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首页 现代观点练习册英文版

现代观点练习册英文版.pdf

现代观点练习册英文版

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

简介:本文档为《现代观点练习册英文版pdf》,可适用于高等教育领域

TheproblemsinthischapterexaminesomevariationsontheapartmentmarketdescribedinthetextInmostoftheproblemsweworkwiththetruedemandcurveconstructedfromthereservationpricesoftheconsumersratherthanthe“smoothed”demandcurvethatweusedinthetextRememberthatthereservationpriceofaconsumeristhatpricewhereheisjustindifferentbetweenrentingornotrentingtheapartmentAtanypricebelowthereservationpricetheconsumerwilldemandoneapartment,atanypriceabovethereservationpricetheconsumerwilldemandzeroapartments,andexactlyatthereservationpricetheconsumerwillbeindifferentbetweenhavingzerooroneapartmentYoushouldalsoobservethatwhendemandcurveshavethe“staircase”shapeusedhere,therewilltypicallybearangeofpriceswheresupplyequalsdemandThuswewillaskforthethehighestandlowestpriceintherange()SupposethatwehavepeoplewhowanttorentanapartmentTheirreservationpricesaregivenbelow(Tokeepthenumberssmall,thinkofthesenumbersasbeingdailyrentpayments)Person=ABCDEFGHPrice=(a)Plotthemarketdemandcurveinthefollowinggraph(Hint:Whenthemarketpriceisequaltosomeconsumeri’sreservationprice,therewillbetwodifferentquantitiesofapartmentsdemanded,sinceconsumeriwillbeindifferentbetweenhavingornothavinganapartment)PriceApartments(b)SupposethesupplyofapartmentsisfixedatunitsInthiscasethereisawholerangeofpricesthatwillbeequilibriumpricesWhatisthehighestpricethatwouldmakethedemandforapartmentsequaltounits(c)Whatisthelowestpricethatwouldmakethemarketdemandequaltounits(d)Withasupplyofapartments,whichofthepeopleA–Hendupgettingapartments(e)WhatifthesupplyofapartmentsincreasestounitsWhatistherangeofequilibriumprices()Supposethatthereareoriginallyunitsinthemarketandthatofthemisturnedintoacondominium(a)SupposethatpersonAdecidestobuythecondominiumWhatwillbethehighestpriceatwhichthedemandforapartmentswillequalthesupplyofapartmentsWhatwillbethelowestpriceEnteryouranswersincolumnA,inthetableThencalculatetheequilibriumpricesofapartmentsifB,C,,decidetobuythecondominiumPersonABCDEFGHHighpriceLowprice(b)SupposethatthereweretwopeopleateachreservationpriceandapartmentsWhatisthehighestpriceatwhichdemandequalssupplySupposethatoneoftheapartmentswasturnedintoacondominiumIsthatpricestillanequilibriumprice()Supposenowthatamonopolistownsalltheapartmentsandthatheistryingtodeterminewhichpriceandquantitymaximizehisrevenues(a)Fillintheboxwiththemaximumpriceandrevenuethatthemonopolistcanmakeifherents,,,apartments(Assumethathemustchargeonepriceforallapartments)NumberPriceRevenue(b)WhichofthepeopleA–Fwouldgetapartments(c)Ifthemonopolistwererequiredbylawtorentexactlyapartments,whatpricewouldhechargetomaximizehisrevenue(d)Whowouldgetapartments(e)Ifthislandlordcouldchargeeachindividualadifferentprice,andheknewthereservationpricesofalltheindividuals,whatisthemaximumrevenuehecouldmakeifherentedallapartments(f)Ifapartmentswererented,whichindividualswouldgettheapartments()Supposethatthereareapartmentstoberentedandthatthecityrentcontrolboardsetsamaximumrentof$FurthersupposethatpeopleA,B,C,D,andEmanagetogetanapartment,whileF,G,andHarefrozenout(a)Ifsublettingislegalor,atleast,practicedwhowillsublettowhominequilibrium(Assumethatpeoplewhosubletcanevadethecityrentcontrolrestrictions)(b)Whatwillbethemaximumamountthatcanbechargedforthesubletpayment(c)Ifyouhaverentcontrolwithunlimitedsublettingallowed,whichoftheconsumersdescribedabovewillendupintheapartments(d)Howdoesthiscomparetothemarketoutcome()InthetextwearguedthatataxonlandlordswouldnotgetpassedalongtotherentersWhatwouldhappenifinsteadthetaxwasimposedonrenters(a)Toanswerthisquestion,considerthegroupofpeopleinProblemWhatisthemaximumthattheywouldbewillingtopaytothelandlordiftheyeachhadtopaya$taxonapartmentstothecityFillintheboxbelowwiththesereservationpricesPersonABCDEFGHReservationPrice(b)Usingthisinformationdeterminethemaximumequilibriumpriceifthereareapartmentstoberented(c)Ofcourse,thetotalpricearenterpaysconsistsofhisorherrentplusthetaxThisamountis(d)HowdoesthiscomparetowhathappensifthetaxisleviedonthelandlordsTheseworkoutsaredesignedtobuildyourskillsindescribingeconomicsituationswithgraphsandalgebraBudgetsetsareagoodplacetostart,becauseboththealgebraandthegraphingareveryeasyWheretherearejusttwogoods,aconsumerwhoconsumesxunitsofgoodandxunitsofgoodissaidtoconsumetheconsumptionbundle,(x,x)AnyconsumptionbundlecanberepresentedbyapointonatwodimensionalgraphwithquantitiesofgoodonthehorizontalaxisandquantitiesofgoodontheverticalaxisIfthepricesarepforgoodandpforgood,andiftheconsumerhasincomem,thenshecanaffordanyconsumptionbundle,(x,x),suchthatpxpx≤mOnagraph,thebudgetlineisjustthelinesegmentwithequationpxpx=mandwithxandxbothnonnegativeThebudgetlineistheboundaryofthebudgetsetAllofthepointsthattheconsumercanaffordlieononesideofthelineandallofthepointsthattheconsumercannotaffordlieontheotherIfyouknowpricesandincome,youcanconstructaconsumer’sbudgetlinebyfindingtwocommoditybundlesthatshecan“justafford”anddrawingthestraightlinethatrunsthroughbothpointsMyrtlehasdollarstospendSheconsumesonlyapplesandbananasApplescostdollarseachandbananascostdollareachYouaretographherbudgetline,whereapplesaremeasuredonthehorizontalaxisandbananasontheverticalaxisNoticethatifshespendsallofherincomeonapples,shecanaffordapplesandnobananasThereforeherbudgetlinegoesthroughthepoint(,)onthehorizontalaxisIfshespendsallofherincomeonbananas,shecanaffordbananasandnoapplesTherforeherbudgetlinealsopassesthroughtthepoint(,)ontheverticalaxisMarkthesetwopointsonyourgraphThendrawastraightlinebetweenthemThisisMyrtle’sbudgetlineWhatifyouarenottoldpricesorincome,butyouknowtwocommoditybundlesthattheconsumercanjustaffordThen,iftherearejusttwocommodities,youknowthatauniquelinecanbedrawnthroughtwopoints,soyouhaveenoughinformationtodrawthebudgetlineLaurelconsumesonlyaleandbreadIfshespendsallofherincome,shecanjustaffordbottlesofaleandloavesofbreadAnothercommoditybundlethatshecanaffordifshespendsherentireincomeisbottlesofaleandloavesofbreadIfthepriceofaleisdollarperbottle,howmuchmoneydoesshehavetospendYoucouldsolvethisproblemgraphicallyMeasurealeonthehorizontalaxisandbreadontheverticalaxisPlotthetwopoints,(,)and