Game Theory · Classic ProblemsThe Prisoner's DilemmaWhy two perfectly rational individuals can end up worse off by acting in their own self-interest — the most famous problem in all of game theory.Imagine you and a friend are arrested for a crime. The police separate you and offer each of you the same deal: betray your partner and go free while they serve 10 years — or stay silent. If both stay...
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What is Variance in Statistics? Formula, Examples and Interpretation
If the difference between squared deviations and standard deviation still feels abstract, the fix is worked repetition. The Statistics Made Simple Practice Questions workbook has a full section of variance and standard deviation drills with worked answers. Statistics · Descriptive Statistics What is Variance? The average squared deviation from the mean — why it matters, how to calculate it, and...
The Phillips Curve: Inflation, Unemployment, and the Expectations Trap
The Phillips curve showed a simple inflation-unemployment trade-off — until the 1970s destroyed it. A beginner-friendly guide to the original curve, expectations, the NAIRU, stagflation, and the post-COVID inflation debate. With worked calculations and exam-style practice questions.
Central Limit Theorem Explained: Why It’s the Foundation of Statistics
The CLT is the engine behind every confidence interval and t-test you'll ever run, and it's one of the most tested concepts across AP, A-Level and undergraduate exams. The Statistics Made Simple Practice Questions workbook has a dedicated chapter of CLT and sampling-distribution problems. Statistics · Probability Theory The Central Limit Theorem Why sample means always tend toward a normal...
Matrix Algebra for Economists: Operations, Determinants, Cramer’s Rule and Leontief Input-Output Analysis
An economy is a web of industries feeding into one another. Wassily Leontief won a Nobel Prize turning that tangle into a grid you can solve all at once. A complete guide to matrix algebra for economists: operations, the determinant, the inverse, Cramer’s Rule, and the Leontief input-output model — with worked examples, real applications, and exam technique.
Elasticity Mathematics: Point vs Arc Elasticity, Cross-Price Elasticity and the Lerner Index
Elasticity is a precise number with a precise formula — and which formula you use changes the answer. A complete guide to the mathematics of elasticity: the arc (midpoint) method, point elasticity with calculus, why linear demand has changing elasticity, the revenue rule, income and cross-price elasticity, and the Lerner Index as a measure of monopoly power — with worked examples and exam technique.
Correlation vs Causation: Key Differences, Examples and Why It Matters
Distinguishing correlation from causation is a skill examiners test constantly, and it only sharpens with repetition. The Statistics Made Simple Practice Questions workbook has scenario-based questions with full mark schemes for exactly this kind of critical evaluation. Statistics · Research Methods Correlation vs Causation One of the most important distinctions in all of science — and one of...
Nash Equilibrium Explained: Definition, Examples and Real-World Applications
Game Theory · Nash EquilibriumNash Equilibrium ExplainedThe single most important concept in game theory — what happens when every player is doing the best they can given what everyone else is doing.In 1950, a 22-year-old PhD student at Princeton submitted a 27-page dissertation that would eventually earn him the Nobel Prize in Economics. John Nash's key idea was deceptively simple: in any...
Type I and Type II Errors in Statistics: Clear Explanation with Examples
Recognising Type I vs Type II scenarios quickly is a skill built through repetition, not memorisation. The Statistics Made Simple Practice Questions workbook drills this with exam-style questions and full mark schemes. Statistics · Hypothesis Testing Type I and Type II Errors Every statistical test can make two kinds of mistakes. Understanding them — and the trade-off between them — is essential...
Market Failures, Externalities, and Public Goods: Why Markets Get It Wrong
Market failures explained simply — negative and positive externalities, public goods, the free-rider problem, and why the sugar tax actually worked. A beginner-friendly guide with the Coase theorem, Akerlof’s lemons, the UK sugar levy case study, and practice questions.
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