20110409-10上海交大CFAä&ce

20110409-10上海交大CFAä&ce

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Unformatted text preview: 2011年6月CFA一级强化班讲义 Economics 讲师:康昊昱 日期:2011年4月9日 地点:■上海□北京□深圳 上海金程国际金融专修学院 上海金程国际金融专修学院 讲师简介 康昊昱 级别:金程教育高级培训师 教育背景:复旦大学金融学硕士 工作经历:目前就职于某国内大型券商投资银行部,参与 A股市场IPO、增发、兼并收购项目 主讲课程: CFA 一级、二级Ethics, Economics,Fixed Income RFP 投资策划 中国工商银行、交通银行、中国银行企业内训 邮箱: banmayoushi@gmail.com 2-124 100% Contribution Breeds Professionalism 100% Topic Weightings in CFA Level I Session NO. Content Weightings Study Session 1 Ethics & Professional Standards 15 Study Session 2‐3 Quantitative Analysis 12 Study Session 4‐6 Economics 10 Study Session 7‐10 Financial Reporting and Analysis 20 Study Session 11 Corporate Finance 8 Study Session 12 Portfolio Management and Wealth Planning 5 Study Session 13‐14 Equity Investment 10 Study Session 15‐16 Fixed Income 12 Study Session 17 Derivatives 5 Study Session 18 Alternative Investments 3 3-124 100% Contribution Breeds Professionalism 100% Framework——SS 4 SS 4 Microeconomic Analysis R13 Elasticity R14 Efficiency and Equity R15 Markets in Action R16 Organizing Production R17 Output and Costs SS 6 Monetary and Fiscal Economics R24 Money, the Price Level, and Inflation R25 U.S. Inflation, Unemployment, and Business Cycles R26 Fiscal Policy R27 Monetary Policy R28 An Overview of Central Banks SS 5 Market Structure and Macroeconomic Analysis R18 Perfect Competition R19 Monopoly R20 Monopolistic Competition and Oligopoly R21 Markets for Factors of Production R22 Monitoring Jobs and the Price Level R23 Aggregate Supply and Aggregate Demand 4-124 100% Contribution Breeds Professionalism 100% Framework of R13 Price Elasticity of demand Elasticity Cross Elasticity of Demand Other elasticity of demand Income Elasticity of Demand Price Elasticity of supply 5-124 100% Contribution Breeds Professionalism 100% R13: Elasticity Demand and supply: generally speaking, demand decreased as the price increased, while supply increased as the price increased. P S P* E D O Q* Q As a firm, in order to maximize his revenue, should the price increase or decrease? Is the price decision for a rice seller the same as that of an automobile dealer? 弹性(Elasticity):指一种变量对另一种变量的反应程度 6-124 100% Contribution Breeds Professionalism 100% R13: Elasticity price elasticity of demand= percent change in quantity demanded %ΔQ = percent change in price %ΔP income elasticity of demand= cross elasticity of demand = percent change in quantity demanded %ΔQ A = percent change in price of substitute or complement %ΔPB price elasticity of supply= percent change = 7-124 percent change in quantity demanded % Δ Q = percent change in income %ΔI percent change in quantity suplied percent change in price = %ΔQ %ΔP change in value ending value - beginning value = ending value + beginning value average value 2 100% Contribution Breeds Professionalism 100% R13: Elasticity Price elasticity of demand Inelastic demand: the good’s quantity demanded changes a little when the price changes. Example: salt (小于1) Elastic demand: the good’s quantity demanded changes a lot when the price changes. Example: car (大于1) Perfectly inelastic demand: insulin Perfectly elastic demand: The application of elasticity: 弹性高,降价;弹性低,提价 For lower elasticity, if the seller wants to maximize the revenue, she will raise the price. For higher elasticity, if the seller wants to maximize his revenue, she will decrease the price. For goods with constant unitary elasticity , whether the seller increase or decrease the price, the revenue is constant. 8-124 100% Contribution Breeds Professionalism 100% R13: Elasticity Price Price Quantity Quantity Elastic Inelastic Price Perfectly Inelastic Perfectly Elastic Quantity 9-124 100% Contribution Breeds Professionalism 100% R13: Elasticity Factors influencing the elasticity of demand Availability and closeness of substitutes↑, higher Relative amount of spent on the good ↑,higher Time since price change ↑,higher Why the Price Elasticity of Demand Tends to Increase in the Long Run? The effect of time on elasticity: In general, when the price of a product increases, consumers will reduce their consumption by a larger amount in the long run than in the short run because they have more time to find the substitutes. 10-124 100% Contribution Breeds Professionalism 100% R13: Elasticity The application of Income elasticity Normal Goods: positive income elasticity, demand rises with income. (> 0) Luxuries: high positive elasticity, demand rises strongly with income. (>1) Necessity goods: normal but low elasticity (between 0 ~ 1) Inferior Goods: negative income elasticity, demand falls with income (<0) Giffen goods→ inferior goods, inferior goods ×→ Giffen goods 11-124 100% Contribution Breeds Professionalism 100% R13: Elasticity Cross Elasticity Cross elasticity of demand is positive for substitute goods (Example: apple and pear) Cross elasticity of demand is negative for complement goods (Example: car and gas) Elasticity of supply Factors influencing the elasticity of supply The available substitutes for resources (inputs) used to produce the good (agricultural products with higher elasticity) The time that has elapsed since the price change 12-124 100% Contribution Breeds Professionalism 100% Framework of R14 Marginal Benefit and Cost Standard of Efficiency Efficiency and Equity Determinatio n of Equity Economic Profit Consumer and Supplier Surplus Deadweight Loss Obstacles to Efficiency Ideas of Fairness 13-124 100% Contribution Breeds Professionalism 100% R14: Efficiency and equity Resources can be allocated by markets (market price) Marginal benefit is the benefit derived from consuming one additional unit of a good or service MB: to consumer MR: to producer Marginal cost, the cost of producing one more unit of a good or service Be considered an opportunity cost because it represents the value of the goods the productive resources used could produce in their next‐ highest‐valued use 14-124 100% Contribution Breeds Professionalism 100% R14: Efficiency and equity Efficiency and inefficiency When MB > MC or MB < MC, the quantity of good is inefficiency. When MB=MC, the quantity of good is efficiency and the sum of consumer surplus and producers surplus is maximized. P S=MC MB=MC MB>MC MB<MC D=MB Q 15-124 100% Contribution Breeds Professionalism 100% R14: Efficiency and equity Relationship between consumer surplus and producer surplus When the efficient quantity (MB=MC) is produced, the sum of consumer surplus and produces surplus is maximized. Buyers and sellers acting in their self‐interest end up promoting the social interest. P A CS P* E PS B O 16-124 Q* 100% Contribution Breeds Professionalism 100% Q R14: Efficiency and equity Obstacles to Efficiency Price controls: price ceiling (underproduction, e.g. rent control) and price floor (overproduction, e.g. minimum wage) Tax and trade restrictions: taxes, subsidies, quotas Monopoly: underproduction External costs: overproduction (e.g. pollution) External benefits: underproduction (e.g. garden) Public goods (e.g. national defense; free rider): underproduction Common resources (e.g. unrestricted ocean fishery): over‐fishing 17-124 100% Contribution Breeds Professionalism 100% Framework of R15: markets in action Long-run and Short-run Effect Price Ceiling Black Market Price Floor Market in Action Impact of Taxes and Tax Incidence Impact of Subsides and Quotas 18-124 100% Contribution Breeds Professionalism 100% R15: Markets in Action A price ceiling is an upper limit on the price which a seller can charge. If the ceiling is above the equilibrium price, it will have no effect. P Consumer surplus (1) Potential loss from house search (2) S0 Deadweight loss (3) P1 Pc 例子:打击高利贷 Rent ceiling D Producer surplus Q If consumers use no resources to search, consumer surplus is region 1 plus region 2; If consumers use resources to search, consumer surplus becomes only region 1. 