Miscellaneous Intro Concepts

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Marginal Analysis

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Marginal Analysis is a decision making process that uses the amount of benefit gained as the

main deciding factor First, you need to know the definition of some terms

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Production Possibility Curves

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So far, we’ve learned that there are

VS

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Absolute and Comparative Advantage

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Absolute Advantage looks at an economy

(a country or an individual person)

to see who is better at producing a good

Mali is better

Denmark is

better

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COMMON MISTAKES ON THE AP MICRO EXAM���

Compiled by: John Ostick

Malvern Prep Malvern, PA 19355 ���

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Dead Weight Loss When the Price is Above P*

Q/t

P

Demand

Supply A

C

0 Q’ Q*

E

F

P’

P*

B

•  Value to the Consumer: •  0AEQ’

•  Consumers Pay Producers: •  OP’EQ’

•  The Variable Cost to Producers: •  OBFQ’

•  Consumer Surplus: •  P’AC

•  Producer Surplus: •  BP’EF

•  DWL •  FEC