曼昆经济学原理英文版习题答案21章THETHEORYOFCONSU

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1、WHAFSNEWINTHESEVENTHEDITION:Therearenomajorchangestothischapter.LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:>howabudgetconstraintrepresentsthechoicesaconsumercanafford・>howindifferencecurvescanbeusedtorepresentaconsumer'sprefere

2、nces.>howaconsumer'soptimalchoicesaredetermined・>howaconsumerrespondstochangesinincomeandchangesinprices・Ahowtodecomposetheimpactofapricechangeintoanincomeeffectandasubstitutioneffect.>howtoapplythetheoryofconsumerchoicetothreequestionsabouthousehold

3、behavior.CONTEXTANDPURPOSE:Chapter21isthefirstoftwounrelatedchaptersthatintroducestudentstoadvancedtopicsinmicroeconomics・Thesetwochaptersareintendedtowhettheirappetitesforfurtherstudyineconomics.Chapter21isdevotedtoanadvaneedtopicknownasthetheoryofc

4、onsumerchoice・ThepurposeofChapter21istodevelopthetheorythatdescribeshowconsumersmakedecisionsaboutwhattobuy.Sofar,thesedecisionshavebeensummarizedwiththedemandcurve・Thetheoryofconsumerchoiceunderliesthedemandcurve.Afterdevelopingthetheory,thetheoryis

5、appliedtoanumberofquestionsabouthowtheeconomyworks・KEYPOINTS:•Aconsumer'sbudgetconstraintshowsthepossiblecombinationsofdifferentgoodsshecanbuygivenherincomeandthepricesofthegoods・Theslopeofthebudgetconstraintequalstherelativepriceofthegoods.•Theconsu

6、mer5sindiffereneecurvesrepresentherpreferences・Anindiffereneecurveshowsthevariousbundlesofgoodsthatmaketheconsumerequallyhappy.Pointsonhigherindiffereneecurvesarepreferredtopointsonlowerindifferencecurves・Theslopeofanindifferencecurveatanypointisthec

7、onsumer'smarginalrateofsubstitution—therateatwhichtheconsumeriswillingtotradeonegoodfortheother.•Theconsumeroptimizesbychoosingthepointonherbudgetconstraintthatliesonthehighestindifferencecurve.Atthispoint,theslopeoftheindifferencecurve(themarginalra

8、teofsubstitutionbetweenthegoods)equalstheslopeofthebudgetconstraint(therelativepriceofthegoods),andtheconsumer'svaluationofthetwogoods(measuredbythemarginalrateofsubstitution)equalsthemarket'svaluation(measuredbytherelativeprice).•Whenthepriceofagood