英文版微观经济学复习提纲Chapter 11. Oligopoly and game theory

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Oligopoly: Firms in Less Competitive

Markets

Chapter Summary

An oligopoly is a market structure in which a small number of interdependent firms compete. Barriers to entry make it difficult for new firms to enter an oligopoly industry. Three barriers to entry are economies of scale, ownership of a key input and government-imposed barriers. To analyse oligopolies, economists use game theory, which is the study of how people make decisions in situations where attaining their goals depends on their interactions with others. In oligopolies, interactions among firms are crucial in determining profitability because all firms are large relative to the market.

Michael Porter developed a model showing how five competitive forces determine the overall level of competition in an industry. These forces are: (1) competition from existing firms, (2) the threat from potential entrants, (3) competition from substitute goods or services, (4) the bargaining power of buyers, and (5) the bargaining power of suppliers.

Learning Objectives

When you finish this chapter you should be able to:

1.Show how barriers to entry explain the existence of oligopolies. Barriers to entry make it

difficult for new firms to enter an oligopoly market. The most important entry barrier is economies of scale. The greater the economies of scale, the fewer the number of firms in the industry.

Another entry barrier is ownership of a key input. If production of a good requires a certain input, control over the supply of that input will be a barrier to entry. Government imposed barriers, such as patents, occupational licensing or import restrictions (tariffs or quotas) may also limit entry of new firms.

https://www.sodocs.net/doc/7b6711482.html,e game theory to analyse the actions of oligopolistic firms. In oligopolies, the interaction of

firms is crucial in determining profitability because firms are large relative to the market.

Economists use game theory to predict the decisions of firms when their goals depend on interactions with other firms.

https://www.sodocs.net/doc/7b6711482.html,e sequential games to analyse business strategies. Economists use sequential games to predict

and explain the behaviour of firms in business situations where the actions of one firm will lead to

a response from another firm. Sequential games are used to analyse deterring entry and bargaining

between firms.

https://www.sodocs.net/doc/7b6711482.html,e the five competitive forces model to analyse competition in an industry. Michael Porter

developed a model showing how five forces determine the overall level of competition in an

Oligopoly and game theory: firms in less competitive markets 170 industry. These forces are (1) competition from existing firms (2) the threat from potential entrants

(3) competition from substitute goods or services (4) the bargaining power of buyers (5) the

bargaining power of suppliers.

Chapter Review

Chapter Opener: Competing in the Retail Market

Many large corporations in Australia started as small businesses. Dick Smith started as one store, growing to 50 stores before being bought by Woolworths. BHP Billiton began as a small miner in 1885. Today it is one of the largest mining companies in the world. Many markets are dominated by a relatively small number of large firms. These industries are all oligopolies. One of the key features of an oligopoly is that, unlike the more competitive markets we have previously examined, the actions of other firms in the industry can have an effect on other firms. It is this interdependence that is crucial in our understanding of oligopolies.

Oligopoly and Barriers to Entry

An important reason why oligopolies exist is the presence of barriers to entry. A barrier to entry is anything that keeps new firms from entering an industry in which firms are earning economic profits. The most important barrier to entry is economies of scale, which exist when a firm’s long-run average costs fall as it increases output. A second entry barrier is ownership of a key input. An example of this type of barrier is Alcoa, who for many years controlled most of the supply of bauxite, which is a necessary input into the production of aluminium. A third type of barrier to entry is a government-imposed barrier. A patent is an entry barrier. A patent is the exclusive right to a product for a certain period of time from the date the product was invented.

Using Game Theory to Analyse Oligopoly

Game theory is the study of how people make decisions in situations where attaining their goals depends on their interactions with others. Economists use game theory to study the decisions of firms in industries where the profits of each firm depend on its interactions with other firms. Games share three characteristics: (1) rules that determine what actions are allowable, (2) strategies that players employ to attain their objectives in the game, and (3) payoffs that are the result of the interaction among the players’ strategies. In business situations, the rules of the game include matters beyond a firm’s control.

A business strategy represents actions taken by a firm to achieve a goal, such as maximising profits. A payoff matrix is a table that shows the payoffs that each firm earns from every combination of strategies by the firms. Collusion is an agreement among firms to charge the same price, or to otherwise not compete.

A dominant strategy is a strategy that is the best for a firm, no matter what strategies other firms use. The result is an equilibrium because each firm is maximising profits, given the price chosen by the other firm. An equilibrium where each firm chooses the best strategy, given the strategies chosen by other firms, is called a Nash equilibrium.

