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[4] [5] The AP L curve is shaped like an inverted “u”. At low production levels the AP L tends to increase as additional labor is added. The primary reason for the increase is specialization and division of labor. [6] At the point the AP L reaches its maximum value AP L equals the MP L. [7] Beyond this point the AP L falls.
Unit Topic Exam Weighting 1 Basic Economic Concepts 12–15% 2 Supply and Demand: 20–25% 3 ... 94,772 students took the AP Microeconomics exam in 2023. [4]
Average physical product (APP), marginal physical product (MPP) In economics and in particular neoclassical economics, the marginal product or marginal physical productivity of an input (factor of production) is the change in output resulting from employing one more unit of a particular input (for instance, the change in output when a firm's labor is increased from five to six units), assuming ...
It is the slope of the line plotting saving against income. [1] For example, if a household earns one extra dollar, and the marginal propensity to save is 0.35, then of that dollar, the household will spend 65 cents and save 35 cents. Likewise, it is the fractional decrease in saving that results from a decrease in income.
Advanced Placement (AP) Economics (also known as AP Econ) refers to two College Board Advanced Placement Program courses and exams addressing various aspects of the field of economics: AP Macroeconomics
Major topics include measurement of economic performance, national income and price determination, fiscal and monetary policy, and international economics and growth. AP Macroeconomics is frequently taught in conjunction with (and, in some cases, in the same year as) AP Microeconomics as part of a comprehensive AP Economics curriculum, although ...
In microeconomics, the marginal factor cost (MFC) is the increment to total costs paid for a factor of production resulting from a one-unit increase in the amount of the factor employed. [1] It is expressed in currency units per incremental unit of a factor of production (input), such as labor , per unit of time.
[1] [2] [3] Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the economy as a whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses ...