Perfect Solutions for

Hal R. Varians

Intermediate Microeconomics:
A Modern Approach (7th Edition)

caoqianseu@163.com

caoqianseu@163.com

caoqianseu@163.com

2011.5
2

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caoqianseu@163.com

1.
25 500 26 200

1.1

2.

24

26

25

S=24S=25S=26

S=24
500 S=24 500 S=25
200 500
S=26
0 200

3.

caoqianseu@163.com


P
P 0 P1
P1

4.

condominium

apartment

condominium

5.

condominium

condominium

apartments

6.

caoqianseu@163.com

7.
D ( p ) = 100 2 p .
60

40

pD ( p ) = p (100 2 p ) = 100 p 2 p
2

p=25 p=25 D ( p ) = 100 2 p

50
60 50
40 DP=40 D ( p ) = 100 2 p
30.

8.

A
B
A B A B A B

caoqianseu@163.com

1. p1 x1 + p2 x2 = m 1 2 2
8 4

2 p1 x1 + 8 p2 x2 = 4m

2.
2
1

( m / p1 ,0)

p1 x1 + p2 x2 = m p1 / p2 m / p1

m / p2
p2 p1 m

( m / p1 ,0)

3.
1 2 2 3

p1 x1 + p2 x2 = m

2 p1 x1 + 3 p2 x2 = m = 2 p1 / 3 p2 = 2 / 3( p1 / p2 )
2/3

4.

caoqianseu@163.com


1 A 2 B
4 A B 2
B A 1/2

5.
15
7

15 7 8

6.
p1 x1 + p2 x2 = m

u
1 t
2 s

( p1 + t ) x1 + ( p2 s) x2 = m u

7.

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10

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1.

( x1 , x2 ) ( y1 , y2 ) ( x1 , x2 )
( x1 , x2 ) f ( y1 , y2 )

( x1 , x2 ) f ( y1 , y2 )

( x1 , x2 ) f ( y1 , y2 )

2.
A,B C

A B

A C A C C A

A B B C A C

3.
A,B C

A C A > C C > A ,

A A>A
A>B B>C A>C

4.

A B
11

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A1 B1 A2 B2
B1 A1 B2 A2 A1 > B1 A2 < B2 A
B
1 2
A1 B1 A2 B2 B1 C1 B2 C2
A1 C1 A2 C2
5.

3.2

3.2

6.

3.2

3.2

A B B A 1
2 A

7.

12

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8.

( x1 , x2 ) ~ ( y1 , y2 ) X Y
t , 0 t 1

(tx1 + (1 t ) y1 , tx2 + (1 t ) y2 ) f( x1 , x2 )

(tx1 + (1 t ) y1 , tx2 + (1 t ) y2 ) f ( y1 , y2 )

X Y X
tY 1-t

9.
1 5

1 5 1 2

MRS12 =

x2
1
1
=
=
x1 5
5

(1)

1
1
=
=
5
5

(2)

5 1
1 5 5 1
1 5
1 2 5
13

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 1(-5)

10.
1
1 2

1 2

2
MRS12 =

x2
=0
x1

11.

14

caoqianseu@163.com

1.

f (u ) = u

u = u ( x1 , x2 ) u
f (u ) = f (u ( x1 , x2 ))

u = u ( x1 , x2 )

1
u = u ( x1 , x2 ) 0 f (u ) = u 2 f (u ) = u 2

u = u ( x1 , x2 ) 0
u = u ( x1 , x2 ) 0
f (u ) = u 2

2.

2
3
4
1
u = 2v 13
u = 1 / v
u = 1 / v
u = ln v
v
2
2
2
5
u = e 6
u = v 7
u = v v > 0 8
u = v v < 0
2

1 u v

du / dv = 2 > 0
2 v > 0 v < 0 u

3 v < 0 v > 0
4 v > 0 u = ln v
15

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5
6 v 0 v 0
786
3.

( x1 , x2 ) ( y1 , y2 )
( x1 , x2 ) ~ ( y1 , y2 )
x1 > y1 , x2 > y2 x1 < y1 , x2 < y2 x1 > y1 , x2 > y2
( x1 , x2 ) f ( y1 , y2 ) ( x1 , x2 ) f ( y1 , y2 ) ( x1 , x2 ) ~ ( y1 , y2 )

4. u ( x1 , x2 ) =

x1 + x2 v( x1 , x2 ) = 13x1 + 13x2

u ( x1 , x2 ) f (u ) = u 2 f (u ) = u 2 = x1 + x2
w( x1 , x2 ) = x1 + x2
v( x1 , x2 ) g (v ) =

g (v ) =

1
v
13

1
v = x1 + x2 = w( x1 , x2 )
13

u ( x1 , x2 ) =

x1 + x2

v( x1 , x2 ) = 13x1 + 13x2 w( x1 , x2 ) = x1 + x2
w( x1 , x2 ) = x1 + x2 1:1 u ( x1 , x2 ) =

x1 + x2

v( x1 , x2 ) = 13x1 + 13x2 1:1

5. u ( x1 , x2 ) = x1 +

x2

v( x1 , x2 ) = x12 + 2 x1 x2 + x2 u ( x1 , x2 )

u ( x1 , x2 ) = x1 + x2
16

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 x1 0, x2 0 u ( x1 , x2 ) = x1 +

x2 0

u ( x1 , x2 ) f (u ) = u 2 6
2

f (u ) = x12 + 2 x1 x2 + x2 v( x1 , x2 ) v( x1 , x2 ) = x12 + 2 x1 x2 + x2
u ( x1 , x2 )
6.
u ( x1 , x2 ) =

x1 x2 v( x1 , x2 ) = x12 x2

2 2
u ( x1 , x2 )
w( x1 , x2 ) = x1 x1 u ( x1 , x2 )

1 u ( x1 , x2 ) =

x1 x2

2
7

u ( x1 , x2 ) = x1 x2 MRS12 =
MRS12 =

MU1
x
= 2 v( x1 , x2 ) = x12 x2
MU 2
x1

MU1
2x
= 2 v( x1 , x2 ) = x12 x2 u ( x1 , x2 )
MU 2
x1

3 u ( x1 , x2 ) =

x1 x2 0 2 6

f (u ) = u f (u ) = u 4 = x12 x22 = w( x1 , x2 :
4

7.

v( x1 , x2 ) = f (u ( x1 , x2 ))
MRS12

MRS12 =

v / x1
f / u u / x1
=
v / x2
f / u u / x2
=

u / x1
u / x2

f / u

17

caoqianseu@163.com

1.

p1 , p2 m
1 2 1 2
1 : b 1 1 b 2
bp2 > p1 1 2 0 bp2 < p1
2 2 m / p2 bp2 = p1
2 [0

m
]
p2

x2 = x2 [0

p2

bp2 > p1
m
]
p2

bp2 < p1
bp2 = p1.

