经济学基础Chap003.docx
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经济学基础Chap003.docx
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经济学基础Chap003
ANSWERSTOQUESTIONSFORDISCUSSIONANDPROBLEMS
QUESTIONSFORDISCUSSION
1.Whatdoesthesupplyanddemandforhumankidneyslooklike?
Ifamarketinkidneyswerelegal,whowouldgetthem?
Howdoesalawprohibitingkidneysalesaffectthequantityofkidneytransplantsortheirdistribution?
LO:
2AACSB:
AnalyticBT:
Analyze
Currently,thedemandforkidneysfarexceedsthesupplyduetolawsprohibitingdonorsofkidneysfrombeingcompensated.If amarketinkidneyswerelegal,therecipientswouldbethosewhohadthefinancialabilitytoacquirethem,amarketresponsejustlikeanyothergoodbeingofferedforsale.Thelawprohibiting kidneysaleskeepsthesupplydowndespiteincreasingdemand.
Ontheotherhand,thequantitysuppliedofkidneyswouldincreaseasthepriceincreased.Asthepriceincreased,morepeoplewouldbewillingtogiveupakidney.Thesupplycurvewouldstartoutatthepointonthex-axisatthequantitythatiscurrentlyavailableatapriceofzero.Thesearemostlyfrompeoplewhohavediedandhavesignedorgandonorcards.Thisquantityislowerthanthequantitydemandedandthereforeresultsinashortageofkidneyswhentheirsaleisprohibitedbylaw.
Ifamarketinkidneyswerelegal,thepeoplewhoaremostlikelytogetthekidneysarethosewhoarewillingandabletopaythegoingmarketprice.Peoplewhodonothaveinsurancecoveragefornewkidneysorwhocannotaffordtopaythemarketpricewilldowithout.
Alawthatprohibitskidneysalesreducesthequantityofkidneystransplantedbecausethelawreducesthequantitysuppliedofavailablekidneys.Theallocationofkidneysreliesonlegaldistributionthroughregisteredorganbanksandontheblackmarketforkidneys.
2.Intheweb-tutoringmarket,whatforcesmightcause
(a)Arightwardshiftofdemand?
(b)Aleftwardshiftofdemand?
(c)Arightwardshiftofsupply?
(d)Aleftwardshiftofsupply?
(e)Anincreaseintheequilibriumprice?
LO:
4AACSB:
AnalyticBT:
Apply
a.Anincreaseinanyofthedeterminantsofdemandforweb-tutoringwouldcausethedemandcurvetoshiftright.Examplesinclude:
anincreaseddesiretocreatewebsites,increasesinincomeresultinginmorepeoplepurchasingcomputersandconnectingtotheweb,decreasesinthepricesofcomputersresultinginmorepeoplepurchasingcomputersandconnectingtotheweb,decreasesinthepriceofmonthlywebconnectionfees,andchangesintheexpectationsofhowmanypeoplewillbeaccessingtheweb.
b.Adecreaseinanyofthedeterminantsofdemandforweb-tutoringwouldcausethedemandcurvetoshifttotheleft.Exampleswouldinclude:
adecreaseddesiretocreatewebsites,decreasesinincomeresultinginlesspeoplepurchasingcomputersandconnectingtotheweb,increasesinthepricesofcomputersresultinginlesspeoplepurchasingcomputersandconnectingtotheweb,increasesinthepriceofmonthlywebconnectionfees,andchangesintheexpectationsofhowmanypeoplewillbeaccessingtheweb.
c.Anincreaseinanyofthedeterminantsofsupplyforweb-tutoringwouldcausethesupplycurvetoshifttotheright.Examplesinclude:
improvementsintechnologythatmakeiteasiertodesignwebsites,decreasesinthepricesofcomputersandwebdesignsoftware,adecreaseintaxesonwebdesignincome,increasesinexpectationsincomegeneratedthroughwebdesign,increasesinthenumberofsellersofweb-tutoring.
d.Adecreaseinanyofthedeterminantsofsupplyforweb-tutoringwouldcausethesupplycurvetoshifttotheleft.Examplesinclude:
increasesinthepricesofcomputersandwebdesignsoftware,increasesintaxesonwebdesignincome,decreasesinexpectationsofincomegeneratedthroughwebdesign,decreasesinthenumberofsellersofweb-tutoring.
e.Anincreaseintheequilibriumpriceofwebservicescanbecausedbyeitheranincreaseindemandoradecreaseinsupply,ceterisparibus.
3.Didthepriceoftuitionatyourschoolchangethisyear?
Whatmighthavecausedthat?
LO:
3AACSB:
AnalyticBT:
Apply
Inalmostallcases,thepriceoftuitionatcollegesanduniversitiesincreasedlastyear.Amarketexplanationofthispriceincreasewouldincludeanincreaseinthedemandforacollegeeducationasmoreandmorehighschoolgraduatesdecidetogotocollege.Inaddition,thecostofprovidingthateducation,suchassalariesoffaculty,staff,andadministration,heatingandcooling,rentonbuildings,etc.,allincreased,causingsupplytodecrease.Also,areductioninsubsidiesfromstategovernmentsfacingfinancialdifficultiesmayhaveleadtotuitionincreasesinsomecases.
4.Illustratethemarketshortageforticketsto2012Sandybenefitconcert(NewsWire,page63).Whyweretheticketspricedsolowinitially?
