微观经济学作业答案3文档格式.doc
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微观经济学作业答案3文档格式.doc
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thisyieldsq=20.Plugq=20intoATCtofindthelong-runequilibriumpriceof$300.
3.Demandforindustryoutputhasjustincreased.Ifthemarketpriceinitiallyrisesto$600,eachfirminthelongrunwillproduce:
a.20unitsb.50units.c.88.7unitd.100units.
e.Moreinformationisneeded.
a)Thelong-runequilibriumwillagainhaveeachfirmproducingatminimumATC.Eachfirmproduces20units,asinQuestion3.
4.Astraight-lineisoquant
a. isimpossible.
b. wouldindicatethatthefirmcouldswitchfromoneoutputtoanothercostlessly.
c. wouldindicatethatthefirmcouldnotswitchfromoneoutputtoanother.
d. wouldindicatethatcapitalandlaborcannotbesubstitutedforeachotherinproduction.
e. wouldindicatethatcapitalandlaborareperfectsubstitutesinproduction.
5.AfarmerusesMunitsofmachineryandLhoursoflabortoproduceCtonsofcorn,withthefollowingproductionfunctionC=L0.5+M0.75.Thisproductionfunctionexhibits
a. decreasingreturnstoscaleforalloutputlevels
b. constantreturnstoscaleforalloutputlevels
c. increasingreturnstoscaleforalloutputlevels
d. noclearpatternofreturnstoscale
b)2L0.5+2M0.75=2C
6.Thedifferencebetweentheeconomicandaccountingcostsofafirmare
a. theaccountant'
sfees
b. thecorporatetaxesonprofits
c. theopportunitycostsofthefactorsofproductionthatthefirmowns
d. thesunkcostsincurredbythefirm
e. theexplicitcostsofthefirm
c)
7.Priceceilingareinefficientbecause:
a.bothproducersandconsumerslose.
b.Producerslose,consumersmaygainorlose,butalossoccursonnet.
c.Producerslose,consumergain,butalossoccursonnet.
d.Producersandconsumermaygainorlose,butalossoccursonnet.
e.Noneoftheaboveiscorrect.
b)Consumersgainfromalowerprice,butlosebecausetheyareabletobuyless.Producesclearlylosefromtheregulatedprice.Thereisalwaysawelfarelossfrompriceceilings(assumingthatthepriceceilingisbinding).
8.Assumethatafirmspends$500ontwoinputs,labor(graphedonthehorizontalaxis)andcapital(graphedontheverticalaxis).Ifthewagerateis$20perhourandtherentalcostofcapitalis$25perhour,theslopeoftheisocostcurvewillbe
a. 500.
b. 25/500.
c. 4/5.
d. 25/20or1/4.
c)20L+25C=500,C=-4/5L+20
9.Supposethatthepriceoflabor()is$10andthepriceofcapital()is$20.Whatistheequationoftheisocostlinecorrespondingtoatotalcostof$100?
a. PL+20PK
b. 100=10L+20K
c. 100=30(L+K)
d.
e. noneoftheabove
b)
ThenextthreequestionsrefertothealfalfamarketdescribedinFigure1.
S
D
16
20
25
TonsofAlfalfa
(millions)
30
50
75
Price($/ton)
F
Figure1
10.Ifthegovernmentpurchasesenoughalfalfatoraisethepricefrom$50/tonto$75/ton,thecostoftheprogramwillbe:
a.$100million.b.$225million.
c.$315million.d.$675million.
d)Thegovernmentpays$75/tonforthesurplusof25–16=9milliontons:
75(9)=$675.
11.Ifthegovernmentraisesthepriceto$75/ton,producersurpluswillincreaseby:
a.$400million.b.$500million.
c.$562.5million.d.$1,875million.
c)ProducersurplusincreasebytheareaofthetrapezoidbetweenP=$50andP=$75,andQ=20andQ=25million:
$25(20+25)/2=$562.5million.
12.Supposethegovernmentdecidestosupportapriceof$75/tonbypayingproducersnottoproducetheexcesssupplyofalfalfa(whichis25–16=9milliontons).Theminimumcostofthisprogramwillbe:
a.$157.5million.b.$202.5million.
c.$315million.d.$1,875million.
b)Toidleacreage,producersmustbepaidatleasttheshadedareainFigure1:
0.5(25–16)(75-30)=$202.5million.
Price($/unit)
Ton(millions)
13.Producersurplusinaperfectlycompetitiveindustryis
a. thedifferencebetweenprofitattheprofit-maximizingoutputandprofitattheprofit-minimizingoutput.
b. thedifferencebetweenrevenueandtotalcost.
c. thedifferencebetweenrevenueandvariablecost.
d. thedifferencebetweenrevenueandfixedcost.
e. thesamethingasrevenue.
c)
Part2:
Afirm'
stotalcostfunctionisgivenbytheequation:
TC=4000+5Q+10Q2.
