AQA Unit 3 Economics ECON 3 4th June 2013

Reply 40

phoebe230253

didn't technological change come up in Jan 2013?

Reply 41

Dunnyyy

Original post by phoebe230253

didn't technological change come up in Jan 2013?

That was what the perfect competition essay was about.

Reply 42

qr95

20

Original post by Superunknown17

Thanks mate! I'm predicted a B and in Unit 1 I got 70, Unit 2 I got 53 but resat and got 75 and Unit 4 I got 84, wbu?

Im on around 120 ums I resat unit 1 which I did awful on and still got unit 3 and 4 left, any tips for econ 4 or any gd resources, hw long did u revise for econ4

(edited 10 years ago)

Reply 43

Superunknown17

17

[QUOTE="qr95;42836034"]

Original post by Superunknown17

Thanks mate! I'm predicted a B and in Unit 1 I got 70, Unit 2 I got 53 but resat and got 75 and Unit 4 I got 84, wbu?

Im on around 120 ums I resat unit 1 which I did awful on and still got unit 3 and 4 left, any tips for econ 4 or any gd resources, hw long did u revise for econ4

Erm well I just went over the textbook, did some past papers and used the mark schemes quite a lot. I didn't do that much because I was doing Econ2 at the same time and didn't think I needed to do that much but as long as you know the main topics like inflation, economic growth, unemployment you should be alright :smile:

good luck!

Reply 44

havana-affair

1

Anyone want to start asking/going through some general ECON3 questions/topics?

edit: everybody's a critic

(edited 10 years ago)

Reply 45

Noob95

Here is the ECON3 Jan 2013 paper, I did this paper did really bad on it. The best advice is to go over everything.

Unit 3 Jan 2013 exam paper.pdf121.5KB

Reply 46

cloud1

5

This thread has been pretty useful thanks :smile:

Reply 47

t.adur

Original post by Noob95

Here is the ECON3 Jan 2013 paper, I did this paper did really bad on it. The best advice is to go over everything.

Thanks! Do you have the Mark Scheme for Jan 13 too ??

Reply 48

nadster

12

I reckon there will be questions on the distribution of income, collusion and contestability in section B. and I know the labour market came up in section A in January, but I think it may do again this time. I don't think they will focus on trade unions though, it will probably be more based around factors affecting the supply of labour and wage determination. There may also be a monopoly question in section A. Just my prediction

Reply 49

Axion

15

Original post by nadster

I reckon there will be questions on the distribution of income, collusion and contestability in section B. and I know the labour market came up in section A in January, but I think it may do again this time. I don't think they will focus on trade unions though, it will probably be more based around factors affecting the supply of labour and wage determination. There may also be a monopoly question in section A. Just my prediction

Hate this exam :frown:

Reply 50

nadster

12

Original post by Axion

Hate this exam :frown:

Join the club :frown:

I got a 48 in January.. Came out of the exam thinking I did surprisingly well too for a module that I hated

Reply 51

qr95

20

I wouldn't advice anyone to do this as its very risky but you could get away learning either theory of a firm or labour markets

Reply 52

havana-affair

1

Can anyone explain the difference between returns to scale and economies of scale? They both occur in the long run. Am I correct in saying that the long run (AC) cost curves shape is due to economies of scale?

Reply 53

nadster

12

Original post by qr95

I wouldn't advice anyone to do this as its very risky but you could get away learning either theory of a firm or labour markets

What do you mean by theory of a firm?

Reply 54

nadster

12

Original post by havana-affair

Can anyone explain the difference between returns to scale and economies of scale? They both occur in the long run. Am I correct in saying that the long run (AC) cost curves shape is due to economies of scale?

I think you're right about the shape of the AC curve. The difference between economies of scale and returns to scale is that returns to scale tends to be more short term. I may be wrong but returns to scale includes the law of diminishing returns whereby firms face reducing marginal returns although they are adding more of a variable factor to production

Reply 55

havana-affair

1

Original post by nadster

I think you're right about the shape of the AC curve. The difference between economies of scale and returns to scale is that returns to scale tends to be more short term. I may be wrong but returns to scale includes the law of diminishing returns whereby firms face reducing marginal returns although they are adding more of a variable factor to production

Lol I thought that too. But in the AQA specification it states 'understand dim returns in the short run and returns to scale in the long run'. Ah well, it was always going to get confusing when several different concept are named 'returns'..

Reply 56

nadster

12

Original post by havana-affair

Lol I thought that too. But in the AQA specification it states 'understand dim returns in the short run and returns to scale in the long run'. Ah well, it was always going to get confusing when several different concept are named 'returns'..

Hmmm perhaps it has something to do with the conflict between the two? Like in order to achieve economies of scale, a firm must first face diminishing returns maybe? The law of diminishing returns encourages firms not to employ more than a certain value of a variable factor, but if a firm operates at a level of output well below capacity then the firm will be operating inefficiently and AC will be high. In order to reduce AC, therefore, and to maximise economies of scale, a firm must first face decreasing returns to scale. Just an idea, I'm not sure whether it's right