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Exam preparation
Per each type of exercise/subtopic
Level 1: Understanding (No time pressure)
Level 2: Assisted Practice with Checkpoints
Level 3: Timed Practice with Checkpoints
Level 4: Exercise Exam Simulation & Stress Testing
Level 5: Final Exam Simulation
utility a little
utility a little
Cost function properties
Short versus long run cost
Profit maximization
General case with firm facing downward sloping demand
Price taking firm
The input perspective
❑ Income and substitution effects • Income and substitution effects. ◦The concepts of substitution and income effects: explain how changes in prices and income affect consumer choices and the quantity demanded of goods. • Marginal rate of substitution. Marginal Rate of Substitution (MRS): falls under consumer preferences and trade-offs between goods. The MRS is a key element in understanding consumer preferences
❑ Engel aggregation. Cournot aggregation
❑ Consumer surplus
•normal and inferior goods.
• Demand relationships among goods. Demand Functions: Understanding Marshallian and Hicksian demand.
Isoquants and RTS
Returns to scale
Elasticity of substitution
Technical progress
Economic versus accounting cost
Cost minimizing input choices
❑ Elasticity
❑ Homogeneous functions
❑ Utility functions: concept and examples. ❑ Utility maximisation under budget constraint•Axioms of rational choice, concept of utility
◦Marginal product: relates to the efficiency of inputs in producing output, a core concept in production theory.
◦Returns to scale: indicates how output changes when all inputs are increased proportionally, reflecting the nature of the production function.
◦Isoquants: show combinations of inputs that yield the same output, illustrating the trade-offs firms face in production.
◦Deriving input demand functions from cost minimisation: Deriving input demand functions from cost minimisation is a core element of the supply and production side of microeconomics.
◦Using comparative statics to assess the impact of changes in different variables: The results of this discussion can be summarized by the following principle.
•Game theory. Basics
buy calculator! asta, library, kaufland, and google maybe :D
▪ Nash equilibrium
▪ Mixed strategies
▪ Continuum of actions
▪ Sequential games
▪ Repeated games
▪ Bayesian games
very short run pricing
short run pricing
long run analysis
Elasticities and Market Analysis
Market Equilibrium
Study in library!
Policy Constraints
Tragedy of the Commons
◦Basic understanding of the economic models, like the aggregate supply/aggregate demand model: is an essential tool for analysing consumer demand
◦Time and Capital: How to evaluate investments considering the present value of future costs.
◦The concept of separability and its implications for farm household models: General equilibrium and aggregate.
24.02
25.02
assignments 24/25 & 21/22 w.solutions
2012, 2013, 2015, 2016, 2017 exam with solutions
toaz nicholson and snyder exercises with solutions
other books maybe?
Topic
About
What exercises we have on it
Plan, to check progress
Ability to Connect Concepts
◦Understanding how various microeconomic concepts relate to each other (e.g. how changes in input prices affect production decisions and costs).
Mindmap
Mathematical Skills
Being comfortable using mathematical tools:
Calculus (derivatives) for finding marginal products, marginal rates of substitution, and optimal values.
Algebraic manipulations to solve systems of equations and to derive new equations and relationships.
Mathematics for Microeconomics
❑ Maximization of a function of one variable
❑ Maximizations of functions of several variables
❑ Elasticity
❑ Constrained maximization
❑ Concave functions
❑ Homogeneous functions
Assignment 1 21/22
Start doing the exercises from topics below and understand this
Graphing
Being able to draw and interpret graphs of production functions, cost curves, demand curves, supply curves, and indifference curves.
Start doing the exercises from topics below and understand this
Numerical solution
Numerical solutions. Spreadsheet Tools: Use of tools such as Excel to model and solve economic problems, including using Solver.
Check exams was there any numerical exercises
Choice and demand
Choice and demand: utility maximization, expenditure minimization, Slutsky equation market demand, welfare measures. Choice and Demand Problems: This refers to problems that involve how consumers make decisions about what to purchase given their preferences and budget constraints. These problems utilise utility maximization and expenditure minimisation to derive demand functions, and the Slutsky equation to break down price effects into income and substitution effects. It also includes understanding market demand and welfare measures.
