微观经济学Ch02Word文件下载.doc
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CHAPTER2THEBASICSOFSUPPLYANDDEMAND
QUESTIONSFORREVIEW
1.Supposethatunusuallyhotweathercausesthedemandcurveforicecreamtoshifttotheright.Whywillthepriceoficecreamrisetoanewmarket-clearinglevel?
Assumethesupplycurveisfixed.Theunusuallyhotweatherwillcausearightwardshiftinthedemandcurve,creatingshort-runexcessdemandatthecurrentprice.Consumerswillbegintobidagainsteachotherfortheicecream,puttingupwardpressureontheprice.Thepriceoficecreamwillriseuntilthequantitydemandedandthequantitysuppliedareequal.
Figure2.1
3.Ifa3-percentincreaseinthepriceofcornflakescausesa6-percentdeclineinthequantitydemanded,whatistheelasticityofdemand?
Theelasticityofdemandisthepercentagechangeinthequantitydemandeddividedbythepercentagechangeintheprice.Theelasticityofdemandforcornflakesis.Thisisequivalenttosayingthata1%increaseinpriceleadstoa2%decreaseinquantitydemanded.Thisisintheelasticregionofthedemandcurve,wheretheelasticityofdemandexceeds-1.0.
5.Explainwhyformanygoods,thelong-runpriceelasticityofsupplyislargerthantheshort-runelasticity.
Theelasticityofsupplyisthepercentagechangeinthequantitysupplieddividedbythepercentagechangeinprice.Anincreaseinpriceinducesanincreaseinthequantitysuppliedbyfirms.Somefirmsinsomemarketsmayrespondquicklyandcheaplytopricechanges.However,otherfirmsmaybeconstrainedbytheirproductioncapacityintheshortrun.Thefirmswithshort-runcapacityconstraintswillhaveashort-runsupplyelasticitythatislesselastic.However,inthelongrunallfirmscanincreasetheirscaleofproductionandthushavealargerlong-runpriceelasticity.
7.Arethefollowingstatementstrueorfalse?
Explainyouranswer.
a. Theelasticityofdemandisthesameastheslopeofthedemandcurve.
False.Elasticityofdemandisthepercentagechangeinquantitydemandedforagivenpercentagechangeinthepriceoftheproduct.Theslopeofthedemandcurveisthechangeinpriceforagivenchangeinquantitydemanded,measuredinunitsofoutput.Thoughsimilarindefinition,theunitsforeachmeasurearedifferent.
b. Thecrosspriceelasticitywillalwaysbepositive.
False.Thecrosspriceelasticitymeasuresthepercentagechangeinthequantitydemandedofoneproductforagivenpercentagechangeinthepriceofanotherproduct.Thiselasticitywillbepositiveforsubstitutes(anincreaseinthepriceofhotdogsislikelytocauseanincreaseinthequantitydemandedofhamburgers)andnegativeforcomplements(anincreaseinthepriceofhotdogsislikelytocauseadecreaseinthequantitydemandedofhotdogbuns).
c. Thesupplyofapartmentsismoreinelasticintheshortrunthanthelongrun.
True.Intheshortrunitisdifficulttochangethesupplyofapartmentsinresponsetoachangeinprice.Increasingthesupplyrequiresconstructingnewapartmentbuildings,whichcantakeayearormore.Sinceapartmentsareadurablegood,inthelongrunachangeinpricewillinducesupplierstocreatemoreapartments(ifpriceincreases)ordelayconstruction(ifpricedecreases).
9.Thecitycouncilofasmallcollegetowndecidestoregulaterentsinordertoreducestudentlivingexpenses.Supposetheaverageannualmarket-clearingrentforatwo-bedroomapartmenthadbeen$700permonth,andrentsareexpectedtoincreaseto$900withinayear.Thecitycouncillimitsrentstotheircurrent$700permonthlevel.
a. Drawasupplyanddemandgraphtoillustratewhatwillhappentotherentalpriceofanapartmentaftertheimpositionofrentcontrols.
Therentalpricewillstayattheoldequilibriumlevelof$700permonth.Theexpectedincreaseto$900permonthmayhavebeencausedbyanincreaseindemand.Giventhisistrue,thepriceof$700willbebelowthenewequilibriumandtherewillbeashortageofapartments.
b. Doyouthinkthispolicywillbenefitallstudents?
Whyorwhynot.
Itwillbenefitthosestudentswhogetanapartment,thoughthesestudentsmayalsofindthatthecostsofsearchingforanapartmentarehighergiventheshortageofapartments.Thosestudentswhodonotgetanapartmentmayfacehighercostsasaresultofhavingtoliveoutsideofthecollegetown.Theirrentmaybehigherandthetransportationcostswillbehigher.
11.SupposethedemandcurveforaproductisgivenbyQ=10-2P+Ps,wherePisthepriceoftheproductandPsisthepriceofasubstitutegood.Thepriceofthesubstitutegoodis$2.00.
a. SupposeP=$1.00.Whatisthepriceelasticityofdemand?
Whatisthecross-priceelasticityofdemand?
Firstyouneedtofindthequantitydemandedatthepriceof$1.00.Q=10-2
(1)+2=10.Priceelasticityof
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