Some games result in a cooperative equilibrium. A cooperative equilibrium is an equilibrium in which players cooperate to increase their mutual payoff. If players choose not to cooperate in a game, the outcome will be a noncooperative equilibrium in which players pursue their own self-interest. An example of this equilibrium is a prisoners’ dilemma, a game where pursuing dominant strategies results in noncooperation that leaves everyone worse off.

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Helpful Study Hint

This section of the textbook includes numerous examples to help you understand game

theory and how it can be applied to explain the behaviour of oligopoly firms in different

circumstances. A simple duopoly game is illustrated in Figure 11.2 (page 343). Don’t

Let This Happen to You! (page 345) explains why charging a low price can be a

profitable strategy for two competing firms. Solved Problem 11.1 (page 345) analyses a

prisoners’ dilemma using advertising decisions by Pepsi and Coca-Cola. There are two

Making the Connection features and another game between Big W and Kmart is

illustrated in Figure 11.3 (page 347).

Sequential Games

In many business situations, one firm will make a decision and other firms will respond. These situations can be analysed by using sequential games. Sequential games can be used to analyse strategies designed to deter entry by new firms and bargaining between firms.

Helpful Study Hint

To understand how a sequential game works, students can read Solved Problem

11.2 (page 350). Problems and Applications 14 and 18 are related to this

problem.

The Five Competitive Forces Model

Michael Porter of the Harvard Business School developed a model to analyse the competitiveness of an industry using five competitive forces. The forces are (1) competition from existing firms, (2) the threat from new entrants, (3) competition from substitute goods or services, (4) the bargaining power of buyers, and (5) the bargaining power of suppliers.

Helpful Study Hint

Porter’s model is the subject of Problems and Applications numbers 10 and 5.

Appendix: Traditional Models of oligopoly

Although game theory has become the most common form of modelling oligopolies today, traditional models of oligopoly are still sometimes employed. These traditional models include the ‘kinked’ demand curve model (which looks at the issue of why prices in oligopolies are sometimes more stable than in competitive markets); the Bertrand model (where firms compete on price and either collude or compete); the Cournot model (where decisions on output are based on what a firm believes its rival will produce); and the Stackelberg model (similar to the Cournot model, however, here firms move sequentially, and so a

Oligopoly and game theory: firms in less competitive markets 172 dominant firm sets its output and the rival firm bases their output on what this firm produces). Solved Problem

Chapter 11 includes two Solved Problems to support learning objectives 2 (“Use game theory to analyse the actions of oligopolistic firms”) and 3 (“Use sequential games to analyse business strategies”). The following Solved Problem supports one of this chapter’s other learning objectives.

Solved Problem 13-3 Supports learning objective 4: Use the five competitive forces model to analyse competition in an industry.

Analysing Competition in the Music Industry Using the Five Forces Model

Until 2004, the music industry was dominated by the Big Five major record companies, which accounted for about 75 percent of a $25 billion market in CDs and related products. A merger in 2004 between Sony Music Entertainment and BMG Entertainment reduced the Big Five to the Big Four: EMI, Sony-BMG, Warner Music Group and Universal Music Group. The following is a competitive analysis of the music industry prior to the late 1990s, before consumers began to download music on a wide scale over the Internet. The competitive analysis follows Michael Porter’s five forces model that is designed to assess the degree of competition in an industry.

https://www.sodocs.net/doc/7b6711482.html,petition from existing firms. Significant competition among the largest firms, but little

between the Big Five and smaller firms. Little change over time in the market share of the Big Five firms.

2.The threat from new entrants. Barriers to entry made the potential threat from new entrants

negligible. The financial resources required to establish a recording artist or group were substantial.

Sound and video recordings had to be made and distributed and contacts made with venues where the artists would perform. It was difficult for a new firm to become established.

3.Substitute goods or services. Music was essentially available and playable in one format, the CD,

and from one source: the music company that owned the rights to an artist’s recordings. Few substitutes were available.

4.Bargaining power of buyers. Buyers’ options were limited. They only could obtain music from

one format and the Big Five had considerable control over the prices of CDs.

5.Bargaining power of suppliers. Since recording artists were compelled to work with one of the

Big Five, they had little negotiating power. Terms included in record contracts for new performers were very standardised.

Changes in the degree of competition in the industry have come about since the late 1990s primarily due to new technology. Widespread access to personal computers, MP3 encoding and the Internet have made it possible for consumers to copy and distribute music at low cost.

