微观经济学Ch04.docx
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微观经济学Ch04.docx
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微观经济学Ch04
CHAPTER4INDIVIDUALANDMARKETDEMAND
QUESTIONSFORREVIEW
1.Explainthedifferencebetweeneachofthefollowingterms:
a.apriceconsumptioncurveandademandcurve;
Apriceconsumptioncurveidentifiestheutilitymaximizingcombinationsoftwogoodsasthepriceofoneofthegoodschanges.Whenthepriceofoneofthegoodsdeclines,thebudgetlinewillpivotoutwards,andanewutilitymaximizingbundlewillbechosen.Thepriceconsumptioncurveconnectsallsuchbundles.Ademandcurveisagraphicalrelationshipbetweenthepriceofagoodandthe(utilitymaximizing)quantitydemandedofagood,allelsethesame.Priceisplottedontheverticalaxisandquantitydemandedonthehorizontalaxis.
b.anindividualdemandcurveandamarketdemandcurve;
Anindividualdemandcurveidentifiesthe(utilitymaximizing)quantitydemandedbyonepersonatanygivenpriceofthegood.Amarketdemandcurveisthesumoftheindividualdemandcurvesforanygivenproduct.Atanygivenprice,themarketdemandcurveidentifiesthequantitydemandedbyallindividuals,allelsethesame.
c.anEngelcurveandademandcurve;
Ademandcurveidentifiesthequantitydemandedofagoodforanygivenprice,holdingincomeandallelsethesame.AnEngelcurveidentifiesthequantitydemandedofagoodforanygivenincome,holdingpricesandallelsethesame.
d.anincomeeffectandasubstitutioneffect;
Thesubstitutioneffectmeasurestheeffectofachangeinthepriceofagoodontheconsumptionofthegood,utilityheldconstant.Thischangeinpricechangestheslopeofthebudgetlineandcausestheconsumertorotatealongthecurrentindifferencecurve.Theincomeeffectmeasurestheeffectofachangeinpurchasingpower(causedbyachangeinthepriceofagood)ontheconsumptionofthegood,relativepricesheldconstant.Forexample,anincreaseinthepriceofgood1(onthehorizontalaxis)willrotatethebudgetlinedownalongtheindifferencecurveastheslopeofthebudgetline(therelativepriceratio)changes.Thisisthesubstitutioneffect.Thisnewbudgetlinewillthenshiftinwardstoreflectthedeclineinpurchasingpowercausedbytheincreaseinthepriceofthegood.Thisistheincomeeffect.
3.Explainwhetherthefollowingstatementsaretrueorfalse.
a.Themarginalrateofsubstitutiondiminishesasanindividualmovesdownwardalongthedemandcurve.
Thisistrue.TheconsumerwillmaximizehisutilitybychoosingthebundleonhisbudgetlinewherethepriceratioisequaltotheMRS.Supposetheconsumerchoosesthequantityofgoods1and2suchthat
Asthepriceofgood1falls,thepriceratiobecomesasmallernumberandhencetheMRSbecomesasmallernumber.Thismeansthatasthepriceofgood1falls,theconsumeriswillingtogiveupfewerunitsofgood2inexchangeforanotherunitofgood1.
b.Thelevelofutilityincreasesasanindividualmovesdownwardalongthedemandcurve.
Thisistrue.Asthepriceofagoodfalls,thebudgetlinepivotsoutwardsandtheconsumerisabletomovetoahigherindifferencecurve.
c.Engelcurvesalwaysslopeupwards.
Thisisfalse.TheEngelcurveidentifiestherelationshipbetweenthequantitydemandedofagoodandincome,allelsethesame.Ifthegoodisinferior,thenasincomeincreases,quantitydemandedwilldecrease,andtheEngelcurvewillslopedownwards.
5.Whichofthefollowingcombinationsofgoodsarecomplementsandwhicharesubstitutes?
Couldtheybeeitherindifferentcircumstances?
Discuss.
a.amathematicsclassandaneconomicsclass
Ifthemathclassandtheeconomicsclassdonotconflictinscheduling,thentheclassescouldbeeithercomplementsorsubstitutes.Themathclassmayilluminateeconomics,andtheeconomicsclasscanmotivatemathematics.Iftheclassesconflict,theyaresubstitutes.
b.tennisballsandatennisracket
Tennisballsandatennisracketarebothneededtoplayagameoftennis,thustheyarecomplements.
c.steakandlobster
Foodscanbothcomplementandsubstituteforeachother.Steakandlobstercancompete,i.e.,besubstitutes,whentheyarelistedasseparateitemsonamenu.However,theycanalsofunctionascomplementsbecausetheyareoftenservedtogether.
d.aplanetripandatraintriptothesamedestination
Twomodesoftransportationbetweenthesametwopointsaresubstitutesforoneanother.
e.baconandeggs
Baconandeggsareofteneatentogetherandare,therefore,complementarygoods.Byconsideringtheminrelationtosomethingelse,suchaspancakes,baconandeggscanfunctionassubstitutes.
