Engage with a knowledgeable Economics tutor to build strong conceptual understanding and apply real-world insights.

The Student and Tutor worked through several problems related to international trade in Economics, focusing on equilibrium price and quantity, export supply, import demand, and gains from free trade. They then analyzed the impact of a tariff on world prices, volume of trade, and consumer welfare. The Tutor will share additional calculations for the student to review before their exam.

The Tutor and Student revisited biased growth concepts before diving into the multifaceted impact of tariffs on consumer surplus, producer surplus, government revenue, and overall welfare. They explored theoretical effects, including the concept of deadweight loss, and then practiced solving algebraic numerical problems to determine equilibrium price and quantity, as well as the effects of a specific tax on prices and quantities. The Student was assigned practice problems for homework, including solving for import and export demand equations.

The Student and Tutor practiced reconciling actual and budgeted gross profit using various variances. They specifically reviewed the calculation and interpretation of Sales Price Variance, Cost Price Variance, and Sales Volume Variance through practical examples. The Tutor assigned a similar question for the Student to practice as homework, to be submitted via chat.

The Student and Tutor engaged in a detailed accounting session, primarily focusing on variance analysis and its practical application. They reviewed key concepts like EBIT and NPBT, practiced calculating various financial variances using a case study, and discussed strategies for identifying and addressing unfavorable financial outcomes. The Student was encouraged to continue practicing similar questions and may schedule another revision session before their upcoming exam.

The student and tutor worked through a financial accounting problem focusing on the preparation of the Statement of Changes in Equity and a Balance Sheet extract. They practiced calculating retained earnings, share capital, and asset revaluation reserves, and discussed the impact of dividends and share issuances. The tutor provided the student with a shared file for revision.

The tutor and student reviewed the Standard Trade Model, its assumptions, and its application in analyzing the impact of trade on relative prices, welfare, and economic growth. They discussed iso-value lines, the terms of trade, and the effects of biased growth and trade policies like tariffs and subsidies on national welfare. The next sessions will focus on diagrammatic practice and further revision of these concepts.