Advanced Placement Microeconomics (also known as AP Micro or AP Microeconomics) is a course offered by the College Board as part of the Advanced Placement Program for high school students interested in college-level coursework in microeconomics and/or gaining advanced standing in college. The course begins with a study of fundamental economic concepts such as scarcity, opportunity costs, production possibilities, specialization, and comparative advantage. Major topics include the nature and functions of product markets; factor markets; and efficiency, equity, and the role of government. AP Microeconomics is often taken in conjunction with or after AP Macroeconomics.
Topics outline and distribution of topics
- Basic Economic Concepts (8-14%)
- The Nature and Functions of Product Markets (55-70%)
- Factor Markets (10-18%)
- Market Failure and the Role of Government (12-18%)
- Multiple Choice [70 minutes, weighted 2/3 (66.7%) of the total exam score]
- Free-Response [10 minutes of planning then 50 minutes of writing with one longer free-response question and two shorter ones, weighted 1/3 (33.3%) of the total exam score]
74,049 students took the AP Microeconomics exam in 2014.
The exam was first held in 1989, along with Macroeconomics. Grade distributions since 2008 are as follows:
|% of scores 3 or higher||63.2%||65.0%||63.8%||63.6%||65.7%||66.7%||65.5%||67.1%||65.6%||68.3%||67.4%||68.4%||68.9%|
2012 Microeconomics Exam FRQ #1
|Don't give up,, you can do it!!!|
Watch me answer it here
1. Steverail, the only provider of train service operating between two cities, is currently incurring economic losses.
The only provider = Monopoly
incurring losses = draw a monopoly graph showing a loss
(a) Using a CLG, show each of the following.
(i) Steverail's loss-minimizing price and quantity, labeled Pm and Qm, respectively.
(ii) The area of economic losses, shaded.
(iii) The allocatively efficient quantity, labeled Qe.
Ok, I have drawn a total revenue curve on the bottom of the monopoly curve for Steverail's business.
If you know that where MR = 0 is unit elasticity then you know that the Demand curve above unit elasticity is the elastic section. In the elastic section of the demand curve, if a monopolist raises his price his revenue will decrease.
Monopoly Cheat Sheet
Answer - One point is earned for stating that the total revenue would decrease because the demand is price elastic in that range of the demand curve where MR > 0.
(c) Assume a per-unit subsidy is provided to Steverail.
(i) Will Steverail's quantity increase, decrease, or not change? Explain.
Per-unit subsidies are viewed as Variable Costs (VC) and therefore shift the MC curve right and the ATC curve down. Quantity is increased and prices fall. A shifting of the MC curve also means that there is a new profit-max (MR = MC), hence the new lower price and greater quantity.
Why is the Per-Unit Subsidy considered a variable costs,,, because you only get the subsidy based on the amount you produce. If you don't produce you get nothing,,, so the amount of the subsidy you receive is variable.
Answer - One point is earned for stating that the quantity will increase because the subsidy will cause the MC curve to shift downward and intersect the MR curve at a larger quantity.
(ii) Will consumer surplus, increase, decrease, or not change?
A lower price will increase consumer surplus.
Answer - One point is earned for stating that the consumer surplus will increase.
(d) Assume instead that a lump-sum subsidy is provided to Steverail. For the short-run answer the following.
(i) Will the dead weight loss increase, decrease, or remain unchanged? Explain.
Ok,, so let me paint a picture. You are operating a coffee shop outside of your high school. On day a man stops by and gives you a $1,000 dollars (subsidy)... Does this effect what you pay your employees? Does this cause you to sell more coffee/ less coffee? No it doesn't,, your employees keep selling the same amounts of coffee as before. You now just have an extra $1,000 dollars in your pocket.
Deadweight loss is an inefficiency in that profit maximizing monopolies produce where MR = MC, and we know that at P = MC is allocative efficiency (no DWL)... So a lump-sum subsidy causes no change in quantity produced and does not effect DWL, society is no better off, but it does make you $1,000 richer.
Answer - One point is earned for stating that the deadweight loss will not change because the lumpsum subsidy does not change the profit-maximizing quantity.
(ii) Will Steverail's economic losses, increase, decrease or not change?
A lump-sum subsidy will decrease the loss,,, money in your pocket will decrease your overall losses.
Answer - One point is earned for stating that economic losses will decrease.
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Marginal analysis and consumer choice
Answer - One point is earned for identifying the new level of domestic production as 6 million pounds.
Answer - One point is earned for calculating the domestic consumer surplus as $25 million and showing the work: 1⁄2 [($9 - $4) × 10] = $25
(iii) Calculate the total tariff revenue collected by the government. Show your work.
Answer - One point is earned for calculating the revenue from the tariff as $8 million and showing the work: ($4 - $2) (10 - 6) = $8.
(c) Given the world price of $2, what per-unit tariff maximises the sum of domestic consumer surplus and producer surplus?
Consumer surplus is maxed with no tariffs,,, and producer surplus is maxed when all the international producers are able to sell in the country (without a tariff).
Answer - One point is earned for identifying the per-unit tariff that maximizes the sum of consumer and
producer surplus as $0.
Frq 2012 microeconomics
AP Microeconomics Downloads
AP Microeconomics Exam Questions and Scoring Information
AP Microeconomics Exam Past Papers
Looking for sample multiple-choice and free response questions? You can find them in:
The Course Description (.pdf/846KB), which has everything you need to know about the course and exam.
An AP Microeconomics Exam from 2012, previously available only through your AP Course Audit account. Since this exam is now publicly available, you can use the questions without restriction.
The Student Performance Q&A. In this invaluable resource, the Chief Reader of the AP Exam compiles feedback from members of the reading leadership to describe how students performed on the FRQs, summarize typical student errors, and address specific concepts and content with which students have struggled the most that year.
And for free-response questions from prior exams, along with scoring information, check out the tables below.
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003
|Questions||Scoring||Samples and Commentary||Score Distributions|
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