课程名称︰个体经济学一 课程性质︰经济系必修 课程教师︰江淳芳 开课学院：社会科学院 开课系所︰经济系 考试日期（年月日）︰2010/01/11 考试时限（分钟）：120分钟(延长10分钟) 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : 选择题(10%) 1. If current and future consumption are both normal goods, an increase in the interest rate will necessarily a. cause savers to save more. b. cause borrowers to borrow less. c. reduce everyone's current consumption. d. make everyone worse off. e. None of the above. 2. If the interest rate is r and will remain r forever, then a bond that will pay 95 dollars a year forever, starting one year from now, is worth how much today? a. 95/(1+r) dollars. b. 95(1+r) dollars. c. 95/r dollars. d. 95/(1+r^2+…+r^n+…) dollars. e. None of the above. 计算题(90%) 1.(10%) Mary has income $15 and thinks Hello Kitty and Teddy Bear are perfect substitutes, one for one. Now Hello Kitty costs $2 per unit and a Teddy Bear costs $3. If the price of Hello Kitty rises to $5 per unit, how much is the substitution effect and income effect of price change of Hello Kitty? 2.(15%) Minnie has an income of $300 in period 1 and will have an income of $625 in period 2. Her utility function is U(c1,c2) = c1^0.80 c2^0.20, where c1 is her consumption in period 1 and c2 is her consumption in period 2. The interest rate is 0.25. (a) When Minnie is not allowed to borrow and lend, what is her marginal rate of substitution between c1 and c2? (b) When she can borrow and lend, what is her optimal consumption in period 1 and period 2? (c) If she unexpectedly won a lottery which pays its prize in period 2 so that her income in period 2 would be $1,250 and her income in period 1 would remain $300, then her consumption in period 1 would increase or decrease by what amount? 3.(15%) The inverse demand function for video games is p = 240 - 2q and the inverse supply function is p = 3 + q. The government imposes a $6 tax on each video game purchased. Please answer the following questions. (a) What are the equilibrium prices and quantities before and after tax imposed? (b) Please calculate the consumer surplus before and after tax imposed. (c) Please calculate the producer surplus before and after tax imposed. (d) How much is the tax revenue received by the government? (e) What is the deadweight loss resulting from this tax? 4.(10%) Holly consumes only goods X and Y. Her income is $500 and her utility function is U(x,y) = max{x,y}, where x is the number of units of X she consumes and y is the number of units of Y she consumes. The price of good Y is 1. The price of good X used to be 1/3 but is now 2. Please calculate the equivalent variation of this price change for Holly. 5.(15%) Tom Cruiser's car is worth $100,000. But Tom is careless and leaves the top down and the keys in the ignition. Consequently his car will be stolen with probability 0.5. If it is stolen, he will never get it back. His von Neumann-Morgenstern utility function for wealth is u(w) = ln(w). Suppose that Tom can buy $K worth of insurance at a price of $0.6K. (a) Please write down Tom's expected utility when he buys $K worth of insurance at a price of $0.6K. (b) Does the insurance plan provide a fair insurance rate? (c) What is the optimal $K for Tom Cruiser? 6.(15%) Robert and Vivian want to join gamble, they can choose between two options. Option A gives them $5,000 for sure. Option B gives them $3,000 with probability 0.5 and $9,000 with probability 0.5. (a) Robert's utility of wealth is 65 units at $3,000, 80 units at $5,000, 88 units at $6,000, and 95 units at $9,000. Which option does Robert prefer? Is he indifferent between A and B? (b) Vivian is risk neutral. Which option does Vivian prefer? Is she indifferent between A and B? 7.(10%) 有一家金矿公司员工罢工3天, 某报纸报导这家公司每天可挖出的金矿价值约100 万, 挖矿每天的成本为30万(劳工成本加营运成本), 因此这家报纸的记者推估金矿公司 因为罢工损失了210万. 请问这样的计算有没有问题? 如果有, 有什麽问题? --

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