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

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    (Original post by Boy_wonder_95)
    What data response did everyone do out of interest?
    HEEYYYY
    How'd you find it I did 9 wbu?

    I wasn't sure which one to pick but then I thought gum is a nicer topic for me and I couldn't be bothered to look for evidence in the extract for the shut down in 10 aha
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    what did anyone write for question 9c the 12 marker about shutting down sales?
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    (Original post by eepm)
    That's not true all of the mark schemes say you can get up to 3 marks if the answer is incorrect it's only at AS that it's capped to two!
    You're mistaken it's the other way round. You get capped 2 at A2 there's no cap at AS.

    (Original post by tigerz)
    HEEYYYY
    How'd you find it I did 9 wbu?
    Hey, I did Q10
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    (Original post by Boy_wonder_95)
    You're mistaken it's the other way round. You get capped 2 at A2 there's no cap at AS.
    Oh my God you're right!
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    (Original post by TheHenri)
    Did you guys also all get forward vertical? I thought it was a milk supplier merging with milk seller so forward:/ but everyone had backward.
    i put forwards vertical too
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    (Original post by tashdf)
    what did anyone write for question 9c the 12 marker about shutting down sales?
    Falling demand, said in the passage about the market shrinking? Something about the closing down costs being cheaper than running costs.


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    (Original post by eepm)
    Oh my God you're right!
    I looked at June 2013, and it says cap at 2/4 if incorrect
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    (Original post by DH96)
    i put forwards vertical too
    It was backwards, milk is their raw material.


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    (Original post by eepm)
    I'm pretty sure part D was basically about price and non price competition in relation to improving profits!
    It was? Whats your point???
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    What do you guys think how grade boundaries will be. 64/72=90 UMS?

    I lost 4 marks at least on MCQ on the easiest question, this sucks so much :///
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    What do you think the grade boundaries for this exam would be like?
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    (Original post by Farringtonn)
    It was backwards, milk is their raw material.


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    yeah but didn't it say the milk producer bought the milk seller?
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    (Original post by DH96)
    yeah but didn't it say the milk producer bought the milk seller?
    It was along the lines that the dairy company uses milk to create their products so it's backwards vertical.


    (Original post by TheHenri)
    What do you guys think how grade boundaries will be. 64/72=90 UMS?

    I lost 4 marks at least on MCQ on the easiest question, this sucks so much :///

    (Original post by 80286)
    What do you think the grade boundaries for this exam would be like?
    I wouldn't say it was more difficult than some past papers but for I'd reckon it being 63/64 for A* and 55 for A,
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    (Original post by eepm)
    That's not true all of the mark schemes say you can get up to 3 marks if the answer is incorrect it's only at AS that it's capped to two!
    Read the paragraph above the first answer.

    http://www.edexcel.com/migrationdocu...c_20130815.pdf

    "Maximum mark for explanation is 2/3 if key is incorrect (that is 2/4 in total) for

    supported choice questions."
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    (Original post by DH96)
    yeah but didn't it say the milk producer bought the milk seller?
    No, the producer of dairy products bought the milk seller.


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    (Original post by VinceVC)
    Did anyone else get B for that management MCQ? Think it was only one which was unusual but I thought it must be profit satisficing as goals other than profit in short run


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    Yahhhh I gt it.
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    (Original post by TheHenri)
    Did you guys also all get forward vertical? I thought it was a milk supplier merging with milk seller so forward:/ but everyone had backward.
    No,it was merger between a firm making products out of milk and a firm supplying milk. So it's backward integration
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    (Original post by BossKay)
    FOR EVERYONE WHO DID THE Q 10 JESSOPS DATA RESPONSE TELL ME WHAT YOU THINK OF MY ANSWERS AND REPLY - I WILL PUT BRACKETS WHEN IM NOT SURE

    a) Shut down profit - AR = AVC
    explain that when AR<AVC firm will have to shutdown in short run due to loss minimisation as they cannot fully pay their AVC or make a contribution to fixed cost
    Data response "revenues were £304m when losses were made" which means that AVC was greater than £304m and Jessops "reached shutdown point in Januaary 2013"

    b) Demand decreases - AR and MR decreases due to "increase in mobile phones with camera" and "people buying online instead"
    Draw graph (HOWEVER, guys tell me if i would lose a mark if my downward shifts in AR and MR show a SMALLER SNP being made rather than a SNL - because the question did state LOSSES)

    Evaluation - price competition would ensure that firms do not make losses - lower prices more than internet
    - if Jessops costs were reduced during the time that they were making losses then the magnitude of their losses would decrease so the losses would be less significant

    (tell me what you think of my evaluation would it be 4/4?)

    c) NOT TO SURE ABOUT THIS ONE EITHER
    I defined price discr
    Then i drew a 3 panel price disc diagram
    I said that internet would be elastic demand and that high street shops would be inelastic demand thus meaning that on the internet you charge customers low and in shops charge them high - i then explain that this is because there is increased contestability on the internet becuase of greater perfect knowledge, it is easier to see how much other firms are charger thus prices have to be lower to compete

    (would this analysis get 6/6)

    For evaluation i said
    - you do not want their to be arbitrage - where people buy from elastic market and sell the good in the inelastic market to the people who will pay the high prices
    - in order to price discr, you need to have price setting power which you will only have if you have a degree of market power. thus firms in perfect competition cannot price discr. even if they have seperate markets in the internet and in the high street shops
    - i then prioritised and said that price setting power is the important factor that enables you to price discriminate because without it you cant even set the price

    (would this get 6/6)

    d) I AM SURE ABOUT MY FIRST TWO POINTS BUT NOT SURE ABOUT THE LAST 2

    - price competition (eval by saying that some people are lazy and even if price is more expensive online that some people would just rather buy online than go into store)

    - improve customer care and more friendly staff (this may increase training costs because you have to teach staff how to be friendly and approachable etc) ....is this eval OK?

    NOT SURE ABOUT THESE TWO POINTS....

    -increase in quality (expensive)
    - increase in innovation (requires patents and r + d which also adds costs)

    The reason im not sure about these two points is because it later dawned upon me that Jessops sell products produced by other people like CANON NIKON etc..... so would i be credited for these marks........... although i did just do a google search and see that Jessops do have their own branded tripods and cases etc.

    THANKS FOR HELP IN ADVANCE GUYS AND HOPE THIS HELPS GUYS
    All seems pretty solid.
    I did the same for (a)
    (b) the same but costs rising (lots in extract to quote)
    (c) yes argue for and against, didn't draw a diagram!
    (d) was mainly price and non price competition but yours seem fine
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    (Original post by demhka)
    No,it was merger between a firm making products out of milk and a firm supplying milk. So it's backward integration
    Haha i changed to backward in the last 2 minutes of the exam. So lucky!
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    (Original post by alaynestone)
    What did people who did question 10 write about for part C (price discrimination)? That was the only part of the paper I didn't like.
    Yah. I wrote highstreet inelastic as proffessionals would not demand on online n elastic online as low proce would attract young crowd
 
 
 
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