AP MicroEconomics
AP Microeconomics introduces students to the principles and concepts of microeconomics.
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Course Concept
AP Microeconomics is a high school course that introduces students to the principles and concepts of microeconomics. It explores how individuals and firms make decisions regarding the allocation of scarce resources and the interactions that occur in various economic systems.
AP Microeconomics emphasizes the application of economic concepts to real-world scenarios. Students develop analytical and critical-thinking skills as they apply economic models to understand decision-making at the individual and firm level. They also explore the implications of economic policies and examine the role of government in promoting efficiency and equity.
- Basic Economic Concepts: Students learn about the fundamental principles of economics, including the concepts of scarcity, opportunity cost, and supply and demand. They study how markets work and how prices are determined.
- Supply and Demand: The course delves into the theory of supply and demand, exploring how changes in market conditions, such as price and quantity, affect the behavior of buyers and sellers. Students analyze factors that can shift supply and demand curves and how these changes impact equilibrium prices and quantities.
- Consumer Behavior: Students study the theory of consumer behavior, analyzing how individuals make choices based on preferences, constraints, and budget constraints. They examine utility maximization, indifference curves, and the concept of elasticity of demand.
- Producer Behavior and Market Structures: The course explores how firms make decisions regarding production, costs, and profit maximization. Students learn about different market structures, including perfect competition, monopolistic competition, oligopoly, and monopoly. They study the behavior of firms in these market structures and the implications for pricing and output decisions.
- Factor Markets and Income Distribution: Students examine how resources, such as labor and capital, are allocated in factor markets. They learn about the factors that influence wage determination and income distribution.
- Market Failure and Government Intervention: The course covers market failures, such as externalities and public goods, and explores how government intervention can address these failures. Students analyze government policies, such as taxes, subsidies, and regulations, and evaluate their impacts on market outcomes.
AP MicroEconomics
Course Details:
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Syllabus
Best-in-class content by leading faculty and industry leaders in the form of videos, cases and projects, assignments and live sessions
COURSE SYLLABUS PDF18
Months
108
Assignments
18
Live Sessions
2
Hours
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1
Assignment
- Introduction
- Elasticity of Demand
- Total Revenues Test to Determine Elasticity
- Perfect Elasticity
- Elasticity Along a Demand Curve
- Cross-Price Elasticity of Demand
- Income Elasticity of Demand
- Price Elasticity of Supply
- Consumer and Producer Surpluses
- Impact of Taxes on Consumer and Producer Surpluses
- Trade, Tariffs, and Quotas
- Consumer Choice Theory
- The Utility-Maximization Rule
- Summary
- Terms
- Formulas
- Multiple-Choice Review Questions
- Free-Response Review Questions
3
Hours
1
Assignment
- Introduction
- Short Run vs. Long Run
- The Production Function
- Calculating Costs
- Taxes and Shifting Cost Curves
- Stages of the Long Run Average Total Cost Curve
- Returns to Scale
- Economic vs. Accounting Profit
- Summary
- Terms
- Formulas
- Multiple-Choice Review Questions
- Free-Response Review Questions
- Perfect Competition
- Introduction to Market Structures
- Profit-Maximizing Level of Output
1
Hours
1
Assignment
- The Shut-Down Rule
- Perfect Competition in the Long Run
- Summary
- Terms
- Formulas
- Multiple-Choice Review Questions
- Free-Response Review Question
2
Hours
1
Assignment
- Introduction
- The Nature of a Monopoly
- A Monopolist's Demand Curve
- Graphing a Monopoly
- Interpreting a Monopoly Graph
- Price Discrimination
- Price Discrimination Shown Graphically
- Natural Monopolies and Regulation of Monopolies
- Terms
- Formulas
- Multiple-Choice Review Questions
- Free-Response Review Questions
2
Hours
1
Assignment
- Introduction
- Efficiency and Monopolistic Competition
- Interpreting a Monopolistic Competition Graph
- Introduction to Oligopoly
- It's Game Time: Modeling Oligopoly with Game Theory
- Nash Equilibrium and the Prisoner's Dilemma
- Terms
- Formulas
- Multiple-Choice Review Questions
- Free-Response Review Questions
2
Hours
1
Assignment
- Introduction to Factor Markets
- Key Concepts of Factor Markets
- Marginal Revenue Product (MRP) and Marginal Factor Cost (MFC)
- The Three Shifters of Resource Demand
- Perfectly Competitive Labor Market
- Monopsony
- Least-Cost Rule
- Summary
- Terms
- Formulas
- Multiple-Choice Review Questions
- Free-Response Review Questions
3
Hours
1
Assignment
- Introduction
- Market Failure and Externalities
- Marginal Social Benefit (MSB) = Marginal Social Cost (MSC)
- Positive Externalities
- Negative Externalities
- Public vs. Private Goods
- The Distribution of Income
- Types of Taxes
- Summary
- Terms
- Formulas
- Multiple-Choice Review Questions
- Free-Response Review Question
- Key Microeconomics Graphs
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Complete Application
Step 1 of the APGuru process is the application phase. We'll ask for basic information such as your name, contact details, current educational level, and your specific goals or challenges. Once you've filled out the application, click the submit button. Your application will be promptly reviewed by our admissions team.
Take a Trial Class
Step 2 is the trial class, where applicants receive an invitation to experience our teaching methods and interact with instructors. During this session, students engage in discussions, ask questions, and evaluate whether APGuru aligns with their learning preferences and goals, helping them make an informed decision.
Join AP Guru
Step 3 of the APGuru process involves officially joining the program after a successful trial class. Students confirm their enrollment, select their desired course or program, and gain access to comprehensive study resources. They begin attending regular classes, receiving guidance from experienced instructors, and tracking their progress towards academic excellence.
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