Recent Tutoring Session Reviews
"Today, I helped my student on his economics project involving analysis of articles on the release of the iPhone 7. We discussed supply and demand analysis of its release, cross-price elasticity, inelasticity of demand for the iPhone 7 at release, and the effects of having a price below equilibrium price. Afterwards, I taught him new material (beginning in Unit 3). We went over implicit vs explicit costs, accounting vs economic profit, sunk vs prospective costs, variable costs, fixed costs, total costs, marginal costs, and graphing cost curves. He asked questions when he felt confused, and he understood the process to solve problems with the new material."
"Today, the student and I worked on review of quiz and weekly homework material on monopoly competition and price discrimination. The session went quickly. She understood the material quickly. Areas to revisit and reinforce our setting of monopoly quantity produced where MR=MC, choosing the corresponding price on the demand curve, and reviewing the quiz problem where she solves for both. I also suggest revisiting the movement of the supply curve when material costs change. This will all get covered again when we review for her next test, but will be a factor in monopoly questions."
"We covered problem 7 of hw 5, uncertainty, and consumer surplus. The student is still learning uncertainty but he understands the concept well. He understands how to calculate and apply consumer surplus. I am pleased with his progress. We will finish his assignment on uncertainty on Sunday."
"We covered the concept of demand and supply in economics. The student had a theoretical understanding of the concept initially, but as we progressed through the lesson, he easily grasped the intuition behind the concept. I made the lesson interactive in nature and intermittently asked him if he understood what I was teaching him. I then asked him to come up with "everyday examples" in the understanding of supply and demand, which he did excellently."
"The student and I were able to fully complete the next full topic in microeconomics, which was elasticity. More specifically, we reviewed the price elasticity of demand, cross-price elasticity, income elasticity, and the price elasticity of supply (and all related factors and calculations). She had a good understanding of the concepts, and in addition to taking and providing her with notes, I gave her another set of sample questions to review."
"Today we discussed the issues of positive and negative externalities. The general idea came naturally to the student, but she took more time to adjust and figure out the graphs. The next unit was an introduction to production of labor and capital. She was proactive and improved greatly from the first round to the second round of completing the problems."