AQA A2 Economics Unit 3 - 12th June 2012 PM
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Original post by tarek1
Here are a list of questions that is everything you need to know in Unit 3 Micro.
Chapter 10
List examples of market failure.
How can the government intervene in markets to correct market failure.
Causes of government failure.
Problems with environmental taxation.
Ways to interven to solve environmental market failure.
Define the tragedy of the commons.
What is cost benefit analysis.
What are the limitations of cost benefits analysis.
Chapter 9
What are the two forms of wealth.
What are sources of wealth.
How to measure income inequality.
Types of poverty.
Causes of poverty.
How can the government intervene to tackle poverty and inequality.
What are the determinants of wage rates.
Explain economics rent and transfer earnings.
Draw a graph of a monopsonist market.
Draw a graph of a monopsonist market with trade union intervention.
What are the types of wage differentials.
Chapter 8
What are the factors that effect demand in the labour market.
Draw and explain marginal revenue product.
What determines elasticity of demand for labour.
Factors that effect supply and demand.
Factors that effect elasticity of supply of labour.
Explain the substitution and income effect.
what is the backward bending labour supply curve.
Chapter 6
What are imperfect markets.
How to monitor monopoly powers.
Which organisations are responsible for monitoring monopoly powers.
How to intervene in monopoly markets.
Why do mergers occur.
Types of restrictive trade practices.
What are the benefits and drawbacks of nationalisation.
Benefits and drawbacks of privatisation.
What are public private partnerships.
What is a private finance initiative.
Explain characteristics of contestable markets.
What are the types of barriers to entry in markets.
Benefits and drawbacks of the theory of contestable markets.
Chapter 5
How can incumbent firms in a market form barriers to entry.
What are competitive oligopolies.
Explain the kinked demand curve.
What are the forms of non price competition.
Explain game theory and the prisoners dilemma.
What are the types of collusion.
List anticompetitive trade practices.
Chapter 4
Draw a monopoly diagram.
Sources of monopoly powers.
What are the range of pricing techniques and draw them on a monopoly diagram.
Define natural monopoly.
Explain minimum efficient scale.
Benefits and drawbacks of monopoly powers.
Explain price discrimination.
What are the conditions of price discrimination.
Methods of price discrimination.
Types of price discrimination.
What are the benefits and drawbacks of price discrimination on both consumers and producers.
Chapter 3
What are the characteristics of a perfectly competitive market.
Define allocative efficiency.
Define productive efficiency.
Explain how a firm can make supernormal profits in the short run and normal profits in the long run.
Define static efficiency.
Draw a loss making firm in a graph, and explain it.
What is the structure, performance and conduct model.
What is dynamic efficiency.
Chapter 2
Define marginal, average and total revenue.
What are the assumptions of a perfectly competitive market.
Draw an imperfect market graph.
Define sales maximisation and draw it on a graph.
What are the problems with profit maximisation.
Explain the the theory of divorce of ownership, and the principle agent problem.
What are the ways in which a firm can grow.
What are the things to consider when planning to grow.
Define innovation and invention.
Chapter 1
Define the law of diminishing returns.
What are the main costs of production.
Explain marginal product using a graph.
Explain marginal cost using a graph.
What are the different returns to scales of production.
Thats about it I think. Trust me, if you know the answers to all of these questions, then you will be fine for the exam. If anyone has any problems with the questions, just let me know and I can tell you, I have all the answers.
Chapter 10
List examples of market failure.
How can the government intervene in markets to correct market failure.
Causes of government failure.
Problems with environmental taxation.
Ways to interven to solve environmental market failure.
Define the tragedy of the commons.
What is cost benefit analysis.
What are the limitations of cost benefits analysis.
Chapter 9
What are the two forms of wealth.
What are sources of wealth.
How to measure income inequality.
Types of poverty.
Causes of poverty.
How can the government intervene to tackle poverty and inequality.
What are the determinants of wage rates.
Explain economics rent and transfer earnings.
Draw a graph of a monopsonist market.
Draw a graph of a monopsonist market with trade union intervention.
What are the types of wage differentials.
Chapter 8
What are the factors that effect demand in the labour market.
Draw and explain marginal revenue product.
What determines elasticity of demand for labour.
Factors that effect supply and demand.
Factors that effect elasticity of supply of labour.
Explain the substitution and income effect.
what is the backward bending labour supply curve.
Chapter 6
What are imperfect markets.
How to monitor monopoly powers.
Which organisations are responsible for monitoring monopoly powers.
How to intervene in monopoly markets.
Why do mergers occur.
Types of restrictive trade practices.
What are the benefits and drawbacks of nationalisation.
Benefits and drawbacks of privatisation.
What are public private partnerships.
What is a private finance initiative.
Explain characteristics of contestable markets.
What are the types of barriers to entry in markets.
Benefits and drawbacks of the theory of contestable markets.
Chapter 5
How can incumbent firms in a market form barriers to entry.
What are competitive oligopolies.
Explain the kinked demand curve.
What are the forms of non price competition.
Explain game theory and the prisoners dilemma.
What are the types of collusion.
List anticompetitive trade practices.
Chapter 4
Draw a monopoly diagram.
Sources of monopoly powers.
What are the range of pricing techniques and draw them on a monopoly diagram.
Define natural monopoly.
Explain minimum efficient scale.
Benefits and drawbacks of monopoly powers.
Explain price discrimination.
What are the conditions of price discrimination.
Methods of price discrimination.
Types of price discrimination.
What are the benefits and drawbacks of price discrimination on both consumers and producers.
Chapter 3
What are the characteristics of a perfectly competitive market.
Define allocative efficiency.
Define productive efficiency.
Explain how a firm can make supernormal profits in the short run and normal profits in the long run.
Define static efficiency.
Draw a loss making firm in a graph, and explain it.
What is the structure, performance and conduct model.
What is dynamic efficiency.
Chapter 2
Define marginal, average and total revenue.
What are the assumptions of a perfectly competitive market.
