AP微观经济学

AP微观经济学 FinancialAnalyst Economics WhyAP CollegelevelcourseGrantstudentcreditHigherchancesforcollegeenrollment Aboutthetest Aboutthetest 1 BasicsofMicro econ Economicsdefined Economicsstudieshowresourcesareusedandhowcanbeusedtotheirfullestpotential Macroeconomics involveseconomicproblemsconcernedbythenation Microeconomics concernstheeconomicproblemsfacedbyindividuals orfirms Microeconomics Positivevs normativeeconomics Positiveeconomics isbasedonthescientificmethods Normativeeconomics involvesone svaluejudgments personalopinions andnotbasedonascientificinvestigation Neitherofthesetwohassuperiority Resources Aresourceisanythingthatcanbeusedtoproduceagoodorservice Itincludes Land allnaturalresources Labor allhumanattributesthatareproductive eg laborforce labortime intellectualcapability etc Capital productiveequipmentormachinery eg factory computers paperclips etc Opportunitycost Opcostiswhatmustbesacrificedtoobtainsomething Inthemacroeconomics opcostis ifanationdecidestoproduceonemoreunitofproductA howmanyunitsofproductBwillhavetobesacrificed E g oppcostofguns 1 67poundsbutter gunOroppcostofbutter 0 6guns butter Productionpossibilitiesfrontier Guns Butter 18 30 Allthepointsalongthefrontierareequal A B CPointsinsidethefrontier D resourcesarenotfullyused Pointsoutsidethefrontier E cannotbereached B A C D E Productionpossibilitiesfrontiershifts Twofactorscausethefrontiertoshift Changesintheamountofresources Land newterritoryfound oilexploitationLabor populationgrowth Capital placenewequipmentChangesintechnologyandproductivity Positivechange reach E Negativechange reach D Lawofincreasingcosts Guns Butter 15 25 B A Asmoreofaproductisproduced itsopcostincreases Whentheresourcesareshiftedfrombuttertogunproduction notmanymoregunsareproduced butalotofbuttermustbesacrificed Theopcostofproducinggunsbecomeshigh Whenresourcesareforcedtoworkinanindustrywheretheyarenotproficient theyarelessproductive andtheopcostofproducingagoodbecomesgreater Comparativeadvantage Absoluteadvantage theproductioncanbemademoreefficiently Comparativeadvantage anationcanproducethegoodwithaloweropcost PortugalhasanabsoluteadvantageoverEnglandinbothwheatandclothproduction ButtradecanstillbebeneficialtobothcountriesevenifPortugalhastheabsoluteadvantage Astradeisbasedoncomparativeadvantage notabsoluteadvantage Comparativeadvantage Englandhasloweropcostinwheat Portugalhasloweropcostincloth Eachcountryproducedonlythegoodwithcomparativeadvantage loweropcost andtradedfortheothergood Specialization eachgiven120hrs Tradeisbeneficialtoallpartiesevenwhenonepartyhasanabsoluteadvantageineverything 2 DemandandSupply DemandandSupply DemandLawofdemandDemandcurveDeterminantsofDemandShiftindemandandmovealongdemandSupplyLawofsupplySupplycurveDeterminantsofsupplyShiftinsupplyandmovealongsupplyEquilibriumPricecontrolPriceceilingPricefloor Demand TheDemandFunctionthequantityofdemandeddependsonincome thepricesofothergoods aswellasotherfactorsLawofDemanddemanddecreasedasthepriceincreased Demand DeterminantsofDemandPriceofproductConsumers incomeConsumertastesPricesofsubstituteproductsPricesofcomplementaryproductsExpectedfuturepriceoftheproduct Supply TheSupplyFunctionThequantitysupplydependsonthesellingprice thecostsofproductionwhichdependontechnology thecostoflabor andthecostofotherinputsintotheproductionprocess Lawofsupplysupplyincreasedasthepriceincreased DeterminantsofSupplyPriceoftheproductThenumberofsellers providers suppliers CostsofresourcesorproductionPricesofsubstitutegoods goodsthatarealsoproducedorcouldbeusingsimilarresources PriceexpectationsTechnologyTaxes subsidies Supply ShiftsinandMovementsalongDemandandSupplyCurves Movementsalongdemandandsupplycurves 沿着需求 供给 曲线移动Achangeinthemarketpricethatsimplyincreasesordecreasesthequantitysuppliedordemandedisrepresentedbyamovementalongthecurve Shiftsindemandandsupplycurves 需求 供给 曲线本身发生移动Achangeinoneoftheindependentvariablesotherthanpricewillresultinashiftofthecurveitself ShiftsinDemandandSupplyCurves ChangeinQuantityDemand ChangeinQuantitySupplied MovementsalongDemandandSupplyCurves MarketEquilibrium EquilibriumpriceandtheequilibriumquantityWhenhaveamarketsupplyandmarketdemandcurveforagood wecansolveforthepriceatwhichthequantitysuppliedequalsthequantitydemanded Wedefinethisastheequilibriumpriceandtheequilibriumquantity E marketequilibrium Attheprice thequantityofsupply thequantityofdemand D 买方对每个产量愿意支付的最高价格 S 卖方对每个产量愿意出售的最低价格 E 买方愿意支付的最高价格 卖方愿意出售的最低价格 MovementtowardEquilibrium Ifthepriceisaboveitsequilibriumlevel thequantitywillinglysuppliedexceedsthequantityconsumersarewillingtopurchase andwehaveexcesssupply Supplierswillingtosellatlowerpricewillofferthosepricestoconsumers drivingthemarketpricedowntowardstheequilibriumlevel Ifthemarketpriceisbelowitsequilibriumlevel thequantitydemandedatthatpriceexceedsthequantitysupplied andwehaveexcessdemand Consumerswillofferhigherpricestocompetefortheavailablesupply drivingthemarketpriceuptowardsitsequilibriumlevel ChangesinEquilibria ChangeinbothDandS Equilibrium TheCharacteristicsofEquilibrium ThereisnotendencyforchangeThedemandfunctionandsupplyfunctionstaythesameorconstant Theamountsdemandedequaltheamountssupplied attheintersectionofsupplyanddemand Thereisnosurplusorshortage theequilibriumprice clears themarket PriceCeilings PriceCeilings Priceceilingwillleadto Consumersmayhavetowaitinlonglinestomakepurchases Theypayaprice anopportunitycost intermsofthetimetheyspendinline Suppliersmayengageindiscrimination suchassellin