Economics 2106H - Principles of Price Theory
Final Exam Information
David B. Mustard

Last Updated May 1, 2017 -- There will be future updates.  

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    The Final Exam is Thurs. May 4, 2017 from 3:30 - 6:30 pm in the regular classroom.
    Other than exam conflicts, there are no excused absences from the final exam. If you miss the exam you will be given a score of 0.

Extended Office Hours
    If you have any questions or problems I highly encourage you to meet with me before the exam. For the final exam I will have office hours at the following times:

Wed.     4/26   10 - 11 am    Office Hours
Thur.    4/27    10 - 11 am    Office Hours
Fri.        4/28    2-3:30 pm    Office Hours
Mon.     5/1      2-3:30 pm   
Office Hours
Tue.     5/2       2-3:30 pm    Optional Review Session in Brooks 520

Wed.     5/3      2-3:30 am    Optional Review Session in Brooks 520
Thur.     5/4      3:30-6:30 pm   Final Exam

If you wish to speak with me but cannot do so during these times, please call or email to set up an appt.

Preparation
    1) Midterms. Review the midterms and make sure you know what and why you missed the questions. The final will have similar types although not the exact same questions as on the midterms.
    2) Class Notes.
        a) Print out the web notes and go through the topics systematically. This will also help you target your reading.
        b) Make sure you know how to do the problems we did in class. The majority of my midterm and final exam questions are taken directly from the examples in class with one change.
    3) Reading. If you have read consistently through the class, you should not put the highest priority on rereading everything. For greatest productivity, target your reading by covering the things you understand least well. For example, if you go over midterm exams and find that you consistently miss a certain type of question, then read the sections that correspond with that idea.
    4) Tables. Make sure you understand the tables from the tables link. The midterms had numerous questions that were taken from the tables and the final will also have questions like this.
    5) Write your own questions. One good way to prepare for the final is to write possible test questions and then answer them. For the final exam I will include some questions that students write. If you would like to write a question and answer and submit it to me for consideration, please email it to me by XX. 

Content
    The final exam will be similar in design to the midterms, but will be about 1.5-2 times as long. It will have both multiple choice questions and about short answer questions that will be worth about the same share as they were on the midterms. There will be 3-5 choices for each multiple choice question - most questions will have 4 choices.
    The exam in comprehensive and I try to emphasize what I covered in class.

Types of questions
    There will be verbal questions, questions where you must read a figure or chart, and questions where you will need to calculate a value mathematically.
    There will be short answer and multiple choice questions.

    You can bring a calculator. The math on the exam is basic algebra, so if you do not have a calculator, you will not be at a disadvantage.


The following information is for 2016 not 2017

An approximate breakdown of the questions follows:
   There will be about 8 short answer and 14 multiple choice questions for a total of 118 points. It is hard to allocate the exact number of points to each subsection, because many of these questions address multiple subjects and combine concepts. In this course, the later concepts in the course build on the fundamentals. Some principles like demand and supply, elasticity, and opportunity cost are used throughout the course. Therefore, the point distributions below do not add up to the total number of points on the test.

Material from Midterm 1
    1. Introduction:     Questions on principles may be integrated into rest of questions.
    2. Production Possibilities Frontier: 3 points.
    3. Demand and Supply: these concepts are tested on questions throughout the test.  
    4. Elascticities: these concepts are tested on questions  throughout the test.
    5. Consumer Choice and Efficiency: these concepts are tested on questions throughout the test. 
    6. Restrictions in the Market: these concepts are counted in Section 7 total because many of the concepts are overlapping.

Material from Midterm 2
    7. Taxes and Subsidies: 16 points
    8. International Trade: 6 points  
    9. Markets: 3 points 
    10. Consumer Choice:
37 points.

Material since Midterm 2
    11. The Firm in Competitive Markets: 20 points.
    12. Monopoly: 8 points.
    13. Oligopoly: 6 points.
    14. Monopolistic Competition: 3 points.

Excluded topics
    I will ask questions on material about oligopoly and monopolistic competition, but will not ask questions about all the specific firm and market cost curves in these sections. There will be questions about such material from perfectly competitive and monopoly industries.

Answers
    If you would like to check the answers to your exam, please come by my office after May 13.

Grades 
    I will post the summary statistics for the final exam (average, minimum, maximum, etc) and your course grade.

Regrades
    Grades will be changed only if we made a mistake in calculating your grade. Grades will not be changed for any other reason.