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1、ANSWERS1 The Market1. 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?1.1. It would be constant at $500 for 25 apartments and then drop to $200.2. In the above example, what would the eq
2、uilibrium 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?1.2. 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 die
3、rent reservation prices, why does the market demand curve slope down?1.3. 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 pu
4、rchasers came from the inner-ring peoplepeople who were already renting apartments. What would happen to the price of inner-ring apartments if all of the condominium purchasers were outer-ring peoplethe people who were not currently renting apartments in the inner ring?1.4. The price of apartments i
5、n the inner ring would go up since demand for apartments would not change but supply would decrease.5. Suppose now that the condominium purchasers were all inner-ring people, but that each condominium was constructed from two apartments. What would happen to the price of apartments?1.5. The price of
6、 apartments in the inner 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 run?1.6. A tax would undoubtedly reduce the number of apartments supplied in the long run.7. Suppose the demand curve is D(p) = 1002p. What price wou
7、ld the monopolist set if he had 60 apartments? How many would he rent? What price would he set if he had 40 apartments? How many would he rent?1.7. He would set a price of 25 and rent 50 apartments. In the second case he would rent all 40 apartments at the maximum price the market would bear. This w
8、ould be given by the solution to D(p) = 1002p = 40, which is p = 30.8. If our model of rent control allowed for unrestricted subletting, who would end up getting apartments in the inner circle? Would the outcome be Pareto ecient?1.8. Everyone who had a reservation price higher than the equilibrium p
9、rice in the competitive market, so that the nal outcome would be Pareto ecient. (Of course in the long run there would probably be fewer new apartments built, which would lead to another kind of ineciency.)2 Budget Constraint1. Originally the consumer faces the budget line p1x1 + p2x2 = m. Then the
10、price of good 1 doubles, the price of good 2 becomes 8 times larger, and income becomes 4 times larger. Write down an equation for the new budget line in terms of the original prices and income.2.1. The new budget line is given by 2p1x1 +8p2x2 =4m.2. What happens to the budget line if the price of g
11、ood 2 increases, but the price of good 1 and income remain constant?2.2. The vertical intercept (x2 axis) decreases and the horizontal intercept (x1 axis) stays the same. Thus the budget line becomes atter.3. If the price of good 1 doubles and the price of good 2 triples, does the budget line become
12、 atter or steeper?2.3. Flatter. The slope is 2p1/3p2. 4. What is the denition of a numeraire good?2.4. A good whose price has been set to 1; all other goods prices are measured relative to the numeraire goods price.5. Suppose that the government puts a tax of 15 cents a gallon on gasoline and then l
13、ater decides to put a subsidy on gasoline at a rate of 7 cents a gallon. What net tax is this combination equivalent to?2.5. A tax of 8 cents a gallon. 6. Suppose that a budget equation is given by p1x1 +p2x2 = m. The government decides to impose a lump-sum tax of u, a quantity tax on good 1 of t, a
14、nd a quantity subsidy on good 2 of s. What is the formula for the new budget line?2.6. (p1+ t) x1 +(p2s) x2 = mu. 7. If the income of the consumer increases and one of the prices decreases at the same time, will the consumer necessarily be at least as well-o?2.7. Yes, since all of the bundles the co
15、nsumer could aord before are aordable at the new prices and income.3 Preferences1. If we observe a consumer choosing (x1, x2) when (y1, y2) is available one time, are we justied in concluding that (x1, x2) (y1, y2)?3.1. No. It might be that the consumer was indierent between the two bundles. All we
16、are justied in concluding is that (x1, x2) (y1, y2). 2. Consider a group of people A, B, C and the relation “at least as tall as,” as in “A is at least as tall as B.” Is this relation transitive? Is it complete?3.2. Yes to both.3. Take the same group of people and consider the relation “strictly taller than.” Is this relation transitive? Is it reexive? Is it
