFC declines pulling ATC down. Asfixed costs get spread over a large number of units, the effect of AFC on ATC falls andATC begins to rise because of diminishing marginal product.c.Definition of efficient scale: the quantity of output that minimizes average totalcost.3.The Relationship between Marginal Cost and Average Total Costa.Whenever marginal cost is less than average total cost, average total cost is falling.Whenever marginal cost is greater than average total cost, average total cost is rising.b.The marginal-cost curve crosses the average-total-cost curve at minimum average totalcost (the efficient scale).230 ❖ Chapter 13/The Costs of Production4.Typical Cost Curvesa.Marginal cost eventually rises with output.b.The average-total-cost curve is U-shaped.c.Marginal cost crosses average total cost at the minimum of average total cost.IV.Costs in the Short Run and in the Long RunA.The division of total costs into fixed and variable costs will vary from firm to firm.B.Some costs are fixed in the short run, but all are variable in the long run.1.For example, in the long run a firm could choose the size of its factory.2.Once a factory is chosen, the firm must deal with the short-run costs associated with thatplant size.C.The long-run average-total-cost curve lies along the lowest points of the short-run average-total-cost curves because the firm has more flexibility in the long run to deal with changes in production.D.The long-run average-total-cost curve is typically U-shaped, but is much flatter than a typicalshort-run average-total-cost curve.E.The length of time for a firm to get to the long run will depend on the firm involved.F.Economies and Diseconomies of Scale1.Definition of economies of scale: the property whereby long-run average total costfalls as the quantity of output increases.2.Definition of diseconomies of scale: the property whereby long-run average totalcost rises as the quantity of output increases.3.Definition of constant returns to scale: the property whereby long-run average totalcost stays the same as the quantity of output changes.4.FYI: Lessons from a Pin Factorya.In The Wealth of Nations, Adam Smith described how specialization in a pin factoryallowed output to be greater than it would have been if each worker attempted toperform many different tasks.b.The use of specialization allows firms to achieve economies of scale.V.Table 3 provides a summary of all of the various cost definitions used throughout this chapter.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1.Farmer McDonald’s opportunity cost is $300, consisting of 10 hours of lessons at $20 an hourthat he could have been earning plus $100 in seeds. His accountant would only count theexplicit cost of the seeds ($100). If McDonald earns $200 from selling the crops, thenMcDonald earns a $100 accounting profit ($200 sales minus $100 cost of seeds) but incursan economic loss of $100 ($200 sales minus $300 opportunity cost).2.Farmer Jones’s production function is shown in Figure 1 and his total-cost curve is shown inFigure 2. The production function becomes flatter as the number of bags of seeds increasesbecause of the diminishing marginal product of seeds. The total-cost curve gets steeper asthe amount of production increases. This feature is also due to the diminishing marginalproduct of seeds, since each additional bag of seeds generates a lower marginal product, andthus, the cost of producing additional bushels of wheat rises.Figure 1Figure 23.The average total cost of producing 5 cars is $250,000/5 = $50,000. Since total cost rosefrom $225,000 to $250,000 when output increased from 4 to 5, the marginal cost of the fifthcar is $25,000.The marginal-cost curve and the average-total-cost curve for a typical firm are shown inFigure 3. They cross at the efficient scale because at low levels of output, marginal cost isbelow average total cost, so average total cost is falling. But after the two curves cross,marginal cost rises above average total cost, and average total cost starts to rise. So thepoint of intersection must be the minimum of average total cost.Figure 34.The long-run average total cost of producing 9 planes is $9 million/9 = $1 million. The long-run average total cost of producing 10 planes is $9.5 million/10 = $0.95 million. Since thelong-run average total cost declines as the number of planes increases, Boeing exhibitseconomies of scale.Questions for Review1.The relationship between a firm's total revenue, profit, and total cost is profit equals totalrevenue minus total costs.2.An accountant would not count the owner’s opportunity cost of alternative employment as anaccounting cost. An example is given in the text in which Caroline runs a cookie business, butshe could instead work as a computer programmer. Because she's working in her cookiefactory, she gives up the opportunity to earn $100 per hour as a computer programmer. Theaccountant ignores this opportunity cost because money does not flow into or out of thefirm. But the cost is relevant to Caroline’s decision to run the cookie factory.3.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 thequantity of the input increases.4.Figure 4 shows a production function that exhibits diminishing marginal product of labor.Figure 5 shows the associated total-cost curve. The production function is concave becauseof diminishing marginal product, while the total-cost curve is convex for the same reason.Figure 4Figure 55.Total cost consists of the costs of all inputs needed to produce a given quantity of output. Itincludes fixed costs and variable costs. Average total cost is the cost of a typical unit of output and is equal to total cost divided by the quantity produced. Marginal cost is the cost of producing an additional unit of output and is equal to the change in total cost divided by the change in quantity. An additional relation between average total cost and marginal cost is that whenever marginal cost is less than average total