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AP Economics Exam Predictions and Strategies

May 4, 2025

AP Economics Exam Predictions Lecture

Introduction

  • Lecture for econ students with exam predictions for this year's AP economics free response.
  • Focus on definitions, rules, graphs, shifters, and equations.
  • Importance of understanding audio and technical issues.

AP Exam Overview

  • AP Micro Economics consists of:
    • 3 Free Response Questions (1 long, 2 short).
    • 16 Multiple Choice Questions.
  • Practice exams available in the Ultimate Review Packet.

Exam Strategy

  • Focus on key units: Units 2, 3, and 4 (75% of exam content).
  • Prioritize understanding the main concepts over aiming for 100% accuracy.
  • Definitions are critical; at least 6 multiple choice questions are pure definitions.

Key Exam Concepts

Definitions and Theoretical Questions

  • Economies of Scale
  • Dominant Strategy
  • Antitrust Laws
  • Public Goods
  • Scarcity

Important Rules

  • Firms produce where MR = MC.
  • Know Total Revenue Test and elasticity.
  • Demand curve peculiarities in various market structures.

Graphs

  • Types: PPC, Demand & Supply, Monopoly, Perfect Competition
  • Practice identifying correct areas on graphs (profit, total cost, etc.).

Equations and Calculations

  • Calculate consumer surplus, producer surplus, dead weight loss.
  • Elasticity calculations: income, cross-price, demand, and supply.
  • Marginals: Marginal Benefit, Marginal Cost, etc.
  • Cost curves: ATC, AVC, AFC.

Predictions for Free Response Questions

  1. Monopoly Analysis:
    • Potential focus on natural monopoly.
    • Questions on price ceilings, elastic/inelastic range, etc.
  2. Excise Tax Analysis:
    • Elasticity calculations, tax implications.
    • Possible links to price controls or international trade.
  3. Labor Market Analysis:
    • Perfect competition labor market, minimum wage impacts.
  • Note: Predictions are speculative, based on past trends.

Exam Day Tips

  • Prioritize practicing graphs and equations.
  • Focus on practice rather than learning new topics.
  • Manage time effectively during the exam; skip and return to difficult questions.

Closing Remarks

  • Importance of practicing with provided resources.
  • Thanking teachers and utilizing available review sessions.
  • Encouragement and final preparation tips for exam day.

Full transcript