Is Varian enough for Micro?

Is Varian enough for Micro?

Subjective Issue

Well this is a highly subjective question. Nobody can answer it apart from yourself. If you believe that glancing over a text would suffice in terms of your preparations then Varian is enough for you. But I believe that it should be at least supplemented by its workbook, if not some other textbook. The main problem with Varian is its deficit of sufficient applications in its textbook, which he has very properly taken care of in his workbook.

Varian vis-à-vis Varian Workbook

Now for me both of these books should behave like a perfect complements. Um = min{Vt,Vw}, where Um is utility gained/derived from preparing Microeconomics, Vt is Varian Textbook and Vw is Varian Workbook. Ideally you should be doing one chapter form textbook and then the relevant chapter from Workbook also. Both of these books combined would fetch you at a higher and sufficient (again subjective) plane of understanding.

Applying concepts

Unless you scribble some equations, algebra in your notepad, believe me you will never appreciate Micro. Just knowing perfect complements are L shaped is not enough, drawing several curves, deriving marshallian demand functions and so on are hugely required. You need to bring out the fear of Maths out of you, if you ever, ever want to appreciate, get motivated for Micro. Application of concepts is nicely and firmly dealt in Varian workbook. For example, on introduction of indifference curves, he gives you enough chance to draw several curves, think about optimal bundles in several scenarios of change in price vector, consumption vector and so on.

Intuition

Maths is fine, scribbling of equations and algebra is fine, drawing some curves is fine but when it comes to intuition then everyone falls apart. Knowing an algorithm of doing a specific question is one thing and knowing why are you doing it is another. Always ask yourself, why? Every time you see an equation, remember there is a logic behind this, there is life behind this, there is a hidden meaning behind this. So never stop at equation, appreciate the fact that you are able to write some real life phenomenon in terms of maths. Here, Varian cant help you at this front! Its you and only you who can help yourself, get help of yourself, your friends, your teachers to know how to develop this sacred intuition.

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How to prepare for JNU MA Economics entrance?

How to prepare for JNU (SSS) Entrance

Major change in pattern

Up until last year, SSS was hugely subjective. It included short answers and a dreaded essay question apart from a small bunch of objective types thrown in. This year onwards ( i.e 2010 AD, mark this year in JNU’s Entrance history) there will be a complete objective type exam for this center.

What to expect?

This is a difficult question to answer ! Do the entire course! I am sure this is not what many of you might be expecting to hear, but yes, this is the only key. Focus on the entire course with a sharp eye on the fundamentals. JNU might not dive deeper into mighty lengthy non-sensical algebraic equations, it will focus on fundamentals. By that logic revising your key books in not a horrendous task.

Focus on basics in Micro, Macro, Mathematics

As I have already mentioned, you have to have a thorough comprehension of concepts given in Varian, Rubinfield, Dornbusch and Chiang. If you can solve applications of the level given in these texts then expect it that you can easily sail through this paper. The only problem in JNU paper comes form the fact that, it is not only you, but almost everyone who performs well, there competition becomes more stiff, in terms of number of correct questions. If you made just a single mistake, you might loose a seat!

Solve earlier year papers

Now this is something you cannot loose on. It is the most important part of any exam preparation. Always solve previous years’ papers. This task will put your thinking on the expected path which is required for success. Previous years’ papers indicate the line of thinking of a given school and guys, line of thinking doesn’t change suddenly so you can expect similar questions, No No, similar kind of questions in your paper too.

Get a basic idea of events in Economic History and Indian Economics

This may be the area where other papers may not focus on. But JNU being JNU, they expect you to know some significant events in economic history, say some events of Nationalist movement, Russian Movement and so on. These events you have already done widely in your economic history course, so have an idea of that. Apart from that you must also have an eye on current economic scenario, what is happening on ‘economy-wide’ front in India.

Do some logic kind questions as well…….

Yes, given the trend of earlier years, you must also revise some key concepts in logical aptitude. Well these are type of questions, which you cannot really prepare for, but having some flavor of them before your actual exam may put you straight.

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How to prepare for DSE MA Economics entrance?

How should you preapre for DSE MA economics Entrance Test? One should be clear about 1) Which Option to choose 2) the pattern of the paper, 3) Books to be read 4) Difficulty Level of the questions asked 5) Expecting the unexpected.


Options to choose[1]: There are two options in the paper, Option A and B. Option A is for those, who have graduated with economics/commerce and related backgrounds. Option B is for those who have graduated with Mathematics/ Statistics/Engineering and related Background. Students can opt for either of these irrespective of their Academic backgrounds. For example, Mathematics graduate can still opt for Option A or an Economics Graduate can opt for Option B. But it is advisable, that students should opt for an option according to their respective academic background and comfort level with the subject. Though it is found that Maths people grasp economics fundas quite easily, they could very easily opt for Option A too and get cleared.It is good for them (Maths people opting for Option A) too, as before going to DSE they would have better understanding of the subject. But again, do at your risk :)

Pattern of the paper[2]: For Option A[3], since 2006, 20 questions of one mark and 40 questions of two marks each are asked in the paper. Part A consists of 20 questions and Part B consists of 40 questions as mentioned above. Questions are asked very broadly from four parts, Microeconomics, Macroeconomics, Mathematics and Statistics. It is important to note that there is no clear cut demarcation with respect to subjects in the paper.