cost, average total cost is declining; whenever marginal cost is greater than average total cost, average total cost is rising.Figure 66.Figure 6 shows the marginal-cost curve and the average-total-cost curve for a typical firm.There are three main features of these curves: (1) marginal cost is U-shaped but risessharply as output increases; (2) average total cost is U-shaped; and (3) whenever marginal cost is less than average total cost, average total cost is declining; whenever marginal cost is greater than average total cost, average total cost is rising. Marginal cost is increasing for output greater than a certain quantity because of diminishing returns. The average-total-cost curve is downward-sloping initially because the firm is able to spread out fixed costs over additional units. The average-total-cost curve is increasing beyond some output levelbecause as quantity increases, the demand for important variable inputs increases; therefore, the cost of these inputs increases. The marginal-cost and average-total-cost curves intersect at the minimum of average total cost; that quantity is the efficient scale.7.In the long run, a firm can adjust the factors of production that are fixed in the short run; forexample, it can increase the size of its factory. As a result, the long-run average-total-costcurve has a much flatter U-shape than the short-run average-total-cost curve. In addition,the long-run curve lies along the lower envelope of the short-run curves.8.Economies of scale exist when long-run average total cost decreases as the quantity ofoutput increases, which occurs because of specialization among workers. Diseconomies ofscale exist when long-run average total cost rises as the quantity of output increases, whichoccurs because of the coordination problems inherent in a large organization.Quick Check Multiple Choice1. a2. d3. d4. c5. b6. aProblems and Applications1. a.opportunity cost; b. average total cost; c. fixed cost; d. variable cost; e. total cost; f.marginal cost.2. a.The opportunity cost of something is what must be given up to acquire it.b.The opportunity cost of running the hardware store is $550,000, consisting of $500,000to rent the store and buy the stock and a $50,000 implicit cost, because your aunt wouldquit her job as an accountant to run the store. Because the total opportunity cost of$550,000 exceeds the projected revenue of $510,000, your aunt should not open thestore, as her economic profit would be negative.3. a.The following table shows the marginal product of each hour spent fishing:Hours Fish Fixed Cost Variable Cost Total Cost Marginal Product 00$10$0$10---11010515102181010208324101525642810203045301025352b.Figure 7 graphs the fisherman's production function. The production function becomesflatter as the number of hours spent fishing increases, illustrating diminishing marginalproduct.Figure 7c.The table shows the fixed cost, variable cost, and total cost of fishing. Figure 8 shows the fisherman's total-cost curve. It has an upward slope because catching additional fish takes additional time. The curve is convex because there are diminishing returns to fishing time because each additional hour spent fishing yields fewer additional fish.Figure 84.Here is the completed table:WorkersOutputMarginal Product Total Cost Average Total Cost Marginal Cost00---$200------12020300$15.00$5.00250304008.00 3.3339040500 5.56 2.50412030600 5.00 3.33514020700 5.00 5.00615010800 5.3310.0071555900 5.8120.00a.See the table for marginal product. Marginal product rises at first, then declines becauseof diminishing marginal product.b.See the table for total cost.c.See the table for average total cost. Average total cost is U-shaped. When quantity islow, average total cost declines as quantity rises; when quantity is high, average totalcost rises as quantity rises.d.See the table for marginal cost. Marginal cost is also U-shaped, but rises steeply asoutput increases. This is due to diminishing marginal product.e.When marginal product is rising, marginal cost is falling, and vice versa.f.When marginal cost is less than average total cost, average total cost is falling; the costof the last unit produced pulls the average down. When marginal cost is greater thanaverage total cost, average total cost is rising; the cost of the last unit produced pushes the average up.5.At an output level of 600 players, total cost is $180,000 (600 × $300). The total cost ofproducing 601 players is $180,901. Therefore, you should not accept the offer of $550, because the marginal cost of the 601st player is $901.6. a.The fixed cost is $300, because fixed cost equals total cost minus variable cost. At anoutput of zero, the only costs are fixed cost.b.Quantity TotalCost VariableCostMarginal Cost(using total cost)Marginal Cost(using variable cost)0$300$0------135050$50$50239090404034201203030445015030305490190404065402405050Marginal cost equals the change in total cost for each additional unit of output. It is also equal to the change in variable cost for each additional unit of output. This relationship occurs because total cost equals the sum of variable cost and fixed cost and fixed costdoes not change as the quantity changes. Thus, as quantity increases, the increase intotal cost equals the increase in variable cost.7.The following table illustrates average fixed cost (AFC), average variable cost (AVC), andaverage total cost (ATC) for each quantity. The efficient scale is 4 houses per month,because that minimizes average total cost.Quantity VariableCost FixedCostTotalCostAverageFixed CostAverageVariable CostAverageTotal Cost0$0.00$200.00$200.00---------110.00200.00210.00$200.00$10.00$210.00220.00200.00220.00100.0010.00110.00340.00200.00240.0066.6713.3380.00480.00200.00280.0050.0020.0070.005160.00200.00360.0040.0032.0072.006320.00200.00520.0033.3353.3386.677640.00200.00840.0028.5791.43120.008. a.The lump-sum tax causes an increase in fixed cost. Therefore, as Figure 10 shows, onlyaverage