平狄克《微观经济学》课后答案1-5

Chapter1:Preliminaries2PARTIINTRODUCTIONMICROECONOMICSANDMARKETSCHAPTER1PRELIMINARIESTEACHINGNOTESThefirsttwochaptersreacquaintstudentswiththemicroeconomicsthattheylearnedintheirintroductorycourse:Chapter1focusesonthegeneralsubjectofeconomics,whileChapter2developssupplyanddemandanalysis.Thedistinctionbetweencompetitiveandnon-competitivemarketsprovidesanoverviewofthecourse.WeassumecompetitivemarketsinPartsIandII(throughChapter9),thendiscussmarketpowerinPartIIIanditsconsequencesinPartIV.TheuseofexamplesinChapter1facilitatesstudents’completeunderstandingofabstracteconomicconcepts.Examplesinthischapterdiscussmodelsofunemployment(Section1.2),introductionofanewautomobile(Section1.3),designofautomobileemissionstandards(Section1.3),andrealandnominalpricesofeggsandeducation(Section1.5).ReviewQuestion(3)illustratesthedifferencebetweenpositiveandnormativeeconomicsandprovidesforaproductiveclassdiscussion.OtherexamplesfordiscussionareavailableinKearl,Pope,Whiting,andWimmer,“AConfusionofEconomists,”AmericanEconomicReview(May1979).Thechapterconcludeswithadiscussionofrealandnominalprices.Givenourrelianceondollarpricesinthechaptersthatfollow,studentsshouldunderstandthatweareconcernedwithpricesrelativetoastandard,whichinthiscaseisdollarsforaparticularyear.REVIEWQUESTIONS1.Whatisthedifferencebetweenamarketandanindustry?Arethereinteractionsamongfirmsindifferentindustriesthatyoumightdescribeastakingplacewithinasinglemarket?Anindustryrepresentsacollectionofsuppliersoperatinginaparticularmarket.Manyindustriesmayparticipateinagivenmarket.Forexample,thefoodmarketbringstogethersuppliersfromthebeef,dairy,andgrainindustries,distributorsprovidingservices,manufacturersofpackagedfoods,restaurantssellingpreparedfoods,andconsumers.2.Itisoftensaidthatagoodtheoryisonethatcan,inprinciple,berefutedbyanempirical,data-orientedstudy.Explainwhyatheorythatcannotbeevaluatedempiricallyisnotagoodtheory.Therearetwostepsinevaluatingatheory:first,youshouldexaminethereasonabilityofthetheory’sassumptions;second,youshouldtestthetheory’spredictionsbycomparingthemwithfacts.Ifatheorycannotbetested,itcannotbeacceptedorrejected.Therefore,itcontributeslittletoourunderstandingofreality.3.Whichofthefollowingtwostatementsinvolvespositiveeconomicanalysisandwhichnormative?Howdothetwokindsofanalysisdiffer?a.Gasolinerationing(allocatingeachyeartoeachindividualanannualmaximumamountofgasolinethatcanbepurchased)isapoorsocialpolicybecauseitinterfereswiththeworkingsofthecompetitivemarketsystem.b.Gasolinerationingisapolicyunderwhichmorepeoplearemadeworseoffthanaremadebetteroff.Positiveeconomicanalysisdescribeswhatis.Normativeeconomicanalysisdescribeswhatoughttobe.Weknowfromeconomicanalysisthataconstraintplacedonsupplywillchangethemarketequilibrium.Statement(a)mergesbothtypesofanalysis.First,statement(a)makesapositivestatementthatgasolinerationing“interfereswiththeworkingsofthecompetitivemarketChapter1:Preliminaries3system.”Second,bymakingthenormativestatement(i.e.,avaluejudgment)thatgasolinerationingisa“poorsocialpolicy,”statement(a)confinesitselftoaconclusionderivedfrompositiveeconomicanalysisofthepolicy.Statement(b)ispositivebecauseitstateswhattheeffectofgasolinerationingiswithoutmakingavaluejudgmentaboutthedesirabilityoftherationingpolicy.4.Supposethepriceofunleadedregularoctanegasolinewere20centspergallonhigherinNewJerseythaninOklahoma.Doyouthinktherewouldbeanopportunityforarbitrage(i.e.,thatfirmscouldbuygasinOklahomaandthensellitataprofitinNewJersey)?Whyorwhynot?OklahomaandNewJerseyrepresentseparategeographicmarketsforgasolinebecauseofhightransportationcosts.Iftransportationcostswerezero,apriceincreaseinNewJerseywouldpromptarbitrageurstobuygasolineinOklahomaandsellitinNewJersey.Itisunlikelyinthiscasethatthe20centspergallondifferenceincostswouldbehighenoughtocreateaprofitableopportunityforarbitrage,givenbothtransactionscostsandtransportationcosts.5.InExample1.1,whateconomicforcesexplainwhytherealpriceofeggshasfallenwhiletherealpriceofacollegeeducationhasincreased?Howhavethesechangesaffectedconsumerchoices?Thepriceandquantityofgoods(e.g.,eggs)andservices(e.g.,acollegeeducation)aredeterminedbytheinteractionofsupplyanddemand.Therealpriceofeggsfellfrom1970to1985becauseofeitherareductionindemand(consumersswitchedtolower-cholesterolfood),areductioninproductioncosts(improvementsineggproductiontechnology),orboth.Inresponse,thepriceofeggsrelativetootherfoodsdecreased.Therealpriceofacollegeeducationrosebecauseofeitheranincreaseindemand(e.g.,morepeoplerecognizedthevalueofaneducation),anincreaseinthecostofeducation(e.g.,increaseinstaffsalaries),orboth.6.SupposethattheJapaneseyenrisesagainsttheU.S.dollar;thatis,itnowtakesmoredollarstobuyanygivenamountofJapaneseyen.ExplainwhythissimultaneouslyincreasestherealpriceofJapanesecarsforU.S.consumersandlowerstherealpriceofU.S.automobilesforJapaneseconsumers.Asthevalueoftheyengrowsrelativetothedollar(andifthecostsofproductionforbothJapaneseandU.S.automobilesremainunchanged),moredollarsexchangeforfeweryen.Inresponsetothechangeintheexchangerate,