After the Test!

Hey there!

Okay - here's the project sheet and the checkout sheet. I'm using my book to keep track of who is turning what in (tests, books, etc) - so make sure to get the stuff turned in! :)

Project:

The test…is OVER!


Here are your options for the rest of the semester. This will count as your project grade for the 4th quarter, so as I promised, you have the chance to get the grade you want in the course!

1. If you are also taking AP-Calculus, you may put together a web page(s) that would help future students in both classes. The object is to show points of comparison between the two courses, possibly some sample questions, get the info for both texts up there, compare pages, etc. Mr. Johnson and I talked about this last summer as we were looking at comparing the two courses. Since I’m not a Calc-y person and he’s not an Econ-y person, we thought it would be really cool to be able to direct students to a web page(s) that could help them in both classes. This is not a LITTLE thing – it’s a BIG thing. Think of what would have helped you as you went through both classes. Check with Mr. Johnson also – he has info and grade issues for his course. J

2. If you are interested in personal finance issues, there is a contest sponsored by ING Direct dealing with personal finance and children’s literature. http://www.adventuresinsaving.com gives all of the information, but basically you write a fictional children’s story that teaches a basic lesson about responsible money management. There is one winner per age group (you would fall into the 13-19 age group, so only one winner there), but the winner gets a $1000 savings account from ING Direct and gets their book published and illustrated. Cool, hey? You could work on it in class, turn it in as your project, and send it out to them (before June 30, 2007).

3. If you’re interested in taking a peek at the macroeconomy, you have a third option. You would research the condition of the US economy and “solve” the problems you might find. This would consist of researching information on trends in unemployment, inflation & GDP/production, then determining monetary policy (done by the Federal Reserve) or fiscal policy (done by the president & Congress) to solve the problems you find.

4. Or, a team could build the ultimate in AP Micro web pages. This would include info on the class, links, etc – anything that you would possibly have found useful as we went through the course. Topics would need to be divided by unit. I could give you a disk with all the info you’d have to link to – possibly a flash drive if I can find an open one that I’d be willing to part with (not as likely). But then – any other links you find that could be helpful would be awesome. For you overachievers – what did you find as you went searching for info that could help others in the future?


All options will include a presentation to the class to show what you’ve done and offer peer editing. Those presentations will be on June 4th & 5th.

We have the Academic Computer Lab the following days:
Th May 24th
F May 25th
T May 29th
W May 30th
Th May 31st
F June 1st





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And, the checkout procedure:

After the test…
A checklist for you before I will sign exemption sheets.


1. turn in (or pay the fine for):
q Mankiw book,
q mceachern book,
q wheeler book,
q 5 steps to a 5 book.

2. Return tests to me:
q Unit 1 (ch 1-3)
q Unit 2 (ch 4-9)
q Unit 3 (ch 13-18)
q Unit 4 (ch 19-21, 10-12)
q Practice test that says “comprehensive microeconomics final 2007”
q All sheets & scoring sheets for frq practice

3. Fill out & return to the envelope the “what worked & what didn’t” sheet (you don’t need your name on the sheet – just cross your name off the list on the front of the envelope)



If you have a problem with any of those, let me know. That doesn't necessarily mean that you can't be exempt, so stop freaking out on me! :) :)

So...how'd it go?

Hey there! So, how do you feel about the test? We can't talk about specific questions on the exam until the FRQ are released next week, but we can see if you feel good about it!

Thumbs up, medium, or down?

I'm proud of all of you for what you've done - and I know in my heart that you were better prepared than you think you were. :)

Have a fun, relaxing day tomorrow - I'll see you Monday.

KM

Shortcuts

Accepted shortcuts for AP Micro test (these are the things the exam scorers would recognize and don’t need any other explanation from you):

· Use arrows for direction of movement (up arrow for up, etc)
· P = Price
· Q = Quantity
· D = Demand
· QD = Quantity Demanded
· S = Supply
· QS = Quantity Supplied
· Eq. = Equilibrium
· CS = Consumer Surplus
· PS = Producer Surplus
· DWL = Deadweight Loss
· MC = Marginal Cost
· FC = Fixed Cost
· TC = Total Cost
· VC = Variable Cost
· ATC = Average Total Cost
· AVC = Average Variable Cost
· AFC = Average Fixed Cost
· AR = Average Revenue
· MR = Marginal Revenue





Do NOT use:
· PC for perfect competition (use perf. comp.)
· MC for monopolistic competition (never NEVEREVEREVER – MC is marginal cost, not monopolistic competition) (use mon. comp.)
· M for monopoly (use mon.)
· O for oligopoly (use oli.)