2. b
( p1 , p2 , m)

u ( x1 , x2 ) = bx1 + x2
1 bp2 > p1
1 2 0 bp2 < p1
2 2 m / p2 bp2 = p1

3.

p1 , p2
m

18

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 x1 , x2

x1 = 2x2

p1 x1 + p2 x2 = m
12 x1 =

2m
m
; x2 =
.
2 p1 + p2
2 p1 + p2

4.

p1 , p2 m

corner solutions
( m / p1 ,0)
(0, m / p2 )

5.
u ( x1 , x2 ) = x1 x24

max x1 x24
x1 , x 2

s.t. p1 x1 + p2 x2 = m.
4
L( x1 , x2 ) = x1 x2 ( p1 x1 + p2 x2 m)

19

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L
= x24 p1 = 0
x1
L
= 4 x1 x23 p2 = 0
x2
L
= p1 x1 + p2 x2 m = 0.

x2
p
= 1 p2 x2 = 4 p1 x1 p1 x1 + p2 x2 = m
4 x1 p2
1
4
p1 x1 = m p2 x2 = m 1/5 1 4/5
5
5

2
6.

(
)
5.9

11 1
2

20

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21

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1.

m m

dxi ( p1 , p2 , m)
< 0 i=1,2 1 2 xi ( p1 , p2 , m) i
dm
dx
dx
p1 1 + p2 2 < 0
dm
dm
p1 x1 + p2 x2 = m m p1

dx1
dx
+ p2 2 = 1
dm
dm

2.

homothetic preferences

u ( x1 , x2 ) = ax1 + bx2 u ( x1 , x2 ) > u ( y1 , y2 )

ax1 + bx2 > ay1 + ay2 tax1 + tbx2 > tay1 + tay2

u (tx1 , tx2 ) > u (ty1 , ty2 ) u ( x1 , x2 ) = ax1 + bx2

3.

u ( x1 , x2 ) = x1a x12 a

22

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1 a

u (tx1 , tx2 ) = (tx1 ) (tx2 )

a

= t at 1 a x1a x12 a = tx1a x12 a = tu ( x1 , x2 )

u ( x1 , x2 ) > u ( y1 , y2 ) u (tx1 , tx2 ) = tu ( x1 , x2 ) > tu ( y1 , y2 ) = u (ty1 , ty2 )

4.

1 2

1
1

5.

corner solutions,
0 4 4

6.

hamburgers

(buns)

7. 1

23

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1 2 a:b

p1 ( x1 ) =

x1 a
= a b
x2 b

b
x1 = x2 p1 x1 + p2 x2 = m 1
a

m b
p2 .
x1 a

8.

x1 = p1 x1 = 1 / p1 .

x1 = p1 p1 ( x1 ) = x1

24

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1. ( p1 , p2 ) = (1, 2) ( x1 , x2 ) = (1, 2)

(q1 , q2 ) = (2, 1) ( y1 , y2 ) = (2, 1)

( p1 , p2 ) ( x1 , x2 ) (q1 , q2 ) ( y1 , y2 )

p1 x1 + p2 x2 p1 y1 + p2 y2 .

q1 y1 + q2 y2 q1 x1 + q2 x2 .
y x y
x

1
p1
=
2
p2
1,2
(q1 , q2 ) = (2, 1) ( y1 , y2 ) = ( 2, 1)

( p1 , p2 ) = (1, 2) ( x1 , x2 ) = (1, 2) k =

y x
y x
y x
25

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p1 x1 + p2 x2 = 5; p1 y1 + p2 y2 = 4 p1 x1 + p2 x2 p1 y1 + p2 y2

q1 y1 + q2 y2 q1 x1 + q2 x2
q1 y1 + q2 y2 = 5 q1 x1 + q2 x2 = 4

2. ( p1 , p2 ) = (2, 1) ( x1 , x2 ) = (1, 2)

(q1 , q2 ) = (1, 2) ( y1 , y2 ) = (2, 1)

p1 x1 + p2 x2 = 4;

p1 y1 + p2 y2 = 5

pp1 x1 + p2 x2 p1 y1 + p2 y2 x y
q1 y1 + q2 y2 = 4 q1 x1 + q2 x2 = 5 q1 y1 + q2 y2 q1 x1 + q2 x2
y x

x
x y
x
3.

x y

x y
x y x
2 x y y
x 2 x y

4.

26

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2 2.7 2

( x1 , x2 ) p1 x1 + p2 x2 = p1 x1 + p2 x2
b

p1 (1 + c) x1 + p2 (1 + c) x2 = p1 (1 + c) x1b + p2 (1 + c) x2b 1+c

( x1b , x2b )
5.

5 6

5 6

1:1
1 10% 2 20%

1 1:1
1:1

27

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 1 L L

8 9

28

caoqianseu@163.com

1.

1 1
2 1 2 1

1 1 1 2
2 0 2
2 0
11 1 2
1 1 1
1 2 0
1 2

11 1 2 1
1 1
1
1

2.

29

caoqianseu@163.com

8.5
8.5

0
6 5
1 0
2 1 1 2
1 2 0 1
1
1
3.

x
tx t

30

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tx

( 1) X
Z
1

tx

Y 1

tx
Y 1

4.

x < x tx < tx tx tx
x x
5.

31

caoqianseu@163.com

 3
3 3
X

32

caoqianseu@163.com

1.

-3

9,1

2.
( p1 , p2 ) = ( 2,3) ( x1 , x2 ) = ( 4,4)

( y1 , y2 ) = (3,5)

( y1 , y2 )

( x1 , x2 ) = ( 4,4) ( p1 , p2 ) = ( 2,3) 20 = 2 4 + 3 4

( y1 , y2 ) = (3,5) ( p1 , p2 ) = (2,3) 21
( y1 , y2 )

( y1 , y2 ) 21

3.
( p1 , p2 ) = ( 2,3) ( x1 , x2 ) = ( 4,4)

(q1 , q2 ) = (2,4)

2 2
1

33

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(A) 2 2
4,4 2
4,4

4,4 2
2 4,4

B 2 2

4.

