微观经济学曼昆 课后答案2

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1、ECONOMICS2010ASSIGNMENT2–CHAPTERS4&5NAME____________________________________________1.Whatisamarket?AMARKETISAGROUPOFBUYERSANDSELLERSOFAPARTICULARGOODORSERVICE---BUYERSASAGROUPDETERMINEDEMANDFORTHEPRODUCTORSERVICEANDTHESELLERSASAGROUPDETERMINETHESUPPLYOFTHEPRODUCTORSERVI

2、CE2.Whatarethecharacteristicsofaperfectlycompetitivemarket?Explain.ACOMPETITIVEMARKETISAMARKETINWHICHTHEREAREMANYBUYERSANDMANYSELLERS.EACHBUYERANDSELLERHASANEGLIGIBLEIMPACTONTHEMARKETPRICEANDTHEREISFULLINFORMATIONAMONGSTBUYERSANDSELLERS.3.Explainwhatismeantbya)quantityde

3、manded;b)ademandschedule;andc)thelawofdemand.THEQUANTITYDEMANDEDISTHEAMOUNTOFAGOODTHATBUYERSAREWILLINGANDABLETOPURCHASE.THEDEMANDSCHEDULEISATABLEORLISTINGTHATSHOWSTHERELATIONSHIPBETWEENTHEPRICEOFAGOODORSERVICEANDTHEQUANTITYOFTHEGOODORSERVICEDEMANDED.THELAWOFDEMANDISACLAI

4、MTHAT,OTHERTHINGSEQUAL,THEQUANTITYDEMANDOFAGOODORSERVICEFALLSWHENTHEPRICEOFTHEGOODORSERVICERISES.1.Graphthedemandcurvegiventhedatafromthedemandscheduleforslicesofcherrypieatdifferentpricesinthetablebelow.PriceofaCherryPieSlice(inU.Sdollars)NumberofCherryPieSlicesDemanded

5、$0.0080.2570.5060.7551.0041.2531.5021.7512.000Pricee$2Demandcurve$1QUANTITY482.Defineoridentifytheeconomicfactorsthatshiftthedemandcurve.CHANGESININCOME,CHANGESINTHEPRICESOFSUBSTITUTEANDCOMPLEMENTARYGOODS,TASTESANDPREFERENCES,CHANGESINEXPECTATIONS,ANDCHANGESINTHENUMBEROF

6、BUYERS,.1.Definewhatismeantbythe“LawofSupply”.THELAWOFSUPPLYCLAIMSTHAT,OTHERTHINGSBEINGEQUAL,THEQUANTITYSUPPLIEDOFAGOODORSERVICEINCREASESWHENTHEPRICEOFTHEGOODORSERVICEINCREASES.2.Lookatthefigurebelowandthenindicatewhatfactors,orvariables,wouldcausethesupplycurveforPizzat

7、oshiftbackfromsupplycurveS1tosupplycurveS2.INCREASESINTHECOSTS(PRICES)OFINPUTSSUCHASLABOR,CAPTITAL,MATERIALS,ENERGYWILLSHIFTTHESUPPLYCURVEFROMS1TOS2.SIMILARLYCHANGESINTECHNOLOGYTHATINCREASETHECOSTOFPRODUCTIONWILLSHIFTTHESUPPLYCURVEBACKINADDITIONOFTHEDAMPENINGOFEXPECTATIO

8、NSONHOWMUCHCANBESOLD.IFTHENUMBEROFSELLERS(PRODUCERS)DECREASESANDTHEIRPRODUCTIONDECREASES,THENSUPPLYWILL