经济学原理曼昆课后答案chapter4.docx
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经济学原理曼昆课后答案chapter4.docx
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经济学原理曼昆课后答案chapter4
经济学原理曼昆课后答案chapter4
ProblemsandApplications
1.a.Coldweatherdamagestheorangecrop,reducingthesupplyoforanges.ThiscanbeseeninFigure4-6asashifttotheleftinthesupplycurvefororanges.Thenewequilibriumpriceishigherthantheoldequilibriumprice.
Figure4-6
b.PeopleoftentraveltotheCaribbeanfromNewEnglandtoescapecoldweather,sodemandforCaribbeanhotelroomsishighinthewinter.Inthesummer,fewerpeopletraveltotheCaribbean,sincenorthernclimesaremorepleasant.Theresult,asshowninFigure4-7,isashifttotheleftinthedemandcurve.TheequilibriumpriceofCaribbeanhotelroomsisthuslowerinthesummerthaninthewinter,asthefigureshows.
Figure4-7
c.WhenawarbreaksoutintheMiddleEast,manymarketsareaffected.Sincemuchoilproductiontakesplacethere,thewardisruptsoilsupplies,shiftingthesupplycurveforgasolinetotheleft,asshowninFigure4-8.Theresultisariseintheequilibriumpriceofgasoline.Withahigherpriceforgasoline,thecostofoperatingagas-guzzlingautomobile,likeaCadillac,willincrease.Asaresult,thedemandforusedCadillacswilldecline,aspeopleinthemarketforcarswon'tfindCadillacsasattractive.Inaddition,somepeoplewhoalreadyownCadillacswilltrytosellthem.TheresultisthatthedemandcurveforusedCadillacsshiftstotheleft,whilethesupplycurveshiftstotheright,asshowninFigure4-9.TheresultisadeclineintheequilibriumpriceofusedCadillacs.
Figure4-8
Figure4-9
2.Thestatementthat"anincreaseinthedemandfornotebooksraisesthequantityofnotebooksdemanded,butnotthequantitysupplied"isfalse,ingeneral.AsFigure4-10shows,theincreaseindemandfornotebooksresultsinanincreasedquantitysupplied.Theonlywaythestatementwouldbetrueisifthesupplycurvewereperfectlyinelastic,asshowninFigure4-11.
Figure4-10
Figure4-11
3.a.Ifpeopledecidetohavemorechildren(achangeintastes),they'llwantlargervehiclesforhaulingtheirkidsaround,sothedemandforminivanswillincrease.Supplywon'tbeaffected.Theresultisariseinbothpriceandquantity,asFigure4-12shows.
Figure4-12
Figure4-13
b.Ifastrikebysteelworkersraisessteelprices,thecostsofproducingaminivanrise(ariseininputprices),sothesupplyofminivansdecreases.Demandwon'tbeaffected.Theresultisariseinthepriceofminivansandadeclineinthequantity,asFigure4-13shows.
c.Thedevelopmentofnewautomatedmachineryfortheproductionofminivansisanimprovementintechnology.Thereductioninfirms'costs
resultsinanincreaseinsupply.Demandisn'taffected.Theresultisadeclineinthepriceofminivansandanincreaseinthequantity,asFigure4-14shows.
Figure4-14
Figure4-15
d.Theriseinthepriceofstationwagonsaffectsminivandemandbecausestationwagonsaresubstitutesforminivans(thatis,there'sariseinthepriceofarelatedgood).Theresultisanincreaseindemandforminivans.Supplyisn'taffected.Inequilibrium,thepriceandquantityofminivansbothrise,asFigure4-12shows.
e.Thereductioninpeoples'wealthcausedbyastock-marketcrashreducestheirincome,leadingtoareductioninthedemandforminivans,sinceminivansareanormalgood.Supplyisn’taffected.Asaresult,bothpriceandquantitydecline,asFigure4-15shows.
4.Technologicaladvancesthatreducethecostofproducingcomputerchipsrepresentadeclineinaninputpriceforproducingacomputer.Theresultisashifttotherightinthesupplyofcomputers,asshowninFigure4-16.Theequilibriumpricefallsandtheequilibriumquantityrises,asthefigureshows.
Figure4-16
Figure4-17
Sincecomputersoftwareisacomplementtocomputers,theincreasedequilibrium
quantityofcomputersincreasesthedemandforsoftware.AsFigure4-17shows,theresultisariseinboththeequilibriumpriceandquantityofsoftware.
Sincetypewritersaresubstitutesforcomputers,theincreasedequilibriumquantityofcomputersreducesthedemandfortypewriters.AsFigure4-18shows,theresultisadeclineinboththeequilibriumpriceandquantityoftypewriters.
Figure4-18
5.a.WhenahurricaneinSouthCarolinadamagesthecottoncrop,itraisesinputpricesforproducingsweatshirts.Asaresult,thesupplyofsweatshirtsshiftstotheleft,asshowninFigure4-19.Thenewequilibriumhasahigherpriceandlowerquantityofsweatshirts.
Figure4-19
b.Adeclineinthepriceofleatherjacketsleadsmorepeopletobuyleatherjackets,reducingthedemandforsweatshirts.Theresult,showninFigure4-20,isadeclineinboththeequilibriumpriceandquantityofsweatshirts.
