AP微观经济知识点

AP微观经济知识点AP微观经济知识点AP微观经济知识点资料仅供参考文件编号：2022年4月AP微观经济知识点版本号：A修改号：1页次：1.0审核：批准:发布日期：SherryYao99APMICROREVIEWBasicEconomicConcepts(8%-14%)Scarcity,choice,andopportunitycostScarcity:thelimitednatureofsociety’sresourcesEconomics:thestudyofhowsocietymanagesitsscarceresourcesPeoplefacetrade-off(efficiencyorequality)Opportunitycost:whatevermustbegivenuptoobtainsomeitemProductionpossibilitiescurveTheproductionpossibilitiescurveshowsthecombinationsofoutputthattheeconomycanpossiblyproducegiventheavailablefactorsofproductionandtheavailableproductiontechnologyQy1.TheoppcostofQxequalstheslopeofcurve2.TheoppcostofQxishigher,thecurveissteeper3.oppcostisconstant,thePPFisstrictline4.Technologyadvance→PPFshiftIInefficientQxComparativeadvantage,absoluteadvantage,specializationandtradeComparativeadvantage:theabilitytoproduceagoodataloweropportunitycostthananotherproducerAbsoluteadvantage:theabilitytoproduceagoodusingfewerinputsthananotherproducersTradecanbenefiteveryoneinsocietybecauseitallowspeopletospecializeinactivitiesinwhichtheyhaveacomparativeadvantage.EconomicsystemPropertyrightsandtheroleofincentivesPropertyrights:theabilityofanindividualtoownanexercisecontroloverscarceresourcesMarketpowerMarketfailure:allocateresourcesinefficiently←NegativeexternalityIncentive:somethingthatinducesapersontoact(theprospectofapunishmentorareward)MarginalanalysisMarginalchange:asmallincrementaladjustmenttoaplanofactionPeoplemakechoicewhenmarginalbenefit＞marginalcost2.TheNatureandFunctionsofProductMarkets(55%-70%)SupplyandDemand(15%-20%)MarketequilibriumAsituationinwhichthemarketpricehasreachedthelevelatwhichquantitysuppliedequalsquantitydemandedDeterminantsofsupplyIncome:income↓,demandofnormalgoods↓,demandofinferiorgood↑Pricesofrelatedgoods:priceofsubstitute↓,demandofanothergood↓priceofcomplements↓,demandofanothergood↑TastesExpectations:expecthigherincome,demand↑Numberofbuyers:buyers↑,demand↑DeterminantsofdemandInputprice:inputprice↑,supply↓Technology:advanceintechnology,supply↑Expectations:expectthepriceofgoods↑,supply↑Numberofsellers:numberofsellers↑,supply↑PriceandquantitycontrolsDemand→,price↑,quantity↑Supply→,price↓,quantity↑ElasticityDemandCurveInelastic:Price↑,totalrevenue↑DemandCurveElastic:Price↑,totalrevenue↓NormalGoods&IncomeElasticity:TheQuantityofNormalGoodsmovesthesamedirectionwiththePercentageofIncome对normalgoods的需求量与收入变动同方向运动TheElasticityofNormalGoodsisusuallypositiveInferiorGoods&IncomeElasticityTheQuantityofInferiorGoodsmovestheoppositedirectionwiththePercentageofIncome对inferiorgoods的需求量与授予变动反方向运动TheElasticityofInferiorGoodsisusuallynegativeExy＞1,substitute,Exy＜1,complementaryConsumersurplus,producersurplus,andallocativeefficiencyConsumersurplus:theamountabuyeriswillingtopayforagoodminustheamountthebuyeractuallypaysforitProducersurplus:theamountasellerispaidforagoodminustheseller’scostofprovidingitAllocativeefficiency:thelastunitprovidesmarginalbenefittoconsumer=themarginalcosttoproducerTaxincidenceanddeadweightlossTaxincident:themannerinwhichtheburdenofataxisasharedamongparticipantsinamarketElasticity↑,thetaxburden↓Deadweightloss:thefallintotalsurplusthatresultsfromamarketdistortionsuchastaxTheoryofconsumerchoice(5%-10%)TotalutilityandmarginalutilityTotalutility:TheaggregatelevelofsatisfactionorfulfillmentthataconsumerreceivesthroughtheconsumptionofaspecificgoodorserviceMarginalutility:gainfromanincrease,orlossfromadecrease,inthe

