<style> code.blue { color: #337AB7 !important; } code.orange { color: #F7A004 !important; } .reveal { font-size: 30px; </style> # <code class="orange">Tips & Tricks</code> <!-- Put the link to this slide here so people can follow --> *Proudly organised by [Economiga](https://economiga.org)* --- ### <span style="color:yellow">Trick I:</span> <span style="color:lightgreen">Process of elimination</span> - Understand the assumptions or constraints - Eliminate the options - Make informed guess --- ### <span style="color:lightblue">Example</span> Rahul's preferences for good $x$ and $y$ are represented by the utility function $U(x,y)=x^2+y^2$. He has a total income of $₹100$. The price of $x$ is $₹10$ while price of $y$ is $₹5$. Given this, what will be the utility maximizing bundle $(x,y)$ of Rahul? a. $x=0$ and $y=10$ b. $x=5$ and $y=5$ c. $x=8$ and $y=4$ d. $x=10$ and $y=0$ --- ### <span style="color:lightblue">Example</span> Rahul's preferences for good $x$ and $y$ are represented by the utility function $U(x,y)=x^2+y^2$. He has a <span style="color:orange">total income of $₹100$</span>. The price of $x$ is $₹10$ while price of $y$ is $₹5$. Given this, what will be the utility maximizing bundle $(x,y)$ of Rahul? a. $x=0$ and $y=10$ b. $x=5$ and $y=5$ c. $x=8$ and $y=4$ d. $x=10$ and $y=0$ --- ### <span style="color:lightblue">Example</span> Rahul's preferences for good $x$ and $y$ are represented by the <span style="color:orange">utility function $U(x,y)=x^2+y^2$</span>. He has a total income of $₹100$. The price of $x$ is $₹10$ while price of $y$ is $₹5$. Given this, what will be the utility maximizing bundle $(x,y)$ of Rahul? a. $x=0$ and $y=10$ b. $x=5$ and $y=5$ c. $x=8$ and $y=4$ d. $x=10$ and $y=0$ --- ### <span style="color:yellow">Trick II:</span> <span style="color:lightgreen">The integer rule</span> - Analyse the options (Mostly works when it refers to quantities) - Eliminate the options that comes in decimal (Exception: stats) - Guess from rest --- ### <span style="color:yellow">Trick III:</span> <span style="color:lightgreen">All of the above</span> - Analyse the options - If you find "All of the above" in the options, it's most likely to be true. - If you are still confused, try to disprove at least one option from the rest of the three. --- ### <span style="color:yellow">Trick IV:</span> <span style="color:lightgreen">Matching</span> Arrange in the order. (i) Heckscher – Ohlin theory (ii) Absolute Cost Advantage Theory (iii) Opportunity Cost Theory (iv) Comparative Cost Advantage Theory (v) Leontief Paradox i-v-iii-i-ii iii-i-ii-iv-v ii-iv-i-v-iii ii-iv-iii-i-v --- ### <span style="color:yellow">Trick IV:</span> <span style="color:lightgreen">Matching</span> Arrange in the order. (i) Heckscher – Ohlin theory (ii) Absolute Cost Advantage Theory (iii) Opportunity Cost Theory (iv) Comparative Cost Advantage Theory (v) Leontief Paradox i-v-iii-i-ii iii-i-ii-iv-v ii-iv-i-v-iii <span style="color:orange">ii-iv-iii-i-v</span> --- ### <span style="color:yellow">Trick V</span> <span style="color:lightgreen">Indian Economy</span> - Facts - Figures | Deficit | Value % of GDP | |---|-----| | Revenue deficit | 2.9% | | Fiscal deficit | 5.9% | | Effective revenue deficit | 1.7% | | Budget deficit | 6.4% | --- ### <span style="color:lightgreen">Tips for the Exam day</span> - Stay hydrated. - Be on (or before) time. - Re-check the admit card for centre details a day before the exam. - If possible, visit the exam centre couple of days before the test. - Use **E-M-H Method** to answer the MCQs. --- ### <span style="color:lightgreen">The E-M-H Method: what is it?</span> - **E-M-H** stands for Easy-Medium-Hard. - On the rough sheet write down the question numbers from $1$ till $n$ (Where $n$ is the total number of questions). - Now, glance through each and every question within 5-10 minutes and mark **E**, **M** or **H** corresponding to each question number. --- ### <span style="color:lightgreen">The E-M-H Method: The working</span> - To be precise, mark **E** if you feel you can definitely answer without much of a hassle. - Then, mark **M** if you feel you might be able to answer given some time. - Lastly, mark **H** if you really feel its out of your league or you will never be able to solve, given the time. - Once, you have marked all questions. Start solving it from **E** questions, then **M** questions and lastly you can give a try for **H** questions. - In case, you have no clues, at the end you will be guessing mostly the questions from **H**. --- ### <span style="color:lightgreen">The E-M-H Method: The Benefits</span> - Save a lot of time. - Idea of the entire paper. - Revisit any question by referring back to the list. --- ### <span style="color:lightgreen">Final words</span> - Utmost uncertainity - Do this! - See how the question paper was - Easy or Difficult. - If easy - then guess! - If difficult - Try to be in the average! - **Do not make wild guess in a test with negative marking!** --- ### <span style="color:lightgreen">Campus Connect</span>