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Hamilton

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FE341: Microeconomics Homework 1 Due August 30 th ANSWER KEY Please indicate the students that you worked on this homework assignment with, if any. 1. From the textbook page 18: Questions for Review #2 Which of the following two statements involves positive economic analysis and which normative? How do the two kinds of analysis differ? a. Gasoline rationing (allocating to each individual a maximum amount of gasoline that can be purchased each year) is poor social policy because it interferes with the workings of the competitive market system. Positive economic analysis describes what is. Normative economics describes what ought to be. Statement (a) merges both types of analysis. First, statement (a) makes a positive statement that “ rationing interferes with the workings of the competitive market system.” know from economic analysis that a constraint placed on supply will We change the market equilibrium. Second, statement (a) makes the normative statement that gasoline rationing “ is poor social policy.” b. Gasoline rationing is a policy under which more people are made worse off than are made better off. Statement (b) is positive because it states what the effect of gasoline rationing is without making a value judgment about the desirability of the rationing policy. 2. From the textbook page 18: Questions for Review #6 The price of long-distance telephone service fell from 40 cents per minute in 1996 to 22 cents per minute in 1999, a 45-percent (18 cents/40 cents) decrease. The CPI increased by 10 percent over this period. What happened to the real price of telephone service? Let the CPI equal 1 for 1996 and the CIP for 1999 equal 1.1 (a 10% increase). To find the real price of telephone service in each period, divide the nominal price by the CPI for that year. For 1996, we have 40/1 = 40 cents. For 1999, we have 22/1.1 or 20 cents. The real price therefore fell…...

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