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

1. (Original post by Dilzo999)
I'm screwed
WHYYY
2. 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?
3. (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
4. (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 .
5. Also can someone give me 3 points on price discrimination and 3 evals, thanks! . Oh and 3 evals/analysis for assessing evidence of Monopsony power.
6. (Original post by tigerz)
It says on the mark schemes I think max 2
Can you show me where?
7. (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/conten...c_20120128.pdf
8. (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/conten...c_20120128.pdf
Is there a limit on definitions?
9. (Original post by TheHenri)
wazzzuupp
I'm good. how are u @TheHenri
10. (Original post by Livaren)
Is there a limit on definitions?
They usually only give one mark for definitions, sometimes two depending on the question

(Original post by Dilzo999)
Also can someone give me 3 points on price discrimination and 3 evals, thanks! . 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.
11. (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/conten...c_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?
12. (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
I always use knock outs, my economics teachers hates them LOOOL
13. Predictions for data response any1?
14. 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
15. Good luck for the exam tomorrow guys
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
16. ayy lmao can someone post the exam (preferably before 9)

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17. Guys shall we discuss the paper after its done?
18. Yeah, they removed the 12 hour time limit thing. Good luck for the exam!
19. (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.
20. (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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