管理经济学原书第六版课后答案1
844739883$95.8 million10maximized when 79070=+++234+++10.0910.0910.09150,000150,000150,000150,000FV 71560$683,477.69.Managerial Economics and Business Strategy, 6e Page 1Chapter 1: Answers to Questions and Problems1.Consumer-consumer rivalry best illustrates this situation. Here, Levi Strauss & Co. is a buyer competing against other bidders for the right to obtain the antique blue jeans.2.The maximum you would be willing to pay for this asset is the present value, which is()()()()10.09PV +=3.a. Net benefits are ().2Q Q Q N −+=b. Net benefits when 1=Q are ()65520501=−+=N and when 5=Q they are ()()()25555205052=−+=N .c. Marginal net benefits are ()Q Q MNB 10−=.d. Marginal net benefits when 1=Q are ()()10110201=−=MNB and when 5=Q they are ()()510205−=−=MNB .e. Setting ()01020=−=Q Q MNB and solving for Q , we see that net benefits are =Q .f. When net benefits are maximized at 2=Q , marginal net benefits are zero. That is, ()()210302=−=MNB .4.a. The value of the firm before it pays out current dividends is10.08$550,0000.080.05firm +⎛⎞=⎜⎟−⎝⎠=.b. The value of the firm immediately after paying the dividend ismillion 25.$ 05.008.005.01000,550$=⎟⎠⎞⎜⎝⎛−+=−DividendEx firm PV .5. The present value of the perpetual stream of cash flows. This is given by.,1$.0$===iCF PV PerpetuityHer accounting profits are $130,000. Thes profits are $210,000 - $190,000 = $20,000.ng school is generally greater value to you of the work environment and 1180113Net benefits are maximized at 100Page 2 Michael R. Baye6. The completed table looks like this:a. =Q .b. Marginal cost is slightly smaller than marginal benefit (),==MB MC . This is due to the discrete nature of the control variable.7.a. The net present value of attending school is the present value of the benefits derived from attending school (including the stream of higher earnings and the prestige that your education provides), minus the opportunity cost of attending school. As noted in the text, theopportunity cost of attendi than the cost of books and tuition. It is rational for an individual to enroll in graduate when his or her net present value is greater than zero.b. Since this increases the opportunity cost of getting an M.B.A., one would expect fewer students to apply for admission into M.B.A. Programs. 8.a. e are computed as the difference between revenues ($200,000) and explicit costs ($20,000).b. By working as a painter, Jaynet gives up the $100,000 she could have earned under her next best alternative. This implicit cost of $100,000 is in addition to the $20,000 in explicit costs. Since her economic costs are $120,000, her economicg $119.24$100$19.24.Managerial Economics and Business Strategy , 6e Page 39.First, recall the equation for the value of a firm: ⎟⎟⎠⎞⎜⎜⎝⎛−+=g i i PV firm 10π. Next, solve thisequation for g to obtain ()firm PV i i g 01π+−=. Substituting in the known values implies agrowth rate of ()06.0000,275000,1010.0110.0=+−=g , or 6 percent. This would seem tobe a reasonable rate of growth: ()i <<10.006.0.10. Effectively, this question boils down to the question of whether it is a goodinvestment to spend an extra $100 on a refrigerator that will save you $25 at the end of each year for five years. The net present value of this investment is()()()()2345$25$25$25$25$25$1001.05 1.05 1.05 1.05 1.05NPV =++++−=−=You should buy the energy efficient model, since doing so saves you $8.24 in present value terms. 11.Under a flat hourly wage, employees have little incentive to work hard as working hard will not directly benefit them. This adversely affects the firm, since its profits will be lower than the $40,000 per store that is obtainable each day when employees perform at their peak. Under the proposed pay structure, employees have a strong incentive to increase effort, and this will benefit the firm. In particular, under the fixed hourly wage, an employee receives $144 per day whether he or she works hard or not. Under the new pay structure, an employee receives $264 per day if the store achieves its maximum possible daily profit and only $64 if the store’s daily profit is zero. This provides employees an incentive to work hard and to exert peer pressure on employees who might otherwise goof off. By providing employees an incentive to earn extra money by working hard, both the firm and the employees will benefit. 12.a. Accounting costs equal $3,160,000 per year in overhead and operating expenses. Her implicit cost is the $56,000 salary that must be given up to start the new business. Her opportunity cost includes both implicit and explicit costs: $3,160,000 + $56,000 = $3,216,000.b. To earn positive accounting profits, the revenues per year should greater than $3,160,000. To earn positive economic profits, the revenues per year must be greater than $3,216,000.$2.5$4.5$2.5$24$2.5$39.8$418.48$290,817$16,557.Page 4 Michael R. Baye13.First, note that the $170 million spent to date is irrelevant, as it will be lost regardless of the decision. The relevant question is whether the incremental benefits (the present value of the profits generated from the drug) exceed the incremental costs (the $30 million needed to keep the project alive). Since these costs and benefits span time, it is appropriate to compute the net present value. Here, the net present value of DAS’s R&D initiative is5678915,000,00016,500,00018,150,00019,965,00021,961,50030,000,000(10.07)(10.07)(10.07)(10.07)(10.07)NPV =++++−+++++=Since this is positive, DAS should spend the $30 million. Doing so adds about $26.6 million to the firm’s value. 14. Disagree. In particular, the optimal strategy is the high advertising strategy. To see this, note that the present value of the profits from each advertising strategy are as follows:()()()23$15,000,000$90,000,000$270,000,00010.1010.1010.10High PV =++=+++()()()23$30,000,000$75,000,000$150,000,00010.1010.1010.10Moderate PV =++=+++()()(),078,245$10.01000,000,126$10.01000,000,105$10.01000,000,70$32=+++++=low PVSince the high advertising results in profit stream with the greatest present value, it is the best option. 