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1、AP微观经济学总结FinancialAnalyst EconomicsWhy AP?pCollegelevelcoursepGrantstudentcreditpHigherchancesforcollegeenrollmentAbout the test%ofGradeNumberofQuestionsTimeAllottedReadingPeriodSectionI662/36070minutesSectionII331/31long+2short50minutes10minutesAbout the testAPScoreQualification5Extremelywellqualif
2、ied4Wellqualified3Qualified2Possiblyqualified1Norecommendation1.Basics of Micro-econEconomics definedpEconomicsstudieshowresourcesareusedandhowcanbeusedtotheirfullestpotential.pMacroeconomics:involveseconomicproblemsconcernedbythenation.pMicroeconomics:concernstheeconomicproblemsfacedbyindividuals,o
3、rfirms.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MicroeconomicsPositive vs.normative economicspPositiveeconomics:isbasedonthescientificmethods,pNormativeeconomics:involvesonesvaluejudgments,personalopinions,andnotbasedonascientificinvestigation.pNeitherofthesetwohassuperiority.ResourcespAr
4、esourceisanythingthatcanbeusedtoproduceagoodorservice.Itincludes:nLand:allnaturalresources.nLabor:allhumanattributesthatareproductive,eg.laborforce,labortime,intellectualcapability,etc.nCapital:productiveequipmentormachinery,eg.factory,computers,paperclips,etc.Opportunity costpOpcostiswhatmustbesacr
5、ificedtoobtainsomething.pInthemacroeconomics,opcostis:ifanationdecidestoproduceonemoreunitofproductA,howmanyunitsofproductBwillhavetobesacrificed?pE.g.oppcostofguns=1.67poundsbutter/gunpOroppcostofbutter=0.6guns/butterProduction possibilities frontierGunsButter1830Allthepointsalongthefrontierareequa
6、l:A,B,CPointsinsidethefrontier,D:resourcesarenotfullyused.Pointsoutsidethefrontier,E:cannotbereached.BACDEProduction possibilities frontier shiftsTwofactorscausethefrontiertoshift:Changesintheamountofresources:Land:newterritoryfound,oilexploitationLabor:populationgrowth,Capital:placenewequipmentChan
7、gesintechnologyandproductivity.Positivechange:,reach“ENegativechange:,reach“DLaw of increasing costsGunsButter1525BAAsmoreofaproductisproduced,itsopcostincreases.Whentheresourcesareshiftedfrombuttertogunproduction,notmanymoregunsareproduced,butalotofbuttermustbesacrificed.Theopcostofproducinggunsbec
8、omeshigh.Whenresourcesareforcedtoworkinanindustrywheretheyarenotproficient,theyarelessproductive,andtheopcostofproducingagoodbecomesgreater.Comparative advantageLaborhoursneededtoproduceaunitof:CountryWheatClothPortugal1020England2060Absoluteadvantage:theproductioncanbemademoreefficiently.Comparativ
9、eadvantage:anationcanproducethegoodwithaloweropcost.PortugalhasanabsoluteadvantageoverEnglandinbothwheatandclothproduction.ButtradecanstillbebeneficialtobothcountriesevenifPortugalhastheabsoluteadvantage.Astradeisbasedoncomparativeadvantage,notabsoluteadvantage.Comparative advantageCountryWheatCloth
10、OpportunitycostsPortugal211/2c/w2w/cEngland311/3c/w3w/cEnglandhasloweropcostinwheat,Portugalhasloweropcostincloth.Eachcountryproducedonlythegoodwithcomparativeadvantage(loweropcost)andtradedfortheothergood.Specialization:each given 120 hrsBeforespecializationClothWheatEngland13Portugal52Total65After
11、specializationEngland06Portugal60Tradeisbeneficialtoallpartiesevenwhenonepartyhasanabsoluteadvantageineverything.2.Demand and SupplyDemand and SupplypDemandnLawofdemandnDemandcurvenDeterminantsofDemandnShiftindemandandmovealongdemandpSupplynLawofsupplynSupplycurvenDeterminantsofsupplynShiftinsupplya