Source: Google Answers: April 5, 2004. https://www.sodocs.net/doc/7b6711482.html,/answers/threadview?id=325373 Analyse the competitiveness of the music industry in the early 21st century using Porter’s model. Solving the Problem:

Step 1: Review the chapter material. You may want to review The Five Competitive Forces Model since

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this problem refers to the material in this section of the textbook. The section begins on page 352.

Step 2: Competition from existing firms. New music technology has reduced the start-up costs for new artists. High quality recordings can be made, copied and marketed directly through the Internet. Some artists have even established their own companies, bypassing the Big Four. Competition is likely to erode the market share of the Big Four in the future.

Step 3: The threat from new entrants. Entry barriers have been lowered by the new technologies. New artists are less dependent on the traditional marketing network. Music can be advertised and sold directly from the artists’ web sites. The threat from entrants has increased.

Step 4: Substitute goods or services. More substitutes are available for consumers. If the format used by record companies is not what consumers want, or if music is sold at high prices, consumers can easily download it through the Internet. Consumers who want only two or three songs from a CD with 10 or more songs can download only those they want.

Step 5: Bargaining power of buyers. As the availability of substitutes has grown, so has the bargaining power of consumers. Since consumers can download songs at little cost beyond their time, the Big Four companies have had to offer consumers lower prices and different formats.

Step 6: Bargaining power of suppliers. As noted in the previous steps, musicians and consumers can use the Internet to bypass the traditional distribution networks and are less dependent on established companies, in particular the Big Four. The bargaining power of suppliers has waned.

Self-Test

(Answers are provided at the end of the Self-Test.)

Multiple-Choice Questions

1Which of the terms below is defined as follows: “A market structure in which a small number of interdependent firms compete?”

a Game theory.

b Barriers to entry.

c Oligopoly.

d Economies of scale.

2Which of the terms below is defined as follows: “Anything that keeps new firms from entering an industry in which firms are earning economic profits?”

a Game theory.

b Barriers to entry.

c Oligopoly.

d Economies of scale.

3Economies of scale help determine the extent of:

a Market failure in an industry.

b Competition in an industry.

c Product differentiation in an industry.

d Product innovation in an industry.

Oligopoly and game theory: firms in less competitive markets 174 4Refer to the graph below. Which quantity is more likely to be the quantity produced by the typical firm in an oligopoly?

a Q1.

b Q2.

c The sum of Q1 an

d Q2.

d Ther

e is insufficient information to establish the quantity requested.

5Which of the following is not a barrier to entry?

a Economies of scale.

b Ownership of a key input.

c Patents.

d Non

e o

f the above. All of the above are barriers to entry.

6In the broadest sense, game theory studies the decisions of firms in industries where the profits of each firm depend on:

a the ability of a firm to set up barriers to entry.

b the firm’s interactions with other firms.

c agreements among firms to charge the same price.

d th

e ability to achieve a dominant position in the industry.

7Which of the following is the definition of business strategy?

a A business strategy refers to the rules that determine what actions are allowable.

b A business strategy refers to actions taken by players to attain their objectives in the game.

c A business strategy is a study of how people make decisions.

d A business strategy is an agreement among firms to charg

e the same price.

8Match the following definition with one of the terms below: “An agreement among firms to charge the same price, or to otherwise not compete.”

a Payoff matrix.

b Collusion.

c Dominant strategy.

d Nash equilibrium.

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9Refer to the payoff matrix below. Based on the information on the payoff matrix, what is the dominant strategy?

a Both firms will charge $150.

b Both firms will charge $200.

c Wal-Mart will charge $150, an

d Target will charg

e $200.

d Wal-Mart will charg

e $200, and Target will charge $150.

10An equilibrium in a game in which players cooperate to increase their mutual payoff is called:

a A cooperative equilibrium.

b A noncooperative equilibrium.

c A game known as the prisoners’ dilemma.

d A dominant strategy.

11What type of auction is used in eBay?

a A first-price auction.

b A second-price auction.

c A zero sum game auction.

d None. eBay does not conduct auctions.

12Fill in the blanks. In a repeated game, the losses associated with not cooperating are _________ the losses of cooperating.

a greater than

b less than

c equal to

13 A group of firms that colludes by agreeing to restrict output to increase prices and profits is called:

a A duopoly.

b An oligopoly.

c A cartel.

d A conglomerate.

14 A game theory analysis of deterring entry concludes that:

a deterring entry is always a good idea.

b deterring entry is always a bad idea.

c deterring entry may be a goo

d or a bad idea, depending on th

e circumstances.

d It is difficult to predict whether deterring entry is a good or a bad idea.

