微观经济学考试重点.docVIP

微观经济学考试重点------简答题部分 Chapter1 P15-6 What dose the “invisible hand” of the marketplace do? The invisible hand of the marketplace represents the idea that even though individuals and firms are all acting in their own self-interest, prices and the marketplace guide them to do what is good for society as a whole. Chapter2 P30-2 Why do economists make assumptions? Economists make assumptions to simplify problems without substantially affecting the answer. Assumptions can make the world easier to understand. Chapter4 P67-5 Popeye’s income declines and,as a result,he buys more spinach.Is spinach an inferior or a normal good?what happens to Popeye’s demand curve for spinach? Since Popeye buys more spinach when his income falls, spinach is an inferior good for him. Since he buys more spinach, but the price of spinach is unchanged, his demand curve for spinach shifts out as a result of the decrease in his income. 6,8木有答案 Problems and Applications 9.Market research has revealed the following information aboiut the market for chocolate bars:te demand schrdule can be represented by the question Q^d=1600-300p,where Q^d is the quantity demanded and P is the price .the supply schedule can be represented by the equation Q^s=1400+700P,where Q^s is the quantity supplied . calculate the equilibrium price and quantity in the market for chocolate bars Equilibrium occurs where quantity demanded is equal to quantity supplied. Thus: Qd = Qs 1,600 – 300P = 1,400 + 700P 200 = 1,000P P = $0.20 Qd = 1,600 – 300(0.20) = 1,600 – 60 = 1,540 Qs = 1,400 + 700(0.20) = 1,400 + 140 = 1,540. The equilibrium price of a chocolate bar is $0.20 and the equilibrium quantity is 1,540 bars. CHAPTER 5 P85-9.Is the price elasticity of supply usually larger in the short run or in the long run?Why? The price elasticity of supply is usually larger in the long run than it is in the short run. Over short periods of time, firms cannot easily change the size of their factories to make more or less of a good, so