44
1,12,3

5.
24 30

34

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pC + wR = pC + wR .

R 24 30

6.

R
R
= +R R
w
m .
( )
( + ) ( )

(9.4)

9.4
R R
R R R / m

35

caoqianseu@163.com

10

1.
20%
20 100

PV =

100
= 2.61 ()
(1 + 20%) 20

10.1 10.1 20 1 0.03

100 3

2.

(1 + r )c1 + c2 = (1 + r )m1 + m2
c1 +

c2
m
= m1 + 2
1+ r
1+ r

(1 + r )

3.

c1 ,c2 1:1

r > 0 1 1
2
r = 0

36

caoqianseu@163.com

4.

m1 X

m1 Y
Y Y Y
X XX

m1
Z X Z Z X
X Z

5.
10%
100

5%

PV10% =

1
1
= 90.91 PV5% =
= 95.24
1 + 10%
1 + 5%

37

caoqianseu@163.com

11

1.
A 11 A 10%
A

p0 p1 A r
p1 = 11 r = 10% p0 .
1 + r = p1 / p0 p0 =

p1

1+ r

p0 =

p1
11
=
= 10 A 10
1 + r 1 + 10%

2.

10,000
110,000

100,000

10 p0 = 10) 1 12 p1 = 12
1 + r = p1 / p0 1 + r = 12 / 10 r = 20% .

3.

10%
40%

rb re
t

(1 t )rb = re .

rb = 10% t = 40% re
(1 t )rb = re re = (1 40%) 10% = 6% .

38

caoqianseu@163.com

4.

10

40 10%

10 40
p0 10% 10 40

p0 (1 + 10%)10 = 40

p0 =

40
= 15.42
(1 + 10%)10

15.42

39

caoqianseu@163.com

12

1.
12.1 ?

Cb Cg

1000
100 100
Cg 1000 Cb

2.

(a) u (c1 , c2 , 1 , 2 ) = a ( 1c1 + 2 c2 ) ,

(b) u (c1 , c2 , 1 , 2 ) = 1c1 + 2 c22 ,
(c) u (c1 , c2 , 1 , 2 ) = 1 ln c1 + ln 2 c2 + 17 .

40

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u (c1 , c2 , 1 , 2 ) = 1v(c1 ) + 2v(c2 ) .

v(c1 ) v(c2 )

1 2

u w(u ) = au + b a > 0
w(u )

a u (c1 , c2 , 1 , 2 ) = a ( 1c1 + 2 c2 )
z (c1 , c2 , 1 , 2 ) = 1c1 + 2 c2 u ( z ) = az + b
b=0

b
u (c1 , c2 , 1 , 2 ) = 1c12 + 2c22

c u (c1 , c2 , 1 , 2 ) = 1 ln c1 + ln 2 c2 + 17

z (c1 , c2 , 1 , 2 ) = 1 ln c1 + ln 2 c2 u ( z ) = az + b

a=1,b=17

3.

1000 75%
100
25%
?
325

u( 1c1 + 2c2 ) > 1u(c1 ) + 2u(c2 )

E g = 0.25 100 + 0.75 1000 = 325

41

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325

u (325) > 0.25u (100) + 0.75u (1000 ) 325

4.
320 ?

u(320) 0.25u (100) + 0.75u (1000)

320

42

caoqianseu@163.com

5.

6.

43

caoqianseu@163.com

13

1.
6%
9%
3%

2
2%

-
r f rm
x (1 x )

rx = xrm + (1 x ) rf .

x2 = x 2 m2 .

x = x 2 m2 = x m .

1 x =

x 2 m2 = x m x =

x 2% 2
=
=
m 3% 3

rx = xrm + (1 x ) rf =

2
1
9% + 6% = 8% .
3
3

2.

p=

rm rf

9% 6%
=1
3%

3.
1.5
10%
5%

100

44

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ri = r f +
i rm r f = 5 % + 1 .5(10 % 5%) = 12 .5%
100

100
= 88.89 ()
1 + 12.5%

45

caoqianseu@163.com

14

1.

10
100

12

deadweight loss

16
16

10

P=10

10 0

46

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12
12
0 12 100

16
11

0
p=11 0
=0-0=0

=A+B= 100 (12 10) = 200

=A= 100 (12 11) = 100

=100-200=-100()

100 100
100 (11 10) = 100
100

=++=0+-100+100=0
47

caoqianseu@163.com

2.
D ( p ) = 10 p 6

q=6
q=6
---- p=4

q=6
q=6 q = D ( p ) = 10 p p=4
6

6 =

1
( 4 + 10) 6 = 42
2

3.

4 6

48

caoqianseu@163.com

P=4 q=6=A+B+C
P=6 q=4=A
4 6 =A-(A+B+C)=-(B+C)
B+C
=

1
( 4 + 6) ( 4 6) = 10
2

( a bt ) dt = at b

t 2 p
p 2 p 2
= a ( p p ) b
2 p
2

-10.
4.
10
5 6

10

5 6 10
=A= (5 6) 10 = 10 10

49

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15

1.
D ( p ) = 100 0.5 p

p (q )
q

q = D ( p ) = 100 0.5 p p ( q ) = 200 2q

2.

3.
D ( p ) = 12 2 p

D ( p ) = 12 2 p TR = pD ( p ) TR = p (12 2 p ) = 12 p 2 p 2

dTR
= 0 12 4 p = 0 p = 3
dp

4.
D ( p ) = 100 / p

50

caoqianseu@163.com

D ( p ) = 100 / p TR = pD ( p ) TR = p (100 / p ) = 100

5.

x1* = x1* ( p1 , p2 , m)
x2* = x2* ( p1 , p2 , m)

p1 x1 + p2 x2 = m

p1 x1* ( p1 , p2 , m) + p2 x2* ( p1 , p2 , m) = m
m

p1

x1* ( p1 , p2 , m)
x * ( p , p , m )
+ p2 2 1 2
=1
m
m

x1 m
x m
2
1
m x1
m x2

p1 x1 x1* ( p1 , p2 , m) m
p x x * ( p , p , m ) m
[
]+ 2 2 [ 2 1 2
] =1
m
m
x1
m
m
x2

1 2 1 2

p1 x1
p x
2 2 1 2
m
m

s1 s2

s11 + s2 2 = 1 .
1
51

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 1
1

52

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16

1.

b
A

B
p *
2.

