Top Last-Minute Strategies

  • Graph “Brain Dump”: Practice drawing major graphs—supply/demand, cost curves, perfect competition (long-run vs. short-run), and monopolies—from memory.
  • Master Key Formulas:
    • Profit Max: \(MR=MC\)
    • Profit Calculation: \(\pi = TR – TC\) or \(\pi = (P – ATC) \times Q\)
    • Elasticity: \(\% \Delta Q_d / \% \Delta P\)
  • Focus on High-Yield Topics:
    • Externalities (graphing efficient vs. market outcomes)
    • Marginal Utility Maximization (\(\frac{MU_x}{P_x} = \frac{MU_y}{P_y}\))
    • Monopoly inefficiencies (Deadweight Loss)
  • FRQ Strategy: Label everything (axes, curves, specific values) on graphs; you will lose points for unlabelled axes.
  • Use Free Resources: Watch Jacob Clifford’s “All You Need to Know” video for a quick review. [1, 2, 3, 4, 5]

Exam Day Tips

  • Read Carefully: Use the 10-minute reading period for FRQs to plan your answers and look for keywords like “per-unit tax” vs. “lump-sum”.
  • Don’t Get Stuck: On multiple-choice, skip hard questions and come back to them.
  • Show Your Work: Even if calculations seem simple, write them down to ensure partial credit. [1, 2, 3, 4]