AP MICROECONOMICS - Weebly



AP MICROECONOMICSMr. Mullaney ? 19-201 ?mullaneym@Mullaneym.Introduction The AP Program in Microeconomics is designed to provide students with the analytical skills and factual knowledge necessary to deal critically with the problems and materials in economics. The program prepares students for intermediate and advanced college courses by making demands upon them equivalent to those made by introductory college courses. Students should learn to assess economic data – their relevance to given interpretive problem, their reliability, and their importance – and to weigh the evidence and interpretations presented in economic scholarship. An AP Microeconomics course should thus develop the skills necessary to arrive at conclusions on the basis of an informed judgment and to present reasons, analysis, and evidence clearly and persuasively in a free response format.Course ObjectiveThe purpose of AP Microeconomics is to give students a thorough understanding of the principles of economics that apply to the functions of individual decision makers, both consumers and producers, within the larger economic system. At the end of the semester students will be able to:Demonstrate economic questioning and analysis skillsInterpret a variety of graphical models and paraphrase economic conceptsAnalyze the development of modern economic theoryExplain the basic connections between economic and calculusUse and interpret the language of business and basic measurements of economics performanceApply economic skills and concept knowledge to higher college-level economic coursesTextKrugman, Ray and Anderson. Krugman’s Economics for AP: New York: Worth Publishers. Second edition, 2015. Supplemental MaterialNone. Handouts will be given throughout the semester.Web Resources apcentral. AP $2.99AP Microeconomics Exam Prep $3.99Economics Review FreeExam Cram-Supply and Demand $1.00Student EvaluationUnit Intro Activity-5%Reading Quizzes-10%Unit Terms/Concepts-5%Unit Question Packet-10%Unit Review-10%Unit Tests (30-40 multiple choice and 1-2 free response questions)-50%Unit Test Corrections-5%Graphing Activities/Class Participation-5%The AP Microeconomics exam will be administered on Friday May 18th, 2018 (location TBD). The AP Microeconomic Exam is comprehensive, covering material from the entire semester. Students who are enrolled in the AP Microeconomic course are required to take the AP Microeconomic exam. Important Dates (Exam)AP ExamMay 18th (8:00 A.M)Course Outline AP UnitSection(s)TopicsUnit 1(10%)3Basic Economic Concepts: Unit 1Module 1-Study of EconomicsModule 3-The Production Possibilities Curve ModelModule 4-Comparative Advantage and Trade(Scarcity, Choice, Opportunity Cost, PPC, Comparative Advantage, Absolute Advantage, Specialization, Trade, Economic Systems, Property Rights, Role of Incentives, Marginal Analysis)Unit 2(20%)5 &6Supply and Demand: Unit 2Module 5-Supply and Demand: Introduction and DemandModule 6-Supply and Demand: SupplyModule 7-Supply and Demand: EquilibriumModule 8-Supply and Demand: Price Controls (Ceiling and Floors)Module 9- Supply and Demand: Quantity ControlsBehind the Demand Curve: Consumer Choice: Unit 3Module 46-Income Effects, Substitution Effects, and ElasticityModule 47-Interpreting Price Elasticity of DemandModule 48-Other Important ElasticitiesModule 49-Consumer and Producer SurplusModule 50-Efficiency and Deadweight LossModule 51-Utility Maximization(Supply, Demand, Market Equilibrium, Determinants of Supply and Demand, Price and Quantity Controls, Elasticity, Consumer Surplus, Producer Surplus, Allocative Efficiency, Tax Incidence, Deadweight Loss )Unit 3(10%b)7Behind the Supply Curve: Profit, Production, and Costs: Unit 4Module 54-The Production FunctionModule 55-Firm CostsModule 56-Long-Run Costs and Economies of ScaleModule 72-The Cost-Minimizing Input CombinationModule 57-Introduction to Market StructureModule 52-Defining ProfitModule 53-Profit Maximization(Production: Short Run/Long Run, Marginal Product and Diminishing Returns, Short Run Costs, Long Run Costs, Economies of Scale, Cost Minimizing Input Combination and Productive Efficiency )Unit 4(30%)6 & 5Market Structures: Perfect Competition and Monopoly: Unit 5Module 58-Introduction to Perfect CompetitionModule 59-Graphing Perfect CompetitionModule 60-Long-Run Outcomes in Perfect CompetitionModule 61-Introduction to MonopolyModule 62-Monopoly and Public PolicyModule 63-Price DiscriminationMarket Structures: Imperfect Competition: Unit 6Module 64-Introduction to OligopolyModule 65-Game TheoryModule 66-Oligopoly in PracticeModule 67-Introduction to Monopolistic CompetitionModule 68 Product Differentiation and Advertising(Profit, Normal Profit, Economic Profit, Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition)Unit 5(15%)4Factor Markets: Unit 7Module 69-Introduction and Factor DemandModule 70-The Markets for Land and CapitalModule 71-The The Market for LaborModule 73-Theories of Income Distribution(Derived Factor Demand, Marginal Revenue Product, Hiring Decisions in the Market for Labor and Capital, Market Distribution of Income)Unit 6(15%)5Market Failure and the Role of Government: Unit 8Module 74-Introduction to ExternalitiesModule 75-Externalities and Public PolicyModule 76-Public GoodsModule 77-Public Policy to Promote CompetitionModule 78-Income Inequality and Income Distribution(Positive/Negative Externalities, Marginal Social/Private Benefit, Marginal Social/Private Cost, Public Goods, Public Policy to Promote Competition, Income Distribution)AP MICROECONOMICS EXAM STRATEGIESFORMAT-TWO SECTIONS60 multiple choice questions with 5 choices, 70 minutes3 free response questions in 60 minutes. You will have a 10 minute reading period followed by one long free response (spend about 25 minutes on the question) followed by 2 shorter free response questions (spend about 12 minutes a piece on these). Multiple Choice questions are worth 2/3 of your grade and the response questions are worth 1/3 (50% for the major question and 25% each for the two shorter response questionsMultiple Choice QuestionsFive choices for each questionMany will have graphs, charts, or tablesYour score is based on the number of questions you answer correctly (no deduction for missed questions)Free Response QuestionsQuestions are direct and specific. Many come with sub-pointsMake sure you label all graphs completely and correctlyIf the free response essay “says” show it means to graphIf the free response essay “says” indicate use arrows If the free response essay ‘says” explain use a graph or a narrative More than likely the major question will cover the theory of business (perfect competition, monopoly, oligopoly, or monopolistic competition)Remember points are given on the free response essays for being consistently wrongGet to the point. Vagueness will not help your grade. You must use a black or blue pen. In order to do well on the test, you must have great knowledge of the topics. You MUST take the initiative by completing class readings, assignments, and practicing on your own. I am here to help you with the concepts, not take the test for you.????AP TESTTo derive the above scores the College Board has released information on the composite scores. The total exam is worth 90 points. On the multiple choice exam, each correct score earns 1 point, so if you got all 60 questions correct you would have a score of 60. There is no penalty for wrong selections or unanswered questions. The remaining 30 points are obtained from essays. The first essay is worth 15 points and the remaining two essays are worth 7.5 points each.??The total points required to obtain a certain score changes from year to year. Here are the estimated composite scores:Composite ScoreAP Score69– 90553 – 68 ? ?443 – 52?328 – 42?20 – 27 ??1? ................
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