曼昆微观经济学课后练习英文答案(第七章).docVIP

PAGE 142?Chapter 7/Consumers, Producers, and the Efficiency of Markets Chapter 7/Consumers, Producers, and the Efficiency of Markets? PAGE 143 ? 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. ? 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. PAGE 121 ? 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 7 7 CONSUMERS, PRODUCERS, AND THE EFFICIENCY OF MARKETSrkets CONSUMERS, PRODUCERS, AND THE EFFICIENCY OF MARKETS 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 utilized in Chapters 8 and 9 to determine the winners and losers from taxation and restrictions on international trade. The purpose of Chapter 7 is to develop welfare economics—the study of how the allocation of resources affects economic well-being. Chapters 4 through 6 employed supply and demand in a positive framework, which focused on the question, “What is the equilibrium price and quantity in a market?” This chapter now addresses the normative question, “Is the equilibrium price and q