15.a. Since the profits grow faster than the interest rate, the value of the firm would be infinite. This illustrates a limitation of using these simple formulas to estimate the value of a firm when the assumed growth rate is greater than the interest rate.b. 1 1.080.05firm i PV i g π⎡⎤+⎡⎤===⎢⎥⎢⎥−⎣⎦⎣⎦billion. c. 1 1.080.08firm i PV i g π⎡⎤+⎡⎤===⎢⎥⎢⎥−⎣⎦⎣⎦billion. d. 1 1.080.11firm i PV i g π⎡⎤+⎡⎤===⎢⎥⎢⎥−⎣⎦⎣⎦billion.39249349Managerial Economics and Business Strategy , 6e Page 516.If she invests $1,500 in pre-tax money each year in a traditional IRA, at the end of 4 years the taxable value of her traditional IRA will be()()()()90.299,$08.1500,1$08.1500,1$08.1500,1$08.1500,1$1234=+++.She gets to keep only 83 percent of this (her tax rate is 17 percent), so her spendable income when she withdraws her funds at the end of 4 years is()()92.058,6$90.299,7$83.0=. In contrast, if she has $1,500 in pre-tax income to devote to investing in an IRA, she can only invest $1,245 in a Roth IRA each year (the remaining $255 must be paid to Uncle Sam). Since she doesn’t have to pay taxes on her earnings, the value of her Roth IRA account at the end of 4 years represents her spendable income upon retirement if she uses a Roth IRA. This amount is()()()()92.058,$08.1245,1$08.1245,1$08.1245,1$08.1245,1$1234=+++.Notice that, ignoring set-up fees, the Roth and traditional IRAs result in exactly the same after-tax income at retirement. Therefore, she should adopt the plan with the lowest set-up fees. In this case, this means choosing the Roth IRA, thus avoiding the $25 set-up fee charged for the traditional IRA. In other words, the net present value of her after-tax retirement funds if she chooses a Roth IRA,().,$0$08.192.058,6$4=−=Roth NPV is $25 higher than under a traditional IRA.17.No. Note first that your direct and indirect costs are the same regardless of whether you adopt the project and therefore are irrelevant to your decision. In contrast, note that your revenues increase by $9,807,700 if you adopt the project. This change in revenues stemming from the adoption from the ad campaign represents yourincremental revenues. To earn these additional revenues, however, you must spend an additional $2,945,700 in TV airtime and $1,179,100 for additional ad development labor. The sum of these costs – $4,124,800 – represents the explicit incremental cost of the new advertising campaign. In addition to these explicit costs, we must add $6,000,000 in implicit costs – the profits lost from foreign operations. Thus, based on the economically correct measure of costs – opportunity costs – the incremental cost of the new campaign is $10,124,800. Since these incremental costs exceed theincremental revenues of $9,807,700, you should not proceed with the new advertising campaign. Going forward with the plan would reduce the firm’s bottom line by $317,100. Expressed differently, the extra accounting profits earned in the U. S. would not offset the accounting profits lost from foreign operations.Professor-producer rivalry exists between U.entering the market. Also, consumers have a <925Page 6 Michael R. Baye18.Under the projected 1% annual growth rate, analysts would view the acquisitionunfavorably since 00.$91.619$01.010.010.0172.50$=⎟⎠⎞⎜⎝⎛−+= firm PV (in millions). However, with an annual growth rate of 3% the acquisition is justified since00.625$03.797$03.010.010.0172.50$>=⎟⎠⎞⎜⎝⎛−+= firm PV (in millions).19.S.-based shrimp producers (representedby the Southern Shrimp Alliance) and foreign shrimp producers. A consumer-producer rivalry exists between the members of the American Seafood Distributors Association and the U.S.-based shrimp producers (represented by the SouthernShrimp Alliance). Sustainability of profits in the U.S. shrimp market is questionable given the current circumstances. There are few low-cost alternatives to shrimp. Since Brazil’s shrimp exports increased from 400 tons to more than 58,000 tons in just a few years indicates that it is relatively easy to enter the shrimp-farming industry. One result is that quantity of shrimp exported to the U.S. has dramatically increased, putting downward pressure on price. Both shrimp consumers, represented byAmerican Seafood Distributor’s Association, and shrimp producers, represented by the Southern Shrimp Alliance in the U.S. and by the governments of other countries, are well organized. The sustainability of profits in the U.S. market for shrimp will be determined by the relative success of buyers and sellers of shrimp at convincing the U.S. government of the merits for the 300 percent tariff request on shrimp entering the U.S.20.Online price comparison sites are generally markets of intense producer-producer rivalry. Using the five forces framework, one would expect that profits in this industry would be low. Given that there are many sellers, products are identical across sellers, and that the main basis for competition is price, the industry rivalry would be very high and prices would be expected to be close to cost. Furthermore, barriers to entry are low, so that any profits would be competed away by new firms variety of substitutes available, both for the products and the retail outlets from which they purchase. For these reasons, economic profits would likely be close to zero for The Local Electronics Shop. 21.While the incentive plan has been effective in increasing the sales for the dealership, it has not increased profitability. This is because the manager, who must approve all sales, gets paid a commission regardless of whether the sale is profitable for thedealership or not; she has an incentive to increase sales, not profits. A better incentive system would pay the manager a commission based on the amount of the profit on each sale. Doing this would give the salespeople an incentive to sell more cars and maintain high profit margins. In this way, the incentives of the manager are better aligned with the incentives of the dealership’s owners. Many car dealerships pay the manager 20-30% of the gross profit, the difference between the selling price and the cost to the dealership.。
经济学原理第六版课后答案
经济学原理第六版课后答案1. 弹性。
a. 弹性的概念。
弹性是指某一变量对另一变量变化的敏感程度。
在经济学中，我们通常关注价格弹性和收入弹性。
价格弹性衡量了消费者对价格变化的反应程度，而收入弹性衡量了消费者对收入变化的反应程度。
b. 价格弹性的计算。
价格弹性可以通过以下公式计算，价格弹性 = （变化后的数量变化前的数量）/ 变化前的数量÷ （变化后的价格变化前的价格）/ 变化前的价格。
c. 弹性的分类。
根据价格弹性的数值大小，我们可以将产品分为几种不同的弹性分类，完全弹性、完全不弹性、单位弹性和其他弹性。
2. 边际成本与边际效益。
a. 边际成本的概念。
边际成本是指生产一个额外单位产品所需的额外成本。
在决定生产数量时，企业通常会比较边际成本与边际收益，以确定最优生产数量。
b. 边际效益的概念。
边际效益是指增加一个单位产品所带来的额外收益。
当边际效益等于边际成本时，我们可以达到最优生产数量。
c. 边际成本与边际效益的比较。
在理性决策中，企业应该比较边际成本与边际效益。
如果边际效益大于边际成本，那么应该增加生产数量；反之，则应该减少生产数量。
3. 市场结构。
a. 完全竞争市场。
在完全竞争市场中，存在许多买家和卖家，产品是同质化的，市场价格由市场供求决定。
企业在这样的市场中是价格接受者，无法通过调整价格来影响市场。
b. 垄断市场。
在垄断市场中，只有一个卖家，他控制着市场上的所有产品。
因此，垄断者可以通过调整价格来影响市场，并且能够获得超额利润。
c. 寡头垄断市场。
寡头垄断市场是指市场上只有少数几家主要卖家，它们之间存在一定程度的互相影响。
在这样的市场中，卖家之间存在一定的合作和竞争，价格和产量通常会在一定范围内波动。
4. 生产成本。
a. 生产成本的分类。
生产成本可以分为固定成本和变动成本。
固定成本是不随产量变化而变化的成本，如房租、设备折旧等；而变动成本是随产量变化而变化的成本，如原材料成本、人工成本等。
管理经济学复习答案 (1)
管理经济学问答题：1。
管理经济学是研究什么的？试述管理经济学与微观经济学的关系。
