Recent Tutoring Session Reviews
"In preparation for an upcoming exam, the student wanted to review several items that would be covered, and they were listed on his study guide. We discussed and clarified concepts related to the Cobb-Douglas function, and more specifically, the cross productivity effect. While he had a good understanding of the cost minimization process and related functions, we wanted to clarify the difference between this and "conditional factor demand" that may be conditional or contingent."
"Today, we went did his homework on aggregate demand and aggregate supply, involving concepts such as stagflation, wealth theory, exchange rate theory, interest rates theory, long run equilibrium results, natural rate of unemployment, natural rate of output, sticky wage theory, sticky price theory, and misconception theory. This will prove to be his hardest chapter thus far, and I highly advise he read his chapter. Tomorrow, I will go over the concepts, but he needs to do some studying on his own to completely understand the concepts. This chapter is the chapter that brings all previous concepts together."
"We went through her problem set which covered the topics of firm cost minimization and short-/long-run market equilibrium. The first problem, which involved solving a Cobb-Douglas production function for optimal quantities of capital and labor, was by far the more difficult of the two. The topic had not yet been covered in class. The second problem required finding an aggregate supply curve for the market before and after a technological innovation to find a new long run equilibrium, and it was much more straightforward."
"We continued working on the midterm 2 review for the student's microeconomic theory course, which covered solving for total revenue, marginal revenue, total cost, marginal cost, profit, surplus, total welfare, equilibrium quantities and prices, and marginal product (and the technical rate of substitution). We will have another session at 8:30 to continue covering the material he needed help with (solving for MR for a monopoly, finding profit maximizing p and q, finding the conditional factor demands, and cost function given the production function)."
"We continued working through the 2nd homework set. He completed question #3. He finished his Excel worksheet calculating the NPV of four projects. All 4 projects had NPVs zero and above. Based on the question posed, he chose the three projects with the greatest NPV (A, B, D). We then proceeded to work through problem #2."
"We covered almost all very fundamental aspects of single variable OLS regression. The session went well. My impression is the student struggles some with picturing what the data underlying the problems are and how these real data are looking at real relationships. It probably seems too abstract. That being said, his general reaction to the problems (true and false answers) is usually correct. He largely understands what he is looking at, but he is unsure of himself. He needs to, to make the tutoring most effective, speak up about what parts he understands and what he does not. He also needs to try to put the statistical questions in terms of the underlying economics that he is already studying. He seems to study enough. He will review multivariate regression and we will meet again on Monday."