AP微观经济学1

[e-mail]ingCorporateFinanceEquityForex/CommodityFixedIncomeDerivativesAlternativePortfolioFinancialAnalystEconomicsWhyAP?CollegelevelcourseGrantstudentcreditHigherchancesforcollegeenrollmentAboutthetest%ofGradeNumberofQuestionsTimeAllottedReadingPeriodSectionI662/36070minutesSectionII331/31long+2short50minutes10minutesAboutthetestAPScoreQualification5Extremelywellqualified4Wellqualified3Qualified2Possiblyqualified1Norecommendation1.BasicsofMicro-econEconomicsdefinedEconomicsstudieshowresourcesareusedandhowcanbeusedtotheirfullestpotential.Macroeconomics:involveseconomicproblemsconcernedbythenation.Microeconomics:concernstheeconomicproblemsfacedbyindividuals,orfirms.成本支出要素需求销售收入产品供给产品需求消费支出要素收入要素供给企业家庭产品市场要素市场实物流货币流MicroeconomicsPositivevs.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/gunOroppcostofbutter=0.6guns/butterProductionpossibilitiesfrontierGunsButter1830Allthepointsalongthefrontierareequal:A,B,CPointsinsidethefrontier,D:resourcesarenotfullyused.Pointsoutsidethefrontier,E:cannotbereached.BACDEProductionpossibilitiesfrontiershiftsTwofactorscausethefrontiertoshift:Changesintheamountofresources:Land:newterritoryfound,oilexploitationLabor:populationgrowth,Capital:placenewequipmentChangesintechnologyandproductivity.Positivechange:→,reach“E”Negativechange:←,reach“D”LawofincreasingcostsGunsButter1525BA•Asmoreofaproductisproduced,itsopcostincreases.•Whentheresourcesareshiftedfrombuttertogunproduction,notmanymoregunsareproduced,butalotofbuttermustbesacrificed.Theopcostofproducinggunsbecomeshigh.•Whenresourcesareforcedtoworkinanindustrywheretheyarenotproficient,theyarelessproductive,andtheopcostofproducingagoodbecomesgreater.ComparativeadvantageLaborhoursneededtoproduceaunitof:CountryWheatClothPortugal1020England2060•Absoluteadvantage:theproductioncanbemademoreefficiently.•Comparativeadvantage:anationcanproducethegoodwithaloweropcost.•PortugalhasanabsoluteadvantageoverEnglandinbothwheatandclothproduction.•ButtradecanstillbebeneficialtobothcountriesevenifPortugalhastheabsoluteadvantage.•Astradeisbasedoncomparativeadvantage,notabsoluteadvantage.ComparativeadvantageCountryWheatClothOpportunitycostsPortugal211/2c/w2w/cEngland311/3c/w3w/c•Englandhasloweropcostinwheat,Portugalhasloweropcostincloth.•Eachcountryproducedonlythegoodwithcomparativeadvantage(loweropcost)andtradedfortheothergood.Specialization:eachgiven120hrsBeforespecializationClothWheatEngland13Portugal52Total65AfterspecializationEngland06Portugal60Tradeisbeneficialtoallpartiesevenwhenonepartyhasanabsoluteadvantageineverything.2.DemandandSupplyDemandandSupplyDemandLawofdemandDemandcurveDeterminantsofDemandShiftindemandandmovealongdemandSupplyLawofsupplySupplycurveDeterminantsofsupplyShiftinsupplyandmovealongsupplyEquilibriumPricecontrolPriceceilingPricefloorDemandTheDemandFunctionthequantityofdemandeddependsonincome,thepricesofothergoods,aswellasotherfactorsLawofDemanddemanddecreasedasthepriceincreasedPP*Q*QDemandDeterminantsofDemandPriceofproductConsumers’incomeConsumertastesPricesofsubstituteproductsPricesofcomplementaryproductsExpectedfuturepriceoftheproductSupplyTheSupplyFunctionThequantitysupplydependsonthesellingprice,thecostsofproductionwhichdependontechnology,thecostoflabor,andthecostofotherinputsintotheproductionprocess.LawofsupplysupplyincreasedasthepriceincreasedPP*P0Q*QDeterminantsofSupplyPriceoftheproductThenumberofsellers(providers,suppliers)CostsofresourcesorproductionPricesofsubstitutegoods(goodsthatarealsoproducedorcouldbeusingsimilarresources)PriceexpectationsTechnologyTaxes/subsidiesSupplyShiftsinandMovementsalongDemandandSupplyCurves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.ShiftsinDemandandSupplyCurvesAnincreaseindemandPriceQuantityOriginaldemandAdecreaseindemandOriginalsupplyQuantityPriceAdecreaseinsupplyAnincreaseinsuppleChangeinDemandChangeinSupplyChangeinQuantityDemandChangeinQuantitySuppliedP0P1Q0Q1PriceSupplyQuantityPriceDemandQ0Q1P0P1QuantityMovementsalongDemandandSupplyCurvesMarketEquilibriumEquilibriumpriceandtheequilibriumquantit