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The 2013 AP Microeconomics Exams. Dave Anderson Centre College, Chief Reader. Agenda. Exam Developers Scores Areas of Strength Areas of Weakness Discussion. Microeconomics Committee Chair Pamela M. Schmitt, United States Naval Academy Michael A. Brody , Menlo School

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the 2013 ap microeconomics exams

The 2013AP Microeconomics Exams

Dave AndersonCentre College, Chief Reader

agenda
Agenda
  • Exam Developers
  • Scores
  • Areas of Strength
  • Areas of Weakness
  • Discussion
slide3

MicroeconomicsCommittee ChairPamela M. Schmitt, United States Naval AcademyMichael A. Brody, Menlo School

Committee MembersJoyce Jacobsen, Wesleyan UniversityMargaret Ray, Mary Washington CollegeDee Mecham, The Bishop’s SchoolSandra K. Wright, Adlai E. Stevenson High SchoolCollege Board AdvisorMary Kohelis, Brooke High SchoolChief ReaderDavid Anderson, Centre CollegeETS Assessment SpecialistsFekru DebebeHwanwei Zhao

Marwa Hassan

exams
Exams
  • 54,000 U.S. Exams
  • 12,000 International Exams
  • 2,000 Alternate Exams
mean standard deviation max
Mean / Standard Deviation / Max
  • Monopoly 5.57 2.72 10
  • Game Theory / Oligopoly 2.55 1.62 5
  • Market Failure 2.82 1.60 6
scores
Scores

2013

5 16.7%

4 28.4%

3 20.6%

  • 2 15.4%
  • 1 18.9%
scores1
Scores

2013

5 16.7%

4 28.4%

3 20.6%

  • 2 15.4%
  • 1 18.9%

2012

14.8%

28.3%

21.8%

  • 16.3%
  • 18.8%
  • 2011
  • 14.6%
  • 25.9%
  • 21.6%
  • 16.0%
  • 21.9%
students did great on
Students Did Great On
  • Monopoly Graph
    • Profit Max Quantity where MR = MC (88%)
    • Price on Demand Curve above Q* (86%)
students did great on1
Students Did Great On
  • Monopoly Graph
    • Profit Max Quantity where MR = MC (88%)
    • Price on Demand Curve above Q* (86%)
  • Market Equilibrium
    • Price and quantity found at intersection of Supply and Demand (88%)
students did great on2
Students Did Great On
  • Monopoly Graph
    • Profit Max Quantity where MR = MC (88%)
    • Price on Demand Curve above Q* (86%)
  • Market Equilibrium
    • Price and quantity found at intersection of Supply and Demand (88%)
  • Game Theory
    • Best strategy given other player’s move (73%)
overview of trouble spots
8. Quantity with Price Discrimination

7. QE < QS for Positive Externality

6. Relationship between MSB and D

5. Nash Equilibrium Outcomes

4. Determination of Inelastic Demand

3. Why No Dominant Strategy?

2. Show Total Revenue with Price Discrimination

Show Deadweight Loss on graph

Overview of Trouble Spots
8 micro 1 b i
8. Micro 1 (b)(i)

Question: Now assume that the monopolist can perfectly price discriminate.

Using the labeling on the graph, identify the quantity produced.

8 micro 1 b i1
8. Micro 1 (b)(i)

Answer: Q3.

39.6% answered correctly

7 micro 3 c i
7. Micro 3 (c)(i)

Question:

Now instead assume that all of the neighbors enjoy watching fireworks.

In this case, is the market equilibrium quantity of fireworks greater than, less than, or equal to the socially optimal quantity? Explain.

7 micro 3 c i1
7. Micro 3 (c)(i)

Answer: The market equilibrium quantity is less than the socially optimal quantity because the fireworks generate a positive externality.

OR because MSB > MPB.

OR because MSB > MSC at the market quantity.

