曼昆经济学原理课后答案46章.docx
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曼昆经济学原理课后答案46章
Chapter4
ProblemsandApplications
1. a. Coldweatherdamagestheorangecrop,reducingthesupplyoforanges.ThiscanbeseeninFigure6asashifttotheleftinthesupplycurvefororanges.Thenewequilibriumpriceishigherthantheoldequilibriumprice.
Figure6
b. PeopleoftentraveltotheCaribbeanfromNewEnglandtoescapecoldweather,sothedemandforCaribbeanhotelroomsishighinthewinter.Inthesummer,fewerpeopletraveltotheCaribbean,becausenorthernclimesaremorepleasant.Theresult,asshowninFigure7,isashifttotheleftinthedemandcurve.TheequilibriumpriceofCaribbeanhotelroomsisthuslowerinthesummerthaninthewinter,asthefigureshows.
Figure7
c. WhenawarbreaksoutintheMiddleEast,manymarketsareaffected.Becausealargeproportionofoilproductiontakesplacethere,thewardisruptsoilsupplies,shiftingthesupplycurveforgasolinetotheleft,asshowninFigure8.Theresultisariseintheequilibriumpriceofgasoline.Withahigherpriceforgasoline,thecostofoperatingagas-guzzlingautomobilelikeaCadillacwillincrease.Asaresult,thedemandforusedCadillacswilldecline,aspeopleinthemarketforcarswillnotfindCadillacsasattractive.Inaddition,somepeoplewhoalreadyownCadillacswilltrytosellthem.TheresultisthatthedemandcurveforusedCadillacsshiftstotheleft,whilethesupplycurveshiftstotheright,asshowninFigure9.TheresultisadeclineintheequilibriumpriceofusedCadillacs.ButtheequilibriumquantityofusedCdillacsisnotmuchchangedorevenincreased.
Figure8 Figure9
2. Thestatementthat"anincreaseinthedemandfornotebooksraisesthequantityofnotebooksdemanded,butnotthequantitysupplied,"ingeneral,isfalse.AsFigure10shows,theincreaseindemandfornotebooksresultsinanincreasedquantitysupplied.Theonlywaythestatementwouldbetrueisifthesupplycurvewasaverticalline,asshowninFigure11.
Figure10
Figure11
3. a. Ifpeopledecidetohavemorechildren,theywillwantlargervehiclesforhaulingtheirkidsaround,sothedemandforminivanswillincrease.Supplywillnotbeaffected.Theresultisariseinboththepriceandthequantitysold,asFigure12shows.
Figure12
b. Ifastrikebysteelworkersraisessteelprices,thecostofproducingaminivanrisesandthesupplyofminivansdecreases.Demandwillnotbeaffected.Theresultisariseinthepriceofminivansandadeclineinthequantitysold,asFigure13shows.
Figure13
c. Thedevelopmentofnewautomatedmachineryfortheproductionofminivansisanimprovementintechnology.Thisreductioninfirms'costswillresultinanincreaseinsupply.Demandisnotaffected.Theresultisadeclineinthepriceofminivansandanincreaseinthequantitysold,asFigure14shows.
Figure14
d. Theriseinthepriceofsportutilityvehiclesaffectsminivandemandbecausesportutilityvehiclesaresubstitutesforminivans.Theresultisanincreaseindemandforminivans.Supplyisnotaffected.Theequilibriumpriceandquantityofminivansbothrise,asFigure12shows.
e. Thereductioninpeoples'wealthcausedbyastock-marketcrashreducestheirincome,leadingtoareductioninthedemandforminivans,becauseminivansarelikelyanormalgood.Supplyisnotaffected.Asaresult,boththeequilibriumpriceandtheequilibriumquantitydecline,asFigure15shows.
Figure15
4. a. DVDsandTVscreensarelikelytobecomplementsbecauseyoucannotwatchaDVDwithoutatelevision.DVDsandmovieticketsarelikelytobesubstitutesbecauseamoviecanbewatchedatatheaterorathome.TVscreensandmovieticketsarelikelytobesubstitutesforthesamereason.
b. ThetechnologicalimprovementwouldreducethecostofproducingaTVscreen,shiftingthesupplycurvetotheright.Thedemandcurvewouldnotbeaffected.Theresultisthattheequilibriumpricewillfall,whiletheequilibriumquantitywillrise.ThisisshowninFigure16.
Figure16
c. ThereductioninthepriceofTVscreenswouldleadtoanincreaseinthedemandforDVDsbecauseTVscreensandDVDsarecomplements.TheeffectofthisincreaseinthedemandforDVDsisanincreaseinboththeequilibriumpriceandquantity,asshowninFigure17.
Figure17
d. ThereductioninthepriceofTVscreenswouldcauseadeclineinthedemandformovieticketsbecauseTVscreensandmovieticketsaresubstitutegoods.Thedeclineinthedemandformovieticketswouldleadtoadeclineintheequilibriumpriceandquantitysold.ThisisshowninFigure18.
Figure18
5. Technologicaladvancesthatreducethecostofproducingcomputerchipsrepresentadeclineinaninputpriceforproducingacomputer.Theresultisashifttotherightinthesupplyofcomputers,asshowninFigure19.Theequilibriumpricefallsandtheequilibriumquantityrises,asthefigureshows.