答：管理经济学是一门研究如何把传统经济学（主要是微观经济学）的理论和经济分析方法应用于企业管理决策实践的学科。
管理经济学与微观经济学存在密切的关系。
前者要从后者借用一些经济学的原理和分析方法。
它们的共同之处在于都要根据对企业目标的假设，结合企业内外的环境，研究企业的行为。
它们的不同之处在于微观经济学假设企业的目标是谋求利润的最大化，假定企业的环境信息是已知而且确定的，据此研究企业行为的一般规律。
管理经济学则认为企业的短期目标总是多样化的，它的长期目标则是长期利润的最大化，即企业的价值的最大化。
它认为企业内外的环境信息是不确定的，据此研究企业如何决策.所以，微观经济学以抽象的企业为研究对象,是一门理论科学；而管理经济学则是以现实的企业为研究对象,是一门应用科学。
2。
为什么说股东和经理人之间存在着委托—代理问题？怎样解决这个问题？答：在现代社会里，所有权和经营权是分离的。
所有者（股东）不直接管理企业，他通过董事会委托经理人员来对企业进行日常的管理.这里,所有者是委托人，经理人员则是代理人。
然而，股东和经理人员的目标并不完全一致。
股东的目标是谋求企业价值的最大化，也就是股东财富的最大化，而经理人员的目标则是高薪、高福利和地位等。
这样，经理人员就有可能以牺牲股东的利益为代价来谋求个人的利益，这就是所谓的“委托—代理问题”。
为了解决这个问题，在企业内部应当建立和健全对经理人员的监督和激励机制，把对经理人员的薪酬直接与实现企业目标的程度挂钩。
在企业外部则应营造一个充分竞争的市场环境，包括竞争性的资本市场和经理人员人才市场，通过竞争来迫使经理人员必须按照股东的意志行事。
3。
某地旅游汽车出租行业,经营小轿车出租业务.预计明年会发生下列事件，它们对小轿车的租价、需求量和供给量分别会有什么影响？请逐个用需求—供给分析图说明之。
（1)汽油涨价和司机工资提高；(2）因进口关税税率降低，小轿车降价；（3）又新成立了若干家出租汽车公司；(4）国内居民收大幅度提高；答:（1）汽油涨价和司机提高工资使出租车供给曲线左移，导致租价提高，出租量减少(见图1－6）。
(NEW)曼昆《经济学原理(微观经济学分册)》(第6版)课后习题详解
目 录第1篇 导 言第1章 经济学十大原理第2章 像经济学家一样思考第3章 相互依存性与贸易的好处第2篇 市场如何运行第4章 供给与需求的市场力量第5章 弹性及其应用第6章 供给、需求与政府政策第3篇 市场和福利第7章 消费者、生产者与市场效率第8章 应用：赋税的代价第9章 应用：国际贸易第4篇 公共部门经济学第10章 外部性第11章 公共物品和公共资源第12章 税制的设计第5篇 企业行为与产业组织第13章 生产成本第14章 竞争市场上的企业第15章 垄 断第16章 垄断竞争第17章 寡 头第6篇 劳动市场经济学第18章 生产要素市场第19章 收入与歧视第20章 收入不平等与贫困第7篇 深入研究的论题第21章 消费者选择理论第22章 微观经济学前沿第1篇 导 言第1章 经济学十大原理一、概念题1．稀缺性（scarcity）答：经济学研究的问题和经济物品都是以稀缺性为前提的。
稀缺性指在给定的时间内，相对于人的需求而言，经济资源的供给总是不足的，也就是资源的有用性与有限性。
人类消费各种物品的欲望是无限的，满足这种欲望的物品，有的可以不付出任何代价而随意取得，称之为自由物品，如阳光和空气；但绝大多数物品是不能自由取用的，因为世界上的资源（包括物质资源和人力资源）是有限的，这种有限的、为获取它必须付出某种代价的物品，称为“经济物品”。
正因为稀缺性的客观存在，地球上就存在着资源的有限性和人类的欲望与需求的无限性之间的矛盾。
经济学的一个重要研究任务就是：“研究人们如何进行抉择，以便使用稀缺的或有限的生产性资源（土地、劳动、资本品如机器、技术知识）来生产各种商品，并把它们分配给不同的社会成员进行消费。
”也就是从经济学角度来研究使用有限的资源来生产什么、如何生产和为谁生产的问题。
2．经济学（economics）答：经济学是研究如何将稀缺的资源有效地配置给相互竞争的用途，以使人类的欲望得到最大限度满足的科学。
时下经常见诸国内报刊文献的“现代西方经济学”一词，大多也都在这个意义上使用。
《管理经济学》课后习题答案
1.在厂商的股东财富最大化模型中，以下各个事件对厂商价值的预期影响是什么？解释原因。
a.新的外国竞争者进入市场。
厂商价值下跌；新的外国竞争者进入市场，预期市场份额变小，未来经济利润Π降低，总现值降低。
b.政府实施严格的控制污染要求。
厂商价值下跌；满足严格的控制污染要求，需要调整经营计划，预期生产成本增加，未来经济利润Π降低，实际期权价值也因此降低，总现值降低。
c.原先非工会工人投票赞成组织工会。
厂商价值下跌；工会的作用是通过与雇主谈判工资薪水，工作时限，工作条件，来提高工人福利。
非工会工人投票赞成组织工会，表达的是，对现阶段的待遇不满，需要工会组织帮助提高福利待遇的诉求，预期未来人力成本上升，未来经济利润Π降低，总现值降低。
d.通货膨胀率大幅度上升。
厂商价值下跌；通胀率大幅上升，预期股东要求的收益率大幅上升，用于贴现未来现金流量所要求的收益率k提高，总现值降低。
e.厂商取得一项重大的技术突破，降低了生产成本。
厂商价值上涨；生产成本降低，经济利润Π增加，实际期权价值因成本节约而增加，总现值增加。
2.2000年制药行为中的厂商赚取的净值平均收益为25%，而《价值线》中1400多家厂商的平均收益仅为15%。
你认为哪种利润理论最能说明制药行业的绩效？1）在我国，我认为利润的垄断理论最能说明制药行业绩效。
2000年7月，由于药品市场价格虚高，国家开始试点采取药品招标采购制度，同年10月，国家计委印发《关于改革药品价格管理的意见通知》，对医药流通体制进行深入改革。
结合当年的行业背景，综合来看，医院作为药品最主要的市场零售渠道，医生对病人有着绝对的权威，加之几十年的公费医疗制度，患者对药价的高低并不敏感，甚至以贵药为好。
药企通过给医院返还高额回扣，控制渠道资源，抬高药价销售药品，赚取高于正常水平的利润。
2）撇开国情的因素，利润的风险承担理论最能说明制药行业的绩效。
通过创新技术研发新药，从最初的化合物制成筛选，到动物实验，再到临床试验，到最终通过药监局批准，成功上市，往往需要好几年，甚至更久。
管理经济学 原书第六版 课后答案12
Chapter 12: Answers to Questions and Problems1.a. The expected value of option 1 is()()()()()300100161200164500166200164100161=++++. The expected value of option 2 is ()()()()()11111801701,0001708030055555++++=. b. The variance of option 1 is()()()()().000,2530010016130020016430050016630020016430010016122222=−+−+−+−+−Similarly, the variance of option 2 is 124,120. The standard deviation of option 1 is 158.11. The standard deviation of option 2 is 352.31.c. Option 2 is the most risky.2.a. Risk loving.b. Risk averse.c. Risk neutral.3.a.$5. b.She will purchase, since your price is less than her reservation price. c.$6. d. She will continue to search, since the price exceeds her reservation price.4.a. ()().6$100.4$200$140Ep =+=.b. Set Ep = MC to get 140 = 1 + 4Q . Solve for Q to find your profit-maximizing output, Q = 34.75 units.c. Your expected profits are (Ep)Q – C(Q) = $140(34.75) – (34.75 +2(34.75)2)=$2,415.13.5.a. The expected value, which is $25.b. The maximum value, which is $50.6.a. With only two bidders, n = 2. The lowest possible valuation is L = $1,000, and your own valuation is v = $2,500. Thus, your optimal sealed bid is$2,500$1,000$2,500$1,7502v L b v n −−=−=−=. b. With ten bidders, n =10. The lowest possible valuation is L = $1,000, and your own valuation is v = $2,500. Thus, your optimal sealed bid is$2,500$1,000$2,500$2,35010v L b v n −−=−=−=. c. With one hundred bidders, n =100. The lowest possible valuation is L = $1,000, and your own valuation is v = $2,500. Thus, your optimal sealed bid is$2,500$1,000$2,500$2,485100v L b v n −−=−=−=.7.a. With 5 bidders, n = 5. The lowest possible valuation is L = $50,000, and your own valuation is v = $75,000. Thus, your optimal sealed bid is$75,000$50,000$75,000$70,0005v L b v n −−=−=−=. b. A Dutch auction is strategically equivalent to a first-price sealed bid auction (see part (a)). Thus, you should let the auctioneer continue to lower the price until it reaches $70,000, and then yell “Mine!”c. $75,000, since it is a dominant strategy to bid your true valuation in a second-price, sealed-bid auction.d. Remain active until the price exceeds $75,000; then drop out.8.a. Hidden actions lead to moral hazard; hidden characteristics lead to adverse selection.b. Incentive contracts can solve moral hazard problems; screening and sorting can solve adverse selection problems.9. Since this is a common value auction, bidders will not bid their own private estimates because doing so would lead to the winner’s curse. Thus, there will be an additional incentive for bidders to shade their bids below their estimated valuations. The English auction format provides bidders the most information (therefore allowing them to pool information to some extent), mitigating this problem. For this reason, the English auction would generate the highest expected revenues in this case.10.Your expected inverse demand is E(P) = .5(200,000 – 250Q ) + .5(400,000 – 250Q ) = 300,000 – 250Q. Therefore, your expected marginal revenue is E(MR) = 300,000 – 500Q . Your marginal cost is MC = $200,000. Setting E(MR) = MC yields300,000500200,000Q −=. Solving, Q = 200. The price you expect is thus E(P) = 300,000 – 250(200) = $250,000. Your profits are thus ($250,000 -$200,000)(200) - $110,000 = $9,890,000.11. One would expect higher premiums on credit life, thanks to adverse selection. Peoplewho cannot pass physicals will select toward this type of insurance, resulting in higher premiums. Furthermore, people who are healthy and can pass a physical will be unwilling to pay the higher premiums, thus exacerbating this effect.12. The expected benefit from an additional search are 0.05($110,000 - $60,000) = $2,500, while the cost of another search is $5,000. Therefore, make her an offer. 