Personality Cafe banner

1 - 4 of 4 Posts

·
Banned
Joined
·
253 Posts
Discussion Starter #1 (Edited)
Marginal cost mc
Total cost tc
Marginal value mv
Total value tv

I took a microeconomics class in college in January 2019-March 2019 (its a quarter system) and I was stumped, its like a backwards y= x graph but x = y instead, with the abbreviated concepts.

I did understand opportunity cost, but everything after that was confusing. In high school the closest course to this I took was AP Calculus, because I believe, my microeconomics professor mentioned calculus and derivatives a few times but the microeconomic tests only covered algebra 1 math. I ended up with a C.

I figured to ask this question here because of this link

https://personality-database.com/profile/54447/economics-school-subjects-mbti-personality-type

The link is a mbti poll website, a bit like idrlabs celebirties, but you can make an account and put a mbti type to … mostly fictional charactesr, celebs, and superlatives (for example, mbti type most likely to get good grades in school).

Here was the final exam I took, I got a 59%. The grading scheme was weird, of how I ended up with a C in the end, since in the first exam/midterm I actually got a 39%. Its weird when the cutoff for a C grade is actually only 60%, and a cutoff to pass with a D grade is only a 45%. (In case of students here going to more weird schools, homework and participation actually contribute to grade in the class I took)

https://drive.google.com/file/d/1oscAkjUrjTe5Iv7BPzdsPOiQoZRB3cs2/view?usp=sharing
 

·
Registered
Joined
·
3,915 Posts
"I did understand opportunity cost, but everything after that was confusing"
Your question is [open ended]?

The main value from micro-economics is what questions you answer:
1. How much should I produce given my production teams costing information for different volumes of production
2. What information should I be sensitive to (checking news reports for), to modify my financial forecasts.
3. Should I plan to close (not renew my fixed costs)
4. Should I close now
5. Where is cost & pricing information gathered
6. Why a good business strategy seeks to differentiate itself

In a real life setting, management is typically already provided with the tools (data, excel templates/dashboards, KPI) and merely follows a process which tells them what decisions they should be making.
 

·
Registered
Joined
·
2,928 Posts
I have a degree in Econ. Dm with more specific questions.

Micro economics is just about fundamental rules of human action. No different than gravity is a fundamental rule of the physical environment.

Any good micro class should just be trying to teach you what these rules are and therefore how to apply them to outside situations.

More important than anything. Think at the margin. The math and graphs is just a matter of quantifying and representing these rules.

The role of econometrics is to simply test and validate the real world against the theoretical models.
 

·
Registered
Joined
·
501 Posts
I have a degree in Econ. Dm with more specific questions.

Micro economics is just about fundamental rules of human action. No different than gravity is a fundamental rule of the physical environment.

Any good micro class should just be trying to teach you what these rules are and therefore how to apply them to outside situations.

More important than anything. Think at the margin. The math and graphs is just a matter of quantifying and representing these rules.

The role of econometrics is to simply test and validate the real world against the theoretical models.
I don't have a degree in economics acually i have one in music composition but i always try to read hayek ,mises ,javier milei , ect. and i like to invest and speculate ( i own some stocks , gold/silver and rare items that i found cheap( to resell after ) , ect..

Yeah i like more the philosophical aspect of economics rather than the technical but the world is so fucked up that you have some nobel prize winner as Stiglitz supporting governments instead of freemarket and really all the " freeworld" ignore such important parts of our life and that is so fucking sad..

and there is countries as argentina which follow/teach the keynesian economic system and if you think or do anything else as a student you just fail your course.
 
1 - 4 of 4 Posts
Top