Workout for Intermediate Microeconomics VARIA (1)

《Workout for Intermediate Microeconomics VARIA (1)》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、Chapter1NAMETheMarketIntroduction.Theproblemsinthischapterexaminesomevariationsontheapartmentmarketdescribedinthetext.Inmostoftheproblemsweworkwiththetruedemandcurveconstructedfromthereservationpricesoftheconsumersratherthanthesmoothed"demandcurvethatweu

2、sedinthetext.Rememberthatthereservationpriceofaconsumeristhatpricewhereheisjustindierentbetweenrentingornotrentingtheapartment.Atanypricebelowthereservationpricetheconsumerwilldemandoneapartment,atanypriceabovethereservationpricetheconsumerwillde-mandzer

3、oapartments,andexactlyatthereservationpricetheconsumerwillbeindierentbetweenhavingzerooroneapartment.Youshouldalsoobservethatwhendemandcurveshavethestair-case"shapeusedhere,therewilltypicallybearangeofpriceswheresupplyequalsdemand.Thuswewillaskforthethe

4、highestandlowestpriceintherange.1.1(3)Supposethatwehave8peoplewhowanttorentanapartment.Theirreservationpricesaregivenbelow.(Tokeepthenumberssmall,thinkofthesenumbersasbeingdailyrentpayments.)Person=ABCDEFGHPrice=402530351018155(a)Plotthemarketdemandcurvei

5、nthefollowinggraph.(Hint:Whenthemarketpriceisequaltosomeconsumeri'sreservationprice,therewillbetwodierentquantitiesofapartmentsdemanded,sinceconsumeriwillbeindierentbetweenhavingornothavinganapartment.)2THEMARKET(Ch.1)Price605040302010012345678Apartment

6、s(b)Supposethesupplyofapartmentsisxedat5units.Inthiscasethereisawholerangeofpricesthatwillbeequilibriumprices.Whatisthehighestpricethatwouldmakethedemandforapartmentsequalto5units?$18.(c)Whatisthelowestpricethatwouldmakethemarketdemandequalto5units?$15.(

7、d)Withasupplyof4apartments,whichofthepeopleA{Hendupgettingapartments?A,B,C,D.(e)Whatifthesupplyofapartmentsincreasesto6units.Whatistherangeofequilibriumprices?$10to$15.1.2(3)Supposethatthereareoriginally5unitsinthemarketandthat1ofthemisturnedintoacondomin

8、ium.(a)SupposethatpersonAdecidestobuythecondominium.Whatwillbethehighestpriceatwhichthedemandforapartmentswillequalthesupplyofapartments?Whatwillbethelowestprice?Enteryouran-swersincolumnA,inthetable.Thencalculateth