Changes

== Maximizing Marginal Utility in Studying for Exam ==

== Maximizing Marginal Utility in Studying for Exam ==

Let's put our knowledge from this course to good use in studying for our final exam, and preparing for the CLEP exam.  We maximize our utility by scoring as high as possible on these exams.  To do so, we need to maximize our marginal utility in allocating our time towards the exam topics listed above.  If we spend all our studying time on "price discrimination," which is only 1% of the exam, then we are not maximizing our marginal utility and will not score as well as we could.

Let's put our knowledge from this course to good use in studying for our final exam, and preparing for the CLEP exam.  We maximize our utility by scoring as high as possible on these exams.  To do so, we need to maximize our marginal utility in allocating our time towards the exam topics listed above.  If we spend all our studying time on "price discrimination," which is only 1% of the exam, then we are not maximizing our marginal utility and will not reach our full potential.

This is similar to our homework problem earlier in the course about maximizing our marginal utility with respect to hiking and reading.  This time, however, the decision each student must make is which topic to focus on next in the above list, and how much time to spend on it before moving on to another topic in the list.  The answer may be different for each student.

This is similar to our homework problem earlier in the course about maximizing our marginal utility with respect to hiking and reading.  This time, however, the decision each student must make is which topic to focus on first in the above list, and how much time to spend on it before moving on to another topic in the list.  The answer may be different for each student.

This same challenge in optimizing strategy could be expressed as a problem of "allocative efficency": allocating resources (time and information) in the most efficient way.  Just as efficiency is essential to successful businesses, efficiency is also important to becoming a successful student.  Spending your time efficiently in preparing for the final exam, and preparing for the CLEP, is crucial to your ability to do well on them.  Look at the above list of topics and how often they appear, and ask yourself:  where should I focus first in order to pick up the most points in the shortest amount of time?

This same challenge in optimizing strategy could be expressed as a problem of "allocative efficency": allocating resources (time and information) in the most efficient way.  Just as efficiency is essential to successful businesses, efficiency is also important to becoming a successful student.  Spending your time efficiently in preparing for the final exam, and preparing for the CLEP, is crucial to your ability to do well on them.  Look at the above list of topics and how often they appear, and ask yourself:  where should you focus first in order to pick up the most points in the shortest amount of time?

Should you simply start reviewing at the topic of the list and work your way down to the bottom?  That strategy has the advantage of focusing on the most important topics first.  If you run out of time in reviewing, then you will miss only the less important topics.  But you might improve further on that strategy by moving more quickly through topics that you already understand well.  Alternative, there may be topics that you find too difficult to understand, and you might give up some points there in order to focus better on topics where you can pick up more points.

Should you simply start reviewing at the top of the list and work your way down to the bottom?  That strategy has the advantage of focusing on the most important topics first.  If you run out of time in reviewing, then you will miss only the less important topics.  But you might improve further on that strategy by moving more quickly through topics that you already understand well.  Alternative, there may be topics that you find too difficult to understand, and you might give up some points there in order to focus better on topics where you can pick up more points.

For the rest of this class this lecture will focus on topics which might provide the greatest marginal increase in your exam scores.  This takes into consideration the topics we have already reviewed (you have the materials for those), and avoids duplication of that review.  You, however, may decide for yourself that you can benefit most from reviewing those prior topics.

For the rest of this class this lecture will focus on topics which might provide the greatest marginal increase in your exam scores.  This takes into consideration the topics we have already reviewed (you have the materials for those), and avoids duplication of that review.  You, however, may decide for yourself that you can benefit most from reviewing those prior topics.