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AP微观经济学Markets&Prices(三)

2014-04-08 19:13| 来源:环球托福

摘要: 今天,环球托福为AP考生们搜集整理了关于AP微观经济学Markets&Prices(三),看了上文后是否意犹未尽呢?更多好文章尽在环球托福。
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今天,环球托福为AP考生们搜集整理了关于AP微观经济学Markets&Prices(三),值得借鉴。
 
Chapter 2
 
Markets and Prices
 
6. Consumer Surplus and Producer Surplus

6.1 Consumer surplus, producer surplus
Consumer surplus: A buyer's willingness to pay minus the amount of buyer actually pays.
Producer surplus: the amount a seller is paid for a good minus the seller's cost.
 
AP微观经济学Markets&Prices
Total Surplus: the sum of consumer and producer surplus - is the area between the supply and demand curves up to the equilibrium quantity.
 
Figure 2.13
 
AP微观经济学Markets&Prices
 

Deadweight loss: When the government imposes a tax on a good, the quantity sold falls from Q1 to Q2. As a result, some of the potential gains from trade among buyers and sellers do not get realized. These lost gains from trade create the deadweight loss.
 
 
7. Elasticity
 
Is a measure of how much buyers and sellers respond to changes in market conditions.
Allows us to analyze supply and demand with greater precision.
  
7.1 Price elasticity of demand
Price elasticity of demand (sometimes simply called price elasticity) measures how much the quantity demanded of a good changes when its price changes.
The price elasticity of demand is computed as:
AP微观经济学Markets&Prices
Note: use absolute values and ignore the negative sign
 
7.2 Interpretation of Ed
Ed>1: Elastic Demand - % Quantity demanded responds strongly to changes in price.
Ed<1: Inelastic Demand - % Quantity demanded does not respond strongly to price changes. Ed=1: Unit Elastic - % Quantity demanded changes by the same percentage as the price. Ed=0: Perfectly Inelastic - % Quantity demanded does not respond to price changes at all. Ed=∞: Perfectly Elastic - % Quantity demanded changes infinitely with any change in price.
 
Figure 2.14
 AP微观经济学Markets&Prices
 
7.3 Determinants of price elasticity of demand
Demand tends to be more elastic ...
If the good is a luxury
The longer the time period
The larger the number of close substitutes
If the good represents a larger share of consumer's budgets
 
Demand tends to be more inelastic ...
If the good is a necessity
The shorter the time period
The fewer the number of close substitutes
If the good represents a smaller share of consumer's budgets
 
7.4 Elasticity Varies with Price Range
More elastic toward top left; less elastic at lower right
 
Note: Slope does not measure elasticity - slope measures absolute changes; elasticity measures relative changes.
 
Figure 2.15
 
AP微观经济学Markets&PricesP

7.5 Total Revenue Test for Elasticity
Total revenue is  the  amount the  seller  receives  from the  buyer  from the  sale  of  a  product;
P×Q=TR
 
If demand is elastic, then a decrease in price will increase total revenue; an increase in price will decrease total revenue.
If demand is inelastic, then a decrease in price will reduce total revenue; an increase in price will increase total revenue.
If demand is unit elastic, any change in price will leave total revenue unchanged.
 
 
7.6 Cross Elasticity
Cross-price elasticity of  demand  measures how responsive the demand for one good is to changes in the price of another good.
 
The Cross Elasticity Coefficient Exy is calculated:
 AP微观经济学Markets&Prices
 
If Exy is positive, then X and Y are substitute goods.
If Exy is negative, then X and Y are complementary goods.
If Exy is zero, then X and Y are independent goods.
 
7.7 Income Elasticity
 
Income elasticity of demand measures how the demand for a good changes in response to changes in income.
Income Elasticity Coefficient
 AP微观经济学Markets&Prices
 
For most goods, changes in income and changes in quantity purchased on directly related such that the coefficient has a value greater than zero. We call these goods "normal goods."
In other instances, people purchase less of some goods as their incomes increase. These are called "inferior goods" and they have a negative coefficient.
  
8. Government-controlled prices
 
 
Government may set a price and it may differ from the equilibrium price that the market sets. As a result, a shortage (as in the case of a price that is below equilibrium) or a surplus (as in the case of a price that is above equilibrium) will happen.
 
8.1 Price Ceilings
 
A maximum legal price below the equilibrium price
 
Figure 2.16

AP微观经济学Markets&Prices
 
 
Examples: essential goods, rent controls, interest rates, price controls
Solutions: Black markets (underground markets)
 
8.2 Price Floors

A minimum legal price above equilibrium price
 AP微观经济学Markets&Prices
 Surplus

 
Creates  surplus  since  the amount supplied is greater than the amount demanded
 
以上即是本次环球托福为AP考生准备整理的AP微观经济学基础知识要点Markets&Prices(三),更多精彩文章尽在环球托福!