fixed cost and average total cost will be affected.Figure 10b.Refer to Figure 11. Average variable cost, average total cost, and marginal cost will all begreater. Average fixed cost will be unaffected.Figure 119. a.The following table shows average variable cost (AVC), average total cost (ATC), andmarginal cost (MC) for each quantity.Quantity VariableCost TotalCostAverageVariable CostAverageTotal CostMarginalCost0$0.00$30.00---------110.0040.00$10.00$40.00$10.00225.0055.0012.5027.5015.00345.0075.0015.0025.0020.00470.00100.0017.5025.0025.005100.00130.0020.0026.0030.006135.00165.0022.5027.5035.00b.Figure 12 shows the three curves. The marginal-cost curve is below the average-total-cost curve when output is less than four and average total cost is declining. Themarginal-cost curve is above the average-total-cost curve when output is above four and average total cost is rising. The marginal-cost curve lies above the average-variable-cost curve.Figure 1210.The following table shows quantity (Q), total cost (TC), and average total cost (ATC) for thethree firms:Firm A Firm B Firm CQuantity TC ATC TC ATC TC ATC1$60.00$60.00$11.00$11.00$21.00$21.00270.0035.0024.0012.0034.0017.00380.0026.6739.0013.0049.0016.33490.0022.5056.0014.0066.0016.505100.0020.0075.0015.0085.0017.006110.0018.3396.0016.00106.0017.677120.0017.14119.0017.00129.0018.43Firm A has economies of scale because average total cost declines as output increases. Firm B has diseconomies of scale because average total cost rises as output rises. Firm C has economies of scale from one to three units of output and diseconomies of scale for levels of output beyond three units.。
纺织贸易实务课件Chapter 4
Commission Definition : the money received by an agent for his intermediary services. Commission may be expressed as:
US$335 per metric ton CIFC２％ NEW YORK US$335 per metric ton CIF NEW YORK including 2% commission
保险加成：按发票金额再加若干百分比作为保险投保金额。一般进口商的交易结果产 并不是只期待获得出口商发票的金额，进口商完成一笔交易必然要获得发票金额以外 的利润。同时，进口商还要支付一切进口费用和管理费等。在货物受损时保险公司如 果只负责发票的金额，则无法弥补进口商的损失。所以，进出口贸易习惯的保险金额 均按发票金额再另外加一定百分比即加成。一般按保险CIF价值加一成（即10%），也 可根据具体情况加二成或三成。不过如按二成或三成投保，其保费的差额部分应由进 口商负担。
II Consideration of factors affecting the prices 1. Qualities of the goods 2. Distance of transportation 3. Place and terms of delivery 4. Changes of demand according to the seasons 5. Quantities 6. Terms of payment and fluctuations of the exchange rates
Hale Waihona Puke 出口商品总成本
653100
出口换汇成本＝--------------- ＝-------=7.87元／美元 出口外汇净收入 83000 出口盈亏额＝83000×8.40－653100＝RMB44100元 44100 出口盈亏率＝--------- ×100％＝6.752％ 653100
曼昆《微观经济学》答案(英文版)_Chapter_1~5[1]
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Chapter 1Problems and Applications1. a. A family deciding whether to buy a new car faces a tradeoff between the cost of thecar and other things they might want to buy. For example, buying the car mightmean they must give up going on vacation for the next two years. So the real costof the car is the family's opportunity cost in terms of what they must give up.b. For a member of Congress deciding whether to increase spending on national parks,the tradeoff is between parks and other spending items or tax cuts. If more moneygoes into the park system, that may mean less spending on national defense or on thepolice force. Or, instead of spending more money on the park system, taxes couldbe reduced.c. When a company president decides whether to open a new factory, the decision isbased on whether the new factory will increase the firm's profits compared to otheralternatives. For example, the company could upgrade existing equipment orexpand existing factories. The bottom line is: Which method of expandingproduction will increase profit the most?d. In deciding how much to prepare for class, a professor faces a tradeoff between thevalue of improving the quality of the lecture compared to other things she could dowith her time, such as working on additional research.2. When the benefits of something are psychological, such as going on a vacation, it isn't easy tocompare benefits to costs to determine if it's worth doing. But there are two ways to think about the benefits. One is to compare the vacation with what you would do in its place. If you didn't go on vacation, would you buy something like a new set of golf clubs? Then you can decide if you'd rather have the new clubs or the vacation. A second way is to think about how much work you had to do to earn the money to pay for the vacation; then you can decide if the psychological benefits of the vacation were worth the psychological cost of working.3. If you are thinking of going skiing instead of working at your part-time job, the cost of skiingincludes its monetary and time costs, plus the opportunity cost of the wages you're giving up by not working. If the choice is between skiing and going to the library to study, then the cost of skiing is its monetary and time costs plus the cost to you of getting a lower grade in your course.4. If you spend $100 now instead of investing it for a year and earning 5 percent interest, youare giving up the opportunity to spend $105 a year from now. The idea that money has a time value is the basis for the field of finance, the subfield of economics that has to do with prices of financial instruments like stocks and bonds.5. The fact that you've already sunk $5 million isn't relevant to your decision anymore, sincethat money is gone. What matters now is the chance to earn profits at the margin. If you spend another $1 million and can generate sales of $3 million, you'll earn $2 million in marginal profit, so you should do so. You are right to think that the project has lost a total of $3 million ($6 million in costs and only $3 million in revenue) and you shouldn't have started it. That's true, but if you don't spend the additional $1 million, you won't have any sales and your losses will be $5 million. So what matters is not the total profit, but the profit you can earn at the margin. In fact, you'd pay up to $3 million to complete