Books to be read: Some of the basic books which everyone should read cover to cover are following:
1)Microeconomic Theory :Hal Varian, Intermediate Microeconomics,7e and Rubinfield and Pindyk , Microeconomics
2)Macroeconomic Theory : Dornbusch and Fisher, Macroeconomics,6e and Mankiw, Macroeconomics,6e
3)Mathematics : RGD Allen, Mathematical Analysis for Economics , AC Chiang, Fundamental Methods of Mathematical Economics , Sydsaeter and Hammond, Mathematics for Economic analysis
4)Statistics : Nagar and Das, Basic Statistics, SC Gupta

Difficulty Level of the questions asked: Every aspirant should be clear that DSE would require high mathematical aptitude, applied to economic models. You should not only be able to apply mathematics but also an economic intuition, without which success is not ensured. For example, everyone knows how to calculate Cournot Nash Equilibrium, but is it Pareto efficient with respect to merger of two firms? Are Government Bonds assets or liabilities, justify your answer in both cases. Remember, professors will go one level deeper in every concept they want to test. So prepare smartly! Only understanding of concepts is not sufficient, you should have done tons of applications pertaining to each concept, then you can clear this exam.

Expecting the Unexpected: Do not expect the expected. Do not form any expectations about the paper, do not think that there will not be any subjective questions, there can be. Do not expect that there will always equal weightage for every subject, there can be skewed distribution of questions pertaining to every subject. Take every possibility. It is possible that paper would be so so so easy that cut off goes more than 95% and there is a possibility that paper would be so tough that cut off touches barely 40%.

Who are we? We are the group of Delhi School of Economics Alumni, who are conducting classes for DSE 2009 Entrance. If you are planning to get a high level coaching, application based advanced level stuff then your search ends here. Since very less time is remaining in the DSE 2009 Entrance, we want to provide you with highest and finest coaching, giving you a sense of right direction towards your preparation. In the class, we would be doing Applications, Applications and Applications!!!!. Remember we have gone through DSE, we know it all, what it takes to get in to DSE !!!!


[1] Read the prospectus for any details. These things are subject to change.
[2] Subject to change as per Admission committee

[3] We would discuss Option A only


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Crash Course for DSE 2009 Entrance

Dear MA Economics Aspirant,

If you are planning to get a high level coaching, application based advanced level stuff then your search ends here. We are the group of Delhi School of Economics Alumni, who are conducting classes for DSE 2009 Entrance.

Since very less time is remaining in the DSE 2009 Entrance, we want to provide you with highest and finest coaching, giving you a sense of right direction towards your preparation.

Kindly remember this is an advanced course, our assumption is, that you would have done Varian, Dornbusch and Fisher, Hammond completely, cover to cover. We cannot teach you basics! So be prepared and come to us for that last push!!!!

Though we don’t intend teach you basics, but you can ask your doubts anytime. In the class, we would be doing Applications, Applications and Applications!!!!

There will be two batches, tentative dates are:
1) 4th May 2009 till 1st June 2009 plus Test Series
2) 21st May 2009 till 15th June 2009 plus Test Series

Timings of the course: 9 AM to 12 Noon Everyday (7 Days a week)

Fees: Rs 12,000/- (No installments)

There will be only one trial class.

Main Topics covered

Microeconomics: Consumer Theory, Producer & Cost Theory, Markets, General Equilibrium, and Public Goods and Some other miscellaneous topics

Macroeconomics: Closed Economy (Demand Side and Supply Side), Open Economy, Investment & Consumption Functions, Tobin q and some other miscellaneous topics.

Mathematics: Constrained and Unconstrained Optimization, Real Analysis, Linear Algebra, Convexity and Concavity and some other miscellaneous topics

Statistics: Hypothesis Testing, Statistical Distributions, Probability (including Geometric Probability) and some other miscellaneous topics

Registration Starts!!!!

We would be taking limited number of students only, to provide personal attention to whosoever comes to us.

Kindly email us at "ecopoint.dse@gmail.com" showing your interest, with your academic background and contact number.

Regards
ECOPOINT Team

Contact us : Nishant Mehra (9999886629), Suresh Kumar (9899048237) and Vidhi Pant (9873903314)

www.ecopoint.in

Universities you can apply

Following is the list of the best institutes you can apply to.

• Delhi School of Economics http://www.econdse.org/



• ISI, Kolkata http://www.isical.ac.in/



• ISI, Delhi http://www.isid.ac.in/



• Gokhle Institute of Economics and Political Science http://www.gipe.ernet.in/



• IGIDR http://www.igidr.ac.in/



• Madras School of Economics http://www.mse.ac.in/



• Jamia Milia Islamia http://www.jmi.nic.in/

Contact us : Nishant Mehra (9999886629) and Vidhi Pant (9873903314)

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Books to be read for Entrance Exam

Following books should be read thoroughly before coming to classes. We cant cover the basics in this course. Our focus would be on Applications and Problems. We would introduce to maximum types of problems that may appear in the MA Economics Entrance tests

Microeconomic Theory

• Hal Varian, Intermediate Microeconomics,7e


• Rubinfield and Pindyk , Microeconomics

Macroeconomic Theory

• Dornbusch and Fisher, Macroeconomics,6e


• Mankiw, Macroeconomics,6e

Mathematics

• RGD Allen, Mathematical Analysis for Economics


• AC Chiang, Fundamental Methods of Mathematical Economics


• Sydsaeter and Hammond, Mathematics for Economic analysis
  

Statistics

• Nagar and Das, Basic Statistics

Contact us : Nishant Mehra (9999886629) and Vidhi Pant (9873903314)

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