2011 AP Microeconomics Post-test Discussion

sungminc7
Sun, 15 May 2011 18:31:47 +0000

Forgive me for being ■■■■■■■■ compared to all of you ivy league wanna be’s (Just joking guys,) i’m sure i bombed the FRQ and standing borderline 2 or 3. but i need a 3 to get credit for Iowa. I wanna see how many points you guys think i would get for #2 and 3

2

a ) i drew a correct graph
b)I think i put the MC curve shifted UPWARD, LOL, idk, i didnt study factor market in depth. I didn’t put the arrows pointing the shift…but yeah.
c) so i drew the graph, but i put it as like normal supply and demand graph where MFC slopes upward. I put Pe and Qe where the supply and demand meets, and the new one, i put the wage up, and just put the quanity where the price met demand curve. ( So i guess i just have the MFC graph in a wrong slope, would i miss all the points?)

3.a) i didnt know the graph for the labor so i drew a supply and demand graph again, i thought demand was MPC and supply was MSC. …so i put 2 supply lines, the farther on the right one as equilibrium private cost, and the one left to that at equilibrium social cost. i also labeled the y axis PRICE LEVEl( iDK WHY) and i put deadweight loss in that triangle the shift of supply curves made.

b) i said lump sum taxes gets rid of DWL becuase it shifts the supply curve to social optimum point? so that didnt make any sense im guessing.

what do you think guys? just an estimate, this is apparently the answers sheet but idk if ill get any partial points, especially for 3