LO:
5AACSB:
AnalyticBT:
Apply
Sincemarketsusetrialanderrortosetprices,thebelowmarketpricemaybeduetobadguessesonthepartofdistributors.Concertticketpricesmightalsobekeptlowtoselloutthearenasandcreatefreepublicityforfutureconcerts.
5.Whenconcertticketsarepricedbelowequilibrium,whogetsthem?
Isthisdistributionofticketsfairerthanapuremarketdistribution?
Isitmoreefficient?
Whogainsorlosesifalltheticketsareresold(scalped)atthemarket-clearingprice?
LO:
5AACSB:
AnalyticBT:
Apply
Whenticketsarepricedbelowequilibrium,ticketsareoftendistributedinitiallyonafirst-comefirst-servebasis.Itisoftenthecasethatthesepeoplethenreselltheirticketsatahigherpriceforaprofit.Whetherthedistributionofticketsisfairerthanapuremarketdistributionsystemdependsonyourpointofview.Ifyouhavethetimetostandinlineearly,orredialthephonecontinuallyuntilyougetinonthetelephoneorderline,youprobablythinkthesystemisfair.Ifyoudonothavethetimefortheseactivities,youprobablythinkthesystemisunfair.Thissystemofdistributionislessefficientinthattheticketsarenotbeingsoldfortheirmarketvalue.Ifalloftheticketsareresoldatthemarket-clearingprice,thentherearemostlygainers.Thosepeoplewhooriginallypurchasedtheticketsgainbecausetheysell$28.50ticketsforahigherpriceandtheyearnaprofit.Thosepeoplewhopurchasetheticketsatahigherpricegainbecausetheyareabletoacquireticketsthattheyotherwisewouldnothavebeenabletopurchase.Therearesomepeoplewhomaynotbeabletoaffordtopaythemarket-clearingpriceandthuscannotpurchasethetickets.
6.Isthereashortageofon-campusparkingatyourschool?
Howmighttheshortageberesolved?
LO:
5AACSB:
AnalyticBT:
Apply
Mostschoolshaveanon-campusparkingshortage.Thisshortagecouldberesolvedinanumberofways.Anon-marketsolutionwouldbeforthecampusadministrationtointerveneandrestrictthenumberofcarsallowedoncampus.Forexample,someschoolsdonotallowfirstandsecondyearstudentstobringcarsoncampus.Thismethod,ofcourse,harmsfirstandsecondyearstudentswhowouldotherwisebringcarstocampus.Asecondmethodwouldbetoutilizethemarketandsellparkingprivileges.Ifthepriceofparkingpermitsissetappropriately,theparkingproblemwillberesolved.Onlythosestudentswhoperceivethebenefitofparkingtobegreaterthanorequaltothecostofparkingwillpurchasetheparkingpermit.Thosewhodonotbelievethebenefitsreceivedfromparkingoncampusareworththepricewilleithernotbringcarstoschoolorwillparkoffcampus.
7.Ifdepartingtenantssellaccesstorent-controlledapartments,whoislikelytoendupwiththeapartments?
Howelsemightscarcerent-controlledapartmentsbedistributed?
LO:
5AACSB:
AnalyticBT:
Apply
Ifdepartingtenantssellaccesstorent-controlledapartments,thepeoplewhoendupwiththeapartmentsarethosewhocanmostaffordtopaytheaccessfee.Analternativetothisdistributionsystemmightbetosetupameanstest,i.e.haveamaximumincomerequirementforrent-controlledapartments.Peoplewhoexceedthemaximumincomecouldnothaveaccesstotheapartments.
8.Ifrentcontrolsaresocounterproductive,whydocitiesimposethem?
Howelsemightthehousingofpoorpeoplebesolved?
LO:
5AACSB:
ReflectiveThinkingBT:
Create
Wheretheleadersofacityhavebothacommitmenttosolvingthehousingproblemsofthepoorandpoliticalpressuretoactquickly,rentcontrolsdothejob.Theyimmediatelyputalidonrents.Becausethisinterferencewiththemarketdecreasestheprofitabilityofrentalhousing,rentcontrolsalsotendtobringconstructionofnewrentalhousingtoahalt,sothatthelong-runhousingproblemwillstillexist.Analternativeapproachwouldbetoutilizethemarketbyeithersubsidizingtherentsoflow-incomepeople,therebyenablingthemtopaythe“high〞rentsorsubsidizinglandlords,therebyincreasingsupplyandloweringrentstoamoreacceptablelevel.Citiesalsoincreasethesupplyofrentalhousingbycreatinggovernment-ownedpublichousing.
9.WhydidApplesettheinitialpriceoftheiPhone5belowequilibrium(seetheNewsWirep.64)?
ShouldApplehaveimmediatelyraisedtheprice?
LO:
5AACSB:
AnalyticBT:
Analyze
ApplemighthavebeensettingthepriceoftheiriPhone5basedonalong-termpricingstrategyratherthanashort-termpricingstrategy.Althoughtheirinitialpriceof$199forthe16GBversionwaswellbelowtheequilibriumpriceduringtheinitialrelease,Appleexpectedconsumerdemandandsupplytoreachanequilibriumlevelwellbelowthislevelaftertheinitialrelease.Insteadofalienatingconsumersonthisnewproduct,theysetapricethatallowedconsumerswhowerewillingandabletopurchasetheproductat$199tohaveaccesstotheproductwhilestillenticing
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