Draw an imperfect market graph.
Define sales maximisation and draw it on a graph.
What are the problems with profit maximisation.
Explain the the theory of divorce of ownership, and the principle agent problem.
What are the ways in which a firm can grow.
What are the things to consider when planning to grow.
Define innovation and invention.
Chapter 1
Define the law of diminishing returns.
What are the main costs of production.
Explain marginal product using a graph.
Explain marginal cost using a graph.
What are the different returns to scales of production.
Thats about it I think. Trust me, if you know the answers to all of these questions, then you will be fine for the exam. If anyone has any problems with the questions, just let me know and I can tell you, I have all the answers.
can you PM me the answers please?? thanks
Bricking it for this exam.
I start by writing up the whole book in my own way.
Then plan all the various types of questions they can ask
Make sure i can answer all the different questions and understand what kind of exam technique to use.
Re-sat Econ 1 on may 18th for the 3rd time. It went really well, although i did only just finish it. I did the 2nd question about the NHS. Made a few errors in part saying it was a public good and showing excess demand as standard rather than free at the point of use. but other than wrote some quite good stuff.
Resitting Econ 4 for the second time this time. I didn't really put a lot of effort into revising it the first time and only got a D which gives me some hope of getting a B/C this time. Econ 3 is the most difficult though, very bulky unit in terms of theory. The layout of the exam isn't too standard either.
I start by writing up the whole book in my own way.
Then plan all the various types of questions they can ask
Make sure i can answer all the different questions and understand what kind of exam technique to use.
Re-sat Econ 1 on may 18th for the 3rd time. It went really well, although i did only just finish it. I did the 2nd question about the NHS. Made a few errors in part saying it was a public good and showing excess demand as standard rather than free at the point of use. but other than wrote some quite good stuff.
Resitting Econ 4 for the second time this time. I didn't really put a lot of effort into revising it the first time and only got a D which gives me some hope of getting a B/C this time. Econ 3 is the most difficult though, very bulky unit in terms of theory. The layout of the exam isn't too standard either.
Original post by scottb3scott
Bricking it for this exam.
I start by writing up the whole book in my own way.
Then plan all the various types of questions they can ask
Make sure i can answer all the different questions and understand what kind of exam technique to use.
Re-sat Econ 1 on may 18th for the 3rd time. It went really well, although i did only just finish it. I did the 2nd question about the NHS. Made a few errors in part saying it was a public good and showing excess demand as standard rather than free at the point of use. but other than wrote some quite good stuff.
Resitting Econ 4 for the second time this time. I didn't really put a lot of effort into revising it the first time and only got a D which gives me some hope of getting a B/C this time. Econ 3 is the most difficult though, very bulky unit in terms of theory. The layout of the exam isn't too standard either.
I start by writing up the whole book in my own way.
Then plan all the various types of questions they can ask
Make sure i can answer all the different questions and understand what kind of exam technique to use.
Re-sat Econ 1 on may 18th for the 3rd time. It went really well, although i did only just finish it. I did the 2nd question about the NHS. Made a few errors in part saying it was a public good and showing excess demand as standard rather than free at the point of use. but other than wrote some quite good stuff.
Resitting Econ 4 for the second time this time. I didn't really put a lot of effort into revising it the first time and only got a D which gives me some hope of getting a B/C this time. Econ 3 is the most difficult though, very bulky unit in terms of theory. The layout of the exam isn't too standard either.
sounds good.
I think you should try harder for Econ 4 as it's fairly easy to score highly and offset and poor module scores. Yeah, Econ 3 is hard, but I guess it's all about preparation, I just hope the question in context a isn't something stupid like those in Jan 12. GB's are good aswell, I think you can lose about 20 marks and still get an A.
Original post by tarek1
Here are a list of questions that is everything you need to know in Unit 3 Micro.
Chapter 10
List examples of market failure.
How can the government intervene in markets to correct market failure.
Causes of government failure.
Problems with environmental taxation.
Ways to interven to solve environmental market failure.
Define the tragedy of the commons.
What is cost benefit analysis.
What are the limitations of cost benefits analysis.
Chapter 9
What are the two forms of wealth.
What are sources of wealth.
How to measure income inequality.
Types of poverty.
Causes of poverty.
How can the government intervene to tackle poverty and inequality.
What are the determinants of wage rates.
Explain economics rent and transfer earnings.
Draw a graph of a monopsonist market.
Draw a graph of a monopsonist market with trade union intervention.
What are the types of wage differentials.
Chapter 8
What are the factors that effect demand in the labour market.
Draw and explain marginal revenue product.
What determines elasticity of demand for labour.
Factors that effect supply and demand.
Factors that effect elasticity of supply of labour.
Explain the substitution and income effect.
what is the backward bending labour supply curve.
Chapter 6
What are imperfect markets.
How to monitor monopoly powers.
Which organisations are responsible for monitoring monopoly powers.
How to intervene in monopoly markets.
Why do mergers occur.
Types of restrictive trade practices.
What are the benefits and drawbacks of nationalisation.
Benefits and drawbacks of privatisation.
What are public private partnerships.
What is a private finance initiative.
Explain characteristics of contestable markets.
What are the types of barriers to entry in markets.
Benefits and drawbacks of the theory of contestable markets.
Chapter 5
How can incumbent firms in a market form barriers to entry.
What are competitive oligopolies.
Explain the kinked demand curve.
What are the forms of non price competition.
Explain game theory and the prisoners dilemma.
What are the types of collusion.
List anticompetitive trade practices.
Chapter 4
Draw a monopoly diagram.
Sources of monopoly powers.
What are the range of pricing techniques and draw them on a monopoly diagram.
Define natural monopoly.
Explain minimum efficient scale.
Benefits and drawbacks of monopoly powers.
Explain price discrimination.
What are the conditions of price discrimination.
Methods of price discrimination.
Types of price discrimination.
What are the benefits and drawbacks of price discrimination on both consumers and producers.
