经济学基础Chap005.docx
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经济学基础Chap005
ANSWERSTOQUESTIONSFORDISCUSSIONANDPROBLEMS
QUESTIONSFORDISCUSSION
l.Isyourschoolcurrentlyproducingatcapacity.,teachingasmanystudentsaspossible)Whatconsiderationsmightinhibitfullcapacityutilization
LO:
1AACSB:
AnalyticBT:
Create
Theremaybeemptyseatsinyourclassroomthatindicateunusedcapacity.Althoughitwouldbeimpracticaltoofferclassesaroundtheclock,capacityutilizationhasincreasedasmanyschoolshaveaddedearlymorning,night,andweekendclassestotraditionalMondaythroughFridaydaytimeclasses.Itisdifficulttoenrolltheexactnumberofstudentstofillupeachclassroomforeverycourseandevenifitwerepossible,somestudentswouldstilldropoutofspecificclassesoreventheschool.Duetothenatureofoureducationalsystem,thesestudentscannotbereplacedduringthemiddleofasemester.
2.WhataretheproductioncostsofyoureconomicsclassWhatarethefixedcostsThevariablecostsWhatisthemarginalcostofenrollingmorestudents
LO:
3AACSB:
AnalyticBT:
Analyze
Thefixedcostsarethecostsofprovidingtheclassroomanditsequipment,somelevelofutilities,andtheproratedshareoftheuniversity'sinfrastructureattributedtothisclass.Thevariablecostsincludethecostoftheinstructor,materials(chalkormarkers,handouts),andsomeadditionalutilities.Themarginalcostofenrollingonemorestudentisnearlyzeroaslongasthereisaseatavailableintheclassroom.
3.Supposeyousetupalawn-mowingserviceandrecruitedfriendstohelpyou.WouldthelawofdiminishingreturnsapplyExplain.
LO:
2AACSB:
AnalyticBT:
Analyze
Intheshortrun,yes.Asmoreandmorefriendshelped,therewouldbecapitalconstraintssuchasalimitednumberoflawnmowers,rakes,etc.Sharingthetoolsreduceseachworker’sproductivity.Also,theymighttendtogetineachother’swayandbickerandfuss.Theresultwouldbetodecreasetheoutputofeachaddedworkeroverthatofthepreviousworker.
4.Whatarethefixedcostsof(a)apizzashop,(b)anInternetServiceProvider,(c)acornfarmWhoneedsthehighestsalesvolumetoearnaprofit
LO:
3AACSB:
AnalyticBT:
Create
(a)Thefixedcostsofapizzashopincluderentonthebuilding(eveniftheyownthebuildingthereisanopportunitycost),insurance,someminimallevelofutilities(forexample,forsecurityandsignage),ovensandotherequipment,deliverycars,etc.
(b)ThefixedcostsofanInternetServiceProviderincluderentonthebuilding,thecomputerservers,thesoftwarenecessarytoprovideaccesstotheInternet,andadedicatedtelephoneline.
(c)Thefixedcostsofacornfarmincludetheland,buildings,tractors,combines,andotherequipment.
Whicheverbusinesshasthehighestfixedcostsneedsthehighestsalesvolumetoearnaprofit.
5.Owner-operatorsofsmallgasstationsrarelypaythemselvesanhourlywage.Doesthispracticereducetheeconomiccostofdispensinggasoline
LO:
5AACSB:
AnalyticBT:
Create
No,thispracticedoesnotreducetheeconomiccostofdispensinggasoline.Itcanchangetheaccountingcost,butnottheeconomiccost.Economistsfocusonopportunitycosts;theyincludeanallowanceforhowmuchtheownercouldhaveearnedinanalternativejob.
6.IntheNewsWireonpage99,whydidMPPfalltozeroWhatwastheopportunitycostofthosesurplusworkers
LO:
2AACSB:
AnalyticBT:
Evaluate
Asmoreworkersarehiredinagivenplant,MPPdeclines.Iftoomanyarehired,MPPmayevenfalltozero,orless.Inthiscase,theHeadlinetellsusthatthereweresurplus,.,toomany,workers.Theopportunitycosttothestateofthesurplusworkerswaswhattheycouldhavedoneelsewherehadtheynothiredthem.Or,thiscouldincludepurchasingequipmentsothattheproductivityoftheworkforcewouldincrease.
7.WhatroledoexpectationsplayintheproductionandinvestmentdecisionsdescribedintheNewsWireonpage107
LO:
3AACSB:
AnalyticBT:
Evaluate
AccordingtotheNewsWire,NissanisexpandingtheproductionatitsBarcelonaplantbyhiringanadditional1,000workers.Nissanplanstocreateanewcompactcarandincreaseoutputofapickuptruckalreadybeingmanufacturedthere.Thisproductiondecision–afocusontheshort-runuseofexistingfacilities–isbasedontheexpectationthatconsumerswillbewillingandabletopurchasethesevehicles.
Fiat,ontheotherhand,islookingforawholenewlocationforproduction.Theyareconsideringopeningaplanttomanufacturethebrand’ssport-utilityvehiclesinRussiainanattempttoexpandJeep’sglobalreach.Thisinvestmentdecision–afocusonthelong-runacquisitionofproductivefacilities–isanattempttoexpandJeep’sglobalreach.Thisdecisionisbasedontheexpectation(aswiththeNissanexample)thatconsumerswillbewillingandabletopurchasethesevehicles.
