2010 高考經濟學 卷二 B & C 參考答案

參考答案完成了一段日子，但因本週有地理和會計兩科重要科目，為免影響同學應考，現在才公佈。希望同學在本年高考能奪佳績。

Section B

Question 1

(a) National income is equal to NNP at factor cost. National income takes account of depreciation of capital goods (considering net fixed capital formation by deducting depreciation) while GDP does not (considering gross fixed capital formation). National income measures the value of goods produced by the factors of production owned by the residents of an economy, irrespective of whether the activities are carried out within the economic territory or outside (adding net income from abroad to domestic product) while GDP measures the value of goods and services produced within an economy (does not add net income from abroad). National income is the measure of aggregate production activities at factor cost while GDP measures aggregate production activities at market prices (before deducting indirect business taxes).

(b) Fixed weights of goods in some specified consumption basket according to people’s expenditure pattern in the base year (Laspeyres index) vs.

Variable weights of goods in the GDP basket according to the domestic production pattern in the current year (Paasche index).

(c) M1 = currency (banknotes and coins) held by the non-bank public + demand deposits vs.

M3 = M2 + large-denomination time deposits (where M2 = M1 + savings deposits + small-denomination time deposits)

While M1 is a narrow definition of money supply, emphasizing money as a medium of exchange, M3 is a broad definition of money supply, emphasizing also money as a store of value.

(d) Structural unemployment arises due to structural changes in the economy (e.g. sectoral shifts / change in relative demand between industries). Cyclical unemployment arises due to short run fluctuations during the business cycles. Structural unemployment exists at potential output while cyclical unemployment exists when actual output is lower than potential output (cyclical unemployment = actual unemployment - natural unemployment, where natural unemployment = frictional unemployment + structural unemployment).

Question 2

(a) A nominal variable is measured in terms of money. A real variable is measured in terms of goods.

(i) Real balance = nominal balance / price level

(ii) Nominal interest rate = real interest rate + expected inflation rate.

(nominal and real interest rates as nominal and real variables measure the rate of change instead of the actual quantity of money or goods)

(b) The price of holding nominal money balance is the interest differential between bond and money (R_B - R_M = r_B - r_M). In the case of money being a non-interest-bearing asset, the nominal rate of return on holding nominal money balance is zero (R_M = 0), therefore the interest differential between bond and money is equal to the nominal interest rate, i.e. the nominal rate of return on holding bond (R_B - R_M = R_B - 0 = R_B). [Students may also show that the real interest differential (r_B - r_M) is also equal to R_B as r_M = - expected inflation rate.]

The price of holding real money balance is still the nominal interest rate, as the highest-valued option forgone is essential the same, whether money balance refers to nominal or real balance. Given the fisher equation the real interest rate is equal to the nominal interest rate minus the expected inflation rate. We therefore cannot interpret the real interest rate as the price of holding real money balance. [Students should note that conceptually the cost of holding money, nominal balance or real balance, should be the nominal interest rate, although in the special case where the expected inflation rate is zero the nominal interest rate will be equal to real interest rate.]

(c) As output produced is transacted by money, which serves as a medium of exchange, the transaction of the nominal value of output (Py) must be facilitated by the nominal money stock. If the nominal money stock is smaller than the nominal value of output, money has to change hand in order to accomplish the transactions of all output, and therefore the nominal value of output will be equal to the nominal money stock times the number of times an average unit of money changes hands.

From the quantity equation of money, we can have the following relations:

g_M + g_V = g_P + g_y

which implies

g_P = g_M + g_V - g_y

From this we can identify three sources of inflation, namely, a growth in money supply, a growth in velocity of circulation, or a fall in real output. In general, there will be inflation (g_P > 0) if g_M + g_V - g_y > 0. As in the classical quantity theory of money where g_V = g_y = 0, inflation is a direct result of monetary growth (and g_P = g_M). In the case of g_M = g_y = 0, a growth in velocity is the only source of inflation (g_P = g_V). In the case of g_M = g_V = 0, a fall in real output is the only source of inflation (g_P = - g_y).