Review & Prepare!

Here are some sites that I've found with info on micro in general, studying for the AP, tips, tricks, hints, and things that people commonly mess up on. If you've found anything else, post in a comment so others can visit them, too! :) Let the linkfest begin!

General Stuff:

Some adventurous teacher/AP grader put together info on some of the most common mistakes that students make on the national exam that cost them points. Yeah, it's 108 slides, but you could hit some of it to get some ideas, and there's a kind of "table of contents" on the left side: mhtml:http://www.ih.k12.oh.us/hsslonim/AP_Economics/PPT/COMMONMISTAKES%20MICRO.mht!COMMONMISTAKESONTHEAPMICROEXAM_files/frame.htm

AMOSweb, searchable economics database: http://www.amosweb.com/cgi-bin/awb_nav.pl?s=gls

Online m/c test for practice: http://www.ih.k12.oh.us/hsslonim/AP_Economics/Micro%20Units/AP%20Microeconomics%20Practice%20Test.doc

And the answers: http://www.ih.k12.oh.us/hsslonim/AP_Economics/MicroMCAnswers.htm

QUIZtastic on AMOSweb (they capitalize stuff weird) - practice quizzes: http://www.amosweb.com/cgi-bin/awb_nav.pl?s=tst

Interactive tutorials: http://hadm.sph.sc.edu/courses/econ/Tutorials.html

College level - online info with quizzes, tutorials, lecture notes, etc - loads of great stuff: http://www.marietta.edu/~delemeeg/econ211/index.html

Online econ textbooks:
http://www.oswego.edu/~economic/newbooks.htm
http://www.mhhe.com/economics/sharp15/instructor_center/econ_educ.mhtml
http://nova.umuc.edu/~black/pageg.html


The online economics text that I borrow the animated gif files from - they're all here! http://reffonomics.com/textbook/microeconomics

All the graphs you "need" to know, animated gif files, VERY GOOD INFO HERE!
Okay - Basic Concepts: http://www.reffonomics.com/TRB/chapter30/BasicConceptGraphs7.swf
Micro Graphs, Part I (S & D through PComp): http://www.reffonomics.com/TRB/chapter30/micrographs7a.swf
Micro Graphs, Part II (Mon. through income distrib.):
http://www.reffonomics.com/TRB/chapter30/Micrographs10.swf
World Price & Tariff Graphs:
http://www.reffonomics.com/TRB/chapter30/worldpricetariff12.swf



Economics at about.com - lots of info, lots of links, could help with application: http://economics.about.com/

McConnell & Brue textbook site - this is the most often used text for AP Econ, and it has all kinds of info online. If you're not understanding something in Mankiw or McEachern, try here. Plus there's outlines, quizzes, etc. http://www.mhhe.com/economics/mcconnell/student/olc/

Book outline notes, but check for micro vs. macro. It's not showing up on this screen, and it's been awhile since I looked at it. Stupid ALC computer. :) http://www.ih.k12.oh.us/hsslonim/AP_Economics/Micro%20Book%20Notes.pdf



Online quiz sites:
http://college.hmco.com/economics/taylor/ace/index.htm
http://www.economicsnetwork.ac.uk/teaching/exam/intermediatemicroeconomics.htm






Other Blogs:

These could help with application and general knowledge. Since blogs are constantly changing, I have no specifics on here, but there's a ton of info. Really.
http://www.economicswithaface.com/weblog/index.html
http://mariettaecon.blogspot.com/
http://gregmankiw.blogspot.com/ <--This is the blog of the guy who wrote our text. :) http://www.oligopolywatch.com/
http://www.timharford.com/deareconomist/
http://www.thesportseconomist.com/
http://www.divisionoflabour.com/
http://www.freakonomics.com/blog/
http://www.env-econ.net/

Animated gif files -

Derived demand - http://www.reffonomics.com/deriveddemand.html

Determining the number of workers to hire: http://apecon.us/mrpmfc.gif

Rent: http://www.reffonomics.com/pureeconomicrent.html

Externalities (ooh, and they're about the environment, too!) :
http://apecon.us/externality2.gif
http://apecon.us/positiveexternaility.gif


Test tomorrow! Retests through next Tuesday (yes, before the national exam, but don't make that your ultimate focus - you need this stuff for the national exam, too!)

Dan said...
So the whole degree thing has to do more with the elasticity of the demand than anything else? OK...Another thing, the whole factor market...anything on the AP test is going to be in regards to the supply and demand of labor, or will there be other things besides that on there?
3:37 PM, May 06, 2007

Yes, elasticity of D is a really good way of looking at the degrees of price discrimination.

