Recent Tutoring Session Reviews
"The student and I reviewed sample questions that focused on the price elasticity of demand, market conditions that result in elasticity or inelasticity, total revenue results (based upon increasing the price of an elastic vs. inelastic good), taxation and elasticity, and the calculation of the price elasticity of demand itself. We also reviewed questions related to agricultural economics and policy, including the inelastic nature of these products, market trends, and the impact of government support programs."
"Today, we went over the practice exam I gave the student. We also went over concepts such as indexing, CPI vs inflation, fiscal policies, monetary policies, recessionary vs inflationary gaps, long-run equilibrium results of AD-AS, productivity effects on AS, stagflation, automatic stabilizers, budget deficits, money market shifts, and consumption functions. She understands the concepts very well. I advise her to memorize the equations related to the slope of the GDP functions. It has been a pleasure tutoring her!"
"We covered Chapters 7-9 in the textbook, including welfare economics, government taxation effects, and the effects of international trade. I included a lot more work with graphing and calculating welfare, and I assigned some problems to keep practicing the mathematical parts of the subject. It was a great and productive session, and the student will have some time to work on it until the next one."
"We covered market structure properties various traits, including monopoly (natural, barriers to entry, firm=market, price ceiling, MC=AR), oligopoly (collusion, mutual interdependence, market control, price floor), monopolistic competition (product differentiation, profitability in the long run), and perfect competition (price taker, short run vs. long run profits, P=D=MR=AR, no barriers to entry). We also discussed the relationship between the market structures and the previously studied supply and demand goods markets."
"We discussed a number of topics including clarity on elasticity of demand, marginal revenue, marginal cost, total cost, and GDP rate of increase both nominal and real. We worked through a bunch of questions emphasizing these concepts and calculated profit maximizing output, optimal level of output in perfect competition, etc."
"We reviewed a project again and discussed price discrimination at the customer level. We discussed global soccer shoe sales as an example of monopolistic competitors price discriminating and differentiating their products. Additionally, we more fully developed ideas about the tax and regulatory costs of an amusement park opening in a foreign country and the opportunity costs that will exist if the park grows."