19-124 100% Contribution Breeds Professionalism 100% R15: Markets in Action A Price floor is a minimum price that a buyer can offer a good, service, or resource. If the price floor is below the equilibrium price, it will have no effect on equilibrium price and quantity. The minimum wage in the United States is an example of a price floor. Price Demand Supply DWL PF Floor price QS 20-124 QD Quantity 100% Contribution Breeds Professionalism 100% R15: Markets in Action In the long run, price ceilings lead to the following: Wait a long line to purchase Suppliers engage in discrimination Take bribes to do so (rent‐seeking) Suppliers reduce the quality of the goods produced to a level commensurate with the ceiling price Black market In the long run, price floors lead to inefficiencies: Suppliers will divert resources to the production of the good with the anticipation of selling the good at the floor price, but then will not be able to sell all they produce. Consumers will buy less of a product if the floor is above the equilibrium price and substitute other, less expensive consumption goods for the good subject to the price floor. 21-124 100% Contribution Breeds Professionalism 100% R15: Markets in Action The incidence of tax is independent of the way of taxation on consumers or producers. (tax burden) The Incidence of a Tax Tax on producers Tax on buyers Price Price P tax pE pS D S tax D tax DWL Dtax S S P tax E Tax revenue from buyers Tax revenue from buyers E Tax revenue from buyers pE pS Tax revenue from buyers tax DWL Qtax 22-124 QE Quantity 100% Contribution Breeds Professionalism 100% Qtax QE Quantity R15: Markets in Action Elasticity of Supply and Demand influences the incidence of a Tax If demand is less elastic than supply (the demand curve is steeper), consumers will bear a higher burden, that is, pay a great portion of the tax revenue than suppliers. If supply is less elastic than demand (the supply curve is steeper), suppliers will bear a higher burden, that is, pay a great portion of the tax revenue than consumers. In conclusion, the more elastic, the lower tax burden. 23-124 100% Contribution Breeds Professionalism 100% Framework of R16:organization of mkt Opportunity cost Profit Economic profit Constraints Organizing Production Firms Technological and economic efficiency Principal-agency problem Markets Styles and concentration Coordination 24-124 100% Contribution Breeds Professionalism 100% R16: Organizing Production Opportunity cost is the return that a firm’s resources could have earned elsewhere in its next most valuable use, which includes: (example) Explicit costs are measurable cash flows for operating expenses (wages, rent, material costs). Implicit costs measure the opportunity cost of using a firm's assets (wages or rental, which are not claimed by the owner of the business). explicit costs Opportunity cost implicit costs economic depreciation Implicit rental rate normal profit 25-124 100% Contribution Breeds Professionalism 100% forgone interest R16: Organizing Production Economic profit VS accounting profit Economic profit includes both the explicit and implicit cost components of the firm. Accounting profit ignores implicit costs such as the opportunity cost of equity capital. It’s higher than economic profits. When the firm’s revenues are just equal to its costs (explicit and implicit, including the normal rate of return) economic profits will be zero. Revenue Economic profit Accounting profit Implicit cost Normal profit Accounting cost = explicit cost 26-124 Explicit cost Opportunity cost 100% Contribution Breeds Professionalism 100% R16: Organizing Production Principal‐agent problem ‐ the agent (management) may be working for different objectives than those of the principal (owner). The essence of the problem is that it is difficult or costly for the principal to monitor the actions of the agent. There is an incentive for the agent to "shirk". The measures to reduce the impact of the principal‐agent problem: ownership: If managers have ownership in the firm, it may motivate them to perform in a manner that maximizes the firm’s profits or value. Incentive pay: It is based on a variety of performance criteria such as profits, production, or sales targets. Long‐term contracts: it ties the long‐term fortunes of managers and workers (agents) to the success of the principals (firm owners) 27-124 100% Contribution Breeds Professionalism 100% R16: Organizing Production Owner (s) proprietorship one Liability Unlimited Advantages Disadvantages Easy Unlimited Taxed once Bad decision Expensive capital partnership ≧2 Limited Unlimited Capital shortfall Limited; Complex Inexpensive capital; Many Easy Taxed once corporation Unlimited Decision‐making slow and costly Expert manager Double Taxed 28-124 100% Contribution Breeds Professionalism 100% R16: Organizing Production Type Number of firms Degree of difference of products Degree of price control Perfect competition many No difference many Some difference Some tiny price control Oligopoly More than one, but not many Little or no difference single Very easy Some agricultural products Relatively easy Some retail products difficult Steel, automobile, oil No way Public sectors and Microsoft? Some control to some extent Sole product, nearly no substitute The example in our life No price control Monopolistic competition Difficulty to enter or leave perfectly control Pure monopoly 29-124 100% Contribution Breeds Professionalism 100% R16: Organizing Production The Four‐Firm Concentration Ratio is the percentage of the value of sales accounted for by the four largest firms in an industry. Four‐Firm Concentration Ratio 100% < 40% >60% Type of Market Monopoly Competitive Oligopoly The Herfindahl-Hirschman Index (HHI) Sum the squared percentage market shares of the 50 largest firm in an industry, or all of the firms in the industry if there are less than 50. competitive1000 1800 Not competitive10000 moderately competitive 计算法则:先平方再相加 30-124 100% Contribution Breeds Professionalism 100% monopoly R16: Organizing Production Firms are often more efficient than markets in coordinating economic activity Market coordination: Example: outsourcing, beauty competition Firm coordination: Lower transaction costs Economies of scale (规模经济): average unit cost of producing a good decreases as output increases. Economies of scope (范围经济): occur when a firm can use its specialized resources to produce a range of goods and services. Economies of team production: occur when a team of a firm’s employees becomes highly efficient at a given task . 