The info we get on what they will actually put on the AP national exam is a wonderful thing (not) - here is all the info I get from them on what will be on in regards to factor markets:

Topics:
1. Derived factor demand
2. Marginal revenue product
3. Labor market and firms’ hiring of labor
4. Market distribution of income

Helpful, isn't it? That's all I got. So - S & D of labor (in a large sense, not just a basic sense), how to determine how many people to hire, and inequalities of income.

All of the layouts that I get from the College Board are in your syllabus - if you go towards the back, where I list what chapters to study for each unit, there is a list at the end that says "topics" - that's what I get directly from the College Board on what to cover in the course. Yeah, it's vague. That's what stinks. :)

Questions I missed.... :)

Okay - here are a couple of questions I missed in the last few blogs (I tend to only look at the last one after awhile...my bad...) :)


Ashley said...
Question: i was looking over the Unit 4 packet and i still dont quite grasph the difference between and factor/product and the nsupply/demand. The factor involves work (hiring for example), while the product involes the selling and buying. correct? How do you determine then whether its the supply or demand role? (Activity 43, lesson one, Part A-second column in that chart)Thanks much!
8:56 PM, April 24, 2007


Factor markets are looking only at things that make product - the factors of production (land, labor, capital, entrepreneurship). Most of what we do with factor markets is in labor. Anything having to do with purchasing a product from a store is a product market. Anything to do with hiring people or making things is a factor market (so therefore, supply really is a factor market, but we see it in the product market with what is produced).

In looking at the S or D of factor markets, you have to think about what is really being bought or sold. If the answer is labor - then it is a factor market. If it's capital, factor market. If it's...peanuts, it's the product market. So with the S & D questions that were in the packet (since I'm sitting in the ALC right now, I don't have the questions right in front of me), they dealt with both kinds and you had to figure out which market it applied to first, and then whether it was S or D, right?

So - if something says that the demand for computers goes up (product market), how does that affect the number of computer salespeople (factor market)? You would have to look at which is affected first (product market), and which part (demand) versus the secondary e/affect (factor market) on demand.

Am I just talking gibberish? Does this make any sense?




rageena said...
Okay, so what is the difference between a 1st, 2nd, and 3rd degree monopoly? (From the powerpoint).
11:21 PM, April 26, 2007

The "degrees" in monopoly are talking about price discrimination. I really didn't hit it because it hasn't been on the FRQ in at least 7 years - but you never know. :)

First degree will charge the highest price possible at each quantity. They are getting the highest possible CS shifted to profit because they are charging the highest possible amount. On the graph, they would be able to discriminate at every point from equilibrium to the demand curve, all the way over - that's why it's all colored in on that graph. This is the "perfect" discrimination because it allows the most profit for the monopolist.

Second degree is very similar to First degree - but falls into "block pricing" and offers the chance for different prices being charged to different people/groups depending on how much they purchase. So - if you buy a lot (like Sam's Club or something), your price will decrease with 2nd degree.

Third degree is the most common. The monopolist can discriminate against buyers on very noticable characteristics, like age (senior citizens discounts) or gender ("girls have no cover charge!"), or location (ever wonder why gas prices are always higher in Johnson Creek than here? It's right off the Interstate).

Undecided on how to review... :)

Okay - I've been thinking of changing how I use the review days in class. In the past, I've given free response questions (since we've only looked at one of them so far, although there is a reason for that - most FRQ cover more than one of our units, so we couldn't keep going on them...) - timed the response, graded them overnight, gone over them the next day in class.

Since I don't care whether I take them for a grade or not, and since all of you have at least one more AP exam than this one, I'm seriously thinking of changing that. I could give a FRQ a night for you to look at and attempt, and we could go over it the next day (with the College Board scoring sheet so you know how it would be graded) and then we could review the most important parts there and look at some other FRQ or m/c. No timed writing, in other words, but you'd have to do some on your own at night if you wanted to get the full experience.

Or - we could do FRQ at night with m/c practice during the class period.

Or - we could do FRQ in class with m/c practice as homework.

Or - we could do ...other things, as suggested by you. :) We are down to 10 school days to the national exam and I want to use them as wisely as possible. After the unit 4 test, we are down to 6 school days.

I'm open for any suggestions - this is your test, your college credit. There are WAAAAYYY too many of you, though, sitting there saying "I'm not going to pass the national exam anyway, so it doesn't matter." These tests are NORMED - that means that you only do as well as the others taking the test. STUDY!!! You can do this - you can pass - you can get the credit. You know more than you think you do - you just need to review it so you can recall!

Rah rah rah! There's my cheerleader imitation. That's as good as it gets. ;)