12、ndmovealongsupplypEquilibriumpPricecontrolnPriceceilingnPricefloorDemandpTheDemandFunctionnthequantityofdemandeddependsonincome,thepricesofothergoods,aswellasotherfactorspLawofDemandndemanddecreasedasthepriceincreasedPP*Q*QDemandpDeterminantsofDemandnPriceofproductnConsumersincomenConsumertastesnPri
13、cesofsubstituteproductsnPricesofcomplementaryproductsnExpectedfuturepriceoftheproductSupplypTheSupplyFunctionnThequantitysupplydependsonthesellingprice,thecostsofproductionwhichdependontechnology,thecostoflabor,andthecostofotherinputsintotheproductionprocess.pLawofsupplynsupplyincreasedasthepriceinc
14、reasedPP*P0Q*QpDeterminantsofSupplynPriceoftheproductnThenumberofsellers(providers,suppliers)nCostsofresourcesorproductionnPricesofsubstitutegoods(goodsthatarealsoproducedorcouldbeusingsimilarresources)nPriceexpectationsnTechnologynTaxes/subsidiesSupplyShifts in and Movements along Demand and Supply
15、 CurvespMovementsalongdemandandsupplycurves.沿着需求供给曲线挪动pAchangeinthemarketpricethatsimplyincreasesordecreasesthequantitysuppliedordemandedisrepresentedbyamovementalongthecurve.pShiftsindemandandsupplycurves.需求供给曲线本身发生挪动pAchangeinoneoftheindependentvariablesotherthanpricewillresultinashiftofthecurveit
16、self.Shifts in Demand and Supply CurvesAn increase in demandPriceQuantityOriginal demandA decreasein demandOriginal supplyQuantityPriceA decrease in supplyAn increase in suppleChangeinDemandChangeinSupplyChangeinQuantityDemandChangeinQuantitySuppliedP0P1Q0Q1PriceSupplyQuantityPriceDemandQ0Q1P0P1Quan
17、tityMovements along Demand and Supply CurvesMarket EquilibriumpEquilibriumpriceandtheequilibriumquantitynWhenhaveamarketsupplyandmarketdemandcurveforagood,wecansolveforthepriceatwhichthequantitysuppliedequalsthequantitydemanded.Wedefinethisastheequilibriumpriceandtheequilibriumquantity.nE:marketequi
18、librium.Attheprice,thequantityofsupply=thequantityofdemand.nD: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PQP*Q*EODSMovement toward EquilibriumpIfthepriceisaboveitsequilibriumlevel,thequantitywillinglysuppliedexceedsthequantityconsumersarewillingtopurchase,andwehaveexcesssupply.Supp
19、lierswillingtosellatlowerpricewillofferthosepricestoconsumers,drivingthemarketpricedowntowardstheequilibriumlevel.pIfthemarketpriceisbelowitsequilibriumlevel,thequantitydemandedatthatpriceexceedsthequantitysupplied,andwehaveexcessdemand.Consumerswillofferhigherpricestocompetefortheavailablesupply,dr
20、ivingthemarketpriceuptowardsitsequilibriumlevel.Suppliers reduce productionin response to declining priceSupplyQuantitysuppliedat$600/tonQuantitydemandedat$600/tonDemand3,000Excess supplydrives pricetoward equilibrium$600$500$/tonDemandSupplyQuantitydemanded at$400/tonQuantitysuppliedat$400/tonExces
21、s demanddrives pricetoward equilibriumSuppliers increase production in response to rising price3,000$500$400$/tonChanges in EquilibriaSE*E0D*DP0P0P*Q0Q*QS*E0E*DP0P*P0Q0Q*QSChange in both D and SChangeindemandChangeinsupplyEffectonequilibriumPEffectonequilibriumQUnknown+Unknown-+Unknown-UnknownEquili
22、briumPriceQuantityDemandSupplyPP0PExcess supplyExcess demandEquilibrium(E):no excess supply or demandThe Characteristics of EquilibriumpThereisnotendencyforchangepThedemandfunctionandsupplyfunctionstaythesameorconstant.pTheamountsdemandedequaltheamountssupplied(attheintersectionofsupplyanddemand).pThereisnosurplusorshortage;theequilibriumprice“clearsthemarket.Price CeilingsPQSCeiling price(max)15258060DExcess demandCeiling Equilibrium P*P*Ps