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Edexcel Economics: Unit 3 Business Economics and Economic Efficiency (June 2014) EC03

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Reply 300
Avatar for tigerz
tigerz
Original post by Dilzo999
I'm screwed :afraid:


WHYYY
In the multiple choice questions is there a limit to the number of times you can knock off an answer. Theoretically can I knock off an option for every single MCQ?
Reply 302
Avatar for tigerz
tigerz
Original post by chelski2k8
In the multiple choice questions is there a limit to the number of times you can knock off an answer. Theoretically can I knock off an option for every single MCQ?


It says on the mark schemes I think max 2
Original post by tigerz
WHYYY

I feel like I won't be able to remember anything when I walk into that exam hall. Oh well I feel like that most of the time anyways :smile:.
Also can someone give me 3 points on price discrimination and 3 evals, thanks! :biggrin:. Oh and 3 evals/analysis for assessing evidence of Monopsony power.
(edited 9 years ago)
Original post by tigerz
It says on the mark schemes I think max 2


Can you show me where?
Reply 306
Avatar for tigerz
tigerz
Original post by chelski2k8
Can you show me where?


It says Up to two knock out marks can be awarded for each supported choice question. Just before the mark scheme starts

http://pastpapers.edexcel.com/content/dam/pdf/A%20Level/Economics/2013/Question%20papers%20and%20mark%20schemes/6EC03_01_msc_20120128.pdf
Reply 307
Avatar for Livaren
Livaren
Original post by tigerz
It says Up to two knock out marks can be awarded for each supported choice question. Just before the mark scheme starts

http://pastpapers.edexcel.com/content/dam/pdf/A%20Level/Economics/2013/Question%20papers%20and%20mark%20schemes/6EC03_01_msc_20120128.pdf


Is there a limit on definitions?
Original post by TheHenri
wazzzuupp
I'm good. how are u @TheHenri
Reply 309
Avatar for tigerz
tigerz
Original post by Livaren
Is there a limit on definitions?


They usually only give one mark for definitions, sometimes two depending on the question :smile:

Original post by Dilzo999
Also can someone give me 3 points on price discrimination and 3 evals, thanks! :biggrin:. Oh and 3 evals/analysis for assessing evidence of Monopsony power.


For:
1) explain price discrimination and how it leads to tncreased profits
2)Increased profits can lead to more investment- dynamic efficiency to maybe?
3) Can be used to cross subsidise losses from other products


Eval:
Capture more consumer surplus and so the consumer loses out. For the consumer that is charged a higher price AR>MC so in allocatively inefficient
May lead to investigation from regulators
It may not actually be the same product, has different costs etc

Not entirely confident with these points

Assessing monopsony usually involves a lot of the extract, is this the noble foods and Tesco one?
Evidence of things being bought at a low prices etc
I think the evaluation was that the suppliers should concentrate on diversifying their products and improving the quality so that the monopsonist can't substitute the supplier as easily.
(edited 9 years ago)
Original post by tigerz
It says Up to two knock out marks can be awarded for each supported choice question. Just before the mark scheme starts

http://pastpapers.edexcel.com/content/dam/pdf/A%20Level/Economics/2013/Question%20papers%20and%20mark%20schemes/6EC03_01_msc_20120128.pdf


What do they mean by a supported choice question? You can only gain two marks for knocking out in all 8 MCQs or you can gain two mark for knocking out in every question?
Reply 311
Avatar for tigerz
tigerz
Original post by chelski2k8
What do they mean by a supported choice question? You can only gain two marks for knocking out in all 8 MCQs or you can gain two mark for knocking out in every question?


2 for each question so you can gain a total of 16 marks for knock outs, they have to be backed economically though so it isn't always the best option :smile:
I always use knock outs, my economics teachers hates them LOOOL
Reply 312
Avatar for Trilo9y
Trilo9y
Predictions for data response any1?
Ok guys I'm gonna call it a night. Good luck to you all tomorrow. I hope strategies for gaining profit and / or market share come up for the 16 marker
Good luck for the exam tomorrow guys :smile:
I think contestability might come up but whatever comes up, just read the data and the KAA answers would be there. Well most of them. Good luck again
Reply 315
Avatar for Maxted
Maxted
ayy lmao can someone post the exam (preferably before 9)


Posted from TSR Mobile
Guys shall we discuss the paper after its done?
Yeah, they removed the 12 hour time limit thing. Good luck for the exam!
Original post by demhka
Haha I'd give full marks for this, but I doubt the examiner's will give marks for this, or will they?


Probably not it's just an idea.
Original post by Dilzo999
Are these good points for mergers? Ofcourse I'll go in more depth if I'm actually writing it.
Point 1:
- EOS
- Could cause DOS if the firm becomes too large due to communication breakdown blah blah blah

Point 2:
- Profits can be reinvested for R&D causes innovation and increases quality of good.
- Short run will cause losses and there will be job losses so consumers may not benefit as much.

Point 3:
- Becomes more productive/allocatively efficient
- Got no eval for this point, any help?



Another if you're still there is cost synergies where you don't need 2 CEOs or two headquarters
eval could be that the synergies aren't as good as expected.

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