微观经济学复习提纲.doc
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微观经济学复习提纲.doc
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OutlineforReviewingMicroeconomics(2013)
3.ShortAnswer(3×10,30points)
Chapter2 questionsforreview:
5,6
5.Explainwhyformanygoods,thelong-runpriceelasticityofsupplyislargerthanthe
short-runelasticity.
Thepriceelasticityofsupplyisthepercentagechangeinthequantitysupplieddividedbythepercentagechangeinprice.Intheshortrun,anincreaseinpriceinducesfirmstoproducemorebyusingtheirfacilitiesmorehoursperweek,payingworkerstoworkovertimeandhiringnewworkers.Nevertheless,thereisalimittohowmuchfirmscanproducebecausetheyfacecapacityconstraintsintheshortrun.Inthelongrun,however,firmscanexpandcapacitybybuildingnewplantsandhiringnewpermanentworkers.Also,newfirmscanenterthemarketandaddtheiroutputtototalsupply.
Therefore,thepriceelasticityofsupplyislargerinthelongrunthanintheshortrun.
6.Whydolong-runelasticitiesofdemanddifferfromshort-runelasticities?
Considertwo
goods:
papertowelsandtelevisions.Whichisadurablegood?
Wouldyouexpecttheprice
elasticityofdemandforpapertowelstobelargerintheshortrunorinthelongrun?
Why?
Whataboutthepriceelasticityofdemandfortelevisions?
Long-runandshort-runelasticitiesdifferbasedonhowrapidlyconsumersrespondto
pricechangesandhowmanysubstitutesareavailable.Ifthepriceofpapertowels,a
non-durablegood,weretoincrease,consumersmightreactonlyminimallyintheshort
run-becauseittakestimeforpeopletochangetheirconsumptionhabits.Inthelong
run,however,consumersmightlearntouseotherproductssuchasspongesorkitchen
towelsinsteadofpapertowels.Inthiscase,then,thepriceelasticitywouldbelargerin
thelongrunthanintheshortrun.Incontrast,thequantitydemandedofdurable
goods,suchastelevisions,mightchangedramaticallyintheshortrunfollowingaprice
change.Forexample,theinitialresultofapriceincreasefortelevisionswouldcause
consumerstodelaypurchasesbecausetheycouldkeepusingtheircurrentTVslonger.
Eventuallyconsumerswouldreplacetheirtelevisionsastheyworeoutorbecame
obsolete.Therefore,weexpectthedemandfordurablestobemoreelasticintheshort
runthaninthelongrun.
Chapter3 questionsforreview:
1,5;exercise:
2
1.Whatarethefourbasicassumptionsaboutindividualpreferences?
Explainthe
significanceormeaningofeach.
(1)Preferencesarecomplete:
thismeansthattheconsumerisabletocompareand
rankallpossiblebasketsofgoodsandservices.
(2)Preferencesaretransitive:
this
meansthatpreferencesareconsistent,inthatifbundleAispreferredtobundleB
andbundleBispreferredtobundleC,thenbundleAispreferredtobundleC.(3)
Moreispreferredtoless:
thismeansthatallgoodsaredesirable,andthatthe
consumeralwayspreferstohavemoreofagood.(4)Diminishingmarginalrateof
substitution:
thismeansthatindifferencecurvesareconvex,andthattheslopeof
theindifferencecurveincreases(becomeslessnegative)aswemovedownalongthe
curve.
Asaconsumermovesdownalongherindifferencecurvesheiswillingtogiveup
fewerunitsofthegoodontheverticalaxisinexchangeforonemoreunitofthegood
onthehorizontalaxis.
Thisassumptionalsomeansthatbalancedmarketbasketsaregenerallypreferredto
basketsthathavealotofonegoodandverylittleoftheothergood.
5.Whathappenstothemarginalrateofsubstitutionasyoumovealongaconvex
indifferencecurve?
Alinearindifferencecurve?
TheMRSmeasureshowmuchofagoodyouarewillingtogiveupinexchangefor
onemoreunitoftheothergood,keepingutilityconstant.TheMRSdiminishesalong
aconvexindifferencecurve.Thisoccursbecauseasyoumovedownalongthe
indifferencecurve,youarewillingtogiveuplessandlessofthegoodonthevertical
axisinexchangeforonemoreunitofthegoodonthehorizontalaxis.TheMRSis
alsothenegativeoftheslopeoftheindifferencecurve,whichdecreases(becomes
closertozero)asyoumovedownalongtheindifferencecurve.TheMRSisconstant
alongalinearindifferencecurvebecausetheslopedoesnotchange.Theconsumeris
alwayswillingtotradethesamenumberofunitsofonegoodinexchangeforthe
other.