7.WhichofthefollowingeventswouldcauseamovementalongthedemandcurveforU.S.-producedclothing,andwhichwouldcauseashiftinthedemandcurve?
a.theremovalofquotasontheimportationofforeignclothes
Theremovalofquotaswillshiftthedemandcurveinwardfordomestically-producedclothes,becauseforeign-producedgoodsaresubstitutesfordomestically-producedgoods.Boththeequilibriumpriceandquantitywillfallasforeignclothesaretradedinafreemarketenvironment.
b.anincreaseintheincomeofU.S.citizens
Whenincomerises,expendituresonnormalgoodssuchasclothingincrease,causingthedemandcurvetoshiftout.Theequilibriumquantityandpricewillincrease.
c.acutintheindustry’scostsofproducingdomesticclothesthatispassedontothemarketintheformoflowerclothingprices
Acutinanindustry’scostswillshiftthesupplycurveout.Theequilibriumpricewillfallandquantitywillincrease.Thereisamovementalongthedemandcurve.
9.Supposethattheaveragehouseholdinastateconsumes800gallonsofgasolineperyear.A20-centgasolinetaxisintroduced,coupledwitha$160annualtaxrebateperhousehold.Willthehouseholdbebetterorworseoffunderthenewprogram?
Ifthehouseholddoesnotchangeitsconsumptionofgasoline,itwillbeunaffectedbythetax-rebateprogram,becauseinthiscasethehouseholdpays0.20*800=$160intaxesandreceives$160asanannualtaxrebate.Thetwoeffectswouldcanceleachotherout.Totheextentthatthehouseholdreducesitsgasconsumptionthroughsubstitution,itmustbebetteroff.Thenewbudgetline(pricechangeplusrebate)willpassthroughtheoldconsumptionpointof800gallonsofgasoline,andanynowaffordablebundlethatcontainslessgasolinemustbeonahigherindifferencecurve.Thehouseholdwillnotchooseanybundlewithmoregasolinebecausethesebundlesareallinsidetheoldbudgetline,andhenceareinferiortothebundlewith800gallonsofgas.
11.Explainwhichofthefollowingitemsineachpairismorepriceelastic.
a.Thedemandforaspecificbrandoftoothpasteandthedemandfortoothpasteingeneral.
Thedemandforaspecificbrandismoreelasticsincetheconsumercaneasilyswitchtoanotherbrandifthepricegoesup.
b.Thedemandforgasolineintheshortrunandthedemandforgasolineinthelongrun.
Demandinthelongrunismoreelasticsinceconsumershavehadmoretimetoadjusttothechangeinprice.
EXERCISES
1.Anindividualsetsasideacertainamountofhisincomepermonthtospendonhistwohobbies,collectingwineandcollectingbooks.Giventheinformationbelow,illustrateboththepriceconsumptioncurveassociatedwithchangesinthepriceofwine,andthedemandcurveforwine.
Price
Wine
Price
Book
Quantity
Wine
Quantity
Book
Budget
$10
$10
7
8
$150
$12
$10
5
9
$150
$15
$10
4
9
$150
$20
$10
2
11
$150
Thepriceconsumptioncurveconnectseachofthefouroptimalbundlesgiveninthetableabove.Asthepriceofwineincreases,thebudgetlinewillpivotinwardsandtheoptimalbundlewillchange.
4.a.Orangejuiceandapplejuiceareknowntobeperfectsubstitutes.Drawtheappropriateprice-consumption(foravariablepriceoforangejuice)andincome-consumptioncurves.
Weknowthattheindifferencecurvesforperfectsubstituteswillbestraightlines.Inthiscase,theconsumerwillalwayspurchasethecheaperofthetwogoods.Ifthepriceoforangejuiceislessthanthatofapplejuice,theconsumerwillpurchaseonlyorangejuiceandthepriceconsumptioncurvewillbeonthe“orangejuiceaxis”ofthegraph(pointF).Ifapplejuiceischeaper,theconsumerwillpurchaseonlyapplejuiceandthepriceconsumptioncurvewillbeonthe“applejuiceaxis”(pointE).Ifthetwogoodshavethesameprice,theconsumerwillbeindifferentbetweenthetwo;thepriceconsumptioncurvewillcoincidewiththeindifferencecurve(betweenEandF).Seethefigurebelow.
Assumingthatthepriceoforangejuiceislessthanthepriceofapplejuice,theconsumerwillmaximizeherutilitybyconsumingonlyorangejuice.Asthelevelofincomevaries,onlytheamountoforangejuicevaries.Thus,theincomeconsumptioncurvewillbethe“orangejuiceaxis”inthefigurebelow.
4.b.Leftshoesandrightshoesareperfectcomplements.Drawtheappropriateprice-consumptionandincome-consumptioncurves.
Forgoodsthatareperfectcomplements,suchasrightshoesandleftshoes,weknowthattheindifferencecurvesareL-shaped.Thepointofutilitymaximizationoccurswhenthebudgetconstraints,L1andL2touchthekinkofU1andU2.Seethefollowingfigure.
Inthecaseofperfectcomplements,theincomeconsumptioncurveisalsoalinethroughthecornersoftheL-shapedindifferencecurves.Seethefigurebelow.
6.Twoindividuals,SamandBarb,deriveutilityfromthehoursofleisure(L)theyconsumeandfromtheamountofgoods(G)theyconsume.Inordertomaximizeutilitytheyneedtoallocatethe24hoursinthedaybetweenleisurehoursandworkhours.Assumethatallhoursnotspentworkingareleisurehours.Thepriceofagoodisequ
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