中国矿业大学管理学院 微观经济学 46应用题答案.docx
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中国矿业大学管理学院 微观经济学 46应用题答案.docx
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中国矿业大学管理学院微观经济学46应用题答案
第四章应用题答案
1.a.28millioncrates
b.asurplusof6millioncrates
c.Theapplegrowerswillbenefit.Theirrevenuewillincreasefrom$8x30,000,000=$240,000,000to$10x28,000,000=$280,000,000.
2.a.Theequilibriumquantityis100millioncratesofkumquatsperyearandtheequilibriumpriceis$20percrate.Kumquatproducersreceiverevenueof$2billion.
b.Consumerswillpurchase80millioncratesofkumquats.Kumquatproducersreceiverevenueof$2.4billion.
c.Kumquatproducerswillreceivetherevenueinb.plus$30x100millioncrates,foratotalof$5.4billion.Thegovernmentwillspend$3billionpurchasingthe100millioncratesofsurpluskumquats.
3.a.PEisthecompetitiveequilibriumprice.PFisthepricefloor.Q1issoldincompetitiveequilibrium.Q2istheamountsoldwiththepricefloor.
b.Economicsurpluswithoutapricefloor=A+B+C+D+E.Economicsurpluswithpricefloor=A+B+D.
4.a.AsthesupplycurveshiftsinwardfromS1toS2,consumersurpluswilldecreasefromA+B+C+DtoA.
b.ProducersurpluswillchangefromE+F+GtoB+E.Thismaybeanincreaseoradecrease,dependingonthesizeofBrelativetoF+G.
c.TotalsurpluswillfallfromA+B+C+D+E+F+GtoA+B+E.
5.a.Price=$20,Quantity=100,000
b.Price=$30,Quantity=73,122
c.Withnomedallionrequirement,consumersurplus=A+B+C,andproducersurplus=D+E+F.
d.Withthemedallionrequirement,consumersurplus=A,producersurplus=B+D+F,anddeadweightloss=C+E.
6.Underthecurrentprogram,farmersreceivesubsidypaymentswhethertheyarerichorpoor,andrichfarmersarelikelytoreceivemorepayments.Onealternativewouldbeforthegovernmenttogivesubsidiesonlytofarmerswhoseincomeswouldotherwisebebelowacertainlevel.
7.Therentcontrollawwillpushthepricedownfrom$600to$500,creatingashortageequaltoQ1–Q2,sinceonlyQ2apartmentswillbesuppliedat$500.ThelayoffswillshiftthedemandcurveinwardfromD1toD2,whichwillcausetheshortagetoshrink.Ifthedemandcurveshiftsinfarenough,therentceilinglawwillbecomeirrelevantandtherewillbenoshortagebecausethenewequilibriumpricewillbebelow$500asshowninthefigure.Q3willbethenewequilibriumquantity.
8.a.Intheabsenceofrentcontrol,theequilibriumpriceis$800andtheequilibriumquantityis300,000.Inthiscase,everyrenterwhoiswillingtopaythemarketpriceof$800willfindanapartmentandeverylandlordwillingtoacceptthemarketpriceof$800willfindarenter.Thedemandandsupplycurveareshowninthefigure,alongwiththeequilibriumprice(PE)andquantity(QE).
b.Atapriceceilingof$600,thequantitydemandedis350,000butthequantitysuppliedisonly250,000,sothereisashortageof100,000apartments.
c.Ifalllandlordsabidebythelaw,thequantitysoldwillfallto250,000.Asshowninthefigure,consumersurpluswiththepriceceilingenforcedisA+C,producersurplusisE,anddeadweightlossisB+D.
d.Iflandlordssupplyonly250,000apartmentsandignorethepriceceiling,theycancharge$1000.Thisistheamountthatrentersarewillingtopayforthe250,000thapartment.
9.A“blacklist”of“high-risk”rentersismorelikelytoexistinacitywithrentcontrol.Withrentcontrolinplace,thereisashortageofapartmentsandeachlandlordhasmanyrentershopingtogettheapartment,solandlordscanbeverychoosyaboutrenters.Iftherewerealistofhigh-riskrentersinanon-rent-controlcity,itislikelythattheserenterscouldgetanapartmentbyagreeingtopayabitmorethanthegoingprice,butinrentcontrolcitiesitisillegaltochargemore.
10.Thestatementiscorrect.
11.Thefirstsentenceofthestudent’sargumentiscorrect.Thesecondsentenceisincorrect.Apriceceilingincreasesthequantitythatconsumersdemand,butbecauseitalsoreducesthequantitythatsellerssupply,itreducestheamountoftheproductthatconsumersareactuallyabletobuy.Inthegraph,withoutapriceceiling,consumersbuyQ1,withapriceceilingconsumersbuyonlyQ2.
12.Theadvocate’sreasoningisincorrect.Afallinpricewillincreasethequantityofkidneytransplantsdemanded,butnotthedemandforkidneytransplants.Althoughthepriceceilingwillincreasethequantitydemanded,thequantitysuppliedwillfall,andfewerkidneytransplantswilloccur.Inthegraph,withoutapriceceiling,patientsreceiveQ1kidneytransplants,andwithapriceceiling,patientsreceiveonlyQ2.
13.SomeoftherenterswholosetheirapartmentsinWoburnwilllookforapartmentsinPeabody.ThiswillshiftthedemandcurveinPeabodyfromD1toD2,whichwillcausebothanincreaseinquantityandpriceinPeabody.
