Syllabus: This Is Your Guide to All TEXTBOOK Homework

AP Microeconomics Dodge

Syllabus: This is your guide to all TEXTBOOK homework

In this course, students will:

- learn how to think like an economist with an emphasis on individual decisions;

- study the graphic presentations of our economic concepts; (Applications will stress microeconomics.)

- understand our economic concepts in the context of our economy;

- have the foundation to pursue economics at the college level.

Content Summary

1. Basic economic concepts: scarcity, choice, opportunity cost, trade-offs, production possibilities curve, absolute advantage, comparative advantage and specialization.

2. Nature and function of product markets: supply and demand, elasticity, consumer choice, firm production costs and revenues, pricing, perfect competition, imperfect competition, price floors and price ceilings, consumer and producer surplus, short-run and long-run equilibrium for all market structures (perfect competition, monopolistic competition, oligopoly and monopoly).

3. Factor markets: derived demand, factor pricing, marginal product, marginal revenue product. The role of factor prices in the allocation of resources.

4. Role of government: government regulation, public goods, externalities distribution of wealth. The study of the effectiveness of government policies, such as subsidies, taxes, quantity controls, and public provision of goods and services. The distribution of income and economic efficiency. AP Microeconomics Dodge

Unit 1: Basic Concepts 1 week

Key Topics: Scarcity, Choice, Opportunity Cost, PPF, Basic Marginal Benefit/Marginal Cost Analysis

Readings: Mankiw; Principles of Economics. Chapter 1, pp. 3-20; Chapter 2, pp. 21-39; Chapter 3, pp.49-62.

Assessment: Mankiw; Principles of Economics. Chapter 1, Question for Review (QFR) p. 18 #s 1,3,4,6,7,9,10 and problem 1 Chapter 2, QFR p. 38 #s 2,3,4,6,7,9 Chapter 3, QFR p.60 #s 1,2,5,6

Mortons : NCEE, AP Economics: Microeconomics: Student Activities: 2,6 and 7

Unit 2: Supply and Demand 4 weeks

Topics: Demand, Law of Diminishing Marginal Benefits, Supply, Consumer and Producer Surplus, Consumer Choice/Optimal Purchase Rule, Allocative Efficiency, Deadweight Loss, Elasticity, Total Revenue Test, Price Discrimination, Price Floors and Ceilings, Efficiency versus Equity

Readings: Mankiw; Principles of Economics. Chapter 4, pp. 65-88; Chapter 5, pp. 90-109; Chapter 6, pp. 111-131; Chapter 7, pp. 135-169.

Assessment: Written: Mankiw; Principles of Economics. Chapter 4, QFR p. 85-86 #s 1-9 Chapter 5, QFR p. 108 #s 1,2,3,4,6,8 and problem #6 Chapter 6, QFR p. 128 #s 2,4,6,7 Chapter 7, QFR p. 152 #s 1-6

Mortons: NCEE, AP Economics: Microeconomics: Student Activities 9,10,11,12,13,15,17,19,21 & 22

Unit 3: The Role of Government 2 weeks

Topics: Role of Government, Public versus Private Goods, Marginal Social Cost/Marginal Social Benefit Analysis, Market Failures, Positive and Negative Externalities, Taxes, Free Riders, “Tragedy of the Commons”, Foreign Trade

Readings: Mankiw; Principles of Economics. Chapter 8, pp. 155-169; Chapter 9, pp. 170-191, Chap 10, pp.195-215

Assessment: Written: Mankiw; Principles of Economics. Chapter 8, QFR p. 167 #s 1-5 and problem #10 Chapter 9, QFR p. 189 #s 2-5 Chapter 10, QFR p. 213 #s 1-6

Mortons: NCEE, AP Economics: Microeconomics: Student Activities 52,54 and 56 AP Microeconomics Dodge

Unit 4: Costs and Revenues 1 weeks (emphasis on graphs)

Topics: Law of Diminishing Marginal Returns, Economies of Scale, Costs (fixed, variable, marginal), Cost Curves (relationship between curves), Total and Marginal Revenues, Profit and Loss (MR/MC and TR/TC), Break-Even, Shut Down, Economic Profit versus Normal Profit

Readings: Mankiw; Principles of Economics; Chapter 13, pp. 259-277

Assessment: Written: Mankiw; Principles of Economics Chapter 13, QFR p. 275 #s 1-8

Mortons: NCEE, AP Economics: Microeconomics: Student Activities 24,25,26

Unit 5: Perfect Competition 2 week

Topics: Assumptions, Relationship between Industry and Firm, Profit Maximization, Long-Run Equilibriums, Short-Run Equilibriums and the Adjustment Mechanism, Allocative Efficiency (for a firm)

Assessment: Written: Mankiw; Principles of Economics Chapter 14, QFR p. 296 #s 1-8 and problems 3 & 4

Mortons: NCEE, AP Economics: Microeconomics: Student Activities 27,28,29,30 and 31

Unit 6: Imperfect Competition 3 weeks

Topics: Relationship Between Price and MR, Barriers to Entry, Profit Maximization, Monopoly, Regulation, Natural Monopoly, Oligopoly and Duopoly Game Theory with Game Tree and Payoff Matrix (dominant strategy, Nash Equilibrium, collusion, prisoner’s dilemma, interdependence), collusive Oligopoly, Monopolistic Competition (long run and short run) (Note: In each imperfectly competitive market structure, examine its effect on allocative efficiency and consumer and producer surplus, and make comparisons to perfect competition.)

Readings: Mankiw; Principles of Economics; Chapter 15, pp. 299-328; Chapter 16, pp. 329-348; Chapter17, pp. 349-371.

Assessment: Written: Mankiw; Principles of Economics Chapter 15, QFR p. 325 #s 2-6 Chapter 16, QFR p. 346 #s 1-4 and problems 1-4 Chapter 17, QFR p. 368 #s 2-5

Mortons: NCEE, AP Economics: Microeconomics: Student Activities 32,33,34,36,37,38,39,40,41 AP Microeconomics Dodge

Unit 7: Factor Markets 2 weeks

Topics: Factors of Production (review definitions of marginal revenue, marginal product, the law of diminishing marginal returns), Derived Demand, Marginal Revenue Product Analysis, Optimal Purchase Rule, Perfectly Competitive Factor Markets, Profit Maximization/Cost Minimization Rules, Monopsony, Economic Rent, Distribution of Income Among Factors, Unions

Assessment: Written: Mankiw; Principles of Economics Chapter 18, QFR p. 394 #s 2-5 and Problems #1 & 2

Mortons: NCEE, AP Economics: Microeconomics: Student Activities 43,44,45,46.

Review: for Final Exam and the AP Exam 1 week

Comprehensive Final Exam: One long-answer question, one short-answer questions, and multiple- choice section (20 questions) of an AP Released Exam. Two class periods are planned for the exam.

*In addition to the textbook, analyzed/summarized articles including a graph or illustration will be due bi-weekly relating to the topic currently in review*

Articles must be from reputable sources and assignment must include the attached article. We will be discussing these articles in class and they will increase your understanding of discussed theories in practice.