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Economics CFA program curriculum 2016 volume 2

Economics CFA program curriculum 2016 volume 2

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How to Use the CFA Program Curriculum vii
Curriculum Development Process vii
Organization of the Curriculum viii
Features of the Curriculum viii
Designing Your Personal Study Program ix
Feedback xi
Study Session 4 Economics: Microeconomic Analysis 3
Reading 13 Demand and Supply Analysis: Introduction 5
Introduction 6
Types of Markets 7
Basic Principles and Concepts 8
The Demand Function and the Demand Curve 9
Changes in Demand vs. Movements along the Demand Curve ! 1
The Supply Function and the Supply Curve 13
Changes in Supply vs. Movements along the Supply Curve 15
Aggregating the Demand and Supply Functions 17
Market Equilibrium 20
The Market Mechanism: Iterating toward Equilibrium—or Not 22
Auctions as a Way to Find Equilibrium Price 27
Consumer Surplus—Value minus Expenditure 30
Producer Surplus—Revenue minus Variable Cost 32
Total Surplus—Total Value minus Total Variable Cost 34
Markets Maximize Society's Total Surplus 35
Market Interference: The Negative Impact on Total Surplus 36
Demand Elasticities 43
Own-Price Elasticity of Demand 43
Own-Price Elasticity of Demand: Impact on Total Expenditure 48
Income Elasticity of Demand: Normal and Inferior Goods 50
Cross-price Elasticity of Demand: Substitutes and Complements 51
Calculating Demand Elasticities from Demand Functions 52
Summary 54
Practice Problems 56
Solutions 61
Reading 14 Demand and Supply Analysis: Consumer Demand 65
Introduction 65
Consumer Theory: From Preferences to Demand Functions 66
Utility Theory: Modeling Preferences and Tastes 67
Axioms of the Theory of Consumer Choice 67
Representing the Preference of a Consumer: The Utility Function 68
Indifference Curves: The Graphical Portrayal of the Utility Function 69
Indifference Curve Maps 72
Gains from Voluntary Exchange: Creating Wealth through Trade 74
The Opportunity Set: Consumption, Production, and Investment Choice 76
The Budget Constraint 77
The.Production Opportunity Set 79
The investment Opportunity Set 80
Consumer Equilibrium: Maximizing Utility Subject to the Budget Constraint 81 Determining the Consumer's Equilibrium Bundle of Goods 81
Consumer Response to Changes in Income: Normal and Inferior
Goods 83
How the Consumer Responds to Changes in Price 84
Revisiting the Consumer's Demand Function 85
Consumer's Demand Curve from Preferences and Budget Constraints 85
Substitution and Income Effects for a Normal Good 86
Income and Substitution Effects for an Inferior Good 89
Negative Income Effect Larger than Substitution Effect: Giffen Goods 90
Veblen Goods: Another Possibility for a Positively Sloped Demand
Curve 92
Summary 92
Practice Problems 94
Solutions 96
15 Demand and Supply Analysis: The Firm 97
Introduction 98
Objectives of the Firm 98
Types of Profit Measures 99
Comparison of Profit Measures 103
Analysis of Revenue, Costs, and Profits 104
Profit Maximization 104
Productivity 134
Summary 143
Practice Problems 145
Solutions 150
16 The Firm and Market Structures 153
Introduction 153
Analysis of Market Structures 154
Economists' Four Types of Structure 154
Factors That Determine Market Structure 156
Perfect Competition 158
Demand Analysis in Perfectly Competitive Markets 159
Supply Analysis in Perfectly Competitive Markets 166
Optimal Price and Output in Perfectly Competitive Markets 167
Factors Affecting Long-Run Equilibrium in Perfectly Competitive
Markets 171
Monopolistic Competition 173
Demand Analysis in Monopolistically Competitive Markets 174
Supply Analysis in Monopolistically Competitive Markets 175
Optimal Price and Output in Monopolistically Competitive Markets 175

Factors Affecting Long-Run Equilibtium in Monopolistically Competitive Markets


Demand Analysis and Pricing Strategies in Oligopoly Markets Supply Analysis in Oligopoly Markets Optimal Price and Output in Oligopoly Markets Factors Affecting Long-Run Equilibrium in Oligopoly Markets Monopoly

Demand Analysis in Monopoly Markets Supply Analysis in Monopoly Markets Optimal Price and Output in Monopoly Markets Price Discrimination and Consumer Surplus Factors Affecting Long-Run Equilibrium in Monopoly Markets Identification of Market Structure Econometric Approaches Simpler Measures Summary Practice Problems Solutions

Economics: Macroeconomic Analysis

Aggregate Output, Prices, and Economic Growth Introduction

Aggregate Output and Income Gross Domestic Product The Components of GDP

GDP, National Income, Personal Income, and Personal Disposable Income

Aggregate Demand, Aggregate Supply, and Equilibrium Aggregate Demand Aggregate Supply

Shifts in Aggregate Demand and Supply Equilibrium GDP and Prices Economic Growth and Sustainability

The Production Function and Potential GDP Sources of Economic Growth Measures of Sustainable Growth Summary Practice Problems Solutions

Understanding Business Cycles Introduction

Overview of the Business Cycle Phases of the Business Cycle Resource Use through the Business Cycle Housing Sector Behavior External Trade Sector Behavior

Theories of the Business Cycle

Neoclassical and Austrian Schools Keynesian and Monetarist Schools The New Classical School Unemployment and Inflation Unemployment Inflation .

Economic Indicators

Popular Economic Indicators

Other Variables Used as Economic Indicators

Summary Practice Problems Solutions

Monetary and Fiscal Policy Introduction Monetary Policy Money

The Roles of Central Banks The Objectives of Monetary Policy

Contractionary and Expansionary Monetary Policies and the Neutral


Limitations of Monetary Policy Fiscal Policy

Roles and Objectives of Fiscal Policy Fiscal Policy Tools and the Macroeconomy

Fiscal Policy Implementation: Active and Discretionary Fiscal Policy

The Relationship between Monetary and Fiscal Policy

Factors Influencing the Mix of Fiscal and Monetary Policy Quantitative Easing and Policy Interaction The Importance of Credibility and Commitment Summary Practice Problems Solutions

Economics: Economics in a Global Context

International Trade and Capital Flows


International Trade

Basic Terminology

Patterns and Trends in International Trade and Capital Flows Benefits and Costs of International Trade Comparative Advantage and the Gains from Trade Trade and Capital Flows: Restrictions and Agreements Tariffs Quotas

Export Subsidies

Trading Blocs, Common Markets, and Economic Unions

Capital Restrictions 1 he Balance of Payments

Balance of Payments Accounts Balance of Payment Components Paired Transactions in the BOP Bookkeeping System National Economic Accounts and the Balance of Payments Trade Organizations

International Monetary Fund World Bank Group World Trade Organization Summary Practice Problems Solutions

Currency Exchange Rates Introduction

The Foreign Exchange Market Market Functions Market Participants Market Size and Composition Currency Exchange Rate Calculations Exchange Rate Quotations Cross-Rate Calculations Forward Calculations Exchange Rate Regimes

The Ideal Currency Regime Historical Perspective on Currency Regimes A Taxonomy of Currency Regimes Exchange Rates, International Trade, and Capital Flows

Exchange Rates and the Trade Balance; The Elasticities Approach Exchange Rates and the Trade Balance: The Absorption Approach Summary Practice Problems Solutions