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Economics CFA program curriculum 2016 volume 2

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Описание

CONTENTS

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

Economics

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

Oligopoly

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

Rate

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

Introduction

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

Glossary

Index