Last Updated 2/16/17 at 9 am - this is the last update.
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Content: The test will cover readings (textbook and extra readings) and lectures through Tue. Feb. 16. See the course outline for details. I try to emphasize on exams the things I emphasize in the lectures and readings.
The questions that will be primarily drawn from the following broad topics. Because some questions overlap sections, there is no way to perfectly allocate points to individual sections. Therefore, this is best viewed as a guide for allocating your time rather than a precise contract of how questions will be asked. The tenative assignment of points follows. I realize that these don't add up to 75 as some questions test multiple concepts.
1. Introduction to Price Theory (Chapters 1 and 2): 3 points
2. Demand and Supply (Chapter 4): 15 points
3. Elasticities (Chapter 5): 15 points
4. Consumer Choice and Efficiency (Chapter 7): 10 points
5. Price and Quantity Controls (Chapter 6 and other reading): 12 points
6. Taxes and Subsidies (Chapters 6, 8, and 12): 28 points
The test will have 71 points. The sum of points above may contain more than 75 points because many of the questions have overlapping parts. You will have 75 minutes to complete the exam.
1) Print out web outline and go through the topics systematically. This will also help you target your reading.
2) Think before you write. It is to your benefit to outline the answer before writing it out in detail.
3) Be clear and organized--reduce the transactions costs of grading.
4) Answer the question that is asked.
5) If there are subsections to a question, arrange your answers by subsection.
6) Write questions for yourself or others.
You can write directly on the question sheet and will not need additional paper.
You may bring a regular calculator with basic functions only. Graphing calculators are not allowed.
Types of questions I could ask:
1) T, F, U & Explain: I make an assertion and you must indicate whether it is true, false or uncertain and explain why. Most of the points are given for your explanation, not your answer about whether it is true or false.
2) Multiple choice
3) Analyzing Markets
4) Be able to answer questions with numbers, graphs, and words
5) Questions from readings - you should be able to provide a coherent overview of the main arguments from the readings.
6) Extensions of ideas and principles we discussed in class
Midterm Grading Policy
You are required to take the midterms unless you have some justifiable excuse, such as a personal illness or family emergency. If a student has an emergency and will be unable to take the midterm at the assigned time, you should talk to me as soon as possible--before the midterm. After discussing your situation I may permit a make-up exam. Each student will be permitted at most one make-up exam during the semester. In the event of a make-up exam, students are forbidden from either providing or receiving information about the exam. Students who violate this will receive a score of "0" for that midterm.
If you would like your test to be regraded, please submit to me your exam and a note that explains why you believe your test was miscored. All requests for regrading must be received no more than one week from the day I return your exams.