Question 3

(a) An increase in government expenditure (or equivalently a decrease in national saving) will lead to an increase in income, which will result in an increase in money demand. The increase in money demand will lead to excess demand in the money market and therefore a rise in the interest rate, which in turn leads to a decrease in investment and therefore income (the crowding-out effect). The changes in goods market (changes in G and Y) are transmitted to the money market through money demand, which depends positively on income, and the subsequent changes in the money market (changes in Md and r) are then transmitted to the goods market through investment, which depends negatively on the interest rate.

(b) A flatter LM curve can be due to a lower income elasticity of transaction demand for money or a higher interest elasticity of asset demand for money.

If the income elasticity of transaction demand for money is lower, when income increases, the increase in money demand will be smaller, leading to a smaller increase in interest rate and therefore a smaller decrease in investment and income (i.e. smaller crowding-out effect). The output effect will be bigger.

If the interest elasticity of asset demand for money is higher, when income and money demand increase, the increase in interest rate will be smaller (as a smaller rise in the interest rate would be able to induce a fall in Ma to restore money market equilibrium), leading to smaller decrease in investment and income (i.e. smaller crowding-out effect). The output effect will be bigger.

The output effect of an increase in government expenditure is necessarily bigger the flatter the LM curve.

(c) The output effect is not necessarily bigger the steeper the IS curve. A steeper IS curve can be due to a smaller interest elasticity of investment or a larger marginal propensity to save (or a smaller Keynesian multiplier in general).

If the interest elasticity of investment is lower, when interest rate increases the decrease in investment, and therefore income, will be smaller (i.e. smaller crowding-out effect). The output effect will be larger. Graphically, it can be represented by an equal horizontal shift of IS curve (with bigger vertical shift for lower interest elasticity of investment and steeper IS curve).

If the marginal propensity to save is larger (or smaller Keynesian multiplier in general), the multiplier effect on income will be smaller. The output effect will be smaller. Graphically, it can be represented by an equal vertical shift of IS curve (with smaller horizontal shift for larger marginal propensity to save and steeper IS curve).

With a steeper IS curve, the output effect of an increase in government expenditure may be larger or smaller.

Section C

Question 4

(a)

(i) Not necessarily. A revaluation of the Reminbi (RMB) against the US dollar (USD) will lead to a rise in the price of US imports from China (in terms of USD) and a decrease in the quantity of imports from China. The total value of US imports from China (in terms of USD) may increase, decrease or remain unchanged, depending on the price elasticities of demand for US imports from China. With a constant price of US exports to China (in terms of USD), an increase in the quantity of export will lead to an increase in the total value of US exports to China (in terms of USD). A revaluation of the Reminbi against the US dollar (USD) will reduce the trade deficit against China only if the Marshall-Lerner condition holds, i.e. the sum of the price elasticities of demand of US imports from and US exports to China is larger than unity.

(ii) When exports from China become more expensive, US’s import demand for goods from other countries may increase, leading to an increase in US’s total import value from these countries. Another complication is that when RMB revaluates, the value of USD against currencies other than RMB may also change, which will lead to changes in the quantity of US imports from and US exports to other countries. If this is the case, whether or not the trade deficits of US against the rest of the world would decrease depends also on the respective price elasticities of demand of US imports from and US exports to those countries.

(b) An export subsidy will lower the price of US exports to China, leading to an increase in the quantity of US exports. If the price elasticity of Chinese demand for US exports is larger than one, the total value of US exports to China will increase, which in turn reduce the US’s trade deficit against China.

(c) Imposing tariffs on imports from China will raise the price of imports from China, leading to a fall in the quantity of such goods. The value of imports from China net of tariffs will decrease, although the total expenditure (including the tariffs revenue) on imports from China may rise or fall, depending again on the price elasticities of demand of US for imports from China.