Oligopoly and game theory: firms in less competitive markets 176 15In Michael Porter’s Competitive Forces Model, which term describes the threat of competition from new entrants?

a Buyers.

b Suppliers.

c Industry competitors.

d Potential entrants.

16In Michael Porter’s Competitive Forces Model, which of the following pose threats?

a Buyers and suppliers.

b Potential entrants and substitutes.

c Industry competitors.

d All of th

e above.

17Fill in the blanks. Suppliers have more bargaining power when ______ firms can supply the input and the input _______ specialised.

a many; is

b many; is not

c few; is

d few; is not

18Refer to the figure below. The figure shows the Competitive Forces Model. What is the name of the box in the centre?

a Industry Competitors

b Bargaining Power

c Industry Threats

d Extent of Competition

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19Refer to the figure below. The figure shows the Competitive Forces Model. How many competitive forces are identified in this model?

a Three

b Four

c Five

d Six

20To explain how different firms can have different levels of profit, today’s economists put greater emphasis on the study of:

a Market structures and barriers to entry.

b Firm characteristics and management strategies.

c Stock market performance of the firms involved.

d Social rather than economic concerns.

Short Answer Questions

1The Organisation of Petroleum Exporting Countries (OPEC) operates as a cartel. Representatives of OPEC countries meet periodically to agree on quotas, the quantities of oil each will produce. Why has OPEC had difficulty maintaining high oil prices since the 1970s?

2Occupational licensing laws in Australia require medical doctors and other practitioners to obtain licenses in order to operate legally. These laws are designed to protect the public – no one wants to be operated on by an unqualified surgeon – but critics point out that licensing restricts the number of people who enter the licensed professions. Is it necessary to have licensing laws to protect the public from using the services of unqualified medical doctors?

3In a famous 1945 antitrust case, the Aluminum Company of America (Alcoa) was declared a monopoly because the company controlled nearly all of the world’s known supplies of bauxite, an essential input in the production of aluminium. Could Alcoa have argued that it faced competition despite its control of the bauxite market?

4Making the Connection 11.3 (page 353) describes the business strategy of Virgin Blue, who entered the domestic Australian airline industry in 2000. What strategy did they adopt? Why do economists now look a lot more closely at the strategy of individual businesses, rather than the structure of the overall market?

Oligopoly and game theory: firms in less competitive markets 178

True/False Questions

T F

1. In game theory, a Nash equilibrium is an equilibrium position where each firm chooses the best strategy, given the strategies chosen by other firms. T F

2. The most important barrier to entry is ownership of a key resource. T F

3. A prisoners’ dilemma is a game that results in a cooperative equilibrium that leaves all parties better off. T F

4. A duopoly is an oligopoly with two firms. T F

5. John Nash won the Nobel Prize in economics for developing game theory in the 1940s. T F

6. Because the prisoners’ dilemma assumes that a game will be played once, it does not describe most business situations. T F

7. In a second price auction, the winning bidder pays the price of the second-highest bidder. T F

8. An oligopoly that results from ownership of a key input will result in a government-imposed barrier to entry. T F

9. In repeated games, a retaliation strategy increases the chances of cooperative behaviour. T F 10. Most business situations are repeated games.

Answers to the Self-Test

Multiple-Choice Questions

Question Answer Explanation

1 c An oligopoly is a market structure in which a small number of interdependent firms compete.

2 b Barriers to entry refer to anything that keeps new firms from entering an industry in which firms are earning economic profits.

3 b Economies of scale help determine the extent of competition in an industry.

4 b

In this case, the minimum point on the LRAC curve comes at a level of output

that is a large fraction of industry sales (closer to market demand): thus the industry is an oligopoly.

5 d All of the above are barriers to entry.

6 b Profits depend on strategy, or how a firm reacts to the moves made by other firms.

7 b Strategies are actions taken by a business firm to achieve a goal, such as maximising profits.

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8 b Collusion is an agreement among firms to charge the same price, or to otherwise not compete.

9 a This strategy leads to the highest possible profit given what the other firm will do.

10 a Equilibrium in a game in which players cooperate to increase their mutual payoff is called a cooperative equilibrium.

11

b The winning bidder pays the price of the second-highest bidder. 12 a In a repeated game, we are more likely to see cooperative behaviour.

13 c A group of firms that colludes by agreeing to restrict output to increase prices and profits.

14

c Deterrence is only worth pursuing if its costs are not too high. 15

d Potential entrants refers to th

e threat o

f competition from new entrants.

