曼昆经济学原理习题解答58章Word文档格式.docx
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曼昆经济学原理习题解答58章Word文档格式.docx
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b.Beethovenrecordingshavemoreelasticdemandthanclassicalmusicrecordingsingeneral.Beethovenrecordingsareanarrowermarketthanclassicalmusicrecordings,soitiseasiertofindclosesubstitutesforthem.IfthepriceofBeethovenrecordingsweretorise,peoplecouldsubstituteotherclassicalrecordings,likeMozart.Butifthepriceofallclassicalrecordingsweretorise,substitutionwouldbemoredifficult.(Atransitionfromclassicalmusictorapisunlikely!
)Thus,thequantitydemandedofclassicalrecordingsislessresponsivetopricethanthequantitydemandedofBeethovenrecordings.
c.Subwayridesduringthenextfiveyearshavemoreelasticdemandthansubwayridesduringthenextsixmonths.Goodshaveamoreelasticdemandoverlongertimehorizons.Ifthefareforasubwayridewastorisetemporarily,consumerscouldnotswitchtootherformsoftransportationwithoutgreatexpenseorgreatinconvenience.Butifthefareforasubwayridewastoremainhighforalongtime,peoplewouldgraduallyswitchtoalternativeformsoftransportation.Asaresult,thequantitydemandedofsubwayridesduringthenextsixmonthswillbelessresponsivetochangesinthepricethanthequantitydemandedofsubwayridesduringthenextfiveyears.
d.Rootbeerhasmoreelasticdemandthanwater.Rootbeerisaluxurywithclosesubstitutes,whilewaterisanecessitywithnoclosesubstitutes.Ifthepriceofwaterweretorise,consumershavelittlechoicebuttopaythehigherprice.Butifthepriceofrootbeerweretorise,consumerscouldeasilyswitchtoothersodasorbeverages.Sothequantitydemandedofrootbeerismoreresponsivetochangesinpricethanthequantitydemandedofwater.
2.a.Forbusinesstravelers,thepriceelasticityofdemandwhenthepriceofticketsrisesfrom$200to$250is[(2,000–1,900)/1,950]/[(250–200)/225]=0.05/0.22=0.23.Forvacationers,thepriceelasticityofdemandwhenthepriceofticketsrisesfrom$200to$250is[(800–600)/700]/[(250–200)/225]=0.29/0.22=1.32.
b.Thepriceelasticityofdemandforvacationersishigherthantheelasticityforbusinesstravelersbecausevacationerscanchooseasubstitutemoreeasilythanbusinesstravelers.Forexample,vacationerscanchooseadifferentmodeoftransportation(likedrivingortakingthetrain),adifferentdestination,adifferentdeparturedate,andadifferentreturndate.Theymayalsochoosetonottravelatall.Businesstravelersarelesslikelytodosobecausetheirschedulesarelessadaptable.
3.a.Thepercentagechangeinpriceisequalto(2.20–1.80)/2.00x100=20%.Ifthepriceelasticityofdemandis0.2,quantitydemandedwillfallby4%intheshortrun[0.20
0.20].Ifthepriceelasticityofdemandis0.7,quantitydemandedwillfallby14%inthelongrun[0.70.2].
b.Overtime,consumerscanmakeadjustmentstotheirhomesbypurchasingalternativeheatsourcessuchasnaturalgasorelectricfurnaces.Thus,theycanrespondmoreeasilytothechangeinthepriceofheatingoilinthelongrunthanintheshortrun.
4.Ifquantitydemandedfell,pricemusthaveincreasedaccordingtothelawofdemand.Forapriceincreasetoincreasetotalrevenue,thepercentageincreaseinthepricemustbegreaterthanthepercentagedeclineinquantitydemanded.Therefore,demandisinelastic.
6.a.Ifyourincomeis$10,000,yourpriceelasticityofdemandasthepriceofDVDsrisesfrom$8to$10is[(40–32)/36]/[(10–8)/9]=0.22/0.22=1.Ifyourincomeis$12,000,theelasticityis[(50–45)/47.5]/[(10–8)/9]=0.11/0.22=0.5.
b.Ifthepriceis$12,yourincomeelasticityofdemandasyourincomeincreasesfrom$10,000to$12,000is[(30–24)/27]/[(12,000–10,000)/11,000]=0.22/0.18=1.22.Ifthepriceis$16,yourincomeelasticityofdemandasyourincomeincreasesfrom$10,000to$12,000is[(12–8)/10]/[(12,000–10,000)/11,000]=0.40/0.18=2.22.
8.a.Thepercentagechangeinprice(usingthemidpointformula)is(1.50–1.25)/(1.375)×
100%=18.18%.Therefore,thepriceelasticityofdemandis4.3/18.18=0.24,whichisveryelastic.
b.Becausethedemandisinelastic,theTransitAuthority'
srevenueriseswhenthefarerises.
c.Theelasticityestimatemightbeunreliablebecauseitisonlythefirstmonthafterthefareincrease.Astimegoesby,peoplemayswitchtoothermeansoftransportationinresponsetothepriceincrease.Sotheelasticitymaybelargerinthelongrunthanitisintheshortrun.
