中级微观经济学习题及答案.pdfVIP

中级微观经济学习题及答案

ANSWERS

1TheMarket

1.Supposethattherewere25peoplewhohadareservationpriceof$500,andthe26thpersonhadareservationpriceof

$200.Whatwouldthedemandcurvelooklike?

1.1.Itwouldbeconstantat$500for25apartmentsandthendropto$200.

2.Intheaboveexample,whatwouldtheequilibriumpricebeiftherewere24apartmentstorent?Whatiftherewere26

apartmentstorent?Whatiftherewere25apartmentstorent?

1.2.Inthe?rstcase,$500,andinthesecondcase,$200.Inthethirdcase,theequilibriumpricewouldbeanypricebetween

$200and$500.

3.Ifpeoplehavedi?erentreservationprices,whydoesthemarketdemandcurveslopedown?

1.3.Becauseifwewanttorentonemoreapartment,wehavetoo?eralowerprice.Thenumberofpeoplewhohave

reservationpricesgreaterthanpmustalwaysincreaseaspdecreases.

4.Inthetextweassumedthatthecondominiumpurchaserscamefromtheinner-ringpeople—peoplewhowerealready

renting

apartments.Whatwouldhappentothepriceofinner-ringapartmentsifallofthecondominiumpurchaserswereouter-ring

people—thepeoplewhowerenotcurrentlyrentingapartmentsintheinnerring?1.4.Thepriceofapartmentsintheinnerring

wouldgoupsincedemandforapartmentswouldnotchangebutsupplywoulddecrease.

5.Supposenowthatthecondominiumpurchaserswereallinner-ringpeople,butthateachcondominiumwasconstructed

fromtwoapartments.Whatwouldhappentothepriceofapartments?

1.5.Thepriceofapartmentsintheinnerringwouldrise.

6.Whatdoyousupposethee?ectofataxwouldbeonthenumberofapartmentsthatwouldbebuiltinthelongrun?

1.6.Ataxwouldundoubtedlyreducethenumberofapartmentssuppliedinthelongrun.

7.SupposethedemandcurveisD(p)=100?2p.Whatpricewouldthemonopolistsetifhehad60apartments?Howmany

wouldherent?Whatpricewouldhesetifhehad40apartments?Howmanywouldheren