曼昆微观经济学英文版

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微观经济学-曼昆英文版本

A Firm’s Long-Run Decision to Exit
• Cost of exiting the market: revenue loss = TR
• Benefit of exiting the market: cost savings = TC (zero FC in the long run) • So, firm exits if TR < TC
Because of 1 & 2, each buyer and seller is a
“price taker” – takes the price as given.
The Revenue of a Competitive Firm
• Total revenue (TR)
• Average revenue (AR)
Qa Q 1 Qb
Q
MC and the Firm’s Supply Decision
If price rises to P2, then the profitmaximizing quantity rises to Q2.
Costs MC P2 MR2 MR
The MC curve determines the firm’s Q at any price. P1 Hence,
Introduction: A Scenario
• Three years after graduating, you run your own business. • You must decide how much to produce, what price to charge, how many workers to hire, etc. • What factors should affect these decisions?

微观经济学原理曼昆英文第四章

1
Markets and Competition
▪ A market is a group of buyers and sellers of a
particular product.
▪ A competitive market is one with many buyers
and sellers, each has a negligible effect on price.
quantities demanded by all buyers at each price.
▪ Suppose Helen and Ken are the only two buyers in
the Latte market. (Qd = quantity demanded)
Price Helen’s Qd Ken’s Qd
14
Demand Curve Shifters: Expectations ▪ Expectations affect consumers’ buying decisions. ▪ Examples:
▪ If people expect their incomes to rise,
their demand for meals at expensive restaurants may increase now.
11
Demand Curve Shifters: Prices of Related Goods
▪ Two goods are substitutes if
an increase in the price of one causes an increase in demand for the other.

Chap02Thinking Like an Economist(微观经济学(曼昆)(英文版)

Develops
theories, collects, and analyzes data to prove the theories.
Observation, Theory and More Observation!
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.

Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
The Circular-Flow Model
The circular-flow model is a simple way to visually show the economic transactions that occur between households and firms in the economy.
Economists use models to simplify reality in order to improve our understanding of the world Two of the most basic economic models include:

The Circular Flow Model The Production Possibilities Frontier
The Role of Assumptions
Economists make assumptions in order to make the world easier to understand. The art in scientific thinking is deciding which assumptions to make. Economists use different assumptions to answer different questions.

曼昆微观经济学第五版第八章课文PPT英文版

Without Tax With Tax Change
Consumer Surplus
Producer Surplus Tax Revenue Total Surplus
A+B+C
D+E+F none
A
F B+D A+B+D+F
- (B + C)
- (D + E) + (B + D) - (C + E )
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Price
When supply is relatively elastic, the deadweight loss of a tax is large.
Size of tax
Supply
Demand
0
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
The Costs of Taxation
It does not matter whether a tax on a good is levied on buyers or sellers of the good…the price paid by buyers rises, and the price received by sellers falls.
How a Tax Affects Welfare...
Price Price buyers pay = PB Price without = P1 tax

