管理经济学 原书第六版 课后答案6

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管理经济学 原书第六版 课后答案7

管理经济学 原书第六版 课后答案7

Chapter 7: Answers to Questions and Problems1. The four-firm concentration ratio is,4$175,000$150,000$125,000$100,0000.55$1,000,000C +++==.2.a. The HHI is222$200,000$400,000$500,00010,000=3,719$1,100,000$1,100,000$1,100,000HHI ⎡⎤⎛⎞⎛⎞⎛⎞=++⎢⎥⎜⎟⎜⎟⎜⎟⎝⎠⎝⎠⎝⎠⎢⎥⎣⎦. b. The four-firm concentration ratio is 100 percent.c. If the firms with sales of $200,000 and $400,000 were allowed to merge, the resulting HHI would increase by 1,322 to 5,041. Since the pre-merger HHI exceeds that under the Guidelines (1,800) and the HHI increases by more than that permitted under the Guidelines (100), the merger is likely to be challenged.3. The elasticity of demand for a representative firm in the industry is –1.5, since.5.16.09.09.06.0−=−=⇒−=F F E E .4.a. $100. To see this, solve the Lerner index formula for P to obtain11$35$100110.65P MC L ⎛⎞⎛⎞===⎜⎟⎜⎟−−⎝⎠⎝⎠. b. Since 11P MC L ⎛⎞=⎜⎟−⎝⎠, it follows that the markup factor is 1 2.8610.65⎛⎞=⎜⎟−⎝⎠. That is, the price charged by the firm is 2.86 times the marginal cost of producing the product.c. The above calculations suggest price competition is not very rigorous and that the firm enjoys market power.5.Managers should not specialize in learning to manage a particular type of market structure. Market structure generally evolves over time, and managers must adapt to these changes.6. To the extent that the HHIs are based on too narrow a definition of the product (orgeographic) market or the impact of foreign competition, the merger might be allowed. It might also be allowed if one of the firms is in financial trouble, or if significant economies of scale exist in the industry.7. As shown in the text, the HHI is⎥⎥⎦⎤⎢⎢⎣⎡⎟⎟⎠⎞⎜⎜⎝⎛++⎟⎟⎠⎞⎜⎜⎝⎛+⎟⎟⎠⎞⎜⎜⎝⎛++⎟⎟⎠⎞⎜⎜⎝⎛+⎟⎟⎠⎞⎜⎜⎝⎛=⎟⎟⎠⎞⎜⎜⎝⎛∑=222222112......000,10000,10T n T j T i T T n i T i S S S S S S S S S S S S . (1) When firms i and j merge, the HHI becomes ⎥⎥⎦⎤⎢⎢⎣⎡⎟⎟⎠⎞⎜⎜⎝⎛++⎟⎟⎠⎞⎜⎜⎝⎛+++⎟⎟⎠⎞⎜⎜⎝⎛+⎟⎟⎠⎞⎜⎜⎝⎛222221......000,10T n T j i T T S S S S S S S S S . (2) The difference between (2) and (1) is that 22⎟⎟⎠⎞⎜⎜⎝⎛+⎟⎟⎠⎞⎜⎜⎝⎛T j T i S S S S becomes 2⎟⎟⎠⎞⎜⎜⎝⎛+T j i S S S .Thus, we can calculate how a merger between firms i and j will change the HHI by knowing only those two firms’ market shares. In general, since()22222⎟⎟⎠⎞⎜⎜⎝⎛++⎟⎟⎠⎞⎜⎜⎝⎛=⎟⎟⎠⎞⎜⎜⎝⎛+T j T j i T i T j i S S S S S S S S S S , we know that a merger between firms i and j will cause the HHI to increase by 210,000i j w w ×, where w i and w j are the pre-merger market shares of the two merging firms. Using the information in the problem,()()()800000,102.2.2= represents the increase in the HHI due to the merger.8. No. The conditions for perfect competition include:a. There are many buyers and sellers of products.b. The products are homogenous.c. Consumers and producers have perfect information.d. There is free entry and exit.9. The four-firm concentration ratios in Table 7-2 are likely to overstate the level of concentration in the U.S. Imported beers account for much of the sales in the U.S. It is likely that the brewing industry is much less concentrated than Table 7-2 leads us to believe.10.This industry is most likely monopolistically competitive. Monopolistically competitive industries have concentration measures close to zero, but since eachfirm’s product is slightly differentiated, the Rothschild index will be greater than zero (unlike perfectly competitive markets).11.Monopolistically competitive. In a monopolistically competitive market, there aremany firms, but each firm produces a differentiated product. According to the causal view, the structure of differentiated products causes firms to capitalize on the absence of close substitutes by charging higher prices and earning higher profit. Thus,structure causes conduct resulting in performance. According to the feedback critique, the conduct of firms may determine the market structure. Firms’ products may bedifferentiated because of firms’ conduct in the industry. Examples of such conductinclude advertising and other behavioral tactics that feedback into demand, causingconsumers to view products as differentiated. Thus, it is not at all clear thatdifferentiated products are a structural variable. The willingness of consumers to pay for product variety gives firms an incentive to offer different products (thin-and-crispy pizza, pan pizza, pizza delivery, etc.).12.Merger (a) is the only horizontal merger, and therefore the only merger that would bescrutinized under the Guidelines for horizontal mergers. Merger (b) is a conglomerate merger, while merger (c) is a vertical merger.13.While the pre-merger four-firm concentration ratio is 72 percent, the pre-merger HHIis only 1,535. The merger would increase the HHI by only 100 to 1,635. The merger is unlikely to be blocked based on the merger guidelines.14.If approved, the merger would raise the HHI by ()()()702000,1013.27.2= points (see the solution to problem 7). Since the pre-merger HHI is 3,025, which is greater thanthe Guidelines (1,800), and the HHI increases by 702 (which is greater than the 100points permitted in the Guidelines), it is unlikely that the merger will receiveunconditional approval.15.See Table 7-1.O w n P rice Elasticity of M arket Dem andO w n P rice E lasticityof D em and forR epresentative Firm'sP roduct R othsc hild IndexA griculture-1.8-96.20.019C onstruction-1.0-5.20.192Du rable m anufacturing-1.4-3.50.400No ndu rable m anufacturing-1.3-3.40.382Transportation-1.0-1.90.526Com m unication and utilities-1.2-1.80.667W holesale trade-1.5-1.60.938R etail trade-1.2-1.80.667Finance-0.1-5.50.018S ervices-1.2-26.40.045Table 7-1Based on the Rothschild indices in Table 7-1, wholesale trade most closely resembles a monopoly, while finance most closely resembles perfect competition.16. The Lerner index is $3$0.300.9$3P MC L P −−===, which indicates the firm has considerable market power. This makes sense because the product that the firm sells is currently under patent protection, which essentially makes the firm a legal monopoly.17.Based on the information contained in Table 7-3 of the text, the food and apparel industries are most competitive and therefore probably represent the best match for the expertise of these managers.18. The market for color film in the U.S. is highly concentrated. The five-firmconcentration ratio is 100 percent and Kodak alone accounts for 67 percent of all rolls sold. Market demand for color film is relatively elastic at -1.75; indicating that a 10 percent increase in price leads to a 17.5 percent decline in quantity demand for color film. The Rothschild index indicates that market demand relative to the demand for Kodak color film is 875.0275.1=−−=R , indicating that Kodak’s demand is, roughly, as sensitive to price changes as is the entire market demand. The Lerner index for Kodak is 50.095.6$475.3$95.6$=−=L , indicating that Kodak’s markup factor is 2. For every $1 spent on color film, $0.50 is markup. Taken together, these things suggest that the color film industry in the U.S. closely resembles an oligopoly.19. Note first that a merger with Unilever or Tricor Braun is not a horizontal merger. Moreover, while a horizontal merger with either Dole or Goya is likely to enhance Del Monte’s profitability (profits as a percentage of sales are 8.7 and 7.1, respectively and the Lerner Indices are 0.14 and 0.32, respectively), the market for cannedtomatoes and canned pineapple are highly concentrated. The four-firm concentration ratio and HHI for the canned tomatoes market are, respectively, 86.3 percent and 3,297. Similarly, the four-firm concentration ratio and HHI in the canned pineapple industry are 94.2 percent and 5,457, respectively. This information suggests that potential mergers in these industries are likely to be scrutinized.20.On the surface the industry analysts’ suggestion would represent a merger tomonopoly and the HHI before and after the merger exceeds the threshold for raising antitrust concerns. However, there are several reasons why the merger might beallowed. First, satellite radio may not be its own industry, but rather a smaller part of a larger market that include MP3 players, AM and FM radios, and the like. Their market shares in this more broadly defined market are trivial, and therefore themerger would not impact the HHI in the more broadly defined market. Additionally, the merger might be allowed if the (1) firms could show significant cost savings; (2) rapidly changing technology in the portable music industry would prevent anti-competitive behavior; (3) government viewed the firms as financially unstable; or (4) barriers to entry were low enough to allow competition from new entrants after the merger.21.With number portability, the services of the various providers are now closersubstitutes to each other. One implication is that the cost to consumers of switchingservice providers is not lower, which increases the likelihood that consumers wouldswitch for small price reductions. These factors make the demand for the individualcellular service providers more elastic (increase the price elasticity of demand). Local number portability, however, is unlikely to affect the elasticity of demand for theindustry as a whole. If the elasticity of demand increases for individual firms, butremains constant for the industry, the Rothschild index will decrease.。

