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首页 现代观点练习册答案

现代观点练习册答案.pdf

现代观点练习册答案

kralsolander
2011-04-13 0人阅读 举报 0 0 0 暂无简介

简介:本文档为《现代观点练习册答案pdf》,可适用于高等教育领域

ChapterNAMETheMarketIntroductionTheproblemsinthischapterexaminesomevariationsontheapartmentmarketdescribedinthetextInmostoftheproblemsweworkwiththetruedemandcurveconstructedfromthereservationpricesoftheconsumersratherthanthesmoothed"demandcurvethatweusedinthetextRememberthatthereservationpriceofaconsumeristhatpricewhereheisjustindi�erentbetweenrentingornotrentingtheapartmentAtanypricebelowthereservationpricetheconsumerwilldemandoneapartment,atanypriceabovethereservationpricetheconsumerwilldemandzeroapartments,andexactlyatthereservationpricetheconsumerwillbeindi�erentbetweenhavingzerooroneapartmentYoushouldalsoobservethatwhendemandcurveshavethestaircase"shapeusedhere,therewilltypicallybearangeofpriceswheresupplyequalsdemandThuswewillaskforthethehighestandlowestpriceintherange()SupposethatwehavepeoplewhowanttorentanapartmentTheirreservationpricesaregivenbelow(Tokeepthenumberssmall,thinkofthesenumbersasbeingdailyrentpayments)Person=ABCDEFGHPrice=(a)Plotthemarketdemandcurveinthefollowinggraph(Hint:Whenthemarketpriceisequaltosomeconsumeri’sreservationprice,therewillbetwodi�erentquantitiesofapartmentsdemanded,sinceconsumeriwillbeindi�erentbetweenhavingornothavinganapartment)THEMARKET(Ch)PriceApartments(b)Supposethesupplyofapartmentsis�xedatunitsInthiscasethereisawholerangeofpricesthatwillbeequilibriumpricesWhatisthehighestpricethatwouldmakethedemandforapartmentsequaltounits$(c)Whatisthelowestpricethatwouldmakethemarketdemandequaltounits$(d)Withasupplyofapartments,whichofthepeopleA{HendupgettingapartmentsA,B,C,D(e)WhatifthesupplyofapartmentsincreasestounitsWhatistherangeofequilibriumprices$to$()Supposethatthereareoriginallyunitsinthemarketandthatofthemisturnedintoacondominium(a)SupposethatpersonAdecidestobuythecondominiumWhatwillbethehighestpriceatwhichthedemandforapartmentswillequalthesupplyofapartmentsWhatwillbethelowestpriceEnteryouranswersincolumnA,inthetableThencalculatetheequilibriumpricesofapartmentsifB,C,:::,decidetobuythecondominiumNAMEPersonABCDEFGHHighpriceLowprice(b)SupposethatthereweretwopeopleateachreservationpriceandapartmentsWhatisthehighestpriceatwhichdemandequalssupplySupposethatoneoftheapartmentswasturnedintoacondominiumIsthatpricestillanequilibriumpriceYes()Supposenowthatamonopolistownsalltheapartmentsandthatheistryingtodeterminewhichpriceandquantitymaximizehisrevenues(a)Fillintheboxwiththemaximumpriceandrevenuethatthemonopolistcanmakeifherents,,:::,apartments(Assumethathemustchargeonepriceforallapartments)NumberPriceRevenue(b)WhichofthepeopleA{FwouldgetapartmentsA,B,C,D(c)Ifthemonopolistwererequiredbylawtorentexactlyapartments,whatpricewouldhechargetomaximizehisrevenue$(d)WhowouldgetapartmentsA,B,C,D,F(e)Ifthislandlordcouldchargeeachindividualadi�erentprice,andheknewthereservationpricesofalltheindividuals,whatisthemaximumrevenuehecouldmakeifherentedallapartments$(f)Ifapartmentswererented,whichindividualswouldgettheapartmentsA,B,C,D,F()Supposethatthereareapartmentstoberentedandthatthecityrentcontrolboardsetsamaximumrentof$FurthersupposethatpeopleA,B,C,D,andEmanagetogetanapartment,whileF,G,andHarefrozenoutTHEMARKET(Ch)(a)Ifsublettingislegal|or,atleast,practiced|whowillsublettowhominequilibrium(Assumethatpeoplewhosubletcanevadethecityrentcontrolrestrictions)E,whoiswillingtopayonly$foranapartmentwouldsublettoF,whoiswillingtopay$(b)Whatwillbethemaximumamountthatcanbechargedforthesubletpayment$(c)Ifyouhaverentcontrolwithunlimitedsublettingallowed,whichoftheconsumersdescribedabovewillendupintheapartmentsA,B,C,D,F(d)HowdoesthiscomparetothemarketoutcomeIt’sthesame()InthetextwearguedthatataxonlandlordswouldnotgetpassedalongtotherentersWhatwouldhappenifinsteadthetaxwasimposedonrenters(a)Toanswerthisquestion,considerthegroupofpeopleinProblemWhatisthemaximumthattheywouldbewillingtopaytothelandlordiftheyeachhadtopaya$taxonapartmentstothecityFillintheboxbelowwiththesereservationpricesPersonABCDEFGHReservationPrice(b)Usingthisinformationdeterminethemaximumequilibriumpriceifthereareapartmentstoberented$(c)Ofcourse,thetotalpricearenterpaysconsistsofhisorherrentplusthetaxThisamountis$(d)HowdoesthiscomparetowhathappensifthetaxisleviedonthelandlordsIt’sthesameChapterNAMEBudgetConstraintIntroductionTheseworkoutsaredesignedtobuildyourskillsindescribingeconomicsituationswithgraphsandalgebraBudgetsetsareagoodplacetostart,becauseboththealgebraandthegraphingareveryeasyWheretherearejusttwogoods,aconsumerwhoconsumesxunitsofgoodandxunitsofgoodissaidtoconsumetheconsumptionbundle,(xx)AnyconsumptionbundlecanberepresentedbyapointonatwodimensionalgraphwithquantitiesofgoodonthehorizontalaxisandquantitiesofgoodontheverticalaxisIfthepricesarepforgoodandpforgood,andiftheconsumerhasincomem,thenshecana�ordanyconsumptionbundle,(xx),suchthatpxpx�mOnagraph,thebudgetlineisjustthelinesegmentwithequationpxpx=mandwithxandxbothnonnegativeThebudgetlineistheboundaryofthebudgetsetAllofthepointsthattheconsumercana�ordlieononesideofthelineandallofthepointsthattheconsumercannota�ordlieontheotherIfyouknowpricesandincome,youcanconstructaconsumer’sbudgetlineby�ndingtwocommoditybundlesthatshecanjusta�ord"anddrawingthestraightlinethatrunsthroughbothpointsExample:MyrtlehasdollarstospendSheconsumesonlyapplesandbananasApplescostdollarseachandbananascostdollareachYouaretographherbudgetline,whereapplesaremeasuredonthehorizontalaxisandbananasontheverticalaxisNoticethatifshespendsallofherincomeonapples,shecana�ordapplesandnobananasThereforeherbudgetlinegoesthroughthepoint()onthehorizontalaxisIfshespendsallofherincomeonbananas,shecana�ordbananasandnoapplesTherforeherbudgetlinealsopassesthroughtthepoint()ontheverticalaxisMarkthesetwopointsonyourgraphThendrawastraightlinebetweenthemThisisMyrtle’sbudgetlineWhatifyouarenottoldpricesorincome,butyouknowtwocommoditybundlesthattheconsumercanjusta�ordThen,iftherearejusttwocommodities,youknowthatauniquelinecanbedrawnthroughtwopoints,soyouhaveenoughinformationtodrawthebudgetlineExample:LaurelconsumesonlyaleandbreadIfshespendsallofherincome,shecanjusta�ordbottlesofaleandloavesofbreadAnothercommoditybundlethatshecana�ordifshespendsherentireincomeisbottlesofaleandloavesofbreadIfthepriceofaleisdollarperbottle,howmuchmoneydoesshehavetospendYoucouldsolvethisproblemgraphicallyMeasurealeonthehorizontalaxisandbreadontheverticalaxisPlotthetwopoints,()and(),thatyouknowtobeonthebudgetlineDrawthestraightlinebetweenthesepointsandextendthelinetothehorizontalaxisThispointdenotestheamountofBUDGETCONSTRAINT(Ch)aleLaurelcana�ordifshespendsallofhermoneyonaleSincealecostsdollarabottle,herincomeindollarsisequaltothelargestnumberofbottlesshecana�ordAlternatively,youcanreasonasfollowsSincethebundles()and()costthesame,itmustbethatgivingupbottlesofalemakesherabletoa�ordanextraloavesofbreadSobreadcoststwiceasmuchasaleThepriceofaleisdollar,sothepriceofbreadisdollarsThebundle()costsasmuchasherincomeThereforeherincomemustbe��=Whenyouhavecompletedthisworkout,wehopethatyouwillbeabletodothefollowing:�Writeanequationforthebudgetlineanddrawthebudgetsetonagraphwhenyouaregivenpricesandincomeorwhenyouaregiventwopointsonthebudgetline�Graphthee�ectsofchangesinpricesandincomeonbudgetsets�Understandtheconceptofnumeraireandknowwhathappenstothebudgetsetwhenincomeandallpricesaremultipliedbythesamepositiveamount�Knowwhatthebudgetsetlookslikeifoneormoreofthepricesisnegative�Seethattheideaofabudgetset"canbeappliedtoconstrainedchoiceswherethereareotherconstraintsonwhatyoucanhave,inadditiontoaconstraintonmoneyexpenditureNAME()Youhaveanincomeof$tospendontwocommoditiesCommoditycosts$perunit,andcommoditycosts$perunit(a)Writedownyourbudgetequationxx=(b)Ifyouspentallyourincomeoncommodity,howmuchcouldyoubuy(c)Ifyouspentallofyourincomeoncommodity,howmuchcouldyoubuyUseblueinktodrawyourbudgetlineinthegraphbelowxxBlueLineRedLineBlackLineBlackShading�������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������BlueShading(d)Supposethatthepriceofcommodityfallsto$whileeverythingelsestaysthesameWritedownyournewbudgetequationxx=Onthegraphabove,useredinktodrawyournewbudgetline(e)Supposethattheamountyouareallowedtospendfallsto$,whilethepricesofbothcommoditiesremainat$Writedownyourbudgetequationxx=Useblackinktodrawthisbudgetline(f)Onyourdiagram,useblueinktoshadeinthearearepresentingcommoditybundlesthatyoucana�ordwiththebudgetinPart(e)butcouldnota�ordtobuywiththebudgetinPart(a)Useblackinkorpenciltoshadeinthearearepresentingcommoditybundlesthatyoucoulda�ordwiththebudgetinPart(a)butcannota�ordwiththebudgetinPart(e)()Onthegraphbelow,drawabudgetlineforeachcaseBUDGETCONSTRAINT(Ch)(a)p=,p=,m=(Useblueink)(b)p=,p=,m=(Useredink)(c)p=,p=,m=(Useblackink)(d)p=p,m=p(UsepencilorblackinkHint:Howmuchofgoodcouldyoua�ordifyouspendyourentirebudgetongood)xxBlueLineRedLineBlackLine()Yourbudgetissuchthatifyouspendyourentireincome,youcana�ordeitherunitsofgoodxandunitsofgoodyorunitsofxandunitsofy(a)MarkthesetwoconsumptionbundlesanddrawthebudgetlineinthegraphbelowxyNAME(b)Whatistheratioofthepriceofxtothepriceofy(c)Ifyouspentallofyourincomeonx,howmuchxcouldyoubuy(d)Ifyouspentallofyourincomeony,howmuchycouldyoubuy(e)Writeabudgetequationthatgivesyouthisbudgetline,wherethepriceofxisxy=(f)Writeanotherbudgetequationthatgivesyouthesamebudgetline,butwherethepriceofxisxy=()MurphywasconsumingunitsofXandunitsofYThepriceofXrosefromtoThepriceofYremainedat(a)HowmuchwouldMurphy’sincomehavetorisesothathecanstillexactlya�ordunitsofXandunitsofY$()IfAmyspentherentireallowance,shecoulda�ordcandybarsandcomicbooksaweekShecouldalsojusta�ordcandybarsandcomicbooksaweekThepriceofacandybariscentsDrawherbudgetlineintheboxbelowWhatisAmy’sweeklyallowance$CandybarsComicbooksBUDGETCONSTRAINT(Ch)()InasmallcountryneartheBalticSea,thereareonlythreecommodities:potatoes,meatballs,andjamPriceshavebeenremarkablystableforthelastyearsorsoPotatoescostcrownspersack,meatballscostcrownspercrock,andjamcostscrownsperjar(a)WritedownabudgetequationforacitizennamedGunnarwhohasanincomeofcrownsperyearLetPstandforthenumberofsacksofpotatoes,Mforthenumberofcrocksofmeatballs,andJforthenumberofjarsofjamconsumedbyGunnarinayearPMJ=(b)Thecitizensofthiscountryareingeneralverycleverpeople,buttheyarenotgoodatmultiplyingbyThismadeshoppingforpotatoesexcruciatinglydi�cultformanycitizensThereforeitwasdecidedtointroduceanewunitofcurrency,suchthatpotatoeswouldbethenumeraireAsackofpotatoescostsoneunitofthenewcurrencywhilethesamerelativepricesapplyasinthepastIntermsofthenewcurrency,whatisthepriceofmeatballscrowns(c)Intermsofthenewcurrency,whatisthepriceofjamcrowns(d)WhatwouldGunnar’sincomeinthenewcurrencyhavetobeforhimtobeexactlyabletoa�ordthesamecommoditybundlesthathecoulda�ordbeforethechangecrowns(e)WritedownGunnar’snewbudgetequationPMJ=IsGunnar’sbudgetsetanydi�erentthanitwasbeforethechangeNo()EdmundStenchconsumestwocommodities,namelygarbageandpunkrockvideocassettesHedoesn’tactuallyeattheformerbutkeepsitinhisbackyardwhereitiseatenbybillygoatsandassortedverminThereasonthatheacceptsthegarbageisthatpeoplepayhim$persackfortakingitEdmundcanacceptasmuchgarbageashewishesatthatpriceHehasnoothersourceofincomeVideocassettescosthim$each(a)IfEdmundacceptszerosacksofgarbage,howmanyvideocassettescanhebuyNAME(b)Ifheacceptssacksofgarbage,howmanyvideocassettescanhebuy(c)WritedownanequationforhisbudgetlineC−G=(d)DrawEdmund’sbudgetlineandshadeinhisbudgetsetVideocassettesGarbageBudgetLineBudgetSet������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������()IfyouthinkEdmundisodd,considerhisbrotherEmmettEmmettconsumesspeechesbypoliticiansanduniversityadministratorsHeispaid$perhourforlisteningtopoliticiansand$perhourforlisteningtouniversityadministrators(Emmettisingreatdemandtohelp�llemptychairsatpubliclecturesbecauseofhisdistinguishedappearanceandhisabilitytorefrainfrommakingrudenoises)EmmettconsumesonegoodforwhichhemustpayWehaveagreednottodisclosewhatthatgoodis,butwecantellyouthatitcosts$perunitandweshallcallitGoodXInadditiontowhatheispaidforconsumingspeeches,Emmettreceivesapensionof$perweekPoliticianspeechesAdministratorspeechesBUDGETCONSTRAINT(Ch)(a)Writedownabudgetequationstatingthosecombinationsofthethreecommodities,GoodX,hoursofspeechesbypoliticians(P),andhoursofspeechesbyuniversityadministrators(A)thatEmmettcoulda�ordtoconsumeperweekX−P−A=(b)Onthegraphabove,drawatwodimensionaldiagramshowingthelocusofconsumptionsofthetwokindsofspeechesthatwouldbepossibleforEmmettifheconsumedunitsofGoodXperweek()JonathanLivingstoneYuppieisaprosperouslawyerHehas,inhisownwords,outgrownthosecon�ningtwocommoditylimits"Jonathanconsumesthreegoods,unblendedScotchwhiskey,designertennisshoes,andmealsinFrenchgourmetrestaurantsThepriceofJonathan’sbrandofwhiskeyis$perbottle,thepriceofdesignertennisshoesis$perpair,andthepriceofgourmetrestaurantmealsis$permealAfterhehaspaidhistaxesandalimony,Jonathanhas$aweektospend(a)WritedownabudgetequationforJonathan,whereWstandsforthenumberofbottlesofwhiskey,Tstandsforthenumberofpairsoftennisshoes,andMforthenumberofgourmetrestaurantmealsthatheconsumesWTM=(b)DrawathreedimensionaldiagramtoshowhisbudgetsetLabeltheintersectionsofthebudgetsetwitheachaxisMTW(c)SupposethathedeterminesthathewillbuyonepairofdesignertennisshoesperweekWhatequationmustbesatis�edbythecombinationsofrestaurantmealsandwhiskeythathecoulda�ordWM=()MarthaispreparingforexamsineconomicsandsociologyShehastimetoreadpagesofeconomicsandpagesofsociologyInthesameamountoftimeshecouldalsoreadpagesofeconomicsandpagesofsociologyNAME(a)Assumingthatthenumberofpagesperhourthatshecanreadofeithersubjectdoesnotdependonhowsheallocateshertime,howmanypagesofsociologycouldshereadifshedecidedtospendallofhertimeonsociologyandnoneoneconomicspages(Hint:Youhavetwopointsonherbudgetline,soyoushouldbeabletodeterminetheentireline)(b)Howmanypagesofeconomicscouldshereadifshedecidedtospendallofhertimereadingeconomicspages()HarryHypehas$,tospendonadvertisinganewkindofdehydratedsushiMarketresearchshowsthatthepeoplemostlikelytobuythisnewproductarerecentrecipientsofMBAdegreesandlawyerswhoownhottubsHarryisconsideringadvertisingintwopublications,aboringbusinessmagazineandatrendyconsumerpublicationforpeoplewhowishtheylivedinCaliforniaFact:Adsintheboringbusinessmagazinecost$eachandadsintheconsumermagazinecost$eachFact:Eachadinthebusinessmagazinewillbereadby,recentMBA’sandlawyerswithhottubsFact:EachadintheconsumerpublicationwillbereadbyrecentMBA’sandlawyerswhoownhottubsFact:Nobodyreadsmorethanonead,andnobodywhoreadsonemagazinereadstheother(a)IfHarryspendshisentireadvertisingbudgetonthebusinesspublication,hisadwillbereadby,recentMBA’sandby,lawyerswithhottubs(b)Ifhespendshisentireadvertisingbudgetontheconsumerpublication,hisadwillbereadby,recentMBA’sandby,lawyerswithhottubs(c)SupposehespenthalfofhisadvertisingbudgetoneachpublicationHisadwouldbereadby,recentMBA’sandby,lawyerswithhottubs(d)Draw

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