Chapter 3
What are the characteristics of a perfectly competitive market.
Define allocative efficiency.
Define productive efficiency.
Explain how a firm can make supernormal profits in the short run and normal profits in the long run.
Define static efficiency.
Draw a loss making firm in a graph, and explain it.
What is the structure, performance and conduct model.
What is dynamic efficiency.
Chapter 2
Define marginal, average and total revenue.
What are the assumptions of a perfectly competitive market.
Draw an imperfect market graph.
Define sales maximisation and draw it on a graph.
What are the problems with profit maximisation.
Explain the the theory of divorce of ownership, and the principle agent problem.
What are the ways in which a firm can grow.
What are the things to consider when planning to grow.
Define innovation and invention.
Chapter 1
Define the law of diminishing returns.
What are the main costs of production.
Explain marginal product using a graph.
Explain marginal cost using a graph.
What are the different returns to scales of production.
Thats about it I think. Trust me, if you know the answers to all of these questions, then you will be fine for the exam. If anyone has any problems with the questions, just let me know and I can tell you, I have all the answers.
Chapter 10
List examples of market failure.
How can the government intervene in markets to correct market failure.
Causes of government failure.
Problems with environmental taxation.
Ways to interven to solve environmental market failure.
Define the tragedy of the commons.
What is cost benefit analysis.
What are the limitations of cost benefits analysis.
Chapter 9
What are the two forms of wealth.
What are sources of wealth.
How to measure income inequality.
Types of poverty.
Causes of poverty.
How can the government intervene to tackle poverty and inequality.
What are the determinants of wage rates.
Explain economics rent and transfer earnings.
Draw a graph of a monopsonist market.
Draw a graph of a monopsonist market with trade union intervention.
What are the types of wage differentials.
Chapter 8
What are the factors that effect demand in the labour market.
Draw and explain marginal revenue product.
What determines elasticity of demand for labour.
Factors that effect supply and demand.
Factors that effect elasticity of supply of labour.
Explain the substitution and income effect.
what is the backward bending labour supply curve.
Chapter 6
What are imperfect markets.
How to monitor monopoly powers.
Which organisations are responsible for monitoring monopoly powers.
How to intervene in monopoly markets.
Why do mergers occur.
Types of restrictive trade practices.
What are the benefits and drawbacks of nationalisation.
Benefits and drawbacks of privatisation.
What are public private partnerships.
What is a private finance initiative.
Explain characteristics of contestable markets.
What are the types of barriers to entry in markets.
Benefits and drawbacks of the theory of contestable markets.
Chapter 5
How can incumbent firms in a market form barriers to entry.
What are competitive oligopolies.
Explain the kinked demand curve.
What are the forms of non price competition.
Explain game theory and the prisoners dilemma.
What are the types of collusion.
List anticompetitive trade practices.
Chapter 4
Draw a monopoly diagram.
Sources of monopoly powers.
What are the range of pricing techniques and draw them on a monopoly diagram.
Define natural monopoly.
Explain minimum efficient scale.
Benefits and drawbacks of monopoly powers.
Explain price discrimination.
What are the conditions of price discrimination.
Methods of price discrimination.
Types of price discrimination.
What are the benefits and drawbacks of price discrimination on both consumers and producers.
Chapter 3
What are the characteristics of a perfectly competitive market.
Define allocative efficiency.
Define productive efficiency.
Explain how a firm can make supernormal profits in the short run and normal profits in the long run.
Define static efficiency.
Draw a loss making firm in a graph, and explain it.
What is the structure, performance and conduct model.
What is dynamic efficiency.
Chapter 2
Define marginal, average and total revenue.
What are the assumptions of a perfectly competitive market.
Draw an imperfect market graph.
Define sales maximisation and draw it on a graph.
What are the problems with profit maximisation.
Explain the the theory of divorce of ownership, and the principle agent problem.
What are the ways in which a firm can grow.
What are the things to consider when planning to grow.
Define innovation and invention.
Chapter 1
Define the law of diminishing returns.
What are the main costs of production.
Explain marginal product using a graph.
Explain marginal cost using a graph.
What are the different returns to scales of production.
Thats about it I think. Trust me, if you know the answers to all of these questions, then you will be fine for the exam. If anyone has any problems with the questions, just let me know and I can tell you, I have all the answers.
Please could you put the answers up or PM me! Thanks in advance
Sorry for multiple posts (I'm on phone) but could someone explain why a monopolists demand curve is elastic at the top, unit elastic in the middle and inelastic toward the bottom? Surely as the gradient is the elasticity and gradient is constant, the elasticity should be the same at all positions on the curve?
Thanks in advance. If anyone needs to see a picture and has the 'Ray Powell' AQA (big) book, it is the last page of chapter 4. Cheers
Thanks in advance. If anyone needs to see a picture and has the 'Ray Powell' AQA (big) book, it is the last page of chapter 4. Cheers
Original post by tarek1
Anyone have any ideas on how to evaluate in Unit 3??
Made myself a list of things you can apply to any question:
1. In the intro, always define at least one term.
2. Note words like "always" or "inevitably" - they want you to evaluate whether it will ALWAYS happen or whether in some circumstances (e.g. in monopoly but not PC) it will not.
3. Conclude which argument is the most important/most likely to happen.
4. Short term vs long term
5. Depends on the type of firm
6. Market failure vs gvt failure (which is more desirable)
Original post by NerdyMcNerdNerd
Sorry for multiple posts (I'm on phone) but could someone explain why a monopolists demand curve is elastic at the top, unit elastic in the middle and inelastic toward the bottom? Surely as the gradient is the elasticity and gradient is constant, the elasticity should be the same at all positions on the curve?
Thanks in advance. If anyone needs to see a picture and has the 'Ray Powell' AQA (big) book, it is the last page of chapter 4. Cheers
Thanks in advance. If anyone needs to see a picture and has the 'Ray Powell' AQA (big) book, it is the last page of chapter 4. Cheers
Are you talking about the kinked demand curve, for and oligopoly. A monopoly's demand/ AR curve doesn't have different elasticities in theory, its just one straight line.