10.a.Withapriceelasticityofdemandof0.4,reducingthequantitydemandedofcigarettesby20%requiresa50%increaseinprice,because20/50=0.4.Withthepriceofcigarettescurrently$2,thiswouldrequireanincreaseinthepriceto$3.33apackusingthemidpointmethod(notethat($3.33–$2)/$2.67=.50).
b.Thepolicywillhavealargereffectfiveyearsfromnowthanitdoesoneyearfromnow.Theelasticityislargerinthelongrun,becauseitmaytakesometimeforpeopletoreducetheircigaretteusage.Thehabitofsmokingishardtobreakintheshortrun.
c.Becauseteenagersdonothaveasmuchincomeasadults,theyarelikelytohaveahigherpriceelasticityofdemand.Also,adultsaremorelikelytobeaddictedtocigarettes,makingitmoredifficulttoreducetheirquantitydemandedinresponsetoahigherprice.
CH6
2.a.TheimpositionofabindingpricefloorinthecheesemarketisshowninFigure4.Intheabsenceofthepricefloor,thepricewouldbeP1andthequantitywouldbeQ1.WiththefloorsetatPf,whichisgreaterthanP1,thequantitydemandedisQ2,whilequantitysuppliedisQ3,sothereisasurplusofcheeseintheamountQ3–Q2.
Figure4
b.Theproducers’complaintthattheirtotalrevenuehasdeclinediscorrectifdemandiselastic.Withelasticdemand,thepercentagedeclineinquantitywouldexceedthepercentageriseinprice,sototalrevenuewoulddecline.
c.Ifthegovernmentpurchasesallthesurpluscheeseatthepricefloor,producersbenefitandtaxpayerslose.ProducerswouldproducequantityQ3ofcheese,andtheirtotalrevenuewouldincreasesubstantially.However,consumerswouldbuyonlyquantityQ2ofcheese,sotheyareinthesamepositionasbefore.Taxpayerslosebecausetheywouldbefinancingthepurchaseofthesurpluscheesethroughhighertaxes.
3.a.TheequilibriumpriceofFrisbeesis$8andtheequilibriumquantityissixmillionFrisbees.
b.Withapricefloorof$10,thenewmarketpriceis$10becausethepricefloorisbinding.Atthatprice,onlytwomillionFrisbeesaresold,becausethatisthequantitydemanded.
c.Ifthere’sapriceceilingof$9,ithasnoeffect,becausethemarketequilibriumpriceis$8,whichisbelowtheceiling.Sothemarketpriceis$8andthequantitysoldissixmillionFrisbees.
6.Thepricewillrisebylessthan$500.Theburdenofanytaxissharedbybothproducersandconsumersthepricepaidbyconsumersrisesandthepricereceivedbyproducersfalls,withthedifferencebetweenthetwoequaltotheamountofthetax.Theonlyexceptionswouldbeifthesupplycurvewereperfectlyelasticorthedemandcurvewereperfectlyinelastic,inwhichcaseconsumerswouldbearthefullburdenofthetaxandthepricepaidbyconsumerswouldrisebyexactly$500.
.
7.a.Itdoesnotmatterwhetherthetaxisimposedonproducersorconsumerstheeffectwillbethesame.Withnotax,asshowninFigure7,thedemandcurveisD1andthesupplycurveisS1.Ifthetaxisimposedonproducers,thesupplycurveshiftsleftbytheamountofthetax(50cents)toS2.ThentheequilibriumquantityisQ2,thepricepaidbyconsumersisP2,andthepricereceived(aftertaxesarepaid)byproducersisP2–50cents.Ifthetaxisinsteadimposedonconsumers,thedemandcurveshiftsleftbytheamountofthetax(50cents)toD2.Theleftwardshiftinthedemandcurve(whenthetaxisimposedonconsumers)isexactlythesamemagnitudeastheleftwardshiftinthesupplycurvewhenthetaxisimposedonproducers.Soagain,theequilibriumquantityisQ2,thepricepaidbyconsumersisP2(includingthetaxpaidtothegovernment),andthepricereceivedbyproducersisP2–50cents
Figure7Figure8
b.Themoreelasticthedemandcurveis,themoreeffectivethistaxwillbeinreducingthequantityofgasolineconsumed.Greaterelasticityofdemandmeansthatquantityfallsmoreinresponsetotheriseintheprice.Figure8illustratesthisresult.DemandcurveD1representsanelasticdemandcurve,whiledemandcurveD2ismoreinelastic.Thetaxwillcauseagreaterdeclineinthequantitysoldwhendemandiselastic.
c.Theconsumersofgasolinearehurtbythetaxbecausetheygetlessgasolineatahigherprice.
d.Workersintheoilindustryarehurtbythetaxaswell.Withalowerquantityofgasolinebeingproduced,someworkersmaylosetheirjobs.Withalowerpricereceivedbyproducers,wagesofworkersmightdecline.
CH7
1.a.Consumersurplusisequaltowillingnesstopayminusthepricepaid.Therefore,Melissa’swillingnesstopaymustbe$200($120+$80).
b.Herconsumersurplusatapriceof$90wouldbe$200−$90=$110.
c.IfthepriceofaniPhonew
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- 经济学原理 习题 解答 58