范里安微经练习册答案

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1、2THEMARKET(Ch.1)Chapter1NAMETheMarketIntroduction.TheproblemsinthischapterexaminesomevariationsonPricetheapartmentmarketdescribedinthetext.Inmostoftheproblemsweworkwiththetruedemandcurveconstructedfromthereservationprices60oftheconsumersratherthanthe“smoothe

2、d”demandcurvethatweusedinthetext.50Rememberthatthereservationpriceofaconsumeristhatpricewhereheisjustindifferentbetweenrentingornotrentingtheapartment.40Atanypricebelowthereservationpricetheconsumerwilldemandone30apartment,atanypriceabovethereservationpriceth

3、econsumerwillde-mandzeroapartments,andexactlyatthereservationpricetheconsumer20willbeindifferentbetweenhavingzerooroneapartment.Youshouldalsoobservethatwhendemandcurveshavethe“stair-10case”shapeusedhere,therewilltypicallybearangeofpriceswheresupplyequalsdeman

4、d.Thuswewillaskforthethehighestandlowestpriceintherange.012345678Apartments(b)Supposethesupplyofapartmentsisfixedat5units.Inthiscasethereisawholerangeofpricesthatwillbeequilibriumprices.Whatisthehighestpricethatwouldmakethedemandforapartmentsequalto51.1(3)Sup

5、posethatwehave8peoplewhowanttorentanapartment.units?$18.Theirreservationpricesaregivenbelow.(Tokeepthenumberssmall,thinkofthesenumbersasbeingdailyrentpayments.)(c)WhatisthelowestpricethatwouldmakethemarketdemandequalPerson=ABCDEFGHPrice=402530351018155to5uni

6、ts?$15.(a)Plotthemarketdemandcurveinthefollowinggraph.(Hint:When(d)Withasupplyof4apartments,whichofthepeopleA–Hendupthemarketpriceisequaltosomeconsumeri’sreservationprice,therewillbetwodifferentquantitiesofapartmentsdemanded,sinceconsumergettingapartments?A,B

7、,C,D.iwillbeindifferentbetweenhavingornothavinganapartment.)(e)Whatifthesupplyofapartmentsincreasesto6units.Whatistherangeofequilibriumprices?$10to$15.1.2(3)Supposethatthereareoriginally5unitsinthemarketandthat1ofthemisturnedintoacondominium.(a)Supposethatper

8、sonAdecidestobuythecondominium.Whatwillbethehighestpriceatwhichthedemandforapartmentswillequalthesupplyofapartments?Whatwillbethelowestprice?Enteryouran-swersincolumnA,inthetable.Thencalculateth