Original post by tarek1
Here are a list of questions that is everything you need to know in Unit 3 Micro.
Chapter 10
List examples of market failure.
How can the government intervene in markets to correct market failure.
Causes of government failure.
Problems with environmental taxation.
Ways to interven to solve environmental market failure.
Define the tragedy of the commons.
What is cost benefit analysis.
What are the limitations of cost benefits analysis.
Chapter 9
What are the two forms of wealth.
What are sources of wealth.
How to measure income inequality.
Types of poverty.
Causes of poverty.
How can the government intervene to tackle poverty and inequality.
What are the determinants of wage rates.
Explain economics rent and transfer earnings.
Draw a graph of a monopsonist market.
Draw a graph of a monopsonist market with trade union intervention.
What are the types of wage differentials.
Chapter 8
What are the factors that effect demand in the labour market.
Draw and explain marginal revenue product.
What determines elasticity of demand for labour.
Factors that effect supply and demand.
Factors that effect elasticity of supply of labour.
Explain the substitution and income effect.
what is the backward bending labour supply curve.
Chapter 6
What are imperfect markets.
How to monitor monopoly powers.
Which organisations are responsible for monitoring monopoly powers.
How to intervene in monopoly markets.
Why do mergers occur.
Types of restrictive trade practices.
What are the benefits and drawbacks of nationalisation.
Benefits and drawbacks of privatisation.
What are public private partnerships.
What is a private finance initiative.
Explain characteristics of contestable markets.
What are the types of barriers to entry in markets.
Benefits and drawbacks of the theory of contestable markets.
Chapter 5
How can incumbent firms in a market form barriers to entry.
What are competitive oligopolies.
Explain the kinked demand curve.
What are the forms of non price competition.
Explain game theory and the prisoners dilemma.
What are the types of collusion.
List anticompetitive trade practices.
Chapter 4
Draw a monopoly diagram.
Sources of monopoly powers.
What are the range of pricing techniques and draw them on a monopoly diagram.
Define natural monopoly.
Explain minimum efficient scale.
Benefits and drawbacks of monopoly powers.
Explain price discrimination.
What are the conditions of price discrimination.
Methods of price discrimination.
Types of price discrimination.
What are the benefits and drawbacks of price discrimination on both consumers and producers.
Chapter 3
What are the characteristics of a perfectly competitive market.
Define allocative efficiency.
Define productive efficiency.
Explain how a firm can make supernormal profits in the short run and normal profits in the long run.
Define static efficiency.
Draw a loss making firm in a graph, and explain it.
What is the structure, performance and conduct model.
What is dynamic efficiency.
Chapter 2
Define marginal, average and total revenue.
What are the assumptions of a perfectly competitive market.
Draw an imperfect market graph.
Define sales maximisation and draw it on a graph.
What are the problems with profit maximisation.
Explain the the theory of divorce of ownership, and the principle agent problem.
What are the ways in which a firm can grow.
What are the things to consider when planning to grow.
Define innovation and invention.
Chapter 1
Define the law of diminishing returns.
What are the main costs of production.
Explain marginal product using a graph.
Explain marginal cost using a graph.
What are the different returns to scales of production.
Thats about it I think. Trust me, if you know the answers to all of these questions, then you will be fine for the exam. If anyone has any problems with the questions, just let me know and I can tell you, I have all the answers.
Chapter 10
List examples of market failure.
How can the government intervene in markets to correct market failure.
Causes of government failure.
Problems with environmental taxation.
Ways to interven to solve environmental market failure.
Define the tragedy of the commons.
What is cost benefit analysis.
What are the limitations of cost benefits analysis.
Chapter 9
What are the two forms of wealth.
What are sources of wealth.
How to measure income inequality.
Types of poverty.
Causes of poverty.
How can the government intervene to tackle poverty and inequality.
What are the determinants of wage rates.
Explain economics rent and transfer earnings.
Draw a graph of a monopsonist market.
Draw a graph of a monopsonist market with trade union intervention.
What are the types of wage differentials.
Chapter 8
What are the factors that effect demand in the labour market.
Draw and explain marginal revenue product.
What determines elasticity of demand for labour.
Factors that effect supply and demand.
Factors that effect elasticity of supply of labour.
Explain the substitution and income effect.
what is the backward bending labour supply curve.
Chapter 6
What are imperfect markets.
How to monitor monopoly powers.
Which organisations are responsible for monitoring monopoly powers.
How to intervene in monopoly markets.
Why do mergers occur.
Types of restrictive trade practices.
What are the benefits and drawbacks of nationalisation.
Benefits and drawbacks of privatisation.
What are public private partnerships.
What is a private finance initiative.
Explain characteristics of contestable markets.
What are the types of barriers to entry in markets.
Benefits and drawbacks of the theory of contestable markets.
Chapter 5
How can incumbent firms in a market form barriers to entry.
What are competitive oligopolies.
Explain the kinked demand curve.
What are the forms of non price competition.
Explain game theory and the prisoners dilemma.
What are the types of collusion.
List anticompetitive trade practices.
Chapter 4
Draw a monopoly diagram.
Sources of monopoly powers.
What are the range of pricing techniques and draw them on a monopoly diagram.
Define natural monopoly.
Explain minimum efficient scale.
Benefits and drawbacks of monopoly powers.
Explain price discrimination.
What are the conditions of price discrimination.
Methods of price discrimination.
Types of price discrimination.
What are the benefits and drawbacks of price discrimination on both consumers and producers.
Chapter 3
What are the characteristics of a perfectly competitive market.
Define allocative efficiency.
Define productive efficiency.
Explain how a firm can make supernormal profits in the short run and normal profits in the long run.
Define static efficiency.
Draw a loss making firm in a graph, and explain it.
What is the structure, performance and conduct model.
What is dynamic efficiency.
Chapter 2
Define marginal, average and total revenue.
