2023 HS209 AP Microeconomics Class
Saturday from 7:30-9:00M (10/7/2023-1/6/2024 ） No Class on 11/18, 11/25, 12/23, and 12/30
Textbook Amazon Link: AP Microeconomics/Macroeconomics with 4 Practice Tests
Text: Barron’s AP Microeconomics/Macroeconomics
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Session 1: Economics Intro:
-What is Economics? (scarcity)
-Micro vs Macro
-Positive vs Normative Economics
-Types of Resources
-Opportunity Cost
-PPF (production possibilities frontier)
-Comparative and Absolute Advantage
Session 2: Economic Systems:
-Production/Distribution Decisions
-Command vs Capital Markets
-Allocative Efficiency
-Mixed Economies
-Circular Flow Diagram
Session 3: Demand and Supply:
-Demand Curve, Law of Demand (Income Effects/Substitution Effect, DMU)
-Demand Shifters (Determinants)
-Supply Curve, Law of Supply
-Supply Shifters
-Equilibrium/Disequilibrium
-Double Shift Rule
-Shortage/Surplus
-Normal vs Inferior Goods
Session 4: Elasticity, Taxes, Consumer Choice
-Price Elasticity of Demand
-Total Revenue and Elasticity of Demand
-Perfect Elasticity/Inelasticity
-Elasticity Along the Demand Curve
-Determinants of Demand Elasticity
-Cross Price Elasticity of Demand
-Income Elasticity of Demand
-Price Elasticity of Supply
-Consumer Surplus
-Producer Surplus
-Price Controls (Ceilings, Floors)
-Dead Weight Loss (DWL)
-Impact of Taxation (Incidence or Burden)
-Trade, Tariffs, Quotas
-Consumer Choice (DMU, Utility Maximization Rule)
Session 5: Costs of Production
-Short Run vs Long Run
-Production Function (Law of DMR)
-Production Costs Short Run
-Short Run Supply Curve
-Taxes on Producers (Per unit vs Lump Sum)
-Economies of Scale
-Economic vs Accounting Profit
-Graphing Cost Curves
Session 6: Market Types: Perfect Competition
-Profit Maximization Rule
-Perfect Competition Features
-Short Run Shutdown Rule
-Determining Profit
-Long Run Perfect Competition
-Short Run Perfect Competition
-Graphing Perfectly Competitive Firms and Markets
Session 7: Market Types: Monopoly
-Price and Quantity Determination
-Monopoly Features
-Monopoly Demand
-Graphing a Monopoly
-Inefficiencies
-Price Discrimination
-Natural Monopolies
-Regulation of Monopolies
Session 8: Market Types: Imperfect Competition (Monopolistic Competition and
Oligopoly)
-Monopolistic Competition Features
-Graphing Monopolistic Competition
-Monopolistic Competition Inefficiencies
-Oligopoly Features
-Game Theory in Oligopoly (Nash Equilibrium)
-Anti Trust Policy
-Cartels
Session 9: Resource Markets: Labor Market
-Factor Market Features
-Marginal Revenue Product (MRP)
-Marginal Factor Cost (MFC)
-Shifters of Resource Demand
-Perfectly Competitive Labor Markets
-Monopsony
-Least Cost Rule
Session 10: Governments, Public Sector, Externalities, Public Goods, Market Failure
-Market Failure and Externalities
-Marginal Social Benefit (MSB)
-Marginal Social Cost (MSC)
-Positive Externalities
-Negative Externalities
-Public vs Private Goods
-Income Inequality
-Types of Taxes