曼昆微观经济学英文答案ch01

1WHAT’S NEW:The discussions of Principle #4, “People respond to incentives,” Principle #7, “Governments cansometimes improve market outcomes,” and Principle #10, “Society faces a s hort-run tradeoff between inflation and unemployment” have been shortened. A definition for the term “business cycle” has been added. A new FYI box on “How to Read This Book” has been added and provides students with tips on studying.LEARNING OBJECTIVES: By the end of this chapter, students should understand:➢ that economics is about the allocation of scarce resources.➢ that individuals face tradeoffs.➢ the meaning of opportunity cost.➢ how to use marginal reasoning when making decisions.➢ how incent ives affect people’s behavior.➢ why trade among people or nations can be good for everyone.➢ why markets are a good, but not perfect, way to allocate resources.➢ what determines some trends in the overall economy.CONTEXT AND PURPOSE:Chapter 1 is the first chapter in a three-chapter section that serves as the introduction to the text. Chapter 1 introduces ten fundamental principles on which the study of economics is based. In a broad sense, the rest of the text is an elaboration on these ten principles. Chapter 2 will develop how economists approach problems while Chapter 3 will explain how individuals and countries gain from trade. The purpose of Chapter 1 is to lay out ten economic principles that will serve as building blocks for the rest of the text. The ten principles can be grouped into three categories: how people makedecisions, how people interact, and how the economy works as a whole. Throughout the text, references1 TEN PRINCIPLES OF ECONOMICS2 Chapter 1/Ten Principles of Economicswill be made repeatedly to these ten principles.KEY POINTS:1. The fundamental lessons about individual decisionmaking are that people face tradeoffs among alternative goals, that the cost of any action is measured in terms of forgone opportunities, thatrational people make decisions by comparing marginal costs and marginal benefits, and that people change their behavior in response to the incentives they face.2. The fundamental lessons about interactions among people are that trade can be mutually beneficial,that markets are usually a good way of coordinating trades among people, and that the government can potentially improve market outcomes if there is some sort of market failure or if the market outcome is inequitable.3. The fundamental lessons about the economy as a whole are that productivity is the ultimate sourceof living standards, that money growth is the ultimate source of inflation, and that society faces a short-run tradeoff between inflation and unemployment.CHAPTER OUTLINE:A. The word “economy” comes from the Greek word meaning “one who mana ges a household.”B. This makes some sense since in the economy we are faced with many decisions (just as a household is).C.Fundamental economic problem: resources are scarce. D. Definition of scarcity : the limited nature of society’s resources.E. Definition of economics: the study of how society manages its scarce resources.Chapter 1/Ten Principles of Economics 3A. Principle #1: People Face Tradeoffs1. “There is no such thing as a free lunch.” Making decisions requires trading of fone goal for another.2. Examples include how a student spends her time, how a family decides to spendits income, how the U.S. government spends tax dollars, how regulations mayprotect the environment at a cost to firm owners.3. A special example of a tradeoff is the tradeoff between efficiency and equity.a. Definition of efficiency: the property of society getting the most itcan from its scarce resources.b. Definition of equity: the property of distributing economicprosperity fairly among the members of society.c. For example, tax dollars paid by wealthy Americans and then distributedto those less fortunate may improve equity but lower the return to hardwork and therefore reduce the level of output produced by our resources.d.This implies that the cost of this increased equity is a reduction in theefficient use of our resources.4. Recognizing that tradeoffs exist does not indicate what decisions should be made.B. Principle #2: The Cost of Something Is What You Give Up to Get It1. Making decisions requires individuals to consider the benefits and costs of someaction.2. What are the costs of going to college?a. We cannot count room and board (at least all of the cost) because theperson would have to pay for food and shelter even if he was not inschool.b. We would want to count the value of the student’s time since he couldbe working for pay instead of attending classes and studying.4 Chapter 1/Ten Principles of Economics3. Definition of opportunity cost: whatever must be given up to obtainsome item.C. Principle #3: Rational People Think at the Margin1. Many decisions in life involve incremental decisions: Should I remain in schoolthis semester? Should I take another course this semester? Should I study anadditional hour for tomorrow’s exam?2. Definition of marginal changes: small incremental adjustments to a planof action.3. Example: You are trying to decide how many years you should stay in school.Comparing the lifestyle of an individual with a Ph.D. to that of an individual whohas dropped out of grade school would be inappropriate. You are likely decidingwhether or not to remain in school for an additional year or two. Thus, you needto compare the additional benefits of another year in school (the marginalbenefit) with the additional cost of staying in school for another year (themarginal cost).4. Another example: Suppose that flying a 200-seat plane across the country coststhe airline $100,000, which means that the average cost of each seat is $500.Suppose that the plane is minutes from departure and a passenger is willing topay $300 for a seat. Should the airline sell the seat for $300? In this case, themarginal cost of an additional passenger is very small.D. Principle #4: People Respond to Incentives1. Because people make decisions by weighing costs and benefits, their decisionsmay change in response to changes in costs and benefits.a. When the price of a good rises, consumers will buy less of it because itscost has risen.b. When the price of a good rises, producers will allocate more resources tothe production of the good because the benefit from producing the goodhas risen.2. Sometimes policymakers fail to understand how policies may alter incentives andbehavior.3. Example: Seat belt laws increase use of seat belts and lower the incentives ofindividuals to drive safely. This leads to an increase in the number of caraccidents. This also leads to an increased risk for pedestrians.If you include any incentive-based criteria on your syllabus, discuss it now. Forexample, if you reward class attendance (or penalize students who do not attendclass), explain to students how this change in the marginal benefit of attending classcan be expected to alter their behavior.Chapter 1/Ten Principles of Economics 5III. How People InteractA. Principle #5: Trade Can Make Everyone Better Off1. Trade is not like a sports competition where one side gains and the other sideloses.2. Consider trade that takes place inside your home. Certainly the family isinvolved in trade with other families on a daily basis. Most families do not buildtheir own homes, make their own clothes, or grow their own food.3. Just like families benefit from trading with one another so do countries.4. This occurs because it allows for specialization in areas that countries (or families)can do best.6 Chapter 1/Ten Principles of EconomicsB. Principle #6: Markets Are Usually a Good Way to Organize Economic Activity1. Many countries that once had centrally planned economies have abandoned thissystem and are trying to develop market economies.2. Definition of market economy: an economy that allocates resourcesthrough the decentralized decisions of many firms and households asthey interact in markets for goods and services.Chapter 1/Ten Principles of Economics 73. Market prices reflect both the value of a product to consumers and the cost ofthe resources used to produce it. Therefore, decisions to buy or produce goodsand services are made based on the cost to society of providing them.4. When a government interferes in a market and restricts price from adjustingdecisions that households and