CFA一级强化段培训项目：经济学（打印版）.docx

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1、SCFA-级培训项目TopicWeightingsinCFALevelISessionNO.ContentWeightingsStudySession1EthicalandProfessionalStandards15-20StudySession2-3QuantitativeMethods8-12StudySession4-5Economics812StudySession6-9FinancialReportingandAnalysis13-17StudySession10-11CorporateFinance8-12StudySession12-13EquityInvestments10-

2、12StudySession14-15FixedIncome10-12StudySession16Derivatives5-8StudySession17AlternativeInvestments5-8StudySession18-19PortfolioManagement5-8SMM11FrameworkEconomicsR12TopicsinDemandandSupplyAnalysisR13TheFirmandMarketStructuresR14AggregateOutput,Prices,andEconomicGrowthR15UnderstandBusinessCyclesAR1

3、6MonetaryandFiscalPolicyAR17InternationalTradeandCapitalFlowsAR18CurrencyExchangeRates4-130KSrtrtraTopicsinDemandandSupplyAnalysis5 130Framework吨e三rs1.DemandandSupply2.Elasticity3.SubstitutionandIncomeEffects4.Profit5.Product6.REquilibriumpriceandtheequilibriumquantityWhenhaveamarketsupplyandmarketd

4、emandcurveforagood,wecansolveforthepriceatwichthequantitysuppliedequalsthequantitydemanded.Wedefinethisastheequilibriumpriceandtheequilibriumquantity.Emarketequilibrium.Attheprice,tequantityofsupply=thequantityofdemand.8130swMira1606(1)1.3DemandandSupplyCurvesMovementsalongdemandandsupplycurves.Chan

5、gesinquantitydemandedorsuppliedofproductXcausedbychangesinmarketpriceoftheproductX.Shiftsindemandandsupplycurves.ChangesinquantitydemandedorsuppliedofproductXcausedbyotherindependentvariablesotherthanthechangesinmarketpricetheproductX./Forexample:Achangeoftheincome;Achangeofthepriceforsubstitutegood

6、sorcomplementarygoods.1412(1)1512(1)2012(1)1.4ConsumerSurplusTbedifferencebetweenthetotalvaluetoconsumersoftheunitsOfagoodthattheybuyandthetotalamounttheymustpayforthoseunitsiscalledConsUmerSUrPlg2.Elasticityure三ri.1706(1)1906(1)2012(1)2.1.1PriceElasticityofDemandDefinitionAmeasureofhowsensitivechan

7、gesinquantitydemandedtoachangeinprice,anditisexpressedastheratioofpercentagechangesineachvariableThepriceelasticityofdemand:where:5- a%Z 包Percentchange=-J=WIW*0*averagevahe(endingVaIue+beginningVahle)SyirSl三.ra1406(1)1906(1)2.1.2PriceElasticityofDemandPriceelasticityWhenelasticity=1:demandissaidtobe

8、unitelasticrorunitaryelastic.Whenelasticity1,thedemandissaidtobeelasticWhenelasticity1,thedemandissaidtobeinelasticPerfectlyelastic/Demandcurveishorizontalatsomegivenprice.Itimpliesthatevenaminutepriceincreasewillreducedemandtozero.Perfectlyinelastic/Demandcurveisvertical,quantitydemandedisnotsensit

9、ivetopriceatall.M业&m-m1406(1)1S12(1)1606(1)1712Therelativeamountofincomespentonthegood.IfconsumerstendtospendaVerVSmallDOrliOnOftheirbudoelOnagood,theirdemandtendstobelesselasticthaniftheyspendaverylargepartoftheirincome.TimeperiodsincethepricechangeFormostgoodsandservices,thelong-rundemandismuchmor

10、eelasticthantheshort-rundemand.1506(1)1712(1)1806(1)1812(2)1912(1)2.2Cross-PriceElasticityofDemandCross-priceelasticity:ItmeasureshowsensitivethedemandforOoOdXistochangesinthePfiCeOtSomROthBrgod.Y.holdingallotherthingsconstantFd=.号%州Iftwogoods,XandYhaspositivecross-priceelasticity,thegoodsXandYarere

11、feedtoassubstitutesExample:penandpencil.Iftwogds,XandYhasnegativecross-priceelasticity,thegdsXandYarereferredtoascomplements/Example:pencilanderaser.s-s三-m1606(1)2012(1)*2.3IncomeElasticityofDemandIncomeelasticityofdemandisdefinPositiveincomeelasticitymeansthatasincomerises,thedemandforthegoodalsori

12、ses.Goodswithpositiveincomeelasticityarecallednormalgoods.Luxuries:highpositiveelastcity(1)./Necessities:normalbuthavelowerelasticity(betweenOand1).Negativeincomeelasticitymeansthatasincomerises,thedemandforthegooddecreases.Goodswithnegativeincomeelasticityarecalledinferior*gds./Ricefpotatoes,orlessexpensivecutsofmeat30sffi*H1412(1)1506(1)1512(1)1606(1)1706(1)1712(1)1906(1)1912(1)2012(2)3.1NormalandInferiorGoodsThesubstitutioneffectforgoodswillalwaysbepositive.AchangeinthepriceofagoodWiHalwaysbeinthedirectionofbuyingmoreatalowerpriceorlessatahigherprice.ATheincomeeffectforgoodsdependso