Econ 001 Study Guide

12_09_13_Opinion_StressedStudent_ThinkstockFinals are upon us. Lau has become ridiculously crowded and the beautiful weather outside mocks all the gloomy students on campus. We know how stressful finals can be on the Hilltop, so your friends here at 4E have decided to help you out by typing up a few study guides. At least 250 students will be taking an Econ 001 exam soon but, luckily for you all, I’m a TA for that class. I am happy to impart my wisdom upon you.

Here is what you need to know for your “Intro to Microeconomics” exam:

Lesson #1: Supply and Demand: If you’re in the class and still can’t understand the basics of supply and demand, there is a good chance you’ll fail this final! But, for our less economically inclined readers, let me explain. People sell stuff, and other people buy stuff (simple, right?). However, these curves unfortunately move around for all sorts of reasons that no one really understands. Luckily for us, one of those reasons is Ryan Gosling:

complementsLesson #2: Normal vs. Inferior Goods: In economics we like to judge people’s choices harshly by declaring that certain goods are inferior to others. Essentially, an inferior good is a cheaper good that you want less of when your income rises. Well, that kind of makes sense but then why is the demand for Natty so high at Georgetown? After I get my paycheck from being a TA, and my income rises, I go straight out and buy myself some cheap-ass Andre. Looks like some economist must have overlooked this crazy phenomenon…

Normal goodsLesson #3: Budget Constraints: Although I wish I could buy an unlimited amount of Andre and easy mac, I do unfortunately have budget constraints. Luckily, these constraints change with the price of goods I buy and with my income. However, it’s important to note that what’s weird about income and price changes is that they’re all relative. If prices and income all go up by 10%, you gain nothing.

incomeLesson #4: Externalities: Occasionally, people do things that harm you indirectly. For example, when your neighbors host random parties at 2am on a Tuesday and you can’t sleep. This would effect your benefits, and thus changes the socially optimal quantity of parties. Clearly this is hypothetical since the socially optimal number of parties is infinity.

externalities

So, if you can memorize these four lessons, you might be almost, sort of, half way to passing your Econ 001 exam! Just remember kids, getting an A in this class will basically define the rest of your life. Happy Studying!

wall street

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Survivor: My First All-Nighter

Well good morning Hoyas! Or, if you’re like me, you’re wondering why it’s so bright out when the night still hasn’t ended. Yes, I have survived my first all-nighter (read as: I’m a freshman taking only 14 credits) but trust me…it wasn’t pretty. I’m going to allow you to re-live my experience and learn from my mistakes, the first of which was waiting to write this paper until last night…or…this morning? I don’t know, I’m sleepy and confused. Hopefully you’ll find this either informative, amusing, or reminiscent of your first all-nighter. Regardless, this is going to be pretty shambly.

12:05am Get out of rehearsal and head to Lau 2, sit with a friend.

Clearly these are mistakes 1 and 2. As much as you try to delude yourself, Lau 2 is not a productive place and friends are poopfaces who distract you.

1:20am Very little has been done, but now I am ravenously hungry. I go to Midnight to get a bagel but am told that they are out of ALL KINDS OF BAGELS. WHAT IS THIS MADNESS. Proceed to cry.

Mistake number 3 is made, but not by me. By all other bagel consumers: why did you take all my bagels. Why? Why would you do this to me.

1:35am Research Grubhub delivery places, contemplate options, be indecisive. Then get convinced that we should make a caffeine run to Midnight then go to Vittles for snacks. But we have to hurry because “Vittles closes at 2”!

1:47am While waiting for our drinks, I run into my lovely deputy editor, Kate Wellde who works at Vittles. I go over to her, intending to ask her to text the person with the last Vittles shift of the day to ask them to stay open for just 5 more minutes. Kate apologetically tells me that Vittles closes at 1 every day…

Mistake number 4= not knowing the hours of Corp locations. Even Kate Wellde couldn’t cushion this blow. Deep sigh…

2:00am Go to Hariri to study anyhow and order pizza from Grubhub to be delivered to the Hotel lobby because my stomach is growling more than a wild Zigoon with no attack moves.

Best decision of the night. It got there in 16 minutes. Delicious. Worth it.

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