Milestone map
Milestone map
2 milestones
Do the exercises and show your work
7–14 weeks (8 hrs/week)
Take Principles of Microeconomics for free and do the problem sets for every unit (consumer choice, firms and costs, markets, welfare, market failure). Keep your answers in one public place (a repo, a shared folder or a page) as you go, with your reasoning shown.
Proof required
Link your public folder with the problem sets for every unit (consumer choice, firms and costs, markets, welfare, market failure), and show your self-check (14.01SC problem sets and exams with solutions).
What gets checked
- Every answer shows the working: the graph, the equation and the reasoning.
- Exam scores are shown with the corrections.
- A sample of answers is explained aloud when asked.
Common mistakes
- Answers copied from a key: verifiers read the reasoning.
- Numbers with no working.
- Asking for review before the self-check.
Powstik Guide
A public folder with your worked answers to the problem sets for every unit (consumer choice, firms and costs, markets, welfare, market failure).
Steps
- Make a public folder or repo for this course.
- Do one chapter or problem set at a time and save it.
- Self-check: OCW Scholar posts problem sets and exams with solutions. Do each one first, then mark yourself against the solutions.
- Fix what the self-check shows, and say what you fixed.
- Ask three people who know the topic to check it.
Template
README Course: Principles of Microeconomics (MIT OpenCourseWare Scholar) What is here: Self-check result: The hardest question and why:
What gets sent back
- Answers with no working.
- Self-check not shown.
Resources
Foundationstart here
Depthgo deeper
Masteryfor the dedicated
What a verifier looks for
- Every answer shows the working: the graph, the equation and the reasoning.
- Exam scores are shown with the corrections.
- A sample of answers is explained aloud when asked.
- Pick two answers and check every step.
- Ask about one step; the answer should be clear.
You'll sign in first, then come straight back here.
Analyse one real market
1–3 weeks (5–8 hrs/week)
Use what you learned. Make a market analysis of one product you can observe (price, quantity, substitutes, who buys, what shifted supply or demand in the last year), using supply and demand and one elasticity worked from real prices. Put it where verifiers can open it. Use public information, or data you have permission to use; never publish a real person's private details.
Proof required
Link a market analysis of one product you can observe (price, quantity, substitutes, who buys, what shifted supply or demand in the last year), using supply and demand and one elasticity worked from real prices, and a short note on what you decided or changed because of it.
What gets checked
- The data sources are named and the dates are given.
- The elasticity is calculated correctly from the numbers shown.
- The explanation of the shift uses the model and not just a story.
Common mistakes
- Invented or unsourced figures.
- A conclusion the evidence does not support.
Powstik Guide
A market analysis of one product you can observe (price, quantity, substitutes, who buys, what shifted supply or demand in the last year), using supply and demand and one elasticity worked from real prices.
Steps
- Write one line: what you will show.
- Gather the real data, people or documents.
- Draft it, then read it cold the next day.
- Ask someone to mark the first claim they doubt.
- Fix it and ask three people to check it.
Template
Title: What this shows: Sources: Method: Result: Limits:
What gets sent back
- Unsourced numbers.
- Not clearly the person's own work.
- Claims more than it shows.
Resources
Foundationstart here
Depthgo deeper
Masteryfor the dedicated
What a verifier looks for
- The data sources are named and the dates are given.
- The elasticity is calculated correctly from the numbers shown.
- The explanation of the shift uses the model and not just a story.
- Check that the work is the person's own and the sources are real.
- Ask how a number was found.
You'll sign in first, then come straight back here.