What are the assumptions of a perfectly competitive market.
Draw an imperfect market graph.
Define sales maximisation and draw it on a graph.
What are the problems with profit maximisation.
Explain the the theory of divorce of ownership, and the principle agent problem.
What are the ways in which a firm can grow.
What are the things to consider when planning to grow.
Define innovation and invention.
Chapter 1
Define the law of diminishing returns.
What are the main costs of production.
Explain marginal product using a graph.
Explain marginal cost using a graph.
What are the different returns to scales of production.
Thats about it I think. Trust me, if you know the answers to all of these questions, then you will be fine for the exam. If anyone has any problems with the questions, just let me know and I can tell you, I have all the answers.
Hi! Thanks for that. Could I also get the answers please.
Original post by tarek1
Here are a list of questions that is everything you need to know in Unit 3 Micro.
Chapter 10
List examples of market failure.
How can the government intervene in markets to correct market failure.
Causes of government failure.
Problems with environmental taxation.
Ways to interven to solve environmental market failure.
Define the tragedy of the commons.
What is cost benefit analysis.
What are the limitations of cost benefits analysis.
Chapter 9
What are the two forms of wealth.
What are sources of wealth.
How to measure income inequality.
Types of poverty.
Causes of poverty.
How can the government intervene to tackle poverty and inequality.
What are the determinants of wage rates.
Explain economics rent and transfer earnings.
Draw a graph of a monopsonist market.
Draw a graph of a monopsonist market with trade union intervention.
What are the types of wage differentials.
Chapter 8
What are the factors that effect demand in the labour market.
Draw and explain marginal revenue product.
What determines elasticity of demand for labour.
Factors that effect supply and demand.
Factors that effect elasticity of supply of labour.
Explain the substitution and income effect.
what is the backward bending labour supply curve.
Chapter 6
What are imperfect markets.
How to monitor monopoly powers.
Which organisations are responsible for monitoring monopoly powers.
How to intervene in monopoly markets.
Why do mergers occur.
Types of restrictive trade practices.
What are the benefits and drawbacks of nationalisation.
Benefits and drawbacks of privatisation.
What are public private partnerships.
What is a private finance initiative.
Explain characteristics of contestable markets.
What are the types of barriers to entry in markets.
Benefits and drawbacks of the theory of contestable markets.
Chapter 5
How can incumbent firms in a market form barriers to entry.
What are competitive oligopolies.
Explain the kinked demand curve.
What are the forms of non price competition.
Explain game theory and the prisoners dilemma.
What are the types of collusion.
List anticompetitive trade practices.
Chapter 4
Draw a monopoly diagram.
Sources of monopoly powers.
What are the range of pricing techniques and draw them on a monopoly diagram.
Define natural monopoly.
Explain minimum efficient scale.
Benefits and drawbacks of monopoly powers.
Explain price discrimination.
What are the conditions of price discrimination.
Methods of price discrimination.
Types of price discrimination.
What are the benefits and drawbacks of price discrimination on both consumers and producers.
Chapter 3
What are the characteristics of a perfectly competitive market.
Define allocative efficiency.
Define productive efficiency.
Explain how a firm can make supernormal profits in the short run and normal profits in the long run.
Define static efficiency.
Draw a loss making firm in a graph, and explain it.
What is the structure, performance and conduct model.
What is dynamic efficiency.
Chapter 2
Define marginal, average and total revenue.
What are the assumptions of a perfectly competitive market.
Draw an imperfect market graph.
Define sales maximisation and draw it on a graph.
What are the problems with profit maximisation.
Explain the the theory of divorce of ownership, and the principle agent problem.
What are the ways in which a firm can grow.
What are the things to consider when planning to grow.
Define innovation and invention.
Chapter 1
Define the law of diminishing returns.
What are the main costs of production.
Explain marginal product using a graph.
Explain marginal cost using a graph.
What are the different returns to scales of production.
Thats about it I think. Trust me, if you know the answers to all of these questions, then you will be fine for the exam. If anyone has any problems with the questions, just let me know and I can tell you, I have all the answers.
Chapter 10
List examples of market failure.
How can the government intervene in markets to correct market failure.
Causes of government failure.
Problems with environmental taxation.
Ways to interven to solve environmental market failure.
Define the tragedy of the commons.
What is cost benefit analysis.
What are the limitations of cost benefits analysis.
Chapter 9
What are the two forms of wealth.
What are sources of wealth.
How to measure income inequality.
Types of poverty.
Causes of poverty.
How can the government intervene to tackle poverty and inequality.
What are the determinants of wage rates.
Explain economics rent and transfer earnings.
Draw a graph of a monopsonist market.
Draw a graph of a monopsonist market with trade union intervention.
What are the types of wage differentials.
Chapter 8
What are the factors that effect demand in the labour market.
Draw and explain marginal revenue product.
What determines elasticity of demand for labour.
Factors that effect supply and demand.
Factors that effect elasticity of supply of labour.
Explain the substitution and income effect.
what is the backward bending labour supply curve.
Chapter 6
What are imperfect markets.
How to monitor monopoly powers.
Which organisations are responsible for monitoring monopoly powers.
How to intervene in monopoly markets.
Why do mergers occur.
Types of restrictive trade practices.
What are the benefits and drawbacks of nationalisation.
Benefits and drawbacks of privatisation.
What are public private partnerships.
What is a private finance initiative.
Explain characteristics of contestable markets.
What are the types of barriers to entry in markets.
Benefits and drawbacks of the theory of contestable markets.
Chapter 5
How can incumbent firms in a market form barriers to entry.
What are competitive oligopolies.
Explain the kinked demand curve.
What are the forms of non price competition.
Explain game theory and the prisoners dilemma.
What are the types of collusion.
List anticompetitive trade practices.
Chapter 4
Draw a monopoly diagram.
Sources of monopoly powers.
What are the range of pricing techniques and draw them on a monopoly diagram.
Define natural monopoly.
Explain minimum efficient scale.