38.4% answered correctly

6 micro 3 b ii
6. Micro 3 (b)(ii)

Question: Assume that noise from the fireworks disturbs all of the neighbors. On your graph from part (a), show each of the following.

(b) (ii) The marginal social benefit curve, labeled MSB.

6 micro 3 b ii answer
6. Micro 3 (b)(ii) Answer:

MSC

Price ($)

(35.6% answered correctly)

Supply

PE

Demand = MSB

Quantity

QE

6 micro 3 b ii alternative answer
6. Micro 3 (b)(ii) Alternative Answer:

Price ($)

Supply = MSC

PE

Demand

MSB

Quantity

QE

5 micro 2 c i ii
5. Micro 2 (c)(i & ii)

Question: In the Nash Equilibrium, determine each of the following.

  • PieCrust’s daily profit
  • LaPizza’s daily profit
5 micro 2 c i ii1
5. Micro 2 (c)(i & ii)

Question: In the Nash Equilibrium, determine each of the following.

  • PieCrust’s daily profit
  • LaPizza’s daily profit
5 micro 2 c i ii2
5. Micro 2 (c)(i & ii)

Question: In the Nash Equilibrium, determine each of the following.

  • PieCrust’s daily profit
  • LaPizza’s daily profit
5 micro 2 c i ii3
5. Micro 2 (c)(i & ii)

Question: In the Nash Equilibrium, determine each of the following.

  • PieCrust’s daily profit
  • LaPizza’s daily profit
5 micro 2 c i ii4
5. Micro 2 (c)(i & ii)

Question: In the Nash Equilibrium, determine each of the following.

  • PieCrust’s daily profit
  • LaPizza’s daily profit
5 micro 2 c i ii5
5. Micro 2 (c)(i & ii)

Answer: In the Nash Equilibrium:

  • PieCrust’s daily profit is $450
  • LaPizza’s daily profit is $300

32.4% Answered Correctly

4 micro 1 e
4. Micro 1 (e)

Question: Is point f in the elastic inelastic, or unit elastic portion of the demand curve? Explain.

slide29

Price

Elastic Range

Inelastic range

Demand

0

Quantity

Marginal Revenue

Price

Total Revenue

0

Quantity

4 micro 1 e1
4. Micro 1 (e)

Answer: Point f is in the inelastic portion of the demand curve because MR is negative

ORbecause TR is falling as Q increases.

32.0% Answered Correctly

3 micro 2 b ii
3. Micro 2 (b)(ii)

Question: What is the dominant strategy, if any, for LaPizza? Explain using the dollar values in the payoff matrix.

3 micro 2 b ii5
3. Micro 2 (b)(ii)

LaPizza does not have a dominant strategy because his best choice depends on the strategy chosen by PieCrust.

If PieCrust advertises, LaPizza does better by not advertising because the $300 he earns by advertising is larger than the $200 he earns by not advertising.

If PieCrust does not advertise, LaPizza does better by advertising: $500 > $400.

3 micro 2 b ii6
3. Micro 2 (b)(ii)

30.4% Answered Correctly

2 micro 1 b ii
2. Micro 1 (b)(ii)

Question: Now assume that the monopolist can perfectly price discriminate.

Using the labeling on the graph, identify the total revenue of the monopolist.

slide39

Answer: P4fQ30.

19.7% Answered Correctly

1 micro 3 b iii
1. Micro 3 (b)(iii)

Question: Assume that noise from the fireworks disturbs all of the neighbors. On your graph from part (a), show each of the following.

(iii) The deadweight loss, if any, shaded completely.

slide41

Price ($)

Supply

PE

Demand

Quantity

QE

slide42

MSC

Price ($)

Supply

PE

Demand = MSB

Quantity

QE

slide43

MSC

Price ($)

Supply

PE

Demand = MSB

Quantity

QE

16.2% Answered Correctly

(credit was given for consistency with an incorrect answer in an earlier part of the question)