development; any more than that, and you won't be increasing profit at the margin.6. Harry suggests looking at whether productivity would rise or fall. Productivity is certainlyimportant, since the more productive workers are, the lower the cost per gallon of potion.Harry wants to look at average cost. But both Harry and Ron are missing the other side of the equation−revenue. A firm wants to maximize its profits, so it needs to examine both costs and revenues. Thus, Hermione is right−it’s best to examine whether the extra revenue would exceed the extra costs. In addition, Hermione is the only one who’s thinking at the margin.7. a. Since a person gets fewer after-tax Social Security benefits the greater is his or herincome, there's an incentive not to save for retirement. If you save a lot, yourincome will be higher, and you won't get as much after-tax Social Security income assomeone who didn't save as much. The unintended consequence of the taxation ofSocial Security benefits is to reduce saving; yet the Social Security system arosebecause of worries that people wouldn’t save enough for retirement.b. For the same reason, you'll tend not to work (or not work as much) after age 65.The more you work, the lower your after-tax Social Security benefits will be. Thusthe taxation of Social Security benefits discourages work effort after age 65.8. a. When welfare recipients who are able to work have their benefits cut off after twoyears, they have greater incentive to find jobs than if their benefits were to lastforever.b. The loss of benefits means that someone who can't find a job will get no income atall, so the distribution of income will become less equal. But the economy will bemore efficient, since welfare recipients have a greater incentive to find jobs. Thusthe change in the law is one that increases efficiency but reduces equity.9. By specializing in each task, you and your roommate can finish the chores more quickly. Ifyou 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.10. a. Being a central planner is tough! To produce the right number of CDs by the rightartists and deliver them to the right people requires an enormous amount ofinformation. You need to know about production techniques and costs in the CDindustry. You need to know each person's musical tastes and which artists theywant to hear. If you make the wrong decisions, you'll be producing too many CDsby artists that people don't want to hear, and not enough by others.b. Your decisions about how many CDs to produce carry over to other decisions. Youhave to make the right number of CD players for people to use. If you make toomany CDs and not enough cassette tapes, people with cassette players will be stuckwith CDs they can't play. The probability of making mistakes is very high. Youwill also be faced with tough choices about the music industry compared to otherparts of the economy. If you produce more sports equipment, you'll have fewerresources for making CDs. So all decisions about the economy influence yourdecisions about CD production.11. a. Efficiency: The market failure comes from the monopoly by the cable TV firm.b. Equityc. Efficiency: An externality arises because secondhand smoke harms nonsmokers.d. Efficiency: The market failure occurs because of Standard Oil's monopoly power.e. Equityf. Efficiency: There's an externality because of accidents caused by drunk drivers.12. a. If everyone were guaranteed the best health care possible, much more of our nation'soutput would be devoted to medical care than is now the case. Would that beefficient? If you think that currently doctors form a monopoly and restrict healthcare to keep their incomes high, you might think efficiency would increase byproviding more health care. But more likely, if the government mandated increasedspending on health care, the economy would be less efficient because it would givepeople more health care than they would choose to pay for. From the point of viewof equity, if poor people are less likely to have adequate health care, providing morehealth care would represent an improvement. Each person would have a more evenslice of the economic pie, though the pie would consist of more health care and lessof other goods.b. When workers are laid off, equity considerations argue for the unemploymentbenefits system to provide them with some income until they can find new jobs.After all, no one plans to be laid off, so unemployment benefits are a form ofinsurance. But there’s an efficiency problem why work if you can get income fordoing nothing? The economy isn’t o perating efficiently if people remainunemployed for a long time, and unemployment benefits encourage unemployment.Thus, there’s a tradeoff between equity and efficiency. The more generous areunemployment benefits, the less income is lost by an unemployed person, but themore that person is encouraged to remain unemployed. So greater equity reducesefficiency.13. Since average income in the United States has roughly doubled every 35 years, we are likelyto have a better standard of living than our parents, and a much better standard of living than our grandparents. This is mainly the result of increased productivity, so that an hour of work produces more goods and services than it used to. Thus incomes have continuously risen over time, as has the standard of living.14. If Americans save more and it leads to more spending on factories, there will be an increasein production and productivity, since the same number of workers will have more equipment to work with. The benefits from higher productivity will go to both the workers, who will get paid more since they're producing more, and the factory owners, who will get a return on their investments. There's no such thing as a free lunch, though, because when people save more, they're giving up spending. They get higher incomes at the cost of buying fewer goods.15. a. If people have more money, they're probably going to spend more on