04_wmson_macro5c_im_ch04

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1、CHAPTER4ConsumerandFirmBehaviour:TheWork–LeisureDecisionandProfitMaximizationKEYIDEASINTHISCHAPTER1.Therepresentativeconsumer’sgoalistochooseconsumptionandleisurewhichmakeheraswelloffasshecanbewhilerespectingherbudgetconstraint.2.Theconsumer’soptimizingconsumptionandleis

2、urebundleistheoneatwhichthemarginalratesubstitutionofleisureforconsumptionequalstherealwage.3.Assumingconsumptionandleisurearenormalgoods,anincreaseintheconsumer’sincomeleadstoanincreaseinconsumptionandleisure,andhenceadecreaseinlaboursupply.4.Bycontrast,theeffectofaninc

3、reaseinrealwageonlaboursupplyisambiguous:itmayriseorfalldependingontherelativestrengthsofincomeandsubstitutioneffects.5.Therepresentativefirm’sgoalistohirethequantityoflabourthatmaximizesherprofits.6.Thefirm’sprofit-maximizingquantityoflabouristhequantityatwhichthemargin

4、alproductoflabourequalstherealwage.7.Thefirm’sdemandforlabourcurveisnothingbutthemarginalproductoflabourscheduleitfaces.NEWINTHEFIFTHEDITION1.Alldataandgraphshavebeenupdated.2.End-of-chapterproblemshavebeenadded.TEACHINGGOALSThemicroeconomicapproachtomacroeconomicsstress

5、esthenotionthateconomy-wideeventsaretheresultofdecisionsmadebyindividuals.Peopleworksothattheymayaffordtobuymarketgoods.Ontheotherhand,peoplegenerallyprefertoworklessratherthanworkmore.Althoughdiscussionsinthepopularpressoftenrefertotheideathatspendingiswhatdrivestheecon

6、omy,aneconomycannotproduceunlesspeoplearewillingtowork.Therefore,themostbasicmacroeconomicdecisionistochoosewhether,andhowmuch,towork.Productionandwillingnesstoworkareintrinsicallyinterconnected.Copyright©2018PearsonCanadaInc.-25-Instructor’sManualforMacroeconomics,Fifth

7、CanadianEditionStudentsoftenbelievethathowmuchapersonworksislargelydeterminedbythenecessitiesoftheircircumstances.Studentswillreportthattheyhavetoworktosurviveandpaytuition.Somestudentsmightpointoutthattheyneednotworkmuchoratallbecausetheirparentsprovidemoresupport.Howev

8、er,circumstancesneednotdictateexactlyhowmuchtheymaychoosetowork.Theymayworklessiftheygotoalesscostlysch