管理经济学 原书第六版 课后答案8

管理经济学 原书第六版 课后答案8

Chapter 8: Answers to Questions and Problems1.a.7 units.b.$28.c.$224, since $32 x 7 = $224.d.$98, since $14 x 7 = $98.e.$126 (the difference between total cost and variable cost).f.It is earning a loss of $28, since ($28 -$32) x 7 = - $28.g.- $126, since its loss will equal its fixed costs.h.Shut down.2.a.Set P = MC to get $80 = 8 + 4Q. Solve for Q to get Q = 18 units.b.$80.c.Revenues are R = ($80)(18) = $1440, costs are C = 40 + 8(18) + 2(18)2 = $832, soprofits are $608.d.Entry will occur, the market price will fall, and the firm should plan to reduce itsoutput. In the long-run, economic profits will shrink to zero.3.a.7 units.b.$130.c.$140, since ($130 – 110) x 7 = $140.d.This firm’s demand will decrease over time as new firms enter the market. In thelong-run, economic profits will shrink to zero.4.a.MR = 200 – 4Q and MC = 6Q. Setting MR = MC yields 200 – 4Q = 6Q. Solvingyields Q = 20 units. The profit-maximizing price is obtained by plugging this intothe demand equation to get P = 200 - 2(20) = $160.b.Revenues are R = ($160)(20) = $3200 and costs are C = 2000 + 3(20)2 = $3200,so the firm’s profits are zero.c.Elastic.d.TR is maximized when MR = 0. Setting MR = 0 yields 200 – 4Q = 0. Solving forQ yields Q = 50 units. The price at this output is P = 200 – 2(50) = $100.ing the results from part d, the firm’s maximum revenues are R = ($100)(50) =$5,000.f.Unit elastic.5.a. A perfectly competitive firm’s supply curve is its marginal cost curve above theminimum of its AVC curve. Here, 25083i i i MC q q =−+ and232504504i i i i i i i q q q AVC q q q −+==−+. Since MC and AVC are equal at theminimum point of AVC, set MC i = AVC i to get 225083504i i i i q q q q −+=−+, or 2i q =. Thus, AVC is minimized at an output of 2 units, and the correspondingAVC is ()()25042246i AVC =−+= . Thus the firm’s supply curve is described by the equation 23850i i q q MC +−= if $46P ≥; otherwise, the firm produces zero units.b. A monopolist produces where MR = MC and thus does not have a supply curve.c. A monopolistically competitive firm produces where MR = MC and thus does nothave a supply curve. 6.a. Q = 3 units; P = $70.b. Q = 4 units; P = $60.c. ()()1$70$401$15.2DWL =−=7.a. The inverse linear demand function is P = 10 – .5Q.b. MR = 10 – Q and MC = –14 + 2Q. Setting MR = MC yields 10 – Q = –14 + 2Q. Solving for Q yields Q = 8 units. The optimal price is P = 10 – .5(8) = $6.c. Revenues are R = ($6)(8) = $48. Costs are C = 104 – 14(8) + (8)2 = $56. Thus the firm earns a loss of $8. However, the firm should continue operating since it is covering variable costs.d. In the long run exit will occur and the demand for this firm’s product will increase until it earns zero economic profits. Otherwise, the firm should exit the business in the long run.8.a. The optimal advertising to sales ratio is given by ,,0.10.052Q A Q P E A R E ===−. b.()(),,0.1.05$50,000$2,500$50,0002Q A Q P E A A A R E =⇒=⇒==−.9.Chastise the manager. Profit maximization requires producing where MR = MC.10.Since you are a perfectly competitive firm, the price you charge is determined in a competitive market. The two events summarized will result in a decrease in market supply and an increase in the market demand, resulting in a higher market price (from P0 to P1 in the graphs below). Your profit-maximizing response to this higher price is to increase output. This is because we are a price taker (hence P = MR = the demand for our product) and the increase in price from P0 to P1 means that MR > MC at our old output. It is profitable to increase output from q0 to q1, as shown below.11. It competes in a monopolistically competitive market. Short run profits may beearned by introducing new products more quickly than rivals. Over time, other firms will innovate too so in the long run Pizza Hut earns zero economic profits.12.Profit maximization requires equating MR and MC. Since11 2.5$1.25$0.752.5E MR P E +−⎛⎞⎛⎞===⎜⎟⎜⎟−⎝⎠⎝⎠and MC = $0.25, MR > MC. This meansyour firm can increase profits by reducing price in order to sell more pills.13.Notice that MR = 1,000 – 10Q, MC 1 = 10Q 1 and MC 2 = 4Q 2. In order to maximize profits (or minimize its losses), the firm equates MR = MC 1 and MR =MC 2. Since Q = Q 1 + Q 2, this gives us()()121122100010101000104Q Q Q Q Q Q −+=−+=.Solving yields 120022.229Q =≈ units and 250055.569Q =≈ units. The optimal price is the amount consumers will pay for the 1220050070077.78999Q Q +=+=≈ units,and is determined by the inverse demand curve:700$5,5001,0005$611.1199P ⎛⎞=−=≈⎜⎟⎝⎠. At this price and output, revenues are R = ($611.11)(77.78) = $47,532.14, while costs are()()()()221210,050522.225,000255.56$23,692.47C C +=+++=. The firm thusearns profits of $23,839.67.M arket Q uantityP14.College Computers is a monopolistically competitive firm and faces a downward sloping demand for its product. Thus, you should equate MR = MC to maximize profits. Here, MR = 1000 – 2Q and MC = 2Q. Setting 1000 – 2Q = 2Q implies that your optimal output is 250 units per week. Your optimal price is P = 1000 – 250 = $750. Your weekly revenues are R = ($750)(250) = $187,500 and your weekly costs are C = 2000 + (250)2 = $64,500. Your weekly profits are thus $123,000. You should expect other firms to enter the market; your profits will decline over time and you will lose market share to other firms.15.Your average variable cost of producing the 10,000 units is $600 (depreciation is a fixed cost). Since the price you have been offered ($650) exceeds your average variable cost ($600), you should accept the offer; doing so adds $50 per unit (for a total of $500,000) to your firm’s bottom line.16.Note first that overhead costs are irrelevant, as they are a fixed cost. Second, the explicit (accounting) MC is $2.75. Third, we must consider opportunity cost: By producing Type A bolts we lose the opportunity to produce type B bolts. Since each Type B bolt produced would net $4.75 - $2.75 = $2, the implicit MC is $2. Thus, the relevant MC is the sum of these explicit and implicit costs, or $2.75 + $2 = $4.75. To determine the profit-maximizing level of Type A bolts to produce, we must compare MR and MC. Given the marketing data, we can compute the MR as shown in the accompanying table. As shown in the table, MR > MC up to 3 units, so to maximize profits the firm should produce 3 units of Type A bolts.17.()(),,,,.065.065 4.50.29254.5Q A Q A Q A Q PE E A E R E =⇒=⇒==−. Thus, Gillette’sadvertising elasticity is approximately 0.29. Gillette’s demand is less responsive to advertising than its rivals; their higher advertising-to-sales ratio imply a greater advertising elasticity.18.When the per-ton price of scrap steel is $156, market equilibrium is reachedwhen 260$=P per ton and 6200=Q tons. When the per-ton price of scrap steel is $302, market equilibrium is reached when 580$=P per ton and 3000=Q tons. As the market price rises, the equilibrium market quantity falls. Competition implies that at an equilibrium market price of $260 per ton each representative minimill produces 13=Q tons ()MC P =. As the equilibrium market price increases, the amount produced by each representative firm increases to 29=Q tons. As the equilibrium market price rises, each representative firm supplies more to the market. The higher price of scrap steel causes some firms to drop out of the market. Therefore, each representative minimill that remains in the market can produce more output.19.When the two companies are permitted to maximize profit, the equilibrium price in each market will be €0.68 and produce 575 kilowatts per hour()105.0002.0255.1=−⇔=Q MC MR . Thus, the price elasticity of demand at theprofit-maximizing price-quantity combination is 18.157568.0001.1−=⎟⎠⎞⎜⎝⎛−=ε. Thisprice elasticity of demand makes sense because a monopolist with linear demand will never maximize profit on the inelastic portion of the demand function. Prior toprivatization the price-quantity combination was P = €0.105 and 1150=Q and profits are – €100.625 in each market. The state-owned facility is losing its fixed costs.Privatization will increase the price and reduce the amount of electricity generated in each market: P = €0.68 and 575=Q . Each firm will earn €230. Thus, each firm will earn €330.625 more in each market as a result of privatization; since €230 – (– €100.625) = €330.625.20.The increase in lease expense is a fixed cost. Therefore, it should not directly affect the prices that she charges in her restaurant. If the current prices are profit-maximizing, a change in fixed costs should not persuade her to change her prices. It may, however, determine whether or not the restaurant owner decides to exit or remain in the industry in the long run.21.Note that the information implies an advertising-to-sales ratio of 0.04, an own-price elasticity of -2 and an advertising elasticity of 5. Optimal advertising requires,,Q A Q PE A R E =−.In this case,15252<. To bring this equation into equality, the firm should increase its advertising, provided that the estimated elasticities of advertising and demand are correct.。

《管理经济学》课后习题答案

《管理经济学》课后习题答案

1.在厂商的股东财富最大化模型中,以下各个事件对厂商价值的预期影响是什么?解释原因。

a.新的外国竞争者进入市场。

厂商价值下跌;新的外国竞争者进入市场,预期市场份额变小,未来经济利润Π降低,总现值降低。

b.政府实施严格的控制污染要求。

厂商价值下跌;满足严格的控制污染要求,需要调整经营计划,预期生产成本增加,未来经济利润Π降低,实际期权价值也因此降低,总现值降低。

c.原先非工会工人投票赞成组织工会。

厂商价值下跌;工会的作用是通过与雇主谈判工资薪水,工作时限,工作条件,来提高工人福利。

非工会工人投票赞成组织工会,表达的是,对现阶段的待遇不满,需要工会组织帮助提高福利待遇的诉求,预期未来人力成本上升,未来经济利润Π降低,总现值降低。

d.通货膨胀率大幅度上升。

厂商价值下跌;通胀率大幅上升,预期股东要求的收益率大幅上升,用于贴现未来现金流量所要求的收益率k提高,总现值降低。

e.厂商取得一项重大的技术突破,降低了生产成本。

厂商价值上涨;生产成本降低,经济利润Π增加,实际期权价值因成本节约而增加,总现值增加。

2.2000年制药行为中的厂商赚取的净值平均收益为25%,而《价值线》中1400多家厂商的平均收益仅为15%。

你认为哪种利润理论最能说明制药行业的绩效?1)在我国,我认为利润的垄断理论最能说明制药行业绩效。

2000年7月,由于药品市场价格虚高,国家开始试点采取药品招标采购制度,同年10月,国家计委印发《关于改革药品价格管理的意见通知》,对医药流通体制进行深入改革。

结合当年的行业背景,综合来看,医院作为药品最主要的市场零售渠道,医生对病人有着绝对的权威,加之几十年的公费医疗制度,患者对药价的高低并不敏感,甚至以贵药为好。

药企通过给医院返还高额回扣,控制渠道资源,抬高药价销售药品,赚取高于正常水平的利润。

2)撇开国情的因素,利润的风险承担理论最能说明制药行业的绩效。

通过创新技术研发新药,从最初的化合物制成筛选,到动物实验,再到临床试验,到最终通过药监局批准,成功上市,往往需要好几年,甚至更久。

曼昆《经济学原理》第6版微观经济学分册第6章课后习题答案

曼昆《经济学原理》第6版微观经济学分册第6章课后习题答案

曼昆《经济学原理》第6版微观经济学分册第6章课后习题答案曼昆《经济学原理》第6版微观经济学分册第6章课后习题答案曼昆《经济学原理》第6版微观经济学分册第5章课后习题答案P132-P134 第六章供给、需求与政府政策复习题1(举出一个价格上限的例子和一个价格下限的例子。

