经济学原理chapter 4

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Problems and Applications 1. a. Cold weather damages the orange crop, reducing the

supply of oranges. This can be seen in Figure 4-6 as a shift to the left in the supply curve for oranges. The new equilibrium price is higher than the old equilibrium price.

Figure 4-6

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Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

People often travel to the Caribbean from New England to escape cold weather, so demand for Caribbean hotel rooms is high in the winter. In the summer, fewer people travel to the Caribbean, since northern climates are more pleasant. The result, as shown in Figure 4-7, 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.

Figure 4-7

When a war breaks out in the Middle East, many markets are affected. Since much oil production

takes place there, the war disrupts oil supplies, shifting the supply curve for gasoline to the left, as shown in Figure 4-8. 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

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Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

won't 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 4-9. The result is a decline in the equilibrium price of used Cadillacs.

Figure 4-8

Figure 4-9

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Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

The statement that \"an increase in the demand for

notebooks raises the quantity of notebooks demanded, but not the quantity supplied\" is false, in general. As Figure 4-10 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 were perfectly inelastic, as shown in Figure 4-11.

Figure 4-10

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Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND 5

Figure 4-11

If people decide to have more children (a change in tastes), they'll want larger vehicles for hauling their kids around, so the demand for minivans will increase. Supply won't be affected. The result is a rise in both price and quantity, as Figure 4-12 shows.

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Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

Figure 4-12

Figure 4-13

If a strike by steelworkers raises steel prices, the costs of producing a minivan rise (a rise in input prices), so the supply of minivans decreases. Demand won't be affected. The result is a rise in the price of minivans and a decline in the quantity, as Figure 4-13 shows. The development of new automated machinery for the production of minivans is an improvement in technology. The reduction in firms' costs results in an increase in supply. Demand isn't affected. The result is a

decline in the price of minivans and an increase in the quantity, as Figure 4-14 shows.

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Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

Figure 4-14

Figure 4-15

The rise in the price of station wagons affects minivan demand because station wagons are substitutes for minivans (that is, there's a rise in the price of a related good). The result is an increase in demand for

minivans. Supply isn't affected. In equilibrium, the

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Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

price and quantity of minivans both rise, as Figure 4-12 shows. e.

The reduction in peoples' wealth caused by a

stock-market crash reduces their income, leading to a reduction in the demand for minivans, since minivans are a normal good. Supply isn’t affected. As a result, both price and quantity decline, as Figure 4-15 shows.

Technological advances that reduce the cost of producing computer chips represent a decline in an input price for producing a computer. The result is a shift to the right in the supply of computers, as shown in Figure 4-16. The equilibrium price falls and the equilibrium quantity rises, as the figure shows.

Figure 4-16

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Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

Figure 4-17

Since computer software is a complement to computers, the increased equilibrium quantity of computers increases the demand for software. As Figure 4-17 shows, the result is a rise in both the equilibrium price and quantity of software.

Since typewriters are substitutes for computers, the increased equilibrium quantity of computers reduces the demand for typewriters. As Figure 4-18 shows, the result is a decline in both the equilibrium price and quantity of typewriters.

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Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND 10

5. a.

Figure 4-18

When a hurricane in South Carolina damages the cotton crop, it raises input prices for producing sweatshirts. As a result, the supply of sweatshirts shifts to the left, as shown in Figure 4-19. The new equilibrium has a higher price and lower quantity of sweatshirts.

Figure 4-19

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Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

A decline in the price of leather jackets leads more people to buy leather jackets, reducing the demand for sweatshirts. The result, shown in Figure 4-20, is a decline in both the equilibrium price and quantity of sweatshirts.

Figure 4-20

The effects of colleges requiring students to engage in morning calisthenics in appropriate attire raises the demand for sweatshirts, as shown in Figure 4-21. The result is an increase in both the equilibrium price and quantity of sweatshirts.

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Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

Figure 4-21

The invention of new knitting machines increases the supply of sweatshirts. As Figure 4-22 shows, the result is a reduction in the equilibrium price and an increase in the equilibrium quantity of sweatshirts.

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Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

Figure 4-22

A temporarily high birth rate in the year 2005 leads to opposite effects on the price of babysitting services in the years 2010 and 2020. In the year 2010, there are more 5-year olds who need sitters, so the demand for babysitting services rises, as shown in Figure 4-23. The result is a higher price for babysitting services in 2010. However, in the year 2020, the increased number of 15-year olds shifts the supply of babysitting services to the right, as shown in Figure 4-24. The result is a decline in the price of babysitting services.