firms make are not based on the properinformation. Thus, these decisions may be inefficient.5. Centrally planned economies have failed because they did not allow the marketto work.6. FYI: Adam Smith and the Invisible Handa. Adam Smith’s 1776 work suggested that although individuals aremotivated by self-interest, an invisible hand guides this self- interest intopromoting society’s economic well-being.b. Smith’s astute perceptions will be discussed more fully in the chap ters tocome.C. Principle #7: Governments Can Sometimes Improve Market Outcomes1. There are two broad reasons for the government to interfere with the economy:the promotion of efficiency and equity.2. Government policy can be most useful when there is market failure.a. Definition of market failure: a situation in which a market left onits own fails to allocate resources efficiently.3. Examples of Market Failurea. Definition of externality: the impact of one person’s actions onthe well-being of a bystander.b. Definition of market power: the ability of a single economic actor(or small group of actors) to have a substantial influence onmarket prices.c. Because a market economy rewards people for their ability to producethings that other people are willing to pay for, there will be an unequaldistribution of economic prosperity.8 Chapter 1/Ten Principles of Economics4. Note that the principle states that the government can improve market outcomes.This is not saying that the government always does improve market outcomes. IV. How the Economy as a Whole WorksA. Principle #8: A Country’s Standard of Living Depends on Its Ability to Produce Goods andServices1. Differences in living standards from one country to another are quite large.2. Changes in living standards over time are also great.3. The explanation for differences in living standards lies in differences inproductivity.4. Definition of productivity: the quantity of goods and services producedfrom each hour of a worker’s time.5. High productivity implies a high standard of living.6. Thus, policymakers must understand the impact of any policy on our ability toproduce goods and services.B. Principle #9: Prices Rise When the Government Prints Too Much Money1. Definition of inflation: an increase in the overall level of prices in theeconomy.2. When the government creates a large amount of money, the value of moneyfalls.3. Examples: Germany after World War I (in the early 1920s), the United States inthe 1970s.C. Principle #10: Society Faces a Short-Run Tradeoff between Inflation and Unemployment1. Definition of Phillips curve: a curve that shows the short-run tradeoffbetween inflation and unemployment.2. This is a controversial topic among economists.3. This tradeoff is only temporary but it can last for several years.4. The Phillips curve is important for understanding the business cycle.5. Definition of business cycle: fluctuations in economic activity, such asemployment and production.Chapter 1/Ten Principles of Economics 96. Policymakers can exploit this tradeoff by using various policy instruments, butthe extent and desirability of these interventions is of continuing debate.D. FYI: How to Read this Book1. Economics is very useful to understand, but it can be a difficult subject to grasp.2. There are five tips to make reading and understanding the material inthe book easier.a. Summarize, don’t highlight.b. Test yourself.c. Practice, practice, practice.d. Study in groups.e. Don’t forget the real world.10 Chapter 1/Ten Principles of EconomicsSOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. The four principles of economic decisionmaking are: (1) people face tradeoffs; (2) the cost ofsomething is what you give up to get it; (3) rational people think at the margin; and (4) peoplerespond to incentives. People face tradeoffs because to get one thing that they like, they usually have to give up another thing that they like. The cost of something is what you give up to get it, not just in terms of monetary costs but all opportunity costs. Rational people think at the margin by taking an action if and only if the marginal benefits exceed the marginal costs. Peoplerespond to incentives because as they compare benefits to costs, a change in incentives maycause their behavior to change.2. The three principles concerning economic interactions are: (1) trade can make everyone betteroff; (2) markets are usually a good way to organize economic activity; and (3) governments can sometimes improve market outcomes. Trade can make everyone better off because it allowscountries to specialize in what they do best and to enjoy a wider variety of goods and services.Markets are usually a good way to organize economic activity because the invisible hand leadsmarkets to desirable outcomes. Governments can sometimes improve market outcomes because sometimes markets fail to allocate resources efficiently because of an externality or market power.3. The three principles that describe how the economy as a whole works are: (1) a country’sstandard of living depends on its ability to produce goods and services; (2) prices rise when thegovernment prints too much money; and (3) society faces a short-run tradeoff between inflation and unemployment. A country’s standard of living depends on its ability to produce goods andservices, which in turn depends on its productivity, which is a function of the education ofworkers and the access workers have to the necessary tools and technology. Prices rise whenthe government prints too much money because more money in circulation reduces the value of money, causing inflation. Society faces a short-run tradeoff between inflation and unemployment that is only temporary and policymakers have some ability to exploit this relationship usingvarious policy instruments.Questions for Review1. Examples of tradeoffs include time tradeoffs (such as studying one subject over another, orstudying at all compared to engaging in social activities) and spending tradeoffs (such as whether to use your last ten dollars on pizza or on a study guide for that tough economics course).2. The opportunity cost of seeing a movie includes the monetary cost of admission plus the timecost of going to the theater and attending the show. The time cost depends on what else youmight do with that time; if it's staying home and watching TV, the time cost may be small, but if it's working an extra three hours at your job, the time cost is the money you could have earned.3. The marginal benefit of a glass of water depends on your circumstances. If you've just run amarathon, or you've been walking in the desert sun for three hours, the marginal benefit is very high. But if you've been drinking a lot of liquids recently, the marginal benefit is quite low. The point is that even the necessities of life, like water, don't always have large marginal benefits.4. Policymakers need to think about incentives so they can understand how people will respond tothe policies they put in place. The text's example of seat belts shows that policy actions canhave quite unintended consequences. If incentives matter a lot, they may lead to a verydifferent type of policy; for example, some economists have suggested putting knives in steering columns so that people will drive much more carefully! While this suggestion is silly, it highlights the importance of incentives.5. Trade among countries isn't a game with some losers and some winners because trade can makeeveryone better off. By allowing specialization, trade between people and trade betweencountries can improve everyone's welfare.6. The "invisible hand" of the marketplace represents the idea that even though individuals andfirms are all acting in their own self-interest, prices and the marketplace guide them to do what is good for society as a whole.7. The two main causes of market failure are externalities and market power. An externality is theimpact of one person’s actions on the well-being of a bystander, such as from pollution or thecreation of knowledge. Market power refers to the ability of a single person (or small group ofpeople) to unduly influence market prices, such as in a town with only one well or only one cable television company. In addition, a market economy also leads to an unequal distribution ofincome.8. Productivity is important because a country's standard of living depends on its ability to producegoods and