答:为了保障城镇中低收入居民的住房需求,国家对城镇居民中的安居工程售房制定最高限价。

为了保护农民种粮的积极性,对粮食的国家合同定购部分收购时制定最低限价,以保护农民的利益;。

2(什么引起了一种物品的短缺,是价格上限还是价格下限?用图形证明你的答案。

答:当价格上限低于市场均衡价格时会引起一种物品的短缺。

当价格下限高于市场均衡价格时会引起一种物品的过剩。

3(当不允许一种物品的价格使供给与需求平衡时,配置资源的机制是什么?答:当政府对竞争市场实行限制性价格上限时,就产生了物品的短缺。

卖者必然在大量买者中配置稀缺物品。

这时的配给机制可能是排长队,或者是卖者根据自己的偏好来配给物品。

当政府对竞争市场实行限制性价格下限时,就产生了过剩。

过剩会引起一些不合意的配给机制,例如那些也许由于种族或家族之故而受买者青睐的卖者能比那些没有受到青睐的卖者更好地出售自己的物品。

4(解释为什么经济学家通常总是反对价格控制?答:因为在市场经济中,价格对资源配置起着调节作用。

如果人为的控制价格,往往会造成某种物品的过剩或短缺,从而使生产者和消费者的利益受到伤害,破坏市场配置资源的有效性。

5(假设政府取消向一种物品的买者征税,而向这种物品的卖者征同样的税。

税收政策的这种变动如何影响买者为这种物品向卖者支付的价格、买者所支付的包括税在内的货币量、卖者扣除税收得到的货币量以及销售量,答:税收政策的变动对它们都不产生影响。

因为税收的归宿取决于供给和需求的价格弹性,而不取决于向买者征税还是向卖者征税。

6(一种物品的税收如何影响买者支付的价格、卖者得到的价格,以及销售量?答:一种物品的税收使买者支付的价格上升,卖者得到的价格下降,销售量下降。

管理经济学 原书第六版 课后答案12

管理经济学 原书第六版 课后答案12

Chapter 12: Answers to Questions and Problems1.a. The expected value of option 1 is()()()()()300100161200164500166200164100161=++++. The expected value of option 2 is ()()()()()11111801701,0001708030055555++++=. b. The variance of option 1 is()()()()().000,2530010016130020016430050016630020016430010016122222=−+−+−+−+−Similarly, the variance of option 2 is 124,120. The standard deviation of option 1 is 158.11. The standard deviation of option 2 is 352.31.c. Option 2 is the most risky.2.a. Risk loving.b. Risk averse.c. Risk neutral.3.a.$5. b.She will purchase, since your price is less than her reservation price. c.$6. d. She will continue to search, since the price exceeds her reservation price.4.a. ()().6$100.4$200$140Ep =+=.b. Set Ep = MC to get 140 = 1 + 4Q . Solve for Q to find your profit-maximizing output, Q = 34.75 units.c. Your expected profits are (Ep)Q – C(Q) = $140(34.75) – (34.75 +2(34.75)2)=$2,415.13.5.a. The expected value, which is $25.b. The maximum value, which is $50.6.a. With only two bidders, n = 2. The lowest possible valuation is L = $1,000, and your own valuation is v = $2,500. Thus, your optimal sealed bid is$2,500$1,000$2,500$1,7502v L b v n −−=−=−=. b. With ten bidders, n =10. The lowest possible valuation is L = $1,000, and your own valuation is v = $2,500. Thus, your optimal sealed bid is$2,500$1,000$2,500$2,35010v L b v n −−=−=−=. c. With one hundred bidders, n =100. The lowest possible valuation is L = $1,000, and your own valuation is v = $2,500. Thus, your optimal sealed bid is$2,500$1,000$2,500$2,485100v L b v n −−=−=−=.7.a. With 5 bidders, n = 5. The lowest possible valuation is L = $50,000, and your own valuation is v = $75,000. Thus, your optimal sealed bid is$75,000$50,000$75,000$70,0005v L b v n −−=−=−=. b. A Dutch auction is strategically equivalent to a first-price sealed bid auction (see part (a)). Thus, you should let the auctioneer continue to lower the price until it reaches $70,000, and then yell “Mine!”c. $75,000, since it is a dominant strategy to bid your true valuation in a second-price, sealed-bid auction.d. Remain active until the price exceeds $75,000; then drop out.8.a. Hidden actions lead to moral hazard; hidden characteristics lead to adverse selection.b. Incentive contracts can solve moral hazard problems; screening and sorting can solve adverse selection problems.9. Since this is a common value auction, bidders will not bid their own private estimates because doing so would lead to the winner’s curse. Thus, there will be an additional incentive for bidders to shade their bids below their estimated valuations. The English auction format provides bidders the most information (therefore allowing them to pool information to some extent), mitigating this problem. For this reason, the English auction would generate the highest expected revenues in this case.10.Your expected inverse demand is E(P) = .5(200,000 – 250Q ) + .5(400,000 – 250Q ) = 300,000 – 250Q. Therefore, your expected marginal revenue is E(MR) = 300,000 – 500Q . Your marginal cost is MC = $200,000. Setting E(MR) = MC yields300,000500200,000Q −=. Solving, Q = 200. The price you expect is thus E(P) = 300,000 – 250(200) = $250,000. Your profits are thus ($250,000 -$200,000)(200) - $110,000 = $9,890,000.11. One would expect higher premiums on credit life, thanks to adverse selection. Peoplewho cannot pass physicals will select toward this type of insurance, resulting in higher premiums. Furthermore, people who are healthy and can pass a physical will be unwilling to pay the higher premiums, thus exacerbating this effect.12. The expected benefit from an additional search are 0.05($110,000 - $60,000) = $2,500, while the cost of another search is $5,000. Therefore, make her an offer. 13. In the absence of "guaranteed issue," an insurance company could choose to insure only those employees with a very low risk structure. In this case they offer lower rates because they experience fewer claims. But this leaves those workers with greater risk factors without insurance. By requiring insurers to offer coverage to all employees, the insurance company must take on employees that are less healthy and a greater risk. Why the controversy? By insuring those with greater health risks, the expected number of claims rises, thus increasing the cost of coverage. The workers with existing health problems benefit at the expense of healthy workers, who pay higher prices with "guaranteed issue." If the price rises high enough and healthy workers are free to drop coverage, this can result in adverse selection: The only people willing to pay the higher premiums are those in poor health.14. Brownstown Steel has better information about its financial situation than does its lenders, and is attempting to use this information advantage to enhance its bargaining position. If lenders gained full information about the financial situation of Brownstown Steel Corp., they would be in a position to squeeze the maximum amount from Brownstown Steel without fear of pushing it into bankruptcy. Absent the information, lenders will be more generous, since taking too much would increase the risk that Brownstown Steel goes bankrupt.15. The 30-day warranty and 10-point inspection. This not only reduces buyer risk from being duped by a used car dealer, but provides a costly signal about the quality of the used cars sold. An unscrupulous dealer would find it costly to mimic this strategy. Recognizing both of these facts, rational buyers will be more willing to purchase cars from the dealer.16. Offer two plans for customers with more than $1 million in assets. One plan (perhaps called the “Free Trade” Account) has an annual maintenance fee of $10,000 good for up to 400 “free” transactions (computed as $10,000/$25) per year (each additional transaction is priced at $25 each). The other plan (perhaps called the “Free Service” Account) has no annual maintenance fee but charges $100 per transaction. Given these two options, investors will sort themselves into the plans based on their individual characteristics.17.With 5 other bidders, n = 6. The lowest possible valuation is L = $5,000, and your own valuation is v = $12,000. Thus, your optimal first-price, sealed-bid is$12,000$5,000$12,000$10,833.336v L b v n −−=−=−=.18. A risk-neutral Oracle’s bid of $7 billion is low since the expected value of the presentvalue of the stream of profits is $7.6 billion. The public bidding process described most resembles an independent, private value English auction (each company places a different probability assessment on the value of the company that depends onpotential realized synergies). SAP’s expected value of the present value of the stream of profits is $8.4 billion. Since this is greater than Oracle’s expected value, SAP will win the “auction” and acquire PeopleSoft. SAP will pay just over $7.6 billion for PeopleSoft.19.The expected value of aggregate ten-year profits of a McDonald’s franchise is ()()()75.4$1$25.5$50.10$25.=−++million. Similarly, the expected value of a Penn Station East Coast Subs’ franchise is ()()75.4$)30$(025.5$95.30$025.=−++million. The variance and standard deviation of owning a McDonald’s franchise is()()()1875.1575.4125.75.4550.75.41025.2222'=−−+−+−=s McDonald σand 8971.31875.152''===s McDonald s McDonald σσ, respectively. Similarly, the variance and standard deviation for Penn Station East Coast Subs’ is()()()1875.4675.430025.75.4595.75.430025.2222=−−+−+−=Penn σand7961.61875.462===Penn Penn σσ, respectively. Since the expected values are thesame we can compare the standard deviations to determine the most risky investment. Since s McDonald Penn 'σσ>there is more risk associated with a Penn Station East Coast Subs’ franchise.20. There are several things for a student to consider in deciding to enroll in a traditionalMBA program or an online MBA program. It is likely that students with a spouse and family may be more attracted to online MBA programs, since these individuals are value stability and have others relying on them for income. In contrast, traditional MBA programs are more likely to attract singles who are willing to bear theopportunity cost associated with this form of education. Thus, there is an adverse selection issue. The individual who selects the traditional MBA program is likely to have a stronger signaling value regarding underlying characteristics.21.Market collapse is likely since “outsiders” will be unwilling to participate in equity (or other) markets since they know “insiders” will only sell a stock when they know the price is too high. Similarly, insiders will only buy when the price of a stock is known to be low. This is a losing proposition for outsiders, who would rationally choose not to participate in the market. This is an example of a moral hazard and is one of the primary reasons the SEC exists.。

