AP Microeconomics Syllabus PDF

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AP Microeconomics Mrs. Platt Room 602 [email protected] Brief Description of Course Major Emphasis of Course: In this class you will be presented with material from a difficult college course: MICROECONOMICS. How successful you are the day of the A.P. exam, of course depends upon you and your commitment to this class. I will do my best to help you and I expect you to do the same. MICROECONOMICS: This course is intended to give the student a thorough understanding of the principles of economics that apply to the function of the individual decision maker, both consumer & producer, within the larger economic system. It includes the study of Product markets, Factor markets, Market failure, and the role of government in promoting greater efficiency and equity in the economy.

Unit Information Unit Name or Timeframe: Week 1 - Unit 1 - The Economic Problem (Chapters 1,2,3) Chapter 1, Intro To Economics Scarcity, Marginalism, Biases, Graphing. Economists study human behavior, how predictable is that? (Questions 15,8,9) Chapter 2, The Economizing Problem Wants vs Needs, Production Possibilities Frontier, Efficiency, Circular Flow. How does your job at the mall figure in the circular flow? (Questions 1-6,10,11,12) Activity 2: Scarcity, Act. 4: Cost of College Week 2 - Cont. Chap 2 Test Unit 1 Week 3 - Unit 2 - The Nature of Markets (Chapters 3, 20 21) Chapter 3, Understanding Individual Markets Law of Demand, Supply, Shifters, Consumer Surplus, Price floors and ceilings, What is a subsidy? Rent Control? (1-6,10,11) Act. 13: Shifts in Demand, Act. 16: Shifts in Supply, Act.20: How Markets Allocate Resources. Week 4 - Chapter 20, Demand and Supply: Elasticities and Applications Elasticity of demand and supply, The Mid Point Formula, Total Revenue Test, Income and Cross Elasticity, (Questions 1-6,10,14) Act. 24: Elasticity Coefficients, Act. 24: Farm Price Supports Week 5 Continue Chap 20, Chapter 21, Consumer Behavior and Utility Maximization Total vs Marginal utility, The Diamond/Water Paradox, Income and Substitution Effects, The Economists World: Utils!, (Questions 1-9) Act. 29: Pricing Problems Test: Unit 2 w/AP Essay Week 6 - Unit 3 - The Theory of the Firm (Chapters 22,23,24,25) Chapter 22, The Costs of Production Explicit and Implicit Costs, Normal Profit, Fixed, Variable, Total Costs, Long Run Production Costs, Scale. This is a substantial chapter so maintain vigilance! (Questions 1-6,8,9) Act 31; Costs of the Individual Firm

Week 7 - Chapter 23, Pure Competition Relevance of the Model, Elastic Demand and Marginal Revenue, MR=MC, Industry Equilibrium, Long and Short Run Equilibrium, Productive and Allocative Efficiency. (Questions 1-7) Act. 32: An Intro To Perfect Competition, Act. 36: Graphing Perfect Competition. Week 8 - Chapter 24, Pure Monopoly Barriers to Entry, Monopoly Pricing, Marginal Revenue for the Monopolist, MR=MC, Efficiency Considerations, XInefficiency, Price Discrimination, Regulation of Monopoly. Why does our government strive to reduce the effects of this economic model? (Questions 1-8) Act. 37: Marginal Revenue For the Imperfect Competitor, Act. 39: Monopoly Pricing, Act. 43: A Review Of Perfect Competition And Monopoly. Week 9 - Chapter 25, Monopolistic Competition and Oligopoly Many Sellers/Many Products, Advertising, Excess Capacity, Only Normal Profit, Oligopoly Collusion, Kinked Demand, Cartels, Advertising, Efficiency, (Questions 1-5,7,9,10) Act. 44: Monopolistic Competition, Act. 46: The Kinked Demand Curve, Act. 48: Problems Of Market Structure. Test: Unit 3 w/AP Essay Week 10 - Unit 4 Factor Markets (Chapters 27,28,29) Chapter 27, The Demand for Resources The Factor Market, Derived Demand, Marginal Revenue Product, MRP=MRC, Shifters of Demand, Productivity, Elasticity, The Least-Cost Rule, Profit Maximization, (Questions 1-6) Act. 50: Derived Demand, Act. 53: Factor Market Pricing Week 11 - Chapter 28, Wage Determination Real Wages And The Role Of Productivity, The Demand And Supply For Labor, Monopsony Model, 3 Union Models, The Bi-Lateral Monopoly, Minimum Wage, (Questions 1-8) Act. 51: How Many Workers Hired, Act. 54: Optimum Allocation of Resources, Act 57: Effects of Unions On Wages And Employment in Competitive and Monopsonistic Labor Markets. Week 12 - Chapter 29, Rent, Interest, and Profit Inelastic Supply of Land, Theory of Interest, (Questions 1-8) Act. 59: Determination Of Interest Rates Test: Unit 4 w/AP Essay Week 13 - Unit 5 - The Role of Government (Chapters 30,31) Chapter 30, Govt. and Market Failure Demand and Supply of Public Goods, Spillover Costs And Benefits, Ronald Coase Theorem, Market Based Solutions, Carbon Trading, Correcting for Spillovers, Information Failure, (Questions 17,13) Act 65: Externalities Worksheet, Act 67: Economic Efficiency And The Optimum Amount Of Pollution Cleanup. Week 14 - Chapter 31, Public Choice Theory and The Economics Of Taxation Median Voter Hypothesis, Rent Seeking, Tax Burdens, Tax Incidence and Efficiency Loss, Elasticities, U.S. Tax Structure, (Questions 1-4,7-9) Act. 72: What Is A Fair Tax? Act. 73: Excise Taxes Week 15 - Test Unit 5, Review for AP Exam, Week 16 AP Practice Tests