Figure 4-23

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Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

Figure 4-24

Since ketchup is a complement for hot dogs, when the price of hot dogs rises, the quantity demanded of hot dogs falls, thus reducing the demand for ketchup, causing both price and quantity of ketchup to fall. Since the quantity of ketchup falls, the demand for tomatoes by ketchup

producers falls, so both price and quantity of tomatoes fall. When the price of tomatoes falls, producers of tomato juice face lower input prices, so the supply curve for tomato juice shifts down, causing the price of tomato juice to fall and the quantity of tomato juice to rise. The fall in the price of tomato juice causes people to substitute tomato juice for orange juice, so the demand for orange juice declines,

causing the price and quantity of orange juice to fall. Now you can see clearly why a rise in the price of hot dogs leads to a fall in price of orange juice!

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Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

Figure 4-25

Cigars and chewing tobacco are substitutes for

cigarettes, since a higher price for cigarettes would increase demand for cigars and chewing tobacco. An increase in the tax on cigarettes leads to increased demand for cigars and chewing tobacco. The result, as shown in Figure 4-25 for cigars, is a rise in both the equilibrium price and quantity of cigars and chewing tobacco.

The results in part (b) showed that a tax on cigarettes leads people to substitute cigars and chewing tobacco for cigarettes when the tax on cigarettes rises. To reduce total tobacco usage, policymakers might also want to increase the tax on cigars and chewing tobacco, or pursue some type of public education program.

9. Quantity supplied equals quantity demanded at a price of $6

and quantity of 81 pizzas (Figure 4-26). If price were

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Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

greater than $6, quantity supplied would exceed quantity

demanded, so suppliers would reduce their price to gain sales. If price were less than $6, quantity demanded would exceed quantity supplied, so suppliers could raise their price without losing sales. In both cases, the price would continue to adjust until it reached $6, the only price at which there's neither surplus nor shortage.

Figure 4-26

10. a. If the price of flour falls, since flour is an ingredient

in bagels, the supply curve for bagels would shift to the right. The result, shown in Figure 4-27, would be a fall in the price of bagels and a rise in the equilibrium quantity of bagels.

Since cream cheese is a complement to bagels, the rise in quantity demanded of bagels increases the demand for cream cheese, as shown in Figure 4-28. The result is a rise in both the equilibrium price and quantity of cream cheese. So, a fall in the price of flour indeed raises both the equilibrium price of cream cheese and

Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

the equilibrium quantity of bagels.

Figure 4-27

Figure 4-28

What happens if the price of milk falls? Since milk is an ingredient in cream cheese, the fall in the price of

Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

milk leads to an increase in the supply of cream cheese. This leads to a decrease in the price of cream cheese (Figure 4-29), rather than a rise in the price of cream cheese. So a fall in the price of milk couldn't have been responsible for the pattern observed.

Figure 4-29

Figure 4-30

In part (a), we found that a fall in the price of flour led to a rise in the price of cream cheese and a rise in the equilibrium quantity of bagels. If the price of flour

Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND 20

11.

rose, the opposite would be true; it would lead to a fall in the price of cream cheese and a fall in the

equilibrium quantity of bagels. Since the question says the equilibrium price of cream cheese has risen, it couldn't have been caused by a rise in the price of flour.

What happens if the price of milk rises? From part (a), we found that a fall in the price of milk caused a decline in the price of cream cheese, so a rise in the price of milk would cause a rise in the price of cream cheese. Since bagels and cream cheese are complements, the rise in the price of cream cheese would reduce the demand for bagels, as Figure 4-30 shows. The result is a decline in the equilibrium quantity of bagels. So a rise in the price of milk does cause both a rise in the price of cream cheese and a decline in the equilibrium quantity of bagels. As Figure 4-31 shows, the supply curve is vertical. The constant supply makes sense because the basketball arena has a fixed number of seats no matter what the price.

Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

Figure 4-31

Quantity supplied equals quantity demanded at a price of $8. The equilibrium quantity is 8,000 tickets. Quantity Demanded $ 4 14,000 8 11,000 12 8,000 16 5,000 20 2,000 Price Quantity Supplied 8,000 8,000 8,000 8,000 8,000

The new equilibrium price will be $12, which equates quantity demanded to quantity supplied. The equilibrium quantity is 8,000 tickets.

Chapter 4 — THE MARKET FORCES OF SUPPLY AND DEMAND

12. The executives are confusing changes in demand with

changes in quantity demanded. Figure 4-32 shows the

demand curve prior to the marketing campaign (D1), and after the campaign (D2). The marketing campaign increased the demand for champagne, as shown, leading to a higher

equilibrium price and quantity. The influence of the higher price on demand is already reflected in the outcome. It's impossible for the scenario outlined by the executives to occur.

Figure 4-32

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