16 b These forces pose threats to existing firms in the industry: the threat of competition and the threat of substitute goods or services.

17 c If many firms can supply an input and the input is not specialised, the suppliers are unlikely to have the bargaining power to limit a firm’s profits.

18

a This box is labelled “Industry Competitors.” 19

c This is Michael Porter’s Five Competitive Forces Model. 20 b Refer to “Making the Connection 11.3” (page 353) in the textbook.

Short Answer Responses

1. OPEC quotas are designed to reduce oil production below the competitive level. This forces up the

price of oil and increases the profits of OPEC members. But individual countries can gain market share and profits at the expense of other countries if they exceed their quotas and reduce the price they charge for oil. Since all countries have the same incentive, when one member exceeds its quota, other countries are likely to do the same. As a result, oil prices and profits fall.

2. Even without licensing there would be a demand on the part of the public for information about the

qualifications of medical doctors. Patients would likely make greater use of the Internet and other sources of information about how many operations a surgeon has performed, how many times a doctor or hospital has been sued for malpractice, etc.

3. One could argue that the company faced competition from substitute goods, one of the elements of

Michael Porter’s Five Competitive Forces Model. Steel and other materials are possible substitutes for aluminium in the construction of some products (for example, automobiles, machinery) and wax paper and plastic wrap are substitutes for aluminium foil. In fact, company officials made these arguments, albeit unsuccessfully.

4. Virgin Blue entered the airline market based on a ‘no-frills’ strategy, which differentiated itself

from Qantas. For example, by only having Economy seats, and not offering in-flight meals, it tried to appeal to the budget traveller. Along with other cost-cutting measures, such as quicker turnaround times for its planes, Virgin were able to offer lower prices for many flights. Its success can perhaps be gauged by the fact that Qantas felt compelled to offer its own budget service, Jetstar. This highlights the difference between market structure and business strategy. Before the

Oligopoly and game theory: firms in less competitive markets 180 introduction of Virgin Blue, economists believed the domestic airline industry was an oligopoly due to high barriers to entry, hence there was little competition. However, this could not explain why Qantas remained a profitable airline, whilst its only other competitor, Ansett, went bankrupt in the 1990s. Consequently, the business strategy of firms is now given more emphasis.

True/False Answers

1 T

2 F The most important barrier to entry is economies of scale.

3 F A prisoners’ dilemma results in noncooperation that leaves everyone worse off.

4 T

5 F Although Nash was a pioneer in the field, game theory was initially developed in

the 1940s by John von Neumann and Oskar Morgenstern.

6 T

7 T

8 F

9 T

10 T

最新版微观经济学精品习题英文版 (with answer) (16)

Chapter 17 Monopolistic Competition 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. _ __. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. _ __. 1. Because monopolistically competitive firms produce differentiated products, each firm ( d ) a.faces a demand curve that is horizontal. b.faces a demand curve that is vertical. c.has no control over product price. d.has some control over product pric e. 2. Which of the following conditions distinguishes monopolistic competition from perfect competition? ( d ) a. Number of sellers. b. Freedom of entry and exit. c. Small size firms. d. Differentiation of product. 3. A firm in a monopolistically competitive market is similar to a monopolist in the sense that it ( b ) a.must overcome significant barriers to entry. b.faces a downward-sloping demand curve. c.there are no barriers to entry or exit. d.there is only one seller of the good. 4. If existing firms in the fast-food market, which is a monopolistically competitive market, realize sizable economic profits in the short run, the demand of existing firms will ( a ) a.decrease and become more elastic. b.decrease and become less elasti c. c.increase and become more elastic. d.increase and become less elastic.

微观经济学试题库(含答案)

