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Solutions Manual

Chapter 2

Supply and Demand Analysis

Solutions to Problems

2.1

Explain why a situation of excess demand will result in an increase in the marke

t

price. Why will a situation of excess supply result in a decrease in the market

price?

Excess demand occurs when price falls below the equilibrium price. In this situa

tion,

consumers are demanding a higher quantity than is being made available by suppli

ers.

This creates pressure for the price to increase sellers can ask for higher price

s and still

find buyers, and buyers offer higher prices to secure the units they want. As th

e price

increases, quantity demanded will fall as quantity supplied increases returning

the market

to equilibrium.

Excess supply occurs when price is above the equilibrium price. Suppliers have m

ade

available more units than consumers are willing to purchase at the high price. T

his

creates pressure for the price to decrease buyers can get away with paying less

because

sellers are happy to find a buyer at all, and sellers are willing to sell for le

ss wanting to

make sure they find a buyer. As the price decreases, the quantity demanded will

go up

while at the same time the quantity supplied will decrease, returning the market

to

equilibrium.

2.2

Suppose we observe that the price of soybeans goes up, while the quantity of

soybeans sold goes up as well. Use supply and demand curves to illustrate two

possible explanations for this pattern of price and quantity changes.

Any factor increasing demand and leaving the remainder of the market unchanged w

ill increase

both market price and quantity sold. If demand were to increase at the same time

as supply

changed, both market price and quantity sold could increase if the change in dem

and is large

relative to the change in supply (in either direction).

FOR MORE OF THIS COURSE AND ANY OTHER COURSES, TEST BANKS, FINAL

EXAMS, AND SOLUTION MANUALS

CONTACT US

AT WHISPERHILLS@GMAIL.COM

Copyright 2015 John Wiley & Sons, Inc.

Chapter 2 - 1

Besanko & Braeutigam Microeconomics, 5th edition, International Student Version

2.3.

Solutions Manual

Explain why the price elasticity of demand for an entire product category (such

as

yogurt) is likely to be less negative than the price elasticity of demand for a

typical

brand (such as Dannon) within that product category.

If the prices for a particular product, such as Dannon, within a product categor

y changes (say it

increases) then it is easy for a consumer to switch to another brand, implying a

relatively high

percent change in quantity demanded for the product. On the other hand, if price

s for the entire

product category change, substitutes are not as easily found and the percent cha

nge in quantity

Copyright 2015 John Wiley & Sons, Inc.

Chapter 2 - 2

Besanko & Braeutigam Microeconomics, 5th edition, International Student Version

Solutions Manual

demanded for the category will be relatively lower. This implies the elasticity

for the entire

product category will be higher (less negative) than the elasticity for a single

product.

2.4. The demand for beer in Japan is given by the following equation: Qd = 700 2

P

PN + 0.1I, where P is the price of beer, PN is the price of nuts, and I is avera

ge consumer

income.

a) What happens to the demand for beer when the price of nuts goes up? Are beer

and nuts

demand substitutes or demand complements?

b) What happens to the demand for beer when average consumer income rises?

c) Graph the demand curve for beer when PN = 100 and I = 10, 000.

a)

When the price of nuts goes up, the beer quantity demanded falls for all levels

of price

(demand shifts left). Beer and nuts are demand complements.

b)

When income rises, quantity demanded increases for all levels of price (demand s

hifts

rightward).

c)

Now: Qd = 700 2P 100 + 0.1*10,000 = 1,600 2P P = 800 0.5 Qd

P

800

1600

Q

2.5. The demand and supply curves for coffee are given by Qd = 500 4P and Qs =

100 +

2P, where P is the price of cranberries expressed in euros per barrel and quanti

ty is in

thousands of barrels per year.

a) Plot the supply and demand curves on a graph and show where the equilibrium o

ccurs.

b) Using algebra, determine the market equilibrium price and quantity of cranber

ries.

a)

Copyright 2015 John Wiley & Sons, Inc.

Chapter 2 3

Besanko & Braeutigam Microeconomics, 5th edition, International Student Version

Solutions Manual

d)

500 4 P 100 2 P

600 6 P

100 P

Plugging P 100 back into either the supply or demand equation yields Q 100 .