services. The greater a country's productivity (the amount of goods and servicesproduced from each hour of a worker's time), the greater will be its standard of living.9. Inflation is an increase in the overall level of prices in the economy. Inflation is caused byincreases in the quantity of a nation's money.10. Inflation and unemployment are negatively related in the short run. Reducing inflation entailscosts to society in the form of higher unemployment in the short run.Problems and Applications1. a. A family deciding whether to buy a new car faces a tradeoff between the cost of the carand other things they might want to buy. For example, buying the car might mean theymust give up going on vacation for the next two years. So the real cost of the car is thefamily'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, thetradeoff is between parks and other spending items or tax cuts. If more money goesinto the park system, that may mean less spending on national defense or on the policeforce. Or, instead of spending more money on the park system, taxes could be reduced.c. When a company president decides whether to open a new factory, the decision is basedon whether the new factory will increase the firm's profits compared to other alternatives.For example, the company could upgrade existing equipment or expand existing factories.The bottom line is: Which method of expanding production 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 do withher 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 aboutthe benefits. One is to compare the vacation with what you would do in its place. If you didn'tgo on vacation, would you buy something like a new set of golf clubs? Then you can decide ifyou'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 thepsychological 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, which includes the opportunity cost of the wages you aregiving 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 including the cost to you of getting a lower grade in your course.4. If you spend $100 now instead of saving it for a year and earning 5 percent interest, you aregiving 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 offinancial instruments like stocks and bonds.5. The fact that you've already sunk $5 million isn't relevant to your decision anymore, since thatmoney is gone. What matters now is the chance to earn profits at the margin. If you spendanother $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 ($6million 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 $5million. 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 beincreasing 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. Ronwants to look at average cost. But both Harry and Ron are missing the other side of theequation−revenue. A firm wants to maximize its profits, so it needs to examine both costs andrevenues. Thus, Hermione is right−it’s best to examine whether the extra revenue wouldexceed the extra costs. Hermione is the only one who is thinking at the margin.7. a. The provision of Social Security benefits lowers an individual’s incentive to save forretirement. The benefits provide some level of income to the individual when he or sheretires. This means that the individual is not entirely dependent on savings to supportconsumption through the years in retirement.b. Since a person gets fewer after-tax Social Security benefits the greater is his or herearnings, there is an incentive not to work (or not work as much) after age 65. Themore you work, the lower your after-tax Social Security benefits will be. Thus thetaxation 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 two years,they have greater incentive to find jobs than if their benefits were to last forever.b. The loss of benefits means that someone who can't find a job will get no income at all,so the distribution of income will become less equal. But the economy will be moreefficient, since welfare recipients have a greater incentive to find jobs. Thus the changein 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. If youdivided 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 ittakes Spanish workers less time to make clothes than French workers, and French workers canmake wine more efficiently than Spanish workers. Then Spain and France can both benefit ifSpanish workers produce all the clothes and French workers produce all the wine, and theyexchange some wine for some clothes.10. a. Being a central planner is tough! To produce the right number of CDs by the right artistsand deliver them to the right people requires an enormous amount of information. Youneed to know about production techniques and costs in the CD industry. You need toknow each person's musical tastes and which artists they want to hear. If you make thewrong decisions, you'll be producing too many CDs by artists that people don't want tohear, and not enough by others.b. Your decisions about how many CDs to produce carry over to other decisions. You haveto make the right number of CD players for people to use. If you make too many CDsand not enough cassette tapes, people with cassette players will be stuck with CDs theycan't play. The probability of making mistakes is very high. You will also be faced withtough choices about the music industry compared to other parts of the economy. If youproduce more sports equipment, you'll have fewer resources for making CDs. So alldecisions about the economy influence your decisions 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 is 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 be efficient?If you think that currently doctors form a monopoly and restrict health care to keep theirincomes high, you might think efficiency would increase by providing more health care.But more likely, if the government mandated increased spending on health care, theeconomy would be less efficient because it would give people more health care than theywould choose to pay for. From the point of view of equity, if poor people are less likelyto have adequate health care, providing more health care would represent animprovement. Each person would have a more even slice of the economic pie, thoughthe pie would consist of more health care and less of other goods.b. When workers are laid off, equity considerations argue for the unemployment benefitssystem to provide them with some income until they can find new jobs. After all, no oneplans to be laid off, so unemployment benefits are a form of insurance. But there’s anefficiency problem why work if you can get income for doing nothing? The economyisn’t operating efficiently if people remain unemployed for a long time, andunemployment benefits encourage unemployment. Thus, there’s a tradeoff betweenequity and efficiency. The more generous are unemployment benefits, the less income islost by an unemployed person, but the more that person is encouraged to remainunemployed. So greater equity reduces efficiency.13. Since average income in the United States has roughly doubled every 35 years, we are likely tohave 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 workproduces more goods and services than it used to. Thus incomes have continuously risen overtime, as has the standard of living.14. If Americans save more and it leads to more spending on factories, there will be an increase inproduction and productivity, since the same number of workers will have more equipment towork with. The benefits from higher productivity will go to both the workers, who will get paidmore since they're producing more, and the factory owners, who will get a return on theirinvestments. There is no such thing as a free lunch, however, because when people save more, they are giving up spending. They get higher incomes at the cost of buying fewer goods.15. a. If people have more money, they are 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 the higher spending of consumers will be matched withincreased prices and output won't rise.16. To make an intelligent decision about whether to reduce inflation, a policymaker would need toknow what causes inflation and unemployment, as well as what determines the tradeoff between them. Any attempt to reduce inflation will likely lead to higher unemployment in the short run. A policymaker thus faces a tradeoff between the benefits of lower inflation compared to the cost of higher unemployment.。

