perloff_0321374584_IM_Part2
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perloff_0321374584_IM_Part2

Course Number: MICROECONO ECON W3211, Spring 2008

College/University: Columbia

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PART TWO Answers to Problems 1 in Text 1 This section provides answers to problems not already solved in the text. Chapter 2 Answers to Problems in the Text 1. When Japan discovered the StarLink, demand for U.S. corn fell. As a result the supply of corn to the U.S. market increased. Figure 2.1 shows a rightward shift of the supply curve from S0 to S1 in the domestic market, which caused the price to fall from...

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P ART T WO Answers to Problems in Text 1 1 This section provides answers to problems not already solved in the text. Chapter 2 Answers to Problems in the Text 1. When Japan discovered the StarLink, demand for U.S. corn fell. As a result the supply of corn to the U.S. market increased. Figure 2.1 shows a rightward shift of the supply curve from S to S 1 in the domestic market, which caused the price to fall from P to P 1 . Figure 2 . 1 2. In the short run, the demand curve for newspaper advertising will shift to the left. Over time, the supply of newspaper advertising may decrease if marginally profitable newspapers are driven from the market by the reduced profits that result from lower advertising prices. 3. When the ban on legal imports went into effect, the demand for imports to the US fell to zero. Given that the U.S. represents 80% of the market, it would cause a dramatic drop in prices. If the drop in prices made caviar harvesting unprofitable, and fisherman turned to other activities, it would help the fish population. If a black market developed, demand would not fall to zero, and caviar harvesting may continue at a reduced level. If exporters simply shipped the caviar to other countries, but at lower prices, it could make problems with the sturgeon population even worse as exporters increase output to maintain income levels. 4. If the orange juice supply curve is made up of the supply curves of U.S. and Brazilian firms, the damage to the U.S. oranges would shift the market supply curve to the left. Prices would increase, U.S. firms would sell less, and Brazilian firms would sell more juice at the new higher prices. 166 Part 2 Answers to Problems in Text 6. See Figure 2.2. The increased foreign demand shifts the demand curve from D 1 to D 2 , resulting a higher price and higher quantity.

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