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
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.
(a)U2’scheapticketsfortheir1992concerttournotonlyfilledupeveryconcertvenuebutleftthousandsoffansclamoringforentry;aclearsignofashortage.In1997,U2waschargingasmuchas$52.50aticket.Bythetimetheygottotheirsecondcitytheywereplayinginstadiumswithlotsofemptyseats;anapparentmarketsurplus.
(b)U2’s2009360DegreesTourofferedfestivalseatingfor$30andsoldouteveryperformance.
LO03-05
Topic:
DisequilibriumPricing
AACSB:
Analytic
Blooms:
Level3Apply
3.Giventhefollowingdata,
(a)completethefollowingtable,
(b)constructmarketsupplyanddemandcurves,
(c)identifytheequilibriumprice,
(d)identifytheamountofshortageorsurplusthatwouldexistatapriceof$5.
ParticipantQuantityDemanded(perweek)
Price$5$4$3$2$1
Demandside
Al12345
Betsy12223
Casey22334
Daisy23446
Eddie22235
MarketTotal__________
Price$5$4$3$2$1
Supplyside
FirmA33333
FirmB75442
FirmC64331
FirmD65430
FirmE43332
Markettotal__________
Answers:
(a)
Price$5$4$3$2$1
Demandside
MarketTotal811141623
Supplyside
MarketTotal262017168
(b)
(c)$2
(d)18unitsurplus
Explanation:
(a)Markettotalsaredevelopedbysimplysummingeachcolumn.Forexample,themarkettotalatapriceof$5is8(=1+1+2+2+2).
(b)Inordertoconstructmarketsupplyanddemandcurves,markettotalswiththeircorrespondingpricesareplotted.Forexample,onepointonthemarketsupplycurveisatapriceof$5andmarketsupplyof26(26,5).Theotherpointsalongbothcurvesareplottedinasimilarmanner.
(b)Equilibriumpriceisthepriceatwhichquantitysuppliedisequaltoquantitydemanded.Atapriceof$2,quantitysuppliedis16unitsandquantitydemandedis16units.
(d)Atapriceof$5,quantitysuppliedis26unitswhilequantitydemandedis8.Thus,asurplusof18unitsexists.
LO03-02
Topic:
MarketInteractions(includingDemandandSupply)
AACSB:
Analytic
Blooms:
Level3Apply
4.Ifaproductbecomesmorepopular
(a)Whichcurvewillshift?
(b)Alongwhichcurvewillpriceandquantitymove?
Atthenewequilibriumprice,will
(c)price
(d)quantity
behigherorlower?
Answers:
(a)demand
(b)supply
(c)higher
(d)higher
Explanation:
(a)Whenaproductbecomesmorepopular,consumersbecomemoreinterestedinpurchasingthisnewproduct,increasingdemand.
(b)Anincreaseindemandmovespriceandquantityalongthesupplycurve.
(c)Anincreaseindemandisashiftinthedemandcurveawayfromtheoriginleadingtoanincreaseinprice.
(d)Onceagainanincreaseindemandshiftsthedemandcurvetotherightleadingtoanincreaseinquantity.
LO03-04
Topic:
MarketInteractions(includingDemandandSupply)
AACSB:
Analytic
Blooms:
Level2Understand
5.Whichcurveshiftsandinwhatdirection,whenthefollowingeventsoccurinthedomesticcarmarket?
(a)TheU.S.economyfallsintoarecession.
(b)U.S.autoworkersgoonstrike.
(c)Importedcarsbecomemoreexpensive.
(d)Thepriceofgasolineincreases.
Answers:
(a)Demandshiftstotheleft
(b)Supplyshiftstotheleft
(c)Demandshiftstotheright
(d)Demandshiftstotheleft
Explanation:
(a)
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- 经济学 基础 Chap003