31-124 100% Contribution Breeds Professionalism 100% Framework of R17:output and costs Total cost approach TC=TFC+TVC Average cost approach ATC=AFC+AVC Short-run cost Output and Cost Long-run cost and short run cost Long-run cost Diminishing marginal product Economies of scale 32-124 Economies of scale Diseconomies of scale 100% Contribution Breeds Professionalism 100% R17: Output and Costs Q TP, AP & MP TP=Q AP=TP/L L MP=dTP/dL 33-124 100% Contribution Breeds Professionalism 100% R17: Output and Costs Short-run Costs Cost TC TVC TC (total cost) = total fixed cost + total variable cost TFC Q 34-124 100% Contribution Breeds Professionalism 100% R17: Output and Costs AFC slopes downward . The vertical distance between the ATC and AVC curve is equal to AFC. MC declines initially, then increase. MC intersects AVC and ATC at their minimum points. ATC and AVC are U-shaped. 35-124 100% Contribution Breeds Professionalism 100% R17: Output and Costs As labor and output increase, AP reaches a maximum at the same output for which AVC is at a minimum. As labor and output increase, the MP curve reaches a maximum at the output where the MC curve is at its minimum. 36-124 100% Contribution Breeds Professionalism 100% R17: Output and Costs The law of diminishing returns states that as more and more resources (such as labor) are devoted to a production process, they increase output but at an ever decreasing rate. The marginal product of capital is the increase in output from using one additional unit of capital, holding the quantity of labor constant. Diminishing marginal product of capital means that at a constant level of labor, output increases as capital is added, but at some point, the increase in output from adding one more unit of capital begins to decrease. 37-124 100% Contribution Breeds Professionalism 100% R17: Output and Costs The downward sloping segment of the long‐run average total cost curve indicates the economies of scale. The upward sloping segment of this long‐run average total cost curve indicates that diseconomies of scale are present when average unit costs rise as the scale of the business increases. Cost Economy of scale Diseconomy of LATC scale Constant returns to scale Q* 38-124 100% Contribution Breeds Professionalism 100% Q Framework of R18:perfect competition Price Takers and Price Searchers Price Taker Perfect Competition Profit Maximization Equilibrium Perfect Competition and Demand Curves Marginal Cost and Marginal Revenue Economic Profit and Loss Short-run Equilibrium Long-run Equilibrium Permanent Changes Permanent Changes in Demand Technological Changes 39-124 100% Contribution Breeds Professionalism 100% R18: Perfect Competition The assumption of perfect competition All the firms in the market produce identical products There is a large number of independent firms Each seller is small relative to the size of the total market There are no barriers to entry or exit A price taker is a firm that cannot influence the market price and that sets its own price at the market price. The key reason why a perfectly competitive firm is that it produces a tiny proportion of the total output of a particular good and buyers are well informed about the prices of other firms. 40-124 100% Contribution Breeds Professionalism 100% R18: Perfect Competition Why the stop‐loss point is AVC (average variable cost)? If P >ATC, the firm can realize economic profit If ATC > P >AVC, the firm will face a loss, but he can compensate some fixed cost more or less If P < AVC, the firm can’ t compensate even variable cost, so he will leave this industry. Therefore, if the price is more than average variable cost, the firm will continue his operation. 41-124 100% Contribution Breeds Professionalism 100% R18: Perfect Competition Long‐run equilibrium output The long‐run equilibrium output level for perfectly competitive firms is where MR=MC=ATC, which is where ATC is at a minimum. At this output, economic profit is zero and only a normal return is realized. In equilibrium, each firm is producing the quantity for which P= MR=MC=ATC, so that no firm earns economic profits. P&C MC ATC Attention: Contrast with the short-run! 42-124 MR P* 100% Contribution Breeds Professionalism 100% Q* Q Framework of R19 Characteristics of Monopoly Market Power Price-Setting Strategies Profit Maximization Price Discrimination Monopoly Single-price Monopoly and Competition Compared Monopoly Policy Effects of Monopoly on the Price and Quantity Efficiency Comparison and Rent Seeking Gains from Monopoly Regulation of a Natural Monopoly 43-124 100% Contribution Breeds Professionalism 100% R19: Monopoly A monopoly is characterized by: a single seller of a well-defined product for which there are no good substitutes high barriers to the entry of other firms into the market for the product Types of barriers Legal barriers to entry create legal monopoly. A legal monopoly is a market in which competition and entry are restricted by the granting of a public franchise, government license, patent or copyright. Example: radio and television station Natural barriers to entry create natural monopoly, which is an industry in which one firm can supply the entire market at a lower price than two or more firms can. (Economies of scale) Example: electric utility 44-124 100% Contribution Breeds Professionalism 100% R19: Monopoly Monopolistic short-run costs and revenues 45-124 •Monopolists are price searchers (face downward sloping demand curves) and have imperfect information about demand, so they must experiment with different prices (search) to find the profit maximizing price/quantity. •To maximize profit, monopolists will expand output until marginal revenue (MR) equals marginal cost (MC). 100% Contribution Breeds Professionalism 100% R19: Monopoly Price Discrimination is the practice of charging different consumers different prices for the same product or service. In first degree price discrimination, price varies by customer. (有 能力控制一个地区市场的医生或律师) In second degree price discrimination, price varies according to quantity sold. (批量购买打折扣) In third degree price discrimination, price varies by location or by customer segment, or in the most extreme case, by individual customer. (学生优惠价) Perfect price discrimination is to price every clients with specific price, so the amount is that of pure competition, the seller captures all consumer’s surplus from clients. 