13. In the absence of "guaranteed issue," an insurance company could choose to insure only those employees with a very low risk structure. In this case they offer lower rates because they experience fewer claims. But this leaves those workers with greater risk factors without insurance. By requiring insurers to offer coverage to all employees, the insurance company must take on employees that are less healthy and a greater risk. Why the controversy? By insuring those with greater health risks, the expected number of claims rises, thus increasing the cost of coverage. The workers with existing health problems benefit at the expense of healthy workers, who pay higher prices with "guaranteed issue." If the price rises high enough and healthy workers are free to drop coverage, this can result in adverse selection: The only people willing to pay the higher premiums are those in poor health.14. Brownstown Steel has better information about its financial situation than does its lenders, and is attempting to use this information advantage to enhance its bargaining position. If lenders gained full information about the financial situation of Brownstown Steel Corp., they would be in a position to squeeze the maximum amount from Brownstown Steel without fear of pushing it into bankruptcy. Absent the information, lenders will be more generous, since taking too much would increase the risk that Brownstown Steel goes bankrupt.15. The 30-day warranty and 10-point inspection. This not only reduces buyer risk from being duped by a used car dealer, but provides a costly signal about the quality of the used cars sold. An unscrupulous dealer would find it costly to mimic this strategy. Recognizing both of these facts, rational buyers will be more willing to purchase cars from the dealer.16. Offer two plans for customers with more than $1 million in assets. One plan (perhaps called the “Free Trade” Account) has an annual maintenance fee of $10,000 good for up to 400 “free” transactions (computed as $10,000/$25) per year (each additional transaction is priced at $25 each). The other plan (perhaps called the “Free Service” Account) has no annual maintenance fee but charges $100 per transaction. Given these two options, investors will sort themselves into the plans based on their individual characteristics.17.With 5 other bidders, n = 6. The lowest possible valuation is L = $5,000, and your own valuation is v = $12,000. Thus, your optimal first-price, sealed-bid is$12,000$5,000$12,000$10,833.336v L b v n −−=−=−=.18. A risk-neutral Oracle’s bid of $7 billion is low since the expected value of the presentvalue of the stream of profits is $7.6 billion. The public bidding process described most resembles an independent, private value English auction (each company places a different probability assessment on the value of the company that depends onpotential realized synergies). SAP’s expected value of the present value of the stream of profits is $8.4 billion. Since this is greater than Oracle’s expected value, SAP will win the “auction” and acquire PeopleSoft. SAP will pay just over $7.6 billion for PeopleSoft.19.The expected value of aggregate ten-year profits of a McDonald’s franchise is ()()()75.4$1$25.5$50.10$25.=−++million. Similarly, the expected value of a Penn Station East Coast Subs’ franchise is ()()75.4$)30$(025.5$95.30$025.=−++million. The variance and standard deviation of owning a McDonald’s franchise is()()()1875.1575.4125.75.4550.75.41025.2222'=−−+−+−=s McDonald σand 8971.31875.152''===s McDonald s McDonald σσ, respectively. Similarly, the variance and standard deviation for Penn Station East Coast Subs’ is()()()1875.4675.430025.75.4595.75.430025.2222=−−+−+−=Penn σand7961.61875.462===Penn Penn σσ, respectively. Since the expected values are thesame we can compare the standard deviations to determine the most risky investment. Since s McDonald Penn 'σσ>there is more risk associated with a Penn Station East Coast Subs’ franchise.20. There are several things for a student to consider in deciding to enroll in a traditionalMBA program or an online MBA program. It is likely that students with a spouse and family may be more attracted to online MBA programs, since these individuals are value stability and have others relying on them for income. In contrast, traditional MBA programs are more likely to attract singles who are willing to bear theopportunity cost associated with this form of education. Thus, there is an adverse selection issue. The individual who selects the traditional MBA program is likely to have a stronger signaling value regarding underlying characteristics.21.Market collapse is likely since “outsiders” will be unwilling to participate in equity (or other) markets since they know “insiders” will only sell a stock when they know the price is too high. Similarly, insiders will only buy when the price of a stock is known to be low. This is a losing proposition for outsiders, who would rationally choose not to participate in the market. This is an example of a moral hazard and is one of the primary reasons the SEC exists.。
管理经济学 原书第六版 课后答案6
Chapter 6: Answers to Questions and Problems1.When an input has well-defined and measurable quality characteristics and requiresspecialized investments, the optimal procurement method is a contract. A contractreduces the likelihood of opportunistic behavior and underinvestment by creating alegal obligation between the firms. One disadvantage of a contract is that it increasesa firm’s transaction costs. An example, Boeing contracting with an aluminummanufacturer.2.When a firm requires a limited number of standardized inputs that are sold by manyfirms in the marketplace, the optimal method of procurement is spot exchange. Oneadvantage of spot exchange is that they permit firms to specialize. A disadvantage isthat the firm may potentially face the hold-up problem. An example, a painterpurchasing paint from a local paint store.3.a.Contract.b.Vertical Integration.c.Spot exchange (or possibly contract if a specific investment in many motors isrequired).d.Spot exchange.4.Engine manufacturing involves specific investments and a complex contractingenvironment. By vertically integrating, the potential for opportunism is reduced.Mirrors are relatively uniform products that can be purchased by spot exchange orcontract.5.a.Human capital.b.Physical asset specificity; note that the assembly line was designed especially fora particular firm’s product.c.Site specificity.6.The manager prefers the compensation scheme that pays a fixed salary plus apercentage of the profits. Essentially, the manager is faced with a