APS专业审核考试宏观经济学docWord格式.docx
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4.Supplyanddemand
Supplyanddemandisaneconomicmodelofpricedeterminationinamarket.
Asupplyscheduleisatablethatshowstherelationshipbetweenthepriceofagoodandthequantitysupplied.
Thedeterminantsofsupplyare:
1）Productioncosts:
howmanyagoodcoststobeproduced.Productioncostsarethecostoftheinputs,primarilylabor,capital,energyandmaterials.Productioncostsdependonthetechnologyusedinproduction,and/ortechnologicaladvances.
2）Firms'
expectationsaboutfutureprices
3）Numberofsuppliers
Ademandschedulerepresentstheamountofsomegoodthatbuyersarewillingandabletopurchaseatvariousprices.Followingthelawofdemand,thedemandcurveisalmostalwaysrepresentedasdownward-sloping,meaningthataspricedecreases,consumerswillbuymoreofthegood.
Thedeterminantsofdemandare:
1）Income.
2）Tastes&
preferences.
3）Pricesofrelatedgoodsandservices.
4）Consumers'
expectationsaboutfuturepricesandincomesthatcanbechecked.
5）Numberofpotentialconsumers.
Thefourbasiclawsof
supply
and
demand
are:
1.Ifdemandincreases（demandcurveshiftstotheright）andsupplyremainsunchanged,ashortageoccurs,leadingtoahigherequilibriumprice.
Whenconsumersincreasethequantitydemandedatagivenprice,itisreferredtoasanincreaseindemand.Increaseddemandcanberepresentedonthegraphasthecurvebeingshiftedtotheright.
2.Ifdemanddecreases（demandcurveshiftstotheleft）supplyremainsunchanged,asurplusoccurs,leadingtoalowerequilibriumprice.
3.Ifdemandremainsunchangedandsupplyincreases（supplycurveshiftstotheright）,asurplusoccurs,leadingtoalowerequilibriumprice.
4.Ifdemandremainsunchangedandsupplydecreases（supplycurveshiftstotheleft）,ashortageoccurs,leadingtoahigherequilibriumprice.
MarketEquilibrium[,ikwɪ'
lɪbrɪəm]:
Thequantitythatconsumersdemandiscorrectlybalancedbythequantitythatfirmswishtosupply.
5.Perfectcompetition：
existswheneveryparticipantisa"
pricetaker"
andnoparticipantinfluencesthepriceoftheproductitbuysorsells.
1）Alargenumberbuyersandsellers
2）Nobarriersofentryandexit-makeitextremelyeasytoenterorexitaperfectlycompetitivemarket.
3）Perfectinformation-Allconsumersandproducersareassumedtohaveperfectknowledgeofprice,utility,qualityandproductionmethodsofproducts.
4）Homogenousproducts-Thequalitiesandcharacteristicsofamarketgoodorservicedonotvarybetweendifferentsuppliers.
5）Zerotransactioncosts-Buyersandsellersdonotincurcostsinmakinganexchangeofgoodsinaperfectlycompetitivemarket.
6）Noexternalities-costsorbenefitsofanactivitydonotaffectthirdparties.
7）Perfectfactormobility–Inthelongrunfactorsofproductionareperfectlymobile,allowingfreelongtermadjustmentstochangingmarketconditions.
8）Profitmaximization-Firmsareassumedtosellwheremarginalcostsmeetmarginalrevenue,wherethemostprofitisgenerated.
6.Marketfailuresareoftenassociatedwith
non-competitivemarkets：
1）Noeveryoneis"
.Thereismonopolyoroligopoly.
3）Informationasymmetries:
onepartyhasmoreorbetterinformationthantheother.NoPerfectinformation.
4）Transactioncosts-Buyersandsellersdonotincurcostsinmakinganexchangeofgoodsinaperfectlycompetitivemarket.
Searchandinformationcostsarecostssuchasthoseincurredindeterminingthattherequiredgoodisavailableonthemarket,whichhasthelowestprice,etc.
Bargainingcostsarethecostsrequiredtocometoanacceptableagreementwiththeotherpartytothetransaction,drawingupanappropriatecontractandsoon.Ingametheorythisisanalyzedforinstanceinthegameofchicken.Thetransactioncostissomefunctionofthedistancebetweenthebidandask.
Policingandenforcementcostsarethecostsofmakingsuretheotherpartystickstothetermsofthecontract,andtakingappropriateaction（oftenthroughthelegalsystem）ifthisturnsoutnottobethecase.
5）Externalities-costsorbenefitsofanactivityhaveeffectonthirdparties.
6）Publicgoods:
Ø
Non-rivalry:
Anon-rivalgoodisagoodwhoseconsumptionbyoneconsumercannotpreventsatthesametimeconsumptionbyotherconsumers.
Non-excludability:
itisimpossibletoexcludeanyindividualsfromconsumingthegood.
7）NonrationalPreferences,differentchoice
Meritgoods:
agoodwhichwouldbeunder-consumed（andunder-produced）inthefreemarketeconomy.Ameritgoodcreatespositiveexternalities.
