AP微观经济学总结1.ppt

APECONOMICS,FinancialAnalyst,Economics,WhyAP?,CollegelevelcourseGrantstudentcreditHigherchancesforcollegeenrollment,Aboutthetest,Aboutthetest,1.BasicsofMicro-econ,Economicsdefined,Economicsstudieshowresourcesareusedandhowcanbeusedtotheirfullestpotential.Macroeconomics:involveseconomicproblemsconcernedbythenation.Microeconomics:concernstheeconomicproblemsfacedbyindividuals,orfirms.,Microeconomics,Positivevs.normativeeconomics,Positiveeconomics:isbasedonthescientificmethods,Normativeeconomics:involvesonesvaluejudgments,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,DeterminantsofDemandPriceofproductConsumersincomeConsumertastesPricesofsubstituteproductsPricesofcomplementaryproductsExpectedfuturepriceoftheproduct,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,suchasselling