管理经济学原书第六版课后题答案,第三章答案

管理经济学原书第六版课后题答案,第三章答案

=
−2.36 .
Since
this
is
greater than one in absolute value, demand is elastic at this price. If the firm
increased its price, total revenue would decrease.
c. At the given prices, quantity demanded is 700 units:
Qxd = 1000 − 2 (154) + .02 (400) = 700 . Substituting the relevant information into
the elasticity formula gives:
EQx ,Px
= −2 Px Qx
= −2 154 700
= −0.44 . Since this is less
Qxd = 1000 − 2 (154) + .02 (400) = 700 . Substituting the relevant information into
the elasticity formula gives:
EQx ,PZ
=
.02
⎛ ⎜ ⎝
PZ Qx
⎞ ⎟ ⎠
=
.02
⎛ ⎜⎝
400 700
Price $14
$12
$10
$8
$6
$4
$2 Demand
$0
0
1
2
3 MR 4
5
6 Quantity
Figure 3-1
Managerial Economics and Business Strategy, 6e

管理经济学原书第六版课后答案10

管理经济学原书第六版课后答案10

Managerial Economics and Business Strategy, 6e Page 1 Chapter 10: Answers to Questions and Problems 1.a. Player 1’s dominant strategy is B. Player 2 does not have a dominant strategy. b.Player 1’s secure strategy is B. Player 2’s secure strategy is E. c. (B, E). 2. a. b. B is dominant for each player. c. (B, B). d. Joint payoffs from (A, A) > joint payoffs from (A, B) = joint payoffs from (B, A) > joint payoffs from (B, B). e. No; each firm’s dominant strategy is B. Therefore, since this is a one-shot game, each player would have an incentive to cheat on any collusive arrangement. 3.a. Player 1’s optimal strategy is B. Player 1 does not have a dominant strategy. However, by putting herself in her rival’s shoes, Player 1 should anticipate that Player 2 will choose D (since D is Player 2’s dominant strategy). Player 1’s best response to D is B. b. Player 1’s equilibrium payoff is 5. 4.a. (A, C). b.No. c.If firms adopt the trigger strategies outlined in the text, higher payoffs can be achieved if 1.Cheat Coop Coop Ni ππππ−≤− Here, πCheat = 60, πCoop = 50, πN = 10, and the , and the interest rate is i = .05. Since . Since 605010.2550104Cheat Coop Coop Nππππ−−===−− < 1120.05i == each firm can indeed earn a payoff of 50 via the trigger strategies. d. Yes. Player 2 Strategy A B A $500, $500 $0, $650 Player 1 B $650, $0 $100, $100 ($0, $15)RightRightLeftLeft 12($200, $300)Not IntroducePrice WarIntroduceKmartStrategy Sale Price Regular Price Sale Price$1, 1 $5, $3Regular Price $3, $5 $3, $3Ford Strategy Airbags No No Airbags Airbags Airbags $1.5, 1.5 $2,-$1 No Airbags -$1, $2 $0.5, $0.5 PCRival Advertise No Yes No $8, $8 -$1, $48Kellogg’sYes$48,-$1$0, $0strategies if ππRival Strategy: Price Low High Low $0, $0 $9,-$1 High -$1, $9 $7, $7BakerPrice $10 $20$5 15, 16 15,18 Argyle$10 10, 16 10,18NetWorksStrategy 250 Units 500 Units250 Units $12500, $12500 $7500, $15000500 Units $15000, $7500 $10000, $1000018.The normal-form representation of this game is depicted in the following payoffmatrix.T-MobileStrategies CDMA GSMCDMA $16 b, $12 b $12 b, $8 bQualcommGSM $14 b, $7 b $13 b, $18 bThere are two Nash equilibria to this coordination game: (1) Qualcomm and T-Mobile adopt the CDMA technology and (2) Qualcomm and T-Mobile adopt theGSM technology. There are many ways to solve multiplicity of equilibria in thiscoordination problem. As the book points out, the firms could “talk” to each andagree on one technology. Alternatively, Iraq’s government could announce whichtechnology is to be used in the country.19.The normal form of this game is contained in the following payoff matrix (in billionsof U.S. dollars).JapanStrategies Tariff No TariffTariff $43.78, $4.76 $44.2, $4.66U.S.No tariff $43.66, $4.85 $44, $4.8The Nash equilibrium is for the U.S. and Japan to each impose tariffs. However, both countries achieve greater welfare by “agreeing” to impose no tariffs. Thesustainability of such an agreement to impose no tariffs is dependent upon the game being repeated infinitely, the countries using trigger strategies and the interest ratebeing sufficiently low.20.You should not recommend that the office manager invest more time monitoring. Theproblem is not that she is monitoring too little. Rather, her monitoring activities and strategies are predictable. Workers realize that once she leaves after the 9 a.m. check, she is unlikely to return until 11 a.m. Recognizing this, workers know they will not get caught “goofing off” (shirking). The manager best strategy is to randomize boththe timing and number of checks she does each day. That way, her monitoring is not predictable and workers will respond by spending less time shirking.Page 6 Michael R. Baye。