53

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p*
p*
3.
1:1

pr pb

at a a [0, 1]
pr + at < pb pr + at > pb

pr + at = pb

a = 0
54

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4.

25

30 /
25
p=25

5 /
30 /

30 / 30 /
30 30 /

5.

55

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 y * =
= p*
*

pd =
ps = p t t
*

= CS+
PS
= CS+ PS PS

6.

56

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100
100 t 10%

100 10% = 10
0= (0 100) 10% = 10

10 = 10 + ( 10) = 0 .

7.

tl < tb

tl tb

100 100
10% 15%

100 10% = 10
0= (0 100) 15% = 15

15 = 10 + (15) = 5 .

57

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17

1.

58

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2.

8 10

= k

810

10,810,10
8,8

50 50
10
0 11
0
10 10
0
10 10 10
=

1
(0 + 10 + 10 + 10) = 7.5
4

8 8

8
9 9 10 =

1
(8 + 9 + 9 + 10) = 9
4

8 10
0

8 8

59

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=-

3.

sealed-bid auction

Philatelist auctionVickrey auction

v1 v2 b1 b2 1 expected payoff

Pr ob(b1 b2 )[v1 b2 ]
Probprobalility

b1 < b2 1
Pr ob(b1 < b2 )

v1 > b2 1
b1 = v1 v1 < b2
b1 = v1 1

60

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0 0

4.
Ucom

1
v1 2 v2 2
2 v1 v2 p
1

5.

i v + i v i

i
i

i max max > 0

v Winners Curse

61

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?
i max max > 0
v

18

1.
f ( x1 , x2 ) = x12 x22

t > 0 f (tx1 , tx2 ) = tf ( x1 , x2 ) .

t > 1 f (tx1 , tx2 ) > tf ( x1 , x2 ) .
t > 1 f (tx1 , tx2 ) < tf ( x1 , x2 ) .
t

f (tx1 , tx2 ) = (t 2 x12 )(t 2 x22 ) = t 4 x12 x22 = t 4 f ( x1 , x2 )

t > 1 f (tx1 , tx2 ) = t 4 f ( x1 , x2 ) > tf ( x1 , x2 )

2.
f ( x1 , x2 ) = 4 x11 / 2 x12 / 3

f (tx1 , tx2 ) = 4(t 1 / 2 x11 / 2 )(t 1 / 3 x12 / 3 ) = t 5 / 6 ( 4 x11 / 2 x12 / 2 ) = t 5 / 6 f ( x1 , x2 )

t > 1 f (tx1 , tx2 ) = t 5 / 6 f ( x1 , x2 ) < tf ( x1 , x2 )

62

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3.
-
f ( x1 , x2 ) = Ax1 x2
( a + b)

( a + b)

a b

f (tx1 , tx2 ) = A(t a x1a )(t b ) x2b = t a + b ( Ax1a x2b ) = t a + b f ( x1 , x2 )

a + b = 1 t > 0 f (tx1 , tx2 ) = t

a +b

f ( x1 , x2 ) = tf ( x1 , x2 )

a+b
f ( x1 , x2 ) > tf ( x1 , x2 )
a + b > 1 t > 1 f (tx1 , tx2 ) = t

a + b < 1 t > 1 f (tx1 , tx2 ) = t a + b f ( x1 , x2 ) < tf ( x1 , x2 )

4.
x1 x2 4
x1
3
x2

TRS 1 2

y = MP1 ( x1 , x2 )x1 + MP2 ( x1 , x2 )x2 = 0

TRS12 =

x2
MP1 ( x1 , x2 )
=
.
x1
MP2 ( x1 , x2 )

TRS12 =

x2
x2 = x1 TRS12 x2 = (3)(4) = 12
x1

5.

63

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n n n

6.

t t
t t

- f ( x1 , x2 ) = x12 / 3 x22 / 3
3

64

2 2
+ > 1
3 3

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 1 MU1 =

f
2
= x22 / 3 x11 / 3
x1 3

MU1 2 f
2
= 2 = x22 / 3 x1 4 / 3 < 0 1 2
x1
x1
9

19

1.

:

2 x2 f ( x1 , x2 ) p
1 2 w1 w2

max pf ( x1 , x2 ) w1 x1 w2 x2 .
x1

pMP1 ( x1* , x2 ) = w1

(1)

x1* 1

pf ( x1* , x2 ) w1 x1* w2 x2

(2)

1 1 p 1 w1
2 x2

222
*
*
pf ( x1 , x2 ) w1 x1 2 w2 x2

65

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 x2 w2 2

2 x2 f ( x1 , x2 ) p
1 2 w1 w2
2 x2 y

= py w1 x1 w2 x2 .
y y x1

y=

w2
w
x2 + 1 x1 .
p
p

(3)

3 w1 / p / p + w2 x2 / p
p

w1 / p

MP1 ( x1* , x2 ) =

w1

( x1* , y * )
2 2
2 2 x2 2
w1 / p 2
66

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 1
2

2.

y = f ( x1 , x2 ) ( x1 , x2 )

= pf ( x1 , x2 ) w1 x1 w2 x2 .

t > 1 f (tx1 , tx2 ) > tf ( x1 , x2 )

* = pf (tx1 , tx2 ) w1 (tx1 ) w2 (tx2 ) > tf ( x1 , x2 ) tw1 x1 tw2 x2 = t

t = 2 > 2
*

3.

y = f ( x1 , x2 )
( x1 , x2 )

= pf ( x1 , x2 ) w1 x1 w2 x2 .

t > 1 f (tx1 , tx2 ) < tf ( x1 , x2 )

* = pf (tx1 , tx2 ) w1 (tx1 ) w2 (tx2 ) < tf ( x1 , x2 ) tw1 x1 tw2 x2 = t

t = 2 < 2
*

4.

1
20

67

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20:1

5.

