midtermicro2011_1_answer

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1、TheFirstMidtermTestofMicroeconomicsNovember23,2011Question1(10％):Canweusetorepresentapreference?Defend.Question2(20%):Explainwhydemandcurveslopesdownwardtotheright.Question3(20％):Drawabudgetlineforsuchasubsidyprogram.Ifonebuysgood1lessthan,say,10,shejustneedstopay5foreachunit;butifsheb

2、uysgood1bygreaterthanorequalto10,sheneedstopay10forALLunits.Supposeshehas200RMBYuanandtheothergoodischarged5RMBYuaneach.Question4(20%):AnarticleinTheNewYorkTimesdescribedasuccessfulmarketingcampaign（营销活动）bytheFrenchchampagne(香槟)industry.Thearticlenotedthat“manyexecutives(公司执行官如CEO等)fel

3、tgiddy(眩晕，眼花缭乱)aboutthestratosphericprices(极度的高价).Buttheyalsofearedthatsuchsharppriceincreaseswouldcausedemandtodecline,whichwouldthencausepricestoplunge(跳水，骤降).”Whatmistakearetheexecutivesmakingintheiranalysisofthesituation”Illustrateyouranswerwithagraph.Question5(30%):Chooseoneoftwoq

4、uestionsbelow.1.Useindifferenceanalysistoexplainhowyouallocatetimeamongtwocourses:EconomicsandEnglish.Notesthat:(1)Whenyouallocatethesametimeintothestudyoftwocourses,yougetdifferentgrades.Itmeansthatyoustudiesonecoursemoreefficientlythantheothercourse;(2)EconomicsandEnglisharevalueddif

5、ferentlybyyouorsociety.Forexample,anemployermightattachmuchimportancetoeconomicsgradethantoEnglishgradewhensheinterviewswithyou.Oranotheremployerisoppositetotheformer;and(3)Evenyouinputallofyourtime,whichisplannedtobeusedinyourstudy,intothestudyoftwocourses,youcouldnotbegraded100%score

6、sforbothcoursesatthesametime.Itmeansscarcityexistshere.(1)Theindifferencecurveisnormaljustlikeconsumingcommodities,whichbendsinward.(2)Budgetlineisnotstraight.Itbendsoutward,lookinglikeproductionpossibilityfrontier.Thebendingbudget“line”mightbeflatterorcliffier,dependingonwhetheryouare

7、goodatEnglishorEconomics.(3)Twocurvescanbetangent,whichisequilibrium.1.Useindifferenceanalysistoexplainwhyruralfamilyraisesmorechildrenthanurbanfamily.Hints:Bothurbanandruralfamiliesshouldallocatetheirresourcessuchastimeandmoneyintoconsuminggoodsandraisingkids,ontheonehand.Andperhaps