曼昆经济学原理习题解答14章Word文档下载推荐.docx

曼昆经济学原理习题解答14章Word文档下载推荐.docx

《曼昆经济学原理习题解答14章Word文档下载推荐.docx》由会员分享，可在线阅读，更多相关《曼昆经济学原理习题解答14章Word文档下载推荐.docx（11页珍藏版）》请在冰豆网上搜索。

4.Youaregivinguptheopportunitytospend$510ayearfromnow.

5.Yes,youshouldfinishdevelopmentandmaketheproduct.The$5millionisasunkcostandisnowirrelevant.Onthemargin,ifyouspendanother$3million,youwillgenerate$4millioninsalesandthusaprofitof$1millionfromthat$3millionexpenditure.Ifyoustopnow,youwilllose$5million.Ifyoufinishtheproject,youwilllose$4million.Itistruethatyouwishyouhadneverstartedtheprojectbecauseitwilllosemoney,butitwillloselessmoneyifyoufinishitthanifyoustophalfwaythroughit.Youshouldbewillingtospendupto$4milliontofinishtheprojectbecausethemarginal（orincremental）expendituresareprofitable.

Chapter2

1.SeeFigure5;

thefourtransactionsareshown.

Figure5

3.SeeFigure7.Theshapeandpositionofthefrontierdependonhowcostlyitistomaintainacleanenvironmenttheproductivityoftheenvironmentalindustry.Gainsinenvironmentalproductivity,suchasthedevelopmentofnewwaytoproduceelectricitythatemitsfewerpollutants,leadtoshiftsoftheproduction-possibilitiesfrontier,liketheshiftfromPPF1toPPF2showninthefigure.

Figure7

Figure8

4.

a.

A:

40lawnsmowed;

0washedcarsB:

0lawnsmowed,40washedcarsC:

20lawnsmowed;

20washedcarsD:

25lawnsmowed;

25washedcars

b.

TheproductionpossibilitiesfrontierisshowninFigure8.PointsA,B,andDareonthefrontier,whilepointCisinsidethefrontier.

c.

Larryisequallyproductiveatbothtasks.Moeismoreproductiveatwashingcars,whileCurlyismoreproductiveatmowinglawns.

d.

AllocationCisinefficient.Morewashedcarsandmowedlawnscanbeproducedbysimplyreallocatingthetimeofthethreeindividuals.

Chapter3

1.a.SeeFigure2.IfMariaspendsall5hoursstudyingeconomics,shecanread100pages,sothatistheverticalinterceptoftheproductionpossibilitiesfrontier.Ifshespendsall5hoursstudyingsociology,shecanread250pages,sothatisthehorizontalintercept.Theopportunitycostsareconstant,sotheproductionpossibilitiesfrontierisastraightline.

Figure2

b.IttakesMaria2hourstoread100pagesofsociology.Inthattime,shecouldread40pagesofeconomics.Sotheopportunitycostof100pagesofsociologyis40pagesofeconomics

5.

a.EnglishworkershaveanabsoluteadvantageoverScottishworkersinproducingscones,becauseEnglishworkersproducemoresconesperhour（50vs.40）.ScottishworkershaveanabsoluteadvantageoverEnglishworkersinproducingsweaters,becauseScottishworkersproducemoresweatersperhour（2vs.1）.Comparativeadvantagerunsthesameway.Englishworkers,whohaveanopportunitycostof1/50sweaterperscone（1sweaterperhourdividedby50sconesperhour）,haveacomparativeadvantageinsconeproductionoverScottishworkers,whohaveanopportunitycostof1/20sweaterperscone（2sweatersperhourdividedby40sconesperhour）.Scottishworkers,whohaveanopportunitycostof20sconespersweater（40sconesperhourdividedby2sweatersperhour）,haveacomparativeadvantageinsweaterproductionoverEnglishworkers,whohaveanopportunitycostof50sconespersweater（50sconesperhourdividedby1sweaterperhour）.

b.IfEnglandandScotlanddecidetotrade,ScotlandwillproducesweatersandtradethemforsconesproducedinEngland.Atradewithapricebetween20and50sconespersweaterwillbenefitbothcountries,astheywillbegettingthetradedgoodatalowerpricethantheiropportunitycostofproducingthegoodintheirowncountries.

c.EvenifaScottishworkerproducedjustonesweaterperhour,thecountrieswouldstillgainfromtrade,becauseScotlandwouldstillhaveacomparativeadvantageinproducingsweaters.Itsopportunitycostforsweaterswouldbehigherthanbefore（40sconespersweater,insteadof20sconespersweaterbefore）.ButtherearestillgainsfromtradebecauseEnglandhasahigheropportunitycost（50sconespersweater）.