Question 5

(a)

(i) Ms = C + D = $(800 + 4 000) = $4 800

(ii) M0 = C + R = $(800 + 1 000) = $1 800

Money multiplier = Ms/M0 = $4 800/$1 800 = 2.667

(b)

(i) With an increase in the cash-deposit ratio, the public will withdraw cash from their deposits (withdrawing $800 in the first round to meet the 50% new cash-deposit ratio), leading to a short of reserves in the banking system, and a calling back of loans and subsequently further decrease in deposits. The contraction process will go on and on, until the money supply falls to $3 600, with cash held by the public and deposits equaling $1 200 and $2 400 respectively. As a result, the money supply will decrease.

(ii) The new level of money supply is

$1 800 [(0.5+1)/(0.5+0.25)] = $3 600.

(iii) To restore the money supply to its pre-crisis level, M0 should satisfy the following condition:

$4 800 / M0 = 2

implying that M0 should be raised from $1 800 to $2 400 by issuing $600 new banknotes. Cash held by the public and deposits will increase to $1 600 and $3 200 respectively, making the money supply equal to $4 800.

(c) In reality, the central bank may not be able to increase the money supply despite its effort to print and issue more banknotes if commercial banks decide to reduce the loans made to individual borrowers or firms (e.g. due to a higher default risk during financial crisis), or if the demand for loans decreases (e.g. due to a decrease in investment demand). In either case the excess reserves held by banks will increase, leaving no change in, or even leading to a decrease in the amount of, deposits created or money supply. The money supply will also remain unchanged if the newly printed money goes to commercial banks as reserves (e.g. through open market purchase of bonds by the central bank) and commercial banks do not lend out any of the increase in reserve assets.

(d) Providing deposit insurance and committing to inject money to bail out banks short of liquid reserve assets are possible measures to strengthen public confidence.

Question 6

(此題包含方程式，(b)部和(c)部均以圖片上載，同學按下圖片便能看得清楚。)

(a) Although poor people in general will spend less money on various consumption goods than rich people, there is a limit on which they can cut their expenses for daily necessities, e.g. food and accommodation, and therefore poor people tend to spend a larger proportion of their income on consumption.

(b)

(c)

2010 高考經濟學 卷一 B & C 參考答案

The answers provided hereunder offer only the correct approach to the questions, rather than the points that should be included in the examination for scoring marks. Readers should not simply evaluate their scores in the live examination on this basis. (Readers in general may not know why it is so, although my students would definitely understand what I mean.)

Section B

Question 1

The useful version of the Coase Theorem states that the delineation of rights is an essential prelude for market transactions. This version is essentially a restatement of the theorem of exchange, except that it specifies fully (and clearly) the constraints subject to which the theorem of exchange becomes operative.

Another version of the Coase Theorem is the invariance theorem, which states that if private property rights are well-defined and if all costs of transactions are zero, then resource use will be the same regardless of who owns the property rights. The dual assumptions of private property rights and zero transaction costs are redundant, because if all costs of transactions are truly zero, any contractual arrangements would result in the invariant result as stated in this version of the Coase Theorem (and literally no property right system of any kind is necessary), and the existence of private property rights, itself an institution arises to reduce transaction costs, implies positive transaction costs. With this fallacy of the invariance theorem it is not very fruitful to compare the theorem of exchange with this version of the Coase Theorem.

[Students will definitely go into the efficient and invariant allocation of resources under the two theorems, and then discuss further the relevance of transaction costs (lump sum or per unit TC under the Theorem of Exchange, and therefore different results) as the differences between the two. Though trivial, these points would certainly score some marks.]