\o"Consumption(economics)"consumption

ofthatgoodorserviceUtilitymaximization:equalizingmarginalutilityperdollar.(MUX/PX=MUY/PY)IncomeandsubstitutioneffectsProductionandCosts(10%-15%)ProductionfunctionsProductionfunction:therelationshipbetweenthequantityofinputsusedtomakeagoodandthequantityofoutputofthatgoodThequantityoftheinput↑,theproductionfunctiongetsflatterMarginalproductanddiminishingreturnsMarginalproduct:theincreaseintheamountofoutputfromanadditionalunitoflaborDiminishingreturn:thepropertywherebythemarginalproductofaninputdeclinesasthequantityoftheinputincreasesShort-runcostsFixedcostintheshortrunLong-runcostsandeconomiesofscaleVariablecostinthelongrunEconomiesofscale:thepropertywherebylong-runaveragetotalcost↓asthequantityofoutput↑Diseconomiesofscale:thepropertywherebylong-runaveragetotalcost↑asthequantityofoutput↑Constantreturnstoscale:thepropertywherebylong-runaveragetotalcoststaysthesameasthequantityofoutputchangesCostminimizinginputcombinationandproductiveefficiencyEfficientscale:thequantityofoutputthatminimizedaveragetotalcostProducesgoodsinthequantitywhereMCintersectwithATC(minATC)Firmbehaviorandmarketstructure(25%-35%)ProfitShort-runprofit:WhenATC＜(MR=MC)Long-runprofit(Normalprofit)=zeroEconomicprofit:totalrevenue-totalcost(explicit+implicit)Accountingprofit:totalrevenue-totalexplicitcostProfitMaximization:producewhereMC=MRPerfectcompetitionCharacteristics:PricetakesFreeentry&exitManysellers&buyersFullysubstitutablePerfectlyelastic(demandcurveHomogenousLongrun:P=ATCMC=MR=PProfitmaximization:MC=MR=P=ATCShortrunsupplyandshutdowndecision:1.P<ATC:EconomicLoss2.AVC<P<ATC:OperateintheShortrunbutexitinthelongrun=AVC/P<AVC:shutdowninshortrunShort-runsupply=MCShort-runsupply=MCMarketMarketFirmFirmMonopolyCharacteristics:singlesellerHighbarrierstoentryNosubstitutes(havekeyresources)InelasticPricemakerEconomicsprofit(P＞MC=MR)P*P*Profitmaximization:producequantityinQ*,priceinP*Naturalmonopoly:asinglefirmcanproduceoutputatalowercostthancanalargernumberofproducers(MChorizontal)Inefficiencyofmonopoly:Price＞MR=MC→deadweightlossPricediscrimination:thebusinesspracticeofsellingthesamegoodatdifferentpricestodifferentcustomers(reduceconsumersurplus→profit)Socialoptimal:MC=DMonopolycompetitionCharacteristics:monopoly＜numberofsellers＜competitivemarketImperfectsubstitutesImperfectinelasticityHeterogeneousproductsPricemakerLong-runprofit=zeroMR=MCDecideP*andQ*MR=MCDecideP*andQ*Short-runmonopolycompetitionP*=ATCEcoProfits=0P*=ATCEcoProfits=0P*>minATCP*>MCP*>MRLong-runmonopolycompetitionExcesscapacity:thequantityproduced＜efficientscale→excesscapacitytheprice＞marginalcost→markupTheproduct-varietyexternality:positiveexternalityThebusiness-stealingexternality:negativeexternalityOligopolyCharacteristics:fewsellerscontrolthewholemarketFewersubstitutesPricemakerInterdependenceinpricingInefficiencyEconomicprofitP＞MC.P＞MRCollusion:anagreementamongfirmsinamarketaboutquantitiestoproduceorpricestochargeCartel:agroupoffirmsactinginunisonGametheory:thestudyofhowpeoplebehaveinstrategicsituationNashequilibrium:reachedwhenthechoicesofallfirmsaresuchthatthereisnootherchoicethatmakesanyfirmbetteroff(increasesprofitsordecreaseloss)Dominantstrategy:astrategythatisbestforaplayerinagameregardlessofthestrategieschosenbyotherplayersTheoutputeffect:P＞MC,output↑,profit↑Thepriceeffect:Q↑,P↓,profit↓Outputeffect＞priceeffect→increaseproduction3.FactorMarkets(10%-18%)DerivedfactordemandDemandforafactorofproductionMarginalrevenueproductTheadditionunitofproductbringsadditionrevenueHiringdecisionsinthemarketsforlaborandcapitalAcompetitive,profit-maximizingfirmhiresworkersuptothepointwheretheVMPL=wageMarketdistributionofincomeWage=VMPL=PricexMPLLabordemandshiftP↑,VMPL↑,labordemand→AdvanceintechnologyThesupplyofotherfactorsLaborsupplyshiftChangesintastesChangesinalternativeopportunitiesimmigration4.MarketFailureandtheRoleofGovernment(12%-18%)ExternalitiesPositiveexternality:socialbenefit＞privatebenefitNegativeexternality:socialcost＞privatecostCorrectivetax:ataxdesignedtoinduceprivatedecisionmakerstotakeaccountofthesocialcoststhatarisefromanegativeexternalitySubsidiesPublicgoodsPrivategoods:excludable&rivalinconsumption(clothing/congestedtollroads)Publicgoods:notexcludable¬rivalinconsumption(nationaldefense/uncongestednontollroads)Commonresources:notexcludable&rivalinc