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

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    (Original post by Dilzo999)
    Regulatory capture is a good evaluation for regulation (And it also sounds cool ).
    what is reg. capture? can u explain please? thanks.
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    (Original post by Trilo9y)
    what is reg. capture? can u explain please? thanks.
    Regulatory capture is when corruption occurs in the regulatory agencies and they form special relationships with the firms they're supposed to regulate thus rather than acting for the public's interest they act in ways that benefits the industry instead.
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    With reference to an industry of your choice, examine strategies firms might use to increase consumer loyalty. Use game theory to support your answer (12)

    How do you use game theory to explain a strategy for firms to increase consumer loyalty? What other evaluation other than typical fines etc?
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    Can someone explain what prisoner's dilemma is?
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    Prisoners dilema is where two players do not know the strategy of the other, the optimum strategy for both will lead to a worse situation than if they were able to consult (collude) when making their decision. You would then draw the pay off matrix and explain the different outcomes e.g collusion, cheating/ undercutting
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    Tip: 50% for KAA and 50% for evaluation for each question (except the 4m question) in section b. So calculate what 50% of the total marks is if you don't know how much to write
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    Does anyone know how to use the kinked demand curve as an evaluation or explanation for oligopolies?
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    (Original post by areddishherring)
    Does anyone know how to use the kinked demand curve as an evaluation or explanation for oligopolies?
    Post #22 explains it pretty well http://www.thestudentroom.co.uk/show...2696698&page=2 and further posts beyond that.

    Also does anyone have a concise definition of the law of diminishing marginal returns? Thanks .
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    (Original post by Dilzo999)
    Post #22 explains it pretty well http://www.thestudentroom.co.uk/show...2696698&page=2 and further posts beyond that.

    Also does anyone have a concise definition of the law of diminishing marginal returns? Thanks .
    (Original post by areddishherring)
    Does anyone know which are the factors that determine monopsony power? Or the simplest definition of Law of Diminishing Returns and Game Theory?
    Not sure about the first one :/

    Law of diminishing returns: There is at least one fixed factor and so the marginal cost rises as more factors are added i.e. as output rises MC also rises (I THINK)


    (Original post by CWE)
    Could someone give me a guide on how many points and evaluative marks to make for each of the written answers, and is there a guide to the length of each evaluative/analysis point?
    4 marker is 4KAA

    8 marker is 4KAA+4E

    12 marker is 6KAA+6E

    16 marker is 8KAA+8E

    I'd reccomend each point being worth 2 marks but if you know a certain point in detail you can do 4+2 etc
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    (Original post by tigerz)
    ...
    Thank you, for the 12 marker and 16 marker, it's recommended to do 3 points for each right? Unless it states in the question otherwise?
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    (Original post by Dilzo999)
    Thank you, for the 12 marker and 16 marker, it's recommended to do 3 points for each right? Unless it states in the question otherwise?
    I think it depends on preference, my teacher said do 2 points each aha that way you have one for insurance

    It also depends on how confident you are with the question, I know my points for game theory, price discrimination and price/non strategies are in depth so do less, but contestable markets and PFI I would stick to 2.
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    Can anyone explain synergies and clash of cultures from merging?
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    (Original post by tigerz)
    I think it depends on preference, my teacher said do 2 points each aha that way you have one for insurance

    It also depends on how confident you are with the question, I know my points for game theory, price discrimination and price/non strategies are in depth so do less, but contestable markets and PFI I would stick to 2.
    Thanks! I've given away too much rep XD. I'll try and see if I can rep later today .
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    if marginal costs increase, do we shift the curve to the left or right?
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    (Original post by Dilzo999)
    Thanks! I've given away too much rep XD. I'll try and see if I can rep later today .
    Haha no problem

    Satisficing is when you make enough profits to keep shareholder happy?
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    (Original post by pineapple78)
    if marginal costs increase, do we shift the curve to the left or right?
    I believe you shift it up a bit and to the left. This diagram shows if it decreases but you should get the idea
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    Can't wait until tomorrow's exams are over and done with
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    (Original post by AdzyN)
    Can't wait until tomorrow's exams are over and done with
    Find it hard to differentiate between Fixed and variable costs , can anyone please list factors in each? Many thanks.
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    Fixed costs do not vary with output. - examples include rent or salaries
    Variable costs do vary with output. - examples may include wages
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    (Original post by peter qwert)
    Find it hard to differentiate between Fixed and variable costs , can anyone please list factors in each? Many thanks.
    Fixed Costs: do not vary with output - salaries of contracted staff (managers, executives), rent for factories & buildings, cost of capital goods (machinery), marketing/advertisement

    Variable Costs: vary with output - hourly wages of staff (part-time/low-level employees), raw materials (coal, fuel, sugar, salt, cotton)
 
 
 
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