2.6. Suppose that demand for bagels in the local store is given by equation Qd =

300 100P. In this equation, P denotes the price of one bagel in dollars.

a) Fill in the following table:

P

0.10

0.45

0.50

0.55

2.50

d

Q

Q,P

b) At what pric is dmand inlastic?

c) At what pric is dmand lastic?

P

0.10

0.45 0.50 0.55 2.50

d

Q

290

255

250

245

50

Q,P 0.035 0.176 0.2 0.225 5

W can find lasticitis of dmand using th following formula

Q,P

Q d P

P

P

.

100

d

P Q

300 100 P P 3

This dmand curv is linar. Th invrs dmand function is P = 3 1/100 Qd

P

$3

300 Q d

Obsrv that for pric $1.50 th lasticity of dmand is qual to

Copyright 2015 John Wily & Sons, Inc.

Chaptr 2 - 4

Bsanko & Brautigam Microconomics, 5th dition, Intrnational Studnt Vrsion

Q ,P

Solutions Manual

1.5

1 .

1.5 3

For all prics blow $1.50, th dmand is inlastic, whil for all prics abov

$1.50, th dmand

is lastic.

2.7. You hav dcidd to study th markt for frsh pickd chrris. You larn t

hat ovr

th last 10 yars, chrry prics hav risn, whil th quantity of chrris purc

hasd has also

risn. This sms puzzling bcaus you larnd in microconomics that an incras

in pric

usually dcrass th quantity dmandd. What might xplain this smingly stran

g

pattrn of prics and consumption lvls?

This could occur as a rsult of th dmand curv shifting to th right, incrasi

ng both quilibrium

pric and quantity. This would not contradict what was larnd rgarding downwar

d sloping

dmand curvs.

2.8. Suppos that, ovr a priod of six months, th pric of corn incrasd. Yt

, th

quantity of corn sold by producrs dcrasd. Dos this contradict th law of su

pply? If

not, why not?

This dos not contradict th law of supply. For xampl, farmrs may hav xpri

ncd

somthing that shiftd th supply curv for corn lftward (such as a flooding or

a drought). This

would hav th ffct of incrasing th quilibrium pric of corn, whil dcras

ing th quantity

of corn sold by producrs. This is shown in th figur blow. Anothr possibilit

y is that,

altrnativly, th supply curv for corn could hav shiftd lftward, and th d

mand curvs for

could hav also shiftd, but in such a way that th ovrall ffct is to incras

th quilibrium

pric and dcras th quilibrium quantity. Ths cass ar also shown in th f

igur blow.

Copyright 2015 John Wily & Sons, Inc.

Chaptr 2 - 5

Bsanko & Brautigam Microconomics, 5th dition, Intrnational Studnt Vrsion

Pric (dollars pr

bushl)

Solutions Manual

S2

S1

D2

D1

Quantity (bushls pr

yar)

Supply curv shifts lftward,

dmand curv also shifts

lftward

Pric (dollars pr

bushl)

S2

S1

D2

D1

Supply curv shifts lftward,

dmand curv shifts rightward

Quantity (bushls

pr yar)

2.9. Explain why a good with a positiv pric lasticity of dmand must violat

th law of

dmand.

Th law of dmand stats that, holding othr factors fixd, thr is an invrs

rlationship

btwn pric and quantity dmandd, i.. that an incras in pric dcrass qu

antity and vic

vrsa. If a good has a positiv pric lasticity of dmand, it must b that an i

ncras in th pric

Copyright 2015 John Wily & Sons, Inc.

Chaptr 2 - 6

Bsanko & Brautigam Microconomics, 5th dition, Intrnational Studnt Vrsion

Solutions Manual

of that good lads to an incras in th quantity dmandd. Thrfor, such a go

od violats th

law of dmand.

