AP Microeconomics

Course Description

Description

AP Microeconomics is an introduction to the study of the consumers and producers that make up the economy: households, firms, governments, and community organizations. The course provides particular emphasis on the function of consumers and producers within the economic system. The course also offers analysis of the markets in which consumers and producers interact as well as non-market economics. This course, which prepares students to take the AP Microeconomics exam, has been reviewed and approved by the College Board to use the "AP" designation.

Materials Needed

There are no required materials for this course.

Detailed Course Information

Course Details

I. Introduction to Economic Thinking

Defining Economics
Understanding the Concept of Production Possibilites
Defining Comparative Advantage with the Production Possibilites Frontier
Defining Economics
Understanding the Concept of Value

II. Understanding Markets

Understanding the Basics of Demand
Understanding the Determinants of Supply
Determining a Competitive Equilibrium
Understanding the Determinants of Demand
Understanding the Determinants of Supply
Defining Elasticity
Applying the Concept of Elasticity
Identifying the Determinants of Elasticity
Understanding the Relationship between Total Revenues and Elasticity
Understanding How an Excise Tax Affects Equilibrium
Calculating Deadweight Loss
Understanding Utility Theory
Finding Consumer Equilibrium
Deriving the Demand Curve
Constructing a Consumer's Budget Constraint
Understand Output, Inputs, and the Short Run
Defining the Long Run
Drawing Marginal Product Curves
Relating Costs to Productivity
Understand Output, Inputs, and the Short Run
Determining a Firm's Return to Scale
Understand Shrot-Run and Long-Run Average Cost Curves
Finding Economic and Accounting Profit
Understanding the Role of Price
Calculating Profit
Finding the Firm's Profit -Maximinzing Output
Proving the Profit Maximizing Rule
Findig the Firm's Profit Maximizing Output
Finding the Firm's Shut-Down Point
Deriving the Short-Run Market Supply Curve
Examining Shifts in the Short-Run Market Supply Curve
Derving the Long-Run Market Supply Curve
Examining the Firm's Long-Run and Short-Run Adjustments
Defining Monompoly Power
Defining Monopolistic Competition
Defining the Monopolist's Profit Maximizing Output and Price
Determining the Social Cost of Monopoly
Understanding Pricing and Output under Monopolistic Competition
Introducing Oligopoly and the Prisoner's Dilemma
Understanding a Cartel as a Prisoner's Dilemma
Understanding Monopolistic Competition as a Prisoner's Dilemma
Defining Monopolistic Competition
Understanding Pricing and Output under Monopolistic Competition
Understanding Monopoly Regulation
Analyzing a Change in Equilibrium in an Open Economy
Understanding Pricing and Output under Monopolistic Competition

III. Factor markets

Deriving the Factor Demand Curve
Understanding Labor Market Power and Marginal Factor Cost
Analyzing the Labor Market
Deriving the Factor Demand Curve

IV. Market failure and the role of government

Understanding Market Failures
Defining Externalities
Quantifying Benefit
Determining Total Social Cost
Explaining How to Internalize External Benefits
Explaining How to Internalize External Costs
Finding Market Solution to External Costs
Finding a Negotiated Settlement to an External Cost
Defining Public Goods
Understanding Public Choice
Understanding Monopoly Regulation
Understanding Market Failures

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Time Required

Intensive spring and summer sessions require 10-14 hours per week for 12 weeks.

Academic year session requires 4-7  hours per week for 30 weeks, with breaks for holidays.

System Requirements

CTYOnline courses require a properly-maintained computer with Internet access and a recent-version web browser (such as Firefox, Safari, or Internet Explorer) with the Adobe Flash plugin. Students are expected to be familiar with standard computer operations (e.g. login, cut & paste, email attachments, etc).

Spam blockers, parental controls, and other internet filtering software must allow email from JHU (jhu.edu & jhem.jhu.edu), and from the instructor's email address (provided at start of course).

Important: Frequent changing of a student's screen name or email address is inversely proportional to success.

If this course uses a web-based classroom for assignments and group discussion, your browser will need to allow cookies, javascript, and popup windows from the classroom web site.

Demo

Click on the image below to view the online demo (requires Flash plugin).