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AP Microeconomics Exam Preparation Guide

May 4, 2025

AP Microeconomics Exam Preparation and Predictions

Introduction

  • Discussion on the AP Microeconomics exam and predictions for free response questions.
  • Reminder to check for audio issues and engage in comments.
  • Thank you for support and using resources like the Ultimate Review Packet and Ultimate Exam Slayer.

AP Micro Exam Overview

  • Structure: 3 free response questions (1 long, 2 short), 16 multiple choice questions.
  • Importance of knowing graphs as they are a major component.
  • The exam score breakdown: 1/3 free response, 2/3 multiple choice.
  • Focus on Units 2, 3, and 4 which comprise 75% of the exam.
  • Strategy for scoring: 50-55% correct for a score of 3, 75-80% for a score of 5.

Key Concepts and Rules

  • Definitions: Essential to know basic definitions e.g., economies of scale, antitrust laws, public goods.
  • Rules: Key rules include TR test (elasticity related), shutdown rule, monopoly demand vs. marginal revenue.
    • Most important: Firms produce where MR = MC.

Graphs

  • Essential Graphs: Must be able to draw and interpret multiple economic graphs.
    • Production possibility curves, demand and supply, ceilings and floors, per unit taxes.
    • Importance of correct graph details and labeling for scoring.

Equations and Calculations

  • Need to calculate opportunity costs, marginal benefits/costs, consumer/producer surplus, elasticity.
  • Understanding of cost curves (average total cost, variable and fixed costs).
  • Importance of marginal calculations in resource markets and production.

Practice and Predictions

  • Importance of practice questions, especially focusing on high-yield topics.
  • Predicted Free Response Questions:
    1. Monopoly analysis (natural monopoly, price ceilings, taxes, externalities).
    2. Excise tax impact analysis (supply and demand shifts, elasticity calculations).
    3. Perfect competitive labor market (side-by-side graphs, minimum wage impacts).

Exam Tips

  • Know graphs thoroughly and practice multiple choice questions.
  • During the exam, manage time efficiently, don't get stuck on one question.
  • Practice multiple choice and free response questions in the review pack.

Conclusion

  • Final reminders to watch key videos before the exam (graphs, entire course summary).
  • Encouragement and thanks to students and teachers.

Additional Information

  • Shoutouts: Given to various teachers and students.
  • Q&A: Addressed questions on topics like lump sum taxes, externalities, natural monopoly graphs, factor markets, and game theory.

Next Steps

  • Upcoming live session for further Q&A with students who have the review packet.
  • Focus on key preparation videos for final study.

Note: The information above is a summary of key points from a lecture on AP Microeconomics exam preparation. Use it as a guide to focus your study efforts effectively.