goods andservices.b. If prices are sticky, and people spend more on goods and services, then output mayincrease, as producers increase output to meet the higher demand rather than raisingprices.c. If prices can adjust, then people's higher spending will be matched with increasedprices, and output won't rise.16. To make an intelligent decision about whether to reduce inflation, a policymaker would needto know what causes inflation and unemployment, as well as what determines the tradeoff between them. Because prices are sticky, an attempt to reduce inflation will lead to higher unemployment. A policymaker thus faces a tradeoff between the benefits of lower inflation compared to the cost of higher unemployment.Chapter 2Problems and Applications1. Many answers are possible.2. a. Steel is a fairly uniform commodity, though some firms produce steel of inferiorquality.b. Novels are each unique, so they are quite distinguishable.c. Wheat produced by one farmer is completely indistinguishable from wheat producedby another.d. Fast food is more distinguishable than steel or wheat, but certainly not as much asnovels.3. See Figure 2-5; the four transactions are shown.Figure 2-54. a. Figure 2-6 shows a production possibilities frontier between guns and butter. It isbowed out because when most of the economy’s resources are being used to pr oducebutter, the frontier is steep and when most of the economy’s resources are being usedto produce guns, the frontier is very flat. When the economy is producing a lot ofguns, workers and machines best suited to making butter are being used to makeguns, 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 alot of butter, workers and machines best suited to making guns are being used tomake butter, so each unit of guns given up yields a small increase in the productionof butter; thus the production possibilities frontier is steep.b. Point A is impossible for the economy to achieve; it is outside the productionpossibilities frontier. Point B is feasible but inefficient because it’s inside theproduction possibilities frontier.Figure 2-6c. The Hawks might choose a point like H, with many guns and not much butter. TheDoves 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 possibilitiesfrontier is much steeper at point H than at point D. As a result, the reduction of agiven number of guns, starting at point H, leads to a much larger increase in thequantity of butter produced than when starting at point D.5. See Figure 2-7. The shape and position of the frontier depend on how costly it is to maintaina clean environment the productivity of the environmental industry. Gains inenvironmental productivity, such as the development of a no-emission auto engine, lead to shifts of the production-possibilities frontier, like the shift from PPF1 to PPF2 shown in the figure.Figure 2-76. a. A family’s decision about how much income to save is microeconomics.b. The effect of government regulations on auto emissions is microeconomics.c. The impact of higher saving on economic growth is macroeconomics.d. A f irm’s decision about how many workers to hire is microeconomics.e. The relationship between the inflation rate and changes in the quantity of money ismacroeconomics.7. a. The statement that society faces a short-run tradeoff between inflation andunemployment is a positive statement. It deals with how the economy is, not how itshould be. Since economists have examined data and found that there’s a short-runnegative relationship between inflation and unemployment, the statement is a fact,thus it’s a positive statement.b. The statement that a reduction in the rate of growth of money will reduce the rate ofinflation is a positive statement. Economists have found that money growth andinflation are very closely related. The statement thus tells how the world is, and soit is a positive statement.c. The statement that the Federal Reserve should reduce the rate of growth of money isa normative statement. It states an opinion about something that should be done,not how the world is.d. The statement that society ought to require welfare recipients to look for jobs is anormative statement. It doesn’t state a fact about how the world is. Instead, it is astatement of how the world should be and is thus a normative statement.e. The statement that lower tax rates encourage more work and more saving is apositive statement. Economists have studied the relationship between tax rates andwork, as well as the relationship between tax rates and saving. They’ve found anegative relationship in both cases. So the statement reflects how the world is, andis thus a positive statement.8. Two of the statements in Table 2-2 are clearly normative. They are: “5. If the federalbudget is to be balanced, it should be done over the business cycle rather th an yearly” and “9.The government should restructure the welfare system along the lines of a ‘negative income tax.’” Both are suggestions of changes that should be made, rather than statements of fact, so they are clearly normative statements.The other statements in the table are positive. All the statements concern how the world is, not how the world should be. Note that in all cases, even though they’re statements of fact, fewer than 100 percent of economists agree with them. You could say that positive statements are statements of fact about how the world is, but not everyone agrees about what the facts are.9. As the president, you’d be interested in both the positive and normative views of economists,but you’d probably be most interested in their positive views. Economists are on your staff to provide their expertise about how the economy works. They know many facts about the economy and the interaction of different sectors. So you’d be most likely to call on them about questions of fact posit ive analysis. Since you’re the president, you’re the one who has the make the normative statements as to what should be done, with an eye to the political