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APECONOMICSCherieShanc.shan@APECONOMICSCherieShan1QuantEconomicsAccountingCorporateFinanceEquityForex/CommodityFixedIncomeDerivativesAlternativePortfolioFinancialAnalystQuantEconomicsAccountingCorpor2EconomicsEconomics3WhyAP?CollegelevelcourseGrantstudentcreditHigherchancesforcollegeenrollmentWhyAP?Collegelevelcourse4Aboutthetest
%ofGradeNumberof
QuestionsTimeAllottedReading
PeriodSectionI662/36070minutes
SectionII331/31long+2short50minutes10minutesAboutthetest
%ofGradeNumbe5AboutthetestAPScoreQualification5Extremelywellqualified4Wellqualified3Qualified2Possiblyqualified1NorecommendationAboutthetestAPScoreQualif61.BasicsofMicro-econ1.BasicsofMicro-econ7EconomicsdefinedEconomicsstudieshowresourcesareusedandhowcanbeusedtotheirfullestpotential.Macroeconomics:involveseconomicproblemsconcernedbythenation.Microeconomics:concernstheeconomicproblemsfacedbyindividuals,orfirms.EconomicsdefinedEconomicsstu8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Microeconomics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9Positivevs.normativeeconomicsPositiveeconomics:isbasedonthescientificmethods,Normativeeconomics:involvesone’svaluejudgments,personalopinions,andnotbasedonascientificinvestigation.Neitherofthesetwohassuperiority.Positivevs.normativeeconomi10ResourcesAresourceisanythingthatcanbeusedtoproduceagoodorservice.Itincludes:Land:allnaturalresources.Labor:allhumanattributesthatareproductive,eg.laborforce,labortime,intellectualcapability,etc.Capital:productiveequipmentormachinery,eg.factory,computers,paperclips,etc.ResourcesAresourceisanythin11OpportunitycostOpcostiswhatmustbesacrificedtoobtainsomething.Inthemacroeconomics,opcostis:ifanationdecidestoproduceonemoreunitofproductA,howmanyunitsofproductBwillhavetobesacrificed?E.g.oppcostofguns=1.67poundsbutter/gunOroppcostofbutter=0.6guns/butterOpportunitycostOpcostiswha12ProductionpossibilitiesfrontierGunsButter1830Allthepointsalongthefrontierareequal:A,B,CPointsinsidethefrontier,D:resourcesarenotfullyused.Pointsoutsidethefrontier,E:cannotbereached.BACDEProductionpossibilitiesfront13ProductionpossibilitiesfrontiershiftsTwofactorscausethefrontiertoshift:Changesintheamountofresources:Land:newterritoryfound,oilexploitationLabor:populationgrowth,Capital:placenewequipmentChangesintechnologyandproductivity.Positivechange:→,reach“E”Negativechange:←,reach“D”Productionpossibilitiesfront14LawofincreasingcostsGunsButter1525BAAsmoreofaproductisproduced,itsopcostincreases.Whentheresourcesareshiftedfrombuttertogunproduction,notmanymoregunsareproduced,butalotofbuttermustbesacrificed.Theopcostofproducinggunsbecomeshigh.Whenresourcesareforcedtoworkinanindustrywheretheyarenotproficient,theyarelessproductive,andtheopcostofproducingagoodbecomesgreater.LawofincreasingcostsGunsBut15ComparativeadvantageLaborhoursneededtoproduceaunitof:CountryWheatClothPortugal1020England2060Absoluteadvantage:theproductioncanbemademoreefficiently.Comparativeadvantage:anationcanproducethegoodwithaloweropcost.PortugalhasanabsoluteadvantageoverEnglandinbothwheatandclothproduction.ButtradecanstillbebeneficialtobothcountriesevenifPortugalhastheabsoluteadvantage.Astradeisbasedoncomparativeadvantage,notabsoluteadvantage.ComparativeadvantageLaborhou16ComparativeadvantageCountryWheatClothOpportunitycostsPortugal211/2c/w2w/cEngland311/3c/w3w/cEnglandhasloweropcostinwheat,Portugalhasloweropcostincloth.Eachcountryproducedonlythegoodwithcomparativeadvantage(loweropcost)andtradedfortheothergood.ComparativeadvantageCountryWh17Specialization:eachgiven120hrsBeforespecializationClothWheatEngland13Portugal52Total65AfterspecializationEngland06Portugal60Tradeisbeneficialtoallpartiesevenwhenonepartyhasanabsoluteadvantageineverything.Specialization:eachgiven120182.DemandandSupply2.DemandandSupply19DemandandSupplyDemandLawofdemandDemandcurveDeterminantsofDemandShiftindemandandmovealongdemandSupplyLawofsupplySupplycurveDeterminantsofsupplyShiftinsupplyandmovealongsupplyEquilibriumPricecontrolPriceceilingPricefloorDemandandSupplyDemand20DemandTheDemandFunctionthequantityofdemandeddependsonincome,thepricesofothergoods,aswellasotherfactorsLawofDemanddemanddecreasedasthepriceincreasedPP*Q*QDemandTheDemandFunctionPP*Q*21DemandDeterminantsofDemandPriceofproductConsumers’incomeConsumertastesPricesofsubstituteproductsPricesofcomplementaryproductsExpectedfuturepriceoftheproductDemandDeterminantsofDemand22SupplyTheSupplyFunctionThequantitysupplydependsonthesellingprice,thecostsofproductionwhichdependontechnology,thecostoflabor,andthecostofotherinputsintotheproductionprocess.LawofsupplysupplyincreasedasthepriceincreasedPP*P0Q*QSupplyTheSupplyFunctionPP*P023DeterminantsofSupplyPriceoftheproductThenumberofsellers(providers,suppliers)CostsofresourcesorproductionPricesofsubstitutegoods(goodsthatarealsoproducedorcouldbeusingsimilarresources)PriceexpectationsTechnologyTaxes/subsidiesSupplyDeterminantsofSupplySupply24ShiftsinandMovementsalongDemandandSupplyCurvesMovementsalongdemandandsupplycurves.沿着需求（供给）曲线移动Achangeinthemarketpricethatsimplyincreasesordecreasesthequantitysuppliedordemandedisrepresentedbyamovementalongthecurve.Shiftsin
demandandsupplycurves.需求（供给）曲线本身发生移动Achangeinoneoftheindependentvariables
otherthanpricewillresultinashiftofthecurveitself.ShiftsinandMovementsalong25ShiftsinDemandandSupplyCurvesAnincreaseindemandPriceQuantityOriginaldemandAdecreaseindemandOriginalsupplyQuantityPriceAdecreaseinsupplyAnincreaseinsuppleChangeinDemandChangeinSupplyShiftsinDemandandSupplyCu26
ChangeinQuantityDemand
ChangeinQuantitySuppliedP0P1Q0Q1PriceSupplyQuantityPriceDemandQ0Q1P0P1QuantityMovementsalongDemandandSupplyCurvesChangeinQuantityDemand27MarketEquilibriumEquilibriumpriceandtheequilibriumquantityWhenhaveamarketsupplyandmarketdemandcurveforagood,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PQP*Q*EODSMarketEquilibriumEquilibrium28MovementtowardEquilibriumIfthepriceisaboveitsequilibriumlevel,thequantitywillinglysuppliedexceedsthequantityconsumersarewillingtopurchase,andwehaveexcesssupply.Supplierswillingtosellatlowerpricewillofferthosepricestoconsumers,drivingthemarketpricedowntowardstheequilibriumlevel.Ifthemarketpriceisbelowitsequilibriumlevel,thequantitydemandedatthatpriceexceedsthequantitysupplied,andwehaveexcessdemand.Consumerswillofferhigherpricestocompetefortheavailablesupply,drivingthemarketpriceuptowardsitsequilibriumlevel.SuppliersreduceproductioninresponsetodecliningpriceSupplyQuantitysuppliedat$600/tonQuantitydemandedat$600/tonDemand3,000Excesssupplydrivespricetowardequilibrium$600$500$/tonDemandSupplyQuantitydemandedat$400/tonQuantitysuppliedat$400/tonExcessdemanddrivespricetowardequilibriumSuppliersincreaseproductioninresponsetorisingprice3,000$500$400$/tonMovementtowardEquilibriumIf29ChangesinEquilibriaSE*E0D*DP0P0P*Q0Q*QS*E0E*DP0P*P0Q0Q*QSChangesinEquilibriaSE*E0D*DP30ChangeinbothDandSChangeindemandChangeinsupplyEffectonequilibriumPEffectonequilibriumQ→→Unknown+←←Unknown-→←+Unknown←→-UnknownChangeinbothDandSChangei31EquilibriumPriceQuantityDemandSupplyP’P0P’’ExcesssupplyExcessdemandEquilibrium(E):noexcesssupplyordemandEquilibriumPriceQuantityDemand32TheCharacteristicsofEquilibriumThereisnotendencyforchangeThedemandfunctionandsupplyfunctionstaythesameorconstant.Theamountsdemandedequaltheamountssupplied(attheintersectionofsupplyanddemand).The
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