Hi everyone, good to see that this thread is still alive and kicking. After having done this exam and now studying Economics at the LSE, I have some tips and advice regarding how to tackle this exam. Firstly, my advice would be to go through the specification bit by bit. Stick only to the specification and what it asks, and you'll do well. Even if you can't answer the essay questions, going through the specification will ensure that, at the very least, you will manage to get through the first section. In the last few weeks during the run-up to the exam, my advice would be to just practice as many past-papers as you can. Do all the specimen papers and last year's paper as many times as you can, at least two/three times over and over again to get that structure and format into your mind. Also, the previous spec's papers especially for Micro are very useful and somewhat similar. There a lot of those and even if you can't do them in exam conditions, it's good to go through them anyways. Whenever I didn't have time to do a paper under exam conditions, I would simply go through every question, look at the markscheme and formulate a perfect, full-marks response to the question. This way, it helped me to nail the structure and exam technique and also helped me to revise all the topics while writing an answer.
Watch Econplusdal in your spare time, everytime. Watch out especially for his Key Facts videos that usually come out before the exam. Watch last year's one as well. All I used to do was watch Econplusdal whenever I had nothing better to do, and especially before exams when you don't want to revise, watching his videos on 1.5x speed is the perfect way to go over old topics. Remember, if you just stick to memorising definitions and formulae, then you can easily get through the first section, and to some extent, the first few parts of the second section. What ensures that you can answer the longer essay-type questions is mainly structure. You have to get the structure down for each question. Econplusdal released a perfect video about structure for the Micro/Macro exams and for every single essay-type question, how much time you spend, how many points to do for each question. Write all of this down on a single sheet of paper, memorise it and stick to it in the exam, because structure and timing is key for essay-type questions.
Also, Econplusdal's Micro/Macro revision booklets were extremely helpful for me, and much easier to understand than the main textbook BUT I only used these booklets in addition to the textbook. So, basically, I went through the entire textbook first and made notes on each chapter, and THEN went through his revision booklets to get all the important points down again. Go into the exam knowing how each and every question is meant to be answered and how you're supposed to structure the answer.
For the 25 marker, I got 19. The way I did this was: devote almost a majority of my time to the 25 marker (again watch Econplusdal's structure videos). For the 25 marker, it isn't necessary to have a specific codified structure, because very question is going to be different. What you have to do, it look at the question and think about what it is asking (e.g. if it's asking for the effects of something like a tax then list down all the effects and how different people in the economy i.e. producers, consumers, government are affected). Start the introduction with all the definitions and a main summary of the different points in your answer. It is very important to ANSWER THE QUESTION. Maintain a specific stance, and a judgement on what the question is asking. Then, structure your answer by giving points for and against. If you are for, that still means you have to provide points against, but then at the end you counter these "against" points by stating that nevertheless your points still stand and are still important. So, it's basically like crafting an elegant economic argument and providing evidence for the argument through diagrams, explanations, analysis. And then in your conclusion, summarising these arguments and reiterating your judgement.
Some of the evidence also needs to be based on real-life examples, so have some key facts memorised for different economies (like GDP, unemployment, inflation, etc). Also, for evidence, I used to read all the Applying Economics or case-study sections that were at the end of every chapter in the main textbook, they're really useful, and watch the "Key Facts" videos Econplusdal releases. But don't worry that much if you can't remember any examples, just go through the essay and at least get the analysis, evaluation marks. You can provide definitions, diagrams, explanations of concepts and still manage to scrape through with some marks.
Overall, again I have to say doing well in the exam is 50% content and 50% exam technique (structure, timing, format of the exam). Devote your time equally to both. Do NOT ignore the content. You can easily start right now and properly go through the content so that by May all you are doing is exam technique and past-papers. For content, make good notes and STICK TO THE SPECIFICATION. Some of what Econplusdal produces is irrelevant to the specification. What I used to do was follow the specification and main textbook (which is very closely linked to the spec), and then if I didn't understand a concept or idea watch Econplusdal for explanation and write down his explanation next to my notes. Last year's content is much easier for micro and consists mostly of definitions and formulae. So, make sure that you are properly prepared for it if it comes up, it should be your safe spot. For this year, the Theory of the Firm diagrams and content is also easy if you go make good notes, list all the definitions down, all the different market structure, their pros vs cons, their diagrams, etc. The only thing that is hard is sometimes trying to formulate an answer specifically to the mark-scheme. But don't worry about that in the exam, just write down anything that you know about the content and examiners will try and award marks where possible.
Good luck to all of you and I hope that this wasn't too long-winded and repetitive. Also, most of this applies to the other two exams as well, so it isn't just specific to micro, I did this for all the three papers. There is some difference for the third paper, but not that much. If something wasn't clear, or you want some more information, then feel free to post it here to ask or pm me.