2.10. Suppos that th dmand for aluminium in th Unitd Stats is givn by th

quation Qd = 500 - 50P + 10I, whr P is th pric of aluminium xprssd in do

llars pr

kilogram and I is th avrag incom pr prson in th Unitd Stats (in thousan

ds of

dollars pr yar). Avrag incom is an important dtrminant of th dmand for

automobils and othr products that us aluminium, and hnc is a dtrminant of

th

dmand for aluminium itslf. Furthr, suppos that th U.S. supply of aluminium

(whn P

8) is givn by th quation Qs = -400 + 50P. In both th dmand and supply funct

ions,

quantity is masurd in millions of kilograms pr yar.

a) Sktch a graph of dmand and supply curvs that shows th ffct of an incra

s in

rainfall on th quilibrium pric and quantity of aluminum.

b) Calculat and illustrat th markt quilibrium pric of aluminum whn I = 10

. If I falls

to 5, calculat and illustrat th ffct on th quilibrium in th aluminum mar

kt.

a)

An incras in incom will incras dmand, raising th quilibrium pric and in

crasing th

quilibrium quantity.

b)

Copyright 2015 John Wily & Sons, Inc.

Chaptr 2 - 7

Bsanko & Brautigam Microconomics, 5th dition, Intrnational Studnt Vrsion

Solutions Manual

Whn I = 10 w hav QD = 500 - 50P + 100 = Qs = -400 + 50P at quilibrium, or 10

00 _ 100P

or P* = 10. At this pric, using ithr th supply or dmand quation w hav Q*

= 100. Whn

incom falls to 5 w hav QD = 500 - 50P + 50 = Qs = -400 + 50P or 950 = 100P or

P* = 9.5. At

this pric, using ithr th supply or dmand quation, w hav Q* = 75. As inco

m drops,

dmand shifts to th lft, rducing both th quilibrium pric and quantity. Thi

s supports th

algbraic solution.

2.11. Suppos that th quantity of stl dmandd in Franc is givn by Q s = 10

0 2Ps +

0.5Y + 0.2PA, whr Qs is th quantity of stl dmandd pr yar, Ps is th mar

kt pric of

stl, Y is ral GDP in Franc, and PA is th markt pric of aluminum. In 2011,

Ps = 10, Y

= 40, and PA = 100. How much stl will b dmandd in 2011? What is th pric

lasticity

of dmand, givn markt conditions in 2011?

W ar givn that Y = 40, and PA = 100, and so substituting ths valus into th

quation that

dtrmins th quantity dmandd givs us

QS = 100 2PS + 0.5(40) + 0.2(100)

or

QS = 140 2PS.

This is th quation for th dmand curv for stl in Franc. Whn th pric of

stl is 10, th

quantity of stl dmandd is thus 120.

From quation (2.4) in th txt, th pric lasticity of dmand for stl whn t

h pric is 10 is

givn by

2.12. Gina usually pays a pric btwn $5 and $7 pr gallon of ic cram. Ovr

that

rang of prics, hr monthly total xpnditur on ic cram incrass as th pri

c

dcrass. What dos this imply about hr pric lasticity of dmand for ic cr

am?

Ginas xpnditur on ic-cram is P*Q, whr P is th pric and Q is th numbr o

f units of ic

cram that sh buys. W know that P*Q incrass as P dcrass which can only m

an that Q

incrass at a fastr rat than th rat at which P dcrass. This is quivaln

t to saying that

dmand is vry snsitiv to pric changs, or that hr dmand for ic cram is q

uit lastic ( Q,P

< 1) . Mor gnrally, rcall that whn pric and total rvnu (P*Q) mov in opp

osit

dirctions, it is bcaus dmand is lastic ovr that pric rang.

Copyright 2015 John Wily & Sons, Inc.

Chaptr 2 - 8

Bsanko & Brautigam Microconomics, 5th dition, Intrnational Studnt Vrsion

Solutions Manual

2.13. Considr th following dmand and supply rlationships in th markt for g

olf

balls: Qd = 90 2P 2T and Qs = 9 + 5P 2.5R, where T is the price of titanium, a me

tal

used to make golf clubs, and R is the price of rubber.

a) If R = 2 and T = 10, calculate the equilibrium price and quantity of golf bal

ls.

b) At the equilibrium values, calculate the price elasticity of demand and the p

rice elasticity

of supply.

c) At the equilibrium values, calculate the cross price elasticity of demand for

golf balls

with respect to the price of titanium. What does the sign of this elasticity tel

l you about

whether golf balls and titanium are substitutes or complements?

a)

Substituting the values of R and T, we get

Demand : Q d 70 2 P

Supply : Q s 14 5P

In equilibrium, 70 2P = 14 + 5P, which implies that P = 12. Substituting this val

ue back, Q =

46.

b)

Elasticity of Demand = 2(12/46), or 0.52. Elasticity of Supply = 5(12/46) = 1.30.

c)

golf ,titanium 2(

10

) 0.43, . The negative sign indicates that titanium and golf balls are

46

complements, i.e., when the price of titanium goes up the demand for golf balls

decreases.