8.Whydoesmarginalphysicalproductdeclineatafast-foodoutlet.McDonald’s)whenmoreemployeesarehiredWhatarethefixedinputconstraintsthatlimitworkerproductivity
LO:
2AACSB:
AnalyticBT:
Evaluate
Thelawofdiminishingreturnsstatesthatthemarginalphysicalproductoflabordeclinesasmoreofitisemployedwithagivenquantityofotherfixedinputs.Forexample,ifMcDonald’shasoneicecreammachineand6employees,oneofwhichisacook,anotherthatisacashier,andtheotherfourpreparethesidedishesincludingtheicecream,spacewillbetightandstillonlyoneicecreamcanbepreparedatonetime.This“crowding”reducesmarginalphysicalproduct.Hiringanotherworkermightnotincreaseicecreamproduction.
FixedinputconstraintsatanestablishmentsuchasMcDonald’swouldincludefooddispenserssuchasicecreammachines,coladispensers,anddeepfatfryers.Alimitednumberofgrills,microwaves,andcashregisterswouldalsobeconsideredlimitinginputs.Finally,thecounterspaceandspacebehindthecounteralsohasthepotentialtoplaceconsiderableconstraintsonworkerproductivity.
9.Whydoesn’tmaximumoutputgeneratemaximumprofits
LO:
3AACSB:
AnalyticBT:
Evaluate
Peoplewhosupplygoodsandserviceswanttomakeaprofitfromtheirefforts.Ineconomicterms,profitisthedistancebetweentotalrevenuesandtotaleconomiccosts:
Profit=totalrevenue-totalcost.Forexample,ifthetotalrevenueatajeansfactorywas$300perdayandtotalcostis$245perday,theprofitwouldbe$55perday.Now,ifatmaximumoutput,thejeanfactory’stotalrevenueincreasedby$30,butthetotalcostincreasedby$60inordertocreatemaximumoutputthen,$330-$305=$25ofprofit.
Maximumoutputdoesnotgeneratemaximumprofits,inthecaseaboveprofitdecreasedwithanincreaseinoutput.Generally,costsincreaseasoutputincreases.Indeed,producingmoremayinfactleadtolossesratherthananyprofitatall.
10.POLICYPERSPECTIVESIfcapitalinvestmentceased,whatwouldhappenovertimetoworkerproductivityandlivingstandards
LO:
1AACSB:
AnalyticBT:
Evaluate
The.laborforcecontinuestogrowbymorethanamillionworkerseachyear.Capitalinvestmentstimulateseachandeveryworker’sproductivity.Ifcapitalinvestmentsdon’tkeeppaceor,evenworse,theycease,theseaddedworkerswouldstrainproductionfacilities.Thelawofdiminishingmarginalproduct(decreasedworkerproductivity)wouldpushwageslowerandreducelivingstandards.
PROBLEMS
1.(a)WhatisthemarginalphysicalproductofeachsuccessiveworkerinFigure
Forwhichworkerismarginalphysicalproduct
(b)Firstdiminishing
(c)Zero
Answers:
(a)worker12345678
MPP1519104210-4
(b)workernumber3
(c)workernumber7
Explanation:
Laborinput
(worker/day)012345678
Output
(jeans/day)01534444850515147
MPP01519104210-4
(a)Marginalphysicalproduct(MPP)isthechangeintotaloutputassociatedwithoneadditionalunitofinput.TheMPPforthefirstworkeris15(=15–0).TheMPPforthesecondworkeris19(=34–15),andsoon.
(b)Therelativescarcityofotherinputs(capitalandland)constrainsthemarginalphysicalproductoflaborandeventuallycausesittodiminish.InthiscasetheMPPfirstdiminishedwiththethirdworker;theMPPofthethirdworkerisinfactsmallerthantheMPPofthesecondworker.
(c)Accordingtothetabledevelopedabove,theMPPoftheseventhworkeriszero.
LO05-02
Topic:
CapacityConstraints:
TheProductionFunction
AACSB:
Analytic
Blooms:
Level3Apply
2.(a)ComputeaveragefixedcostsandaveragevariablecostsinFigureforallratesofoutput.
Atwhatrateofoutput
(b)areaveragefixedcoststhelowest
(c)areaveragevariablecoststhelowest
(d)isaveragetotalcostthelowest
Answers:
(a)
(b)Rateofoutput=51
(c)Rateofoutput=20
(d)Rateofoutput=40
Explanation:
(a)Averagefixedcostisfixedcostdividedbyoutput.ForexampleatpointIaveragefixedcostis$12(=$120/10pairs),atpointJaveragefixedcostis$(=$120/15pairs),andsoon.Averagevariablecostisdeterminedinthesameway;variablecostdividedbyoutput.Inthiscase,atpointIaveragevariablecostis$(=$85/10pair),atpointJaveragevariablecostis$(=$125/15pairs),andsoon.
(b)Accordingtothetable,averagefixedcostsarelowestatpointOwheretherateofoutputis51pairsandaveragefixedcostsof$.
(c)AveragevariablecostsarelowestatpointKwheretherateofoutputis20pairsandaveragevariablecostis$.
(d)AveragetotalcostsarelowestatpointMwheretherateofoutputis40pairsandaveragetotalcostis$.
LO05-03
Topic:
CostsofProduction
AACSB:
Analytic
Blooms:
Level3Apply
3.(a)Completethefollowingtable.
RateofTota