Benefits and drawbacks of monopoly powers.
Explain price discrimination.
What are the conditions of price discrimination.
Methods of price discrimination.
Types of price discrimination.
What are the benefits and drawbacks of price discrimination on both consumers and producers.
Chapter 3
What are the characteristics of a perfectly competitive market.
Define allocative efficiency.
Define productive efficiency.
Explain how a firm can make supernormal profits in the short run and normal profits in the long run.
Define static efficiency.
Draw a loss making firm in a graph, and explain it.
What is the structure, performance and conduct model.
What is dynamic efficiency.
Chapter 2
Define marginal, average and total revenue.
What are the assumptions of a perfectly competitive market.
Draw an imperfect market graph.
Define sales maximisation and draw it on a graph.
What are the problems with profit maximisation.
Explain the the theory of divorce of ownership, and the principle agent problem.
What are the ways in which a firm can grow.
What are the things to consider when planning to grow.
Define innovation and invention.
Chapter 1
Define the law of diminishing returns.
What are the main costs of production.
Explain marginal product using a graph.
Explain marginal cost using a graph.
What are the different returns to scales of production.
Thats about it I think. Trust me, if you know the answers to all of these questions, then you will be fine for the exam. If anyone has any problems with the questions, just let me know and I can tell you, I have all the answers.
yea... could you private message me the answers too pleaseee
Original post by leej11
Hey guys, can you use an externality diagram for poverty? Which one too? becuse I think its underconsumption .. since private benefit is lower than social benefit? (Aka they dont get education, food, shelter, health ... (or enough of it)) Cheers bruvs
I would've thought you could - except a negative externalities diagram (so you're talking about private and social costs )
Original post by 1L8A7D9
Increasing returns to scale ~ economies of scale
Constant returns to scale ~ minimum efficient scale
Decreasing returns to scale ~ diseconomies of scale
Do these mean the same thing? IE is increasing returns to scale the same as economies of scale?
Constant returns to scale ~ minimum efficient scale
Decreasing returns to scale ~ diseconomies of scale
Do these mean the same thing? IE is increasing returns to scale the same as economies of scale?
Returns to scale is looking at the MC curve, economies of scale is looking at the AC curve. so here:
where MC is decreasing is returns to scale (each extra worker gets more done), when it increases is diminishing returns to scale (each extra worker is less efficient). where AC decreases is EOS, where it increases is DOS.
Original post by tarek1
Here are a list of questions that is everything you need to know in Unit 3 Micro.
Chapter 10
Thats about it I think. Trust me, if you know the answers to all of these questions, then you will be fine for the exam. If anyone has any problems with the questions, just let me know and I can tell you, I have all the answers.
Chapter 10
Thats about it I think. Trust me, if you know the answers to all of these questions, then you will be fine for the exam. If anyone has any problems with the questions, just let me know and I can tell you, I have all the answers.
Thank you so much, but could you please put the answers up; I think we could all benefit from that.
+rep gone your way
Original post by tarek1
Here are a list of questions that is everything you need to know in Unit 3 Micro.
Chapter 10
List examples of market failure.
How can the government intervene in markets to correct market failure.
Causes of government failure.
Problems with environmental taxation.
Ways to interven to solve environmental market failure.
Define the tragedy of the commons.
What is cost benefit analysis.
What are the limitations of cost benefits analysis.
Chapter 9
What are the two forms of wealth.
What are sources of wealth.
How to measure income inequality.
Types of poverty.
Causes of poverty.
How can the government intervene to tackle poverty and inequality.
What are the determinants of wage rates.
Explain economics rent and transfer earnings.
Draw a graph of a monopsonist market.
Draw a graph of a monopsonist market with trade union intervention.
What are the types of wage differentials.
Chapter 8
What are the factors that effect demand in the labour market.
Draw and explain marginal revenue product.
What determines elasticity of demand for labour.
Factors that effect supply and demand.
Factors that effect elasticity of supply of labour.
Explain the substitution and income effect.
what is the backward bending labour supply curve.
Chapter 6
What are imperfect markets.
How to monitor monopoly powers.
Which organisations are responsible for monitoring monopoly powers.
How to intervene in monopoly markets.
Why do mergers occur.
Types of restrictive trade practices.
What are the benefits and drawbacks of nationalisation.
Benefits and drawbacks of privatisation.
What are public private partnerships.
What is a private finance initiative.
Explain characteristics of contestable markets.
What are the types of barriers to entry in markets.
Benefits and drawbacks of the theory of contestable markets.
Chapter 5
How can incumbent firms in a market form barriers to entry.
What are competitive oligopolies.
Explain the kinked demand curve.
What are the forms of non price competition.
Explain game theory and the prisoners dilemma.
What are the types of collusion.
List anticompetitive trade practices.
Chapter 4
Draw a monopoly diagram.
Sources of monopoly powers.
What are the range of pricing techniques and draw them on a monopoly diagram.
Define natural monopoly.
Explain minimum efficient scale.
Benefits and drawbacks of monopoly powers.
Explain price discrimination.
What are the conditions of price discrimination.
Methods of price discrimination.
Types of price discrimination.
What are the benefits and drawbacks of price discrimination on both consumers and producers.
Chapter 3
What are the characteristics of a perfectly competitive market.
Define allocative efficiency.
Define productive efficiency.
Explain how a firm can make supernormal profits in the short run and normal profits in the long run.
Define static efficiency.
Draw a loss making firm in a graph, and explain it.
What is the structure, performance and conduct model.
What is dynamic efficiency.
Chapter 2
Define marginal, average and total revenue.
What are the assumptions of a perfectly competitive market.
Draw an imperfect market graph.
Define sales maximisation and draw it on a graph.
What are the problems with profit maximisation.
Explain the the theory of divorce of ownership, and the principle agent problem.
What are the ways in which a firm can grow.
What are the things to consider when planning to grow.
Define innovation and invention.
Chapter 1
Define the law of diminishing returns.
What are the main costs of production.
