西财作业英文版附答案

西财作业英文版附答案

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1、第五章外部性P1002.Inthefollowingfigure,thenumberofpartiesthatCassanovagivespermonthismeasuredonthehorizontalaxis,anddollarsaremeasuredonthevertical.MCpisthemarginalcostofprovidingpartiesandMBpisCassanova’smarginalbenefitschedulefromhavingparties.a.Graphically,sh

2、owhowmanypartiesCassanovawillhost.b.Supposethereisafixedmarginalexternalbenefit,$b,perpartytoCassanova’sfriends.Illustratethisonyourgraph.c.Whatisthesocially(nopunintended)optimallevelofparties?HowcouldtheSocialCommitteeinduceCassanovatothrowthisnumber?d.O

3、nyourgraph,showtheoptimalsubsidyperpartyandthetotalamountpaidtoCassanova.Whogainsandlosesunderthisplan?答案:2.a.ThenumberofpartiespermonththatwouldbeprovidedprivatelyisP.b.SeescheduleMSBp.c.P*.Giveaper-unitsubsidyof$bperparty.d.Thetotalsubsidy=abcd.“Society”

4、comesoutaheadbyghc,assumingthesubsidycanberaisedwithoutanyefficiencycosts.(Cassanova’sfriendsgaingchd;Cassanovaloseschdbutgainsabcd,whichisasubsidycosttogovernment.)7.TheFingerLakesregionofNewYorkStateattractstouristswhowishtosampleitssuperbwines.Inrecenty

5、ears,hog-raisingfarms—somewithmorethanathousandhogs—havetakenrootintheregion.Thesmellsemanatingfromthemassiveamountsofpigmanureadverselyaffectthetourism.“Wineandswine,inotherwords,donotmix”[Chen,2001,p.L1].ImaginethattheLittlePigs(LP)hogfarmissituatedneart

6、heTipsyvineyard.Thefollowingtableshows,foreachlevelofLP’soutput,themarginalcostofahog,themarginalbenefittoLP,andthemarginaldamagedonetoTipsy:a.HowmanyhogsdoesLPproduce?b.Whatistheefficientnumberofhogs?c.TheownerofLPgetstiredofTipsy’scomplaintsaboutherhogfa

7、rm,andshebuysoutTipsy.Afterthemerger,howmanyhogsdoesLPproduce?d.HowdoesthemergeraffectthesumoftheprofitsearnedbyLPandTipsy?答案:7.a.WhentheLittlePigshogfarmproducesonitsown,itsetsmarginalbenefitequaltomarginalcost.Thisoccursat4units.b.Theefficientnumberofhog

8、ssetsmarginalbenefitequaltomarginalsocialcost,whichisthesumofMCandMD.At2units,MB=MSC=13.c.Themergerinternalizestheexternality.Thecombinedfirmworriesaboutthejointprofitmaximizationproblem,nottheprofitmaximizat

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