choice between twoconsumption bundles: (1) a $125,000 fixed salary plus 10 hours of on-the-job leisureand (2) $125,000 in salary plus bonus plus 3 hours of on-the-job leisure. Since theoriginal compensation package of a $125,000 and 10 hours of shirking is stillavailable, the fact that she chose to work 7 hours reveals that she prefers the secondpay scheme.1 Managerial Economics and Business Strategy, 6e Page7.Spot checks and hidden video cameras are effective and relatively inexpensive toimplement initially. The disadvantage is that spot checks and hidden video camerasmay affect the morale of the workers. Moreover, implementing hidden camerasrequires more employees to monitor the cameras. The advantage of pay forperformance schemes is that it may be easier for a managers to observe individualworker (or group) performances. However, pay-for-performance schemes may becostly. In addition, when output is a function of group performance or its quality isdifficult to measure, an individual’s contribution to the output may not be observable. 8.a.Reduce the benefits of vertical integration.b.Reduce the benefits of vertical integration and lead firms to use contracts or spotexchange to procure inputs.c.Lead to contracts that are more detailed or vertical integration.d.Make spot exchange an unattractive method of procurement due to opportunismand possibly underinvestment.e.Make contracts a less attractive form of input acquisition.f.Lead to longer contracts, or in extreme instances, vertical integration.9.The environment in which computer manufacturers operate is very uncertain. The rateof technical progress among chip, and other hardware, manufacturers increases themarginal cost of signing long-term contracts.10. A contract decreases the problem of opportunism and still allows the firm tospecialize in production.11.Capping pension fund managers’ compensations would reduce the executives’incentives to maximize the value of the fund under their control, thereby reducing the overall return to the fund participants.12.Contracts requiring large specialized investments are expected to be longer thancontracts requiring relatively smaller specialized investments. The reason is thattransaction costs increase once the contract expires. By writing longer contracts, these costs can be avoided. Thus, large specialized investments increase the marginalbenefit of writing longer contracts.13.The first important point to make with shareholders is that restructuring the incentiveplan is designed to maximize shareholder value. This is achieved by givingemployees incentives to stay with the company longer, thereby reducing costlyemployee turnover and increasing the company’s profitability. Also, by restructuring the incentive plan, employees will want to find ways to work more productively andmake the company more profitable. The benefits to the shareholders and theemployees will be a higher stock price.14.The reduction in another supplier’s cost of producing airbags reduces GM’s marginalbenefit of contracting. Therefore, the 15-year contract that has been negotiated is too long; the optimal contract length is now less than 15 years.Page 2 Michael R. Baye15.The manager might pay a salesperson a base salary plus a percentage of the profits.This plan would penalize salespersons, to some extent, for excessive mileage.16.In the absence of an incentive contract, a manager may still choose to maximizeprofits in order to build a reputation in being a superb manager and increasing thepotential of future management opportunities. Furthermore, the threat of a takeoverby other investors and job loss also disciplines managers to maximize profits, even ifthey are paid a fixed salary.17.No.18.The principal-agent problem in this situation exists between on-duty police officers(the agent) and the city officials who hire them (the principals). On-duty policeofficers were supposed to prevent picket lines from blocking worker access. Membersof the police union appear to be engaging in opportunistic behavior to improve theirbargaining power. The city of Boston has committed to spending $14 million to hostthe DNC and the police union is attempting to take advantage of this specializedinvestment. Therefore, the city of Boston is facing the “hold-up problem” as definedin the book. The problem also illustrates the problem of writing contracts: when thecity of Boston wrote a contract with Shawmut Design and Construction there weremany unforeseeable events that may not explicitly be defined in the contract.19.Business-process outsourcing (BPO) is a contractual relationship with a third-partyfirm, whereas a firm that produces human resource services internally is verticallyintegrated. Contracting human resource services with a third party allows the firm tospecialize in activities related to its core business, which as the problem points outmay result in large cost savings. Contracts, however, are costly to write and oftenincomplete. These reasons provide justification for vertical integration. Contractingwith an international-based firm may be more costly since the contract must bewritten in a manner to protect the firm in a foreign country. This extra cost should becompared to the extra benefit (cost savings) that accrues from lower off shore labor.Furthermore, there may be cultural difference in hiring practices that may makeoutsourcing from human resources to an international firm less attractive.20.If partners in the law firm are paid an equal share of the overall profits of the firm,regardless of how much they contribute, lawyers nearing retirement will have anincentive to stay with the firm while doing as little work as possible. In this way, heor she can enjoy “semi-retirement,” but will continue to earn a share of the profitsfrom other’s hard work. For this reason, most law firms have mandatory retirement tomitigate incentive compatibility problems. Eliminating mandatory retirement isprobably not a good idea for your 30-year old client.21.The money the dealership pays to train workers in the form of time and expenses is aspecialized investment in human capital. The investment only has value to thedealership if workers remain with the dealership and the dealership maintains itsrelationship ADP. Once this is sunk, it faces a potential “hold-up” problem fromworkers and ADP: If either party decides to sever the relationship, the dealership willhave to sink additional funds into training new employees.3 Managerial Economics and Business Strategy, 6e Page。
管理经济学原书第六版课后题答案,第三章答案
=
−2.36 .
