曼昆经济学原理课后答案46章.docx

1、曼昆经济学原理课后答案46章Chapter 4Problems and Applications1. a. Cold weather damages the orange crop, reducing the supply of oranges. This can be seen in Figure 6 as a shift to the left in the supply curve for oranges. The new equilibrium price is higher than the old equilibrium price.Figure 6b. People often

2、travel to the Caribbean from New England to escape cold weather, so the demand for Caribbean hotel rooms is high in the winter. In the summer, fewer people travel to the Caribbean, because northern climes are more pleasant. The result, as shown in Figure 7, is a shift to the left in the demand curve

3、. The equilibrium price of Caribbean hotel rooms is thus lower in the summer than in the winter, as the figure shows.Figure 7c. When a war breaks out in the Middle East, many markets are affected. Because a large proportion of oil production takes place there, the war disrupts oil supplies, shifting

4、 the supply curve for gasoline to the left, as shown in Figure 8. The result is a rise in the equilibrium price of gasoline. With a higher price for gasoline, the cost of operating a gas-guzzling automobile like a Cadillac will increase. As a result, the demand for used Cadillacs will decline, as pe

5、ople in the market for cars will not find Cadillacs as attractive. In addition, some people who already own Cadillacs will try to sell them. The result is that the demand curve for used Cadillacs shifts to the left, while the supply curve shifts to the right, as shown in Figure 9. The result is a de

6、cline in the equilibrium price of used Cadillacs. But the equilibrium quantity of used Cdillacs is not much changed or even increased.Figure 8 Figure 92. The statement that an increase in the demand for notebooks raises the quantity of notebooks demanded, but not the quantity supplied, in general, i

7、s false. As Figure 10 shows, the increase in demand for notebooks results in an increased quantity supplied. The only way the statement would be true is if the supply curve was a vertical line, as shown in Figure 11.Figure 10Figure 113. a. If people decide to have more children, they will want large

8、r vehicles for hauling their kids around, so the demand for minivans will increase. Supply will not be affected. The result is a rise in both the price and the quantity sold, as Figure 12 shows.Figure 12b. If a strike by steelworkers raises steel prices, the cost of producing a minivan rises and the

9、 supply of minivans decreases. Demand will not be affected. The result is a rise in the price of minivans and a decline in the quantity sold, as Figure 13 shows.Figure 13c. The development of new automated machinery for the production of minivans is an improvement in technology. This reduction in fi

10、rms costs will result in an increase in supply. Demand is not affected. The result is a decline in the price of minivans and an increase in the quantity sold, as Figure 14 shows.Figure 14d. The rise in the price of sport utility vehicles affects minivan demand because sport utility vehicles are subs

11、titutes for minivans. The result is an increase in demand for minivans. Supply is not affected. The equilibrium price and quantity of minivans both rise, as Figure 12 shows.e. The reduction in peoples wealth caused by a stock-market crash reduces their income, leading to a reduction in the demand fo

12、r minivans, because minivans are likely a normal good. Supply is not affected. As a result, both the equilibrium price and the equilibrium quantity decline, as Figure 15 shows.Figure 154. a. DVDs and TV screens are likely to be complements because you cannot watch a DVD without a television. DVDs an

13、d movie tickets are likely to be substitutes because a movie can be watched at a theater or at home. TV screens and movie tickets are likely to be substitutes for the same reason.b. The technological improvement would reduce the cost of producing a TV screen, shifting the supply curve to the right.

14、The demand curve would not be affected. The result is that the equilibrium price will fall, while the equilibrium quantity will rise. This is shown in Figure 16.Figure 16c. The reduction in the price of TV screens would lead to an increase in the demand for DVDs because TV screens and DVDs are compl

15、ements. The effect of this increase in the demand for DVDs is an increase in both the equilibrium price and quantity, as shown in Figure 17.Figure 17d. The reduction in the price of TV screens would cause a decline in the demand for movie tickets because TV screens and movie tickets are substitute g

16、oods. The decline in the demand for movie tickets would lead to a decline in the equilibrium price and quantity sold. This is shown in Figure 18.Figure 185. Technological advances that reduce the cost of producing computer chips represent a decline in an input price for producing a computer. The res

