Author: Sara Da, Director of Commerce Mentorship Program; BCom 2017 – Finance & Accounting Co-op
Year course was taken: 2014 W
Final Grade: A
About me: I am working as a Marker for COMM 295 in Winter 2015.
Managerial Economics is a course that focuses a lot on Microeconomics. It tests your understanding of economic theory and intuition behind the theories. It is a course that is both concept and math based. Here are a few tips to better prepare yourself for it:
- Review ECON 101
COMM 295 takes what you have learned in ECON 101 and brings it to the next level. If you haven’t already, refresh your ECON 101 memory to better understand the concepts covered in this course. The expectation is that you already know your stuff about microeconomics, so it is a good idea to go back and take a look.
- Read the Question!
One of the main reasons why students lose marks on their assignments and exams is because they don’t read the question, or rather, they don’t read the full question. Each questions has many parts to it, and many students either end up answering one part or the other, but not both. Take those extra few seconds to read and fully understand what the question is asking. One thing that I find useful is underlining or highlighting each part of the question that requires you to answer something. This way, you will never forget to answer a part of the question.
- Math Errors are like Losing Free Marks
Many students understand conceptually what is the question asking, but when it comes to the math, careless mistakes happen. Don’t try to save these few seconds and do the math carelessly. Add, multiply, subtract, or divide things carefully. Use a calculator if you have to. It’s really not worth it to lose those final marks when you have done so much to get the question right.
- Try, Try, Try
Never lead a question blank. If you try to put something down, at least you have a chance of getting partial marks. If you leave the entire question blank, that is an automatic zero. If you have the time, why not just try and guess? Even if you are not sure, use logic and think it through. What would a rational person do? What would a rational business do?
- Manage Your Time
It is essential on the exam to manage your time wisely. If the requirement says only do 6 out of 7 questions, then do 6! Don’t waste your time doing the last one when you can use that time to check your previous work. If you get stuck on the question, move on to the next one. The questions are there for you to choose after all.