Figure19
Becausecomputersoftwareisacomplementtocomputers,thelowerequilibriumpriceofcomputersincreasesthedemandforsoftware.AsFigure20shows,theresultisariseinboththeequilibriumpriceandquantityofsoftware.
Figure20
Becausetypewritersaresubstitutesforcomputers,thelowerequilibriumpriceofcomputersreducesthedemandfortypewriters.AsFigure21shows,theresultisadeclineinboththeequilibriumpriceandquantityoftypewriters.
Figure21
6. Amovementalongasupplycurveiscausedbyachangeinthepriceofthegood.Thus,thestatementthat“Asthepricegoesup,farmershavemotivationtodoanythingtheycantogettheirproducttomarket”referstoamovementalongthesupplycurve.Ashiftinthesupplycurveiscausedbyachangeinanonpricedeterminantofsupply.Thus,thestatementthat“PoliticalunrestoverseasthreatenstodisruptthesupplyofAmerica’ssweetesttemptations”referstoashiftinthesupplycurve.
7. a. WhenahurricaneinSouthCarolinadamagesthecottoncrop,itraisesinputpricesforproducingsweatshirts.Asaresult,thesupplyofsweatshirtsshiftstotheleft,asshowninFigure22.Thenewequilibriumpriceishigherandthenewequilibriumquantityofsweatshirtsislower.
Figure22
b. Adeclineinthepriceofleatherjacketsleadsmorepeopletobuyleatherjackets,reducingthedemandforsweatshirts.Theresult,showninFigure23,isadeclineinboththeequilibriumpriceandquantityofsweatshirts.
Figure23
c. Theeffectsofcollegesrequiringstudentstoengageinmorningexerciseinappropriateattireraisesthedemandforsweatshirts,asshowninFigure24.Theresultisanincreaseinboththeequilibriumpriceandquantityofsweatshirts.
Figure24
d. Theinventionofnewknittingmachinesincreasesthesupplyofsweatshirts.AsFigure25shows,theresultisareductionintheequilibriumpriceandanincreaseintheequilibriumquantityofsweatshirts.
Figure25
8. Atemporarilyhighbirthrateintheyear2010leadstooppositeeffectsonthepriceofbaby-sittingservicesintheyears2015and2025.Intheyear2015,therearemorefive-yearoldswhoneedsitters,sothedemandforbaby-sittingservicesrises,asshowninFigure26.Theresultisahigherpriceforbaby-sittingservicesin2015.However,intheyear2025,theincreasednumberof15-year-oldsshiftsthesupplyofbaby-sittingservicestotheright,asshowninFigure27.Theresultisadeclineinthepriceofbaby-sittingservices.
Figure26 Figure27
9. Ketchupisacomplementforhotdogs.Therefore,whenthepriceofhotdogsrises,thequantitydemandedofhotdogsfallsandthislowersthedemandforketchup.Theendresultisthatboththeequilibriumpriceandquantityofketchupfall.Becausethequantityofketchupfalls,thedemandfortomatoesbyketchupproducersfalls,sotheequilibriumpriceandquantityoftomatoesfall.Whenthepriceoftomatoesfalls,producersoftomatojuicefacelowerinputprices,sothesupplycurvefortomatojuiceshiftsout,causingthepriceoftomatojuicetofallandthequantityoftomatojuicetorise.Thefallinthepriceoftomatojuicecausespeopletosubstitutetomatojuicefororangejuice,sothedemandfororangejuicedeclines,causingthepriceandquantityoforangejuicetofall.Nowyoucanseeclearlywhyariseinthepriceofhotdogsleadstoafallinthepriceoforangejuice!
10. Quantitysuppliedequalsquantitydemandedatapriceof$6andquantityof81pizzas(Figure28).Ifthepriceweregreaterthan$6,quantitysuppliedwouldexceedquantitydemanded,sosupplierswouldreducethepricetogainsales.Ifthepricewerelessthan$6,quantitydemandedwouldexceedquantitysupplied,sosupplierscouldraisethepricewithoutlosingsales.Inbothcases,thepricewouldcontinuetoadjustuntilitreached$6,theonlypriceatwhichthereisneitherasurplusnorashortage.
Figure28
11. a. Becauseflourisaningredientinbagels,adeclineinthepriceofflourwouldshiftthesupplycurveforbagelstotheright.Theresult,showninFigure29,wouldbeafallinthepriceofbagelsandariseintheequilibriumquantityofbagels.
Figure29
Becausecreamcheeseisacomplementtobagels,thefallintheequilibriumpriceofbagelsincreasesthedemandforcreamcheese,asshowninFigure30.Theresultisariseinboththeequilibriumpriceandquantityofcreamcheese.So,afallinthepriceofflourindeedraisesboththeequilibriumpriceofcreamcheeseandtheequilibriumquantityofbagels.
Figure30
Whathappensifthepriceofmilkfalls?
Becausemilkisaningredientincreamcheese,thefallinthepriceofmilkleadstoanincreaseinthesupplyofcr