consequences. The normative statements made by economists represent their views, not necessarily ei ther your’s or the electorate’s.10. There are many possible answers.11. As of this writing, the chairman of the Federal Reserve is Alan Greenspan, the chair of theCouncil of Economic Advisers is Martin N. Baily, and the secretary of the treasury is Larry Summers.12. There are many possible answers.13. As time goes on, you might expect economists to disagree less about public policy becausethey’ll have opportunities to observe different policies that are put into place. As new policies are tried, their results will become known, and they can be evaluated better. It’s likely that the disagreement about them will be reduced after they’ve been tried in practice.For example, many economists thought that wage and price controls would be a good idea for keeping inflation under control, while others thought it was a bad idea. But when the controls were tried in the early 1970s, the results were disastrous. The controls interfered with the invisible hand of the marketplace and shortages developed in many products. As a result, most economists are now convinced that wage and price controls are a bad idea for controlling inflation.But it’s unlikely that the differences between economists will ever be completely eliminated.Economists differ on too many aspects of how the world works. Plus, even as some policies get tried out and are either accepted or rejected, creative economists keep coming up with new ideas.Chapter 3Problems and Applications1. In the text example of the farmer and the rancher, the farmer’s opportunity cost of producingone pound of meat is two pounds of potatoes because for every 20 hours of work, he can produce one pound of meat or two pounds of potatoes. With limited time at his disposal, producing a pound of meat means he gives up the opportunity to produce two pounds of potatoes. Similarly, the rancher’s opportunity cost of producing one pound of meat is 1/8 pound of potatoes because for every hour of work, she can produce one pound of meat or 1/8 pound of potatoes. With limited time at her disposal, producing a pound of meat means she gives up the opportunity to produce 1/8 pound of potatoes.2. a. See Figure 3-2. If Maria spends all five hours studying economics, she can read100 pages, so that is the vertical intercept of the production possibilities frontier. Ifshe spends all five hours studying sociology, she can read 250 pages, so that is thehorizontal intercept. The time costs are constant, so the production possibilitiesfrontier is a straight line.Figure 3-2b. It takes Maria two hours to read 100 pages of sociology. In that time, she couldread 40 pages of economics. So the opportunity cost of 100 pages of sociology is40 pages of economics.3. a.Workers needed to make:One Car One Ton of GrainU.S. 1/4 1/10Japan 1/4 1/5b. See Figure 3-3. With 100 million workers and four cars per worker, if eithereconomy were devoted completely to cars, it could make 400 million cars. Since aU.S. worker can produce 10 tons of grain, if the U.S. produced only grain it wouldproduce 1,000 million tons. Since a Japanese worker can produce 5 tons of grain, ifJapan produced only grain it would produce 500 million tons. These are theintercepts of the production possibilities frontiers shown in the figure. Note thatsince the tradeoff between cars and grain is constant, the production possibilitiesfrontier is a straight line.Figure 3-3c. Since a U.S. worker produces either 4 cars or 10 tons of grain, the opportunity cost of1 car is 2½ tons of grain, which is 10 divided by 4. Since a Japanese workerproduces either 4 cars or 5 tons of grain, the opportunity cost of 1 car is1 1/4 tons of grain, which is 5 divided by 4. Similarly, the U.S. opportunity cost of1 ton of grain is 2/5 cars (4 divided by 10) and the Japanese opportunity cost of 1 tonof grain is 4/5 cars (4 divided by 5). This gives the following table:Opportunity Cost of:1 Car (in terms of tons ofgrain given up) 1 Ton of Grain (in terms ofcars given up)U.S. 2 1/2 2/5Japan 1 1/4 4/5d. Neither country has an absolute advantage in producing cars, since they’re equallyproductive (the same output per worker); the U.S. has an absolute advantage in producing grain, since it’s more productive (greater output per worker).e. Japan has a comparative advantage in producing cars, since it has a loweropportunity cost in terms of grain given up. The U.S. has a comparative advantage in producing grain, since it has a lower opportunity cost in terms of cars given up. f. With half the workers in each country producing each of the goods, the U.S. wouldproduce 200 million cars (that’s 50 million workers times 4 cars each) and 500 million tons of grain (50 million workers times 10 tons each). Japan would produce 200 million cars (50 million workers times 4 cars each) and 250 million tons of grain(50 million workers times 5 tons each).g. From any situation with no trade, in which each country is producing some cars andsome grain, suppose the U.S. changed 1 worker from producing cars to producinggrain. That worker would produce 4 fewer cars and 10 additional tons of grain.Then suppose the U.S. offers to trade 7 tons of grain to Japan for 4 cars. The U.S.will do this because it values 4 cars at 10 tons of grain, so it will be better off if thetrade goes through. Suppose Japan changes 1 worker from producing grain toproducing cars. That worker would produce 4 more cars and 5 fewer tons of grain.Japan will take the trade because it values 4 cars at 5 tons of grain, so it will be betteroff. With the trade and the change of 1 worker in both the U.S. and Japan, eachcountry gets the same amount of cars as before and both get additional tons of grain(3 for the U.S. and 2 for Japan). Thus by trading and changing their production,both countries are better off.4. a. Pat’s opportunity cost of making a pizza is 1/2 gallon of root beer, since she couldbrew 1/2 gallon in the time (2 hours) it takes her to make a pizza. Pat has anabsolute advantage in making pizza since she can make one in two hours, while ittakes Kris four hours. Kris’s opportunity cost of making a pizza is 2/3 gallons ofroot beer, since she could brew 2/3 of a gallon in the time (4 hours) it takes her tomake a pizza. Since Pa t’s opportunity cost of making pizza is less than Kris’s, Pathas a comparative advantage in making pizza.b. Since Pat has a comparative advantage in making pizza, she will make pizza andexchange it for root beer that Kris makes.c. The highest price of pizza in terms of root beer that will make both roommates betteroff is 2/3 gallons of root beer. If the price were higher than that, then Kris wouldprefer making her own pizza (at an opportunity cost of 2/3 gallons of root beer)rather than trading for pizza that Pat makes. The lowest price of pizza in terms ofroot beer that will make both roommates better off is 1/2 gallon of root beer. If theprice were lower than that, then Pat would prefer making her own root beer (she canmake 1/2 gallon of root beer instead of making a pizza) rather than trading for rootbeer that Kris makes.5. a. Since a Canadian worker can make either two cars a year or 30 bushels of wheat, theopportunity cost of a car is 15 bushels of wheat. Similarly, the opportunity cost of abushel of wheat is 1/15 of a car. The opportunity costs are the reciprocals of eachother.b. See Figure 3-4. If all 10 million workers produce two cars each, they produce atotal of 20 million cars, which is the vertical intercept of the production possibilitiesfrontier. If all 10 million workers produce 30 bushels of wheat each, they produce atotal of 300 million bushels, which is the horizontal intercept of the productionpossibilities 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 devotedto car production. That leaves 5 million workers to produce wheat, who willproduce a total of 150 million bushels (5 million workers times 30 bushels perworker). This is shown as point A on Figure 3-4.c. If the United States buys 10 million cars from Canada and Canada continues toconsume 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 possibilitiesfrontier. But if Canada gets 20 bushels of wheat per car, it will be able to consume200 million bushels of wheat, along with the 10 million cars. This is shown as pointB in the figure. Canada should accept the deal because it gets the same number ofcars and 50 million more bushes of wheat.Figure 3-46. Though the professor could do both writing and data collection faster than the student (that is,he has an absolute advantage in both), his time is limited. If the professor’s comparative advantage is in writing, it makes sense for him to pay a student to collect the data, since that’s the student’s comparative advantage.7. a. English workers have an absolute advantage over Scottish workers in producingscones, since English workers produce more scones per hour (50 vs. 40). Scottishworkers have an absolute advantage over English workers in producing sweaters,since Scottish workers produce more sweaters per hour (2 vs. 1). Comparativeadvantage runs the same way. English workers, who have an opportunity cost of1/50 sweaters per scone (1 sweater per hour divided by 50 scones per hour), have acomparative advantage in scone production over Scottish workers, who have anopportunity cost of 1/20 sweater per scone (2 sweaters per hour divided by 40 sconesper hour). Scottish workers, who have an opportunity cost of 20 scones per sweater(40 scones per hour divided by 2 sweaters per hour), have a comparative advantagein sweater production over English workers, who have an opportunity cost of 50scones per sweater (50 scones per hour divided by 1 sweater per hour).b. If England and Scotland decide to trade, Scotland will produce sweaters and tradethem for scones produced in England. A trade with a price between 20 and 50scones per sweater will benefit both countries, as they’ll be getting the traded good ata lower price than their opportunity cost of producing the good in their own country.c. Even if a Scottish worker produced just one sweater per hour, the countries wouldstill gain from trade, because Scotland would still have a comparative advantage inproducing sweaters. Its opportunity cost for sweaters would be higher than before(40 scones per sweater, instead of 20 scones per sweater before). But there are stillgains from trade since England has a higher opportunity cost (50 scones per sweater).。
市场营销专业英语chapter
methods
目录
• Channel Strategy and Logistics Management
• Promotion strategies and communication methods
01 Marketing Overview
Definition and Importance of Marketing
Customers
Studying customer needs, preferences, and buying behavior to develop targeted marketing strategies
Competitors
Analyzing competitors' strategies, products, pricing, and market share to identify opportunities and threats
国际贸易》芬斯特拉版人大版练习题答案
Answer: A uniform increase in the tariff level causes fewer activities to be offshored. The slicing of the value chain reflects this increased cost as a rightward shift; Home expands the set of activities that it does at Home to include incrementally higher value activities, whereas the set of high value offshored activities shrinks.
Answer: The high relative wage of Home high-skilled labor makes high-skilledlabor-intensive activities more expensive at Home relative to Foreign. Equivalently, the low relative wage of low-skilled labor makes low-skilled-laborintensive activities less expensive at Home relative to Foreign. As a result, Home will undertake production activities lower on the value chain while offshoring higher value activities to Foreign.
Chap_14
The Meaning of Competition
As a result of its characteristics, the perfectly competitive market has the following outcomes:
The actions of any single buyer or seller in the market have a negligible impact on the market price. Each buyer and seller takes the market price as given.