6.
pMP1 > w1
1

max pf ( x1 , x2 ) w1 x1 w2 x2
x1 , x 2

68

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f ( x1* , x2* )
p
w1 = 0
x1

f ( x1* , x2* )
w2 = 0
x2

pMP1 = w1 pMP2 = w2

pMP1 > w1 pMP1 w1 > 0 pMP1x1 w1x1 > 0

1 1

7.

x1
x2
x2

x1

1 1
x1
8.

y * = f ( x1* , x2* ) ( x1* , x2* )

* = py* w1 x1* w2 x2* .

2
2 2

69

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20

1.

*
py c ( y ) y

y *

y *

2.
MP1 / w1 > MP2 / w2

MP1 / w1 = MP2 / w2

min w1 x1 + w2 x2
x1 , x 2

f ( x1 , x2 ) = y
70

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L = w1 x1 + w2 x2 ( f ( x1 , x2 ) y )
x1 , x2

w1

f ( x1 , x2 )
=0
x1

w2

f ( x1 , x2 )
=0
x2

f ( x1 , x2 ) y = 0 .

w1 f ( x1 , x2 ) / x1
=
.
w2 f ( x1 , x2 ) / x2

w1 MP1 ( x1 , x2 )
=
w2 MP2 ( x1 , x2 )

MP1 ( x1 , x2 ) MP2 ( x1 , x2 )
=

w1
w2

MP1 / w1 = MP2 / w2

MP1 / w1 > MP2 / w2 w1 = w2 = 1

MP1 > MP2 1 2
1 2
MP1 = MP2 w1 = w2 = 1
MP1 / w1 = MP2 / w2

3.

x1 ( w1 , w2 , y ) x2 ( w1 , w2 , y )
conditional factor demand functionsderived factor demands
y

71

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f ( x1 , x2 ) = x1 + x2

1 2
y w1 y w2 y

c( w1 , w2 , y ) = min{w1 y, w2 y} = min{w1 , w2 } y
w1 y = w2 y
y = f ( x1 , x2 ) = x1 + x2

5.

( w1t , w2t ) ( w1s , w2s ) ( x1t , x2t ) ( x1s , x2s )

y

w1t x1t + w2t x2t w1t x1s + w2t x2s

w1s x1s + w2s x2s w1s x1t + w2s x2t .

y t s
Weak Axiom of Cost
Minimization, WACM

w1s x1t w2s x2t w1s x1s w2s x2s

( w1t w1s ) x1t + ( w2t w2s ) x2t ( w1t w1s ) x1s + ( w2t w2s ) x2s

( w1t w1s )( x1t x1s ) + ( w2t w2s )( x2t x2s ) 0 .

72

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w1x1 + w2 x2 0 .

w1x1 + w2 x2 0
1 2 w2 = 0

w1x1 0 .

5.
n
n > 2

wi

xi

w1x1 + w2 x2 + ...wi xi + ... + wn xn 0

w x
i =1

i w j = 0 j i
wi xi 0.

73

caoqianseu@163.com

21

1.

123

1 AFC ( y ) = F / y F y AFC

(2) AC ( y ) =

c( y ) cv ( y ) F
=
+ = AVC ( y ) + AFC ( y )
y
y
y

AFC

74

caoqianseu@163.com

2.

1 2

1 2 c1 ( y1 )

c2 ( y2 ) y
min c1 ( y1 ) + c2 ( y2 )
y1 , y 2

y1 + y2 = m .
1 2

MC1 ( y1* ) = MC2 ( y2* )

MC1 ( y1 ) > MC2 ( y2 ) 1
2
3.

75

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 y *
SAC

22

1.
c( y ) = 10 y 2 + 1000

max py c( y )
y

y 0 .
y *

p c( y ) = 0 p = MC ( y )

c( y ) 0 . c( y ) 0

y * > 0 y *
p AVC ( y )

76

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2
c( y ) = 10 y + 1000 MC ( y ) = 20 y

p = MC ( y )
p = 20 y p AVC ( y )
MC ( y ) AVC ( y ) p = MC ( y ) MC ( y ) AVC ( y )

c( y ) = 10 y 2 + 1000 AVC ( y ) =

TVC ( y ) 10 y 2
=
= 10 y
y
y

p = 20 y AVC ( y ) = 10 y p > AVC ( y )

p = 20 y y = p / 20

2.
c( y ) = 10 y 2 + 1000

c( y ) = 10 y 2 + 1000 AC ( y ) =

c( y )
1000
= 10 y +
y
y

dAC ( y )
1000
= 10 2 = 0 y = 10.
dy
y

c( y ) = 10 y 2 + 1000 MC ( y ) = 20 y

MC ( y ) = AC ( y ) 20 y = 10 y +

1000
y = 10
y

3.
S ( p ) = 100 + 20 p

77

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 y = S ( p ) = 100 + 20 p p =

y 100

20

4.
S ( p ) = 4 p 100
10 20

= py cv ( y ) F
= py cv ( y ) .
= + F
B

PS =

S ( p ) = 4 p 10
40 20 80.

10 20

78

caoqianseu@163.com

1
(80 + 40) (20 10) = 600 .
2

600.

5.
c( y ) = y 2 + 1

p = MC ( y )
py c ( y ) 0
y p AC ( y )
p AC ( y )

c( y ) = y 2 + 1 MC ( y ) = 2 y
p = MC ( y )
p = 2 y p AC ( y )
c( y ) = y + 1 AC ( y ) =
2

p = 2 y AC ( y ) 2 y y +

c( y ) y 2 + 1
1
=
= y+
y
y
y

1
y 1
y

p = 2 y y 1
y 1 p = 2 y p 2
y =

p 2
2

c( y ) = y 2 + 1 MC ( y ) = 2 y
p = MC ( y )

p = 2 y
p < min AC ( y ) p min AC ( y )
min AC ( y )

79

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 c( y ) = y 2 + 1 AC ( y ) =

c( y ) y 2 + 1
1
=
= y+
y
y
y

1
dAC ( y )
= 1 2 = 0 y = 1
dy
y
min AC ( y ) = 1 + 1 = 2 p min AC ( y ) = 2

y =

p
p 2
2

6.

A C
B
C

7.

80

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8.

R ( y ) = py y MR ( y ) = p

max ( y ) = py C ( y ) ( y ), C ( y )
y

d ( y )
dC ( y )
= p
= 0 p = MC ( y )
dy
dy

9.

AVC ( y ) > p py AVC ( y ) y < 0 py TVC ( y ) < 0

10.

