CFA一级强化段培训项目：经济学（打印版）.docx

SCFA-级培训项目TopicWeightingsinCFALevelISessionNO.ContentWeightingsStudySession1EthicalandProfessionalStandards15-20StudySession2-3QuantitativeMethods8-12StudySession4-5Economics812StudySession6-9FinancialReportingandAnalysis13-17StudySession10-11CorporateFinance8-12StudySession12-13EquityInvestments10-12StudySession14-15FixedIncome10-12StudySession16Derivatives5-8StudySession17AlternativeInvestments5-8StudySession18-19PortfolioManagement5-8SMM11FrameworkEconomicsR12TopicsinDemandandSupplyAnalysisR13TheFirmandMarketStructuresR14AggregateOutput,Prices,andEconomicGrowthR15UnderstandBusinessCyclesAR16MonetaryandFiscalPolicyAR17InternationalTradeandCapitalFlowsAR18CurrencyExchangeRates4-130KSrtrtraTopicsinDemandandSupplyAnalysis5 130Framework吨e三rs1.DemandandSupply2.Elasticity3.SubstitutionandIncomeEffects4.Profit5.Product6.R<?venue7*Cost8.ProfitMaximization9.BreakevenPointandShutdownPoint10.EconomiesandDiseconomiesofscaleSMll-SHimi1406(2)1506(1)1512(1)1606(1)1912(1)1.1DemandandSupply7-1301406 (1) 1512 (1) 1606 (1)1612 (1) 1906 (1)MW 国ST Itfl*1.2MarketEquilibrium>EquilibriumpriceandtheequilibriumquantityWhenhaveamarketsupplyandmarketdemandcurveforagood,wecansolveforthepriceatwichthequantitysuppliedequalsthequantitydemanded.Wedefinethisastheequilibriumpriceandtheequilibriumquantity.Emarketequilibrium.Attheprice,tequantityofsupply=thequantityofdemand.8130swMi'ra1606(1)1.3DemandandSupplyCurves>Movementsalongdemandandsupplycurves.ChangesinquantitydemandedorsuppliedofproductXcausedbychangesinmarketpriceoftheproductX.>Shiftsindemandandsupplycurves.ChangesinquantitydemandedorsuppliedofproductXcausedbyotherindependentvariablesotherthanthechangesinmarketpricetheproductX./Forexample:Achangeoftheincome;Achangeofthepriceforsubstitutegoodsorcomplementarygoods.1412(1)1512(1)2012(1)1.4ConsumerSurplus>TbedifferencebetweenthetotalvaluetoconsumersoftheunitsOfagoodthattheybuyandthetotalamounttheymustpayforthoseunitsiscalledConsUmerSUrPlg2.Elasticity®ure三ri.1706(1)1906(1)2012(1)2.1.1PriceElasticityofDemand>DefinitionAmeasureofhowsensitivechangesinquantitydemandedtoachangeinprice,anditisexpressedastheratioofpercentagechangesineachvariableThepriceelasticityofdemand:where:5- a%Z 包Percentchange=-J=WIW*0*averagevahe(endingVaIue+beginningVahle)SyirSl三.ra1406(1)1906(1)2.1.2PriceElasticityofDemand>PriceelasticityWhenelasticity=1:demandissaidtobeunitelasticrorunitaryelastic.Whenelasticity>1,thedemandissaidtobeelasticWhenelasticity<1,thedemandissaidtobeinelasticPerfectlyelastic/Demandcurveishorizontalatsomegivenprice.Itimpliesthatevenaminutepriceincreasewillreducedemandtozero.Perfectlyinelastic/Demandcurveisvertical,quantitydemandedisnotsensitivetopriceatall.M业&m-m1406(1)1S12(1)1606(1)1712<1)2.1.3PriceElasticityofDemand2.1.4FactorsthatInfluencetheElasticityofDemandAAvailabilityofsubstitutesIftherearedoseSUbStitUteSforthegood,thenifitspricerisesevenslightly,aConsumerwouldtendswitchtothelesscostlysubstitute.>Therelativeamountofincomespentonthegood.IfconsumerstendtospendaVerVSmallDOrliOnOftheirbudoelOnagood,theirdemandtendstobelesselasticthaniftheyspendaverylargepartoftheirincome.>TimeperiodsincethepricechangeFormostgoodsandservices,thelong-rundemandismuchmoreelasticthantheshort-rundemand.1506(1)1712(1)1806(1)1812(2)1912(1)2.2Cross-PriceElasticityofDemand>Cross-priceelasticity:ItmeasureshowsensitivethedemandforOoOdXistochangesinthePfiCeOtSomROthBrgod.Y.holdingallotherthingsconstantFd=.号%州Iftwogoods,XandYhaspositivecross-priceelasticity,thegoodsXandYarerefeedtoassubstitutesExample:penandpencil.Iftwogds,XandYhasnegativecross-priceelasticity,thegdsXandYarereferredtoascomplements/Example:pencilanderaser.s-s三-m1606(1)2012(1)*2.3IncomeElasticityofDemand>Incomeelasticityofdemandisdefin<?dasthepercentagechangeinquantitydemanded(%Ag)dividedbytheDeTCRntageChanQRinincome(%4I).holdingallotherthingsconstantasshown:F%Z>Positiveincomeelasticitymeansthatasincomerises,thedemandforthegoodalsorises.Goodswithpositiveincomeelasticityarecalled"normalgoods".Luxuries:highpositiveelastcity(>1)./Necessities:normalbuthavelowerelasticity(betweenOand1).>Negativeincomeelasticitymeansthatasincomerises,thedemandforthegooddecreases.Goodswithnegativeincomeelasticityarecalled"inferior*gds./Ricefpotatoes,orlessexpensivecutsofmeat""30sffi*H'1412(1)1506(1)1512(1)1606(1)1706(1)1712(1)1906(1)1912(1)2012(2)3.1NormalandInferiorGoods>Thesubstitutioneffectforgoodswillalwaysbepositive.AchangeinthepriceofagoodWiHalwaysbeinthedirectionofbuyingmoreatalowerpriceorlessatahigherprice.ATheincomeeffectforgoodsdependso