Eco202 Price Theory
Here is a review sheet for the final exam. As well, see the red text below.
There is no class on Thursday May 9. It has no effect on how the rest of the course goes.
Here are the answers to the second midterm. The average score was about 65%; anything below 50% needs work (D grade or worse); anything above 75% is in good shape (A grade or better).
Final exam details:
Our final exam is 8:30am Thursday May 16 in Remsen 017. It is two hours.
The exam is cumulative to cover all topics. If we covered a topic in class, it is very important and will most likely be on the exam; if the topic is in the posted slides, it is important; if it is in the textbook, it might be on the exam. (The "selfie slides" will definitely be on the exam).
The format of the exam is short-answer questions. You will choose 16 questions from a choice of 28. Here is a sample exam (revised) with questions and answers. It is a good idea to work through these questions.
There is a make-up exam: 11am Tuesday May 21 in KY258. If you plan to take the make-up exam you must email me [email@example.com] first.
Grading system for this course:
Midterm (best of 2) 20%
Final exam 50%
In-class responses 30%(+10% extra credit)
Your grade is based on lots of things. This is deliberate so that if you are unlucky in one way, your luck should even out. And there are lots of chances to improve your grade if you are dropping behind.
We probably won't have time for Chapter 9. So we are moving straight on to monopoly (slides) and monopoly power (slides). Don't forget the second midterm is the day we come back from the break. It will be exactly the same format as the first midterm. Your highest midterm score counts toward your grade. This midterm will cover risk, irrationality, asymmetric information, and optimal input choice.
Now we are moving on to the theory of the market. Here are the slides on perfect competition.
We will have another midterm exam on Tuesday April 30. It will be exactly the same format as the first midterm. Your highest midterm score counts toward your grade. This midterm will cover risk, irrationality, asymmetric information, and optimal input choice.
Knowing your math will really help you in this course - not knowing your math will slow everything down when you try to answer economics questions.
If you are having trouble with the math, review your notes from Math131, check the math department for tutoring options, or watch some Khan Academy videos.
Here are some practice questions on risk. The answers are on page 2.
We did behavioral economics last class. Now we are going to look at asymmetric information. There is quite a bit of material not in the textbook that is in the slides. Check out the slides (revised).
We are now moving to a new topic: behavioral economics. Usually, this topic is later in the textbook, but it makes sense to bring it forward. So check your textbook to find the relevant chapter. In the 9th edition it is Chapter 19.
Here are the slides.
Here are the answers to the midterm (answer set A and answer set D). The average grade was around 60. If you got above 70 you are doing fine. If you got below 50, you need to increase your effort somehow (readings, class participation, review slides, textbook).
We are now moving to a new topic: risk. Here are the slides (revised).
We will discuss the midterm exam on Thursday March 14.
Midterm exam: our midterm exam will be on Thursday March 7.
Here are some practice questions and answers on optimal choice theory. Try these after class this week.
Midterm exam: our midterm exam will be on Thursday March 7. It will be a set of 40 multiple choice questions on the material on slide sets 1, 2, and 3. It will be definitions but will especially require understanding of elasticity and optimal choice. We will prep on Tuesday March 5.
Here are some practice questions and answers that may help you understand elasticity. You do not have to do these questions, but they may help.
We are now on the third set of slides (see above). We are going to be on these for at least 3 classes. See you on Thursday.
Here is the second set of slides. Remember: no class next Tuesday (2/12).
Here is the first set of slides.
Here is the syllabus for our course starting next week. We will be in Remsen 017.