17、ult is a shift to the right in the supply of computers, as shown in Figure 19. The equilibrium price falls and the equilibrium quantity rises, as the figure shows.Figure 19Because computer software is a complement to computers, the lower equilibrium price of computers increases the demand for softwa

18、re. As Figure 20 shows, the result is a rise in both the equilibrium price and quantity of software.Figure 20Because typewriters are substitutes for computers, the lower equilibrium price of computers reduces the demand for typewriters. As Figure 21 shows, the result is a decline in both the equilib

19、rium price and quantity of typewriters.Figure 216. A movement along a supply curve is caused by a change in the price of the good. Thus, the statement that “As the price goes up, farmers have motivation to do anything they can to get their product to market” refers to a movement along the supply cur

20、ve. A shift in the supply curve is caused by a change in a nonprice determinant of supply. Thus, the statement that “Political unrest overseas threatens to disrupt the supply of Americas sweetest temptations” refers to a shift in the supply curve.7. a. When a hurricane in South Carolina damages the

21、cotton crop, it raises input prices for producing sweatshirts. As a result, the supply of sweatshirts shifts to the left, as shown in Figure 22. The new equilibrium price is higher and the new equilibrium quantity of sweatshirts is lower.Figure 22b. A decline in the price of leather jackets leads mo

22、re people to buy leather jackets, reducing the demand for sweatshirts. The result, shown in Figure 23, is a decline in both the equilibrium price and quantity of sweatshirts.Figure 23c. The effects of colleges requiring students to engage in morning exercise in appropriate attire raises the demand f

23、or sweatshirts, as shown in Figure 24. The result is an increase in both the equilibrium price and quantity of sweatshirts.Figure 24d. The invention of new knitting machines increases the supply of sweatshirts. As Figure 25 shows, the result is a reduction in the equilibrium price and an increase in

24、 the equilibrium quantity of sweatshirts.Figure 258. A temporarily high birth rate in the year 2010 leads to opposite effects on the price of baby-sitting services in the years 2015 and 2025. In the year 2015, there are more five-year olds who need sitters, so the demand for baby-sitting services ri

25、ses, as shown in Figure 26. The result is a higher price for baby-sitting services in 2015. However, in the year 2025, the increased number of 15-year-olds shifts the supply of baby-sitting services to the right, as shown in Figure 27. The result is a decline in the price of baby-sitting services.Fi

26、gure 26 Figure 279. Ketchup is a complement for hot dogs. Therefore, when the price of hot dogs rises, the quantity demanded of hot dogs falls and this lowers the demand for ketchup. The end result is that both the equilibrium price and quantity of ketchup fall. Because the quantity of ketchup falls

27、, the demand for tomatoes by ketchup producers falls, so the equilibrium price and quantity of tomatoes fall. When the price of tomatoes falls, producers of tomato juice face lower input prices, so the supply curve for tomato juice shifts out, causing the price of tomato juice to fall and the quanti

28、ty of tomato juice to rise. The fall in the price of tomato juice causes people to substitute tomato juice for orange juice, so the demand for orange juice declines, causing the price and quantity of orange juice to fall. Now you can see clearly why a rise in the price of hot dogs leads to a fall in

29、 the price of orange juice!10. Quantity supplied equals quantity demanded at a price of $6 and quantity of 81 pizzas (Figure 28). If the price were greater than $6, quantity supplied would exceed quantity demanded, so suppliers would reduce the price to gain sales. If the price were less than $6, qu

30、antity demanded would exceed quantity supplied, so suppliers could raise the price without losing sales. In both cases, the price would continue to adjust until it reached $6, the only price at which there is neither a surplus nor a shortage.Figure 2811. a. Because flour is an ingredient in bagels,

31、a decline in the price of flour would shift the supply curve for bagels to the right. The result, shown in Figure 29, would be a fall in the price of bagels and a rise in the equilibrium quantity of bagels.Figure 29Because cream cheese is a complement to bagels, the fall in the equilibrium price of

32、bagels increases the demand for cream cheese, as shown in Figure 30. The result is a rise in both the equilibrium price and quantity of cream cheese. So, a fall in the price of flour indeed raises both the equilibrium price of cream cheese and the equilibrium quantity of bagels.Figure 30What happens if the price of milk falls? Because milk is an ingredient in cream cheese, the fall in the price of milk leads to an increase in the supply of cr