AVC ( y ) < p < AC ( y )

p < AC ( y ) p < AC ( y ) py < AC ( y ) y

81

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AVC ( y ) < p py AVC ( y ) y > 0 py TVC ( y ) > 0

11.

23

1.

S1 ( p ) = p 10 S 2 ( p ) = p 15

?
kink

1 S1 ( p ) = p 10 p 10 0 p > 10
p ( y1 ) = 10 + y1 (a)

82

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 1 S 2 ( p ) = p 15 p 15 0 p > 15
p( y2 ) = 15 + y2 (b)
1 2
c
c p = 15

Y = p 10
2 p 25

0 p < 10
10 p < 15
p 15

2.

S S

83

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DS t
t

DL

3.

AVC

p*

AC

p* y* cv ( y * ) = 0

= p * y* cv ( y* )

84

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4.

5.

85

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6.

p y n
p y ny

7.

> 0

86

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24

1.

()

A()
r ( y ) = p ( y ) y
87

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max r ( y ) c( y ) .
y

r ( y ) c( y ) = 0

B
r ( y ) = p ( y ) y y

r ( y ) = p( y ) + p( y ) y
MR( y )

dp ( y ) y
]
dy p ( y )
1
MR( y ) = r ( y ) = p ( y )[1 +
]
( y)

MR( y ) = r ( y ) = p ( y ) + p( y ) y MR( y ) = r ( y ) = p ( y )[1 +

p ( y* )[1 +

1
] = MC ( y* )
*
(y )

y *

p ( y* )[1

1
] = MC ( y* )
*
(y )

p ( y* )[1

1
] = MC ( y* )
*
(y )

< 1
1 / > 1

2.
D ( p ) = 100 2 p c( y ) = 2 y
88

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D ( p ) = 100 2 p p ( y ) = 50 y / 2
r ( y ) = p ( y ) y r ( y ) = (50 y / 2) y = 50 y y 2 / 2 .
y

r ( y ) = 50 y y 2 / 2 MR( y ) = 50 y
c( y ) = 2 y y

c( y ) = 2 y MC ( y ) = 2

MR(y)=MC(y) 50 y = 2 y = 48

p( y ) = 50 y / 2 p (48) = 26
3.
D ( p ) = 10 p 3 c( y ) = 2 y
?

D ( p ) = 10 p

p( y ) = 3

r ( y ) = p( y ) y = 3

10
y

10
y = 3 10 y 2
y

MR( y ) = r ( y ) =

23
10 y 1 / 3
3

MC ( y ) = 2

y=

23
10
10 y 1 / 3 = 2 y =

3
27

10
10
p( ) = 3
27
27

p ( y )[1

1
] = MC ( y )
( y)

89

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3 ( y ) 3
p = 3
p = 3 D ( p ) = 10 p 3 y =

10

27

4.
D ( p ) = 100 / p c( y ) = y
2

p( y )[1

1
] = MC ( y )
( y)

1 ( y ) 1
0

5.
= 3
6 /

MC MC + t
t
t / 2

90

caoqianseu@163.com

 6 / 3

p( y ) = a by c c + t
MR ( y ) = a 2by a 2by = c + t

y=

act
2b

dy
1
=
dt
2b

y=

act
p( y ) = a by
2b
p( y ) =

a+c t
+ .
2
2

dp 1
=
dt 2

p 1
1
1
= p = t = 6 = 3
t 2
2
2

6.

p( y )[1

1
] = MC ( y )
( y)

p( y ) =

MC ( y )
1 1/ ( y)

a markup over marginal cost

= p( y ) MC ( y ) =

MC ( y )
MC ( y )
1 1/ ( y)

p( y) =

MC ( y )
MC ( y )
6
p( y ) =
p( y ) =
= 9
1 1/ ( y)
1 1/ ( y)
1 1/ 3

91

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7.
2

MC ( y * )
MC ( y * )
*
p( y ) =
p( y ) =
= 2 MC ( y* )
*
1 1/ 2
1 1/ ( y )
*

*
*
*
= p ( y ) MC ( y ) = MC ( y )

8.

p( y * ) = MC ( y * )
y *
2

MR( y ) = p( y )[1

1
1 1
] MR( y ) = p( y )[1 ] = p( y )
( y)
2 2

1
]
( y)
y
MR ( y ) = p ( y )[1

t / y

MR( y) =

1
p ( y) = MC ( y) t
2

1
1
1
1
p ( y) = MC ( y) t t = MC ( y) p ( y) t = MC ( y) MC ( y) = MC ( y)
2
2
2
2
y p ( y) = MC ( y)
92

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50%

9.

p ( y* )[1 +

1
] = MC ( y* )
( y* )

y *

p ( y* )[1

1
] = MC ( y* )
*
(y )

p( y* ) =

MC ( y * )
1 1/ ( y* )

( y* ) > 1

p ( y* ) > MC ( y * )

10.

*
y

93

caoqianseu@163.com

p ( y* )[1

1
] = MC ( y* )
*
(y )

*
y

t t

p ( y* )[1

1
] < MC ( y * ) + t .
( y* )

t y *
y t

p( y* ) =

MC ( y * )
1 1/ ( y* )

p( y) =

MC ( y) + t
1 1 / ( y)

p = p ( y) p ( y * ) =

MC ( y) + t
MC ( y * )

1 1 / ( y) 1 1 / ( y * )

11.

12.

94

caoqianseu@163.com

collude

25

1.

95

caoqianseu@163.com

 p ( y ) = MC ( y ) p ( y )
MC ( y ) g b bdg
abg adg

MR ( y ) = MC ( y ) MR( y )
MC ( y ) f c cde
acef adef
efg

f
g f e
f

p ( y ) MC ( y ) g

adg

2.

1 2 c

96

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p1 ( y1 ) p2 ( y2 ) 1 2
c( y1 + y2 )

max p1 ( y1 ) y1 + p2 ( y2 ) y2 c( y1 + y2 ).
y1 , y 2

p1 ( y1 ) y1 c( y1 + y2 )

=0
y1
y1
p1 ( y1 ) y1 c( y1 + y2 )

=0
y2
y2

p1 ( y1 ) y1 c( y1 + y2 ) ( y1 + y2 )

=0
y1
y1
( y1 + y2 )
p1 ( y1 ) y1 c( y1 + y2 ) ( y1 + y2 )

=0
y2
( y1 + y2 )
y2

( y1 + y2 ) y1 y2
( y1 + y2 )
=
+
= 1 + 0 = 1
= 1
y1
y1 y1
y2

p1 ( y1 ) y1 c( y1 + y2 )

=0
y1
( y1 + y2 )
p1 ( y1 ) y1 c( y1 + y2 )

=0
y2
( y1 + y2 )
MR1 ( y1 ) MC ( y1 + y2 ) = 0

MR1 ( y1 ) = MC ( y1 + y2 )
MR2 ( y2 ) = MC ( y1 + y2 )

MR1 ( y1 ) = MC ( y1 + y2 ) MR2 ( y2 ) = MC ( y1 + y2 ) .

