经济学原理第一次作业

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1、JianyuChiPrinciplesofEconomicsSpring2009FirstHourlyExamQuestion1(16points)a)Katherinewouldbuyfiveboxesofcookiesifthepriceperboxwere$8;shewouldbuyfourboxesifthepricewere$12.UsethemidpointruletocalculateKatherine'spriceelasticityofdemandforcookies.Showyourcalculation.b)IsKatherine'sdema

2、ndforcookieselastic,inelasticorunitelastic?Defendyouranswercarefully.c)CalculateKatherine'sexpenditureoncookiesifthepriceare$8.CalculateKatherine'sexpenditureoncookiesifthepricewere$12.WouldKatherine'sexpendituresoncookiesrise,fallorremainconstantifthepriceofcookiesrosefrom$8to$12?d)W

3、hyshouldyouhaveanticipatedyouranswertothelastpartofpartcofthisquestionfromyouranswertoparta?Defendyouranswercarefully.Question2(20points)Fivepeoplearethinkingofgoingtodinnerinarestaurant.Theirwillingnesstopayfordinnerisasfollows:AbleBakerCharlieDanielEasyWillingness$120$100$80$60$20to

4、PayTherearefiverestaurantsintown.Eachisverysmallandcanserveatmostonedinner.Theircostofprovidingdinnerisasfollows:R1R2R3R4R5Cost$30$50$70$90$110a)Supposewewouldliketomaximizetotalsurplus.i)Whichpeopleshouldgotodinner?ii)Whichrestaurantsshouldprovidethosedinners?iii)Whatwilltotalsurplus

5、be?b)Supposethereisarestaurantmarketinthiscommunity.Supposefurtherthattheequilibriumpriceofamealinrestaurantsis$76.i)Whichpeoplewouldeatinrestaurantsatthisprice?ii)Whichrestaurantswouldprovidethosedinners?Whatwillconsumersurplusbeinthiscommunity'srestaurantmarket?iv)Whatwillproducersu

6、rplusbeinthiscommunity'srestaurantmarket?v)Whatwilltotalsurplusbeinthiscommunity'srestaurantmarket?Question3(20points)Throughoutthisquestion,youshouldassumethat(i)demandisneitherperfectlyelasticnorperfectlyinelastic,and(ii)supplyisneitherperfectlyelasticnorperfectlyinelastic.第1页共5页(a)

7、Drawasupplyanddemanddiagramforhotdogs.Showtheequilibriumpriceandequilibriumquantityinyourdiagram.(b)Whatwillhappentotheequilibriumpriceandquantityofhotdogsifanewstudyfindsthateatinghotdogsincreasesthechancesyouwillhaveaheartattack?Presentanddiscussasupplyanddemanddiagramaspartofyouran

8、swer.