Tham khảo tài liệu 'bài tập về kinh tế vĩ mô bằng tiếng anh - chương 16', kinh tế - quản lý, kinh tế học phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Chapter 16 General Equilibrium and Economic Efficiency PART IV INFORMATION MARKET FAILURE AND THE ROLE OF GOVERNMENT CHAPTER 16 GENERAL EQUILIBRIUM AND ECONOMIC EFFICIENCY EXERCISES 1. Suppose gold G and silver S are substitutes for each other because both serve as hedges against inflation. Suppose also that the supplies of both are fixed in the short run Qg 75 and QS 300 and that the demands for gold and silver are given by the following equations PG 975 - Qg and PS 600 - QS . a. What are the equilibrium prices of gold and silver In the short run the quantity of gold QG is fixed at 75. Substitute QG into the demand equation for gold PG 975 - 75 . 255 Chapter 16 General Equilibrium and Economic Efficiency In the short run the quantity of silver Qs is fixed at 300. Substituting QS into the demand equation for silver PS 600 - 300 . Since we now have two equations and two unknowns substitute the price of gold into the price of silver demand function and solve for the price of silver PS 600 - 300 900 1 000. Now substitute the price of silver into the demand for gold function PG 975 - 75 1 000 1 400. b. Suppose a new discovery of gold doubles the quantity supplied to 150. How will this discovery affect the prices of both gold and silver When the quantity of gold increases by 75 units from 75 to 150 we must resolve our system of equations PG 975 - 150 or PG 825 300 1 300. The price of silver is equal to PS 600 - 300 1 300 950. 2. Using general equilibrium analysis and taking into account feedback effects analyze the following. 256 Chapter 16 General Equilibrium and Economic Efficiency a. The likely effects of outbreaks of disease on chicken farms on the markets for chicken and pork. If consumers are worried about the quality of the chicken then they may choose to consume pork instead. This will shift the demand curve for pork up and to the right and the demand curve for chicken down and to the left. The feedback .