管理经济学原书第六版课后题答案,第二章答案

管理经济学原书第六版课后题答案,第二章答案

Chapter 2: Answers to Questions and Problems1.a. Since X is a normal good, an increase in income will lead to an increase in the demand for X (the demand curve for X will shift to the right).b. Since Y is an inferior good, a decrease in income will lead to an increase in the demand for good Y (the demand curve for Y will shift to the right).c. Since goods X and Y are substitutes, a decrease in the price of good Y will lead to a decrease in the demand for good X (the demand curve for X will shift to the left).d. No. The term “inferior good” does not mean “inferior quality,” it simply means that income and consumption are inversely related.2.a. The supply of good X will decrease (shift to the left).b. The supply of good X will decrease. More specifically, the supply curve will shift vertically up by exactly $1 at each level of output.c. The supply of good X will decrease. More specifically, the supply curve will rotate counter-clockwise.d. The supply curve for good X will increase (shift to the right).3.a. ()()500.550053050s x Q =−+−= units.b. Notice that although ()()500.550530175s x Q =−+−=−, negative output isimpossible. Thus, quantity supplied is zero.c. To find the supply function, insert 30z P = into the supply equation to obtain()500.55302000.5s x x x Q P P =−+−=−+. Thus, the supply equation is2000.5s x x Q P =−+. To obtain the inverse supply equation, simply solve thisequation for x P to obtain 4002s x x P Q =+. The inverse supply function is graphedin Figure 2-1.$0.0$200.0$400.0$600.0$800.0$1,000.0$1,200.0$1,400.0$1,600.00100200300400500Quantity of X Price of XSFigure 2-1a. Good Y is a substitute for X, while good Z is a complement for X.b. X is a normal good.c. ()()()()000,5000,55$10190$8900,5$41910,4$21200,1=+−+−=d x Q d. For the given income and prices of other goods, the demand function for good X is ()()()1111,200$5,9008$90$55,000,2410d x x Q P =−+−+ which simplifies to 7,4550.5d x x Q P =−. To find the inverse demand equation, solve for price to obtain 14,9102.d x x P Q =− The demand function is graphed in Figure 2-2.$0$2,982$5,964$8,946$11,928$14,910010002000300040005000600070008000Quantity of X Price of XDemandFigure 2-25.a. Solve the demand function for x P to obtain the following inverse demand function: 11154d x x P Q =−. b. Notice that when $35x P =, ()460435320d x Q =−= units. Also, from part a, weknow the vertical intercept of the inverse demand equation is 115. Thus,consumer surplus is $12,800 (computed as ()().5$115$35320$12,800−=). c. When price decreases to $25, quantity demanded increases to 360 units, so consumer surplus increases to $16,200 (computed as()().5$115$25360$16,200−=).d. So long as the law of demand holds, a decrease in price leads to an increase in consumer surplus, and vice versa. In general, there is an inverse relationship between the price of a product and consumer surplus.a. Equating quantity supplied and quantity demanded yields the equation150102P P −=−. Solving for P yields the equilibrium price of $40 per unit. Plugging this into the demand equation yields the equilibrium quanity of 10 units (since quantity demanded at the equilibrium price is ()504010d Q =−=). b. A price floor of $42 is effective since it is above the equilibrium price of $40. As a result, quantity demanded will fall to 8 units ()84250=−=d Q , while quantity supplied will increase to 11 units ()⎟⎠⎞⎜⎝⎛=−=11104221s Q . That is, firms produce 11 units but consumers are willing and able to purchase only 8 units. Therefore, at a price floor of $42, 8 units will be exchanged. Since s d Q Q <there is a surplus amounting to 3811=−units.c. A price ceiling of $30 per unit is effective since it is below the equilibrium price of $40 per unit. As a result, quantity demanded will increase to 20 units ()203050=−=d Q , while quantity supplied will decrease to 5 units()⎟⎠⎞⎜⎝⎛=−=5103021s Q . That is, while firms are willing to produce only 5 units consumers want to buy 20 units at the ceiling price. Therefore, at the price ceiling of $30, only 5 units will be available to purchase. Since s d Q Q >, there is a shortage amounting to 15520=− units. Since only 5 units are available at a price of $30, the full economic price is the price such that quantity demanded equals the 5 available units: 550F P =−. Solving yields the full economic price of $45.7.a. The shortage is 3 units (since at a price of $6, 413d s Q Q −=−= units). The full economic price is $12.b. The surplus is 1.5 units (since at a price of $12, 2.51 1.5s d Q Q −=−= units. The cost to the government is $18 (computed as ($12)(1.5) = $18).c. The excise tax shifts supply vertically by $6. Thus, the new supply curve is 1S and the equilibrium price increases to $12. The price paid by consumers is $12 per unit, while the amount received by producers is this $12 minus the per unit tax. Thus, producers receive $6 per unit. After the tax, the equilibrium quantity sold is 1 unit.d. At the equilibrium price of $10, consumer surplus is ().5$14$102$4−=. Producer surplus is ().5$10$22$8−=.e. No. At a price of $2 no output is produced.a. Equate quantity demanded and quantity supplied to obtain 1117242x x P P −=−. Solve this equation for x P to obtain the equilibrium price of 10x P =. Theequilibrium quantity is 2 units (since at the equilibrium price quantity demanded is ()171022d Q =−=). The equilibrium is shown in Figure 2-3.$0$2$4$6$8$10$12$14$16$18$200123456Quantity of XPrice of XDemandFigure 2-3b. A $6 excise tax shifts the supply curve up by the amount of the tax.Mathematically, this means that the intercept of the inverse supply function increases by $6. Before the tax, the inverse supply function is S Q P 42+=. After the tax the inverse supply function is 84s P Q =+, and the after tax supplyfunction (obtained by solving for s Q in terms of P) is given by 124s Q P =−. Equating quantity demanded to after-tax quantity supplied yields117224P P −=−. Solving for P yields the new equilibrium price of $12. Plugging this into the demand equation yields the new equilibrium quantity, which is 1 unit.c. Since only one unit is sold after the tax and the tax rate is $6 per unit, total tax revenue is only $6.9. A technological breakthrough that reduces production costs will lead to a rightwardshift in the supply curve for RAM chips, resulting in a lower equilibrium price of RAM chips. If in addition, income increases, the demand for RAM chips will also increase since they are a normal good. This increase in demand would tend to increase the price of RAM chips. The ultimate effect of both of these changes in supply and demand on the equilibrium price of RAM chips is indeterminate.Depending on the relative magnitude of the increase in supply and demand, the price you will pay for chips may rise or fall.10. The tariff reduces the supply of raw sugar, resulting in a higher equilibrium price of sugar. Since sugar is an input in making generic soft drinks, this increase in input prices will decrease the supply of generic soft drinks (putting upward pressure on the price of generic soft drinks and tend to reduce quantity). Coke and Pepsi’s advertising campaign will decrease the demand for generic soft drinks (putting downward pressure on the price of generic soft drinks and further reducing the quantity). For these reasons, the equilibrium quantity of generic soft drinks sold will decrease.However, the equilibrium price may rise or fall, depending on the relative magnitude of the shifts in demand and supply.11. No. this confuses a change in demand with a change in quantity demanded. Higher cigarette prices will not reduce (shift to the left) the demand for cigarettes.12.To find the equilibrium price and quantity, equate quantity demanded and quantity supplied to obtain 1752200P P −=−. Solving yields the new equilibrium price of $125 per pint. The equilibrium quantity is 50 units (since 17512550d Q =−= units at that price). Consumer surplus is ()250,1$50125$175$21=×−. Producer surplus is ()625$50100$125$21=×−. See Figure 2-4.$0.0$25.0$50.0$75.0$100.0$125.0$150.0$175.0$200.00102030405060Quantity Price Demand SupplyFigure 2-413. This decline represents a leftward shift in the supply curve for oil, and will result inan increase in the equilibrium price of crude oil. Since oil is an input in producing gasoline, this will decrease the supply of gasoline, resulting in a higher equilibrium price of gasoline and a lower equilibrium quantity. Furthermore, the higher price of gasoline will increase the demand for substitutes, such as small cars. The equilibrium price of small cars is likely to increase, as is the equilibrium quantity of small cars. 14. Equating the initial quantity demanded and quantity supplied gives the equation: 25054110P P −=−. Solving for price, we see that the initial equilibrium price is $40 per month. When the tax rate is reduced, equilibrium is determined by the following equation: 2505 4.171110P P −=−. Solving, we see that the newequilibrium price is about $39.25 per month. In other words, a typical subscriber would save about 75 cents (the difference between $40.00 and $39.25).15. Dry beans and rice are probably inferior goods. If so, an increase in income shifts demand for these goods to the left, resulting in a lower equilibrium price. Therefore, G.R. Dry Foods will likely have to sell its products at a lower price.16.Figure 2-5 illustrates the relevant situation. The equilibrium price is $2.75, but the ceiling price is $0.75. Notice that, given the shortage of 12 million transactions caused by the ceiling price of $0.75, the average consumer spends an extra 12minutes traveling to another ATM machine. Since the opportunity cost of time is $20 per hour, the non-pecuniary price of an ATM transaction is $4 (the $20 per hour wage times the fractional hour, 12/60, spent searching for another machine). Thus, the full economic price under the price ceiling is $4.75 per transaction.Quantity (Millions of Transactions)ATM Fee$4.75$0.75Figure 2-517. The unusually cold temperatures have caused a decrease in the supply of grapes usedto produce Chilean wine, resulting in higher prices. These grapes are an input in making wine, so the supply of Chilean wine decreases and its price increases. Since California and Chilean wines are substitutes, an increase in the price of Chilean wine will increase the demand for Californian wines causing an increase in both the price and quantity of Californian wines.18.Substituting 940=desktop P into the demand equation yields memory d memory P Q 809060−=. Similarly, substituting 100=N into the supply equationyields memory S memory P Q 201100+=. The competitive equilibrium level of industry outputand price occurs where S memoryd memory Q Q =, which occurs when industry output 2692*=memory Q (in thousands) and the market price is 60.79$*=memory P per unit. Since 100 competitors are assumed to equally share the market, Viking should produce26.92 thousand units. If 1040$=desktop P , memory d memory P Q 808960−=. Under thiscondition, the new competitive equilibrium occurs when industry output is 2672 thousand units and the per-unit market price is $78.60. Therefore, Viking should produce 26.72 thousand units. Since demand decreased (shifted left) when the price of desktops increased, memory modules and desktops are complements.19. Mid Towne IGA aimed to educate consumers that its contract with Local 655 unionmembers was different than its rivals, so it engaged in informative advertising. Mid Towne IGA’s informative advertising increases demand (demand shifts rightward) resulting from (1) Local 655 union members locked out of rival supermarkets (2) consumers who are sympathetic to the Local 655 union, and (3) consumers who do not like the aggravation of picketing employees and other disruptions at thesupermarket. This shift is depicted in Figure 2-6, where the equilibrium price and quantity both increase. It is unlikely that demand will remain high for Mid Towne IGA. As contracts are renegotiated and Local 655 union members are back to work, demand will likely settle back around its original level.Figure 2-6 20. The price gouging statute imposes an effective price ceiling on necessarycommodities during times of emergencies; legally retailers cannot raise prices by a significant amount. When a natural disaster occurs, the demand for necessarycommodities such as food and water can dramatically increase, as people want to be stocked-up on emergency items. In addition, since it can be difficult for retailers to receive shipments during emergency periods, the supply of these items is often reduced. Given the simultaneous reduction in supply and increase in demand, one would expect the price to increase during times of emergencies. However, since the price gouging statute acts as a price ceiling, the price will probably remain at its normal level, and a shortage will result. Quantity212P 1P 221.While there is undoubtedly a link between unemployment and crime, the governor’splan is likely flawed since it only examines one side of the market. Raising theminimum wage will make the prospect of working more appealing for teenagers, but it will also have an effect on business owners and managers in the state. Theminimum wage is a price floor. Raising the minimum wage will reduce the quantity demand for labor within the state, and result in a labor surplus. More teenagers will seek jobs, but fewer businesses will hire teenagers. In all likelihood, the governor’s plan will result in greater juvenile delinquency.。

曼昆经济学原理第六版中文答案

曼昆经济学原理第六版中文答案

曼昆经济学原理第六版中文答案【篇一:曼昆《经济学原理(宏观经济学分册)》(第 6 版)课后习题详解】class=txt> 第34 章货币政策和财政政策对总需求的影响课后习题详解跨考网独家整理最全经济学考研真题,经济学考研课后习题解析资料库,您可以在这里查阅历年经济学考研真题,经济学考研课后习题,经济学考研参考书等内容,更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验,从前辈中获得的经验对初学者来说是宝贵的财富,这或许能帮你少走弯路,躲开一些陷阱。

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一、概念题1 .流动性偏好理论(theory of liquidity preference )该理论假设中央银行选择了一个固定的货币供给,在此模型中,价格水平p 也是固定的,所以实际货币余额供给固定。

实际货币余额需求取决于利率——持有货币的机会成本。

当利率很高时,因为机会成本太高,人们只会持有较少的货币。

反之,当利率很低时,因为机会成本较低,人们会持有较多的货币。

根据流动性偏好理论,利率会调整到使实际货币余额供给与需求相等的水平。

2 .财政政策(fiscal policy )答:财政政策指政府变动税收和支出以便影响总需求进而影响就业和国民收入的政策。

变动税收是指改变税率和税率结构。

变动政府支出是指改变政府对商品与劳务的购买支出以及转移支付,它利用政府预算(包括税收和政府支出)来影响总需求,从而达到稳定经济目的的宏观经济政策。

其特点是政府用行政预算来直接控制消费总量和投资总量,调节国家的需求水平,使总需求和总供给达到理想的均衡状态,从而促进充分就业和控制通货膨胀。

从其内容上看,包括财政收入政策和财政支出政策。

前者的政策手段主要是税率,后者的政策手段主要是政府购买(支出)。

从对经济发生作用的结果上看,财政政策分为扩张性的财政政策和紧缩性的财政政策。

前者是指降低税率、增加转移支付、扩大政府支出,目的是刺激总需求,以降低失业率。

管理经济学作业解答

管理经济学作业解答

课后作业3-2:
• 一个行业的需求函数为P=15-2Q,供给函数为: P=3Q
• 1)求均衡价格和均衡数量。 • 2)求均衡点的需求弹性和供给弹性。 • 3)如果政府向企业征税,每单位产品税收5元税,
则均衡价格和数量是多少? • 4)生产者和消费者各承担多少税赋?
课后作业3-2解答:
答案:1)P=9, Q=3 2)Ed=1.5, Es=1 3)P’=11,Q’=2 4) td=2,ts=3
❖一场巨大的寒流摧毁了佛罗里达大片的桔林。 ❖佛罗里达大学的一些农业拓展服务的科学家们发现
了一种使每颗桔树产量翻番的方法。 ❖美国医药协会指出,多喝桔汁有益于减少心脏病。 ❖葡萄的价格下降。
课后作业2-3解答:
❖ 一场巨大的寒流摧毁了佛罗里达大片的桔林。 (产量减少,供给曲线左移,价格上升)
❖ 佛罗里达大学的一些农业拓展服务的科学家们 发现了一种使每颗桔树产量翻番的方法。 (产 量增加,供给曲线右移,价格下降)
0
电脑数量(Q)
芯片技术突破对电脑均衡价格和数量的影响
课后作业2-1解答:
软件价格(元)
新均衡
原均衡
芯片价格下降,使电脑 价格下降,电脑均衡需 求量增大,软件需求增 加,软件的均衡价格上 升,均衡数量增加。
0
软件数量(Q)
芯片技术突破对软件均衡价格和数量的影响
课后作业2-2:市场均衡分析
• 假设政府为保护某些彩电生产企业, 决定对长虹彩电和TCL彩电进行价 格控制,并使他们的价格高于市场 出清的价格水平。
5
6 50
2
36
6
40
4
7 25
1
30
5
30
3
8 25

