Download Advanced Placement (AP) Microeconomics Autumn 2013 Mr. Rust

Advanced Placement (AP) Microeconomics
Autumn 2013
Mr. Rust, Room 521, Midland High School
AP Microeconomics is a course formulated to teach students to be aware of important concepts related to the functioning of
the individual firm, or business entity, in the larger economy. Microeconomics is important because it allows students to learn
how to think, plan, and rationalize decisions using cost-benefit analysis, complex analysis, and use graphs and other visuals to
explain their decision-making processes to others.
Textbook:
McConnell, C.R. & Brue, S.L. (2002). Economics: Principles, Problems, and Policies – Fifteenth Edition. Boston: McGraw-Hill
Irwin.
Additional resources:
http://apcentral.collegeboard.com/apc/Controller.jpf
Student Evaluation:
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Daily Grades = 40%
Major Grades = 60%
Retakes, when offered, can earn up to 80% credit. This 80% is achieved by multiplying retake raw grade by .8
Classroom participation and behavior will be factored into grades
Rules and Expectations:
1.) All students should respect classmates, teachers, and guests to the classroom at all times.
2.) Students should not cheat, ever. Honesty counts.
3.) All school rules regarding cell phones, dress code, food and drink, and personal behavior are always in effect.
4.) Do your own work when you’re supposed to do it. Late work will lose credit fast.
5.) Treat others as you would like to be treated.
Tutorial Times:
Tutorials and make-up opportunities for missed assignments are held in Room 520 before school, from 8:00 to 8:30 AM, and
over lunch. For other times, please contact Mr. Rust to schedule a meeting.
Unit 1: Basic Economic Concepts (4 ½ weeks)
Chapter 1: The Nature and Method of Economics (p. 3-19)
Chapter 2: The Economizing Problem (p. 22-35)
Chapter 3: Individual Markets (p. 40-55)
Chapter 6: The United States and the Global Economy (p. 93-109)
Chapter 20: Supply and Demand (p. 374-390)
Chapter 21: Consumer Behavior and Utility Maximization (p. 394-405).
Date Concepts/Information Learned
Assignment (Read Before You Arrive!)
August 26-27
Course Overview/Classroom Rules
August 28
Introduction, Why We Graph
Read p. 2, 15-19
August 29-30
Economic Way of Thinking
Read p. 3-13. For 8/30, define termsand
concepts in your notes (p. 13)
September 3-5
Scarcity, Production Possibilities Curve,
Implicit and Explicit Costs
Read p. 22-33, 36. Define terms and
concepts up through economic system in
your notes (p. 37). Answer # 4, 5, and 7
on p. 38.
September 6
Economic Systems Read p. 34-35.
Define terms and concepts in your notes.
Answer #15-17 on p. 38.
September 9
Review, Quiz?
September 11-12
Comparative and Absolute Advantage
Read p. 98-101. Define terms and
concepts.
September 13-19
Supply & Demand
Marginal analysis
Income effect
Substitution effect
Diminishing marginal utility
Consumer surplus
Read Chapter 3. Define terms.
Answer # 1-6 on p. 56-57.
September 20-25
Price Elasticity of Demand
Total Revenue test
Calculating Elasticity Coefficients
Income Elasticity of Demand
Cross Elasticity of Demand
Read p. 374-386. Define terms. Answer #
5-7, 9 on p. 392.
September 26
Working on Graphs
Review for Test
September 27
Unit 1 Exam
Unit 2: Nature and Function of Product Markets; Perfect Competition (2 ½ weeks)
Chapter 22: The Costs of Production (p. 415-434)
Chapter 23: Pure Competition (p. 437-460)
Date Concepts/Information Learned
Assignment (Read Before You Arrive!)
September 30
Market Structure Overview
Product Differentiation
Read p. 437-438. Assignment on product
differentiation at end of class.
October 1-4
Costs
Diminishing Marginal Returns
Normal profits
Economic profits
Long Run/Short Run
Costs of Production (ATC, AVC, MC, AFC)
Read Chapter 22. Define terms and
concepts. Answer #1-6 on p. 434-435.
October 8-11
Revenue, cost, profit
Perfect Competition
Profit, Loss, Break-Even, Shut Down
Long Run Equilibrium
Productive Efficiency
Allocative Efficiency
LRAC and SRAC
Economies and Diseconomies of Scale
Read p. 426-460 (Last half of Chapter 2
and all of Chapter 3). Define terms and
concepts. Answer #3-5 on p. 460-461.
Quiz likely.
October 14
Review for Unit 2 exam
October 15
Unit 2 Exam
Unit 3: Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly (2 ½ weeks)
Chapter 24: Pure Monopoly (p. 463-483)
Chapter 25: Monopolistic Competition and Oligopoly (p. 486-508)
Date Concepts/Information Learned
Assignment (Read Before You Arrive!)
October 16-17
Monopoly
Downward sloping demand curve
Consumer and producer surplus
Read p. 463-472. Define terms and
concepts.
October 18-21
Regulating Monopoly
Socially Optimal Price
Fair-Return Price
Price Discrimination
Read p. 472-483. Define terms and
concepts. Answer # 2-3, 5-8 on p. 483484.
October 22
Quiz on Monopolies
October 23-24
Monopolistic Competition
Read p. 486-493. Define terms and
concepts.
October 25-28
Oligopoly
Game Theory
Kinked Demand Curve
Read p. 493-508. Define terms and
concepts. Answer #1, 4-8 on p. 508-509.
October 29
Review
October 30
Unit 3 Exam
Unit 4: Factor Markets (2 weeks)
Chapter 2: The Economizing Problem (p. 34-35)
Chapter 27: The Demand for Resources (p. 532-547)
Chapter 28: Wage Determination (p. 550-570)
Chapter 29: Rent, Interest, and Profit (p. 572-585)
Date Concepts/Information Learned
Assignment (Read Before You Arrive!)
October 31
Circular Flow of Economic Activity review
Read p. 34-35. Happy Halloween!
November 1, 4-6
Derived Demand
MRC = MRP
Least Cost/Profit Maximizing
Combination of Resources
Read Chapter 27. Define terms and
concepts. Answer #1-4 on p. 548.
November 7-8, 11
Wage Discovery in Competitive Markets
Role of Unions
Minimum Wage Argument
Distribution of Income
Read p. 550-557, 562-563. Define terms
and concepts.
November 12
Economic Rent
Read p. 572-576. Define terms and
concepts. Answer #1-3a-d on p. 585.
November 13
Review
November 14
Unit 4 Exam
Unit 5: Market Failure and the Role of Government (3 weeks)
Chapter 5: The U.S. Economy (p. 73-91)
Chapter 30: Government and Market Failure (p. 588-608)
Chapter 31: Public Choice Theory and the Economics of Taxation (p. 611-628)
Date Concepts/Information Learned
Assignment (Read Before You Arrive)
November 15-18
Role of Government
Public Goods
Read p. 588-592.
Define terms and concepts.
November 19-20
Externalities
Coase Theorem
Marginal Analysis
Read p. 592-608. Define terms and
concepts. Answer #1-6 on p. 608-609.
November 21-22, 25
Market Failure
Public Goods
Read p. 80-82. Political assignment.
December 2-3
Taxes
Read p. 619-620. Political assignment.
December 4
Review
December 5
Unit 5 Exam
HAPPY THANKSGIVING!!!
Post Unit 5: Semester Review, Make-Up Time, Link to Macroeconomics (Spring Semester)
December 9-13
Link to Macroeconomics
December 10-16
Review for Final Exam
December 17-20
Final Exam Week