100年國立中興大學應用經濟學系經濟學線上測驗

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Assume that the grape industry in Taiwan is a perfectly competitive industry
with typical market demand and supply curves. Assume a “closed grape
country” meaning Taiwan does not import OR export grapes out of country.
Consider Lee’s Kyoho Grapes of Taichung. Suppose Lee’s Kyoho Grapes has
typical “text book curvy” short run cost curves and is currently maximizing
short run profits by selling a*= 5,000 bushels of grapes. The current market
price for grapes is P*. Suppose Lee’s Kyoho Grapes is experiencing positive
economic profit at the current equilibrium. (25%)

(1) Using “THE GRAPH” illustrate the current situation for Lee’s Kyoho
Grapes.
Now suppose that Taiwan President Ma and the Legislative Yuan pass a bill
requiring that each grape farm in Taiwan immediately pay $500 for a
license to sell grapes.
(2) Show, carefully, how the grape license law will impact the cost curves you
just drew for Lee’s Kyoho Grapes.
(3) In the short run, do you predict any change in the equilibrium quantity
and/or price of grapes in Taiwan? Why or why not?
(4) How would your answers above change, if, instead, the grape law was
written to be a per bushel tax on grapes collected from grape farmers?

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