Recent Tutoring Session Reviews
"Today we covered: Supply and demand (shifts, elasticity, complementary/substitute goods). Profit maximization: MR, MRP, MC, ATC, P determinants and equations. Free market concepts. Market types (oligopoly, perfect competition, monopolistic competition, monopoly). Test taking strategy review for enhanced testing performance."
"We reviewed the difference between private goods and public goods, and we reviewed negative and positive externalities. We covered how negative externalities shift costs on to public, so firm does not capture the true costs of production in their price -- meaning the S curve is lower and to the right ... from where it should be IF they did capture the true costs (of the neg. externality). Ditto with the pos externality -- except the demand curve is lower and to the left without taking into account the benefit to society gained. We also discussed the circular flow diagram, and more important, discussed income inequality and how that is measured and pictured with the Lorenz curve and measured with the Gini ratio."
"Went over a practice test for her finals, discussed answers, and identified areas to work on for the next session."