经济学原理曼昆课后答案chapter.doc

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Problems and Applications
1. If an early freeze in California sours the lemon crop, the supply curve for lemons shifts to the left, as shown in Figure 7-5. The result is a rise in the price of lemons and a decline in consumer surplus from A + B + C to just A. So consumer surplus declines by the amount B + C.
Figure 7-5
In the market for lemonade, the higher cost of lemons reduces the supply of lemonade, as shown in Figure 7-6. The result is a rise in the price of lemonade and a decline in consumer surplus from D + E + F to just D, a loss of E + F. Note that an event that affects consumer surplus in one market often has effects on consumer surplus in other markets.
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Figure 7-6
2. A rise in the demand for French bread leads to an increase in producer surplus in the market for French bread, as shown in Figure 7-7. The shift of the demand curve leads to an increased price, which increases producer surplus from area A to area A + B + C.
Figure 7-7
The increased quantity of French bread being sold increases the demand for flour, as shown in Figure 7-8. As a result, the price of flour rises, increasing producer surplus from area D to D + E + F. Note that an event that affects producer surplus in one market leads to effects on producer surplus in related markets.
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Figure 7-8
3. a. Bert’s demand schedule is:
Price
Quantity Demanded
More than $7
0
$5 to $7
1
$3 to $5
2
$1 to $3
3
$1 or less
4
Bert’s demand curve is shown in Figure 7-9.
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Figure 7-9
b. When the price of a bottle of water is $4, Bert buys two bottles of water. His consumer surplus is shown as area A in the figure. He values his first bottle of water at $7, but pays only $4 for it, so has consumer surplus of $3. He values his second bottle of water at $5, but pays only $4 for it, so has consumer surplus of $1. Thus Bert’s total consumer surplus is $3 + $1 = $4, which is the are