2 Choice and demand
❑ Utility functions: concept and examples
❑ Utility maximisation under budget constraint
❑ Income and substitution effects
❑ Expenditure minimisation
❑ Slutsky equation
❑ Price changes
❑ Engel aggregation
❑ Cournot aggregation
❑ Consumer surplus
Assignment 1, due Wednesday, October 23, 8:30am
Assignment 2, due Wednesday, October 30, 8:30am
Assignment 3
Consumer Choice and Demand
Indirect Utility Function
Assignment 3, due Thursday, November 7, 8:30am
Consumer Choice and Demand
Marshallian demand functions
Assignment 4, due Wednesday, November 14, 8:30am
Assignment 2, due Wednesday, October 30, 8:30am
Consumer Choice and Demand
Utility Maximisation
Assignment 3 21/22
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
8-9*4 = 36
Utility Maximisation and Demand Theory
These questions focus on consumer behaviour, utility functions, budget constraints, and demand curves. Key skills include setting up and solving utility maximisation problems. Hicksian and Marshallian demand. Utility maximisation and its implications for consumer choice. The logic of constrained utility optimization using Lagrangian method. Utility maximization, indirect utility function
Utility Maximization: Understanding how consumers maximize their utility given budget constraints.Expenditure minimization
Expenditure Minimization: Ability to minimise costs to achieve a certain level of utility.
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
Expenditure function
2017/2015 Problem 2, 2024 Problem 1
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
Price Expectations:
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
Demand Random
•normal and inferior goods
•Axioms of rational choice, concept of utility
• Marginal rate of substitution. Marginal Rate of Substitution (MRS): falls under consumer preferences and trade-offs between goods. The MRS is a key element in understanding consumer preferences.
• Income and substitution effects. ◦The concepts of substitution and income effects: explain how changes in prices and income affect consumer choices and the quantity demanded of goods.◦Slutsky Equation: decomposes price effects into income and substitution effects, further clarifying consumer responses to price changes.
• Consumer surplus
• Demand relationships among goods. Demand Functions: Understanding Marshallian and Hicksian demand.
• (Newer developments in demand theory)
◦Behavioural Economics: Reference points, fairness, rules of thumb, and biases relate to how consumers make decisions, often deviating from strict rationality.
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
Production and supply
Product supply and factor demand: production functions, cost minimization, profit maximization. Able to solve product supply and factor demand problems using production functions, cost minimization, profit maximization
Production function
Productivity
Isoquants and RTS
Returns to scale
Elasticity of substitution
Technical progress
3 Production and supply ...
Economic versus accounting cost
Cost minimizing input choices
Cost function properties
Short versus long run cost
Profit maximization
General case with firm facing downward sloping demand
Price taking firm
The input perspective
Production and Supply
CES Production Function [from conversation history]
Production and Supply
Fixed Proportions Production Function [from conversation history]
Assignment 5, due Wednesday December 9, 8:30am
Assignment 6, due Wednesday December 16, 8:30am
Assignment 7, due Wednesday, January 13, 8:30am
Assignment 8, due Wednesday, January 20, 8:30am
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
9-14*4= 56
Production Function and Cost Minimisation
These questions typically involve understanding production functions, cost functions, and the relationships between inputs and outputs. They often require using the Lagrange approach to solve constrained optimisation problems. The logic of constrained cost optimization using Lagrangian method.
Analysing production functions, including marginal products and returns to scale.
Cost concepts (fixed, variable, marginal, and total costs). Cost minimisation and its relation to production functions. Cost minimising input demand, cost functions. Cost Concepts: Understanding fixed, variable, total, and marginal costs. Deriving input demand functions from cost minimisation.
The relationships between cost functions and production functions. Production functions, concept and properties
Production Functions: Understanding how inputs are used to produce output, as well as the marginal product of labour and capital.