一、单选题（70题） 1. 下列哪一种资源是最不具有稀缺性的（） A．医生；B．苹果；C．铁矿石；D．空气； 2. 下列中的哪一个问题是最有可能被微观经济学家所研究的（） A. 一般物价的膨胀； B. 整个经济中的失业； C. 总产出的增长率； D. 汽车行业中的劳动就业； 3. 下列中的哪一个属于规范经济问题（） A. 通货膨胀和失业是由什么引起的 B. 政府应该雇用所有失业的工人吗 C. 消费者如何对较低的价格做出反应 D. 收入与储蓄之间的关系是什么 4. 经济学有时被称作社会科学的皇后，这是因为：（） A.它强调经济增长和经济发展； B. 几乎所有的学生都必须学习经济学； C. 它的边际分析方法广泛应用于其他学科； D. 规范经济学和实证经济学的区别。 5. 经济学家的理性行为假定：（） A.仅仅在其提供有效预测的限度内才是有用的。 B.导致错误的理论，因为人们并非总是理性的。 C.只有当所有人都是理性的，才是有用的。 D.不管人们是否为理性的，都是有效的。 6. 微观经济学研究（），宏观经济学研究（）。 A．现实的经济问题，抽象的经济理论；B．个量经济，总量经济 C．理性行为，非理性行为；D．企业行为，政府行为 7．经济学可定义为（）。 A．政府对市场制度的干预 B.企业赚取利润的活动 C.研究稀缺资源如何有效配置的问题 D.个人的生财之道 8．“资源是稀缺的”是指（） A．资源是不可再生的 B.资源必须留给下一代 C.资源终将被耗费殆尽 D.相对于需求而言,资源总是不足的. 9．失业问题如果反映在生产可能性曲线图上，可记为（） A．生产可能性曲线内的一点 B.生产可能性曲线上的一点

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第一章引论 一、单选题(70题) 1、下列哪一种资源就是最不具有稀缺性的?( ) A.医生; B.苹果; C.铁矿石; D.空气; 2、下列中的哪一个问题就是最有可能被微观经济学家所研究的?( ) A、一般物价的膨胀; B、整个经济中的失业; C、总产出的增长率; D、汽车行业中的劳动就业; 3、下列中的哪一个属于规范经济问题? ( ) A、通货膨胀与失业就是由什么引起的? B、政府应该雇用所有失业的工人不? C、消费者如何对较低的价格做出反应? D、收入与储蓄之间的关系就是什么? 4、经济学有时被称作社会科学的皇后,这就是因为:( ) A、它强调经济增长与经济发展; B、几乎所有的学生都必须学习经济学; C、它的边际分析方法广泛应用于其她学科; D、规范经济学与实证经济学的区别。 5、经济学家的理性行为假定:( ) A、仅仅在其提供有效预测的限度内才就是有用的。 B、导致错误的理论,因为人们并非总就是理性的。 C、只有当所有人都就是理性的,才就是有用的。 D、不管人们就是否为理性的,都就是有效的。 6、微观经济学研究( ) ,宏观经济学研究( )。

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Chapter 9 Application: International Trade 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. _ __ 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. _ __ 1. Nations would gain from trade if a(n) ________ exists. ( c ) a.absolute advantage b.specialization https://www.sodocs.net/doc/7b6711482.html,parative advantage d.infant industry 2. If Canada has a comparative advantage over Denmark in the production of wood, this implies that ( b ) a.it requires fewer resources in Canada than in Denmark to produce wood. b.the opportunity cost of producing wood in Canada is lower than in Denmark. c.Denmark does not benefit by trading with Canada. d.Canada should buy wood from Denmark. 3. Domestic producers gain from the opportunity to export goods to foreign countries because ( a ) a.the free-trade price of the good is higher than the domestic price in the absence of trade. b.producers are able to reach a wider market. c.although the free-trade price is lower than in the absence of trade, producers are able to sell a greater quantity. d.production rises, although there is no change in the price of the good compared to the no-trade situation. 4. If at the world equilibrium price the U.S. quantity demanded is greater than the U.S. quantity supplied, then ( a ) a.the United States will import the good. b.the United States will export the good. c.the world price will fall. d.the world price will ris e.

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rkets WHAT’S NEW IN THE SIXTH EDITION: There are no major changes to this chapter. LEARNING OBJECTIVES: By the end of this chapter, students should understand: the link between buyers’ willingness to pay for a good and the demand curve. how to define and measure consumer surplus. the link between sellers’ costs of producing a good and the supply curve. how to define and measure producer surplus. that the equilibrium of supply and demand maximizes total surplus in a market. CONTEXT AND PURPOSE: Chapter 7 is the first chapter in a three-chapter sequence on welfare economics and market efficiency. Chapter 7 employs the supply and demand model to develop consumer surplus and producer surplus as a measure of welfare and market efficiency. These concepts are then 7 CONSUMERS, PRODUCERS, AND THE EFFICIENCY OF MARKETS