2.14. In Metropolis only taxicabs and privately owned automobiles are allowed to

use the

highway between the airport and downtown. The market for taxi cab service is

competitive. There is a special lane for taxicabs, so taxis are always able to t

ravel at 55

miles per hour. The demand for trips by taxi cabs depends on the taxi fare P, th

e average

speed of a trip by private automobile on the highway E, and the price of petrol

G. The

number of trips supplied by taxi cabs will depend on the taxi fare and the price

of gasoline.

a) How would you expect an increase in the price of petrol to shift the demand f

or

transportation by taxi cabs? How would you expect an increase in the average spe

ed of a

trip by private automobile to shift the demand for transportation by taxi cabs?

How would

you expect an increase price of petrol to shift the demand for transportation by

taxi cabs?

b) Suppose the demand for trips by taxi is given by the equation Qd = 1000 + 50G

4E 400P. The supply of trips by taxi is given by the equation Qs = 200 30G

+ 100P. On a

graph draw the supply and demand curves for trips by taxi when G = 4 and E =30.

Find

equilibrium taxi fare.

c) Solve for equilibrium taxi fare in a general case; that is, when you do not k

now G and E.

Show how the equilibrium taxi fare changes as G and E change.

a)

When the price of petrol goes up, it becomes more expensive to drive a private

automobile; because private automobiles and taxis are substitutes, the demand fo

r taxi service

should increase (shift to the right). On the other hand, when the average speed

of a trip by

Copyright 2015 John Wiley & Sons, Inc.

Chapter 2 9

Besanko & Braeutigam Microeconomics, 5th edition, International Student Version

Solutions Manual

automobile increases, commuters are more likely to use their cars instead of pub

lic

transportation; the demand for taxi service should shift to the left. On the sup

ply side, a higher

price of petrol increases to cost of providing taxi service; the supply curve fo

r taxi service should

shift to the left.

b)

Substituting G = 4 and E = 30 into equations for the supply and demand curves we

have

Q d 1080 400 P,

Q s 80 100 P.

Solving equation Qd = Qs we have P = 2, Q = 280. Supply and demand curves are gr

aphed

below.

P

Qs

$2.70

$2

Qd

80

280

1080

Q

In equilibrium Qd = Qs. When we

1

P

200 E 20 G .

125

The equilibrium taxi fare goes up as petrol price increases and goes down when i

t private

automobiles can travel faster.

c)

2.15. For the following pairs of goods, would you expect the cross price elastic

ity of

demand to be positive, negative, or zero? Briefly explain your answer.

a) Red umbrellas and black umbrellas

b) Coca Cola and Pepsi

c) Strawberries and cream

d) Chocolate chip cookies and milk

e) Computers and software

a)

Assuming red and black umbrellas are substitutes, we would expect the cross pric

e

elasticity of demand to be positive.

b)

Coca cola and Pepsi are substitutes. We would expect the cross price elasticity

of

demand to be positive.

c)

Strawberries and cream are typically complements (people want to consume them

together). We would expect the cross price elasticity of demand to be negative.

d)

Chocolate chip cookies and milk are typically complements (people want to consum

e

them together). We would expect the cross price elasticity of demand to be negat

ive.

Copyright 2015 John Wiley & Sons, Inc.

Chapter 2 10

Besanko & Braeutigam Microeconomics, 5th edition, International Student Version

Solutions Manual

e)

Computers and software are complements (consumers want to use them together). We

would expect the cross price elasticity of demand to be negative.