6

a.InBoston,fourredsocksexchangefortwowhitesocks,thustworedsocksexchangeforonewhitesock.InChicago,tworedsocksalsoexchangeforonewhitesock.

b.Bostonhasanabsoluteadvantageintheproductionofbothredsocksandwhitesocks.Neitherhasacomparativeadvantageintheproductionofeithersockbecausetheopportunitycostofawhitesockistworedsocksinbothcities.

c.No.Therearenogainsfromtradewhentheopportunitycostsarethesameforbothproducers.

d.Boston’sabsoluteadvantageintheproductionofsockshasgrownsoBostonhasthepotentialtobeevenbetteroffmateriallythanChicago.However,theopportunitycostsremainthesameineachcity,onewhitesockfortworedsocks,sotherearenogainsfromtrade.Inbothcases,neitherproducerhasacomparativeadvantageintheproductionofeithergood.

Chapter4

2.Thestatementisfalse.AsFigure10shows,inequilibriumtheincreaseindemandfornotebooksresultsinanincreasedquantitydemandedandthequantitysupplied.

figure.10

3

a.Ifpeopledecidetohavemorechildren,theywillwantlargervehiclesforhaulingtheirkidsaround,sothedemandforminivanswillincrease.Supplywillnotbeaffected.Theresultisariseinboththepriceandthequantitysold,asFigure12shows.

Figure12

b.Ifastrikebysteelworkersraisessteelprices,thecostofproducingaminivanrisesandthesupplyofminivansdecreases.Demandwillnotbeaffected.Theresultisariseinthepriceofminivansandadeclineinthequantitysold,asFigure13shows.

figure13

c.Thedevelopmentofnewautomatedmachineryfortheproductionofminivansisanimprovementintechnology.Thisreductioninfirms'

costswillresultinanincreaseinsupply.Demandisnotaffected.Theresultisadeclineinthepriceofminivansandanincreaseinthequantitysold,asFigure14shows.

Figure14

d.Theriseinthepriceofsportutilityvehiclesaffectsminivandemandbecausesportutilityvehiclesaresubstitutesforminivans.Theresultisanincreaseindemandforminivans.Supplyisnotaffected.Theequilibriumpriceandquantityofminivansbothrise,asFigure12shows.

e.Thereductioninpeoples'

wealthcausedbyastock-marketcrashreducestheirincome,leadingtoareductioninthedemandforminivans,becauseminivansarelikelyanormalgood.Supplyisnotaffected.Asaresult,boththeequilibriumpriceandtheequilibriumquantitydecline,asFigure15shows.

Figure15

4

a.DVDsandTVscreensarelikelytobecomplementsbecauseyoucannotwatchaDVDwithoutatelevision.DVDsandmovieticketsarelikelytobesubstitutesbecauseamoviecanbewatchedatatheaterorathome.TVscreensandmovieticketsarelikelytobesubstitutesforthesamereason.

b.ThetechnologicalimprovementwouldreducethecostofproducingaTVscreen,shiftingthesupplycurvetotheright.Thedemandcurvewouldnotbeaffected.Theresultisthattheequilibriumpricewillfall,whiletheequilibriumquantitywillrise.ThisisshowninFigure16.

Figure16

c.ThereductioninthepriceofTVscreenswouldleadtoanincreaseinthedemandforDVDsbecauseTVscreensandDVDsarecomplements.TheeffectofthisincreaseinthedemandforDVDsisanincreaseinboththeequilibriumpriceandquantity,asshowninFigure17.

Figure17

ThereductioninthepriceofTVscreenswouldcauseadeclineinthedemandformovieticketsbecauseTVscreensandmovieticketsaresubstitutegoods.Thedeclineinthedemandformovieticketswouldleadtoadeclineintheequilibriumpriceandquantitysold.ThisisshowninFigure18

Figure18

7.

Ketchupisacomplementforhotdogs.Therefore,whenthepriceofhotdogsrises,thequantitydemandedofhotdogsfallsandthislowersthedemandforketchup.Theendresultisthatboththeequilibriumpriceandquantityofketchupfall.Becausethequantityofketchupfalls,thedemandfortomatoesbyketchupproducersfalls,sotheequilibriumpriceandquantityoftomatoesfall.Whenthepriceoftomatoesfalls,producersoftomatojuicefacelowerinputprices,sothesupplycurvefortomatojuiceshiftsout,causingthepriceoftomatojuicetofallandthequantityoftomatojuicetorise.Thefallinthepriceoftomatojuicecausespeopletosubstitutetomatojuicefororangejuice,sothedemandfororangejuicedeclines,causingthepriceandquantityoforangejuicetofall.Nowyoucanseeclearlywhyariseinthepriceofhotdogsleadstoafallinthepriceoforangejuice!

10.

a.Becauseflourisaningredientinbagels,adeclineinthepriceofflourwouldshiftthesupplycurveforb