課程名稱︰個體經濟學
課程性質︰必修
課程教師︰黃景沂
開課學院：社會科學院
開課系所︰經濟系
考試時間︰11/13
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
You have to provide explanations for all of your answers.
1.Bruce thinks Coke(x) and Pepsi(y) taste the same. Suppose he always spends
M dollars to buy these two drinks in a given month. The price for a bottle
of Coke is denoted by Px, and the price for Pepsi is denoted by Py.
(a) (5%) Illustrate Bruce's indifference curves on a graph.
(b) (5%) How many bottles of Coke and Pepsi will he purchase if Px=4, Py=3,
and M=24?
(c) (8%) How many bottles of Coke and Pepsi will he purchase if the price of
Coke reduces to 2 while Py and M remain the same? What are the
substitution and income effects on consumption of Coke?(Please use
Hick's definition on the decomposition.)
(d) (5%) What is Bruce's demand function for Coke when Py=3 and M=24?
2. True or False in the following questions:
(a) (5%) When the price of bread goes up, Alice buys exactly the same amount
of bread as before. Bread could not possibly be a normal goo for
Alice.
(b) (5%) Consumers pay higher prices in retail markets than they would if
they could buy directly from wholesalers, because they have to pay
enough to cover two profit margins.
3. (6%) If the supply curve for bread is perfectly horizontal, how will an
excise tax affect the market price of bread? What about a sales tax?
4. NTU Bakery produces bread by employing bakers to use its ovens. When it
employs L bakers and K ovens, it can prodoces q=100(L*1/2K*1/2) pieces of
bread a day. Both L and K can be non-integer numbers. For example, a baker
can work only one hour in a day. The wage of a baker is PL=$100 a day
while the rent of an oven is Pk=$200 a day.
(a) (3%) Draw NTU Bakery's isoquant for producing 100 pieces of bread.
(b) The bakery has signed a contract to rent exactly 4 ovens in November.
Nonetheless, it can change the number of bakers as it wishes.
(1) (5%) What is its short-run total production(TP) function on
November 13? What is its short-run marginal production of bakers
(MPL)?
(2) (5%) What are its short-run average cost(AC) and marginal cost(MC)
functions?
(3) (3%) Does MC equal PL/MPL? Provide economic explanations.
(4) (7%) If the demand faced by NTU Bakery on November 13 is
D(Pb)=6400Pb*-2, how much does it produce and at what price? What
is its profit?
(c) The bakery will sign a new contract on ovens in December. Therefore,it
can change the number of ovens.
(1) (5%) How many ovens will the bakery rent if it expects to produce
q pieces of bread a day in December?
(2) (4%) What is the total cost function in December?
(3) (5%) If the demand faced by NTU Bakery in December is
D(Pb)=6400Pb*-2 for each single day, how much does it produce and
at what price? What is its profit?
(d) (3%) Is the average cost of producing 100 pieces of bread higher in
December than in November? Why or why not? Provide economic
explanations.
5. Suppose you allocate all your wealth to "housing" and "saving". Your
indifference curves are complete, transitive, monotonic, and strictly
convex. Housing costs $50 per square meter. You have $100000 in wealth and
have elected to build a 300 square meter house.
(a) (3%) Draw your budget line between housing(on the horizontal axis) and
savings (on the vertical).Draw the indifference curve you are on.
(b) Now suppose the price of housing falls to $40 per square meter.
(1) (5%) Draw your new budget line.(Hint: You can keep your existing
house if you want to.)
(2) (3%) True or False: The fall in housing prices makes you happier.
(3) (4%) Assume that housing is an inferior good and illustrate the
substitution and income effects from a fall in housing prices.
(c) (6%) True or False: You will be happy to see the housing prices rising
from $50 per square meter yo $60 per square meter.
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