Question 2

The same goods produced at the same cost are charged different prices for different customers (or for different markets in case of price discrimination with market segmentation based upon different price elasticities). In a store where customers bargain for lower prices during equally busy hours of operation and end up paying different prices for the same goods is one example of price discrimination to the third degree. A hotel with vacant rooms charging different customers different room rates for rooms with the same quality when vacancy rate is the same is another example. [Students should have no problems with explaining further why these examples constitute price discrimination.] Price discrimination in the above cases is due to the existence of information cost instead of the difference in price elasticities of demand.

[Of course the MTR example of students and adult fares and the textbooks example of Asian and US edition are also examples of third degree price discrimination.]

Question 3

Firm arises to reduce the cost of using the price mechanism by adopting a time wage rate as a proxy (not measuring the contributions of each and every activities performed by workers). In Coase’s words it reduces the “cost of discovering the relevant prices”. [Definitely student should include also what Cheung had added with regard to why the use of visible hand in the coordination of economic activities reduces such costs.]

Although in legal terms firm size can be determined, the size of a firm cannot be determined in terms of contractual arrangements in production activities, because the various kinds of contracts, using visible hand, or invisible hand, or both at the same time, would make the identification of a Coasian firm difficult, particularly in the presence of sub-contracting which could literally chain up production activities of the whole economy.

Question 4

Wealth is income discounted. Wealth multiplied by the market rate of interest is equal to (annuity) income. With the generalized concept of capital, all incomes generated from capital assets are interest income, and therefore interest is the whole of income. Income is a cost as the highest-valued option forgone is typically the same income, and therefore the income generated from any capital assets is equal to its cost. As such interest is the whole of cost.

Question 5

Pareto condition is attained if it is no longer possible to reallocate resources to make someone better off without making others worse off.

Under simple monopoly pricing where a monopolist determines the price and output by equating marginal revenue with marginal cost, the marginal use value for the last unit of the good is higher than the marginal cost. This is said to violate the pareto condition because the maximum amount the consumers are willing to pay is higher than what the producer have to sacrifice for producing the good at the margin, meaning that the society as whole could have gained if the monopolist increases the output.

However, if transaction costs are negligible, the monopolist will practise perfect price discrimination to extract all consumer surplus, producing at the output level where MUV equaling MC. The pareto condition is satisfied in this case, and if the monopolist practises simple monopoly pricing, it implies that the transaction costs of adopting perfect price discrimination is higher than the deadweight loss. If these transaction-costs constraints are fully specified, the pareto condition is still satisfied in the case of simple monopoly pricing.

Section C

Question 6

[Demanding as it is, this question will surely challenge, and probably perplex, students as well as teachers. That said, students who found themselves incapable of understanding the analysis below need not be disappointed. Alternative answers with good reasons would definitely be awarded some marks. Brilliant students may take careful examination of the analysis below, as an intellectual exercise, until you fully recognize its invulnerability and the beauty of applying simple theories to complicated questions.]

(a) Given the differences in food ingredient costs between expensive and cheap dishes, if the gross-profit margins across different dishes are the same, the marginal product of labour among different dishes, and therefore among seats and among tables, would not be the same, and it would be inconsistent with the maximization of the net worth of the restaurants. The marginal products of labour for different dishes served could be equalized (condition for wealth maximization) only if the gross-profit margins across different dishes with different food ingredient costs are different. (In the presence of transaction costs, such condition may not be achieved even with varying gross-profit margins, but the difference between marginal productivities will be narrower than the case where gross-profit margins are the same across different dishes.)

(b) Without adjustments in the food ingredient costs, some restaurants may not be able to survive if they have to maintain the restricted gross-profit margins, and in such case they would have to impose additional service charges (e.g. lump sum fees, extra fees measured by time etc). Of course restaurants could also change the relative costs of food ingredients so that the gross-profit margins align with the restricted level. As different restaurants have different comparative advantages (i.e. comparative costs in different dishes), some restaurants may reduce their food ingredient costs and do swankier cooking while some may raise their food ingredient costs and render cooking of lower quality. When this happens restaurants will have a higher degree of specialization with regard to the types of dishes served.