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Ch 1 Ten Principles of economic ?Scarcity: the limited nature of society’s resources ?Economics: the study of how society manages its scarce resources, e.g. ?There are 10 principle of economic which are needed to be remember throughout. ?People face trade-off 1. Individual(time,money) and society(efficiency vs equality). ?Cost of something is what your give up to get it.\ 1. The opportunity cost of any item is whatever must be given up to obtain it. ?Rational people thinking at margin(effect of one additional item) 1. This principle assume that everyone is rational people(made their decision base on their interests) this was addressed on Adam Smith's Wealth of Nation. ?People respond to incentives(诱惑物） 1. This statement reveals that human psychology is a important feature in economic study. ?Trade can make everyone better-off 1.Ex: trade of agricultural product and technology between Japan and America, it will break the law of PPF. It involved absolute advantages(low input) and comparative advantage(low opportunity cost win) ?Markets are usually a good way to organize economy activity. 1.Markets can balance the price. ?Government can sometime improve market outcome. ? A country's standard of living depends on its ability to produce goods and services. ?Price rise when government print too much money.

微观经济学试题及答案及详解

计算题: 1、 已知某厂商的生产函数为:Q=L 3/8K 5/8,又设P L =3,P K =5。 ⑴、 求产量Q=10时的最低成本支出与使用的L 与K 的数量。(5分) ⑵、 求产量Q=25时的最低成本支出与使用的L 与K 的数量。(5分) 求总成本为160时,厂商均衡的Q 、K 、L 的值。(5分) 2、 已知生产函数为:Q=L 0、 5K 0、 5,试证明: ⑴、 该生产过程就是规模报酬不变。(7分)⑵它受边际报酬递减规律的支配。 3、甲、乙两公司的产品的需求曲线分别为Q 1=200-0、2P 1,Q 2=400-0、25P 2,这两家公司现在的销售量分别为100与250。 (1)求甲、乙两公司当前的价格弹性？ (2)假定乙公司降价后,使乙公司的销售量增加到300,同时又导致甲公司的销售量下降到75,问甲公司产品的交叉弹性就是多少？ 4、垄断厂商的成本函数为TC=Q 2+2Q,产品的需求函数为P=10-3Q,求: (1)利润极大的销售价格、产量与利润; (2)若政府试图对该垄断厂商采取限价措施,迫使其按边际成本定价,求此时的价格与厂商的产量、利润; (3)求解收支相抵的价格与产量。 5、 假设某完全竞争厂商使用劳动与资本两种生产要素进行生产,在短期内,劳动的数量可变,资本的数量固定。厂商的成本曲线为322()161803 LTC Q Q Q Q =-+与 32 ()224120400STC Q Q Q Q =-++,试计算:(1)厂商预期的长期最低价格就是多少？ (2)如果要素价格不变,在短期内,厂商会维持经营的最低产品价格就是多少？ (3)如果产品价格就是120元,那么在达到短期均衡时,厂商将生产多少产品？获得的利润就是多少？ 6、 、 已知某消费者的效用函数U ＝XY,她打算购买X 与Y 两种商品,当其每月收入为120元,Px=2元,Py=3元时,试问: (1)为获得最大的效用,该消费者应如何选择商品X 与Y 的消费数量？ (2)假设商品X 的价格提高44％,商品Y 的价格保持不变,该消费者必须增加多少收入才能保持原有的效用水平？ 7、已知某一时期内商品的需求函数为Q d =50-5P ,供给函数为Q s =-10+5P 。 (1)求均衡价格P e 与均衡数量Q e ,并作出几何图形。 (2)假定供给函数不变,由于消费者收入水平提高,使需求函数变为Q d=60-5P 。求出相应的均衡价格P e 与均衡量Q e ,并作出几何图形。 (3)假定需求函数不变,由于生产技术水平提高,使供给函数变为Q s =-5+5P 。求出相应的均衡价格P e 与均衡量Q e ,并作出几何图形。 8、假定表2—5就是需求函数Q d =500-100P 在一定价格范围内的需求表: (2)根据给出的需求函数,求P=2元时的需求的价格点弹性。 9假定表2—6就是供给函数Qs=-3+2P 在一定价格范围内的供给表: (1)求出价格3元与5元之间的供给的价格弧弹性。 (2)根据给出的供给函数,求P=4元时的供给的价格点弹性。

