Economics

Tutors will need to be familiar with Principles of Microeconomics and Principles of Macroeconomics. We are open to other main topics but at a minimum all tutors should be familiar with these topics:

Basic Price Theory Theory of the Firm Public Economics Analysis of the Market Structure Resource Allocation and Welfare Analysis National Income Analysis Monetary System and the Federal Reserve Business Cycles and Growth International Trade Demand and supply Curve Analysis Taxation Firm Structure Balance of Payment Foreign exchange market with measure stress on exchange rate Money and Banking Game Theory Consumer Equilibrium

Note: Questions will be application based. Important topics: Demand and supply Curve Analysis What will be the impact of an increase in demand or supply of a good on its own price and quantity demanded and how will it influence the quantity demanded and price of relative good. Explain the difference between a change in demand of a good and change in quantity demanded of a good. What is elasticity of demand, income elasticity of demand and cross price elasticity of demand? Taxation How does a tax on demand or supply of a product influence price of the product and its demand, mathematical calculation of new price level, demand and dead weight loss. How elasticity of Demand and Supply are related to tax imposed on a commodity. Firm Structure How AC, MC, VC are calculated in a given table, how profit maximizing output is determined?

Short run and long run equilibrium condition under perfect competition, monopoly, monopolistic and oligopoly. Balance of Payment Which record does it keep? What is current account balance? Why it is important to have a current account surplus?

Foreign exchange market with measure stress on exchange rate What happens in a foreign exchange market? How exchange rate determined? How will an exchange rate change when a currency appreciates or when it depreciates? What does an appreciation or depreciation of a currency imply for import and export of home country? Money and Banking What are the functions of money? Why it is considered as a unit of account? What are the functions of the Federal Reserve Bank? What will happen to money supply if Federal bank sells securities? How an increase in money supply will influence the nominal interest rate and real interest rate? What is quantity theory of money? What is Fisher equation? Game Theory For this section please study Nash equilibrium, dominant strategy, writing pay off, tree diagram analysis, backward substitution method and prefect and imperfect knowledge. Consumer equilibrium The consumer optimality condition given his budget constraint and market prices of good consumed.