97

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p1 ( y1 )[1

1
] = MC ( y1 + y2 )
1 ( y1 )

p2 ( y2 )[1

1
] = MC ( y1 + y2 )
2 ( y2 )

p1 ( y1 )[1

]=c

p2 ( y2 )[1

]=c

p1 ( y1 ) =

c
[1

p2 ( y 2 ) =

c
[1

3.

(two-part tariffs)

y *

p ( y * ) = MC ( y* ) .
MC=0 p(y) MC=0
y *
Oa y * FC
MC=0 FC= Oa y * FC

Oa y * = Oa y * FC

98

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4.

26

1.

r ( y ) = p ( y ) y

max p( y ) y c( y )
y

99

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 y 0

MR( y ) = p ( y ) + p( y ) y = MC ( y )
dp ( y ) y
] = MC ( y )
dy p ( y )
1
p ( y )[1 +
] = MC ( y )
( y)
p ( y )[1 +

p( y )[1

1
] = MC ( y )
( y)

( y )

w(x)

max pf ( x) w( x) x.
x

pf ( x) = w( x) + w( x) x = w( x)[1 +

x dw
1
] = w( x)[1 + ].
w dx

pMPx = w( x )[1 +

].

> 0

2.

100

caoqianseu@163.com

 wc c Lc
wm Lm m
wc Lc
w > wc Lw
D

Lw D S

3.

x=

ac
4b

y=

ac
.
4b

p = a by

y=

ac
a c 3a + c
p = a by = a b
=

4b
4b
4

k = a 2bx x =
k =

a+c
.
2
101

ac

4b

caoqianseu@163.com

27

1.

p (Y ) = a bY
c

102

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1 2 y2 e 1 y1
Y = y1 + y2e

p(Y ) = p ( y1 + y2e ). 1
max p ( y1 + y2e ) y1 c( y1 ).
y1

2 y2e 1 y1
2 1

y1 = f ( y2e ) .

belief
2 :

y2 = f ( y1e ) .
e
e

y1 y2

y1e y2e

y1 y1e y2 y2e
( y1* , y2* ) 1 2 y 2*
y1* 2 1 y1* y 2*
( y1* , y2* )

y1* = f1 ( y2* )
y2* = f 2 ( y1* ) .

y1 y2

y1 = f1 ( y2 )
y2 = f1 ( y1 ) .
1 2

103

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max p( y1 + y2 ) y1 c( y1 ) = [a b( y1 + y2 )] y1 cy1
y1

a 2by1 by2 c = 0
1

y1 = f1 ( y2 ) =

1
(a c by2 ).
2b

y2 = f1 ( y1 ) =

1
(a c by1 ).
2b

y1 = y2 =
y1 = y2 =

ac
.
3b
ac
2( a c )
y1 + y2 =
.
3b
3b

2.

y1 y2

max p( y1 + y2 )[ y1 + y2 ] c1 ( y1 ) c2 ( y2 ).
y1 , y 2

p ( y1* + y2* ) +

p *
[ y1 + y2* ] = MC1 ( y1* )
Y

p ( y1* + y2* ) +

p *
[ y1 + y2* ] = MC2 ( y2* ).
Y

1 y1

104

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MC1 ( y1* ) = MC2 ( y2* )

( y1 , y2 ) MC1 ( y1 ) = MC2 ( y2 ) MC1 ( y1 ) > MC2 ( y2 )

MC1 ( y1 ) < MC2 ( y2 ) 2 2

MC1 ( y1 ) = MC2 ( y2 )

MC1 ( y1 ) = MC2 ( y2 )

3.

4.
n

1/ n

n = 1

n Y = y1 + ... + yn i

p (Y ) +

p
yi = MC ( yi ).
Y

p (Y ) Y / Y

p(Y )[1 +

p Y yi
] = MC ( yi ).
Y p (Y ) Y
105

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 si = yi / Y i

si
] = MC ( yi ).
(Y )

p(Y )[1

p(Y )[1

1
] = MC ( yi ).
(Y ) / si

si

(Y ) / si i

p(Y )[1

1
] = MC ( yi ).
(Y ) / si

Y yi i (Y ) si
i
n si = 1 / n

p(Y )[1

1
] = MC ( yi ).
n (Y )

MC ( yi ) > 0 p(Y )[1

1

1
] > 0 p(Y ) > 0
n (Y )

1
1
> 0 (Y ) <
n (Y )
n

5.

27.4

2
1

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 t ( y1t , y2t ) 1
2 y 2t 2 y 2t 1
f1 ( y2t ). 1 t + 1

y1t +1 = f1 ( y2t ).
2 2 t + 1

y2t +1 = f 2 ( y1t ).
( y1t , y2t ) 2 1
y1t +1 = f1 ( y2t ) 1

2 1 y1t +1 y2t +1
2

6.

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28

108

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1.

tit for tat

A B
A
B A
B A B

2.

A B

A A B
B A B

A B

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3.

4.

110

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5.
100

100

?
100

100

6.
28.1
B A

B A

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B
A
9,1
B A 1,2 B B
B A

9,1

A B 1B

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29

1.

28 2

2.
C R

best response

C R R r1 ,...rR C c1 ,...cC
R r bc (r ) C C c br (c)
R (r * , c* )

c* = bc (r * )
r * = br (c* ) .

*
c C

r R

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 r R 1 r c C
1 c
R C C
C

1 r + 0 (1 r ) = 0 r + 2 (1 r )
r = 2 / 3
C R R

2 c + 0 (1 c) = 0 c + 1 (1 c)
c = 1 / 3
C 1 / 3 R

c = 1 / 3 R
R R 2 / 3
C

R
C

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C 1 / 3 R
R 0 1

3.

