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1、83Acemoglu,Laibson,andList
2、MicroeconomicsChapter7PerfectCompetitionandtheInvisibleHandQuestions1.Allelseequal,doesasteeporflatdemandcurveresultinhighersocialsurplus?Howdoessteepnessofsupplyaffectsocialsurplus?Answer:Everythingelseequal,asteepdemandcurvewillresultinhighe
3、rsocialsurplus.Ascanbeseeninthefollowingfigures,socialsurplus(shownbythetrianglesAandB)ishigherinthemarketwithasteepdemandcurve.Similarly,otherthingsremainingthesame,socialsurplus(shownbythetrianglesAandB)ishigherinamarketwithasteepersupplycurve.©2015PearsonEducation,In
4、c.83Acemoglu,Laibson,andList
5、Microeconomics1.ExplaintheconceptofParetoefficiency.Howdoesitrelatetosocialsurplus?SocialsurplusdoesnotdirectlyrelatetoParetoefficiency.Erratawillbecorrectedinsubsequentreprints.Answer:AnoutcomeisParetoefficientifnoindividualcanbemadebettero
6、ffwithoutmakingsomeoneelseworseoff.WhenthecompetitivemarketequilibriumisParetoefficient,thesocialsurplusismaximized.2.Howwilltheinvisiblehandmovecornpricesinresponseto:a.afloodthatdestroysagreatdealofthecorncrop?b.ariseinthepriceofwheat(asubstituteforcorn)?c.achangeinco
7、nsumertastesawayfromcorndogstowardhotdogs?d.anincreaseinthenumberofpeoplewithaccesstothecornmarket?Answer:a.Sinceagreatdealofthecorncrophasbeendestroyedbytheflood,thesupplycurveforcornwillshiftleftwardsandthepriceofcornwillincrease.b.Whenthepriceofasubstitutesuchaswheat
8、increases,thedemandforcornwillincrease.Thedemandcurvewillshiftrightwardsandthepriceofcornwillincrease.c.Corn(notsurprisingly)isanimportantinputintheproductionofcorndogs.Ifconsumerspreferfewercorndogs,thedemandcurveforcornwillshiftleftwardsandthepriceofcornwillfall.d.Asm
9、orebuyersenterthemarket,thedemandforcornwillincrease.Thedemandcurvewillshiftrightwardsandthepriceofcornwillincrease.3.Howwillthesocialsurpluschangeifthequantitysoldisrestrictedbelowtheequilibriumquantity?Answer:Ifthequantitysoldisrestrictedbelowtheequilibriumquantity,th
10、esocialsurpluswillbecomesmallerduetothepresenceofdeadweightloss.4.Themarketforeconomicstextbooksisinequilibriu