曼昆的《微观经济学基础》课业笔记英文版

曼昆的《微观经济学基础》课业笔记英文版IntroductionThis document presents my notes on "Microeconomics: Principles and Applications" by N. Gregory Mankiw. These notes summarize key concepts and ideas covered in the book, aiming to provide a helpful overview of microeconomics.Chapter 1: Ten Principles of Economics- People face trade-offs: individuals and societies must make choices due to scarcity.- The cost of something is what you give up to get it: when making decisions, considering both the direct and opportunity costs is crucial.- Rational people think at the margin: making decisions by evaluating incremental benefits and costs.- People respond to incentives: incentives can influence individuals' behavior and decision-making.- Trade can make everyone better off: voluntary exchange benefits all parties involved.- Markets are usually a good way to organize economic activity: markets coordinate exchanges efficiently.- A country's standard of living depends on its ability to produce goods and services: productivity is key.- Prices rise when the government prints too much money: inflation can be caused by excessive money supply growth.- Society faces a short-run trade-off between inflation and unemployment: the Phillips curve illustrates this trade-off.Chapter 2: Thinking Like an Economist- Economists use models to simplify reality and understand economic behavior.- Assumptions in economic models help focus on essential elements.- Opportunity cost is the true cost of something and is measured by what we give up to obtain it.Chapter 3: Interdependence and the Gains from Trade- Specialization and international trade result in greater production efficiency and consumption possibilities.- Both parties benefit from trade even if one has an absolute advantage in both goods.- Prices reflect the opportunity cost and guide resources to their most valued uses.Chapter 4: The Market Forces of Supply and Demand- Markets consist of buyers and sellers, and their interactions determine prices and quantities.- Demand curve shows the relationship between price and quantity demanded, while supply curve reflects the relationship between price and quantity supplied.- Market equilibrium occurs when quantity demanded equals quantity supplied.- Changes in demand or supply shift their respective curves, leading to changes in equilibrium price and quantity.ConclusionThese notes provide a brief summary of the key concepts covered in "Microeconomics: Principles and Applications." Studying this bookallows for a deeper understanding of microeconomic principles and their applications in the real world.。

曼昆微观经济学经济学十大原理英文版

1
CHAPTER
1
Ten Principles of Economics （经济学十大原理）
Economics
PRINCIPLES OF
N. Gregory Mankiw
© 2015 CUFE
In this chapter, look for the answers to these questions:
边际是高等数学微分的概念；理性人决策：边际收益>边际成
本（Do）;边际收益<边际成本（Undo）
13
HOW PEOPLE MAKE DECISIONS
Principle #3: 理性人考虑边际量
Rational People Think at the Margin Exampconsiders whether to go to
HOW PEOPLE MAKE DECISIONS
Principle #2: 某种东西的成本是为了得到它而放弃的东西
The Cost of Something Is What You Give Up to Get It
Making decisions requires comparing the costs and
7
Society faces an important tradeoff:
HOW PEOPLE MAKE DECISIONS Principle #1: 人们面临权衡取舍
效率 (efficiency) vs. 平等（equality）
Efficiency: 社会能从稀缺资源获得最大利益的特性 . when
college for an additional year, he compares the fees & foregone wages to the extra income he could earn with the extra year of education.