Explain marginal product using a graph.
Explain marginal cost using a graph.
What are the different returns to scales of production.
Thats about it I think. Trust me, if you know the answers to all of these questions, then you will be fine for the exam. If anyone has any problems with the questions, just let me know and I can tell you, I have all the answers.
Chapter 10
List examples of market failure.
How can the government intervene in markets to correct market failure.
Causes of government failure.
Problems with environmental taxation.
Ways to interven to solve environmental market failure.
Define the tragedy of the commons.
What is cost benefit analysis.
What are the limitations of cost benefits analysis.
Chapter 9
What are the two forms of wealth.
What are sources of wealth.
How to measure income inequality.
Types of poverty.
Causes of poverty.
How can the government intervene to tackle poverty and inequality.
What are the determinants of wage rates.
Explain economics rent and transfer earnings.
Draw a graph of a monopsonist market.
Draw a graph of a monopsonist market with trade union intervention.
What are the types of wage differentials.
Chapter 8
What are the factors that effect demand in the labour market.
Draw and explain marginal revenue product.
What determines elasticity of demand for labour.
Factors that effect supply and demand.
Factors that effect elasticity of supply of labour.
Explain the substitution and income effect.
what is the backward bending labour supply curve.
Chapter 6
What are imperfect markets.
How to monitor monopoly powers.
Which organisations are responsible for monitoring monopoly powers.
How to intervene in monopoly markets.
Why do mergers occur.
Types of restrictive trade practices.
What are the benefits and drawbacks of nationalisation.
Benefits and drawbacks of privatisation.
What are public private partnerships.
What is a private finance initiative.
Explain characteristics of contestable markets.
What are the types of barriers to entry in markets.
Benefits and drawbacks of the theory of contestable markets.
Chapter 5
How can incumbent firms in a market form barriers to entry.
What are competitive oligopolies.
Explain the kinked demand curve.
What are the forms of non price competition.
Explain game theory and the prisoners dilemma.
What are the types of collusion.
List anticompetitive trade practices.
Chapter 4
Draw a monopoly diagram.
Sources of monopoly powers.
What are the range of pricing techniques and draw them on a monopoly diagram.
Define natural monopoly.
Explain minimum efficient scale.
Benefits and drawbacks of monopoly powers.
Explain price discrimination.
What are the conditions of price discrimination.
Methods of price discrimination.
Types of price discrimination.
What are the benefits and drawbacks of price discrimination on both consumers and producers.
Chapter 3
What are the characteristics of a perfectly competitive market.
Define allocative efficiency.
Define productive efficiency.
Explain how a firm can make supernormal profits in the short run and normal profits in the long run.
Define static efficiency.
Draw a loss making firm in a graph, and explain it.
What is the structure, performance and conduct model.
What is dynamic efficiency.
Chapter 2
Define marginal, average and total revenue.
What are the assumptions of a perfectly competitive market.
Draw an imperfect market graph.
Define sales maximisation and draw it on a graph.
What are the problems with profit maximisation.
Explain the the theory of divorce of ownership, and the principle agent problem.
What are the ways in which a firm can grow.
What are the things to consider when planning to grow.
Define innovation and invention.
Chapter 1
Define the law of diminishing returns.
What are the main costs of production.
Explain marginal product using a graph.
Explain marginal cost using a graph.
What are the different returns to scales of production.
Thats about it I think. Trust me, if you know the answers to all of these questions, then you will be fine for the exam. If anyone has any problems with the questions, just let me know and I can tell you, I have all the answers.
Could you please PM me the answers. Thanks.
Original post by tarek1
Here are a list of questions that is everything you need to know in Unit 3 Micro.
Chapter 10
List examples of market failure.
How can the government intervene in markets to correct market failure.
Causes of government failure.
Problems with environmental taxation.
Ways to interven to solve environmental market failure.
Define the tragedy of the commons.
What is cost benefit analysis.
What are the limitations of cost benefits analysis.
Chapter 9
What are the two forms of wealth.
What are sources of wealth.
How to measure income inequality.
Types of poverty.
Causes of poverty.
How can the government intervene to tackle poverty and inequality.
What are the determinants of wage rates.
Explain economics rent and transfer earnings.
Draw a graph of a monopsonist market.
Draw a graph of a monopsonist market with trade union intervention.
What are the types of wage differentials.
Chapter 8
What are the factors that effect demand in the labour market.
Draw and explain marginal revenue product.
What determines elasticity of demand for labour.
Factors that effect supply and demand.
Factors that effect elasticity of supply of labour.
Explain the substitution and income effect.
what is the backward bending labour supply curve.
Chapter 6
What are imperfect markets.
How to monitor monopoly powers.
Which organisations are responsible for monitoring monopoly powers.
How to intervene in monopoly markets.
Why do mergers occur.
Types of restrictive trade practices.
What are the benefits and drawbacks of nationalisation.
Benefits and drawbacks of privatisation.
What are public private partnerships.
What is a private finance initiative.
Explain characteristics of contestable markets.
What are the types of barriers to entry in markets.
Benefits and drawbacks of the theory of contestable markets.
Chapter 5
How can incumbent firms in a market form barriers to entry.
What are competitive oligopolies.
Explain the kinked demand curve.
What are the forms of non price competition.
Explain game theory and the prisoners dilemma.
What are the types of collusion.
List anticompetitive trade practices.
Chapter 4
Draw a monopoly diagram.
Sources of monopoly powers.
What are the range of pricing techniques and draw them on a monopoly diagram.
Define natural monopoly.
Explain minimum efficient scale.
Benefits and drawbacks of monopoly powers.
Explain price discrimination.
What are the conditions of price discrimination.
Methods of price discrimination.
Types of price discrimination.
What are the benefits and drawbacks of price discrimination on both consumers and producers.
Chapter 3
What are the characteristics of a perfectly competitive market.
Define allocative efficiency.
Define productive efficiency.
Explain how a firm can make supernormal profits in the short run and normal profits in the long run.