(1)Writeanexpressionforeachofthefollowingcostconcepts:
a.TotalFixedCost
b.AverageFixedCost
c.TotalVariableCost
d.AverageVariableCost
e.AverageTotalCost
f.MarginalCost
(2)Determinethequantitythatminimizesaveragetotalcost.Demonstratethatthepredictedrelationshipbetweenmarginalcostandaveragecostholds.
Solution:
PART
(1)
a.
b.
c.
d.
e.
f.
PART
(2)
ATCisminimizedwhereMCisequaltoATC.
EquatingMCtoATC
ATCisminimizedat20unitsofoutput.Upto20,ATCfalls,whilebeyond20ATCrises.
MCshouldbelessthanATCforanyquantitylessthan20.
Forexample,letQ=10:
MC=5+20(10)=205
MCisindeedlessthanATCforquantitiessmallerthan20.
MCshouldexceedATCforanyquantitygreaterthan20.
Forexample,letQ=25:
MC=5+20(25)=505
MCisindeedgreaterthanATCforquantitiesgreaterthan20.
Part3:
TheCumminsEngineCo.isasuccessfulproducerofdieselenginesfortrucks.Thispartexaminesthefirm'
scostdataandfillintheblanksandthenfindtheprofitmaximizing(orlossminimizing)outputlevelwhenP=$150.Pleaseexplainyourdecision.
Output
q
Revenue
R($150*q)
TotalCost
TC
Profit
p
Average
ATC
VariableCost
AVC
MarginalCost
MC
13
2,100
161.54
n.a.
14
2,245
160.36
80
145
15
2,400
160.00
85
155
2,565
160.31
90
165
17
2,740
161.18
95
175
Answer:
1,950
-150
-145
2,250
-165
2,550
-190
Theprofitmaximizingoutputlevelisq=14.Ifitexpandsoutputbyoneunitto15units,itwilltakeinanadditional$150inrevenue,butitwillpayanadditional$155inproductioncosts.So,expandingoutputto15unitswillcausethefirmtoloseanextra$5inprofits.Likewise,ifitreducesitsoutputbyoneunitto13,itsaves$145incosts,butitgivesup$150inrevenue.Thus,profitwouldfallby$5comparedwithproducing14unitsofoutput.Althoughprofitsarenegative(-$145),itisclearthatlooseswillbeminimizedatq=14.
Part4:
BudOwenoperatesBud'
sPackageStoreinasmallcollegetown.Budsellssixpacksofbeerforoffpremisesconsumption.Budhasverylimitedstorespaceandhasdecidedtolimithisproductlinetoonebrandofbeer,choosingtoforegothesnackfoodlinesthatnormallyaccompanyhisbusiness.Bud'
sistheonlybeerretailerphysicallylocatedwithinthetownlimits.Hefacesconsiderablecompetition,however,fromsellerslocatedoutsideoftown.Budregardsthemarketashighlycompetitiveandconsidersthecurrent$2.50persixpacksellingpricetobebeyondhiscontrol.Bud'
stotalandmarginalcostfunctionsare:
TC=2000+0.0005Q2
MC=0.001Q,
whereQreferstosixpacksperweek.Includedinthefixedcostfigureisa$750perweeksalaryforBud,whichheconsiderstobehisopportunitycost.
a.CalculatetheprofitmaximizingoutputforBud.Whatishisprofit?
Isthisaneconomicprofitoranaccountingprofit?
b.Thetowncouncilhasvotedtoimposeataxof$.50persixpacksoldinthetown,hopingtodiscouragebeerconsumption.WhatimpactwillthetaxhaveonBud?
ShouldBudcontinuetooperate?
WhatimpactwillthetaxhaveonBud'
soutoftowncompetitors?
Giventhecompetitivenatureofthemarket,BudshouldequatePtoMC.
Sincethecostfunctionisaneconomiccostfunction,wecanconcludethatthisisaneconomicprofit.
Taxshiftstotalcostcurveto:
TC=2000+0.0005Q2+0.5Q
MCbecomes
MC=0.001Q+0.5
settingP=MC
Giventhatthisiszeroeconomicprofit,Budshouldcontinueoperating.
TheimpactuponBud'
scompetitorswillbefavorableorneutral.Ashecurtailsoutput,500sixpacksworthofbusinesswilleithershiftelsewhereorchoosetemperance.
Part5:
Themarketforcollegehockeyplayersischaracterizedbythefollowingsupplyanddemandcurves,whereQisthenumberofathletesandPistheweeklywageinexcessoftheirscholarshippayments:
QD=1,600–20P,
QS=-900+30P.
a.Supposethereisacompletelyfreemarket.Whatistheequilibriumweeklywage?
Howmanyathletesarehired?
b.NowsupposethatNationalCollegiateAthleticAssociation(NCAA)stepsinanddecidestocrackdownonpaymentstoplayers.TheNCAAisbotherednotbytheexistenceofthesepayments,butbytheirl
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