(c) With a sharp rise in the rents for restaurant premises, the prices of various types of dishes would have to rise, implying a rise in the gross-profits (as well as the gross-profits margins) for all dishes. Given a lower gross-profits margins for more expensive food, the difference between the gross-profits margins for expensive and cheap dishes will fall, though the cheap dishes will have a larger percentage increase in prices. As the consumption of both expensive and cheap dishes occupies the table for a certain period of time and there is a limit on the rise in the price of cheap dishes, the gross-profits margins of expensive dishes will get closer to that of cheap dishes in order for the restaurants to survive with a sharp rise in the rents for premises.

The above does not include the possibility of charging a fee according to the time customers occupying a table. If this can be practiced, the gross-profits margins would fall instead, and the divergence between the gross-profits margins will be wider than when no such fee is charged.

Question 7

(a) Under the fixed-quantity-free-ticket arrangement, the cost of entering the museums will rise, independent of whether visitors obtain the tickets by queuing or by buying the tickets from somebody else. A rise in the cost of entering the museums will raise their expected cost of entering the museums next time. Therefore, they will tend to stay longer because the price per unit of time will have a larger fall when they stay longer, given a higher expected cost of entering. Compared to the situation where admission fees are charged, the same reasoning applies so long as the restricted daily quantity is smaller than the number of visitors with admission fees.

(b) When overcrowding occurs in certain museums (as stated in the question) when free entrance is allowed to all, some consumer surplus is necessarily dissipated. Restricting the number of visitors will reduce rent dissipation (in terms of consumer surplus dissipated) and therefore may increase the total consumer surplus. If the fixed daily quantity is set equal to the number of visitors when an admission fee is charged to maximize the value of the museums, the total consumer surplus will also be maximized, and the total consumer surplus will definitely increase. In the case of there being no overcrowding when free entrance is allowed to all, restricting the quantity of visitors will reduce the total consumer surplus.

(c) Practicing perfect price discrimination, for example, by charging different entrance fees for each and every visitor would maximize the rental value of the museums. When charging different entrance fees involves prohibitive transaction costs, charging a price where the price elasticity of market demand is equal to one will maximize the total revenue, and therefore the rental value of the museums when the marginal cost of serving an additional customer is zero.

Question 8

(a) If the 25% tariff in the third year would make the prices of automobile tyres from China in the US market comparable to those manufactured in the US, the 35% tariff in the first year may have deterred the US importers from importing tyres from China. This, however, may not lead to significant expansion of the tyre industry in the US, as the American tyre-markers have more or less given up making low-end tyres at home, and firms will simply import cheap tyres from other low-cost places like India and Brazil.

If the tariff is not imposed immediately after the announcement, US importers will import a substantial quantity of tyres before the tariff is imposed, piling up inventory in their warehouses. The sharp increase in inventory of tyres will definitely hurt the US tyre industry.

(b) A per unit tax will lower the relative price of higher quality tyres to lower quality tyres, and thus an improvement in the quality of tyres exported from China.

(c) Students may arrive at the conclusion that if the total quantity of tyres exported to the US under the quota system is the same as that under the per unit tax, the fall in the relative price of higher quality tyres will be the same in either case, so would the quality of tyres. A more complete analysis should consider also the fact that existing Chinese tyre manufacturers holding the quota would be able to earn a quota rent (monopoly rent), allowing room for raising production cost in the improvement of tyre quality, therefore resulting in higher quality of tyres than in the case of per unit tax.

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2010 高考經濟學選擇題答案

Definitely students would like to know how well they do in the live exam, and it’s almost an instinct to satisfy curiosity of this type. I received enquiries in droves for the suggested answers to the 2010 AL Econ Papers, as for the 2009 Papers what I put down is the only answers that stand the test of time. I don’t mind teachers borrowing answers here, without paying a premium, as the cost of enforcing exclusivity would be prohibitively high, and the time of the release of answers contains indicative information.

