曼昆经济学原理课后答案46章_经济学原理曼昆答案

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Chapter 4 Problems and Applications

1.a.b.Cold weather damages the orange crop, reducing the supply of oranges.This can be seen in Figure 6 as a shift to the left in the supply curve for oranges.The new equilibrium price is higher than the old equilibrium price.Figure 6

People often travel to the Caribbean from New England to escape cold weather, so the demand for Caribbean hotel rooms is high in the winter.In the summer, fewer people travel to the Caribbean, because northern climes are more pleasant.The result, as shown in Figure 7, is a shift to the left in the demand curve.The equilibrium price of Caribbean hotel rooms is thus lower in the summer than in the winter, as the figure shows.91

Chapter 5/Elasticity and Its Application  92 c.Figure 7

When a war breaks out in the Middle East, many markets are affected.Because a large proportion of oil production takes place there, the war disrupts oil supplies, shifting the supply curve for gasoline to the left, as shown in Figure 8.The result is a rise in the equilibrium price of gasoline.With a higher price for gasoline, the cost of operating a gas-guzzling automobile like a Cadillac will increase.As a result, the demand for used Cadillacs will decline, as people in the market for cars will not find Cadillacs as attractive.In addition, some people who already own Cadillacs will try to sell them.The result is that the demand curve for used Cadillacs shifts to the left, while the supply curve shifts to the right, as shown in Figure 9.The result is a decline in the equilibrium price of used Cadillacs.But the equilibrium quantity of used Cdillacs is not much changed or even increased.2.Figure 8

Figure 9 The statement that “an increase in the demand for notebooks raises the quantity of notebooks demanded, but not the quantity supplied,” in general, is false.As Figure 10 shows, the increase in demand for notebooks results in an increased quantity supplied.The only way the statement would be true is if the supply curve was a vertical line, as shown in Figure 11.Chapter 5/Elasticity and Its Application  93

Figure 10

Figure 11

Chapter 5/Elasticity and Its Application  94 3.a.If people decide to have more children, they will want larger vehicles for hauling their kids around, so the demand for minivans will increase.Supply will not be affected.The result is a rise in both the price and the quantity sold, as Figure 12 shows.b.Figure 12

If a strike by steelworkers raises steel prices, the cost of producing a minivan rises and the supply of minivans decreases.Demand will not be affected.The result is a rise in the price of minivans and a decline in the quantity sold, as Figure 13 shows.Figure 13

Chapter 5/Elasticity and Its Application  95 c.The development of new automated machinery for the production of minivans is an improvement in technology.This reduction in firms' costs will result in an increase in supply.Demand is not affected.The result is a decline in the price of minivans and an increase in the quantity sold, as Figure 14 shows.d.Figure 14

e.The rise in the price of sport utility vehicles affects minivan demand because sport utility vehicles are substitutes for minivans.The result is an increase in demand for minivans.Supply is not affected.The equilibrium price and quantity of minivans both rise, as Figure 12 shows.The reduction in peoples' wealth caused by a stock-market crash reduces their income, leading to a reduction in the demand for minivans, because minivans are likely a normal good.Supply is not affected.As a result, both the equilibrium price and the equilibrium quantity decline, as Figure 15 shows.Figure 15

Chapter 5/Elasticity and Its Application  96 4.a.DVDs and TV screens are likely to be complements because you cannot watch a DVD without a television.DVDs and movie tickets are likely to be substitutes because a movie can be watched at a theater or at home.TV screens and movie tickets are likely to be substitutes for the same reason.The technological improvement would reduce the cost of producing a TV screen, shifting the supply curve to the right.The demand curve would not be affected.The result is that the equilibrium price will fall, while the equilibrium quantity will rise.This is shown in Figure 16.b.Figure 16

c.The reduction in the price of TV screens would lead to an increase in the demand for DVDs because TV screens and DVDs are complements.The effect of this increase in the demand for DVDs is an increase in both the equilibrium price and quantity, as shown in Figure 17.Chapter 5/Elasticity and Its Application  97

Figure 17

d.The reduction in the price of TV screens would cause a decline in the demand for movie tickets because TV screens and movie tickets are substitute goods.The decline in the demand for movie tickets would lead to a decline in the equilibrium price and quantity sold.This is shown in Figure 18.Figure 18