中级微观经济学习题及答案.pdfVIP

ANSWERS 1 The Market 1. Suppose that there were 25 people who had a reservation price of $500, and the 26th person had a reservation price of $200. What would the demand curve look like . It would be constant at $500 for 25 apartments and then drop to $200. 2. In the above example, what would the equilibrium price be if there were 24 apartments to rent What if there were 26 apartments to rent What if there were 25 apartments to rent . In the rst case, $500, and in the second case, $200. In the third case, the equilibrium price would be any price between $200 and $500. 3. If people have dierent reservation prices, why does the market demand curve slope down . Because if we want to rent one more apartment, we have to oer a lower price. The number of people who have reservation prices greater than p must always increase as p decreases. 4. In the text we assumed that the condominium purchasers came from the inner-ring people—people who were already renting apartments. What would happen to the price of inner-ring apartments if all of the condominium purchasers were outer-ring people—the people who were not currently renting apartments in the i er ring . The price of apartments in the i er ring would go up since demand for apartments would not change but supply would decrease. 5. Suppose now that the condominium purchasers were all i er-ring people, but that each condominium was constructed from two apartments. What would happen to the price of apartments . The price of apartments in the i er ring would rise. 6. What do you suppose the eect of a tax would be on the number of apartments that would be built in the long ru . A tax would undoubtedly reduce the number of apartments supplied i the long run. 7. Suppose the demand curve is D(p) = 1002p. What price would the monopolist set if he had 60 apartments How many w