AP微观经济知识点.docx
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AP微观经济知识点.docx
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AP微观经济知识点
SherryYao
2013530299
APMICROREVIEW
1.BasicEconomicConcepts(8%-14%)
A.Scarcity,choice,andopportunitycost
ØScarcity:
thelimitednatureofsociety’sresources
ØEconomics:
thestudyofhowsocietymanagesitsscarceresources
ØPeoplefacetrade-off(efficiencyorequality)
ØOpportunitycost:
whatevermustbegivenuptoobtainsomeitem
B.Productionpossibilitiescurve
Ø
Theproductionpossibilitiescurveshowsthebinationsofoutputthattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtheavailableproductiontechnology
Qy
1.TheoppcostofQxequalstheslopeofcurve
2.TheoppcostofQxishigher,thecurveissteeper
3.oppcostisconstant,thePPFisstrictline
4.Technologyadvance→PPFshift
Inefficient
Qx
C.parativeadvantage,absoluteadvantage,specializationandtrade
Øparativeadvantage:
theabilitytoproduceagoodataloweropportunitycostthananotherproducer
ØAbsoluteadvantage:
theabilitytoproduceagoodusingfewerinputsthananotherproducers
ØTradecanbenefiteveryoneinsocietybecauseitallowspeopletospecializeinactivitiesinwhichtheyhaveaparativeadvantage.
D.Economicsystem
E.Propertyrightsandtheroleofincentives
ØPropertyrights:
theabilityofanindividualtoownanexercisecontroloverscarceresources
Marketpower
ØMarketfailure:
allocateresourcesinefficiently←
Negativeexternality
ØIncentive:
somethingthatinducesapersontoact(theprospectofapunishmentorareward)
F.Marginalanalysis
ØMarginalchange:
asmallincrementaladjustmenttoaplanofaction
ØPeoplemakechoicewhenmarginalbenefit>marginalcost
2.TheNatureandFunctionsofProductMarkets(55%-70%)
A.SupplyandDemand(15%-20%)
a)Marketequilibrium
ØAsituationinwhichthemarketpricehasreachedthelevelatwhichquantitysuppliedequalsquantitydemanded
b)Determinantsofsupply
ØIne:
ine↓,demandofnormalgoods↓,demandofinferiorgood↑
ØPricesofrelatedgoods:
priceofsubstitute↓,demandofanothergood↓
priceofplements↓,demandofanothergood↑
ØTastes
ØExpectations:
expecthigherine,demand↑
ØNumberofbuyers:
buyers↑,demand↑
c)Determinantsofdemand
ØInputprice:
inputprice↑,supply↓
ØTechnology:
advanceintechnology,supply↑
ØExpectations:
expectthepriceofgoods↑,supply↑
ØNumberofsellers:
numberofsellers↑,supply↑
d)Priceandquantitycontrols
ØDemand→,price↑,quantity↑
ØSupply→,price↓,quantity↑
e)Elasticity
ØDemandCurveInelastic:
Price↑,totalrevenue↑
ØDemandCurveElastic:
Price↑,totalrevenue↓
ØNormalGoods&IneElasticity:
TheQuantityofNormalGoodsmovesthesamedirectionwiththePercentageofIne对normalgoods的需求量与收入变动同方向运动
TheElasticityofNormalGoodsisusuallypositive
ØInferiorGoods&IneElasticity
TheQuantityofInferiorGoodsmovestheoppositedirectionwiththePercentageofIne对inferiorgoods的需求量与授予变动反方向运动
TheElasticityofInferiorGoodsisusuallynegative
ØExy>1,substitute,Exy<1,plementary
f)Consumersurplus,producersurplus,andallocativeefficiency
ØConsumersurplus:
theamountabuyeriswillingtopayforagoodminustheamountthebuyeractuallypaysforit
ØProducersurplus:
theamountasellerispaidforagoodminustheseller’scostofprovidingit
ØAllocativeefficiency:
thelastunitprovidesmarginalbenefittoconsumer=themarginalcosttoproducer
g)Taxincidenceanddeadweightloss
ØTaxincident:
themannerinwhichtheburdenofataxisasharedamongparticipantsinamarket
ØElasticity↑,thetaxburden↓
ØDeadweightloss:
thefallintotalsurplusthatresultsfromamarketdistortionsuchastax
B.Theoryofconsumerchoice(5%-10%)
a)Totalutilityandmarginalutility
ØTotalutility:
Theaggregatelevelofsatisfactionorfulfillmentthataconsumerreceivesthroughtheconsumptionofaspecificgoodor
ØMarginalutility:
gainfromanincrease,orlossfromadecrease,inthe consumption ofthatgoodor
b)Utilitymaximization:
equalizingmarginalutilityperdollar.(MUX/PX=MUY/PY)
c)Ineandsubstitutioneffects
C.ProductionandCosts(10%-15%)
a)Productionfunctions
ØProductionfunction:
therelationshipbetweenthequantityofinputsusedtomakeagoodandthequantityofoutputofthatgood
ØThequantityoftheinput↑,theproductionfunctiongetsflatter
b)Marginalproductanddiminishingreturns
ØMarginalproduct:
theincreaseintheamountofoutputfromanadditionalunitoflabor
ØDiminishingreturn:
thepropertywherebythemarginalproductofaninputdeclinesasthequantityoftheinputincreases
c)Short-runcosts
ØFixedcostintheshortrun
d)Long-runcostsandeconomiesofscale
ØVariablecostinthelongrun
ØEconomiesofscale:
thepropertywherebylong-runaveragetotalcost↓asthequantityofoutput↑
ØDiseconomiesofscale:
