曼昆微观经济学课后练习英文答案.docx

曼昆微观经济学课后练习英文答案.docx

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曼昆微观经济学课后练习英文答案

rkets

WHAT’SNEWINTHESIXTHEDITION:

Therearenomajorchangestothischapter.

LEARNINGOBJECTIVES:

Bytheendofthischapter,studentsshouldunderstand:

✍thelinkbetweenbuyers’willingnesstopayforagoodandthedemandcurve.

✍howtodefineandmeasureconsumersurplus.

✍thelinkbetweensellers’costsofproducingagoodandthesupplycurve.

✍howtodefineandmeasureproducersurplus.

✍thattheequilibriumofsupplyanddemandmaximizestotalsurplusinamarket.

CONTEXTANDPURPOSE:

Chapter7isthefirstchapterinathree-chaptersequenceonwelfareeconomicsandmarketefficiency.Chapter7employsthesupplyanddemandmodeltodevelopconsumersurplusandproducersurplusasameasureofwelfareandmarketefficiency.TheseconceptsarethenutilizedinChapters8and9todeterminethewinnersandlosersfromtaxationandrestrictionsoninternationaltrade.

ThepurposeofChapter7istodevelopwelfareeconomics—thestudyofhowtheallocationofresourcesaffectseconomicwell-being.Chapters4through6employedsupplyanddemandinapositiveframework,whichfocusedonthequestion,“Whatistheequilibriumpriceandquantityinamarket?

”Thischapternowaddressesthenormativequestion,“Istheequilibriumpriceandquantityinamarketthebestpossiblesolutiontotheresourceallocationproblem,orisitsimplythepriceandquantitythatbalancesupplyanddemand?

”Studentswilldiscoverthatundermostcircumstancestheequilibriumpriceandquantityisalsotheonethatmaximizeswelfare.

KEYPOINTS:

?

Consumersurplusequalsbuyers’willingnesstopayforagoodminustheamounttheyactuallypayforit,anditmeasuresthebenefitbuyersgetfromparticipatinginamarket.Consumersurpluscanbecomputedbyfindingtheareabelowthedemandcurveandabovetheprice.

?

Producersurplusequalstheamountsellersreceivefortheirgoodsminustheircostsofproduction,anditmeasuresthebenefitsellersgetfromparticipatinginamarket.Producersurpluscanbecomputedbyfindingtheareabelowthepriceandabovethesupplycurve.

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Anallocationofresourcesthatmaximizesthesumofconsumerandproducersurplusissaidtobeefficient.Policymakersareoftenconcernedwiththeefficiency,aswellastheequality,ofeconomicoutcomes.

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Theequilibriumofsupplyanddemandmaximizesthesumofconsumerandproducersurplus.Thatis,theinvisiblehandofthemarketplaceleadsbuyersandsellerstoallocateresourcesefficiently.

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Marketsdonotallocateresourcesefficientlyinthepresenceofmarketfailuressuchasmarketpowerorexternalities.

CHAPTEROUTLINE:

I.Definitionofwelfareeconomics:

thestudyofhowtheallocationofresourcesaffectseconomicwell-being.

II.ConsumerSurplus

A.WillingnesstoPay

1.Definitionofwillingnesstopay:

themaximumamountthatabuyerwillpayforagood.

2.Example:

Youareauctioningamint-conditionrecordingofElvisPresley’sfirstalbum.Fourbuyersshowup.Theirwillingnesstopayisasfollows:

Buyer

WillingnesstoPay

John

$100

Paul

$80

George

$70

Ringo

$50

Ifthebiddinggoestoslightlyhigherthan$80,allbuyersdropoutexceptforJohn.BecauseJohniswillingtopaymorethanhehastoforthealbum,hederivessomebenefitfromparticipatinginthemarket.

3.Definitionofconsumersurplus:

theamountabuyeriswillingtopayforagoodminustheamountthebuyeractuallypaysforit.

4.Notethatifyouhadmorethanonecopyofthealbum,thepriceintheauctionwouldendupbeinglower（alittleover$70inthecaseoftwoalbums）andbothJohnandPaulwouldgainconsumersurplus.

B.UsingtheDemandCurvetoMeasureConsumerSurplus

1.WecanusetheinformationonwillingnesstopaytoderiveademandcurvefortherareElvisPresleyalbum.

Price

Buyers

QuantityDemanded

Morethan$100

None

0

$80to$100

John

1

$70to$80

John,Paul

2

$50to$70

John,Paul,George

3

$50orless

John,Paul,George,Ringo

4

Figure1

2.Atanygivenquantity,thepricegivenbythedemandcurvereflectsthewillingnesstopayofthemarginalbuyer.Becausethedemandcurveshowsthebuyers’willingnesstopay,wecanusethedemandcurvetomeasureconsumersurplus.

Figure2

3.Consumersurpluscanbemeasuredastheareabelowthedemandcurveandabovetheprice.

C.HowaLowerPriceRaisesConsumerSurplus

Figure3

1.Aspricefalls,consumersurplusincreasesfortworeasons.

a.Thosealreadybuyingtheproductwillreceiveadditionalconsumersurplusbecausetheyarepayinglessfortheproductthanbefore（areaAonthegraph）.

b.Becausethepriceisnowlower,somenewbuyerswillenterthemarketandreceiveconsumersurplusontheseadditionalunitsofoutputpurchased（areaBonthegraph）.

D.WhatDoesConsumerSurplusMeasure?

Itisimportanttostressthatconsumersurplusismeasuredin