(,),thatyouknowtobeonthebudgetlineDrawthestraightlinebetweenthesepointsandextendthelinetothehorizontalaxisThispointdenotestheamountofaleLaurelcanaffordifshespendsallofhermoneyonaleSincealecostsdollarabottle,herincomeindollarsisequaltothelargestnumberofbottlesshecanaffordAlternatively,youcanreasonasfollowsSincethebundles(,)and(,)costthesame,itmustbethatgivingupbottlesofalemakesherabletoaffordanextraloavesofbreadSobreadcoststwiceasmuchasaleThepriceofaleisdollar,sothepriceofbreadisdollarsThebundle(,)costsasmuchasherincomeThereforeherincomemustbe××=Whenyouhavecompletedthisworkout,wehopethatyouwillbeabletodothefollowing:•Writeanequationforthebudgetlineanddrawthebudgetsetonagraphwhenyouaregivenpricesandincomeorwhenyouaregiventwopointsonthebudgetline•Graphtheeffectsofchangesinpricesandincomeonbudgetsets•Understandtheconceptofnumeraireandknowwhathappenstothebudgetsetwhenincomeandallpricesaremultipliedbythesamepositiveamount•Knowwhatthebudgetsetlookslikeifoneormoreofthepricesisnegative•Seethattheideaofa“budgetset”canbeappliedtoconstrainedchoiceswherethereareotherconstraintsonwhatyoucanhave,inadditiontoaconstraintonmoneyexpenditure()Youhaveanincomeof$tospendontwocommoditiesCommoditycosts$perunit,andcommoditycosts$perunit(a)Writedownyourbudgetequation(b)Ifyouspentallyourincomeoncommodity,howmuchcouldyoubuy(c)Ifyouspentallofyourincomeoncommodity,howmuchcouldyoubuyUseblueinktodrawyourbudgetlineinthegraphbelowxx(d)Supposethatthepriceofcommodityfallsto$whileeverythingelsestaysthesameWritedownyournewbudgetequationOnthegraphabove,useredinktodrawyournewbudgetline(e)Supposethattheamountyouareallowedtospendfallsto$,whilethepricesofbothcommoditiesremainat$WritedownyourbudgetequationUseblackinktodrawthisbudgetline(f)Onyourdiagram,useblueinktoshadeinthearearepresentingcommoditybundlesthatyoucanaffordwiththebudgetinPart(e)butcouldnotaffordtobuywiththebudgetinPart(a)UseblackinkorpenciltoshadeinthearearepresentingcommoditybundlesthatyoucouldaffordwiththebudgetinPart(a)butcannotaffordwiththebudgetinPart(e)()Onthegraphbelow,drawabudgetlineforeachcase(a)p=,p=,m=(Useblueink)(b)p=,p=,m=(Useredink)(c)p=,p=,m=(Useblackink)(d)p=p,m=p(UsepencilorblackinkHint:Howmuchofgoodcouldyouaffordifyouspendyourentirebudgetongood)xx()Yourbudgetissuchthatifyouspendyourentireincome,youcanaffordeitherunitsofgoodxandunitsofgoodyorunitsofxandunitsofy(a)Markthesetwoconsumptionbundlesanddrawthebudgetlineinthegraphbelowyx(b)Whatistheratioofthepriceofxtothepriceofy(c)Ifyouspentallofyourincomeonx,howmuchxcouldyoubuy(d)Ifyouspentallofyourincomeony,howmuchycouldyoubuy(e)Writeabudgetequationthatgivesyouthisbudgetline,wherethepriceofxis(f)Writeanotherbudgetequationthatgivesyouthesamebudgetline,butwherethepriceofxis()MurphywasconsumingunitsofXandunitsofYThepriceofXrosefromtoThepriceofYremainedat(a)HowmuchwouldMurphy’sincomehavetorisesothathecanstillexactlyaffordunitsofXandunitsofY()IfAmyspentherentireallowance,shecouldaffordcandybarsandcomicbooksaweekShecouldalsojustaffordcandybarsandcomicbooksaweekThepriceofacandybariscentsDrawherbudgetlineintheboxbelowWhatisAmy’sweeklyallowanceComicbooksCandybars