Chapter4questionsforreview:
1,3,11
1.Explainthedifferencebetweeneachofthefollowingterms:
a.apriceconsumptioncurveandademandcurve
Thedifferencebetweenapriceconsumptioncurve(PCC)andademandcurveisthat
thePCCshowsthequantitiesoftwogoodsthataconsumerwillpurchaseastheprice
ofoneofthegoodschanges,whileademandcurveshowsthequantityofonegood
thataconsumerwillpurchaseasthepriceofthatgoodchanges.Thegraphofthe
PCCplotsthequantityofonegoodonthehorizontalaxisandthequantityofthe
othergoodontheverticalaxis.Thedemandcurveplotsthequantityofthegoodon
thehorizontalaxisanditspriceontheverticalaxis.
b.anindividualdemandcurveandamarketdemandcurve
Anindividualdemandcurveplotsthequantitydemandedbyonepersonatvarious
prices.Amarketdemandcurveisthehorizontalsumofalltheindividualdemand
curvesfortheproduct.Itplotsthetotalquantitydemandedbyallconsumersat
variousprices.
c.anEngelcurveandademandcurve
AnEngelcurveshowsthequantityofonegoodthatwillbepurchasedbyaconsumer
atdifferentincomelevels.Thequantityofthegoodisplottedonthehorizontalaxis
andtheconsumer’sincomeisontheverticalaxis.AdemandcurveislikeanEngel
curveexceptthatitshowsthequantitythatwillbepurchasedatdifferentprices
insteadofdifferentincomelevels.
d.anincomeeffectandasubstitutioneffect
Boththesubstitutioneffectandincomeeffectoccurbecauseofachangeintheprice
ofagood.Thesubstitutioneffectisthechangeinthequantitydemandedofthegood
duetothepricechange,holdingtheconsumer’sutilityconstant.Theincomeeffectis
thechangeinthequantitydemandedofthegoodduetothechangeinpurchasing
powerbroughtaboutbythechangeinthegood’sprice.
3.Explainwhetherthefollowingstatementsaretrueorfalse.
a.Themarginalrateofsubstitutiondiminishesasanindividualmoves
downwardalongthedemandcurve.
True.Theconsumermaximizeshisutilitybychoosingthebundleonhisbudgetline
wherethepriceratioisequaltotheMRS.Forgoods1and2,P1/P2=MRS.Asthe
priceofgood1falls,theconsumermovesdownwardalongthedemandcurveforgood
1,andthepriceratio(P1/P2)becomessmaller.Therefore,MRSmustalsobecome
smaller,andthusMRSdiminishesasanindividualmovesdownwardalongthe
demandcurve.
b.Thelevelofutilityincreasesasanindividualmovesdownwardalongthe
demandcurve.
True.Asthepriceofagoodfalls,thebudgetlinepivotsoutward,andtheconsumer
isabletomovetoahigherindifferencecurve.
c.Engelcurvesalwaysslopeupwards.
False.Ifthegoodisinferior,thenasincomeincreases,quantitydemanded
decreases,andthereforetheEngelcurveslopesdownwards.
11.Explainwhichofthefollowingitemsineachpairismorepriceelastic.
a.Thedemandforaspecificbrandoftoothpasteandthedemandfortoothpastein
general
Thedemandforaspecificbrandismoreelasticbecausetheconsumercaneasily
switchtoanotherbrandifthepricegoesup.
b.Thedemandforgasolineintheshortrunandthedemandforgasolineinthelong
run
Demandinthelongrunismoreelasticsinceconsumershavemoretimetoadjustto
achangeinprice.Forexample,consumerscanbuymorefuelefficientvehicles,move
closertoworkorschool,organizecarpools,etc.
Chapter6 questionsforreview:
1,5,7
1.Whatisaproductionfunction?
Howdoesalong-runproductionfunctiondifferfroma
short-runproductionfunction?
Aproductionfunctionrepresentshowinputsaretransformedintooutputsbyafirm.
Inparticular,aproductionfunctiondescribesthemaximumoutputthatafirmcan
produceforeachspecifiedcombinationofinputs.Intheshortrun,oneormorefactors
ofproductioncannotbechanged,soashort-runproductionfunctiontellsusthe
maximumoutputthatcanbeproducedwithdifferentamountsofthevariableinputs,
holdingfixedinputsconstant.Inthelong-runproductionfunction,allinputsare
variable.
5.Whatisthedifferencebetweenaproductionfunctionandanisoquant?
Aproductionfunctiondescribesthemaximumoutputthatcanbeachievedwithany
givencombinationofinputs.Anisoquantidentifiesallofthedifferentcombinations
ofinputsthatcanbeusedtoproduceoneparticularlevelofoutput.
7.Isoquantscanbeconvex,linear,orL-shaped.Whatdoeseachoftheseshapestellyou
aboutthenatureoftheproductionfunction?
Whatdoeseachoftheseshapestellyou
abouttheMRTS?
Convexisoquantsindicatethatsomeunitsofoneinputcanbesubstitutedforaunit
oftheotherinputwhilemaintainingoutputatthesamelevel.Inthiscase,the
MRTSisdiminishingaswemovedownalongtheisoquant.Thistellsusthatit
becomesmoreandmoredifficulttosubstituteoneinputfortheotherwhilekeeping
outputunchanged.Linearisoquantsimplythattheslope,ortheMRTS,isconstant.
Thismeansthatthesamenumberofunitsofoneinputcanalwaysbeexchangedfor
aunitoftheotherinputholdingoutputconstant.Theinputsareperfectsubstitutes
inthiscase.L-shapedisoquantsimplythattheinputsareperfectcomplements,and
thefirmisproducingunderafixedproportionstypeoftechnology.Inthiscasethe
firmcannotgiveuponeinputinexchangefortheotherandstillmaintainthesame
levelofoutput.Forexample,thefirmmay
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