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1、Chapter6:Markets,Prices,Supply,andDemandAnswerstoreviewquestions,pg.1471.Moneyandpricesareaconvenientunitofmeasurement,buttheyarenotfixedurdtslikefeetorinches.Ignoringchangesinthevalueofmoneywouldbesimilartoignoringchangesbetweenkilometersandmilesperhourwhene
2、stablishingacceptablespeedlimits-InCanada,wherespeedismeasuredinkilometers,100isassociatedwithaparticularlevelofsafety.Aspeedlimitof100intheU.S.,wherespeedsaremeasuredinmilesperhour,wouldgenerateamuchlowerlevelofsafety.Similarly,anagreementtoacceptawageof$100
3、dollarsperdaywhenthepricesarelowmayprovidearelativelycomfortablestandardofliving,butatahighpricelevel,thecomfortassociatedwith$100wagewouldbesubstantiallyreduced.Intheearlyyearsofthe20thcentury,$5perdaywasconsideredmorethanadequatetomaintainamiddleclasslifest
4、yle...whatkindoflifestylewouldthatwagesupporttoday?Clearlyitisnotthemoneyitself,butthethingsthatmoneycanbuy,thathouseholdscareabout.Ifthepricesofallgoods,servicesandassetsweretodouble,thepurchasingpowerandwealthofhouseholdswouldnotbeaffected.2.Achangeinahouse
5、hold'snetassetpositionduringtheperiodisaflowvariable,theaccumulatedeffectsofthesechangesisastockvariable.Forexample,apersonwhohas$100inassetsatthebeginningoftheperiodandanegativesavingsof$10duringtheperiodwillstillbeleftw让h$90inassetsbytheendoftheperiod.Theyh
6、avenegativesavingduringthisparticularperiod,butbecauseofpastdecisions,theystillhavepositivesavings.1.Thehouseholdbudgetconstraintisgivenbyequation(6.12)C+(1/P)*AB+AK=n/P+(w/P)*L+i*(B/P+K)Thisshowsthatrealconsumptionplusrealsaving=realhouseholdincome.Thegraphi
7、sofalinewithrealconsumption(C)astheindependentvariable,andrealsaving((1/P)*AB+AK)asthedependentvariable.WecansubtractCfrombothsidesofequation(6-12)toobtain:(1/P)*AB+AK=n/P+(w/P广L+i*(B/P+K)-CWhichisalinearequationoftheformrealsavings=a+bC,whereaistheintercepta
8、ndisequaltorealhouseholdincome(n/P+(w/P)*L+i*(B/P+K))zandbistheslopeandisequalto-1.Thelineshowsthatthereisaonetoonetradeoffbetweenincreasesinconsumptionandreductionsinsaving.2.Anincreasei
