ap13_frq_microeconomicsAP经济学13年微观真题

AP ? Microeconomics 2013 Free-Response Questions About the College Board The College Board is a mission-driven not-for-profit organization that connects students to college success and opportunity. Founded in 1900, the College Board was created to expand access to higher education. Today, the membership association is made up of more than 6,000 of the world ’ s leading educational institutions and is dedicated to promoting excellence and equity in education. Each year, the College Board helps more than seven million students prepare for a successful transition to college through programs and services in college readiness and college success — including the SAT? and the Advanced Placement Program?. The organization also serves the education community through research and advocacy on behalf of students, educators, and schools. ? 2013 The College Board. College Board, Advanced Placement Program, AP, AP Central, SAT, and the acorn logo are registered trademarks of the College Board. Admitted Class Evaluation Service and inspiring minds are trademarks owned by the College Board. All other products and services may be trademarks of their respective owners. Visit the College Board on the Web: www.collegeboard.org. Permission to use copyrighted College Board materials may be requested online at: www.collegeboard.org/inquiry/cbpermit.html. Visit the College Board on the Web: www.collegeboard.org. AP Central is the official online home for the AP Program: apcentral.collegeboard.org. 2013 AP ? MICROECONOMICS FREE-RESPONSE QUESTIONS ? 2013 The College Board. Visit the College Board on the Web: www.collegeboard.org. GO ON TO THE NEXT PAGE. -2- MICROECONOMICS Section II Planning time —10 minutes Writing time —50 minutes Directions: You have 10 minutes to read all of the questions in this booklet, to sketch graphs, to make notes, and to plan your answers. You will then have 50 minutes to answer all three of the following questions. It is suggested that you spend approximately half your time on the first question and divide the remaining time equally between the next two questions. In answering the questions, you should emphasize the line of reasoning that generated your results; it is not enough to list the results of your analysis. Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. Use a pen with black or dark blue ink. 1. The graph below illustrates the demand, marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves for a profit-maximizing monopolist. (a) Assume that the profit-maximizing monopolist is unregulated. Using the labeling in the graph, identify each of the following. (i) The monopolist ’s quantity of output (ii) The monopolist ’s price (iii) The profit earned by the monopolist (iv) The deadweight loss (b) Now assume that the monopolist can perfectly price discriminate. Using the labeling of the graph, identify each of the following. (i) The quantity produced (ii) The total revenue received by the monopolist 2013 AP ? MICROECONOMICS FREE-RESPONSE QUESTIONS ? 2013 The College Board. Visit the College Board on the Web: www.collegeboard.org. GO ON TO THE NEXT PAGE. -3- (c) Instead, assume the monopolist charges a single price and is regulated to produce the socially efficient quantity. Using the labeling of the graph, identify each of the following. (i) The socially efficient quantity (ii) The consumer surplus at the socially efficient quantity (d) Is the monopolist facing the regulation in part (c) earning a positive economic profit, earning zero economic profit, or incurring a loss? Explain. (e) Is point f in the elastic, inelastic, or unit elastic portion of the demand curve? Explain. 2. There are two pizza restaurants in College Town, PieCrust and LaPizza. Each company must decide whether to advertise or to not advertise. In the payoff matrix below, the first entry in each cell indicates PieCrust ’s daily profit, and the second entry indicates LaPizza ’s daily profit. Both firms have complete information. LaPizza Adverti s e Not Adverti s e Advertise $250, $200 $450, $300 PieCrust Not Advertise $180, $500 $390, $400 (a) What strategy should PieCrust choose if LaPizza chooses to advertise? Explain using the dollar values in the payoff matrix. (b) What is the dominant strategy, if any, for LaPizza? Explain using the dollar values in the payoff matrix. (c) In the Nash equilibrium, determine each of the following. (i) PieCrust ’s daily profit (ii) LaPizza ’s daily profit (d) Suppose that advertising costs increase by $60 per day. Redraw the payoff matrix to reflect the effect of the higher advertising costs. 2013 AP ? MICROECONOMICS FREE-RESPONSE QUESTIONS ? 2012 The College Board. Visit the College Board on the Web: www.collegeboard.org. -4- 3. For special occasions some people purchase and set off fireworks in their backyards. Assume the market for fireworks is perfectly competitive. (a) Draw a correctly labeled graph of the market for fireworks and show the market equilibrium price and quantity, labeled PE and QE. (b) Assume that the noise from the fireworks disturbs all of the neighbors. On your graph in part (a), show each of the following. (i) The marginal social cost curve, labeled MSC (ii) The marginal social benefit curve, labeled MSB (iii) The deadweight loss, if any, shaded completely (c) Now instead assume that all of the neighbors enjoy watching the fireworks. (i) In this case, is the market equilibrium quantity of fireworks greater than, less than, or equal to the socially optimal quantity? Explain. (ii) In this case, if the government bans fireworks, will the deadweight loss increase, decrease, or remain unchanged? STOP END OF EXAM