46-124 100% Contribution Breeds Professionalism 100% R19: Monopoly For price discrimination to work the seller must: Downward sloping demand curve (price searcher) At least two identifiable groups of customers with different price elasticities of demand for the product Prevent the customers paying the lower price from reselling the product to the customers paying the higher price (no arbitrage) Price discrimination reduces this inefficiency by increasing output toward the quantity where marginal benefit equals marginal cost, and the deadweight loss is smaller. Extreme Case: If it were possible for the monopolist to charge each consumer the maximum they are willing to pay for each unit, where would be no deadweight loss, since a monopolist would produce the same quantity as under perfect competition. With perfect price discrimination the consumer surplus would all be captured by the monopolist. 47-124 100% Contribution Breeds Professionalism 100% R19: Monopoly Compared with a perfectly competitive industry, the monopoly firm will produce less total output and charge a higher price. A further loss of efficiency results from rent seeking when producers spend time and resources to try to acquire or establish a monopoly. Perfect competition vs. monopoly Price Consumer surplus at PMON and QMON MC PMON PPC Deadweight Loss MR D QMON QPC 48-124 100% Contribution Breeds Professionalism 100% Quantity R19: Monopoly Government regulation Average cost pricing is the more common form of regulation at the point where ATC=D. This will: Increase output and decrease price. Increase social welfare (allocative efficiency). Ensure the monopolist a normal profit (but no economic profit) since price=ATC. Marginal cost pricing forces the monopolist to reduce price to the point where MC=D. this will: Increase output and reduce price. Causes the monopolist to incur a loss since price is below ATC. Such a solution requires a government subsidy in order to provide the firm with a normal profit. 49-124 100% Contribution Breeds Professionalism 100% R19: Monopoly Some reasons make government go astray(迷途) when dealing with problems associated with markets with high barriers to entry. Lack of information (not know the ATC, MC) Cost shifting. The firm has no incentive to reduce costs. (If the firm allows costs to rise, the regulator will allow prices to increase) Quality regulations (It’s easier to regulate price than it is to regulate quality) Special interest effect. The firm may try to influence regulation by political manipulation. (rent‐seeking) 50-124 100% Contribution Breeds Professionalism 100% Framework of R20 Characteristics of monopolistic competition Product differentiation Monopolistic Competition Economic profit and loss in the shortrun and long run Advertising Characteristics of Oligopoly Oligopoly The kinked demand curve Two traditional models Dominant firm oligopoly Collusion and Game theory 51-124 100% Contribution Breeds Professionalism 100% R20: Monopolistic Competition and Oligopoly Short-run output decision for a firm Economic profit Long-run output decision for a firm The entry of new firm shifts the demand curve faced by each individual firm down to the point where P=ATC No economic profit 52-124 100% Contribution Breeds Professionalism 100% R20: Monopolistic Competition and Oligopoly Efficiency of monopolistic competition is unclear Product development and marketing Innovation and product development Less‐elastic demand curve, earn economic profit Efficiency and product innovation Advertising Advertising expenditures average total costs Brand names Provide information to consumer by providing them with signals about the quality of the branded product. 53-124 100% Contribution Breeds Professionalism 100% R20: Monopolistic Competition and Oligopoly Oligopoly is a form of market competition characterized by: a small number of sellers interdependence among competitors large economies of scale significant barriers to entry either similar or differentiated products In contrast to a monopolist, oligopolies are highly dependent upon the actions of their rivals when making business decisions. Collusion is difficult to maintain as there is a strong incentive for individual firms to “cheat” to increase market share. 54-124 100% Contribution Breeds Professionalism 100% R20: Monopolistic Competition and Oligopoly Two traditional oligopoly models 1. 55-124 The dominant firm oligopoly arises when one firm‐‐‐‐the dominant firm‐‐‐‐has a big cost advantage over the other firms and produces a large part of the industry output. The dominant firm sets the price in the oligopoly market, and the remaining firms are essentially price takers, with little power to set their own prices. 100% Contribution Breeds Professionalism 100% R20: Monopolistic Competition and Oligopoly 2. The kinked demand curve model of oligopoly is based on the assumption that each firm believes that if it raises its price, others will not follow, but if it cuts its price, other firms will cut theirs. A small price increase will result in a large decrease in demand. QK is the profit maximizing level of output. MR 56-124 100% Contribution Breeds Professionalism 100% R20: Monopolistic Competition and Oligopoly Prisoners’ Dilemma is a game that illustrates that the best course of action for an oligopoly firm, when engaging in collusion with another oligopoly firm, is to cheat. How the Prisoners’ Dilemma can be applied to oligopoly price fixing, and the impact on cost, price, demand, and profits? B honors B cheats A honors A 2m B 2m A -1m B 4.5m A cheats A 4.5m B -1m A0 B0 In Nash equilibrium, both firms cheat and output and price are the same as in perfect competition. 57-124 100% Contribution Breeds Professionalism 100% R20: Monopolistic Competition and Oligopoly Collusion is when firms make an agreement among themselves to avoid various competitive practices, particularly price competition. If the two parties comply with the collusion, the market is just like a monopoly firm, which will make less outputs and higher price. The probability of successful collusion is greater when cheating is easy to detect, when the threat of new entrants to the market is less, and when enforcement of anti‐collusion laws and penalties for colluding are weaker. 58-124 100% Contribution Breeds Professionalism 100% Framework of R21 Marginal Revenue Product (MRP) 边际收益产量 Demand for Labor Labor Markets Supply of Labor Factor Demand for Capital Capital Markets Markets Supply of Capital Nature Resource Markets Economic Rent and Opportunity Cost 59-124 Renewable Natural Resource Nonrenewable Nature Resource 100% Contribution Breeds Professionalism 100% R21: Markets For Factors of Production 边际产量 边际收益 边际收益产量 Marginal product marginal revenue marginal revenue product The additional output of a product from using one more unit of a productive input (resource) is called the marginal product of that resource. Marginal revenue is the addition to total revenue from selling one more unit of product. We defined a product’s marginal revenue product (MRP) as the addition to total revenue from selling the marginal product (additional output) from employing one more unit of productive resource. MRP = MR×MP 60-124 100% Contribution Breeds Professionalism 100% R21: Markets For Factors of Production The MRP is downward sloping in any range of output for which diminishing marginal returns are realized from using additional units of a productive resource. Marginal Revenue Product (Price) MRP (demand) This downward-sloping MRP curve is in fact the firm’s short run demand curve for the productive resource or input. 