课程名称︰个体经济学一 课程性质︰经济系大二必修 课程教师︰古慧雯 开课学院：社会科学院 开课系所︰经济学系 考试日期（年月日）︰2011/1/10 考试时限（分钟）：100 min 是否需发放奖励金：Yes, thanks a lot. （如未明确表示，则不予发放） 试题 : 总分33分。答题皆须附说明，未做解释的答案概不计分。 1. Good Y is provided by a competitive increasing-cost industry. The total cost function of manuffacturer i is: TCi(q) = i^2 + q^2 , i = 1, 2, 3, ...... where q denotes the quantity produced in a year. Let p denote the market price. The yearly market demand is: q = 120 - p. (a) (2 points) What is the break-even price of manufacturer i? (b) (2 points) What is the long-run supply function of manufacturer i? (c) (2 points) How many manufacturers will produce Y in the long-run equilibrium? (d) (4 points) A lump-sum subsidy $x is given to every manufacturer of good Y, independent of how many units he produces.How will this subsidy change the equilibrium price in the short-run and in the long-run? ------------------------------------------------------------------------------- 2.A's production possibility curve is: 2x + y = 10 and B's production possibility curve is: x + y = 5 They have the same utility function: u = xy (a) (1 point) Please prove that A's marginal rate of substitution (|dy/dx|) is y/x. (b) (2 points) If A lives alone and has no opportunity to trade with others, how many units of x will he produce? (c) We now turn to consider that A meets B and two of them consider to trade. Let p denote the relative price of x. For instance, if p =2, one could sell 1 unit of x in exchange for 2 units of y. (i) (2 points) If p = 3,how many units of x will A produce? And what is A's budget constraint? (ii) (1 points) Is p = 3 an equilibrium price? Why? (iii) (2 points) Let x_i and y_i denote the optimal consumption of i, i = A,B. Please calculate (y_A + y_B)/(x_A + x_B) when p = 1.5. (iv) (2 points) Is p = 1.5 an equilibrium price? Why? ------------------------------------------------------------------------------- 3.Suppose no coffee is produced domestically, and we can buy as much coffee as we want from foreign producers at a price of $10 per pound.At this price,1000 pounds are consumed per week.The government has decided to make coffee availible to all citizens at a price of $3 instead.It gets the coffee by purchasing it from foreigners. (a)(2 points) Draw a graph to show the deadweight loss of this program. (b)(2 points) Suppose that the government modifies the program.It will continue to sell coffee at $3, but will provide only 1000 pounds per week, choosing randomly those citizens who are permitted to buy them. Does this revised program have any deadweight loss? ------------------------------------------------------------------------------- 4.Consider the following commercial: 　　　　 SAVE认证联盟除销售经认证优质中古车辆外，提供引擎、 　　　　　 　　　　　变速箱及方向机三大系统保固一年或两万公里。 (a)(2 points) What problem does SAVE认证联盟 intend to resolve? Moral hazard or adverse selection? (b) Consider a market of second-hand aotomobiles. Though a seller understands the condition of his car,buyers could not tell its condition.If the car is in a good condition,it is worth $80000 to the buyer and $70000 to the seller.If the car is in a bad condition,it is worth $40000 to the buyer and $30000 to the seller.When a buyer could not tell the condition of a car,he will pay for its expected value to him.There are 50 good cars and 50 bad cars to be sold. On the other hand,there are 1000 interested buyers and becarse of the relatively large number of buyers,when a deal is made,the interested buyers will bid up the price to their willingness to pay. (i)(2 points) How many cars will be sold in equilibrium? (ii)(2 points) The owners of good cars consider to offer a warranty like SAVE's.This warranty is costless to them.If an owner of a bad car offers the same warranty,because of the expected repairing fee,the warranty costs the seller $10000.While a warranty of a good car adds no value to the car, a warranty of a bad car makes the value to a buyer higher by $10000.In the end could the good car owners use the warranty to successfully signal the condition of their cars? ------------------------------------------------------------------------------- 5.(1 point)Given the following date,which good would David Ricardo (1817) think England would export? Why did he think so? In England,to produce 1 unit of cloth,it requires the labour of 100 men for one year;and to produce 1 unit of wine,it requires labour of 120 men for the some time.To produce 1 unit of wime in Portugal requires the labour of 80 men for one year,and to produce 1 unit of cloth in the same country requires the labour of 90 men for the same time. ------------------------------------------------------------------------------- 6.(1 point) The following is from Tullock (1971) : The wealthy have more money,and hence can be subject to heavier taxes. Thus the cost of admitting a wealthy person into a coalition,which proposes to transfer money away from the 49 percent of the population not members,is higher than the cost of permitting the entry of a poor persen. What does Tullok (1971) mean here? What kind of cost does he have in mind? ------------------------------------------------------------------------------ 7.(1 point) What was the odbervation by Adam Smith (1776) about the following event? By the reduction of the army and navy at the end of the late war, more than a hundred thousand soldiers and seamen,a number equal to what is employed in the greatest manufactures,were all at once thrown out of their ordinary employment. Did Adam Smith (1776) sense anysocial disorder,like an increasing number of vagrants,becarse of this change? Why did Adam Smith (1776) mention this incident in "Of Restraints upon the Importation from Foreign Countries of such Goods as can be Produced at Home"? Exam109.ctx --

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