Ejercicios de microeconomía intermedia. Front Cover. Theodore C. Bergstrom, Hal R. Varian. Antoni Bosch, – Microeconomics – pages. Title, Ejercicios de microeconomía intermedia. Authors, Theodore C. Bergstrom, Hal R. Varian. Translated by, Theodore C. Bergstrom, Hal R. Varian, Marina. Ejercicios de Microeconomia Intermedia (English, Spanish, Paperback) / Author: Bergstrom / Author: Hal R. Varian ; ; Economic theory.
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Published on Jun View Download 1. The problems in this chapter examine some variations on the apartment market described in the text.
Ejercicios de microeconomía intermedia – Theodore C. Bergstrom – Google Books
In most of the problems we work with the true demand curve constructed from the reservation prices of the consumers rather than the smoothed demand curve that we used in the text.
Remember that the reservation price of a consumer is that price where he is just indierent between renting or not renting the apartment. At any price below the reservation price the consumer will demand one apartment, at any price above the reservation price the consumer will de- mand zero apartments, and exactly at the reservation price the consumer will be indierent between having zero or one apartment.
You should also observe that when demand curves have the stair- case shape used here, there will typically be a range of prices where supply equals demand.
Thus we will ask for the the highest and lowest price in the range. Their reservation prices are given below.
To keep the numbers small, think of these numbers as being daily rent payments. When the market price is equal to some consumer is reservation intermmedia, there will be two dierent quantities of apartments demanded, since consumer i will be indierent between having or not having an apartment.
Price 60 50 40 30 20 10 0 1 2 3 4 5 6 7 8 Apartments b Suppose the supply of apartments is xed at 5 units. In this case there is a whole range of prices that will be equilibrium prices.
What is the highest price that would make the demand for apartments equal to 5 units? What is the range of equilibrium prices?
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What will be the highest price at which the demand for apartments will equal the supply of apartments? What will be the lowest price? Enter your an- swers in column A, in the table. Then calculate the equilibrium prices of apartments if B, C. What is the highest price at which demand equals supply?
Suppose that one of the apartments was turned into a condo- minium. Is that price still an equilibrium price? Assume that he must charge one price for all apartments. Assume that people who sublet can evade the city rent-control restrictions. What would happen if instead the tax was imposed on renters? Fill in the box below with these reservation prices. These workouts are designed to build your skills in describing economic situations with graphs and algebra.
Budget sets are a good place to start, because both the algebra and the graphing are very easy. Where there are just two goods, a consumer who consumes x1 units of good 1 and x2 units of good 2 is said to consume the consumption bundle, x1, x2. Any consumption bundle can be represented by a point on a two-dimensional graph with quantities of good 1 on the horizontal axis and quantities of good 2 on the vertical axis.
The budget line is the boundary of the budget set. All of the points that the consumer can aord lie on one side of the line and all of the points that the consumer cannot aord lie on the other. If you know prices and income, you can construct a consumers bud- get line by nding two commodity bundles that she can just aord and drawing the straight line that runs through both points.
Myrtle has 50 dollars to spend. She consumes only apples and bananas. Apples cost 2 dollars each and bananas cost 1 dollar each. You are to graph her budget line, where apples are measured on the horizontal axis and bananas on the vertical axis.
Notice that if she spends all of her income on apples, she can aord 25 apples and no bananas. Therefore her budget line goes through the point 25, 0 on the horizontal axis. If she spends all of her income on bananas, she can aord 50 bananas and no apples.
Therfore her budget line also passes throught the point 0, 50 on the vertical axis. Mark these two points on your graph. Then draw a straight line between them. This is Myrtles budget line. What if you are not told prices or income, but you know two com- modity bundles that the consumer can just aord? Then, if there are just two commodities, you know that a unique line can be drawn through two points, so you have enough information to draw the budget line.
Laurel consumes only ale and bread. If she spends all of her income, she can just aord 20 bottles of ale and 5 loaves of bread. Another commodity bundle that she can aord if she spends her entire income is 10 bottles of ale and 10 loaves of bread. If the price of ale is 1 dollar per bottle, how much money does she have to spend?
You could solve this problem graphically. Measure ale on the horizontal axis and bread on the vertical axis. Plot the two points, 20, 5 and 10, 10that you know to be on the budget line. Draw the straight line between these points and extend the line to the horizontal axis. This point denotes the amount of ale Laurel can aord if she spends all of her money on intermeddia. Since ale costs 1 dollar a bottle, her income in dollars is equal to the largest number of bottles she 6.
Alternatively, you can reason as follows. Since the bundles 20, 5 and 10, 10 cost the variian, it must be that giving up 10 bottles of ale makes her able to aord an extra ejwrcicios loaves of bread. So bread costs twice as much as ale. The price of ale is 1 dollar, so the price of bread is 2 dollars.
The bundle 20, 5 costs as much as her income. When you have completed this workout, we hope that you will be able to do the following: Write an equation for the budget line and draw the budget set on a graph when you are given prices and income or when you are given two points on the budget line.
Graph the eects of changes in prices and income on budget sets. Understand the concept of numeraire and know what happens to the budget set when income and all prices are multiplied by the same positive amount. Know what the budget set looks like if one or more of the prices is negative. See that the idea of a budget set can be applied to constrained choices where there are other constraints on what you can have, in addition to a constraint on money expenditure.
Use blue ink to draw your budget line in the graph below. Write down your new budget equation. On the graph above, use red ink to draw your new budget line. Write down your budget equation. Use black ink to draw this budget line.
Use black ink or pencil to shade in the area representing commodity bundles that you could aord with the budget in Part a but cannot aord with the budget in Part e. Use pencil or black ink. How much of good 1 could you aord if you spend your entire budget on good 1?
The price of X rose from 2 to 3. The price of Y remained at 4. She could also infermedia aord 10 candy bars and 4 comic books a week. The price of a candy bar is 50 cents. Draw her budget line in the ejerciciis below. What ejercicuos Amys weekly allowance?
Comic books 32 24 16 8 0 8 16 24 32 Candy bars Prices have been remark- ably stable for the last 50 years or so.
Potatoes cost 2 crowns per sack, meatballs cost 4 crowns per crock, and jam costs 6 crowns per jar. Let P stand for the number of sacks of potatoes, Ejercocios for the number of crocks of meatballs, and J dr the number of jars of jam consumed by Gunnar in a year. This made shopping for potatoes excru- ciatingly dicult for many citizens. Therefore it was decided to introduce a new unit of currency, such that potatoes would be the numeraire. A sack of potatoes costs one unit of the new currency while the same rel- ative prices apply as in the past.
In terms of the new currency, what is the price of meatballs? Is Gunnars budget set any dierent than it was before the change? He doesnt actually eat the former but keeps it in his backyard where it is eaten by billy goats and assorted vermin. Edmund can accept as much garbage as he wishes at that price.
He has no other source of income. Garbage 20 15 10 5 0 5 10 15 20 Video cassettes 2. Emmett consumes speeches by politicians and university administrators. Emmett is in great demand to help ll empty chairs at public lectures because of his distinguished appearance and his ability to refrain from making rude noises. Emmett consumes one good for which he must pay. Administrator speeches 75 50 25 0 25 50 75 Politician speeches He has, in his own words, outgrown those conning two-commodity lim- its.
Jonathan consumes dde goods, unblended Scotch whiskey, de- signer tennis shoes, and meals in French gourmet restaurants.