微观经济学原理第七版曼昆名词解释带英文

微观经济学原理曼昆名词解释1.需求价格弹性price elasticity of demand：2.蛛网模型：对于生产周期较长的商品供给的时滞性,需求的不是动态模型分类,画图3.边际效用递减diminishing marginal utility——基数效用论不违反边际效用递减规律;因为边际效用是指物品的消费量每增加或减少一个单位所增加或减少的总效用的量;这里的“单位”是指一完整的商品单位,这种完整的商品单位,是边际效用递减规律有效性的前提;比如,这个定律适用于一双的鞋子,但不适用于单只的鞋子;对于四轮车而言,必须是有四个轮子的车才成为一单位;三个轮子不能构成一辆四轮车,因而每个轮子都不是一个有效用的物品,增加一个轮子,才能使车子有用;因此,不能说第四个轮子的边际效用超过第三个轮子4.无差异曲线indifference curve：一条表示给消费者相同满足程度的消费组合的曲线;2特征：凸向原点越远越大不相交5.边际替代率marginal rate of ：——序数效用论6.预算线Budget line/ budget constraint7.吉芬物品Giffen good：价格上升引起需求量增加的物品;8.柯布道格拉斯生产函数稀缺性scarcity：社会资源的有限性;经济学economics：研究社会如何管理自己的稀缺资源;效率efficiency：社会能从其稀缺资源中得到最多东西的特性;平等equality：经济成果在社会成员中公平分配的特性;机会成本opportunity cost：为了得到某种东西所必须放弃的东西;理性人rational people：系统而有目的地尽最大努力实现起目标的人; 边际变动marginal change：对行动计划微小的增量调整;激励incentive：引起一个人做出某种行为的某种东西;市场经济market economy：当许多企业和家庭在物品与劳务市场上相互交易时,通过他们的分散决策配置资源的经济;产权property rights：个人拥有并控制稀缺资源的能力;市场失灵market failure：市场本身不能有效配置资源的情况;外部性externality：市场势力market power：一个经济活动者或经济活动者的一个小集团对市场价格有显着影响的能力;生产率productivity：一个工人一小时所生产的物品与劳务量;通货膨胀inflation：经济中物价总水平的上升;经济周期business cycle：就业和生产等经济活动的波动就是生产这类经济活动的波动;循环流向图circular-flow diagram：一个说明货币如何通过市场在家庭与企业之间流动的直观经济模型;生产可能性边界production possibilities frontier：表示一个经济在可得到的生产要素与生产技术既定时所能生产的产量的各种组合的图形;微观经济学microeconomics：研究家庭和企业如何做出决策,以及它们在市场上的相互交易;宏观经济学macroeconomics：研究整体经济现象,包括通货膨胀、失业和经济增长; 实证表述positive statements：企图描述世界是什么的观点;规范描述normative statements：企图描述世界应该如何运行的观点;绝对优势absolute advantage：根据生产率比较一种物品的生产者;比较优势comparative advantage ：根据机会成本比较一种物品的生产者;进口品imports：国外生产而在国内销售的物品;出口品exports：国内生产而在国外销售的物品;市场market：由某种物品或劳务的买者与卖者组成的一个群体;竞争市场competitive market ：有许多买者与卖者,以致于每个人对市场价格的影响都微乎其微的市场;需求量quantity demanded：买者愿意而且能够购买的一种物品量;需求定理law of demand：认为在其他条件相同时,一种物品价格上升,该物品需求量减少的观点;需求表demand schedule：表示一种物品价格与需求量之间关系的表格;需求曲线demand curve：一种物品价格与需求量之间关系的图形;正常物品normal good：在其他条件相同时,收入增加引起需求量增加的物品; 低档物品inferior good：在其他条件相同时,收入增加引起需求量减少的物品; 替代品substitutes：一种物品价格上升引起另一种物品需求增加的两种物品; 互补品complements：一种物品价格上升引起另一种物品需求减少的两种物品; 供给量quantity supplied：卖者愿意而且能够出售的一种物品量;供给定理law of supply：认为在其他条件相同时,一种物品价格上升,该物品供给量增加的观点;供给表supply schedule：表示一种物品价格与供给量之间关系的表格;供给曲线supply curve：一种物品价格与供给量之间关系的图形;均衡equilibrium：供给与需求达到了平衡的状态;均衡价格equilibrium price：使供给与需求平衡的价格;均衡数量equilibrium quantity：当价格调整到使供给与需求平衡时的供给量与需求量;过剩surplus：供给量大于需求量时的状态;短缺shortage：需求量大于供给量时的状态;供求定理law of supply and demand：认为任何一种物品的调整都会使该物品供求平衡的观点;弹性elasticity：需求量或供给量对其决定因素中某一种的反应程度的衡量; 总收益total revenue：一种物品买者支付的量和卖者得到的量,用该物品的价格乘以销售量来计算;需求收入弹性income Elasticity of demand：一种物品需求量对消费者收入变动反应程度的衡量,用需求量变动百分比除以收入变动百分比来计算;需求的交叉价格弹性cross-price elasticity of demand：衡量一种物品需求量对另一种物品价格变动的反应程度,用第一种物品需求量变动百分比除以第二种物品价格变动百分比来计算;供给价格弹性price elasticity of supply：一种物品供给量对其价格变动反应程度的衡量,用供给量变动百分比除以价格变动百分比来计算;价格上限price ceiling：可以出售一种物品的法定最高价格;价格下限price floor：可以出售一种物品的法定最低价格;税收归宿tax incidence：关于由谁来承担税收负担的研究;福利经济学welfare economists：研究资源配置如何影响经济福利;支付意愿willingness to pay：买者愿意为某种物品支付的最高量;消费者剩余consumer surplus：买者的支付意愿减买者的实际支付量;成本cost：卖者为了生产一种物品必须放弃的每种东西的价值;生产者剩余producer Surplus：卖者出售一种物品得到的量减卖者的成本;效率efficiency：资源配置使社会所有成员得到的总剩余最大化的性质;平等equality：福利在社会成员中分配的公平性;无谓损失deadweight loss：税收引起的总剩余减少;世界价格world price：一种物品在世界市场上所流行的价格;关税tariff：对在国外生产而在国内销售的物品征收的税;外部性externality：一个人的行为对旁观者福利的影响;外部性的内在化internalizing the externality ：改变激励,以使人们考虑到自己行为的外部效应;科斯定理coase theorem：一种观点,认为如果私人各方可以无成本地就资源配置进行协商,那么,他们就可以解决外部性问题;交易成本transaction cost：各方在协议与遵守协议过程中所发生的成本;庇古税pigovian taxes：用于纠正负外部性影响的税收;排他性excludability：可以阻止一个人使用一种物品时该物品的特性;竞争性rivalry：一个人使用一种物品减少其他人使用时该物品的特性;私人物品private goods：既有排他性又有竞争性的物品;公共物品public