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1、专业知识-整理分享1,WORD 格式-可编辑 Chapter 3 1.In 1986, the price of oil on world markets dropped sharply. Since the United States is an oil-importing country, this was widely regarded as good for the U.S. economy. Yet in Texas and Louisiana 1986 was a year of economic decline. Why? It can deduce that Texas and
2、 Louisiana are oil-producing states of United States. So when the price of oil on world markets declined, the real wage of this industry fell in terms of other goods. This might be the reason of economic decline in these two states in 1986. 2 。 An economy can produce good 1 using labor and capital a
3、nd good 2 using labor and land. The total supply of labor is 100 units. Given the supply of capital, the outputs of the two goods depends on labor input as follows:,To analyze the economys production possibility frontier, consider how the output mix changes as labor is shifted between the two sector
4、s. a. Graph the production functions for good 1 and good 2. Q1 Q1 (K1 , L1 )Q2 Q2 (K2 , L2 ) Production Function for Good 1,48.6,57.5,66,73.6 80.7,87.4 93.9,100,100 90 80 70 60 50,Output,WORD 格式-可编辑,b. Graph the production possibility frontier. Why is it curved?,39.8,2,专业知识-整理分享,52.5,61.8,69.3,75.8,
5、81.5 86.7,91.4 95. 5100,100 90 80 70 60 50 40 30 20 10 00,0,10,20,30,40,50,60708090100 Labor Input for Good 2,Production Function for Good 2 Output,WORD 格式-可编辑,The PPF is curved due to declining marginal product of labor in each good. The total labor supply is fixed. So as L1 rises, MPL1 falls; corr
6、espondingly, as L2 falls, MPL2 rises. So PP gets steeper as we move down it to the right. 2.The marginal product of labor curves corresponding to the production functions in problem2 are as follows:,a. Suppose that the price of good 2 relative to that of good 1 is 2. Determine graphically the wage r
7、ate and the allocation of labor between the two sectors. With the assumption that labor is freely mobile between sectors, it will move from the low-wage sector to the high-wage sector until wages are,Q2,L1,L2,PPF Q1,Q2 Q2 (K2 , L2 ),3,专业知识-整理分享,1111,Q Q (K , L ),100,100,WORD 格式-可编辑,equalized. So in
8、equilibrium, the wage rate is equal to the value of labors marginal product.,P2 / P1 2,MPL1 P1 MPL2 P2,The abscissa of point of intersection illustrated above should be between (20, 30). Since we only have to find out the approximate answer, linear function could be employed. The labor allocation be
9、tween the sectors is approximately L1=27 and L2=73. The wage rate is approximately 0.98. b. Using the graph drawn for problem 2, determine the output of each sector. Then confirm graphically that the slop of the production possibility frontier at that point equals the relative price.,4,专业知识-整理分享,WOR
10、D 格式-可编辑,The relative price is P2/P1=2 and we have got the approximate labor allocation, so we can employ the linear function again to calculate the approximate output of each sector: Q1=44 and Q2=90. c. Suppose that the relative price of good 2 falls to 1. Repeat (a) and (b).,The relative decline i
11、n the price of good 2 caused labor to be reallocated: labor is drawn out of production of good 2 and enters production of good 1 (1=62, L2=38). This also leads to an output adjustment, that is, production,Q2,L1,L2,PPF Q1,Q2 Q2 (K2 , L2 ),Q1 Q1 (K1 , L1 ),100,100,2,5,专业知识-整理分享,slope 1,WORD 格式-可编辑,of
12、good 2 falls to 68 units and production of good 1 rises to 76 units. And the wage rate is approximately equal to 0.74.,d. Calculate the effects of the price change on the income of the specific factors in sectors 1 and 2. With the relative price change from P2/P1=2 to P2/P1=1, the price of good 2 ha
13、s fallen by 50 percent, while the price of good 1 has stayed the same. Wages have fallen too, but by less than the fall in P2 (wages fell approximately 25 percent). Thus, the real wage relative to P2 actually rises while real wage relative to P1 falls. Hence, to determine the welfare consequence for
14、 workers, the information about their consumption shares of good 1 and good 2 is needed. 3. In the text we examined the impacts of increases in the supply of capital and land. But what if the mobile factor, labor, increases in supply? a Analyze the qualitative effects of an increase in the supply of
15、 labor in,Q2,L1,L2,PPF Q1,Q2 Q2 (K2 , L2 ),Q1 Q1 (K1 , L1 ),100,100,slope 1,2,6,专业知识-整理分享,slope 1,WORD 格式-可编辑,the specific factors model, holding the price of both goods constant. For an economy producing two goods, X an Y, with labor demands reflected by their marginal revenue product curves, there
16、 is an initial wage of w1 and an initial labor allocation of Lx=OxA and Ly=OyA. When the supply of labor increases, the right boundary of the diagram illustrated below pushed out to Oy. The demand for labor in sector Y is pulled rightward with the boundary. The new intersection of the labor demand curves shows that labor expands in both sectors, and therefore output of both X and Y also ex
