[OscarTheDon]

Anybody just done the EC3 module for Economics? How do think it went? I thought the questions were pretty nice and there was a nice enough set of essay questions as well!

Let me know your thoughts

[DunKnow17]

Just done this paper, Thought it was pretty difficult, the essay questions were easy tho lool
I didn't get number 4 i think, the law of diminishing returns and the externalities one i think

[OscarTheDon]

Yeah I picked the number 10 on the essay's about large small firms dominating markets, blagged on about oligopolies aha pretty easy! Yeah number 4 was the one that people didn't like the one with the carbon tax? It was about reducing negative externalities and and increasing social benefits to achieve social optimum output!

Question 3 about the AP and MP curve was law of diminishing returns and technical efficieny, I think I dropped a few marks on question 4 but the rest of the paper was pretty good fingers crossed!!

[DunKnow17]

Yessss, by the looks of it i shouldnt have dropped too many marks on Q 3 and 4 !
and i chose essay question 10 too, there was alot talk about haha
Although i dropped silly 3 marks on the Claimant count q

[OscarTheDon]

yeah I think that was the area I dropped most of my marks on those two questions weren't great question 1 a and b identifying profit maximisation and abnornmal profit was 0Q and prsq on the graph, I thought the interest rate question was pretty nice as well about how it affects gdp and inflation, overall I was pretty happy with the exam!

Claimant count is always lower because it doesn't include hidden unemployment but the labour force survey does! I almost forgot that but luckily I'd remembered it!

[DunKnow17]

Was it 0Q? :s
i swear 0Q is the total cost? just Q is the profit maximisation output no?

[Curious_Lawyer]

Am I the only student who does not feel optimistic about EC3? Yeah sure I did understand all the questions, but was hoping for more development and may have ranted on about interest rates with complex issues. (Bad move for EC3 short answer questions)

Overall, I thought it was okay. For the carbon tax, I didn't know what to say apart from inflation at P1 to P2 and the tax imposed was a form of ad valorem tax. Internalising the externalities etc.

Wish everyone the best!

[OscarTheDon]

They accpet both 0Q and Q I think mate, if it's any figure on the x axis though you always need to write the 0 first that's what our teacher said!

[BishBosh22]

Hi all. I didn't even know what marginal product was, but guessed it was shaped so due to diminishing returns. I also struggled with the claimant count question, I just kind of wrote that some people would be too lazy to claim benefits and that not everyone who is unemployed would claim. Didn't sound too good though. As for the terms of trade - I can see myself losing some marks there too! Loved the essay questions though.