Figure4-20
c.Theeffectsofcollegesrequiringstudentstoengageinmorningcalisthenicsinappropriateattireraisesthedemandforsweatshirts,asshowninFigure4-21.Theresultisanincreaseinboththeequilibriumpriceandquantityofsweatshirts.
Figure4-21
d.Theinventionofnewknittingmachinesincreasesthesupplyofsweatshirts.AsFigure4-22shows,theresultisareductionintheequilibriumpriceandanincreaseintheequilibriumquantityofsweatshirts.
Figure4-22
6.Atemporarilyhighbirthrateintheyear2005leadstooppositeeffectsonthepriceofbabysittingservicesintheyears2010and2020.Intheyear2010,therearemore5-yearoldswhoneedsitters,sothedemandforbabysittingservicesrises,asshowninFigure4-23.Theresultisahigherpriceforbabysittingservicesin2010.However,intheyear2020,theincreasednumberof15-yearoldsshiftsthesupplyofbabysittingservicestotheright,asshowninFigure4-24.Theresultisadeclineinthepriceofbabysittingservices.
Figure4-23
Figure4-24
7.Sinceketchupisacomplementforhotdogs,whenthepriceofhotdogsrises,thequantitydemandedofhotdogsfalls,thusreducingthedemandforketchup,causingbothpriceandquantityofketchuptofall.Sincethequantityofketchupfalls,thedemandfortomatoesbyketchupproducersfalls,sobothpriceandquantityoftomatoesfall.Whenthepriceoftomatoesfalls,producersoftomatojuicefacelowerinputprices,sothesupplycurvefortomatojuiceshiftsdown,causingthepriceoftomatojuicetofallandthequantityoftomatojuicetorise.Thefallinthepriceoftomatojuicecausespeopletosubstitutetomatojuicefororangejuice,sothedemandfororangejuicedeclines,causingthepriceandquantityoforangejuicetofall.Nowyoucanseeclearlywhyariseinthepriceofhotdogsleadstoafallinpriceoforangejuice!
Figure4-25
8.a.Cigarsandchewingtobaccoaresubstitutesforcigarettes,sinceahigherpriceforcigaretteswouldincreasedemandforcigarsandchewingtobacco.
b.Anincreaseinthetaxoncigarettesleadstoincreaseddemandforcigarsandchewingtobacco.Theresult,asshowninFigure4-25forcigars,isariseinboththeequilibriumpriceandquantityofcigarsandchewingtobacco.
c.Theresultsinpart(b)showedthatataxoncigarettesleadspeopletosubstitutecigarsandchewingtobaccoforcigaretteswhenthetaxoncigarettesrises.Toreducetotaltobaccousage,policymakersmightalsowanttoincreasethetaxoncigarsandchewingtobacco,orpursuesometypeofpubliceducationprogram.
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.Quantitysuppliedequalsquantitydemandedatapriceof$6andquantityof81pizzas(Figure4-26).Ifpriceweregreaterthan$6,quantitysuppliedwouldexceedquantitydemanded,sosupplierswouldreducetheirpricetogainsales.Ifpricewerelessthan$6,quantitydemandedwouldexceedquantitysupplied,sosupplierscouldraisetheirpricewithoutlosingsales.Inbothcases,thepricewouldcontinuetoadjustuntilitreached$6,theonlypriceatwhichthere'sneithersurplusnorshortage.
Figure4-26
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.a.Ifthepriceofflourfalls,sinceflourisaningredientinbagels,thesupplycurveforbagelswouldshifttotheright.Theresult,showninFigure4-27,wouldbeafallinthepriceofbagelsandariseintheequilibriumquantityofbagels.
Sincecreamcheeseisacomplementtobagels,theriseinquantitydemandedofbagelsincreasesthedemandforcreamcheese,asshowninFigure4-28.Theresultisariseinboththeequilibriumpriceandquantityofcreamcheese.So,afallinthepriceofflourindeedraisesboththeequilibriumpriceofcreamcheeseandtheequilibriumquantityofbagels.
Figure4-27
Figure4-28
WhathappensifthepriceofmilkfallsSincemilkisaningredientincreamcheese,thefallinthepriceofmilkleadstoanincreaseinthesupplyofcreamcheese.Thisleadstoadecreaseinthepriceofcreamcheese(Figure4-29),ratherthanariseinthepriceofcreamcheese.Soafallinthepriceofmilkcouldn'thavebeenresponsibleforthepatternobserved.
Figure4-29
Figure4-30
b.Inpart(a),wefoundthatafallinthepriceofflourledtoariseinthepriceofcreamcheeseandariseintheequilibriumquantityofbagels.Ifthepriceofflourrose,theoppositewouldbetrue;itwouldleadtoafallinthepriceofcreamcheeseandafallintheequilibriumquantityofbagels.Sincethequestionsaystheequilibriumpriceofcreamcheesehasrisen,itcouldn'thavebeencausedbyariseinthepriceofflour.
WhathappensifthepriceofmilkrisesFrompart(a),wefoundthatafall
inthepriceofmilkcausedadeclineinthepriceofcreamcheese,soariseinthepriceofmilkwouldcauseariseinthepriceofcreamcheese.Sincebagelsandcreamcheesearecomplements,theriseinthepriceofcreamcheesewouldreducethedemandforbagels,asFigure4-30shows.Theresultisadeclineinthe
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