Help with Intermediate Economics - EC2010

economicshelp

I have an Intermediate Economics exam tomorrow and I am unprepared to say the least! I'm just wondering if there is anyone who has done this course or is doing it, could they help, give any advice? I would really appreciate any help.

All I'm aiming for is 30%, its my only weak subject so can pass by compensation. I just desperately do not want to be back in Summer with this so going to stay up all night cramming for it.

Obviously I'm trying to focus on things I can learn off/memorise rather than trying to understand concepts/maths.

Is there any areas in particular I should be focusing on? Seems to be the same questions every year, which are the easier ones to do? Surely I can manage 30%...Please help!

andrew

If there are any concepts/maths you need help with, the economics forum is usually helpful enough. From what I remember of Intermediate Econ, specifically Francis' micro module, his questions usually don't change much.

economicshelp

Thanks Andrew! I didn't know there was an economics forum!

Yeah I have a couple of questions that seem to keep coming up and am working my way through them. Trouble is a lot of them I'm finding it really hard to answer from the slides/textbook..

1. Graphically, decompose the total price effect into the substitution effect and the output (scale) effect for the following production functions:

i)Cobb-Douglas
ii)Perfect substitutes
iii) Perfect complements

2. Explain how the concepts of income and substitution effects may be used to analyse the labour supply response of an individual to an increase in the tax rate on labour income.

3. Explain "Derived demand for labour"
Discuss the relationship between the firm's demand curve for labour in the short run and the long run.

Even having gone over and over the relevent slides + textbook, still not too sure how to answer these! Thanks a million for any help anyone can give. Sorry, I know im panicking!!

andrew

economicshelp wrote: »

Thanks Andrew! I didn't know there was an economics forum!

Yeah I have a couple of questions that seem to keep coming up and am working my way through them. Trouble is a lot of them I'm finding it really hard to answer from the slides/textbook..

1. Graphically, decompose the total price effect into the substitution effect and the output (scale) effect for the following production functions:

i)Cobb-Douglas
ii)Perfect substitutes
iii) Perfect complements

2. Explain how the concepts of income and substitution effects may be used to analyse the labour supply response of an individual to an increase in the tax rate on labour income.

3. Explain "Derived demand for labour"
Discuss the relationship between the firm's demand curve for labour in the short run and the long run.

Even having gone over and over the relevent slides + textbook, still not too sure how to answer these! Thanks a million for any help anyone can give. Sorry, I know im panicking!!

Exactly what about these questions has you stuck? Can you attempt them but you're just not sure they're right, or do you not know where to start? Be as specific as possible about what you don't know.

economicshelp

Unfortunately, I just don't know where to start in answering them. Even having read the relevant material, i'm just at a bit of a loss...

Seems that the exam questions don't match up to a great extent with the slides + textbook..