Define static efficiency.
Draw a loss making firm in a graph, and explain it.
What is the structure, performance and conduct model.
What is dynamic efficiency.
Chapter 2
Define marginal, average and total revenue.
What are the assumptions of a perfectly competitive market.
Draw an imperfect market graph.
Define sales maximisation and draw it on a graph.
What are the problems with profit maximisation.
Explain the the theory of divorce of ownership, and the principle agent problem.
What are the ways in which a firm can grow.
What are the things to consider when planning to grow.
Define innovation and invention.
Chapter 1
Define the law of diminishing returns.
What are the main costs of production.
Explain marginal product using a graph.
Explain marginal cost using a graph.
What are the different returns to scales of production.
Thats about it I think. Trust me, if you know the answers to all of these questions, then you will be fine for the exam. If anyone has any problems with the questions, just let me know and I can tell you, I have all the answers.
Chapter 10
List examples of market failure.
How can the government intervene in markets to correct market failure.
Causes of government failure.
Problems with environmental taxation.
Ways to interven to solve environmental market failure.
Define the tragedy of the commons.
What is cost benefit analysis.
What are the limitations of cost benefits analysis.
Chapter 9
What are the two forms of wealth.
What are sources of wealth.
How to measure income inequality.
Types of poverty.
Causes of poverty.
How can the government intervene to tackle poverty and inequality.
What are the determinants of wage rates.
Explain economics rent and transfer earnings.
Draw a graph of a monopsonist market.
Draw a graph of a monopsonist market with trade union intervention.
What are the types of wage differentials.
Chapter 8
What are the factors that effect demand in the labour market.
Draw and explain marginal revenue product.
What determines elasticity of demand for labour.
Factors that effect supply and demand.
Factors that effect elasticity of supply of labour.
Explain the substitution and income effect.
what is the backward bending labour supply curve.
Chapter 6
What are imperfect markets.
How to monitor monopoly powers.
Which organisations are responsible for monitoring monopoly powers.
How to intervene in monopoly markets.
Why do mergers occur.
Types of restrictive trade practices.
What are the benefits and drawbacks of nationalisation.
Benefits and drawbacks of privatisation.
What are public private partnerships.
What is a private finance initiative.
Explain characteristics of contestable markets.
What are the types of barriers to entry in markets.
Benefits and drawbacks of the theory of contestable markets.
Chapter 5
How can incumbent firms in a market form barriers to entry.
What are competitive oligopolies.
Explain the kinked demand curve.
What are the forms of non price competition.
Explain game theory and the prisoners dilemma.
What are the types of collusion.
List anticompetitive trade practices.
Chapter 4
Draw a monopoly diagram.
Sources of monopoly powers.
What are the range of pricing techniques and draw them on a monopoly diagram.
Define natural monopoly.
Explain minimum efficient scale.
Benefits and drawbacks of monopoly powers.
Explain price discrimination.
What are the conditions of price discrimination.
Methods of price discrimination.
Types of price discrimination.
What are the benefits and drawbacks of price discrimination on both consumers and producers.
Chapter 3
What are the characteristics of a perfectly competitive market.
Define allocative efficiency.
Define productive efficiency.
Explain how a firm can make supernormal profits in the short run and normal profits in the long run.
Define static efficiency.
Draw a loss making firm in a graph, and explain it.
What is the structure, performance and conduct model.
What is dynamic efficiency.
Chapter 2
Define marginal, average and total revenue.
What are the assumptions of a perfectly competitive market.
Draw an imperfect market graph.
Define sales maximisation and draw it on a graph.
What are the problems with profit maximisation.
Explain the the theory of divorce of ownership, and the principle agent problem.
What are the ways in which a firm can grow.
What are the things to consider when planning to grow.
Define innovation and invention.
Chapter 1
Define the law of diminishing returns.
What are the main costs of production.
Explain marginal product using a graph.
Explain marginal cost using a graph.
What are the different returns to scales of production.
Thats about it I think. Trust me, if you know the answers to all of these questions, then you will be fine for the exam. If anyone has any problems with the questions, just let me know and I can tell you, I have all the answers.
Hi would you be able to PM me this aswell? thank you
Original post by 1L8A7D9
Does anybody have any good ways of evaluating for this Unit 3? My teacher for unit 4 has given us some good points that we can use to evaluate pretty much everything in macro but my unit 3 teacher has given us nothing and i'm really struggling with evaluation?
Can you post the evaluation points for Unit 4 here please?
In monopoly diagrams, is the AC curve SRAC or LRAC ?
Because my teacher, and I think the textbook, says one of the disadvantages of monopoly is that there are unexploited EoS, that would inly be true if it's LRAC but I swear is SRAC, because you can't put marginal costs (A SR concept) on a graph with an AC that doesn't apply to the same time frame ?
long run equilibrium for the individual firm in a perfectly competitive market sort of proves my point... We assume that there are no economies of scale to be had in perfect competition, thus there AC curve is in the same position in the LT as the ST (unless something shifts the AC of all the firms in a market).
I'm pretty sure they're the same thing.
Because my teacher, and I think the textbook, says one of the disadvantages of monopoly is that there are unexploited EoS, that would inly be true if it's LRAC but I swear is SRAC, because you can't put marginal costs (A SR concept) on a graph with an AC that doesn't apply to the same time frame ?
long run equilibrium for the individual firm in a perfectly competitive market sort of proves my point... We assume that there are no economies of scale to be had in perfect competition, thus there AC curve is in the same position in the LT as the ST (unless something shifts the AC of all the firms in a market).
Original post by sweetascandy
Guys whats the difference between the divorce of ownership and control, and the principal agent problem? Or is it the same thing?
The former is that managers and directors have differing objectives, and the latter is that shareholders and directors have conflicting demands. Is that the difference?
The former is that managers and directors have differing objectives, and the latter is that shareholders and directors have conflicting demands. Is that the difference?
I'm pretty sure they're the same thing.
Quick Reply
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