Midterm Review

Midterm Review - Econ 382 First Midterm Review BYU Dr....

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Econ 382 First Midterm Review BYU Dr. Platt Winter 2009 General Thoughts: Recall from our first day of class that we mentioned three areas of skill in economics: Technical (Math), Intuitive (Graph), and Interpretive (English). I suspect that for the typical economic concept, a typical student learns the concept in roughly that order. The homework assignments have placed stronger emphasis on technical skills, with the expectation that after solving these models, you can look back over them to acquire the intuition for what is occurring (What aspect of the model is generating the result? What are the key tradeoffs affecting the decision?) and then be able to clearly express those ideas. The exam will be much more balanced than the homework across these skills, and students will need to perform well in all three . The exam questions will be of five types: Set up For a particular situation, you are to set up the relevant maximization problem and/or define equilibrium conditions. Essentially,
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Midterm Review - Econ 382 First Midterm Review BYU Dr....

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