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    (Original post by Crozzer24)
    For context 1 25 marker what diagrams did everyone draw? I drew a negative externality graph in production of oil and couldn't really think of anything else
    I drew that diagram too, I couldn't think of any other diagrams that really related
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    (Original post by zahrac98)
    I drew that diagram too, I couldn't think of any other diagrams that really related
    Yeah wasn't much other choices of diagrams, what points did you make?
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    That was aids, I did context 1 and 3, literally wrote bs the whole paper. Most of the knowledge was from AS, don't even think I used an A2 diagram
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    Did anyone do the second context and the first essay question about monopoly power? If so what did you write about?
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    I feel like that went great and simultaneously ****. I really hope I've done enough for the A. The context 1 25mk question felt so wishy-washy

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    I think the wording of context one 25 marker might have caused some people to slip up, it wasn't asking about complete gov intervention but more of a nudge
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    I ****ed up the second essay so fuxking badly there goes an A and there goes my university place and I haven't even revised for econ4 yet because I have so many exams I just feel disabled .

    I wrote that in perfect competition the objective may simply be making normal profits because despite supernormal profit that could be made in the short run - this is eroded away due to an influx of suppliers who also want to make a profit --> work at the allocative efficiency point --< only normal profit

    Then said large firms e.g monopolies --> can profit maximise because they have inelastic ped, heterozygous goods , few substitutes .. Linked it to the theory of the firm

    Said there's other objectives e.g revenue max / sales max --> linked these to " branding , and encouraging consumers "...

    Said monopolies /large firms may also want to be dynamically efficient and gain econ of scale --> lower costs = more profit can invest back into the company = increase dynamic efficiency

    But they're still profit maximisers / shareholders want profit mainly / could be limited by diseconomies of scale / x-inefficiency in the long run


    Idek blabbed on about **** , and didn't even explain WHY they want profit in enough detail . I'm ****ed , 15 marker I screwed up too



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    I did the same as you, wanna dm me to compare answers??
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    (Original post by Elfaituri98)
    Did anyone do the second context and the first essay question about monopoly power? If so what did you write about?

    I did the same, wanna dm me to compare answers?
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    Anyone else get 50% for question 4 context 2?
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    (Original post by Elfaituri98)
    Did anyone do the second context and the first essay question about monopoly power? If so what did you write about?
    That second question I talked about pros and cons of monopoly/oligopy like how they have economies of scales, can get abnormal profit due to lack of competition to increase dynamic efficiency and can use that profit to employ people as well so arguably reduce unemployment and inequality.
    Then argue that diseconomies of scales might happen (eg problems of communication can arise but then actually technology has improved so unlikely) , that these firms can choose not to pass on the lower cost to customers, how they can exploit their power causing allocative inefficiency and then say that dynamic efficiency depends on their aims (if they want to invest or give it to shareholders instead)
    How about you?
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    (Original post by Crozzer24)
    Do people think the grade boundaries for an A* will be higher than last year? People seem to have found this exam quite straightforward
    i didn't find context 1 essay straightforward
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    (Original post by palirules18)
    Did anyone do essay 1 and what did You's talk about for 25 marker
    I did it, struggled a bit with time. I had two main arguments. First was on monopoly power and how it can be bad. Evaluated it with it being a competitive market and also benefits of S.N.P. Used a monopoly diagram.

    Secondly talked about oligopolies and used a kinked demand curve. Talked about price rigidity and evaluated with collusion. Talked about the car market being a bit inelastic, BMW and Mercedes as an example.

    Concluded that in large they have a detrimental impact reducing consumer surplus as even if with S.N.P it may just give it to its shareholders.

    What did you write for it?
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    (Original post by BirdIsWord)
    bro im fkin panicking im seriously freaking out that was an honest train wreck.. I only wrote a page and a half for the second essay.. oh my god.. It feels like i didnt answer either question
    notlikethis feelsbadman
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    (Original post by Alextaylor6)
    what was the question again?
    Discuss the relative importance of market forces and government intervention in encouraging firms to act more responsibly towards environment. Something like that.
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    (Original post by BrightonDunkley)
    Anyone else get 50% for question 4 context 2?
    Yes
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    (Original post by Nmik)
    I did!!
    Drew the diagram and spoke about plcs maximising dividends for shareholders, firms can also use s-normal profit to reinvest and become dynamically efficient so large firms wishing to benefit from econs of scale will wish to prof max

    Then said other objectives may be SR to gain profit in LR, large firms protected by entry barriers may not have incentive to prof max, satisficing is more realistic, charities are more likely to charge p=mc

    Firms don't know where mr = mc is, but in lr most firms do aim to prof max

    Does that sound about right??

    Also did everyone get 1.87% for context 1?
    yh i wrote the same aswell what real world examples did you give??? like for application
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    (Original post by Elfaituri98)
    Did anyone do the second context and the first essay question about monopoly power? If so what did you write about?
    I did the same as you!
    For second context, i basically talked about pros and cons about legislating the NMW as a living wage and then talked about education/training schemes as another way the government can improve their earning power.....

    First essay, I talked about how monopoly power is bad because it exploits consumer surplus and charges high prices etc. but the supernormal profit meant they can get dynamic efficiency, but other factors like competition from substitutes can cause firms to reduce their marginal cost leading to lower prices. and also how hit and run entry makes firms switch to normal profit from supernormal profit and then evaluated that saying the high natural/artificial barriers to entry meant that entry to the industry is not easy anyway so they can still charge high prices... conclusion i said, it is not always undesirable, govt should regulate to prevent the misuse of their power etc idk realy hahaha

    what did you write for the 15 marker? I had not much to write just wrote a lot of random stuff with some repetition :/
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    (Original post by Anymorefor123)
    I ****ed up the second essay so fuxking badly there goes an A and there goes my university place and I haven't even revised for econ4 yet because I have so many exams I just feel disabled .

    I wrote that in perfect competition the objective may simply be making normal profits because despite supernormal profit that could be made in the short run - this is eroded away due to an influx of suppliers who also want to make a profit --> work at the allocative efficiency point --< only normal profit

    Then said large firms e.g monopolies --> can profit maximise because they have inelastic ped, heterozygous goods , few substitutes .. Linked it to the theory of the firm

    Said there's other objectives e.g revenue max / sales max --> linked these to " branding , and encouraging consumers "...

    Said monopolies /large firms may also want to be dynamically efficient and gain econ of scale --> lower costs = more profit can invest back into the company = increase dynamic efficiency

    But they're still profit maximisers / shareholders want profit mainly / could be limited by diseconomies of scale / x-inefficiency in the long run


    Idek blabbed on about **** , and didn't even explain WHY they want profit in enough detail . I'm ****ed , 15 marker I screwed up too



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    i didnt even mention market structures in my essay i never knew we were supposed to
    well i failed
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    Did anyone do context 2? What did you get for the 10 marker? Think I did it wrong I defined equity and equality right but I think I got the second part wrong..I wrote they some may have lower wages due to low MRP, discrimination and monopsony power..is this right? Someone reply please
 
 
 
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