Microeconomics... back to testing

[burbuja0512]

So you might recall that a few weeks ago, I had my first fail on a CLEP; a near miss at 48 on Macro.

Luckily I had the option to do SL, so I didn't have to wait six months to pass this class, and I passed SL Macro with a 94. yay!!

So I've been studying IC micro and the Cliff Notes AP bookfor three or four weeks now on and off and I am very scared to get back into the testing center. I've read through specific feedback threads and feel like I understand the concepts of microeconomics, but any math equations just aren't sticking. (and why the heck does every economics term begin with the word "marginal?")

Should I go ahead and take it? I don't usually study more than a week for my CLEP's and this is seriously throwing my schedule off.. I have to be ready to take my capstone class by 3/7, or I won't be able to graduate in the spring. In order to do take my capstone, I have to have all of my concentration requirements met minus 3 to 6 requirements.

I'm not sure what I'm asking... maybe for opinions on taking microeconomics without knowing any equations. Maybe for some encouragement..

[ryoder]

Read the sparknotes site too.
I studied for these with the REA book. Do you have that?
I would recommend it. Instantcert alone is not enough to truly understand most topics that are soft of foreign to you.

Marginal is explained in the REA book. Its all about answering, what happens if I sell/buy/build one more of something.
So the marginal propensity to consume is this, you pay your rent and have your committed expenses paid for. If we take your current obligations and income and add on 300 bucks, what will you do with it? If you spend the whole thing and save none then your MPC is 1, you like to consume things.

If you spend half save half then your MPC is .5. Your MPS is 1/MPC so its the inverse.

Marginal revenue covers how much revenue you get from selling/making one more item.

Marginal revenue product covers how much revenue increase when you increase one factor of production such as hiring an employee.
If you have 3 employees and can produce 100 of something and with 4 employees you can produce 120 of something and 5 employees you can produce 130 of something then the marginal revenue product of the 5th employee is 10 items. Diminishing returns sets in when the MRP of the additional employee is lower than the previous employee. That employee is not producing as much added benefit as the previous employee.

The same can be said for equipment but most of the test questions will be on hiring employees.

You also need to know price elasticity of demand backward, correlational coefficient etc.

Know oligolopolies, monopolies, barriers to entry.

Break even analysis, fixed, variable, total costs, supplier surplus, buyer surplus, be able to look at a graph and tell if the company is a monopoly based on AVC, ATC etc.

These types of questions take practice. I got my practice at speedyprep, REA and sparknotes.

I actually enjoyed economics so maybe that helped but I did study a lot.

Good luck and just make sure to overstudy.

[burbuja0512]

wow... now I'm thinking that I might be unprepared for it. I feel comfortable with about half of what you've got listed.

But if I spend much more time/money studying, I could just take SL instead, although the SL macro had 19 tests, so I would dread having to go through that again with micro.

Ok.. here is a thought. Tomorrow the testing center is closed for MLK day. I am going to cram as much as possible tonight and tomorrow and go for it on Tuesday. If I pass, great and if not, SL it will be. I just really hope I can do it.. not sure how well my ego will handle another fail.

I am going to take a Peterson's right now and see how well I do..

[burbuja0512]

-Update- just scored 53 on Peterson's. A little close for comfort, especially considering that I guessed on some of the ones I got right.. But, it does give me hope that some cramming might do the trick.

[ryoder]

I have consistently over prepared for each of my tests but it's now paying off since there is so much overlap in these subjects. I'm reading biz strategy now for the tecep test and a lot of it was covered in marketing and business ethics etc.
Check out spark notes. Very useful.

[burbuja0512]

Update: Just passed with a 61!!! Yeah!!!!! My faith in my CLEP abilities has been restored

[irnbru]

Well done, good credits earned Great to see you bounce back into testing with jazz hands after getting over macro by smashing out an A.

[creative]

Awesome !! :hurray:

[ShotoJuku]

Update: Just passed with a 61!!! Yeah!!!!! My faith in my CLEP abilities has been restored

Fantastic score!!!

[Chessman]

Update: Just passed with a 61!!! Yeah!!!!! My faith in my CLEP abilities has been restored

How did you study for it? Im getting ready for this exam as well; i never took a class in economics (Micro & Macro) and so im using IC to study with along with an economics textbook. I also have got a REA micro economic book too, but I mostly use IC. Was the test hard and did you have to do a lot of math (what was the test like)?? Im sorta nervous bcause this will be my first attempt at clepping out of a course.

Thanks for any suggestions you can give