14.Thepeoplewhobenefitfromrentcontrolsarepoliticallypowerfulandhaveresistedseeingthemabolished.
15.Whethercitiesshouldenactrentcontrolsisanormativequestion.Rentcontrolsmayhelpsomepeople,buthurtothers–thosewhocan’tfindanyapartmenttorent.Rentcontrolsclearlycreateashortageofrentalunitsandadisincentiveforlandlordstospendonmaintenance,sincethelandlordsknowthattheydon’tneedtokeeptheunitswellmaintainedbecausetherearemanyeagerrentershopingtofillanyvacancy.
16.a.Withnopriceceiling,theequilibriumpriceofgasolinewouldbe$3.00pergallonandthequantitydemandedandquantitysuppliedwouldbothbe40milliongallonspermonth.Withapriceceilingandnoblackmarket,thepriceofgasolineis$2.00pergallon,thequantitydemandedis45milliongallons,thequantitysuppliedis30milliongallons,andthereisashortageof15milliongallons.
b.Consumersurplus=A+B+C,producersurplus=D,anddeadweightloss=E+F.
c.Consumersurplus=A,producersurplus=B+C+D,anddeadweightloss=E+F.
d.Theyare,atleastintheshortrun,aslongasablackmarketdoesnotdevelop,becausetheirconsumersurpluswiththepriceceilingisA+B+C,butwithouttheceilingitwouldbeonlyA+B+E.(CislargerthanE.E’sareais0.5x10,000,000x$2.00=$10,000,000,whileC=$1.00x30,000,000=$30,000,000.)
17.Themainbeneficiariesaresmallandinefficientretailerswhowouldnotbeabletomatchthediscountslargeandefficientretailerswouldofferifthelawallowedthemto.Consumersandlargeretailersloseasaresultofthislaw.
18.Formanyyearsthefamilyfarmwasconsideredthesocialandmoralbackboneofthecountry.Thismayaccountforthespecialhelpfamilyfarmersreceivefromthegovernment.(Alternatively,itmaybebecausestateswithalotoffamilyfarmsaredisproportionatelyrepresentedintheU.S.Senate.)
19.a.Ifyouarecurrentlyarenter,thelawwillprobablymakeyoubetteroff,unlessyouareoneofthosewhoselandlordremoveshisapartmentfromthemarket.
b.Worseoff,sinceyou’llprobablynotbeabletofindavacantapartment.
c.Worseoff.
d.Betteroff,unlessyougetcaughtandthepenaltyislarge.
20.a.Thetaxequals$1.25.Thisistheverticaldistancebetweenthetwosupplycurves.
b.Producersreceive$2.50fromconsumersbutkeeponly$1.25afterpayingthetaxtothegovernment.
c.Taxrevenue=$1.25x18billion=$22.5billion.
21.Thisreasoningisincorrect.Althoughtheindustryiscompetitive,itsdemandcurveslopesdownwardanditssupplycurveslopesupward,likemostotherindustries.Thus,asshowninthefigure,thetaxwillbesplitbetweenthebuyersandsellers.ThetaxshiftsthesupplycurveinwardfromS1toS2.ThepricepaidbythebuyersrisesfromPEtoPB,whiletheafter-taxpricekeptbythesuppliersfallsfromPEtoPS.PB–$1=PS.
22.Ifthedemandcurveiscorrect,theconsumersurplusisinfinite,becausethewillingnesstopayisinfinite–unliketheothermarketswe’vestudied.(It’sprettymuchimpossibleforthedemandcurvetobeverticalforever,however,becausenoonehasaninfiniteamountofmoneytospend.)
23.Theproducersurplusinthismarketisarectangle,ratherthanatriangle(asistypicalinmostmarkets).TheproducersurplusequalsPx15,000,soalloftherevenueisproducersurplusbecausethemarginalcostofsupplyingtheconcertiszero.
24.Ifyoucouldaccuratelymeasureit(adifficulttask),economicsurplus(thesumofproducerandconsumersurplus)wouldbeagreatindicatorofthewell-beinggeneratedfromeconomicactivity,sinceitsumsupallthevaluecreatedfromeconomicactivity.Themosteconomicallyefficientcountrywouldhavethehighestamountoftotalsurplus.
AnswerstoAppendixReviewQuestions
1.Inalineardemandequation,theinterceptonthepriceaxistellsthepriceatwhichthequantitydemandediszero.Nooneiswillingtopaythispriceorabovefortheproduct.
2.Thepricethatmaximizestotalsurplusistheequilibriumprice.Atthispricethereisnodeadweightloss.
3.Consumersurplusmeasuresnetbenefitbysubtractingthepricepaidfromthetotalbenefitsreceivedfromthegoodorservice.
4.Deadweightlossisaninterestingturnofphrase.Itmeasuresthelossofsurplus,thegainstoconsumersandproducersthatcouldhaveeasilybeenrealizedbutwere“killed”bythepricecontrol(orsomeotherpolicy).Thedeadweightlossdragsusawayfromefficiencylikeaheavy“weight”pullingtheeconomydown.
AnswerstoAppendixProblemsandApplications
1.TheequilibriumwagecanbefoundbysettingLDequaltoLSandsolvingforW.
100–4W=6W,so100=10W,andW=$10.ThelaborsurplusequalsLS–LDattheminimumwage.Plugging$12intothesupplyequation:
LS=6x12=72.Plugging$12intothedemandequationLD=100–(4x12)=52.Thusthesurplusis7
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