AQA A2 Economics Unit 3 (ECON3) 20th June 2016 OFFICIAL THREAD

I answered essay 1, pretty sick answer i think, but the only issue is that i talked only about monopolies and monopoly power and didnt mention oligopolies once, so people think i'll lose marks, and if so how many???

I posted what I wrote on page 20 , post number 382 ,, can you let me know what you wrote//if you wrote similar things?

In the extract it spoke about minimum wage being low etc so i assumed it was because of lack of skills....Most of my friends wrote along the same lines as me but a few did talk about monpsony aswell
For the 15 marker it asked how small firms in perfect competition make the market allocatively efficient, So i drew a diagram with supermonal profits n explained. Then i did one where there was loss of a firm cus he wasn't efficient. Then i explained the long run diagram.

Btw how much did you write cus i wrote 16 sides but some of my mates only wrote 10 whereas some wrote 18?

Did anyone do essay 3 on merit good ?

I wrote 15 sides typed (use a computer for exam), which is possibly around 4000 words, not sure how many pages written though Im afraid. Maybe around 20-25? - but I usually do way too much.

didn;'t essay 3 feel really AS like? I'm worried I didn't hit the A2 marks idk what did you guys write? I wrote about:

25 marker:
Government should provide public goods because without the government providing it, the welfare would be 0, because no firm will provide it/since they are non-excludable and non-rivalrous. Therefore, there is definitely an increase in welfare (since it goes from 0 to whatever).

I then wrote about merit goods, how they're important, if government provides them then it is fair and there is equity since poor people won't be excluded, education and healthcare both have social impacts which is another reason government should do it.

Then I wrote that actually, currently the NHS is struggling and is being inefficient since the government owns it. Organisational slack etc. Market forces would instead be better because they would be more allocative efficient, and make better use of resources so welfare is maximised. Also I wrote if it were privatised, then more advertising would happen which would encourage people to go to their GP etc, so consumer surplus is increased.

I concluded by saying welfare can be maximised if government provides both type of goods because they won't discriminate against certain areas i.e. rural towns with small populations. But it is best if government outsources merit goods and still has ownership.

--

Overall, I feel I did fine but I'm worried my answers to essay 3 were too AS like and I didn't know how to use my A2 knowledge in answering it :/ I wish I did essay 1...

Honestly, though, that was one of the worst exams I've ever done, I'm so depressed and miserable about it. Absolutely gutted. I'm never been so unhappy after an exam before.

Have C3 tomorrow so probably shouldnt spend so much time asking, but what do you guys think of this structure.

Context 2 - increasing incomes of those with low wages (i think) - 25 marks
Intro
Para 1: Yes higher minimum wage through higher living wage is good (monopsony employer etc)
Para 2: No it is bad.
Para 3: Alternative policy 1 - Challenge discrimination + legislation
Para 4: Alternative policy 2 - Supply Side policies
Para 5: Alternative policy 3 - Wealth accumulation, rent to buy etc
Conclusion

Evaluation
Time
Extent of change
Economic climate of change (brexit + min wage. may be disastrous in recession)
Types of employers (small v. large business)
Current government likely policies

Essay 1 - Monopolies q (25 marker)
Intro
Monopolies undesirable
Para 1; Monopolies undesirable; static inefficiency, current LLC structure limiting dynamic efficiency etc
Para 2; Diseconomies of scale
Para 3; Undesirable Objectives, anti-trust, oppose contestable markets etc

Monopolies desirable;
Para 4 Dynamic efficiency
Para 3; Natural monopolies, high fixed costs & economies of scale (financial, technical, marketing etc..)

Evaluation
- Extent of regulation
- Type of firm
- Short term v. Long term
- Objectives of firms, non for profit v. profit maximising

Didn't really make a judgement on monopolies as they contrast so much depending on market their in, couldnt see how I could do so. Just said non-collusive oligopolies and increasing contestability perhaps better.

Put quite a few diagrams and data, and obviously developed points I had. Thanks for any feedback!

I wrote 15 sides typed (use a computer for exam), which is possibly around 4000 words, not sure how many pages written though Im afraid. Maybe around 20-25? - but I usually do way too much.

didn;'t essay 3 feel really AS like? I'm worried I didn't hit the A2 marks idk what did you guys write? I wrote about:

25 marker:
Government should provide public goods because without the government providing it, the welfare would be 0, because no firm will provide it/since they are non-excludable and non-rivalrous. Therefore, there is definitely an increase in welfare (since it goes from 0 to whatever).

I then wrote about merit goods, how they're important, if government provides them then it is fair and there is equity since poor people won't be excluded, education and healthcare both have social impacts which is another reason government should do it.

Then I wrote that actually, currently the NHS is struggling and is being inefficient since the government owns it. Organisational slack etc. Market forces would instead be better because they would be more allocative efficient, and make better use of resources so welfare is maximised. Also I wrote if it were privatised, then more advertising would happen which would encourage people to go to their GP etc, so consumer surplus is increased.

I concluded by saying welfare can be maximised if government provides both type of goods because they won't discriminate against certain areas i.e. rural towns with small populations. But it is best if government outsources merit goods and still has ownership.

--

Overall, I feel I did fine but I'm worried my answers to essay 3 were too AS like and I didn't know how to use my A2 knowledge in answering it :/ I wish I did essay 1...

we should all start prepping for econ4

Isn't Allocative efficiency AC=MR ?

when it talked about concentrated markets i thought it was talking about perfect competition so i talked about how perfect competition and monopoly are desirable and undesirable