61-124 100% Contribution Breeds Professionalism 100% Quantity Used (Quantity Demanded) R21: Markets For Factors of Production Labor Market The condition for maximizing profits with respect to hiring additional units of labor is to continue to add additional units of labor until MRP (labor)=Price (labor) =Wage A profit‐maximizing firm will use additional units of a productive resource as long as its MRP is great than its price. 62-124 100% Contribution Breeds Professionalism 100% R21: Markets For Factors of Production Elasticity of Demand for Labor The demand for labor, like other types of demand, is more elastic in the long run than in the short run. The elasticity of demand for labor will be greater for firms with production processes that are more labor‐intensive. Because labor represents a large proportion of the total cost of the service it provides. The third factor affecting the elasticity for labor is the degree to which labor and capital can be substituted. The demand for assembly workers is much more elastic than the demand for airline pilots 63-124 100% Contribution Breeds Professionalism 100% R21: Markets For Factors of Production Substitution effect VS. income effect The higher the wage rate, the more hours of leisure a worker will forego and the more hours of labor he will supply. This is the substitution effect in labor supply. (更愿工作) An income effect limits how much labor a worker is willing to substitute for leisure. (更愿休闲) So the labor supply curves slope upward at first, and then bend backward at some (maximum) quantity of labor supplied. Factors related to changes in the supply of labor Other factors that affect the supply of labor include the size of the adult population, and capital accumulation. 64-124 100% Contribution Breeds Professionalism 100% R21: Markets For Factors of Production The supply of labor Supply Curve Because the limited time for Wage Sub<income each person everyday (24 hours), each person has a reservation wage below which she or he will supply no labor. Each person’s supply curve eventually bends backwards. 24 sub>income 65-124 100% Contribution Breeds Professionalism 100% hours R21: Markets For Factors of Production Renewable VS. non‐renewable For non‐renewable natural resources, supply is elastic at the present value of the expected future price, while for renewable natural resources, supply is inelastic at the sustainable quantity of production. Non-Renewable resources (oil ) Price Renewable resources (water) Price S S Opportunity cost D Economic Rent Quantity 66-124 100% Contribution Breeds Professionalism 100% D Quantity R21: Markets For Factors of Production Economic rent and opportunity costs Differences occur between large and small incomes The opportunity cost of an employee is what he could make in his next highest‐ paying alternative employment. The difference between a factor of production’s earnings and opportunity cost is called economic rent. (example) W economic rent S opportunity cost D L 67-124 100% Contribution Breeds Professionalism 100% R21: Markets For Factors of Production Perfectly inelastic supply Perfectly elastic supply Price Price S S No Economic rent D Economic rent D Quantity 68-124 100% Contribution Breeds Professionalism 100% Quantity Framework of R22 Business cycle Four phases Unemployment Problems in measuring Inflation Inflation rate Anticipated Three types Unanticipated Consequences of Inflation 69-124 100% Contribution Breeds Professionalism 100% R22: Monitoring Jobs, And the Price Level He is available to work but is not working unemployment rate = number of unemployed × 100 labor force labor force participation rate= labor force × 100 Working-age population All people 16 years of age or older who are not living in institutions Employment-to-population ratio= labor force = number of people employed + unemployed 70-124 number of employed × 100 Working-age population All people who are either employed or actively seeking employment 100% Contribution Breeds Professionalism 100% R22: Monitoring Jobs, And the Price Level Frictional unemployment: due to constant changes in the economy that prevent qualified workers from being immediately matched with existing job openings. Structural unemployment: due to structural changes in the economy that eliminate some jobs while generating job openings butunemployed workers are not qualified. Structural unemployment differs from frictional unemployment in that workers do not currently have the skills needed to perform the newly created jobs. Cyclical unemployment: due to a change in the general level of economic productivity (economy is operating at less than full capacity) 71-124 100% Contribution Breeds Professionalism 100% R22: Monitoring Jobs, And the Price Level Full employment and Natural Rate of Unemployment When cyclical unemployment is zero, the economy is said to be operating at full employment. However, at full employment, both structural and frictional unemployment still exist. Therefore, there is some level of unemployment, which is expected when the economy is at full employment. The natural rate of unemployment is that rate of unemployment present when the economy is at its full employment rate of production or output. In the recent past, the natural rate has risen due to changes in the composition of the labor force, namely, and increase in young workers entering the labor force. This rate of unemployment can persist for an indefinite period of time and is typically associated with the economy's maximum long‐rate of output. Potential GDP is the theoretical level of output the economy can produce when unemployment is at the natural rate. 72-124 100% Contribution Breeds Professionalism 100% R22: Monitoring Jobs, And the Price Level The consumer price index (CPI) CPI is the best known indicator of U.S. inflation. The CPI measures the average price for a defined “basket” of goods and services that represents the purchasing patterns of a typical urban household. CPI= cost of basket at current prices × 100 cost of basket at base period prices The inflation rate is the percentage change in the price level from a year ago. The CPI is one of the primary indicators used to measure the inflation rate. Inflation rate= 73-124 Current CPI — year-ago CPI × 100 year-ago CPI 100% Contribution Breeds Professionalism 100% R22: Monitoring Jobs, And the Price Level The most significant biases in the CPI data include: New goods Quality changes Commodity substitution (e.g. in inflation‐free economy, two goods are substitute, consumer buy more cheaper good ) Outlet substitution (e.g. from convenience outlets to discount outlets) Because of these biases, the CPI is believed to overstate the true rate of inflation by about 1% per year. 74-124 100% Contribution Breeds Professionalism 100% Framework of R23 Factors influencing AS Aggregate Supply Movement along the LAS and SAS Changes in Aggregate Supply Aggregate Supply and Demand Aggregate Demand Aggregate Demand Curve Changes in Aggregate Demand Macroeconomic Equilibrium Keynesian, Classic, and Monetarist Schools of Macroeconomics 75-124 100% Contribution Breeds Professionalism 100% R23: Aggregate Supply and Aggregate Demand Aggregate Supply Long-run aggregate supply (LAS) is vertical at potential (fullemployment) real GDP and can change as a result of change in the labor forces, the amount of capital in the economy, or in technology. Short-run aggregate supply (SAS) is an increasing function of the price level, is affected by the same factors that affect LAS, and is construction holding the money wage rate constant. 