Micro-Economics (First Sem)

stres

I have a mid-sem in five days worth 40% of total grading for this semester and I haven't studied shit! If anybody has any resources, tips or whatever covering this subject, shoot them this way! :hai:

Exam will cover the following content:
Demand, Supply and Market Equilibrium
Elasticities of Demand and Supply
Cost of Production of the firm
Market Structure: Perfect Competition
Market Structure: Monopoly (Only briefly covered in exam)

Lethargica

just google these topics:

It's been a long time, about 3 years since i took a course similar to this.

-know how to draw supply and demand curves and their nature of it.

-Know how markets try to get to equilibrium and what happens when the graph is above or below the equilibrium and how it happens(shortage, surplus).

-understand cost production and what variables that reduce the net profits(you should know a table graph for this). memorize it, be prepared to define each one ex:(revenue, operation costs) and prepare a cost production table.

-understand the differences in monopolies, and why we need some monopolies(think of electricity)

-understand the terms of perfect competition(example: having similar products)

and then the rest is common sense.

If i were you, i'd focus on supply/demand curves and properties(elasticity) and the cost production charts. I believe they are covered most in your exam.

Good luck, wasnt that hard for me.

stres

This guy helped a lot!

Exam wasn't as bad as I thought by the wai

Apart from the fact that I recite elasticity rules in my sleep now