管理经济学课后答案

管理经济学课后答案

第一章:P201.若某彩电市场上,市场的供给函数和需求函数分别为Qs = -450000 200PQd =450000-100PQs和Qd分别为供给和需求的数量,单位是台;P为市场价格,单位是元/台。

求市场上彩电的均衡价格和成交数量。

若人们的收入增加,需求函数为Qd=510000-100P这时市场上均衡的价格和交易量又有什么变化?Qd 二Qs答.450000 -100P 二-450000 二200P口,P= 3000Q 二150000此时彩电的均衡价格为3000元,均衡数量为150000台。

Qd =Qs510000-100P =-450000 200PP =3200Q =190000此时均衡价格为3200元,均衡数量为190000台,相比之前均衡价格增加200元,均衡数量增加40000台。

第二章:49页1.某空调生产商认为其一品牌的空调机在某市场上的需求曲线如下:P=6 000-5Q 式中,P为每台空调机的价格(元/台);Q为每月在该市场上的销量(台)。

要想每月能在该市场上销售400台,应当定什么价格?如果价格定在3 600元,能销售多少台?在价格为3 200元/台时,需要价格弹性是多少?会在需求单一价格弹性时出售空调机吗?(1)每月在市场上销售400台,即此时Q=400由题意可知,P =6000 —5Q =6000 —5 400 = 4000 (元/ 台)1(2)由P =6000-5Q= Q =1200 P ,5价格定在3600,即此时P =3600二Q =1200—」3600 = 480 (台) 5 (3)由题意可知,价格P = 3200时,可以求出Q=560需求价格弹性二垃P「偉也一8dP Q 5 560 7(4)需求单一弹性表示此时的需求价格弹性为1,由需求价格弹性公式可知1 =丄P=P=5Q,5 Q又P = 6000 - 5Q 二P 二3000,Q 二600总收益二PQ = 6000Q - 5Q2对总收益求一阶导数并令其等于0 ,即6000 - 10Q = 0,刚好求得Q =600,并且总收益的二阶导数为-10,是最大值点,因此,会在需求单一价格弹性时出售空调机。

管理经济学课后习题答案

管理经济学课后习题答案

《管理经济学》课后思考与练习题参考答案注:凡是课后练习中的画图题,请根据教材中的理论自己画出;凡是课后的问答题,请参考教材中的理论部分进行回答。

第1章导论4.(1)图略。

(2)A,B;(3)可以,因为双方存在比较优势,可以进行交换。

5.市场:既包括生产者,也包括消费者;行业:只包括生产者,是生产同类或类似产品的所有厂商的总体。

6.(1)不对。

商品市场上的买者是消费者,生产要素市场上的买者是企业。

(2)不对。

商品市场上的卖者是企业,生产要素市场上的卖者是各种要素的拥有者(劳动、资本、土地、企业家才能)。

7.(1)不是;(2)不是。

第3章消费者行为和市场需求1.图略3.(1)没有;因为MU X>MU Y;(2)增加X,减少Y。

4.(1)(2)(4)(8)5.(2)。

6.(1)相对下降;(2)相对增加。

7.(1)a;(2)a;(3)b。

8.(1)随着人们收入提高,CD是正常品,而磁带是低档品;(2)(a)CD数量下降,曲线不变;(b)曲线右移;(c)曲线左移;(d)曲线左移;(3)(a)曲线左移;(b)曲线左移;(c)曲线不变或左移;9.(1)(a)需求量下降;(b)需求曲线左移。

(2)不一定。

在香水上的花费比在矿泉水上的花费多,只能表明消费香水的数量较少,而消费矿泉水的数量多。

10.(1)玉米浆是糖的替代平;(2)(a)曲线左移;(b)数量增加,曲线不变;(c)需求左移;(3)对CC可乐的需求减少,曲线左移;(4)对CC可乐的需求减少,曲线左移或无影响。

11.(1)图略;(2)汽油的价格下降,对汽车的需求增加;生产汽车钢材价格下降,成本降低,供给增加,供给线右移,汽车价格下降,汽车需求量增加;(3)不依赖。

12.(1)图略;(2)不是,是替代品;(3)正常商品,因为收入增加,对X的需求量增加。

第4章需求弹性分析3.减少。

4.正值;上升。

5.需求弹性最大是电视机,相比而言是奢侈品;需求弹性最小是香烟,因为是上瘾商品。

管理经济学 原书第六版 课后答案13

管理经济学 原书第六版 课后答案13

Chapter 13: Answers to Questions and Problems1.a. 16 units.b. Note that P = $200, AC = $180, and Q = 16, so profits are ($200 - $180)(16) = $320.c. Yes; if it can credibly commit to a higher output it will earn even greater profits. 2.a. $10$40$90.2D MD M i ππΠ=+=+= million. b. ()21111.2...$8$4811.2L L L L L i i i i ππππ++⎛⎞⎛⎞⎛⎞Π=+++===⎜⎟⎜⎟⎜⎟++⎝⎠⎝⎠⎝⎠million. Since this is less than the profits obtained if entry occurs, the firm should notengage in limit pricing.3.a. The simultaneous-move equilibrium is (Yes, Yes), and Player 1 earns $200 in this equilibrium. By going first player 1’s best strategy is to commit to “No.” Player2’s best response would be “No”, and thus Player 1 would earn $350 by goingfirst. The maximum amount Player 1 should pay for going first is this $150 (orperhaps $149.99). Importantly, this assumes Player 1’s move is observed byPlayer 2 before Player 2 makes her decision.b. Player 2 gets $200 when Player 1 goes first, compared to $225 when they move at the same time. Thus, player 2 would be willing to pay up to $25 to keep player 1 from moving first.4.a. A network with 10 users provides 10(10 - 1) = 90 potential connection services.b. No. Revenues will be $1,000 which is well short of the $6,000 in costs.c. Yes. With 90 connection services, each consumer will pay $900 to join thenetwork. Since there are 10 consumers, total revenues are $9,000. This exceedsthe $6,000 required to build the network.d. The number of potential connection services increases by 20 to 110.5.a. Two examples include tactics that raise distribution costs or increase the price of inputs.b. No. The benefits stem from the fact that by raising rivals’ costs, your rivals reduce their own output. This tends to increase the market price, thus permitting you toexpand your own output (and market share) to enjoy higher profits.6.a.Firm 2 will enter so Firm 1 earns profits of $300 thousand.b.By eliminating the fee, Firm 2 still has an incentive to enter. Firm 1 earns profitsof $340 thousand.c.The $300 thousand increase in the medallion fee eliminates Firm 2’s incentive toenter (since its profits are -$100 thousand upon entry). Since Firm 2 does notenter, Firm 1 earns profits of $400 thousand.d.The optimal change is an increase of $200 thousand (or perhaps $200 thousandplus one cent). This makes it unprofitable for Firm 2 to enter. Firm 1 earns profitsof $500 thousand.e.Yes; the city gets a higher fee which is probably good politically.7.a.Since last year’s market price was $8, it follows that Firm 1 produced 1 millionunits last year (since P = 10 – 2Q = 8 implies Q = 1 million). For this to be theprofit-maximizing price (MR = MC), it follows that 10 – 4Q = MC. Since Q = 1,Firm 1’s marginal cost was $6 last year – the same as Firm 2’s marginal cost thisyear. Thus, it would appear that Firm 1’s marginal cost has declined over time dueperhaps to learning curve effects.b.At the current market price of $8, total market output is 1 million. Thus, each firmsells 0.5 million units. Each firm’s fixed costs are $1 million. Firm 1’s profits arethus ($8 - $2)(.5) - $1 = $2 million and Firm 2’s profits are ($8 - $6)(.5) - $1 = $0million.c.Firm 1’s profits would increase to ($6 - $2)(2) - $1 = $7 million and Firm 2’sprofits would fall to -$1 million.d.No; $6 is the monopoly price.e.No; it is not pricing below its own marginal cost.8.Your best strategy is to preempt them by committing to target households before theyhave a chance to commit to target professionals. If you can credibly and publiclycommit to your strategy before they commit to their strategy, their best response will be to target households. You will earn $100 million and ultimately drive them out of the market.9.Penetration pricing (see the text for details).10.This pattern of pricing is consistent with predatory pricing, which is illegal under theSherman Antitrust Act. However, it is not illegal to lower prices to meet competition, so the observed pricing is also consistent with competitive behavior. It is oftendifficult to establish that a firm priced below marginal cost. For the case of an airline, this is even more problematic. At one extreme, one might argue that the marginal cost of putting one more passenger on an existing flight is zero. At the other extreme, one might argue that it is the marginal cost of adding another flight rather than anotherpassenger that is relevant.11.No. Profits are negative from limit pricing, but strictly positive otherwise. Regardlessof the interest rate and the timing of profit flows (at the start or the end of eachperiod), Palm would earn less by limit pricing than by permitting entry.12.Not necessarily. Due to network effects, penetration pricing was probably optimal formany companies. To the extent that there is consumer lock-in, the number of hitscould be a good proxy for the long-run profitability of a site once a firm begins toincrease prices above the penetration pricing level. Ultimately, however, hits musttranslate into profits in order for such companies to survive.13.As shown in the text, strategies that raise the cost of potential entrants – even whendoing so raises the costs of incumbents – can lead to less entry and higher profits for incumbents. To the extent that such practices raise costs, they may be motivated outof self-interest (to limit entry) rather than a concern about social welfare.14.First, note that the monopoly price is P = $210, the monopoly output is Q =1,666,666.67, and monopoly profits are $16,666,667. (To see this, note that =− and MC = $200, so setting MR = MC and solving yields these220.000012MR Qresults). Second, notice that with the subsidy the firm’s average cost curve is constant at $200 per unit. Thus, to prevent entry via limit pricing, Barnacle would have toprice its product at $200. Doing so would yield zero profits. A better strategy forBarnacle is to lobby to eliminate the $9 million in subsidies while committing toproduce its current (monopoly) level of output. This would reduce Barnacle’s profits to $7.67 million per year, but would make it unprofitable for an entrant to enter themarket.15.Such a premium might be justified when there are significant network externalities. Inthis case, adding one more customer to a network of n customers increases thenumber of potential network connections by 2n. To the extent that a brokeragecompany is a two-way network that benefits from having a network of customers that can be matched as buyers and sellers, there is a potential business rationale. Whether this justifies a premium of $100 per customer is an entirely different matter andsubject to some debate.16.Notice that Argyle earns profits from both the sale of wool and sweaters. To theextent that overall profits are enhanced by selling both, it is rational to do so.However, if selling wool to other downstream suppliers reduces its overall profits, it may be able to increase its profits by raising rivals’ costs, a vertical price squeeze, or vertical foreclosure.17.Unfortunately, your best option is to accept the offer. If you don’t, your rival willpurchase the machine. If you purchase the machine, your profits are $15 - $24 = -$9million. This is better than the -$10 million you will earn if your rival has anopportunity to buy the machine.18.Each bank can be viewed as a star network: the bank is the hub and ATMs areconsumer access points. An agreement that expands the number of ATMs (accesspoints to a hub) creates value to each consumer and value to each bank.19.Economic experts for the government would argue that Microsoft attempted toforeclose the browser market to Netscape by engaging in agreements with OEMs,ISPs, and ICPs that made it difficult for Netscape to distribute its product.Furthermore, the experts would argue that Microsoft was engaging in predatorypricing by distributing its Internet Explorer free of charge with its Windows 95operating system.20.The manager should be extremely cautious in this situation. Lower prices to speed theexit of a rival could be construed as predatory pricing by antitrust authorities, andcould trigger action under the Sherman Antitrust Act. Ignoring this important legalconstraint, to determine whether this strategy would be profit, the manager shouldverify that the present value of the benefits from speeding up the rival’s exit exceeds the up front cost of doing so. There is no guarantee that predatory pricing actuallyincreases the present value of profits. Another consideration for the manager is toassess the likelihood of another airline would enter the market after the rival exited. Ifa new rival quickly entered the market to service the same routes, it is unlikely thatthere would be any gain from predatory pricing.21.The statement is false. A firm can lessen competition by raising its rival’s fixed costs.When an action is taken that raises its rival’s fixed cost, the entrant must nowdetermine the profitability if it decides to pay the fixed cost and enters. The new fixed costs, if set appropriately, can determine a rival from entering the market and enable the incumbent to maintain profitability.。