Individualsaremyopic,theyareshort-termutilitymaximizersandsodonottakeintoaccountthelongtermbenefitsofconsumingameritgoodandsotheyareunder-consumed.
Demeritgoods:
isagoodorservicewhoseconsumptionisconsideredunhealthy,degrading,orotherwisesociallyundesirableduetotheperceivednegativeeffectsontheconsumersthemselves.
Economiesofscale:
arethecostadvantageswithcostperunitofoutputgenerallydecreasingwithincreasingscaleasfixedcostsarespreadoutovermoreunitsofoutput.
Diseconomiesofscale:
increasedper-unitcosts
Microeconomics
Abranchofeconomicsthatstudiesthebehaviorofindividualsandsmallimpactingorganizationsinmakingdecisionsontheallocationoflimitedresources.
Demand,supply,andequilibrium
Supplyanddemandisaneconomicmodelofpricedeterminationinamarket.Itconcludesthatinacompetitivemarket,theunitpriceforaparticulargoodwillvaryuntilitsettlesatapointwherethequantitydemandedbyconsumerswillequalthequantitysuppliedbyproducersresultinginaneconomicequilibriumforpriceandquantity.
Measurementofelasticities
Elasticityisthemeasurementofhowresponsiveaneconomicvariableistoachangeinanothervariable.Elasticitycanbequantifiedastheratioofthepercentagechangeinonevariabletothepercentagechangeinanothervariable,whenthelattervariablehasacausalinfluenceontheformer.Itisatoolformeasuringtheresponsivenessofavariable.Frequentlyusedelasticityincludepriceelasticityofdemand,priceelasticityofsupply,incomeelasticityofdemand,elasticityofsubstitution.
✓当E_d=0：
完全无弹性（perfectlyinelastic）
✓当0<
E_d<
1：
缺乏弹性、不富弹性，或无弹性（inelastic）
✓当E_d=1：
单位弹性、单一弹性，或恒一弹性（unitarilyelastic）
✓当1<
∞：
富有弹性（elastic）
✓当E_d=∞：
完全弹性或完全有弹性（perfectlyelastic）
1）Priceelasticityofdemand（absolutevalue）=
Anumberoffactorscanthusaffecttheelasticityofdemandforagood：
1.Availabilityofsubstitutegoods:
peoplecaneasilyswitchfromonegoodtoanotherifanevenminorpricechangeismade.Thereisastrongsubstitutioneffect.Ifnoclosesubstitutesareavailable,thesubstitutioneffectwillbesmallandthedemandinelastic.
2.Breadthofdefinitionofagood:
thebroaderthedefinitionofagood（orservice）,thelowertheelasticity.
3.Percentageofincome:
thehigherthepercentageoftheconsumer'
sincomethattheproduct'
spricerepresents,thehighertheelasticitytendstobe.
4.Necessity:
themorenecessaryagoodis,thelowertheelasticity,aspeoplewillattempttobuyitnomattertheprice,suchasthecaseofinsulinforthosethatneedit.
5.Duration:
formostgoods,thelongerapricechangeholds,thehighertheelasticityislikelytobe,asmoreandmoreconsumersfindtheyhavethetimeandinclination（perfer）tosearchforsubstitutes.Whenfuelpricesincreasesuddenly,forinstance,consumersmaystillfilluptheiremptytanksintheshortrun,butwhenpricesremainhighoverseveralyears,moreconsumerswillreducetheirdemandforfuelbyswitchingtocarpoolingorpublictransportation,investinginvehicleswithgreaterfueleconomyortakingothermeasures.
6.Brandloyalty:
anattachmenttoacertainbran
7.Whopays:
wherethepurchaserdoesnotdirectlypayforthegoodtheyconsume,suchaswithcorporateexpenseaccounts,demandislikelytobemoreinelastic.
2）Priceelasticityofsupply=
Determinants
1.Availabilityofrawmaterials:
Forexample,availabilitymaycaptheamountofgoldthatcanbeproducedinacountryregardlessofprice.Likewise,thepriceofVanGoghpaintingsisunlikelytoaffecttheirsupply.
2.Mobilityoffactors：
Ifthefactorsofproductionareeasilyavailableandifaproducerproducingonegoodcanswitchtheirresourcesandputittowardsthecreationofaproductindemand,thenitcanbesaidthatthePESisrelativelyelastic.Theinverseappliestothis,tomakeitrelativelyinelastic.
3.Lengthandcomplexityofproduction:
Muchdependsonthecomplexityoftheproductionprocess.ThePESforspecifictypesofmotorvehiclesisrelativelyinelastic.Automanufactureisamulti-stageprocessthatrequiresspecializedequipment,skilledlabor,alargesuppliersnetworkandlargeR&
Dcosts.买冰激凌
4.Timetorespond：
Supplyisnormallymoreelasticinthelongrunthanintheshortrunforproducedgoods,sinceitisgenerall
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