2.16. Suppose that the market for air travel between London and Corfu is served

by just

two airlines, Easyjet and Aegean. An economist has studied this market and has e

stimated

that the demand curves for round trip tickets for each airline are as follows: Q

dE = 10,000

100PE + 99PA (Easyjets demand) QdA = 10,000 100PA + 99PE (Aegeans demand) where

PE is the price charged by Easyjet, and PA is the price charged by Aegean.

a) Suppose that both Aegean and Easyjet charge a price of 300 each for a round tr

ip

ticket between London and Corfu. What is the price elasticity of demand for Easy

jet flights

between London and Corfu?

b) What is the market level price elasticity of demand for air travel between Lo

ndon and

Corfu when both airlines charge a price of 300? (Hint: Because Easyjet and Aegean

are

the only two airlines serving the LondonCorfu market, what is the equation for th

e total

demand for air travel between London and Corfu, assuming that the airlines charg

e the

same price?)

a)

QEd 10000 100(300) 99(300)

QEd 9700

Using PE 300 and QEd 9700 gives

300

3.09

9700

Q, P 100

b)

Market demand is given by Qd QUd QAd . Assuming the airlines charge the same pri

ce

we have

Q d 10000 100 PE 99 PA 10000 100 PA 99 PE

Q d 20000 100 P 99 P 100 P 99 P

Q d 20000 2 P

When P 300 , Qd 19400 . This implies an elasticity equal to

300

.0309

19400

Q, P 2

2.17. For each of the following, discuss whether you expect the elasticity (of d

emand or of

supply, as specified) to be greater in the long run or the short run.

a) The supply of seats in the local movie theater.

b) The demand for eye examinations at the only optometrist in town.

c) The demand for cigarettes.

Copyright 2015 John Wiley & Sons, Inc.

Chapter 2 11

Besanko & Braeutigam Microeconomics, 5th edition, International Student Version

Solutions Manual

a)

More elastic in the long run as the theatre owner can increase space or add anot

her screen

if the price remains high, but cannot easily adjust the number of seats at short

notice.

b)

More elastic in the short run as people can be relatively flexible about when to

undergo

an eye exam, but in the long run the need for eye exams is fixed.

c)

More elastic in the long run. Cigarettes tend to be addictive and so smokers are

less likely

to be able to reduce their demand in response to short term fluctuations in pric

e. However

if the price remains high for a long time they will consider giving up the habit

as it

becomes too expensive.

2.18. In February 2013, there is an unexpected temporary surge in the demand for

notebook hard drives, increasing the monthly demand for hard drives by 25 percen

t at any

possible price. As a result of this, the price of notebook hard drives increased

by $5 per

megabyte by the end of February. This surge in demand ended in March 2013, and t

he

price of notebook hard drives fell back to its level just before the temporary d

emand surge

occurred.

Later that year, in August 2013, a permanent increase in the demand for notebook

computers occurs, increasing the monthly demand for hard drives by 25 percent pe

r month

at any possible price. Nine months later, the price of notebook hard drives had

increased,

by 1 per unit.

In both circumstances, the market experienced a shift in demand of exactly the s

ame

magnitude. Yet, the change in the equilibrium price appears to have been differe

nt. Why?

When demand surges temporarily, putting upward pressure on price, the quantity s

upplied

expands along the short run supply curve SS, as shown in the figure below. If de

mand increases

by the identical rate, but the increase is permanent, the industry would expand

along the long run

supply curve LS. The long run supply curve is likely to be more price elastic th

an the short run

supply curve. If the demand increase and the resulting upward pressure on price

is temporary,

producers may be able to do very little to increase supply except to utilize the

ir existing

production facilities more intensively (perhaps by hiring some temporary labor).

If the demand

increase is permanent, industry supply can increase in response to upward pressu

re on price in a

number of ways: existing firms can produce more output in their existing facilit

ies; existing firms

can expand their plants; and new firms can enter the industry and produce. Thus,

over a longer

horizon, the industrys supply response when prices begin to rise is more flexible

than it is over a

shorter horizon.

Copyright 2015 John Wiley & Sons, Inc.

