微观复习答案2012上.docVIP

答案 一、名词解释 1. opportunity cost: whatever must be given up to obtain some item. 2. normal good: a good for which, other things equal, an increase in income leads to an increase in demand. 3. price elasticity of demand: a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price. 4. income elasticity of demand: a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income. 5. tax incidence: the manner in which the burden of a tax is shared among participants in a market. 6. indifference curve: a curve that shows consumption bundles that give the consumer the same level of satisfaction. 7. income effect: the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve. 8. substitution effect: the change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution. 9. consumer surplus: the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. 10. externality: the uncompensated impact of one person’s actions on the well-being of a bystander 11. Coase theorem: the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own. 12. public goods: goods that are neither excludable nor rival in consumption. 13. economic profit: total revenue minus total cost, including both explicit and implicit costs 14. implicit costs: input costs that do not require an outlay of money by the firm. 15. diminishing marginal product: the property whereby the marginal product of an input declines as the quantity of the input increases. 16. economies of scale: t