<p>A lot of common sense. We know what they will ask…
Opp cost, S & D and market price changes, prod & cons surplus, dwl, ceilings and floors, perfect comp, monopolistic comp, game theory, monopolies, how taxes impact cost curves (lump sum increases atc, per unit shifts mc, cost of the firm (fixed+variable=total cost), perf comp labor market, mrp = mrc, externalities (pos and neg) and how those two graphs work, lorenz curve (often overlooked)… That’s really it. Applying some logic to those ideas.</p>
<p>I’ve read through 5 Steps to a 5 twice now. That book is seriously a Godsend for studying for this test. </p>
<p>I’m scoring 57/60 at this point with usually all the FRQ points, sans a few occasionally. Hoping another “2012 Question 3” doesn’t happen…</p>
<p>How do the demands of the different markets compare?</p>
<p>I know that perfect competition is perfectly elastic.</p>
<p>Demand Curves</p>
<p>Product market:
Perfectly competitive industry: downward sloping
Perfectly competitive firm: perfectly elastic
Monopoly: downward sloping
Oligopoly: you won’t be asked this.
Monopolistically competitive firm: elastic and downward sloping</p>
<p>Factor market (D = MRP)
Perfectly competitive labor industry: downward sloping
Perfectly competitive labor firm: downward sloping
Monopsony: downward sloping</p>
<p>Good luck everyone. Remember… Even if we get a 2012 Q3 again… Which made not much sense… The grade is based on how everyone else in the country does too. </p>
<p>Just one last thing I know they will ask on MCQ’s… Remember ATC & AVC will intersect MC when ATC & AVC is at its low point. Also! Perfect price discrimination leads to 0 C.S.! HAHA. Just some last few things that were going through my mind.</p>
<p>Who else finished it?</p>
<p>You finished it already?</p>
<p>You must mean the macro one.</p>
<p>Exam in about an hour, wooooo! Feeling confident.</p>
<p>Can anyone tell me the grading scale for 2013?</p>
<p>We won’t know it unless if they release the exam. It’s always 67% MC and 33% FRQs though.</p>
<p>I did it like 10 hours ago;…</p>
<p>Yeah, so we never learned about deadweight loss with externalities. I was used to thinking of DWL as underproduction, so I’m pretty sure that screwed me over a bit.
Oh well.</p>
<p>well.i only used this morning to study for it…didn’t take any class…definitely a 1</p>
<p>So monopolistic competition graphs? I laughed. And not in a good way</p>
<ol>
<li>I TOTALLY screwed up the macro FRQ. i’m not sure about mc, i mean it wasn’t like blatantly hard but there a lot i wasn’t confident about. and *** perfect price discrimination on a graph?! UGH. the micro FRQ was easy overall but there were a few here and there i wasn’t positive about.</li>
</ol>
<p>I thought the test was extremely easy. 57-60/60 on MC and 25-27/27 on FRQs is what I’m expecting.</p>
<p>Micro was a total joke. Easiest test ever.</p>
<p>What everyone else think?</p>
<p>I’m planning to take this online during the summer, do you think this is feasible? and if so what review book should i get to go along with the course?</p>
<p>Hope you all did well on the exam though :P</p>