Final Exam Price Theory

Topics: Supply and demand, Consumer theory, Derivative Pages: 3 (771 words) Published: February 27, 2013

Lecture notes: see Blackboard
Tutorial problem sets: see Blackboard
Book chapters:
Varian, 8th ed.1The market
2Budget constraint
4 Utility
8Slutsky equation (no algebra required)
14Consumer's surplus (no algebra required)
15Market demand
19Profits maximisation
20 Cost minimisation
31Exchange and Welfare Theorems (no algebra required)

Format of exam: see mock exam; past exam papers may be retrieved from the library Distribution of marks in exam: the exam has two parts A and B Part A: 4 problems, answer all questions in this part80%

Note: show all your work on these problems. Clearly label diagrams and indicate the important points in them. Explain notation if different from textbook/lecture. Part B: 2 Applied problems, choose ONE of them20%

Note: the applied question should be answered using concise and in-depth economic reasoning. The presentation of the arguments (supported by diagrams and/or appropriate algebra) matters for the mark on this question.

Advice for exam preparation:
1. Understanding
The understanding of economic models and concepts takes a lot of time and independent study. The minimum to gain this understanding is to read the book chapters in Varian along with lecture notes and tutorial exercises. Starting to review the module content two weeks before the exam is an almost certain way to fail the exam. It takes time to "process" the material step by step. 2. Mathematics

A lack of proficiency in mathematical tools such as calculus is an issue in the exam. Economics cannot be done without a sound understanding of mathematics. It is not everything, but an important part of the discipline of economics to know how to deal with functions, derivatives, integrals, ... In addition to the maths used to answer a question, each steps needs to be commented in words, e.g. before you...
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