76-124 Overall Price level LAS SAS Potential GDP Real GDP (full employment) 100% Contribution Breeds Professionalism 100% R23: Aggregate Supply and Aggregate Demand SAS (consider costs of each firm) A change in resource prices (‐) A change in the expected rate of inflation (‐) Wage↑ Unemployment: Wage ↓ Labor Supply shocks, such as natural disasters (‐) LAS (consider production capability in the whole society) New technology Additions to the capital stock The quantity of labor in the economy All the above issues influencing LAS Over the long term the LAS curve should gradually move to the right as the productive capacity of a country improves 77-124 100% Contribution Breeds Professionalism 100% R23: Aggregate Supply and Aggregate Demand Aggregate Demand The aggregate demand curve is downward sloping because at high price levels, consumption, business investment, and exports will all likely decrease. AD =C+I+G+NX The main factors that affect aggregate demand are : Expectations about future incomes, inflation, and profits (C, I) Fiscal policy and monetary policy (G, C, I, NX) The world economy (NX): foreign income, foreign exchange rate 78-124 100% Contribution Breeds Professionalism 100% R23: Aggregate Supply and Aggregate Demand Macroeconomic equilibrium Short‐run macroeconomic equilibrium occurs when the quantity of real GDP demanded equals the quantity of real GDP supplied. That is, short‐run macroeconomics equilibrium occurs at the point of intersection of the AD curves and the SAS curve. Long‐run macroeconomic equilibrium occurs when real GDP equals potential GDP, at the intersection of the AD curve and the LAS curve The relationship between economic growth, inflation and change in aggregate demand and aggregate supply influence short and long‐run macroeconomic equilibrium. 79-124 100% Contribution Breeds Professionalism 100% R23: Aggregate Supply and Aggregate Demand Under full employment (recession) Price level LAS Over full employment (inflation) SAS1 Price level LAS SAS1 P1 P* P* P1 AD1 GDP1 Real GDP 短期低于长期均衡 80-124 AD1 GDP1 Real GDP 短期高于于长期均衡 100% Contribution Breeds Professionalism 100% R23: Aggregate Supply and Aggregate Demand Price Level P Adjustment to an Increase in AD LRAS SRAS2 (1) (2) 2. P2LR 需求上升 加工资 (名义) SRAS1 P1LR 1. Notes P146 AD2 AD1 YLR 81-124 Income, Output, Y 100% Contribution Breeds Professionalism 100% R23: Aggregate Supply and Aggregate Demand Classical, Keynesian and Monetarist (为什么会有经济周期) Classical argues 1) both AD and AS were primarily driven by changes in technology over time. 2) the economy has a strong tendency toward full‐employment and the money wages adjustment happens fairly rapidly to restore the full‐employment equilibrium. Policy suggestion: minimize taxation, technological change, instantly and completely flexible Keynes believes 1) shifts in AD due to changes in expectations were the primary cause of business cycles. 2) wages are “downward sticky, reducing the ability of a decrease in money wages to increase SAS and move the economy from recession. Policy suggestion: increase aggregate demand through monetary and fiscal policies. New Keynesians assert that the prices of other productive inputs in addition to labor are also “downward sticky”. Monetarist believes the main factor leading to business cycles is monetary policy. Policy suggestion: a steady and predictable increase in money supply, quantity of money, low tax rate 82-124 100% Contribution Breeds Professionalism 100% Framework of R24: money and price Basic Functions of Money Money supply M1 & M2 Measuring problems Financial Institution Banking system Creation of Money Open market transactions Central bank’s monetary tools Required reserve ratio Discount rate Monetary Base and Money Multiplier 83-124 100% Contribution Breeds Professionalism 100% R24: Money, The price level, and the Federal Reserve Money has three basic functions: Medium of exchange ‐ facilitates transactions (liquidity). Unit of account ‐ used to quote prices Store of value ‐ transfer purchasing power to future M1 includes all currency not held at banks, travelers’ checks, and checking account deposits of individuals and firms (but not government checking accounts) M2 includes all the components of M1, plus time deposits, savings deposits, and money market mutual fund balances *Write a check and use credit card does not increase the money supply 84-124 100% Contribution Breeds Professionalism 100% R24: Money, The price level, and the Federal Reserve The Economic Functions of Depository Institutions Creating liquidity by using funds from short‐term deposits to make longer‐term loans Act as financial intermediaries, minimizing the cost of obtaining funds In a better position than individuals in minimizing the cost of monitoring borrowers Pooling default risks of individual loans by holding a portfolio of loans 85-124 100% Contribution Breeds Professionalism 100% R24: Money, The price level, and the Federal Reserve Financial Innovation Three main influences on financial innovation: Economic environment Technology (ATM) Regulation (repurchase) The aim of financial innovation is to lower the cost of deposits or to increase the return from lending or, more simply, to increase the profit from financial intermediation 86-124 100% Contribution Breeds Professionalism 100% R24: Money, The price level, and the Federal Reserve The Federal Reserve Balance Sheet The assets of the U.S Federal Reserve consist of: Gold, deposits with other central banks, and special drawing rights at the IMF US Treasury bills, notes and bonds Loans to banks (reserves loaned at the discount rate) (The most important of these is US government securities, which are almost 90% of the Fed’s assets) The liability of the Fed consists of currency and bank reserve deposits 87-124 100% Contribution Breeds Professionalism 100% R24: Money, The price level, and the Federal Reserve Money Multiplier: Currency drain: people holds part of increase in money supply as held in cash. Money multiplier = The quantity of money The money base = 1+c r+c c: currency as a percentage of deposits r: required reserve ratio 88-124 100% Contribution Breeds Professionalism 100% R24: Money, The price level, and the Federal Reserve Determinants of Money Demand and Supply The demand for money is largely determined by interest rates and it is also influenced by income level and price level The supply of money is determined by the central bank and is not affected by changes in interest rates. Thus the supply of money curve is vertical. The demand schedule is downward sloping because at higher interest rates, the opportunity cost of holding money increases and people will desire to hold less money and more interest-earning assets. Interest rate Money Supply i Money Demand Real Money Notice that as the Fed increases the money supply, the interest rate falls, which reduces the opportunity cost of holding money. 