4.

R 62%

R 0.7 C
0.6

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R =R C
R ++ R C R

(0.7 0.6) 50 + (0.7 0.4) 80 + (0.3 0.6) 90 + (0.3 0.4) 20 = 62.

5.

hold up

116

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30

1.

55%

45%

framing effect
positive framingnegative
framing

2.

(bracketing)
Bracketing

bracket
framing effect

bracketing

3.

10
50

10
4.

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1
1
( )3 =
2
8
5.
5 10
8

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31

1.

A
1.
2.
3.
4.
B

24 24
12 12
2 1
2 1

24 24

2.

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B
A
A
B A

3.

Pareto set

contract curve

4.

A
B
A B
5. 10 8 2

pz
i =1

i i

0 zi i i

0
120

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9 10

pz
i =1

i i

10

i =1

i =1

pi zi 0 ( pi zi ) + p9 z9 + p10 z10 0

= 0 p9 z9 + p10 z10 = 0

121

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32

1.
6 3

A.Marginal Rate of Transformation, MRT

B.

1 2
1 2

MRT12 =

x2
p
p
6
= 1 x2 = 1 x1 x2 = (1) = 2
x1
p2
p2
3

2.
32.2

A
A1
1 w

= C wL .
C L
C

C = + wL .

w
A2

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w MPL = w

32.3

L**
**

L*

123

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L*
L**

3.

124

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4.
2 1

A B 1 2

MRS12A = MRS12B = MRT12 =

p
x2
= 1
p2
x1

1 2

MRS12 =

MU1
MU1 2
x2
=
= 2
=
MU 2
MU 2 1
x1

MRT12 =

x2
x2 1
= 1
=
x1
x1 1

1 2

1 1

5.
60 60

9 /
6 /
A
10 20
60 60

60 60
+
= 9
10 20

20 10 60
125

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60

60 60
+
= 9
20 10

20 20
a 1-a
b 1-b a 1 b 0

20a + 10b 20
10(1 a ) + 20(1 b) 20

120
120/20=6 120
120/20=6
C
B

126

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33

1.

x y x
y

A B
x A B
y A B

A xB y x y

2.

Nietzschean

W (u1 ,..., un ) = min{u1 ,..., un } .

W (u1 ,..., un ) = max{u1 ,..., un } .

3.

127

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1 2

2
1

4.

i j i
j

128

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5.

30.1

y
z

1 y x z
y
2 z x y z
3
30.1

y x z
y
B C z A x zz

z y y
z
z x y z

x f y , y f z z f x

129

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34

1.

2.

3.

130

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4.

max f (c) ac .
c

c MP(c ) = a
*

max f (c ) ac k
c

c MP(c* ) = a
*

*
*
c MP(c ) = a

max f (c ) ac tc
c

MP (c) = a + t t = MP (c) a
t

131

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35

1.
50

1
2
p 3
p 4
p d d
s

( p d) +

p
p
+s< p+
r
r

( p d) + s = p .
d = s

( p s) c +

pc
= 0.
r

pc+

pc
=s
r

50

50

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2.

3.

c
+ t < c c
k

t ,k

k
)t < c . k 1
k +1

t < c
t c

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36

1.

i vi

h vh
vh

h vh vh 1000
888 889
889 1000
1

2.

n
vi i

1000
800 1000

800
800 1500
1200
1200 1000
1000
1000 900 950
900
1000 1000
1000

134

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3.
10
2
2

c(G ) = G

i ui = ui ( xi , G )
xi G n

MRS
i =1

i
Gxi

=
i =1

n
xi
MU G
=
= MC (G )
G i=1 MU xi

xi 2
= =2
G 1

c(G ) = G 2 MC (G ) = 2G
10

xi

= MC (G ) 10 2 = 2G G = 10

i =1

10

135

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37

1.

100 100
plumlemon 50
1000 2000
2400 1200

0.5 1200+0.5
2400=1800
2000
1000

1800
1000 1200

1000-100050=0
1200-100050=10000

50 0
[0 10000] 10000

2.

136

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0.51200+0.52400=1800
0.51000+0.52000=1500
1500 1800

100

=1500-1500100=0

=1800-1500100=30000

3. y = f ( x ) = x x 1
x c( x ) = x 2 / 2
u = 0 s ( x )
y = f ( x ) = x x
1

k
w

s ( x) = wx + k
*

w x MP( x* ) k

s ( f ( x )) c ( x)

max wx + k c( x)
x

x w = MC ( x)
137

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*
*
*
MP( x* )

x MP ( x ) = MC ( x )

s ( x ) = x

s ( x ) = wx + k
w k

max wx + k c( x)
x

( wx + k c ( x ) x )

w = MC ( x) .
2
c( x ) = x / 2

MC ( x) = x .

w= x.

(1)

max
x

f ( x) ( wx + k )

wx + k c ( x ) = u
w( x ) + k c ( x) = u f ( x ) ( w( x ) + k )

f ( x) c( x) u

max
x

f ( x ) = x c( x ) = x 2 / 2 u = 0

max x x 2 / 2
x

1 x = 0 :

x =1

(2)

w =1

12

x = 1 c( x ) = x 2 / 2 = 1 / 2

138

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wx + k c( x) = u 1 1 + k

1
1
=0k =
2
2

34 s ( x ) = wx + k = x

4.

R R
s ( f ( x )) c ( x ) = f ( x ) R c( x )
x , MP( x * ) = MC ( x* ) R
*

f ( x* ) c ( x* ) R = u
R = f ( x* ) c ( x* ) u .

R = f ( x* ) c( x* ) u x*

x = 1 f ( x * ) = x* = 1 c( x* ) = 1 / 2 u = 0
*

1 R = 1 1 / 2 0 = 1 / 2

5.
3

u = 1

s ( x ) = x +

1
2

max
x

f ( x) c( x) u

f ( x ) = x c( x ) = x 2 / 2 u = 1

max x x 2 / 2 1
x

1 x = 0 :

x =1

(1)

w = x

139

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w =1

2
x = 1 c( x ) = x / 2 = 1 / 2

wx + k c( x) = u 1 1 + k

1
1
=1 k =
2
2

23 s ( x) = wx + k = x +

THIS IS THE END OF SULUTION BOOKS

FOR
VARIANS
INTERMEDIATE MICROECONOMICS (7th)

140

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