同學想知道自己在考試中的表現，這種好奇心幾乎是天性了，於是我也接二連三收到要求，希望我能把 2010 年高考經濟科的參考答案貼出來。上年度貼出 2009 年試卷的參考答案，經得起時間考驗，同學對我的答案滿有信心，我亦不妨花點工夫，滿足學子們的好奇心。我不介意其他老師借用我的答案，不收錢的，因為排他費用太高了，而且發表日期也是可考的。當然我也希望借用的人能略添一筆，表示對知識產權的尊重。

2009 會考經濟科 卷一 參考答案

CE Econ 2009 (Paper 1)

Section A

Question 1

(a) Definition of opportunity cost
the highest-valued option forgone [2]

(b) Whether the opportunity cost would be the same for Mary and Peter
No, because their time cost may be different [1+1]


Question 2

Type of business ownership
Public limited company [1]

TWO features [1@, max 2]
- independent legal status
- limited liability
- shares are freely transferrable
- lasting continuity
- required by law to disclose its financial information
- any other relevant point


Question 3

The law of diminishing marginal returns states that when variable factors are continuously added to a given quantity of fixed factors, the marginal product will eventually decrease. [3]

The data illustrate the law because as the variable factor, labour, increases from the 4th to the 5th unit, marginal product decreases from 22 to 21 units of output. [3]


Question 4

(a) Job A: Piece rate [1], Job B: Time rate [1]

(b)
Advantage of piece rate over time rate
lower monitoring cost / higher working incentive + explanation [2]

Disadvantage of piece rate over time rate
higher cost in calculating the wage payments + explanation [2]


Question 5

(a) Definition of inflation
a continuous rise in the general price level [2]

(b) Whether Phelps would gain or lose
He would gain [1] because
the purchasing power / real value of the repayment of his loan will decrease. [2]


Question 6

(a) Excess reserves = $300 － ($1 000 20%) = $100 [2]

(b) Maximum possible amount of deposits = $300 1/0.2 = $1 500 [3]


Question 7

(a) Per capita real GDP
Year 2000: $16 000 million 10 million = $ 1 600 [1]
Year 2008: ($24 840 million 100/115) 12 million = $ 1 800 [1]

(b) Why a change in per capita real GDP cannot accurately reflect the change in the general living standard [2@, max 4]

The increase in the general living standard will be overestimated if the income distribution is uneven, i.e. the increase in per capita real GDP largely goes to a small group of people.

The increase in the general living standard will be overestimated if the increase in per capita GDP is a result of an increase in military expenses or investment, i.e. the present consumption for the people in general remains more or less the same.

The increase in the increase in the general living standard will be overestimated if the increase in per capita GDP is accompanied by more serious pollution.


Question 8

(a) Component P of the current account is services

(b) The Q account is capital and financial account

(c) Visible trade balance = $130 billion; Re-export of goods is $2323 billion

Section B

Question 9

(a) Two economies of scale + explanation [2@, max 4]
- technical economies of scale
- financial economies of scale
- managerial economies of scale
- marketing economies of scale

(b) Condition for publishers’ total revenue to increase
Verbal explanation:
- Supply will decrease because of higher production cost. [1]
- The price will increase and the quantity will decrease [1]
- Inelastic demand [1]
- % increase in price > % decrease in quantity [2]

Indicate in the diagram:
- Supply curve shifts to the left [1]
- correct change in P & Q and gain & loss [1]
- Gain in revenue > loss in revenue [1]

(c) Why part of the spending on second-hand textbooks should be included in GDP
Part of the spending represents the value of services provided by the bookstores. Such services are current production and therefore should be included in the calculation of GDP. [2]

(d)
(i) Two other functions of money
Medium of exchange and unit of account [1+1]

(ii) Why book coupons cannot perform the two functions
Book coupons cannot perform the function of medium of exchange because book coupons are not generally accepted as a means of payment for goods and services [1]

