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Economics Unit 1, Competitive Markets. Friday 18th May 2012 Pm.

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    Since the old thread is closed, and its now past 4:30 AM the morning after, I thought I'd ask everyone how they found it?

    I found it a good paper, the multiple choice was harder than usual, but section B was great! (I did question 9). How did everyone else find it? and how did you answer them?
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    ahh i did Q 10 anyways quick question , in the short answers what did you get for the price mechanism question ??
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    The answer about the rationing function i believe : ) how about you?
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    urmm rationing aha i think i said signalling, i said it was nt to eliminate shortages or surpluses, i said it wasnt to reduce inequality, and i said i was nt to eliminate excess something so i think i put B Did you get that?
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    do you remember the question? D: i honestly have no idea >.<
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    I think I said signal as a change in price signals to the producer to extend or contract quantity produced.

    :/ I would love for a mark-scheme to come up soon.
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    (Original post by Iceyy)
    I think I said signal as a change in price signals to the producer to extend or contract quantity produced.

    :/ I would love for a mark-scheme to come up soon.
    my bad! this is what i wrote, for my definition i explained that it had 3 functions.
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    (Original post by Iceyy)
    I think I said signal as a change in price signals to the producer to extend or contract quantity produced.

    :/ I would love for a mark-scheme to come up soon.
    Yeah thats what i thought! lol , did you do q10 by any chance??
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    I did, however that was the questino which I left til the end of the exam as my head couldn't get around it in the 30th minute.

    You don't know the options do you? I eliminated that it was a public good though which was option A.
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    (Original post by Iceyy)
    I did, however that was the questino which I left til the end of the exam as my head couldn't get around it in the 30th minute.

    You don't know the options do you? I eliminated that it was a public good though which was option A.
    Urm i think public good was for the pension question tbh, i was gonna ask fo q 10 part a did you get two shifts in demand and supply for the diagram?
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    (Original post by Wa 007)
    Urm i think public good was for the pension question tbh, i was gonna ask fo q 10 part a did you get two shifts in demand and supply for the diagram?
    Oh my bad, for some reason I got confused between Question 8 and 10. No, I did question 9 about the rise in tuition fees.

    Part a and b were piss easy, but c,d,e will be the difference between me getting an A and me getting a D.
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    (Original post by Iceyy)
    Oh my bad, for some reason I got confused between Question 8 and 10. No, I did question 9 about the rise in tuition fees.

    Part a and b were piss easy, but c,d,e will be the difference between me getting an A and me getting a D.
    ahh right, no worries, back to short answers did you get D for the first question that the PPF shifts outwards?
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    I thought it was much harder than previous years and got a few of the SC muddled up at the beginning :mad:
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    (Original post by Wa 007)
    ahh right, no worries, back to short answers did you get D for the first question that the PPF shifts outwards?
    Oh god, no. Uhmm, W to Z or something which was the two points inside the PPF because it increased the EFFICIENCY of the resources used.

    Tbh, I really need to see the question paper because I can't clearly remember the questions and answers to many of them =/
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    (Original post by Iceyy)
    Oh god, no. Uhmm, W to Z or something which was the two points inside the PPF because it increased the EFFICIENCY of the resources used.

    Tbh, I really need to see the question paper because I can't clearly remember the questions and answers to many of them =/
    I put that too

    I think the Pensions one was the assymetric information because for people who work in the private sector pensions aren't public goods?
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    i put public goods for that question ^ and yeah i put the 2 points inside the PPF
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    I did the 2009 mock paper as revision and half of the same stuff came up in the multi choice

    The essays were more frustrating though - I forgot to define terms.
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    Oh okay anyways i put assymetric info for the pensioners too, but who s gonna post the paper?
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    (Original post by Spaz Man)
    I did the 2009 mock paper as revision and half of the same stuff came up in the multi choice

    The essays were more frustrating though - I forgot to define terms.
    Which question did you do?
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    I found that paper really hard. Short questions were horrible. Usually there is something about positive / normative statements, XED , consumer / producer surplus, supply / demand or some calculation. None of those came up!
    And I did the commodity question. The last question about EC was not good at all. I just wrote down definitions, tried to give examples, diagram and an explanation of diagram. I had no idea what are the ECs of those genetaically modified crops...

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Updated: August 24, 2012
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