(NEW)曼昆《经济学原理(微观经济学分册)》(第6版)课后习题详解

(NEW)曼昆《经济学原理(微观经济学分册)》(第6版)课后习题详解

目 录第1篇 导 言第1章 经济学十大原理第2章 像经济学家一样思考第3章 相互依存性与贸易的好处第2篇 市场如何运行第4章 供给与需求的市场力量第5章 弹性及其应用第6章 供给、需求与政府政策第3篇 市场和福利第7章 消费者、生产者与市场效率第8章 应用:赋税的代价第9章 应用:国际贸易第4篇 公共部门经济学第10章 外部性第11章 公共物品和公共资源第12章 税制的设计第5篇 企业行为与产业组织第13章 生产成本第14章 竞争市场上的企业第15章 垄 断第16章 垄断竞争第17章 寡 头第6篇 劳动市场经济学第18章 生产要素市场第19章 收入与歧视第20章 收入不平等与贫困第7篇 深入研究的论题第21章 消费者选择理论第22章 微观经济学前沿第1篇 导 言第1章 经济学十大原理一、概念题1.稀缺性(scarcity)答:经济学研究的问题和经济物品都是以稀缺性为前提的。

稀缺性指在给定的时间内,相对于人的需求而言,经济资源的供给总是不足的,也就是资源的有用性与有限性。

人类消费各种物品的欲望是无限的,满足这种欲望的物品,有的可以不付出任何代价而随意取得,称之为自由物品,如阳光和空气;但绝大多数物品是不能自由取用的,因为世界上的资源(包括物质资源和人力资源)是有限的,这种有限的、为获取它必须付出某种代价的物品,称为“经济物品”。

正因为稀缺性的客观存在,地球上就存在着资源的有限性和人类的欲望与需求的无限性之间的矛盾。

经济学的一个重要研究任务就是:“研究人们如何进行抉择,以便使用稀缺的或有限的生产性资源(土地、劳动、资本品如机器、技术知识)来生产各种商品,并把它们分配给不同的社会成员进行消费。

”也就是从经济学角度来研究使用有限的资源来生产什么、如何生产和为谁生产的问题。

2.经济学(economics)答:经济学是研究如何将稀缺的资源有效地配置给相互竞争的用途,以使人类的欲望得到最大限度满足的科学。

时下经常见诸国内报刊文献的“现代西方经济学”一词,大多也都在这个意义上使用。

西财《管理经济学》教学资料包 课后习题答案 第六章

西财《管理经济学》教学资料包 课后习题答案 第六章

第七章市场结构模式的分析与对策一、思考练习1.划分市场结构的标准是什么?市场结构有哪些基本模式?划分市场结构的关键标准就是市场集中度。

集中度高的行业,其垄断程度自然高,竞争程度自然低;集中度低的行业,其垄断程度自然低,竞争程度自然高。

此外,还有市场进出限制或进出难易程度、产品差异程度等,都对市场结构有一定影响。

不同市场在市场集中程度、产品差异程度和进出难易程度等三方面有很大差异,从而意味着不同行业具有不同的市场结构。

经济学家由此将市场划分为四种类型:完全竞争、完全垄断、垄断竞争和寡头垄断。

2.完全竞争市场有什么特征?(1)市场上有数量众多的买者和卖者;(2)市场上的产品无差异;(3)企业进出市场自由;(4)信息充分。

3.完全竞争市场上企业如何进行短期和长期的产量决策?(1)短期决策:在完全竞争条件下,企业需要考虑究竟生产多少才能获取最大利润,这就产生了最优产量决策问题。

在生产技术水平不变的情况下,企业的最优产量出现在MC=MR时,此时企业利润最大或亏损最小,也就是通常所说的利润最大化。

当企业选择了最佳生产规模的时候,由于生产成本的差异,企业的利润状况可能表现为下列三种情况:获得利润、利润为零和出现亏损。

(2)在长期,企业所面临的主要是两种情况:如果有盈利,企业是否扩大规模?如果亏损,企业要不要退出?一般来说,企业所采取的措施主要有以下三类:维持现状。

即企业在现有规模上继续经营,不作调整,希望维持现有利润。

调整规模。

即企业通过扩大或缩小规模来降低长期成本,增加收益。

退出市场或改进生产。

如果企业成本高于市场价格,企业就会出现亏损。

此时,企业可以通过改进生产工艺、采用新技术、提高管理水平等措施来降低经营成本,扭亏为盈。

或者停业退出市场,转向其他行业。

4.什么是完全垄断市场?它有什么特征?完全垄断市场也称独占市场,是指一个行业市场所需要的全部产品只有一家企业提供,而且它的产品不存在相近的替代品,新企业因为种种限制而无法进入该行业。

管理经济学课后答案

管理经济学课后答案

第一章:P201.若某彩电市场上,市场的供给函数和需求函数分别为PQd PQs 100450000200450000-=+-=Qs 和Qd 分别为供给和需求的数量,单位是台;P 为市场价格,单位是元/台。

求市场上彩电的均衡价格和成交数量。

若人们的收入增加,需求函数为Qd=510000-100P这时市场上均衡的价格和交易量又有什么变化?答:1500003000200450000100450000===-=-=Q P P P QsQd此时彩电的均衡价格为3000元,均衡数量为150000台。

1900003200200450000100510000==+-=-=Q P PP QsQd此时均衡价格为3200元,均衡数量为190000台,相比之前均衡价格增加200元,均衡数量增加40000台。

第二章:49页1.某空调生产商认为其一品牌的空调机在某市场上的需求曲线如下:P=6 000-5Q 式中,P 为每台空调机的价格(元/台);Q 为每月在该市场上的销量(台)。

要想每月能在该市场上销售400台,应当定什么价格?如果价格定在3 600元,能销售多少台?在价格为3 200元/台时,需要价格弹性是多少?会在需求单一价格弹性时出售空调机吗?(1)每月在市场上销售400台,即此时400=Q 由题意可知,40004005600056000=⨯-=-=Q P (元/台) (2)由P Q Q P 51120056000-=⇒-=,价格定在3600,即此时48036005112003600=⨯-=⇒=Q P (台) (3)由题意可知,价格3200=P 时,可以求出560=Q 需求价格弹性78560320051-=⨯-=⨯=Q P dP dQ (4)需求单一弹性表示此时的需求价格弹性为1, 由需求价格弹性公式可知Q P QP5511=⇒⨯=, 又Q P 56000-= 600,3000==⇒Q P 总收益256000Q Q PQ -==对总收益求一阶导数并令其等于0,即,0106000=-Q 刚好求得600=Q ,并且总收益的二阶导数为10-,是最大值点,因此,会在需求单一价格弹性时出售空调机。

管理经济学吴德庆第六版长期投资

管理经济学吴德庆第六版长期投资
净现金 效益为5 000元。贴现率为10 %。问 它的净现值是多少?这方案可否接受?
解:净现值 =9 000/(1+10 % )+7 000/
(1+10%)2+5 000/(1+10 %)3 -15 000 =9 000×0.909+7 000×0.826+5 000×0.751-
15 000=2 718(元)
第三年 +4 000 -3 000 7 000
3 000 12 000 6 000 6 000
9 000
3 000 8 000 4 000 4 000
7 000
27
3 000 4 000 2 000 2 000
5 000
可见,新机器替换旧机器的税后净现金效 益量分别为第一年9 000元,第二年7 000 元,第三年5 000元。
返本期法
• 公式:返本期=净现金投资量/每年的净现 金效益量
• 决策规则:返本期<标准返本期,方案可接受
返本期>标准返本期,方案不可接受 [例 8—11]
假如某投资方案的净现金投资量为15 000元。第一年 的净现金效益为9 000元,第二年为7 000元,第三年为5 000元。问它的返本期是多少? 解:9 000+7 000=16 000(元),16 000>15 000 所以不到两年就可以收回全部投资。
• 指因决策引起的投资费用的增加量,包括: 1. 设施和设备的购买安装费用 2. 利用旧设备的机会成本 3. 净流动资产的增量 4. 扣除变卖旧设备的收入 5. 税金的变化
17
[例8—5]
假定新机器的买价为17 500元,运费为 800元,安装费为1 700元。如采用新机器, 估计需要追加流动资金2 500元(包括库存和 应收账款的增加),操作人员的培训费用为 700元。假定根据税法,培训费用可按税率 减征企业所得税(税率为40%)。求净现金投 资量。