Remember, this is a tentative weekly list of assignments. All of them will be completed ahead of the test in May. You are required to attend review sessions for success on the exam. Successful students are also active students. You will be expected to contribute to the class discussions every day, whether by volunteering to share homework problems on the board or by asking questions. I think it is important to speak in class. Don’t be shy, someone else also has your same questions. Content and/or Skills Taught: Objectives of the Course: This course is designed to acquaint students with fundamental economic principles in a learning experience that is roughly equivalent to one obtained in a typical college in introductory economics. Much of the information gained is due to your diligent and patient hard work at home and in the classroom. Application of Basic Skills: Students will hone and perfect their study skills through note taking, graph reading, graph creation, argumentation and vigorous defense of opinions. Major Assignments and/or Assessments: Marking Policy: A point system is used. Chapter assignments are worth 50 points. Tests are approximately 200 pts. Book Review will be worth 400 points. Traditional scale is used: 90% = A, 80% = B, et cetera. Students will take period exams in the AP format. They will be both multiple-choice and essay. Essay will be graded separately from the multiple-choice portion of the exam. All exams will be graded based on a rubric. Each student will read one of the three outside reading books and provide a written report, PowerPoint presentation, or other agreed upon project demonstrating their knowledge of the book and how it relates to Microeconomic areas of study.

Alternate Approaches In addition, careful following the Obama Administration’s handling of the current economic crisis will draw student interest and maintain motivation. In addition, appropriate political cartoons on economic issues will be analyzed.

Textbooks Title: Economics Principles, Problems, and Policies Publisher: McGraw-Hill Irvin Published Date: 2005 Author: Campbell McConnell Second Author: Stanley Brue Description: Overview of Microeconomics as wells as Macroeconomics. The text includes: basic economic concepts, the nature and functions of product markets, factor markets, and market failure and the role of government. The text provides and understanding of economic decision making and its factors, such as marginal analysis and opportunity costs. It includes: how to generate, interpret, label, and analyze graphs, charts, and data to describe and explain economic concepts. Title: Study Guide to Accompany Economics Publisher: McGraw-Hill Published Date: 2005 Author: William Walstad

Second Author: Robert Bingham Description: Provides review, problems, and application exercises to supplement the textbook previously described in syllabus Title: P Microeconomics/Macroeconomics Publisher: Barron’s Educational Services Published Date: 2009 Author: Frank Musgrave Second Author: Elia Kacapyr Description: Provides summaries and multiple-choice and free-response Review questions for students. These augment the Study Guide and Text. Title: Freakonomics Publisher: Harper Collins Published Date: 2006 Author: Steven Levitt Second Author: Stephen Dubner Description: One of a choice of three supplemental books to be read and provide a written book report, PowerPoint presentation, or other agreed upon project to the instructor. Title: The World is Flat Publisher: W H Friedman and Co Published Date: 2007 Author: Paul Krugman Second Author: Robin Wells Description: One of a choice of three supplemental books to be read and provide a written book report, PowerPoint presentation, or other agreed upon project to the instructor. Title: New Ideas from Dead Economists Publisher: Penguin Published Date: 2007 Author: Todd Buchholz Description: One of a choice of three supplemental books to be read and provide a written book report, PowerPoint presentation, or other agreed upon project to the instructor.

Other Course Materials Material Type:Primary Source Description: From the Economist and the Los Angeles Times. Material Type: Audiovisual Materials Description: Appropriate to the topic in microeconomics we are studying Material Type: Software Description: DVD provided by McGraw-Hill to accompany text providing accurate graphing information for the students Material Type: Graphing Calculator

Description: Graphing calculators owned by student depending on the level of mathematics course they are currently enrolled or have taken....