Recent Tutoring Session Reviews
"We went over chapter 13, which is about Oligopoly and Duopoly markets. We went over the Prisoner's Dilemma and basic game theory (including dominant strategies and Nash equilibrium), where firms or actors make decisions in response to the decisions of others. We related this to duopoly collusion/cartels and discussed how a cartel is unsustainable because there is an incentive to cheat on the cartel agreements and make more individual revenue. We also related it to advertising and how that reduces total profit when two companies both advertise against each other. Finally, we discussed two alternatives to the unsustainable-cartel theory: Kinked Demand Curve theory and Price Leadership theory. We will work on Chapter 14 later this evening."
"We used our time to review all previous materials for test preparation. The concepts include: basic economic concepts (definition of economics, economic dilemmas) definitions of - scarcity, law of supply, law of demand, concepts in market equilibrium, supply and demand shifters, market incentives, marginal cost, opportunity cost, and production resources. To end the session we established a comprehensive study plan, and reviewed study and test taking techniques."
"The student mentioned that his prior quiz results were not as good as he expected. The quiz covered some different points than the homework examples. We decided that we should discuss the study guide topics in detail so that he understands all of the topics, not just what is covered on the homework questions. He has a quiz tomorrow, so we spent the session going through the homework practice first and then covered the first 2 study guide topics that will be on his quiz. The homework included accounting and economic profit differences, marginal costs, average total costs and competitive markets. He was clear on the first couple of questions but needed more clarification on the competitive market questions. We discussed economic profits in a competitive market and how this affects the industry through firm entry/exit, supply and pricing. I showed him examples of a graph for market reactions to economic profits and a graph for market reactions to economic losses. The visual helped his understanding of firms' reactions in a competitive market. After the homework, we covered the study guide in detail discussing each of the bullet points in preparation for his quiz tomorrow. He is on spring break next week, so we will resume sessions when he returns to classes after break."