Book coupons cannot perform the function of unit of account because the price of other goods are not expressed in terms of book coupons [1]


Question 10

(a) Two demand-side factors for the increase in GDP of Taiwan [2@, max 4]
- increase in consumption expenditure due to higher income of Taiwanese
- increase in investment expenditure, e.g. by firms (both Taiwan and Mainland) on business related to trading or on hotel accommodation
- increase in government expenditure related to those facilitating trade
- increase in net exports, e.g. due to increase in export of services (increase in the spending of tourists from Mainland China in Taiwan)

(b)
(i) Comparative advantage
The opportunity cost of producing one unit of computers in mainland China and in Taiwan are 1.8 (=90/50) units of toys and 1.25 (=250/200) units of toys respectively. [1+1]
Taiwan enjoys a comparative advantage in producing computers because it has a lower opportunity cost in producing computers. [1+1]

(ii) Gain from exporting one unit of computer to Taiwan
(1.5 − 1.25 − 0.2) units of toys = 0.05 units of toys [3]


Question 11

(a) Whether the profits tax revenue would necessarily decrease
No, because [1]
A reduction in profits tax rate would increase after-tax profits and increase investment incentive. The increase in profits tax revenue due to the increase in business investment and profits may be larger than the decrease in profits tax revenue due to a lower profits tax rate. [3]

(b) Rates as a direct tax or indirect tax
Indirect tax, [1] because
the tax burden of rates can be shifted to the others [1]

(c)(i)
Verbal explanation:
- The demand for red wine increases because it becomes more popular. [1]
- The supply of red wine increases because the duty imposed on it is waived. [1]
- The price of red wine will increase if the increase in demand is larger than the increase in supply [2]

Indicate in the diagram:
- Demand curve shifts to the right [1]
- Supply curve shifts to the right [1]
- Price increases [1]

(ii) Why there is a price difference [2@, max 4]
- different services, e.g. some shops may have more accessible location
- different production cost, e.g. the rental and staffing cost may be different
- imperfect information, i.e. consumers do not have costless information related to red wines

2009 會考經濟科 選擇題 答案

問題解答：卷一、卷二及其他

這裡解答一些有關機票減價那道題目的問題，因這些問題可用作示範如何驗證假說 (hypothesis)，有助同學思考。


問題一 by Anonymous ：
forQ9C
if i say there are only a few of first-class seat, the dicount policy will increase the administration cost ( transaction cost ).The transaction cost will rise the average price of the first-class seat in a higher amount .
Also if the cost of adopting the disounting arrangement is higher than the earning of adopting arrangement , then the arrangement wont exist .

由於頭等的座位少, 用 discount 既話會增加交易費用(行政費用), 而基於交易費用會平均攤分比頭等的機票, 所以每張頭等機票的價格會上升, 假如採用discount所賺既earning少過交費成本, 頭等機票便不會有discount
IS IT CORRECT ??


解答：
要實施減價安排，當然需要一些負責票務的人手從事，但經濟客位已有減價的安排，即航空公司已有票務人員從事減價的安排，這些人員熟知價格變動及減價的時間和幅度；為頭等客位減價是無需增設獨立團隊 (team of staff) 然後按經濟客位和頭等客位各自攤分這些成本的。而頭等客位的數量遠少於經濟客位，要就頭等客位減價根本無需多聘甚麼人手（即使多聘人手也不會令平均成本上升）。


問題二 by Anonymous ：
Is it possible to explain the pricing tatics by aruging that given the existence of info cost, lowering the price of first class ticket would mean a poorer service offered to consumers?


