曼昆经济学原理课后答案46章.docx

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