89-124 100% Contribution Breeds Professionalism 100% R24: Money, The price level, and the Federal Reserve Interest rate (percent per year) Price level MS MS 1 0 5% LAS SR P2 P1 P0 4% M 0 SAS1 SAS0 LR AD0 D AD1 0 Real money (trillions of dollars) Real money GDP In short-run MS↑— Interest Rate↓ — real GDP ↑ — P↑ In long-run MS↑— Interest Rate→ — real GDP → — P↑ 90-124 100% Contribution Breeds Professionalism 100% R24: Money, The price level, and the Federal Reserve Short‐run and long‐run effects of money on real GDP In the short run, decrease (increase) in the equilibrium interest rate from increase (decrease) in the money supply will increase (decrease) aggregate demand, which will increase (decrease) real GDP and the price level. In the long run, money supply growth has no effect on real GDP and, as the quantity theory of money suggests, increases in the money supply, when the economy is operating at potential (full‐ employment) GDP, will lead to a proportional increase in prices. 91-124 100% Contribution Breeds Professionalism 100% R24: Money, The price level, and the Federal Reserve The Quantity Theory of Money Money supply × velocity = GDP = Price ×real output MV = PY P = M(V/Y) Velocity is the average number of times per year each dollar is used to buy goods and services. (Velocity = GDP/money) The Quantity Theory of Money states that an increase in the money supply will cause a proportional increase in prices. Monetarists believe, based on this relation, that the money supply (M) should be increased only at the growth rate of real output (Y) so as to maintain price stability 92-124 100% Contribution Breeds Professionalism 100% Framework of R25 Definition of inflation Cause of inflation Inflation Demand-pull Cost-push Anticipated Effects of inflation Unanticipated Relationship With unemployment With interest rates 93-124 100% Contribution Breeds Professionalism 100% Philips Curve R25: U.S Inflation, unemployment, and Business Cycles An inflation that results from an initial increase in aggregate demand is called demand‐pull inflation, Factors: Increase in the quantity of money Increase in government purchases Increase in exports 94-124 100% Contribution Breeds Professionalism 100% R25: U.S Inflation, unemployment, and Business Cycles An inflation that results from an initial increase in costs is called cost‐ push inflation. The two main sources of increases in costs are An increase in money wage rates An increase in the money prices of raw materials 95-124 100% Contribution Breeds Professionalism 100% R25: U.S Inflation, unemployment, and Business Cycles LAS P SAS2 SAS1 AD2 AD1 1 1 GDP In short-run, if inflation is completely anticipated, AD and SAS will shift to the Long-run equilibrium, GDP not change, price increases. 96-124 100% Contribution Breeds Professionalism 100% R25: U.S Inflation, unemployment, and Business Cycles P Change in the natural rate can come from many sources, including the size and makeup of the labor force, changes that affect labor mobility, and advances in technology that replace some jobs and create new ones SAS2 AD3 B AD2 AD1 A SAS1 1 C 1 GDP 97-124 100% Contribution Breeds Professionalism 100% R25: U.S Inflation, unemployment, and Business Cycles Short-Run and Long-Run Phillips Curves Inflation rate (Percentage per year) Short-Run and Long-Run Phillips Curves LRPC 15 A 10 8 C SRPC0 D 5 SRPC1 3 98-124 6 9 Unemployment (percentage of labor force) 100% Contribution Breeds Professionalism 100% R25: U.S Inflation, unemployment, and Business Cycles The short‐run Phillips curve shows the relationship between inflation and unemployment, holding constant: The expected inflation rate The natural unemployment rate (摩擦性失业率+结构性失业率,即无 周期性失业) The Long‐run Phillips curve shows the relationship between inflation and unemployment when the actual inflation rate equals the expected inflation rate. It is vertical at the natural rate of unemployment, which can be affected by the size and makeup of the labor force changes that affect labor mobility and advances in technology that replace some jobs and create new ones. 99-124 100% Contribution Breeds Professionalism 100% R25: U.S Inflation, unemployment, and Business Cycles The relation among inflation, nominal interest rate, and the demand and supply of money A premium for the expected inflation rate is reflected in all nominal interest rate and will depend in the long run on the rate of growth of the money supply Higher growth rate of the money supply→ Higher rate of inflation→ Higher rate of expected inflation → Higher nominal interest rate 100-124 100% Contribution Breeds Professionalism 100% R25: U.S Inflation, unemployment, and Business Cycles Phases of Business Cycle The business cycle is characterized by fluctuations in economic activity. Real GDP and the rate of unemployment are key variables used when determining the current phase of the cycle. The four phases of the business cycle are: Peak: The upper turning of a business cycle Contraction: A slowdown in the pace of economic activity Recessionary Trough: The lower turning point of a business cycle, where a contraction turns into an expansion Expansion: A speedup in the pace of economic activity 101-124 100% Contribution Breeds Professionalism 100% R25: U.S Inflation, unemployment, and Business Cycles Mainstream business cycle theory: Key point: the variability of aggregate demand Keynesian cycle theory: fluctuations in investment driven by fluctuations in business confidence are the main source of fluctuations in AD. Monetarist cycle theory: variation in aggregate demand that causes business cycle is due to variation in the rate of growth of money supply, likely from inappropriate decisions by the monetary authority. New classical cycle theory: rational expectation of price level is determined by potential GDP and expected AD。Only unexpected fluctuations in AD bring fluctuations in real GDP around potential GDP. New Keynesian cycle theory: wage rate is determined by past rational expectation. So unexpected and currently expected fluctuation in AD bring business cycle. 