A2 wjec ec3 20/06/16

Not many people do our exam board sadly, so there's not much people to discuss with.

I also think monopolies
Also, trade; and economic development
I think its kinda hard to predict cus they can ask micro and macro questions

Reply 2

I am really bad with competition policy, do you guys think it will come up?

Reply 3

Lycanfist

OP

Original post by ScarletXxXRose

Not many people do our exam board sadly, so there's not much people to discuss with.

I also think monopolies
Also, trade; and economic development
I think its kinda hard to predict cus they can ask micro and macro questions

That's true, a proper monopoly question hasn't come up since June 2011, I'm hoping it comes up because it's the easiest essay for me. I've attached a spreadsheet I've made with all the possible questions and when they've come up (ignore the highlighting, I just use it to mark them). I haven't looked at any EC4 papers yet so I've no idea about what might come up for them yet.

https://drive.google.com/open?id=0B57mQJNqFYbIWU1ldkM2azFieTA

Original post by vulcanspecter

I am really bad with competition policy, do you guys think it will come up?

It's a possibility as its never come up before as a full 20 mark question. What about it are you stuck on? Maybe we can help. I think EC3 June 2014 Q4 has a question on the CMA and the EU's attitude towards anti-competitive policies if that helps

Reply 4

Am I the only one who hates these mark schemes? They are so vague at times it's ridiculous. Possibly regretting prioritising maths over this

Reply 5

Lycanfist

OP

Yeah the marks schemes are pretty terrible. I tried to post my predictions spreadsheet yesterday and the links still pending, so I'll pm it out to you guys instead

Reply 6

Especially those 6 marks questions, the mark scheme is rubbish

Reply 7

Not an awful paper. I was a bit stuck on the monopolistic diagram though.

10 marker was unpredicted haha.

20 markers were nice. I did the monopoly one as I can remember most of the stuff about monopolies

Reply 8

ScarletXxXRose

Original post by Jack1066

Not an awful paper. I was a bit stuck on the monopolistic diagram though.

10 marker was unpredicted haha.

20 markers were nice. I did the monopoly one as I can remember most of the stuff about monopolies

Same, i picked the monopoly Q too, as did everyone ive spoken to.
I found the found the monopolistic Q good
The 10 mark was alright, but the diagram they gave hindered rather than helped me
But i wasn't sure about the question: (perfect competition market) what happens to the firm and industry in the long run?
And also the way the quantity theory of money question was phrased kinda threw me: like i wasn't sure if you were supposed to criticise changes in money supply as a cause of inflation, or whether you're supposed to asses its credibility as a cause i.e does it have as much influence on inflation compared to demand pull and cost push

Reply 9

Original post by ScarletXxXRose

Same, i picked the monopoly Q too, as did everyone ive spoken to.
I found the found the monopolistic Q good
The 10 mark was alright, but the diagram they gave hindered rather than helped me
But i wasn't sure about the question: (perfect competition market) what happens to the firm and industry in the long run?
And also the way the quantity theory of money question was phrased kinda threw me: like i wasn't sure if you were supposed to criticise changes in money supply as a cause of inflation, or whether you're supposed to asses its credibility as a cause i.e does it have as much influence on inflation compared to demand pull and cost push

I basically saw it as quantitive easing and you had to assess how good it would be at increasing inflation.

And yeah I messed up the perfect competition question completely. I blanked on the diagram annoyingly.

The very first question was trying to catch people out which I thought was funny, when asking to calculate FIXED costs at different outputs

Reply 10

Lycanfist

OP

Haha same I picked the monopoly question as well. I found it funny too, because me and some friends were talking about and how its too easy of an essay to come up, but I made a plan for it just in case and it turned up haha. I was hit on with monopolistic competition too, but that quantitive easing question did throw me off, I remembered the formula but forgot how to explain it.

What do you guys think about grade boundaries? Same as last year because of the 20 markers?

Reply 11

Original post by Jack1066

I basically saw it as quantitive easing and you had to assess how good it would be at increasing inflation.

And yeah I messed up the perfect competition question completely. I blanked on the diagram annoyingly.

The very first question was trying to catch people out which I thought was funny, when asking to calculate FIXED costs at different outputs

It asked us to calculate 'average' fixed costs which would decrease as output increases

Reply 12

Original post by Lycanfist

Haha same I picked the monopoly question as well. I found it funny too, because me and some friends were talking about and how its too easy of an essay to come up, but I made a plan for it just in case and it turned up haha. I was hit on with monopolistic competition too, but that quantitive easing question did throw me off, I remembered the formula but forgot how to explain it.

What do you guys think about grade boundaries? Same as last year because of the 20 markers?

The monopolistic question I talked about the social ineffiency. I think where MC= AR/D

Reply 13

JamieLad98

For the monopolistic question you needed to explain the characteristics of the market structure like differentiated goods, non price competition etc and say why it was inefficient so productively inefficient as it doesn't produce at lowest point of ac curve and allocative as it doesn't use marginal cost pricing, instead their main objectives is growth and survival

Reply 14

Original post by Protheroe

It asked us to calculate 'average' fixed costs which would decrease as output increases

Well ****.

Reply 15

Original post by JamieLad98

For the monopolistic question you needed to explain the characteristics of the market structure like differentiated goods, non price competition etc and say why it was inefficient so productively inefficient as it doesn't produce at lowest point of ac curve and allocative as it doesn't use marginal cost pricing, instead their main objectives is growth and survival

I explained the characteristics then went in to the dead weight loss the firm causes/its social inefficiency. I touched upon allocative and productively inefficiency but not in great detail. :/

Reply 16

Original post by Jack1066

Well ****.

Better to screw up there than anywhere else XD

Reply 17

for the quantity of money supply question, do we put what happen when you increase the base rate, so decrease consumption, investment etc? and then say it is gonna decrease inflation successfully? how about the evaluation bit( how is it not successful in decreasing inflation)?

Reply 18

And what did you guys out for the question 1 asking how and why average total change when output increases?

Reply 19

dylanthomas1