()InasmallcountryneartheBalticSea,thereareonlythreecommodities:potatoes,meatballs,andjamPriceshavebeenremarkablystableforthelastyearsorsoPotatoescostcrownspersack,meatballscostcrownspercrock,andjamcostscrownsperjar(a)WritedownabudgetequationforacitizennamedGunnarwhohasanincomeofcrownsperyearLetPstandforthenumberofsacksofpotatoes,Mforthenumberofcrocksofmeatballs,andJforthenumberofjarsofjamconsumedbyGunnarinayear(b)Thecitizensofthiscountryareingeneralverycleverpeople,buttheyarenotgoodatmultiplyingbyThismadeshoppingforpotatoesexcruciatinglydifficultformanycitizensThereforeitwasdecidedtointroduceanewunitofcurrency,suchthatpotatoeswouldbethenumeraireAsackofpotatoescostsoneunitofthenewcurrencywhilethesamerelativepricesapplyasinthepastIntermsofthenewcurrency,whatisthepriceofmeatballs(c)Intermsofthenewcurrency,whatisthepriceofjam(d)WhatwouldGunnar’sincomeinthenewcurrencyhavetobeforhimtobeexactlyabletoaffordthesamecommoditybundlesthathecouldaffordbeforethechange(e)WritedownGunnar’snewbudgetequationIsGunnar’sbudgetsetanydifferentthanitwasbeforethechange()EdmundStenchconsumestwocommodities,namelygarbageandpunkrockvideocassettesHedoesn’tactuallyeattheformerbutkeepsitinhisbackyardwhereitiseatenbybillygoatsandassortedverminThereasonthatheacceptsthegarbageisthatpeoplepayhim$persackfortakingitEdmundcanacceptasmuchgarbageashewishesatthatpriceHehasnoothersourceofincomeVideocassettescosthim$each(a)IfEdmundacceptszerosacksofgarbage,howmanyvideocassettescanhebuy(b)Ifheacceptssacksofgarbage,howmanyvideocassettescanhebuy(c)Writedownanequationforhisbudgetline(d)DrawEdmund’sbudgetlineandshadeinhisbudgetsetGarbageVideocassettes()IfyouthinkEdmundisodd,considerhisbrotherEmmettEmmettconsumesspeechesbypoliticiansanduniversityadministratorsHeispaid$perhourforlisteningtopoliticiansand$perhourforlisteningtouniversityadministrators(Emmettisingreatdemandtohelpfillemptychairsatpubliclecturesbecauseofhisdistinguishedappearanceandhisabilitytorefrainfrommakingrudenoises)EmmettconsumesonegoodforwhichhemustpayWehaveagreednottodisclosewhatthatgoodis,butwecantellyouthatitcosts$perunitandweshallcallitGoodXInadditiontowhatheispaidforconsumingspeeches,Emmettreceivesapensionof$perweekAdministratorspeechesPoliticianspeeches(a)Writedownabudgetequationstatingthosecombinationsofthethreecommodities,GoodX,hoursofspeechesbypoliticians(P),andhoursofspeechesbyuniversityadministrators(A)thatEmmettcouldaffordtoconsumeperweek(b)Onthegraphabove,drawatwodimensionaldiagramshowingthelocusofconsumptionsofthetwokindsofspeechesthatwouldbepossibleforEmmettifheconsumedunitsofGoodXperweek()JonathanLivingstoneYuppieisaprosperouslawyerHehas,inhisownwords,“outgrownthoseconfiningtwocommoditylimits”Jonathanconsumesthreegoods,unblendedScotchwhiskey,designertennisshoes,andmealsinFrenchgourmetrestaurantsThepriceofJonathan’sbrandofwhiskeyis$perbottle,thepriceofdesignertennisshoesis$perpair,andthepriceofgourmetrestaurantmealsis$permealAfterhehaspaidhistaxesandalimony,Jonathanhas$aweektospend(a)WritedownabudgetequationforJonathan,whereWstandsforthenumberofbottlesofwhiskey,Tstandsforthenumberofpairsoftennisshoes,andMforthenumberofgourmetrestaurantmealsthatheconsumes(b)DrawathreedimensionaldiagramtoshowhisbudgetsetLabeltheintersectionsofthebudgetsetwitheachaxis(c)SupposethathedeterminesthathewillbuyonepairofdesignertennisshoesperweekWhatequationmustbesatisfiedbythecombinationsofrestaurantmealsandwhiskeythathecouldafford()MarthaispreparingforexamsineconomicsandsociologyShehastimetoreadpagesofeconomicsandpagesofsociologyInthesameamountoftimeshecouldalsoreadpagesofeconomicsandpagesofsociology(a)Assumingthatthenumberofpagesperhourthatshecanreadofeithersubjectdoesnotdependonhowsheallocateshertime,howmanypagesofsociologycouldshereadifshedecidedtospendallofhertimeonsociologyandnoneoneconomics(Hint:Youhavetwopointsonherbudgetline,soyoushouldbeabletodeterminetheentireline)(b)Howmanypagesofeconomicscouldshereadifshedecidedtospendallofhertimereadingeconomics()HarryHypehas$,tospendonadvertisinganewkindofdehydratedsushiMarketresearchshowsthatthepeoplemostlikelytobuythisnewproductarerecentrecipientsofMBAdegreesandlawyerswhoownhottubsHarryisconsideringadvertisingintwopublications,aboringbusinessmagazineandatrendyconsumerpublicationforpeoplewhowishtheylivedinCaliforniaFact:Adsintheboringbusinessmagazinecost$eachandadsintheconsumermagazinecost$eachFact:Eachadinthebusinessmagazinewillbereadby,recentMBA’sandlawyerswithhottubsFact:EachadintheconsumerpublicationwillbereadbyrecentMBA’sandlawyerswhoownhottubsFact:Nobodyreadsmorethanonead,andnobodywhoreadsonemagazinereadstheother(a)IfHarryspendshisentireadvertisingbudgetonthebusinesspublication,hisadwillbereadbyrecentMBA’sandbylawyerswithhottubs(b)Ifhespendshisentireadvertisingbudgetontheconsumerpublication,hisadwillbereadbyrecentMBA’sandbylawyerswithhottubs(c)SupposehespenthalfofhisadvertisingbudgetoneachpublicationHisadwouldbereadbyrecentMBA’sandbylawyerswithhottubs(d)Drawa“budgetline”showingthecombinationsofnumberofreadingsbyrecentMBA’sandbylawyerswithhottubsthathecanobtainifhespendshisentireadvertisingbudgetDoesthislineextendallthewaytotheaxesSketch,shadein,andlabelthebudgetset,whichincludesallthecombinationsofMBA’sandlawyershecanreachifhespendsnomorethanhisbudget(e)LetMstandforthenumberofinstancesofanadbeingreadbyanMBAandLstandforthenumberofinstancesofanadbeingreadbyalawyerThisbudgetlineisalinesegmentthatliesonthelinewithequationWithafixedadvertisingbudget,howmanyreadingsbyMBA’smusthesacrificetogetanadditionalreadingbyalawyerwithahottubMBA’s×,Lawyers×,()OntheplanetMungo,theyhavetwokindsofmoney,bluemoneyandredmoneyEverycommodityhastwopricesaredmoneypriceandabluemoneypriceEveryMungoanhastwoincomesaredincomeandablueincomeInordertobuyanobject,aMungoanhastopaythatobject’sredmoneypriceinredmoneyanditsbluemoneypriceinbluemoney(Theshopssimplyhavetwocashregisters,andyouhavetopayatbothregisterstobuyanobject)Itisforbiddentotradeonekindofmoneyfortheother,andthisprohibitionisstrictlyenforcedbyMungo’sruthlessandefficientmonetarypolice•TherearejusttwoconsumergoodsonMungo,ambrosiaandbubblegumAllMungoansprefermoreofeachgoodtoless•Thebluepricesarebcu(bcustandsforbluecurrencyunit)p

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