cfa一级经济笔记 知识点大纲整理.docx

12.a Own-priceelasticity: measureofresponsivenessofthequantity(Q)demandedtoachange inprice(P);=%?Q/%?P;downward-sloping:negative,increaseinpricedecreasesquantity demanded. 1: demand (D) is elastic: D is very responsive to price changes; good substitutes; increase; TR decrease when price 1: inelastic: not responsive; few substitutes; TR increase. increases when price ThelargerproportionofincomespentlongerthetimeperiodsincePchange,themore elastic. Elasticity≠slopeofdemandcurve;slopeisdependentonunitsthatPandQaremeasured in.Elasticityisbasedon%changes. ( ) ( ) PriceelasticityofD : ΔQ ΔQ /Q P ΔP = ΔP/ P 0 = 0 Q0 0 Q × ΔQ ΔP  ;?Q/?P:slopeofdemandfunction (D=A+B*P);demandcurveistheinverseofdemandfunction. IncomeElasticityofDemand: sensitivityofQdemandedtoachangeinincome(I);=%?Q/ %?I Normalgoods :positive; Inferiorgoods :negative,increaseinIdecreasesD. CrosspriceElasticityofDemand: =%?Qofagood/%?Pofarelatedgood. Substitutes: positive, increase in P of one increase D of another one; Complements: negative.(Morepositive/negative,bettersubstitutes/complements) 12.bc Substitutioneffect: whenPofgoodXdecreases;consumption(C)alwaysshiftstowards moreofgoodX. Incomeeffect: whenPofXdecreases,Ccaneitherincreaseordecrease. Subeffectis positive, incomeeffectisnegativebut smaller(larger) thansub:Cincrease (decrease). Normalgoods :incomeeffectispositive; Inferiorgoods :negative. Giffengood :aninferiorgoodofwhichnegativeincomeeffectoutweighspositivesubstitution effectwhenPfalls;upward-slopingdemandcurve;notruledoutbytheaxiomsofthetheory ofconsumerchoice. Veblengood :ahigherPmakesthegoodmoredesirable;increasedpriceincreasesitsutility; positiveslopeddemandcurve;violatetheoryofconsumerchoice; 12.d Factors of Production: Land, Labour, Capital Materials (only uses capital labourinecon) Production function: Q of output as a functionoftheamountofcapitalandlabour employed. (Marginalproduct=additionaloutput) Holdingcapital,atlowrangeoflabourinput,themarginalproductoflabourisincreasing:2 wor