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
Profit maximisation
Profit maximisation for firms and how it relates to input choices. Profit maximisation, supply and input demand, profit functions. Deriving supply functions from profit maximisation.
2013 Problem 4, 2015 Problem 5, 2015 Problem 5
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
Technical Progress:
The idea of technical progress and how it is measured.
Assignment 8, due Wednesday, December 18, 8:30am
Markets
Technical Progress [from conversation history]
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
Production random
◦Marginal product: relates to the efficiency of inputs in producing output, a core concept in production theory.
◦Returns to scale: indicates how output changes when all inputs are increased proportionally, reflecting the nature of the production function.
◦Isoquants: show combinations of inputs that yield the same output, illustrating the trade-offs firms face in production.
◦Deriving input demand functions from cost minimisation: Deriving input demand functions from cost minimisation is a core element of the supply and production side of microeconomics.
◦Using comparative statics to assess the impact of changes in different variables: The results of this discussion can be summarized by the following principle.
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
Market
Coordination of supply and demand through
- competitive markets for products and primary factors
- Strategic interaction (game theory), common pool recources, imperfect competition. Able to decide on coordination of supply and demand problems using competitive markets for products and primary factors, strategic interaction (game theory), common pool recources, imperfect competition. Coordination of Supply and Demand: This refers to understanding how supply and demand interact in different market structures, including competitive markets, strategic interactions (game theory), common pool resources and how these are affected by imperfect competition.
Assignment 10, due Wednesday, January 15, 8:30am
Markets
Strategic Interaction [from conversation history]. Short-Run Industry Supply Curve
Assignment 11, due Wednesday, January 22, 8:30am
Markets
Short-Run Supply Curve [from conversation history]. Equilibrium Price and Quantity
Assignment 12, due Wednesday, January 29, 8:30am
Markets
Study Desks [from conversation history]
4 Coordination of supply and demand through markets
❑ Game theory
▪ Basics
▪ Nash equilibrium
▪ Mixed strategies
▪ Continuum of actions
▪ Sequential games
▪ Repeated games
▪ Bayesian games
❑ market demand
very short run pricing
short run pricing
long run analysis
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
18*4=72
Elasticities and Market Analysis
Elasticity (price elasticity of demand, wage elasticity of labour demand, and cross-price elasticity). Elasticity: Knowledge of price elasticity of demand, cross-price elasticity and income elasticity.
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
Market Equilibrium
These questions involve analysing market supply and demand, equilibrium prices and quantities, and the effects of various factors on market outcomes. Market equilibrium and how it is achieved in different market structures. Different types of market structures (perfect competition, monopoly, monopolistic competition, oligopoly). The difference between short-run and long-run equilibriums. Competitive markets, partial equilibrium. Short and long-run analysis. Market Equilibrium: Understanding short and long-run market equilibria.
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
Game Theory
These questions require an understanding of game theory concepts such as dominant strategies, Nash equilibrium, and the Prisoner's Dilemma. Concepts from game theory, such as dominant strategies and Nash equilibrium. Game theory, analysis of strategic behaviour
Game Theory: Knowledge of dominant strategies and Nash equilibrium.
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
Perfect vs. Imperfect competition
2017 Problem 3, 2024 Problem 3 , 2024 Problem 3
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
Policy Constraints
Policy impacts (price controls, taxes, ...)
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
Tragedy of the Commons
2015 Problem 5
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
Market random
◦Basic understanding of the economic models, like the aggregate supply/aggregate demand model: is an essential tool for analysing consumer demand
◦Time and Capital: How to evaluate investments considering the present value of future costs.
◦The concept of separability and its implications for farm household models: General equilibrium and aggregate.
Try each type of exercise 4 types, one slow, with assistance and main goal to understand, then second is to do it with minimum assistance and timing to check where i stuck, then semi-simulation with exam like atmsophere, then the full exam simulation
— each time do slightly different variations
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