微观经济学试卷及答案

微观经济学试卷一 一、单项选择题（每题2分，共30分） 1．资源稀缺是指（）。 A．世界上大多数人处于贫困之中B．相对于人们的欲望而言，资源是不足的 C．资源要保留给我们的未来D．资源最终会被耗光 2．已知某商品的需求函数和供给函数分别为：QD=14-3P，QS=2+6P,该商品的均衡价格是（）。A．4/3 B．4/5 C．2/5 D．5/2 3．总效用曲线达到顶点时（） A．边际效用曲线达到最大点B．边际效用为零 C．边际效用为正D．边际效用为负 4．假定某企业全部成本函数为TC=30000+5Q-Q2，Q为产出数量。那么TVC为（）A．30000 B．5Q-Q2 C．5-Q D．30000/Q 5．生产要素的需求曲线之所以向右下方倾斜，是因为（） A．要素的边际产品价值递减B．要素生产的产品的边际效用递减 C．要素参加生产的规模报酬递减D．以上均不正确 6．在完全竞争市场上（） A．产品有差别B．产品无差别C．有的有差别，有的无差别D．以上说法都对7．完全竞争市场的厂商短期供给曲线是指（） A．A VC >SMC中的那部分A VC曲线B．AC > SMC中的那部分AC曲线 C．SMC≥A VC那部分SMC曲线D．SMC≥AC那部分SMC曲线 8．已知一元钱的边际效用为3个单位，一支钢笔的边际效用为36个单位，则消费者愿意花（）购买这支钢笔A．12元B．36元C．3元D．108元 9．一般来说，香烟的蛛网形状是（） A．收敛型B．发散型C．封闭型D．不确定 10．已知X、Y两种商品的交叉弹性为1.8，则这两种商品为 A．独立品B．替代品C．补充品D．不能确定 11．如果商品的需求弹性为0.6供给弹性为1.5，则销售税（） A．主要由消费者承担B．主要由生产者负担 C．由生产者和消费者均等地负担D．全部由生产者负担 12．某旅游景点，对一般参观者门票为50元，对中小学生门票为25元，这种价格策略为( )。A．一级差别价格B．二级差别价格C．三级差别价格D．无差别价格13．当X商品的价格下降时，替代效应=+2，收入效应=-1，则该商品很可能是（）。A．正常商品B．一般低档商品C．吉芬商品D．奢侈品 14．已知某商品的需求量增加80%，而同期消费者的收入却增加了40%，则该商品很可能是（）。A．必需品B．奢侈品C．一般低档商品D．吉芬商品15．已知某商品的需求价格弹性为1.2，供给价格弹性为1，则价格波动形成的蛛网形状是（）。A．收敛型B．发散型C．封闭型D．不能确定 二、名词解释（每题5分，共40分） 1．需求的价格弹性（Price elasticity of demand） 2．边际效用（Marginal Utility） 3．消费者均衡（Consumer`s equilibrium） 4．无差异曲线（Indifference curve） 5．吉芬物品（Giffen good）

英文版微观经济学复习提纲Chapter 5. Economic efficiency, government price setting and taxes

5 Economic Efficiency, Government Price Setting, and Taxes Chapter Summary Although rent controls no longer in Australia, many governments around the world, such as Malaysia and the U.S., have placed ceilings on the maximum rent some landlords can charge for some apartments and houses. Governments also impose taxes in some markets. To understand the economic impact of government in markets it is necessary to understand consumer surplus and producer surplus. Consumer surplus is the dollar benefit consumers receive from buying goods and services at market prices less than the maximum prices they would be willing to pay. Producer surplus is the dollar benefit producers receive from selling goods and services at prices greater than the minimum prices they would be willing to accept. In a competitive market with no externalities the equilibrium price for a good or service occurs where the marginal cost of the last unit produced and sold is equal to the marginal benefit consumers receive from the last unit bought. At this same level of output, economic surplus, the sum of consumer and producer surplus, is maximized. Although price controls on rent no longer exist in Australia, there are many other examples of the government setting prices, such as the minimum wage in labour markets (a “floor price”). Compared to the competitive equilibrium, price ceilings and price floors reduce economic efficiency. A tax on the sale of a good or service also reduces economic efficiency. The burden of a tax (or tax incidence) is the degree to which consumers or producers actually pay the tax. The incidence of a tax depends on how responsive producers and consumers are to the price change caused by the tax. Learning Objectives When you finish this chapter you should be able to: 1Understand the concepts of consumer surplus and producer surplus. Consumer surplus is the benefit consumers receive from paying a price lower than the maximum price they would be willing to pay. Producer surplus is the benefit a firm receives from selling a good or a service at a price higher than the minimum the firm would be willing to accept. Economic surplus is the sum of consumer surplus plus producer surplus. 2Understand the concept of economic efficiency, and use a graph to illustrate how economic efficiency is reduced when a market is not in competitive equilibrium. An economically efficient outcome occurs when a competitive market equilibrium is reached. Maximum economic efficiency results when the marginal benefit received by consumers from the last unit bought equals the marginal