102-124 100% Contribution Breeds Professionalism 100% Framework of R26 The Federal Budget Employment Potential GDP Supply-side Investment Fiscal Policy Saving Economic Growth Generational Effect of Fiscal Policy Stabilizing the Business Cycles 103-124 100% Contribution Breeds Professionalism 100% R26: Fiscal Policy Potential (or natural) GDP is the highest level that real GDP output can reach and sustain for long periods of time, given the existing supply of the factors of production. An increase in taxes on income and expenditures reduces the incentive to work and the equilibrium quantity of labor falls, reducing potential GDP Income Tax↑—— Potential GDP↓ 104-124 100% Contribution Breeds Professionalism 100% R26: Fiscal Policy The Laffer Curve When the tax rate is low, increasing the tax rate increases total tax revenue. But at higher tax rates ,the supply‐side reduction in potential GDP is greater and the increase in total tax revenue in response to higher tax rates slows A Laffer Curve Tax revenue 0 105-124 t* 100% Contribution Breeds Professionalism 100% 100 Tax rate R26: Fiscal Policy The sources of investment sources The Investment = Private Saving + government saving = (national savings + borrowing from foreigners) + ( Tax- Government spending ) Fiscal policy can influence the capital market in two ways: Taxes affect the incentive to save Government saving‐‐‐‐the budget surplus or deficit‐‐‐‐is a component to total saving. Crowding out effect Large budget deficits 106-124 Decrease the quantity of savings Increase the real interest rate 100% Contribution Breeds Professionalism 100% Firms reduce 106 their borrowing R26: Fiscal Policy The government purchases multiplier is the magnification effect of a change in government purchases of goods and services on aggregate demand (AD). The tax multiplier is the magnification effect of a change in taxes on aggregate demand. The government purchases multiplier is stronger than the tax multiplier because aggregate demand is affected by the full amount of government expenditure, whereas aggregate demand is affected by only the portion of a tax cut that is spent; the remainder will be saved The balance budget multiplier is the magnification effect on aggregate demand of a simultaneous change in government purchase and taxes that leaves the budget balance unchanged. 支出乘数大于税收乘数 107-124 100% Contribution Breeds Professionalism 100% R26: Fiscal Policy Discretionary fiscal policy refers to government spending and taxing decisions designed to stabilize the economy. Limitations of discretionary fiscal policy Recognition lag (The forecast may be wrong) Law‐making lag Impact lag effect finding decision Effect of policy Automatic fiscal stabilizers: refers to build‐in fiscal stabilizers that are triggered by the state of the economy. Automatic fiscal stabilizers smooth out economic fluctuations . induced taxes (i.e. income tax rate), Needs‐tested spending (unemployment compensation) Both actions are countercyclical 108-124 100% Contribution Breeds Professionalism 100% Framework of R27 Monetary Policy Objectives The Federal Fund Rate Instrument rule Monetary policy Decision-Making Strategy Targeting rule McCallum rule Alternative Monetary Policy Strategy k-percent rule Exchange rate targeting rule Inflation rate targeting rule Monetary Policy Transmission 109-124 100% Contribution Breeds Professionalism 100% R27: Monetary Policy The goals of the US Federal Reserve Bank: maximum employment stable prices moderate long‐term interest rates To operationalize its goals, the Fed focuses primarily on two things, core inflation and the difference between actual and potential economic output The primary way that Fed conducts monetary policy is through their influence on the federal funds rate 110-124 100% Contribution Breeds Professionalism 100% R27: Monetary Policy Decision‐making strategy Instrument rule: base a target federal funds rate on the current performance of the economy Taylor rule: FFR=2%+actual inflation+0.5(actual inflation – 2%)+0.5(output gap) Targeting rule: require that FFR be set based on a forecast of future inflation Open market operations: the buying or selling of Treasury securities by the Fed in the open market. 111-124 100% Contribution Breeds Professionalism 100% R27: Monetary Policy Monetary Policy Transmission Purchase securities Purchase of goods (Consume) Reserve More investment Aggregate demand 112-124 FFR RATE Net exports (NX) Domestic currency depreciate Price, real GDP 100% Contribution Breeds Professionalism 100% Framework of R28 Functions An overview of central bank Three Policy Tools of the Federal Reserve 113-124 100% Contribution Breeds Professionalism 100% R28: An overview of central bank Central banks manage money supply in order to: Maintain price stability Promote full employment Maximum sustainable long‐term growth of the economy Issue a country’s currency and regulate its banking system 114-124 100% Contribution Breeds Professionalism 100% R28: An overview of central bank Three Policy Tools of the Federal Reserve: required reserve ratio. As the required reserve ratio drops, each dollar of excess reserves can be "multiplied" more times. open market operations is most powerful tool. The Fed buys and sells treasury bonds, notes and bills as a way to control the monetary base. discount rate :The Fed sets the interest rate that it charges banks when they borrow from the Fed. As the discount rate falls, it becomes more attractive for banks to borrow from the Fed to meet reserve requirements. As the discount rate falls, the money supply rises. It should be noted that borrowing from the Fed is not looked upon favorably. 115-124 100% Contribution Breeds Professionalism 100% 经济学考点汇总——定量计算 一、定量计算 知识点 重要性 弹性的计算 ☆☆☆ CPI的计算 ☆ GDP增长率的计算 ☆ 三个失业率指标的计算 ☆☆☆ 货币乘数的计算 ☆☆ 四公司集中度指标与HHI ☆☆☆ 政府支出乘数、税收乘数、平衡预算乘数 ☆☆ 联邦基金利率的确定公式 ☆ 116-124 100% Contribution Breeds Professionalism 100% 经济学考点汇总——定性分析 二、定性分析 知识点 重要性 收入与需求价格弹性的关系 ☆☆ 根据交叉弹性对物品关系的判断 ☆☆ 根据收入弹性对物品类别的判断 ☆☆ 影响需求价格弹性的因素对弹性的影响 ☆☆☆ 市场均衡条件下消费者剩余和生产者剩余的条件 ☆ 导致市场失灵的各种现象对产量的影响 ☆☆ 供需曲线的斜率对税收负担的影响 ☆☆ 非法产品惩治力度对供给和需求的影响 ☆ 117-124 100% Contribution Breeds Professionalism 100% 经济学考点汇总——定性分析 二、定性分析 知识点 重要性 生产曲线不同点之间的关系 ☆☆☆ 停止生产点的位置与完全竞争厂商供给曲线的定义 ☆☆☆ 价格歧视带来的后果 ☆☆ 收入效应与替代效应对劳动力供给曲线的影响 ☆☆☆ 供给曲线斜率对机会成本与经济租金的影响 ☆☆ 扩张性货币政策在长期和短期对经济的影响 ☆☆☆ 税率与政府税收收入的关系(拉弗尔曲线) ☆☆☆ 挤出效应(财政政策的有效性) ☆☆☆ 118-124 100% Contribution Breeds Professionalism 100% 经济学考点汇总——因素考察 三、因素考察 知识点 重要性 影响需求价格弹性的因素 ☆☆☆ 影响供给价格弹性的因素 ☆ 导致市场失灵的现象 ☆ 价格上限与下限导致的后果 ☆☆ 各种成本概念的区分(显性成本与隐性成本) ☆☆☆ 利润最大化的限制 ☆ 委托代理问题的解决方法 ☆☆☆ 集中度指标的局限性 ☆ 119-124 100% Contribution Breeds Professionalism 100% 经济学考点汇总——因素考察 三、因素考察 知识点 重要性 Firm coordination 的好处 ☆ 完全竞争市场的条件 ☆ 政府对垄断企业的监管方法(平均成本定价与边际成本定价) ☆☆ 价格歧视的种类 ☆☆ 价格歧视的条件(该知识点不严谨) ☆☆☆ 政府对垄断进行监管时遇到的障碍 ☆☆ 垄断竞争厂商的非市场化手段 ☆☆ 影响串谋成功的因素 ☆☆ 120-124 100% Contribution Breeds Professionalism 100% 经济学考点汇总——因素考察 三、因素考察 知识点 重要性 影响劳动力需求弹性的因素 ☆☆ 工会的目标 ☆ CPI衡量购买力水平的局限性 ☆☆ 影响总供给曲线的因素 ☆☆☆ 影响总需求曲线的因素(消费、投资、政府购买、净出口) ☆☆☆ M1与M2包含的金融工具 ☆☆ 储蓄机构的作用 ☆ 影响金融创新的因素 ☆ 121-124 100% Contribution Breeds Professionalism 100% 经济学考点汇总——因素考察 三、因素考察 知识点 重要性 三种政策时滞 ☆☆ 三大货币政策工具的优劣 ☆☆☆ 122-124 100% Contribution Breeds Professionalism 100% 经济学考点汇总——理论辨析 四、理论辨析 知识点 重要性 功利主义和对称原则 ☆ 指令体制与激励体制 ☆ 企业的组织形式:个人独资、合伙制与公司制 ☆☆ Market coordination 与 firm coordination ☆ 拐折曲线模型与价格领导者模型 ☆ 囚徒困境 ☆☆ 三种失业的辨析 ☆☆☆ 古典主义、凯恩斯主义、新凯恩斯主义和货币主义 ☆☆☆ 123-124 100% Contribution Breeds Professionalism 100% 经济学考点汇总——理论辨析 四、理论辨析 知识点 重要性 传的货币数量理论 ☆ 长期与短期菲利普斯曲线 ☆☆ 经济周期理论(凯恩斯、货币主义、新古典、新凯恩斯) ☆ 联邦基准利率的参考准则 ☆ 124-124 100% Contribution Breeds Professionalism 100% ...
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