管理经济学高质量习题及答案完整版-第6章

管理经济学高质量习题及答案完整版-第6章

管理经济学⾼质量习题及答案完整版-第6章管理经济学⾼质量习题及答案完整版-第6章⽬录1. 名词解释 (14)2. 选择题 (14)3.问答题 (17)4.计算题 (18)1.名词解释 (20)2.选择题 (20)3.问答题 (21)4.计算题: (22)[练习题]1.名词解释机会成本显性成本隐性成本会计成本沉没成本边际成本正常利润超额利润2.选择题(1)⽣产者为了⽣产⼀定数量的产品所放弃的使⽤相同的⽣产要素在其它⽣产⽤途中所得到的最⾼收⼊,这⼀成本定义是指:A.会计成本 B.隐性成本C.机会成本D.边际成本(2)⼩王经营⼀家饭店,下⾯那项成本可能属于隐性成本:A.服务员的⼯资 B.饭店的租⾦ C.⾃⾝的劳动⼒投⼊D.饭店的⽔电费(3)在长期中,下列成本中哪⼀项是不存在的:A.固定成本 B.机会成本C.平均成本 D.隐性成本(4)下列项⽬中可称为可变成本的是:A.管理⼈员的⼯资 C.⼚房和机器设备的折旧B.⽣产⼯⼈的⼯资 D.正常利润(5)当产量为3单位,固定成本为120元,可变成本为90元时。

平均成本为:A.10元B.30元C.40元D.70元(6)已知产量为9单位时,总成本为95元,产量增加到10单位时,平均成本为10元,由此可知边际成本为:A.5元B.10元C.85元D.195元(7)某企业每年从企业的总收⼊中取出⼀部分作为⾃⼰所提供的⽣产要素的报酬,这部分资⾦被视为:A. 显性成本B.隐性成本C.沉没成本D. 超额利润(8)正常利润:A.是经济成本的⼀部分B.是经济利润的⼀部分C.是会计成本的⼀部分D.是会计利润的⼀部分(9)假定两个⼈⼀天⽣产了10个零件,三个⼈⼀天则能⽣产12个零件,则:A.劳动的边际产量上升B.边际成本下降C.平均可变成本上升D.A和B正确(10)边际成本曲线与平均可变成本的交点是:A.盈亏平衡点B.停⽌营业点C.企业均衡点D.平均成本最低点(11)在长期平均成本线的递增阶段,长期平均成本曲线切于短期平均成本曲线的:A.右端 B.左端C.最低点 D.⽆法确定(12)在规模内在经济作⽤下的LAC曲线是呈:A.上升趋势B.下降趋势C.不变D.⽆法判定(13)在从原点出发的射线与TC曲线相切的产量上,必有:A. AC值最⼩B. AC=MCC. MC曲线处于上升段D.上述各点都对(14)某先⽣辞去⽉薪7 000元的⼯作,取出⾃有存款100 000元(⽉息1%),办⼀独资企业,如果不考虑商业风险,则该先⽣⾃办企业按⽉计算的机会成本是:A.8 000元B.100 000元C.7 000元D.107 000元(15)在短期⽣产中,当边际产量达到最⼤值时,下列哪项成本达到最⼩值:A.平均成本B.边际成本C.平均可变成本D.平均不变成本(16)如果⽣产品10单位产品的总成本是100美元,第ll单位的边际成本是21美元,那么:A.第11单位产品的TVC是21美元B.第10单位的边际成本⼤于21美元C.第1l单位的平均成本是11美元D.第10单位的边际成本⼩于12美元(17)以下说法不正确的有:A.短期⽣产中边际成本的变化只与可变成本有关B.长期内如果产量减少到零,总成本也将为零C.在总收益等于总成本时,企业的正常利润为零D.要素的边际收益递增引起了MC⼀开始的递减(18)长期平均成本曲线成为U形的原因与A.要素的边际收益递减规律有关B.规模经济有关C.外部经济与不经济有关D.不变成本与可变成本所占⽐重有关3.问答题(1)会计利润和经济利润哪个更⼤?为什么?(2)简要说明短期和长期平均成本曲线形成U形的原因。

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Chapter 6: Answers to Questions and Problems1.When an input has well-defined and measurable quality characteristics and requiresspecialized investments, the optimal procurement method is a contract. A contractreduces the likelihood of opportunistic behavior and underinvestment by creating alegal obligation between the firms. One disadvantage of a contract is that it increasesa firm’s transaction costs. An example, Boeing contracting with an aluminummanufacturer.2.When a firm requires a limited number of standardized inputs that are sold by manyfirms in the marketplace, the optimal method of procurement is spot exchange. Oneadvantage of spot exchange is that they permit firms to specialize. A disadvantage isthat the firm may potentially face the hold-up problem. An example, a painterpurchasing paint from a local paint store.3.a.Contract.b.Vertical Integration.c.Spot exchange (or possibly contract if a specific investment in many motors isrequired).d.Spot exchange.4.Engine manufacturing involves specific investments and a complex contractingenvironment. By vertically integrating, the potential for opportunism is reduced.Mirrors are relatively uniform products that can be purchased by spot exchange orcontract.5.a.Human capital.b.Physical asset specificity; note that the assembly line was designed especially fora particular firm’s product.c.Site specificity.6.The manager prefers the compensation scheme that pays a fixed salary plus apercentage of the profits. Essentially, the manager is faced with a choice between twoconsumption bundles: (1) a $125,000 fixed salary plus 10 hours of on-the-job leisureand (2) $125,000 in salary plus bonus plus 3 hours of on-the-job leisure. Since theoriginal compensation package of a $125,000 and 10 hours of shirking is stillavailable, the fact that she chose to work 7 hours reveals that she prefers the secondpay scheme.1 Managerial Economics and Business Strategy, 6e Page7.Spot checks and hidden video cameras are effective and relatively inexpensive toimplement initially. The disadvantage is that spot checks and hidden video camerasmay affect the morale of the workers. Moreover, implementing hidden camerasrequires more employees to monitor the cameras. The advantage of pay forperformance schemes is that it may be easier for a managers to observe individualworker (or group) performances. However, pay-for-performance schemes may becostly. In addition, when output is a function of group performance or its quality isdifficult to measure, an individual’s contribution to the output may not be observable. 8.a.Reduce the benefits of vertical integration.b.Reduce the benefits of vertical integration and lead firms to use contracts or spotexchange to procure inputs.c.Lead to contracts that are more detailed or vertical integration.d.Make spot exchange an unattractive method of procurement due to opportunismand possibly underinvestment.e.Make contracts a less attractive form of input acquisition.f.Lead to longer contracts, or in extreme instances, vertical integration.9.The environment in which computer manufacturers operate is very uncertain. The rateof technical progress among chip, and other hardware, manufacturers increases themarginal cost of signing long-term contracts.10. A contract decreases the problem of opportunism and still allows the firm tospecialize in production.11.Capping pension fund managers’ compensations would reduce the executives’incentives to maximize the value of the fund under their control, thereby reducing the overall return to the fund participants.12.Contracts requiring large specialized investments are expected to be longer thancontracts requiring relatively smaller specialized investments. The reason is thattransaction costs increase once the contract expires. By writing longer contracts, these costs can be avoided. Thus, large specialized investments increase the marginalbenefit of writing longer contracts.13.The first important point to make with shareholders is that restructuring the incentiveplan is designed to maximize shareholder value. This is achieved by givingemployees incentives to stay with the company longer, thereby reducing costlyemployee turnover and increasing the company’s profitability. Also, by restructuring the incentive plan, employees will want to find ways to work more productively andmake the company more profitable. The benefits to the shareholders and theemployees will be a higher stock price.14.The reduction in another supplier’s cost of producing airbags reduces GM’s marginalbenefit of contracting. Therefore, the 15-year contract that has been negotiated is too long; the optimal contract length is now less than 15 years.Page 2 Michael R. Baye15.The manager might pay a salesperson a base salary plus a percentage of the profits.This plan would penalize salespersons, to some extent, for excessive mileage.16.In the absence of an incentive contract, a manager may still choose to maximizeprofits in order to build a reputation in being a superb manager and increasing thepotential of future management opportunities. Furthermore, the threat of a takeoverby other investors and job loss also disciplines managers to maximize profits, even ifthey are paid a fixed salary.17.No.18.The principal-agent problem in this situation exists between on-duty police officers(the agent) and the city officials who hire them (the principals). On-duty policeofficers were supposed to prevent picket lines from blocking worker access. Membersof the police union appear to be engaging in opportunistic behavior to improve theirbargaining power. The city of Boston has committed to spending $14 million to hostthe DNC and the police union is attempting to take advantage of this specializedinvestment. Therefore, the city of Boston is facing the “hold-up problem” as definedin the book. The problem also illustrates the problem of writing contracts: when thecity of Boston wrote a contract with Shawmut Design and Construction there weremany unforeseeable events that may not explicitly be defined in the contract.19.Business-process outsourcing (BPO) is a contractual relationship with a third-partyfirm, whereas a firm that produces human resource services internally is verticallyintegrated. Contracting human resource services with a third party allows the firm tospecialize in activities related to its core business, which as the problem points outmay result in large cost savings. Contracts, however, are costly to write and oftenincomplete. These reasons provide justification for vertical integration. Contractingwith an international-based firm may be more costly since the contract must bewritten in a manner to protect the firm in a foreign country. This extra cost should becompared to the extra benefit (cost savings) that accrues from lower off shore labor.Furthermore, there may be cultural difference in hiring practices that may makeoutsourcing from human resources to an international firm less attractive.20.If partners in the law firm are paid an equal share of the overall profits of the firm,regardless of how much they contribute, lawyers nearing retirement will have anincentive to stay with the firm while doing as little work as possible. In this way, heor she can enjoy “semi-retirement,” but will continue to earn a share of the profitsfrom other’s hard work. For this reason, most law firms have mandatory retirement tomitigate incentive compatibility problems. Eliminating mandatory retirement isprobably not a good idea for your 30-year old client.21.The money the dealership pays to train workers in the form of time and expenses is aspecialized investment in human capital. The investment only has value to thedealership if workers remain with the dealership and the dealership maintains itsrelationship ADP. Once this is sunk, it faces a potential “hold-up” problem fromworkers and ADP: If either party decides to sever the relationship, the dealership willhave to sink additional funds into training new employees.3 Managerial Economics and Business Strategy, 6e Page。

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