Our themes are not actually designed to run on a static homepage (even though this is an option in the general WordPress admin dashboard). So although yes, you can select a static homepage to appear by default on your site, i.e. the blog page, you will find that functions and features such as the featured ads slider, and other functions may not work correctly. This is not to say you cannot do this, as some customers have chosen to use the blog as their default landing page, however it would require you to do some customization in order for you to achieve what you describe above.
AppThemes does not officially support customizations, so we do not have step by step tutorials available to you to make such changes, however you can of course seek community based support within our forums.