goods：既无排他性又无竞争性的物品;公有资源common resources：有竞争性但无排他性的物品;搭便车者free rider：得到一种物品的利益但避开为此支付的人;成本—收益分析coast-benefits analysis：比较提供一种公共物品的社会成本与利益的研究;公地悲剧tragedy of the commons：一个寓言,说明从整个社会的角度看为什么公有资源的使用大于合意的水平;预算盈余budget surplus：政府收入大于政府支出;预算赤字budget deficit：政府支出大于政府收入;平均税率average tax rate：总收入除以支付的总税收;边际税率marginal tax rate：增加1美元收入支出的额外税收;定额税lump-sum tax：每个人等量的税收;受益原则benefits principle：认为应该根据人们从政府服务中得到的利益来纳税的思想;支付能力原则原则ability-to-pay principle：认为应该根据一个人可以承受的负担来对这个人征税的思想;纵向平等vertical equity：主张支付能力高的纳税人应该交纳更多税的思想; 横向平等horizontal equality：主张有相似支付能力的纳税人应该交纳等量税收的思想;比例税proportional tax：高收入纳税人和低收入纳税人交纳收入中相同比例的税收;累退税regressive tax：高收入纳税人交纳的税收在收入中的比例低于低收入纳税人的税收;累进税progressive tax：高收入纳税人交纳的税收在收入中的比例高于低收入纳税人的税收;总收益total revenue：企业出售其产量所得到的量;总成本total cost：企业购买生产投入所支付的量;利润profit：总收益减总成本;显性成本explicit costs：要求企业支出货币的投入成本;隐性成本implicit costs：不要求企业支出货币的投入成本;经济利润economic profit：总收益减总成本,包括与隐性成本;会计利润accounting profit：总收入减显性成本;生产函数production function：用于生产一种物品的投入量与该物品产量之间的关系;边际产量marginal product：增加的一单位投入所引起的产量增加;边际产量递减diminishing marginal product：固定成本fixed costs：不随着产量变动而变动的成本;可变成本variable costs：随着产量变动而变动的成本;平均总成本average total cost：总成本除以产量;平均固定成本average fixed costs：固定成本除以产量;平均可变成本average variable costs：可变成本除以产量;边际成本efficient scale：额外一单位产量所引起的总成本的增加;有效规模efficient scale：使平均总成本最小的产量;规模经济economics of scale：长期平均总成本随产量增加而减少的特性;规模不经济diseconomies of scale：长期平均总成本随产量增加而增加的特性; 规模收益不变constant returns to Scale：长期平均总成本随产量增加而保持不变的特性;竞争市场competitive market：有许多交易相同产品的买者与卖者,以至于每一个买者和卖者都是价格接受者的市场;平均收益average revenue：总收益除以销售量;边际收益marginal revenue：增加一单位销售量引起的总收益变动;沉没成本sunk cost：已经发生而且无法收回的成本;垄断企业monopoly：一种没有相近替代品的产品的惟一卖者的企业;自然垄断natural monopoly：由于一个企业能以低于两个或更多企业的成本向整个市场供给一种物品或劳务而产生的垄断;价格歧视price discrimination：以不同价格向不同顾客出售同一种物品的经营做法;寡头oligopoly：只有少数几个卖者提供相似或相同产品的的市场结构;垄断竞争monopolistic competition：许多出售相似而不相同的产品的企业的市场结构;勾结collusion：一个市场上的企业之间就生产的产量或收取的价格达成的协议; 卡特尔Cartel：一致行动的企业集团;纳什均衡Nash equilibrium：相互作用的经济主体在假定所有其他主体所选战略为既定的情况下选择自己最优战略的状态;博弈论game theory：研究人们在各种策略情况下如何行事;囚徒困境prisoners' dilemma：两个被捕获的囚徒之间的一种特殊“博弈”,说明为什么甚至在合作对双方有利时,保持合作也是困难的;占优优势策略dominant strategy：无论其他参与者选择什么策略,对一个参与者都为最优的策略; 125生产要素：用于生产物品和劳务的投入;生产函数production function：用于生产一种物品的投入量与该物品产量之间的关系;劳动的边际产量marginal product of labor：增加的一单位劳动所引起的产量增加量;边际产量递减diminishing marginal product：一单位投入的边际产量随着投入量增加而减少的性质;边际产量值value of the marginal product：一种投入的边际产量乘以该产品的价格;资本capital：用于生产物品与劳务的设备和建筑物;补偿性工资差别compensating differential：为抵消不同工作的非货币特性而产生的工资差别;人力资本human capital：对人的投资的积累,如教育和在职培训;工会union：与雇主谈判工资和工作条件的工人协会;罢工strike：工会有组织地从企业撤出劳动;效率工资efficiency wages：企业为了提高工人的生产率而支付的高于均衡工资的工资;歧视discrimination：对仅仅由于种族、宗教、性别、年龄或其他个人特征不同的相似个人提供不同的机会;贫困率poverty rate：家庭收入低于一个称为贫困线的绝对水平的人口百分比; 贫困线poverty line：由联邦政府根据每个家庭规模确定的一种收入绝对水平,低于这一水平的家庭被认为处于贫困状态;实物转移支付in-kind transfers：以物品和劳务而不是以现金形式给予穷人的转移支付;生命周期life cycle：在人的一生中有规律的收入变动形式;持久收入permanent income：一个人的正常收入;功利主义utilitarianism：一种政治哲学,根据这种政治哲学,政府应该选择使社会上所有人总效用最大化的政策;效用utility：衡量幸福或满足程度的指标;自由主义liberalism：一种政治哲学,根据这种政治哲学,政府应该选择必要的公正的政策;这种公正要由yield在“无知面纱”的背后的无偏见观察者来评价;最大最小准则maximin criterion：一种主张,认为政府的目标应该是使社会上状况最差的人的福利最大化;社会保险social insurance：旨在保护人们规避负面事件风险的政府政策;自由至上主义libertarianism：一种政治哲学,根据这种政治哲学,政府应该惩罚犯罪并进行自愿的协议,但不应该进行收入再分配;福利welfare：补贴需要者收入的政府计划;负所得税negative income tax：向高收入家庭征税并给低收入家庭补贴的税制; 预算约束线budget constraint：对消费者可以支付得起的消费组合的限制;完全替代品perfect substitutes：无差异曲线为直线的两种物品;完全互补品perfect complements：无差异曲线为直角形的两种物品;收入效应income Effect：当一种价格变动使消费者移动到更高或更低无差异曲线时所引起的消费变动 ;替代效应substitution effect：当一种价格变动使消费者沿着一条既定的无差异曲线变动到有新边际替代率的一点时所引起的消费变动;寻租理论Rent-seeking theory：。

