Understand the Models Behind Economic Decisions
Economics can be difficult when a model's assumptions don't match the situation. Work through the diagrams and reasoning behind your answer, then learn how to explain your conclusions clearly.
Pick Your Economics Topic
Each page covers one topic and the mistakes that usually cost marks in it.
Introductory Economics
Drawing the diagram is the easy part. The labels, the axis names, and the direction of the shift are what a marker checks against your written argument, and a mismatch costs marks twice.
Macroeconomics
IS-LM and AD-AS answer the same shock differently because they assume different price behaviour. Justifying which one the question is asking for is the part most answers skip.
Microeconomics
Who bears the deadweight loss changes with the market structure, and the diagram has to show it. Welfare areas that do not match your assumed structure are the usual reason a correct calculation loses marks.
Mathematical Economics
A Lagrangian gives a stationary point, not necessarily a maximum; the bordered Hessian is what settles it. Derivations are marked line by line, so a dropped constraint earns nothing even with the right answer.
Game Theory
Backward induction and mixed strategies are where most game theory answers stall. Your tutor checks the payoff matrix before the equilibrium, because a Nash equilibrium found in a badly set-up game is still wrong.
Quantitative Methods
Coefficients can survive heteroscedasticity while the standard errors do not, and the output gives no warning. Reading the residuals tells you more than the p-values in that situation.
Computational Economics
Convergence is not proof of correctness. Value iteration can settle on a policy that only looks optimal from the starting state, so the code gets read against the Bellman equation it is meant to solve.
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