Since
this
is
greater than one in absolute value, demand is elastic at this price. If the firm
increased its price, total revenue would decrease.
c. At the given prices, quantity demanded is 700 units:
Qxd = 1000 − 2 (154) + .02 (400) = 700 . Substituting the relevant information into
the elasticity formula gives:
EQx ,Px
= −2 Px Qx
= −2 154 700
= −0.44 . Since this is less
Qxd = 1000 − 2 (154) + .02 (400) = 700 . Substituting the relevant information into
the elasticity formula gives:
EQx ,PZ
=
.02
⎛ ⎜ ⎝
PZ Qx
⎞ ⎟ ⎠
=
.02
⎛ ⎜⎝
400 700
Price $14
$12
$10
$8
$6
$4
$2 Demand
$0
0
1
2
3 MR 4
5
6 Quantity
Figure 3-1
Managerial Economics and Business Strategy, 6e
管理经济学原书第六版课后答案10
Managerial Economics and Business Strategy, 6e Page 1 Chapter 10: Answers to Questions and Problems 1.a. Player 1’s dominant strategy is B. Player 2 does not have a dominant strategy. b.Player 1’s secure strategy is B. Player 2’s secure strategy is E. c. (B, E). 2. a. b. B is dominant for each player. c. (B, B). d. Joint payoffs from (A, A) > joint payoffs from (A, B) = joint payoffs from (B, A) > joint payoffs from (B, B). e. No; each firm’s dominant strategy is B. Therefore, since this is a one-shot game, each player would have an incentive to cheat on any collusive arrangement. 3.a. Player 1’s optimal strategy is B. Player 1 does not have a dominant strategy. However, by putting herself in her rival’s shoes, Player 1 should anticipate that Player 2 will choose D (since D is Player 2’s dominant strategy). Player 1’s best response to D is B. b. Player 1’s equilibrium payoff is 5. 4.a. (A, C). b.No. c.If firms adopt the trigger strategies outlined in the text, higher payoffs can be achieved if 1.Cheat Coop Coop Ni ππππ−≤− Here, πCheat = 60, πCoop = 50, πN = 10, and the , and the interest rate is i = .05. Since . Since 605010.2550104Cheat Coop Coop Nππππ−−===−− < 1120.05i == each firm can indeed earn a payoff of 50 via the trigger strategies. d. Yes. Player 2 Strategy A B A $500, $500 $0, $650 Player 1 B $650, $0 $100, $100 ($0, $15)RightRightLeftLeft 12($200, $300)Not IntroducePrice WarIntroduceKmartStrategy Sale Price Regular Price Sale Price$1, 1 $5, $3Regular Price $3, $5 $3, $3Ford Strategy Airbags No No Airbags Airbags Airbags $1.5, 1.5 $2,-$1 No Airbags -$1, $2 $0.5, $0.5 PCRival Advertise No Yes No $8, $8 -$1, $48Kellogg’sYes$48,-$1$0, $0strategies if ππRival Strategy: Price Low High Low $0, $0 $9,-$1 High -$1, $9 $7, $7BakerPrice $10 $20$5 15, 16 15,18 Argyle$10 10, 16 10,18NetWorksStrategy 250 Units 500 Units250 Units $12500, $12500 $7500, $15000500 Units $15000, $7500 $10000, $1000018.The normal-form representation of this game is depicted in the following payoffmatrix.T-MobileStrategies CDMA GSMCDMA $16 b, $12 b $12 b, $8 bQualcommGSM $14 b, $7 b $13 b, $18 bThere are two Nash equilibria to this coordination game: (1) Qualcomm and T-Mobile adopt the CDMA technology and (2) Qualcomm and T-Mobile adopt theGSM technology. There are many ways to solve multiplicity of equilibria in thiscoordination problem. As the book points out, the firms could “talk” to each andagree on one technology. Alternatively, Iraq’s government could announce whichtechnology is to be used in the country.19.The normal form of this game is contained in the following payoff matrix (in billionsof U.S. dollars).JapanStrategies Tariff No TariffTariff $43.78, $4.76 $44.2, $4.66U.S.No tariff $43.66, $4.85 $44, $4.8The Nash equilibrium is for the U.S. and Japan to each impose tariffs. However, both countries achieve greater welfare by “agreeing” to impose no tariffs. Thesustainability of such an agreement to impose no tariffs is dependent upon the game being repeated infinitely, the countries using trigger strategies and the interest ratebeing sufficiently low.20.You should not recommend that the office manager invest more time monitoring. Theproblem is not that she is monitoring too little. Rather, her monitoring activities and strategies are predictable. Workers realize that once she leaves after the 9 a.m. check, she is unlikely to return until 11 a.m. Recognizing this, workers know they will not get caught “goofing off” (shirking). The manager best strategy is to randomize boththe timing and number of checks she does each day. That way, her monitoring is not predictable and workers will respond by spending less time shirking.Page 6 Michael R. Baye。
管理经济学原书第六版课后题答案,第二章答案
Chapter 2: Answers to Questions and Problems1.a. Since X is a normal good, an increase in income will lead to an increase in the demand for X (the demand curve for X will shift to the right).b. Since Y is an inferior good, a decrease in income will lead to an increase in the demand for good Y (the demand curve for Y will shift to the right).c. Since goods X and Y are substitutes, a decrease in the price of good Y will lead to a decrease in the demand for good X (the demand curve for X will shift to the left).d. No. The term “inferior good” does not mean “inferior quality,” it simply means that income and consumption are inversely related.2.a. The supply of good X will decrease (shift to the left).b. The supply of good X will decrease. More specifically, the supply curve will shift vertically up by exactly $1 at each level of output.c. The supply of good X will decrease. More specifically, the supply curve will rotate counter-clockwise.d. The supply curve for good X will increase (shift to the right).3.a. ()()500.550053050s x Q =−+−= units.b. Notice that although ()()500.550530175s x Q =−+−=−, negative output isimpossible. Thus, quantity supplied is zero.c. To find the supply function, insert 30z P = into the supply equation to obtain()500.55302000.5s x x x Q P P =−+−=−+. Thus, the supply equation is2000.5s x x Q P =−+. To obtain the inverse supply equation, simply solve thisequation for x P to obtain 4002s x x P Q =+. The inverse supply function is graphedin Figure 2-1.$0.0$200.0$400.0$600.0$800.0$1,000.0$1,200.0$1,400.0$1,600.00100200300400500Quantity of X Price of XSFigure 2-1a. Good Y is a substitute for X, while good Z is a complement for X.b. X is a normal good.c. ()()()()000,5000,55$10190$8900,5$41910,4$21200,1=+−+−=d x Q d. For the given income and prices of other goods, the demand function for good X is ()()()1111,200$5,9008$90$55,000,2410d x x Q P =−+−+ which simplifies to 7,4550.5d x x Q P =−. To find the inverse demand equation, solve for price to obtain 14,9102.d x x P Q =− The demand function is graphed in Figure 2-2.