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| | == Exam Tips == | | == Exam Tips == |
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| − | We will have our midterm exam in two weeks (during class #9). Here are the topics that will be on the exam, with a weighting similar to the CLEP exam for college credit: | + | We will have our midterm exam in two weeks (during class #9). Here are the topics that will be on the exam, with an approximate weighting similar to the CLEP exam for college credit: |
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| | * 10%: The basics (defining economics, also scarcity and opportunity cost) | | * 10%: The basics (defining economics, also scarcity and opportunity cost) |
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| | * 15%: Elasticity | | * 15%: Elasticity |
| | * 15%: Utility, indifference curves | | * 15%: Utility, indifference curves |
| − | * 15%: Decisions by a firm (cost measures, marginal product) | + | * 30%: Decisions by a firm (cost measures, marginal product, short and long run, returns to scale, MR=MC) |
| − | * 15%: Short and long run, returns to scale
| + | * 10%: Miscellaneous, including consumer surplus, efficiency, transaction costs, Coase theorem |
| − | * 10%: Consumer surplus, efficiency, transaction costs, Coase theorem, miscellaneous | |
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| | On any multiple choice exam, you can improve your score significantly by improving your test-taking skills. This includes: | | On any multiple choice exam, you can improve your score significantly by improving your test-taking skills. This includes: |