thepropertywherebylong-runaveragetotalcost↑asthequantityofoutput↑
ØConstantreturnstoscale:
thepropertywherebylong-runaveragetotalcoststaysthesameasthequantityofoutputchanges
e)Costminimizinginputbinationandproductiveefficiency
ØEfficientscale:
thequantityofoutputthatminimizedaveragetotalcost
ØProducesgoodsinthequantitywhereMCintersectwithATC(minATC)
D.Firmbehaviorandmarketstructure(25%-35%)
a)Profit
ØShort-runprofit:
WhenATC<(MR=MC)
ØLong-runprofit(Normalprofit)=zero
ØEconomicprofit:
totalrevenue-totalcost(explicit+implicit)
ØAccountingprofit:
totalrevenue-totalexplicitcost
ØProfitMaximization:
producewhereMC=MR
b)Perfectpetition
ØCharacteristics:
Pricetakes
Freeentry&exit
Manysellers&buyers
Fullysubstitutable
Perfectlyelastic(demandcurve
Homogenous
Longrun:
P=ATC
MC=MR=P
ØProfitmaximization:
MC=MR=P=ATC
ØShortrunsupplyandshutdowndecision:
1.P EconomicLoss 2.AVC Operateinthe Shortrunbutexitinthelongrun 3.P=AVC/P shutdowninshortrun 4.P Exitinthelongrun. Ø c)Monopoly ØCharacteristics: singleseller Highbarrierstoentry Nosubstitutes(havekeyresources) Inelastic Pricemaker Economicsprofit(P>MC=MR) P* ØProfitmaximization: producequantityinQ*,priceinP* ØNaturalmonopoly: asinglefirmcanproduceoutputatalowercostthancanalargernumberofproducers(MChorizontal) ØInefficiencyofmonopoly: Price>MR=MC→deadweightloss ØPricediscrimination: thebusinesspracticeofsellingthesamegoodatdifferentpricestodifferentcustomers(reduceconsumersurplus→profit) ØSocialoptimal: MC=D d)Monopolypetition ØCharacteristics: monopoly<numberofsellers<petitivemarket Imperfectsubstitutes Imperfectinelasticity Heterogeneousproducts Pricemaker Long-runprofit=zero 1.MR=MC 2.DecideP*andQ* ØShort-runmonopolypetition 1.P*=ATC 2.EcoProfits=0 3.P*>minATC 4.P*>MC 5.P*>MR ØLong-runmonopolypetition ØExcesscapacity: thequantityproduced<efficientscale→excesscapacity theprice>marginalcost→markup ØTheproduct-varietyexternality: positiveexternality ØThebusiness-stealingexternality: negativeexternality e)Oligopoly ØCharacteristics: fewsellerscontrolthewholemarket Fewersubstitutes Pricemaker Interdependenceinpricing Inefficiency Economicprofit P>MC.P>MR ØCollusion: anagreementamongfirmsinamarketaboutquantitiestoproduceorpricestocharge ØCartel: agroupoffirmsactinginunison ØGametheory: thestudyofhowpeoplebehaveinstrategicsituation ØNashequilibrium: reachedwhenthechoicesofallfirmsaresuchthatthereisnootherchoicethatmakesanyfirmbetteroff(increasesprofitsordecreaseloss) ØDominantstrategy: astrategythatisbestforaplayerinagameregardlessofthestrategieschosenbyotherplayers ØTheoutputeffect: P>MC,output↑,profit↑ ØThepriceeffect: Q↑,P↓,profit↓ ØOutputeffect>priceeffect→increaseproduction 3.FactorMarkets(10%-18%) A.Derivedfactordemand ØDemandforafactorofproduction B.Marginalrevenueproduct ØTheadditionunitofproductbringsadditionrevenue C.Hiringdecisionsinthemarketsforlaborandcapital ØApetitive,profit-maximizingfirmhiresworkersuptothepointwheretheVMPL=wage D.Marketdistributionofine ØWage=VMPL=PricexMPL E.Labordemandshift ØP↑,VMPL↑,labordemand→ ØAdvanceintechnology ØThesupplyofotherfactors F.Laborsupplyshift ØChangesintastes ØChangesinalternativeopportunities Øimmigration 4.MarketFailureandtheRoleofGovernment(12%-18%) A.Externalities ØPositiveexternality: socialbenefit>privatebenefit ØNegativeexternality: socialcost>privatecost ØCorrectivetax: ataxdesignedtoinduceprivatedecisionmakerstotakeaccountofthesocialcoststhatarisefromanegativeexternality ØSubsidies B.Publicgoods ØPrivategoods: excludable&rivalinconsumption(clothing/congestedtollroads) ØPublicgoods: notexcludable¬rivalinconsumption(nationaldefense/uncongestednontollroads) Ømonresources: notexcludable&rivalinconsumption(environment/congestednontollroads) ØClubgoods: excludable¬rivalinconsumption(fireprotection/cableTV/uncongestedtollroads) C.Publicpolicytopromotepetition ØAntitrustlaw–ShermanAntitrustAct ØRegulatetheprice ØPublicownership ØPreventcooperating ØRestraintoftrade D.Inedistribution ØVerticalequity: theideathattaxpayerswithagreaterabilitytopaytaxesshouldpaylargeramounts ØHorizontalequity: theideathattaxpayerswithsimilarabilitytopaytaxesshouldpaylargeramounts ØLump-sumtax: ataxthatisthesameamountforeveryperson(1.Causenodeadweightloss2.Notdistortincentive3.Minimaladministrativeburden) ØProportionaltax: ataxforwhichhigh-ineandlow-inetaxpayerspaythesamefractionofine ØRegressivetax
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