The production function f(K, L) exhibits constant returns to scale if and only if its
corresponding cost function exhibits neither economies of scale nor diseconomies of
scale.
Suppose the Red Cross Society of the ROC(中華民國紅十字總會)is one of the
suppliers to the perfectly competitive domestic blood market. Being a non-profit
organization, its goal is to sell as much as possible without making profit. Consequently,
the blood supply curve of the Red Cross is its AVC (average variable cost) curve.
A consumer consumes only one good X. Then, the change in consumer surplus is
greater than the compensating variation when the price of X decreases from NT$2 to
NT$1.
A consumer with non-labor income NT$2000 per week chooses to work 20 hours
weekly at an hourly wage rate NT$ 100. When the non-labor income rises to NT$2200
per week, the consumer unfortunately loses the original job, and decides to work for 25
hours a week at a new job with hourly wage rate NT$90. We could conclude from the
above information that the consumer's behavior violates the weak axiom of revealed
preference.
The following news reported on 24 January 2008 says that after the increase of health
tax, the price of cigarette would rise to some NT$ 100 per pack. This estimate is based
on the fact that the current cigarette price is around NT$50 to NT$60 per pack. If the
cigarette market is perfectly competitive, then the statement underlined is self-contradictory
since the price cannot rise to NT$ 100 if the increase in health tax is indeed effective in
reducing smoking.
衛署修法每包香菸一百元 【黃天如/台北報導】
為有效降低吸菸率,衛生署已將《菸害防制法》修正草案送行政院,取消菸
捐每次調漲幅度以菸價一○%的上限,並在最短時間內將菸捐由現行十元調為四
十五元,藉此讓國內目前偏低的菸價倍增為百元上下,以價制量。
Suppose there is only one golf club in a town. A golf player pays an annual
membership fee plus a fee for each use of a court. Let x be the number of annual uses
of a court for a golf player and p be the fee for each use of a court.
If There are 50 golf plavers in the town each of them has the identical demand curve
which is x = 100 − 2p
The average cost of each use of a court is constant at $10 for the golf club. Calculate
the equilibrium (profit maximization) membership fee and the fee for each use of a
court. What are the consumer surplus and producer surplus in equilibrium?
What economics problem emerges if an agent's action (or behavior) can not be
observed by the other agent? Use insurance as an example to describe this problem.
How do you solve this problem?
What economics problem emerges if an agent's true type can not be observed by the
other agent? Use insurance as an example to describe this problem. How do you solve
this problem?
What is the Walras Law? Explain why Walras Law is true. Also explain why there can
be only two relative prices rather than three independent absolute prices in a Walrasin
equilibrium of a general equilibrium model with three markets.
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