$0$2,982$5,964$8,946$11,928$14,910010002000300040005000600070008000Quantity of X Price of XDemandFigure 2-25.a. Solve the demand function for x P to obtain the following inverse demand function: 11154d x x P Q =−. b. Notice that when $35x P =, ()460435320d x Q =−= units. Also, from part a, weknow the vertical intercept of the inverse demand equation is 115. Thus,consumer surplus is $12,800 (computed as ()().5$115$35320$12,800−=). c. When price decreases to $25, quantity demanded increases to 360 units, so consumer surplus increases to $16,200 (computed as()().5$115$25360$16,200−=).d. So long as the law of demand holds, a decrease in price leads to an increase in consumer surplus, and vice versa. In general, there is an inverse relationship between the price of a product and consumer surplus.a. Equating quantity supplied and quantity demanded yields the equation150102P P −=−. Solving for P yields the equilibrium price of $40 per unit. Plugging this into the demand equation yields the equilibrium quanity of 10 units (since quantity demanded at the equilibrium price is ()504010d Q =−=). b. A price floor of $42 is effective since it is above the equilibrium price of $40. As a result, quantity demanded will fall to 8 units ()84250=−=d Q , while quantity supplied will increase to 11 units ()⎟⎠⎞⎜⎝⎛=−=11104221s Q . That is, firms produce 11 units but consumers are willing and able to purchase only 8 units. Therefore, at a price floor of $42, 8 units will be exchanged. Since s d Q Q <there is a surplus amounting to 3811=−units.c. A price ceiling of $30 per unit is effective since it is below the equilibrium price of $40 per unit. As a result, quantity demanded will increase to 20 units ()203050=−=d Q , while quantity supplied will decrease to 5 units()⎟⎠⎞⎜⎝⎛=−=5103021s Q . That is, while firms are willing to produce only 5 units consumers want to buy 20 units at the ceiling price. Therefore, at the price ceiling of $30, only 5 units will be available to purchase. Since s d Q Q >, there is a shortage amounting to 15520=− units. Since only 5 units are available at a price of $30, the full economic price is the price such that quantity demanded equals the 5 available units: 550F P =−. Solving yields the full economic price of $45.7.a. The shortage is 3 units (since at a price of $6, 413d s Q Q −=−= units). The full economic price is $12.b. The surplus is 1.5 units (since at a price of $12, 2.51 1.5s d Q Q −=−= units. The cost to the government is $18 (computed as ($12)(1.5) = $18).c. The excise tax shifts supply vertically by $6. Thus, the new supply curve is 1S and the equilibrium price increases to $12. The price paid by consumers is $12 per unit, while the amount received by producers is this $12 minus the per unit tax. Thus, producers receive $6 per unit. After the tax, the equilibrium quantity sold is 1 unit.d. At the equilibrium price of $10, consumer surplus is ().5$14$102$4−=. Producer surplus is ().5$10$22$8−=.e. No. At a price of $2 no output is produced.a. Equate quantity demanded and quantity supplied to obtain 1117242x x P P −=−. Solve this equation for x P to obtain the equilibrium price of 10x P =. Theequilibrium quantity is 2 units (since at the equilibrium price quantity demanded is ()171022d Q =−=). The equilibrium is shown in Figure 2-3.$0$2$4$6$8$10$12$14$16$18$200123456Quantity of XPrice of XDemandFigure 2-3b. A $6 excise tax shifts the supply curve up by the amount of the tax.Mathematically, this means that the intercept of the inverse supply function increases by $6. Before the tax, the inverse supply function is S Q P 42+=. After the tax the inverse supply function is 84s P Q =+, and the after tax supplyfunction (obtained by solving for s Q in terms of P) is given by 124s Q P =−. Equating quantity demanded to after-tax quantity supplied yields117224P P −=−. Solving for P yields the new equilibrium price of $12. Plugging this into the demand equation yields the new equilibrium quantity, which is 1 unit.c. Since only one unit is sold after the tax and the tax rate is $6 per unit, total tax revenue is only $6.9. A technological breakthrough that reduces production costs will lead to a rightwardshift in the supply curve for RAM chips, resulting in a lower equilibrium price of RAM chips. If in addition, income increases, the demand for RAM chips will also increase since they are a normal good. This increase in demand would tend to increase the price of RAM chips. The ultimate effect of both of these changes in supply and demand on the equilibrium price of RAM chips is indeterminate.Depending on the relative magnitude of the increase in supply and demand, the price you will pay for chips may rise or fall.10. The tariff reduces the supply of raw sugar, resulting in a higher equilibrium price of sugar. Since sugar is an input in making generic soft drinks, this increase in input prices will decrease the supply of generic soft drinks (putting upward pressure on the price of generic soft drinks and tend to reduce quantity). Coke and Pepsi’s advertising campaign will decrease the demand for generic soft drinks (putting downward pressure on the price of generic soft drinks and further reducing the quantity). For these reasons, the equilibrium quantity of generic soft drinks sold will decrease.However, the equilibrium price may rise or fall, depending on the relative magnitude of the shifts in demand and supply.11. No. this confuses a change in demand with a change in quantity demanded. Higher cigarette prices will not reduce (shift to the left) the demand for cigarettes.12.To find the equilibrium price and quantity, equate quantity demanded and quantity supplied to obtain 1752200P P −=−. Solving yields the new equilibrium price of $125 per pint. The equilibrium quantity is 50 units (since 17512550d Q =−= units at that price). Consumer surplus is ()250,1$50125$175$21=×−. Producer surplus is ()625$50100$125$21=×−. See Figure 2-4.