解答：
原來的票價固然反映了服務的質素。減價的安排並非劃一將票價調低，而是有空位時作出不同的減幅。這裡涉及的是減價安排，而非劃一調低票價。減價安排會減低服務質素這論點解釋不了為何經濟客位提供減價安排。在減價安排下，不同的服務質素必然存在相應的價格，邏輯上你不能說經濟客位可以在減價安排下有這樣的一個價，而頭等客位則沒有。



另簡覆一些其他問題。


問題三 by Anonymous：
我想問關於第5題，那條題目的意思是指每個國家一單位資源的產出如下，那為什麼題目中的資料是or，而不是and呢?? 我的意思是指，那個題目given的圖表，為什麼不是指在1單位資源下所能夠生產的x and y and z 的的數量，而係x or y or z的數量呢??

question 5 題目既字眼好難分辨到係一單位生產所有物品or只生產到一物品, 以前者既方法計算，就此全軍覆沒？多謝指教。


解答：
從題中的「下表顯示各國使用一單位的投入可生產的產出的數量」及三種物品以三個獨立的欄（separate columns）分列，正常的理解是（就A國而言）一單位的投入可生產的物品X為1，一單位的投入可生產的物品Y為2，一單位的投入可生產的物品Z為 1.5，如此類推。再者，若把物品X、Y及Z的產出理解為一單位的投入同時可生產的物品，題中應附有關於在三種物品之間的投入分配，否則不能計算 (a) 至 (d) 的答案。


（續）問題三 by Anonymous：

多謝阿sir百忙之中抽空回應，但用and仍可以做計到a至d的答案...
以(a)為例依阿sir你理解，是1x or 2y or 1.5z，然後出到(a)部份A國的機會成本資料, 但如果用and的話，就是1x and 2y and 1.5z，即是3x or 6y or 4.5z，同樣地可以出到相同比例的機會成本資料。不過之後b,c,d答案就會三倍化，理解有錯嗎?
再一次多謝阿sir回應...


解答：
若你假設是 AND 的話，你需要假設三國皆平均分配資源才可計算出機會成本及餘下的其他部份。


問題四 by Anonymous：

請問如果第六題, 我寫consumption coupon係增加mpc, 因為consumption coupon令貨品價格下趺, 合理嗎?^^

請問如果第六條, 我寫consumption coupon 影響mpc, 因為價格下趺,mpc上升, 合理嗎??^^


解答：
消費函數是可用收入的函數 (consumption function is a function of disposable income)；而在 Elementary Keynesian Model 中價格是假設為不變的。



另外，有些同學問「評級的問題」一貼中所說的 75 所除的總分是多少。同學是沒有看懂我的文章了。多看一遍吧。



這裡貼上已答覆的問題，方便同學閱讀。

by abbc1332：
For question 6(b)
Do you think that a loss to the employer due to the choice of share contract is a possible answer? I answer it based on 佃農理論 and my final conclusion is that other contract will be chosen by the employer to avoid that part of loss.

For qustion 7(b)
My answer is: A transferable license can lower the information cost of hunter since they are now no need to know fully about their own productivity in advance.(If they found they loss money hunting there, they can simplily sell it to others.)So, with a restrictive supply, the price should gone up as well as the revenue. Is it possible answer?


解答：
Actually there is no need for you to answer the question with "the theory of share tenancy", which could possibly cover issues ranging from the invariance of contractual arrangements (with full consideration of the constraint of competition) to the choice of contracts under different constraints, to the prediction of farming intensity under share restriction, &c., &c. Of course, the choice of contracts subject to TC constraints is always important in AL exam, but before you use any concepts uncovered in the syllabus you must make sure that you understand those concepts accurately. And you would do it better by considering the constraints in different scenarios without confining yourself to something you may have learnt. Anyway, the focus of the question lies more on why factories do not turn to use share contracts to evade the employer-employee relationship (i.e. the problem of using share contract). If you can point out why other contractual arrangements can evade such relationship at a low transaction costs than the share contracts, definitely it's a reasoned answer.

It's unclear what you mean by restrictive supply --- you are probably referring to a fixed quantity. Actually the licence issuing department would sell less licences when the licences are transferable. Don't worry. Most candidates would do the same.