Profit Maximization: A Numerical Example
Price (P) $6.00 $6.00 $6.00 $6.00 $6.00 $6.00 $6.00 $6.00 Quantity (Q) 0 1 2 3 4 5 6 7 8 Total Revenue (TR=PxQ) $0.00 $6.00 $12.00 $18.00 $24.00 $30.00 $36.00 $42.00 $48.00 Total Cost (TC) $3.00 $5.00 $8.00 $12.00 $17.00 $23.00 $30.00 $38.00 $47.00 Profit (TR-TC) -$3.00 $1.00 $4.00 $6.00 $7.00 $7.00 $6.00 $4.00 $1.00 Marginal Revenue Marginal Cost (MR=∆TR/ ∆Q ) MC= ∆ TC / ∆ Q $6.00 $6.00 $6.00 $6.00 $6.00 $6.00 $6.00 $6.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00
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40.5
10
26
36
8.3
25
33.3
7.1
25
32.1
6.3
25.5 31.8
5.6
26.9 32.4
5
30
35
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35
39.5
Cost in the Short Run
Marginal Cost (MC) is the cost of expanding output by one unit. Since fixed cost have no impact on marginal cost, it can be written as:
Chapter 1
Slide 8
Measuring Cost: Which Costs Matter?
Sunk Cost
Expenditure that has been made and cannot be recovered
Should not influence a firm’s decisions.
Chapter 1
Slide 3
Measuring Cost: Which Costs Matter?
Economic Cost vs. Accounting Cost
Accounting Cost
Actual expenses plus depreciation charges for capital equipment
ATCTFCTVC QQ
Chapter 1
Slide 21
Cost in the Short Run
Average Total Cost (ATC) is the cost per unit of output, or average fixed cost (AFC) plus average variable cost (AVC). This can be written:
Economic Cost
Cost to a firm of utilizing economic resources in production, including opportunity cost
Chapter 1
Slide 6
Measuring Cost: Which Costs Matter?
Chapter 1
Slide 16
Measuring Cost: Which Costs Matter?
Personal Computers: most costs are variable
Components, labor
Software: most costs are sunk
Cost of developing the software
Justified only if there is some intrinsic values associated with being in Chicago
If not, it was an inefficient decision if it was based on the assumption that the downtown land was “free”
Chapter 1
Slide 15
Measuring Cost: Which Costs Matter?
Fixed Cost
Cost paid by a firm that is in business regardless of the level of output
Sunk Cost
Cost that have been incurred and cannot be recovered
Northwestern University Law School
3) Choosing a Site
Land owned in Chicago Must purchase land in Evanston Chicago location might appear
cheaper without considering the opportunity cost of the downtown land (i.e. what it could be sold for)
MCVCTC Q Q
Chapter 1
Slide 20
Cost in the Short Run
Average Total Cost (ATC) is the cost per unit of output, or average fixed cost (AFC) plus average variable cost (AVC). This can be written:
Opportunity cost.
Cost associated with opportunities that are foregone when a firm’s resources are not put to their highest-value use.
Chapter 1
Slide 7
Chapter 1
Slide 17
Measuring Cost: Which Costs Matter?
Pizza
Largest cost component is fixed
Chapter 1
Slide 18
A Firm’s Short-Run Costs ($)
Rate of Fixed Output Cost
The firm finds another building for $5.25 million. Which building should the firm buy?
Chapter 1
Slide 10
Choosing the Location for a New Law School Building
1
Slide 23
Cost in the Short Run
The Determinants of Short-Run Cost
Increasing returns and cost
With increasing returns, output is increasing relative to input and variable cost and total cost will fall relative to output.
--50 28 20 14 18 20 25 29 38 58 85
Average Fixed Cost (AFC)
Average Variable
Cost (AVC)
Average Total Cost (ATC)
---
---
---
50
50 100
25
39
64
16.7
32.7 49.3
12.5
28
TC FC VC
Chapter 1
Slide 14
Measuring Cost: Which Costs Matter?
Fixed and Variable Costs
Fixed Cost
Does not vary with the level of output
Variable Cost
Cost that varies as output varies
ATCAFCAVoCrTC Q
Chapter 1
Slide 22
Cost in the Short Run
The Determinants of Short-Run Cost
The relationship between the production function and cost can be exemplified by either increasing returns and cost or decreasing returns and cost.
Chapter 1
Slide 24
Cost in the Short Run
For Example: Assume the wage rate (w) is fixed relative to the number of workers hired. Then:
MC VC Q
VCwL
Chapter 1
Measuring Cost: Which Costs Matter?
An Example
A firm owns its own building and pays no rent for office space
Does this mean the cost of office space is zero?
Chapter 1
Slide 9
Measuring Cost: Which Costs Matter?
An Example
A firm pays $500,000 for an option to buy a building.
The cost of the building is $5 million or a total of $5.5 million.
Chapter 1
Slide 13
Measuring Cost: Which Costs Matter?
Fixed and Variable Costs
Total output is a function of variable inputs and fixed inputs.
Therefore, the total cost of production equals the fixed cost (the cost of the fixed inputs) plus the variable cost (the cost of the variable inputs), or…