$0.0$25.0$50.0$75.0$100.0$125.0$150.0$175.0$200.00102030405060Quantity Price Demand SupplyFigure 2-413. This decline represents a leftward shift in the supply curve for oil, and will result inan increase in the equilibrium price of crude oil. Since oil is an input in producing gasoline, this will decrease the supply of gasoline, resulting in a higher equilibrium price of gasoline and a lower equilibrium quantity. Furthermore, the higher price of gasoline will increase the demand for substitutes, such as small cars. The equilibrium price of small cars is likely to increase, as is the equilibrium quantity of small cars. 14. Equating the initial quantity demanded and quantity supplied gives the equation: 25054110P P −=−. Solving for price, we see that the initial equilibrium price is $40 per month. When the tax rate is reduced, equilibrium is determined by the following equation: 2505 4.171110P P −=−. Solving, we see that the newequilibrium price is about $39.25 per month. In other words, a typical subscriber would save about 75 cents (the difference between $40.00 and $39.25).15. Dry beans and rice are probably inferior goods. If so, an increase in income shifts demand for these goods to the left, resulting in a lower equilibrium price. Therefore, G.R. Dry Foods will likely have to sell its products at a lower price.16.Figure 2-5 illustrates the relevant situation. The equilibrium price is $2.75, but the ceiling price is $0.75. Notice that, given the shortage of 12 million transactions caused by the ceiling price of $0.75, the average consumer spends an extra 12minutes traveling to another ATM machine. Since the opportunity cost of time is $20 per hour, the non-pecuniary price of an ATM transaction is $4 (the $20 per hour wage times the fractional hour, 12/60, spent searching for another machine). Thus, the full economic price under the price ceiling is $4.75 per transaction.Quantity (Millions of Transactions)ATM Fee$4.75$0.75Figure 2-517. The unusually cold temperatures have caused a decrease in the supply of grapes usedto produce Chilean wine, resulting in higher prices. These grapes are an input in making wine, so the supply of Chilean wine decreases and its price increases. Since California and Chilean wines are substitutes, an increase in the price of Chilean wine will increase the demand for Californian wines causing an increase in both the price and quantity of Californian wines.18.Substituting 940=desktop P into the demand equation yields memory d memory P Q 809060−=. Similarly, substituting 100=N into the supply equationyields memory S memory P Q 201100+=. The competitive equilibrium level of industry outputand price occurs where S memoryd memory Q Q =, which occurs when industry output 2692*=memory Q (in thousands) and the market price is 60.79$*=memory P per unit. Since 100 competitors are assumed to equally share the market, Viking should produce26.92 thousand units. If 1040$=desktop P , memory d memory P Q 808960−=. Under thiscondition, the new competitive equilibrium occurs when industry output is 2672 thousand units and the per-unit market price is $78.60. Therefore, Viking should produce 26.72 thousand units. Since demand decreased (shifted left) when the price of desktops increased, memory modules and desktops are complements.19. Mid Towne IGA aimed to educate consumers that its contract with Local 655 unionmembers was different than its rivals, so it engaged in informative advertising. Mid Towne IGA’s informative advertising increases demand (demand shifts rightward) resulting from (1) Local 655 union members locked out of rival supermarkets (2) consumers who are sympathetic to the Local 655 union, and (3) consumers who do not like the aggravation of picketing employees and other disruptions at thesupermarket. This shift is depicted in Figure 2-6, where the equilibrium price and quantity both increase. It is unlikely that demand will remain high for Mid Towne IGA. As contracts are renegotiated and Local 655 union members are back to work, demand will likely settle back around its original level.Figure 2-6 20. The price gouging statute imposes an effective price ceiling on necessarycommodities during times of emergencies; legally retailers cannot raise prices by a significant amount. When a natural disaster occurs, the demand for necessarycommodities such as food and water can dramatically increase, as people want to be stocked-up on emergency items. In addition, since it can be difficult for retailers to receive shipments during emergency periods, the supply of these items is often reduced. Given the simultaneous reduction in supply and increase in demand, one would expect the price to increase during times of emergencies. However, since the price gouging statute acts as a price ceiling, the price will probably remain at its normal level, and a shortage will result. Quantity212P 1P 221.While there is undoubtedly a link between unemployment and crime, the governor’splan is likely flawed since it only examines one side of the market. Raising theminimum wage will make the prospect of working more appealing for teenagers, but it will also have an effect on business owners and managers in the state. Theminimum wage is a price floor. Raising the minimum wage will reduce the quantity demand for labor within the state, and result in a labor surplus. More teenagers will seek jobs, but fewer businesses will hire teenagers. In all likelihood, the governor’s plan will result in greater juvenile delinquency.。
经济学原理第六版课后答案
经济学原理第六版课后答案第一章，经济学原理和经济行为。
1. 什么是经济学？经济学是研究人们如何利用稀缺资源来生产、分配和消费商品和服务的社会科学。
2. 经济学家如何对待假设？经济学家会做出一些简化的假设，以便更好地分析经济现象。
这些假设可以帮助经济学家建立模型，从而更好地理解和解释现实世界中的经济问题。
3. 什么是机会成本？机会成本是指为了得到某种东西所放弃的东西的价值。
在资源有限的情况下，做出某种选择意味着放弃其他选择，因此机会成本是每个选择的代价。
4. 什么是边际分析？边际分析是指对一种行为或决策的边际变化进行分析。
经济学家通过比较边际成本和边际收益来做出决策。
5. 什么是正面分析和规范分析？正面分析是描述经济现象的方式，而规范分析则是对经济现象进行评价和给出建议的方式。
第二章，供求和市场均衡。
1. 什么是市场？市场是买卖商品和服务的地方，也可以是指交易双方的总体。
2. 什么是需求曲线？需求曲线表示了消费者在不同价格水平下愿意购买的商品数量。
需求曲线通常是向下倾斜的，这意味着价格上涨时需求量下降，价格下跌时需求量增加。
3. 什么是供给曲线？供给曲线表示了生产者在不同价格水平下愿意提供的商品数量。
供给曲线通常是向上倾斜的，这意味着价格上涨时供给量增加，价格下跌时供给量减少。
4. 市场均衡是如何确定的？市场均衡是指供给和需求达到平衡的状态，此时市场上的商品数量和价格达到了最优的状态。
市场均衡的价格和数量由供给曲线和需求曲线的交点确定。
5. 什么是价格弹性？价格弹性是指需求量或供给量对价格变化的敏感程度。
如果需求量或供给量对价格变化非常敏感，那么价格弹性就会很大；反之则会很小。
第三章，边际效用和边际成本。
1. 什么是边际效用？边际效用是指消费一个额外单位商品或服务所带来的额外满足程度。
通常情况下，随着消费数量的增加，边际效用会递减。
2. 什么是边际成本？边际成本是指生产一个额外单位商品或服务所需要的额外成本。