微观经济学原理曼昆英文四PPT课件

(Demand for an inferior good is negatively related to income. An increase in income shifts D curves for inferior goods to the left.)
.
11
Demand Curve Shifters: Prices of Related Goods
A. The price of iPods falls
B. The price of music downloads falls
C. The price of CDs falls
1
Markets and Competition
▪ A market is a group of buyers and sellers of a
particular product.
▪ A competitive market is one with many buyers
and sellers, each has a negligible effect on price.
10
Demand Curve Shifters: Income
▪ Demand for a normal good is positively related
to income.
▪ Increase in income causes
increase in quantity demanded at each price, shifts D curve to the right.
an increase in the price of one causes a fall in demand for the other.

曼昆微观经济学英文版01ten_principles

TEN PRINCIPLES OF ECONOMICS
• How people make decisions.
• People face tradeoffs. • The cost of something is what you give up to get it. • Rational people think at the margin. • People respond to incentives.
Making decisions requires trading off one goal against another.
Copyright © 2004 South-Western/Thomson Learning
Principle #1: People Face Tradeoffs • Efficiency v. Equity
• The standard of living depends on a country’s production.
• Prices rise when the government prints too much money.
• Society faces a short-run tradeoff between inflation and unemployment.
Copyright © 2004 South-Western/Thomson Learning
Principle #3: Rational People Think at the Margin. • Marginal changes are small, incremental
adjustments to an existing plan of action.

曼昆《微观经济学》答案(英文版)_Chapter_1~5[1]

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).。

曼昆微观经济学英文版15monopoly

• Monopoly versus Competition
• Monopoly
• • • • • • • • Is the sole producer Faces a downward-sloping demand curve Is a price maker Reduces price to increase sales Is one of many producers Faces a horizontal demand curve Is a price taker Sells as much or as little at same price
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Figure 4 Profit Maximization for a Monopoly
Costs and Revenue
2. . . . and then the demand curve shows the price consistent with this quantity. B
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A Monopoly’s Profit
• Profit equals total revenue minus total costs.
• Profit = TR - TC • Profit = (TR/Q - TC/Q) Q • Profit = (P - ATC) Q
• The output effect—more output is sold, so Q is higher. • The price effect—price falls, so P is lower.
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曼昆微观经济学英文版01ten_principles

Principle #1: People Face Tradeoffs.
To get one thing, we usually have to give up another thing.
• • • • Guns v. butter Food v. clothing Leisure time v. work Efficiency v. equity
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TEN PRINCIPLES OF ECONOMICS
Economics is the study of how society manages its scarce resources.
Copyright © 2004 South-Western/Thomson Learning
• Adam Smith made the observation that households and firms interacting in markets act as if guided by an “invisible hand.”
• Because households and firms look at prices when deciding what to buy and sell, they unknowingly take into account the social costs of their actions. • As a result, prices guide decision makers to reach outcomes that tend to maximize the welfare of society as a whole.

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