中级微观经济学习题及答案.doc

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1、ANSWERS1TheMarket1.Supposethattherewere25peoplewhohadareservationpriceof$500,andthe26thpersonhadareservationpriceof$200.Whatwouldthedemandcurvelooklike?1.1.Itwouldbeconstantat$500for25apartmentsandthendropto$200.2.Intheaboveexample,whatwouldtheequilibriumpricebeiftherewere24apartme

2、ntstorent?Whatiftherewere26apartmentstorent?Whatiftherewere25apartmentstorent?1.2.Inthefirstcase,$500,andinthesecondcase,$200.Inthethirdcase,theequilibriumpricewouldbeanypricebetween$200and$500.3.Ifpeoplehavedifferentreservationprices,whydoesthemarketdemandcurveslopedown?1.3.Becausei

3、fwewanttorentonemoreapartment,wehavetoofferalowerprice.Thenumberofpeoplewhohavereservationpricesgreaterthanpmustalwaysincreaseaspdecreases.4.Inthetextweassumedthatthecondominiumpurchaserscamefromtheinner-ringpeople—peoplewhowerealreadyrenting64apartments.Whatwouldhappentothepriceofi

4、nner-ringapartmentsifallofthecondominiumpurchaserswereouter-ringpeople—thepeoplewhowerenotcurrentlyrentingapartmentsintheinnerring?1.4.Thepriceofapartmentsintheinnerringwouldgoupsincedemandforapartmentswouldnotchangebutsupplywoulddecrease.5.Supposenowthatthecondominiumpurchaserswer

5、eallinner-ringpeople,butthateachcondominiumwasconstructedfromtwoapartments.Whatwouldhappentothepriceofapartments?1.5.Thepriceofapartmentsintheinnerringwouldrise.6.Whatdoyousupposetheeffectofataxwouldbeonthenumberofapartmentsthatwouldbebuiltinthelongrun?1.6.Ataxwouldundoubtedlyreduce

6、thenumberofapartmentssuppliedinthelongrun.7.SupposethedemandcurveisD(p)=100−2p.Whatpricewouldthemonopolistsetifhehad60apartments?Howmanywouldherent?Whatpricewouldhesetifhehad40apartments?Howmanywouldherent?1.7.Hewouldsetapriceof25andrent50apartments.Inthesecondcasehewouldrentall40a

7、partmentsatthemaximumpricethemarket64wouldbear.ThiswouldbegivenbythesolutiontoD(p)=100−2p=40,whichisp∗=30.8.Ifourmodelofrentcontrolallowedforunrestrictedsubletting,whowouldendupgettingapartmentsintheinnercircle?WouldtheoutcomebeParetoefficient?1.8.Everyonewhohadareservationpricehighe

8、rthantheequilibriumpricein