Chapter 2 12

Besanko & Braeutigam Microeconomics, 5th edition, International Student Version

Solutions Manual

25 percent

increase in

quantity

demanded

at any

price

Price (dollars per megabyte)

SS

Increase in

price due

to

temporary

demand

surge

Increase in

price due

to

permanent

demand

surge

LS

D1

D2

Quantity (megabytes worth of

hard drives per month)

Supply curve shifts leftward,

demand curve shifts rightward

2.19. The demand for dinners in the only restaurant in town has a unitary price

elasticity

of demand when the current average price of a dinner is $8. At that price 120 pe

ople eat

dinners at the restaurant every evening.

a) Find a linear demand curve that fits this information and draw it on a clearl

y labeled

graph.

b) Do you need the information on the price elasticity of demand to find the cur

ve? Why?

a)

In case of the linear demand Q = A bP, we know that Q ,P b

P

1

Q

Using the values of P and Q given in the problem we have

8

120

1 b

b

15 .

120

8

Now we can solve for the second parameter of the linear demand curve

120 a 15(8) a 240 .

Hence the linear demand curve is given by equation Qd = 240 15P.

Copyright 2015 John Wiley & Sons, Inc.

Chapter 2 13

Besanko & Braeutigam Microeconomics, 5th edition, International Student Version

Solutions Manual

P

16

EQ,P = 1

8

Q

120

240

b)

There exist several linear demand curves for which the demand is equal to 120 at

price of

$8. Information about elasticity of demand lets us determine exactly one of thos

e. More

formally, we need second equation to solve for both parameters of the linear dem

and curve.

2.20. The price for a trip from Newtown to Bitcity on the local commuter rail ha

s been 10

pounds for a number of years. Suppose that the market for trips is characterized

by the

following demand curves: in the long run: Q = 30 2P; in the short run: Q = 15 P/

2.

Verify that the long run demand curve is flatter than the short run curve. What do

es

this tell you about the sensitivity of demand to price for this good? Discuss wh

y this is the

case.

First, consider each demand curve in its inverse form: long run demand is P = 15 0

.5Q, and

short run demand is P = 30 2Q. Thus, the slope of the long run demand is 0.5, whi

ch is

closer to zero than that of the short run demand, 2. Thus, long run demand is fla

tter. Second,

consider the graph below:

P

30

Short run

demand

15

10

Long run

demand

15

Q

30

Again, long run demand is flatter and thus more sensitive to changes in price. C

onsider, for

instance a price of 10. Quantity demanded is equal in both the long and short run

s at P = 10.

However, consider increasing the price to, say, 15. Although this will reduce qua

ntity

demanded in the short run by a little, it would reduce quantity demanded all the

way to zero in

the long run.

Copyright 2015 John Wiley & Sons, Inc.

Chapter 2 14

Besanko & Braeutigam Microeconomics, 5th edition, International Student Version

Solutions Manual

2.21. Consider the demand curve for pomegranates in two countries. In one countr

y,

pomegranates are a critical part of the diet and are central to the preparation

of many

popular food recipes. For most of these dishes, there is no feasible substitute

for

pomegranates. In the second country, households will purchase pomegranates if th

e price is

right, but they are not considered by consumers to be particularly special or un

ique, and

few popular dishes rely on pomegranates in their recipes.

Suppose pomegranates are native to both countries. Suppose, further, that due to

inherent

limitations of shipping options, there is no inter country trade in pomegranates

. Each

countrys market for pomegranates is independent of the other countries. Finally,

suppose

that in both countries, droughts and other weather related shocks periodically c

ause

unexpected changes in supply conditions.

The graph below shows the time paths of pomegranate prices over a 10 year period

in each

country (the blue (solid) line is the time path in one country; the red (dashed)

line is the

time path in the other country.) Based on the information provided, which is the

time path

for each country?

Price of

Pomegranates

Time

The price path for Country A is the one in which there is substantial price vari

ation over time,

while the price path for Country B is the one on in which there is more modest p

rice variation

over time. Here is why.

Based on the information given, we can infer that the demand for pomegranates is

probably less

sensitive to price in Country A (where pomegranates have few good substitutes) t

han it is in

Copyright 2015 John Wiley & Sons, Inc.

Chapter 2 15

Besanko & Braeutigam Microeconomics, 5th edition, International Student Version

Solutions Manual

country B. For a given shift in the supply curve in each country, the change in

the equilibrium

price in country A will be larger than the change in the equilibrium price in co

untry B.

FOR MORE OF THIS COURSE AND ANY OTHER COURSES, TEST BANKS,

FINAL EXAMS, AND SOLUTION MANUALS

CONTACT US

AT WHISPERHILLS@GMAIL.COM

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