Award-Winning Economics Tutors serving Portsmouth

Today, the student and I continued to work through items listed within the study guide. We primarily focused on chapters 3 and 10. We reviewed the "bell shaped curve" and the concept of a normal distribution, and the method used to calculate a process mean and standard deviation (and we were able to clarify the two methods that can be used to calculate process standard deviation using subgroup data... this method focused on taking the Average range / d(2)). We also covered the determination of probabilities (using the method of calculating "z"), the definition of a centered process, the difference between process capability and control, and we started working through problems involving "k-sigma" processes.

We began this week by reviewing the three main business types and their characteristics. We then took a break from the textbook to begin working on the student's online assignments. Following the review and matching assignment, we began Chapter 9 of the textbook, which covers perfect competition, one of the four main types of market structures. This new material will take more than one session of review to gain proficiency/ mastery of the concepts. Extra practice consisted in reading in preparation for Tuesday's session.

The student was working with a difficult team on a business simulation and needed advice on making sound decisions in the simulation. I helped her with her part of the simulation and also coached her on how some of the other team members may be making bad decisions and ways she could explain that to them. We plan to meet again Friday.

We were looking at indifference curves and personal preferences. The session went very well and we were able to answer a lot of the textbook review questions.

The student and I had a very productive session, going through his assignment and working through his next chapter that dealt with comparative and absolute advantage in trade. The assignment was rather complex, though we were able to talk through it. All in all, it was a positive session, and we are planning on looking at his practice quiz and assignment for the chapter that we were able to go over today. He continues to be extremely positive about the work and seems to enjoy the applications of the theory to real world situations.

We focused in great detail on deriving aggregate demand and the notion of the expenditure multiplier. We looked over a homework assignment where there was a consumption function and various inputs for tax and other fiscal policy variables. The student is going to work through the elements of the problems again, because these are multi-part problems with interrelated pieces. She is making great progress.