A2 AQA Economics Unit 3 (ECON3) 11th June 2015

Can you paste the link to his review of Essay 3? (Inequality)

Econplusdal says for the perfect competition essay it is fine if you mentioned all efficiencies. It is equally fine if you mentioned just allocative. They are both acceptable routes to take

Reply 1181

saint123456789

2

Original post by cbarrasford17

Can you paste the link to his review of Essay 3? (Inequality)

He didn't do a review; I just asked him on twitter, sorry.

Reply 1182

cbarrasford17

2

On Context 1; when talking about privatisation leading to greater efficiency, what diagram were we meant to use?

Reply 1183

lg96

1

is there a separate page for ECON4 anywhere? What are general predictions?

Reply 1184

MeghanMcDonagh

For section 2 essay 2, the 15 marker, I simply explained the kinked demand theory with diagram, explaining how consumers switching to substitute firms charging lower prices and following of prices changes due to interdependence means that both consumers and other producers affect the price and output of oligopolistic... Anyone know if this would be enough?

Reply 1185

Sirelis

8

Original post by MeghanMcDonagh

For section 2 essay 2, the 15 marker, I simply explained the kinked demand theory with diagram, explaining how consumers switching to substitute firms charging lower prices and following of prices changes due to interdependence means that both consumers and other producers affect the price and output of oligopolistic... Anyone know if this would be enough?

Basically what I done... I'm not sure if it's enough for 15 marks either. I defined 2 things as well and because I was desperate for more marks I started talking a little bit about game theory which will probably give me no marks haha

Reply 1186

MeghanMcDonagh

How did you find the 25 market?? I thought the whole paper was awful!! :frown:

Reply 1187

Buses

9

Original post by Sirelis

Basically what I done... I'm not sure if it's enough for 15 marks either. I defined 2 things as well and because I was desperate for more marks I started talking a little bit about game theory which will probably give me no marks haha

No, game theory would get you a few marks, I saw this near exact question in a past paper, and they gave 'up to 8' marks for discussion on game theory and 2 more marks for the matrix diagram, to show how oligopolies use models to optimise outcomes of pricing strategies.

I also did game theory as well as the kinked demand curve model and explained its elasticitys of demand (eg asymmetric price responses to price changes) etc.

:smile:

(edited 8 years ago)

Reply 1188

anonlad

8

Original post by MeghanMcDonagh

For section 2 essay 2, the 15 marker, I simply explained the kinked demand theory with diagram, explaining how consumers switching to substitute firms charging lower prices and following of prices changes due to interdependence means that both consumers and other producers affect the price and output of oligopolistic... Anyone know if this would be enough?

Yeah that's what I did, although in attempt to get more marks I also discussed a bit about cartel formation (with the collusive oligopoly diagram). As long as you link back to price and output determination anything mildly relevant will count to something

Reply 1189

Sirelis

8

Original post by Buses

No game theory would get you a few marks, I saw this near exact question in a past paper, and they gave 'up to 8' marks for discussion on game theory and 2 more marks for the matrix diagram, to show how oligopolies use models to optimise outcomes of pricing strategies.

I also did game theory as well as the kinked demand curve model and explained its elasticitys of demand (eg asymmetric price responses to price changes) etc.

:smile:

Oooh nice, thanks for the reassurance :smile:

Didn't think about the matrix diagram though! Hope the rest of the paper was good for you :biggrin:

Reply 1190

Schmitzel

2

Original post by cbarrasford17

Yeah same mate. I thought the wording was a little bizarre so I explained MRP because they asked for an economic theory. You?

Here's what I did :

Define wage differentials, MPP, MRP, how price effects MRP aswell etc... (Upto 4 marks)

Causes of differences in pay :
Revenue creation, banker vs road sweeper
Productivity and Mrp
Supply of labour
Discrimination
Footballers have agents, bargain for high wages, low skilled only trade unions, low density, less militant, no way near the bargaining power of that of a footballer, hence a lower wage.
Etc....
Etc...
Pretty sure this get me 7+, so overall 15/15

Drew 4 Diagrams :
Shift Mrp to the right(productivity)
Inelastic supply(footballer)
Elastic supply(road sweeper)
Shift Mrp to left (discrimination)
(Upto 4 marks)

(edited 8 years ago)

Reply 1191

ridirahman

8

For context 1 I didn't really refer to the electricity companies like I didn't really talk about context one that much I just quoted the context twice and came up with my own stuff.. is that okay? or won't I get any marks for not talking about the company??

Reply 1192

ridirahman

8

Original post by lg96

is there a separate page for ECON4 anywhere? What are general predictions?

http://www.thestudentroom.co.uk/showthread.php?t=2662113

are there any more useful links and websites?

Reply 1193

ridirahman

8

~Do you get marks if you draw the same diagram twice in the exam? but for different sections?

Reply 1194

Cowy97

9

Original post by bf1996

Hi, long time watched, first time user. I chose to do context 1 and for the 25 marker, I had a rough structure of retaining the private market, nationalising the market and the third point (which I am slightly worried about) was subsiding smaller firms to break up the oligopoly power. Is this a decent structure, even with the third point?

Thanks

the 3rd point should be great about contestable markets. create threat of comp etc,

Reply 1195

ridirahman

8

Any predictions for econ4?

Reply 1196

Sirelis

8

Original post by MeghanMcDonagh

How did you find the 25 market?? I thought the whole paper was awful!! :frown:

Which one, for the context or the essay? Awwh, I'm sure you've done better than you think, try to forget about it and move onto econ 4 :smile:

Reply 1197

chrishadfield

1

Where's the ECON4 mega thread? Can't find one

Reply 1198

tobi97

1

Original post by anonlad

Yeah that's what I did, although in attempt to get more marks I also discussed a bit about cartel formation (with the collusive oligopoly diagram). As long as you link back to price and output determination anything mildly relevant will count to something

Do you know if you get any marks for talking about the different determinants of price i.e cost-plus , price parallelism , price leadership etc ? as well as none price competition ?