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    (Original post by BBeyond)
    think i went c but it's probs wrong tbh

    the one about they could be more productive with more capital i felt like a and b were basically saying the same thing so they were either both right or wrong and they cant both be right
    Yeah it was a bit hit and miss really - the onyl reason why I answrered a such was because I knew that productive efficiency is when a firm operates at its lowest possible average unit cost of production and hence it might achieve it if it lowers its output, as stated
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    (Original post by Wawasan)
    Yeah it was a bit hit and miss really - the onyl reason why I answrered a such was because I knew that productive efficiency is when a firm operates at its lowest possible average unit cost of production and hence it might achieve it if it lowers its output, as stated
    yeah but isn't it about firms producing the maximum amount possible?
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    For students now preparing for ECON1, you may find these macro study notes useful

    http://beta.tutor2u.net/economics/re...-topic-listing

    Geoff is also running a free revision webinar on the UK Economy tomorrow (Tuesday) night

    Jim
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    (Original post by TheNicholas)
    Hi! I did the same context question and drew the exact same graph as you!! I thought I got it all wrong after the exam because I didn't check to see the 12 marker only chose context one due to the 25 marker
    nice bro hopefully we get some marks for it as it does make sense!
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    (Original post by BBeyond)
    yeah but isn't it about firms producing the maximum amount possible?
    I thought that's if it's referring to an economy? A firm however is productively efficient if it maximizes output from its given input, so is operating at the lowest average cost? I dunno really!
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    (Original post by Wawasan)
    Yeah it was a bit hit and miss really - the onyl reason why I answrered a such was because I knew that productive efficiency is when a firm operates at its lowest possible average unit cost of production and hence it might achieve it if it lowers its output, as stated
    Diddnt put that as it says how to reduce its average minmum cost, due to average the average cost should still be same as long at the firm is still benefitting from the same productivity/enconomies of bla bla

    I seriously dont know though, some of the mcq were really tricky like that
    If you are right it means my reasoning makes no sense.
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    (Original post by Wawasan)
    I thought that's if it's referring to an economy? A firm however is productively efficient if it maximizes output from its given input, so is operating at the lowest average cost? I dunno really!
    Well tbh I think we're both wrong, pretty sure if you think about the economies/diseconomies of scale diagram then it's A aha (more efficient to increase output and reduce output to get on the bottom of the U-shape)
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    (Original post by 2ChemistryIsCool)
    Did anyone else realise that LOADS of questions in the MC Were simply repeats of 2009/2010 papers??


    Posted from TSR Mobile
    Yes, I didnt realise those papers existed till yesterday, did all the MCQ's from them, SOOOOOo glad I did, I can hence say for certainty I got atleast 10/25
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    Horrible, horrible paper.
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    There needs to be a petition for more time in exams. There is literally not time for thinking process.
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    I need an A in this paper got a C last year.. what was the point of me resitting if I don't get an A tbh this years paper was much harder than last years. I just hope the grade boundaries are really low.
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    How does this sound for context 1 25 marker? what do you think i'd get?
    intro: defined monopolies and negative externalities, explained how free market can lead to market failure and briefly said how free market can increase income inequality
    para 1: monopolies (monopoly price high quantity low diagram), referred to Apple from extract and said how this is market failure. entioned could break up the monopoly. also how supernormal profits lead to income inequality as ipads becoming fashion accesories, demand inelastic people want it etc (said something like this in data). i also started talking about marketing economies of scale cos the extract mentioned advertising but i dont think this was right
    para 2: my main point. talked about rent (extract said 9% people cant afford rent), this inefficient can lead to homelessness etc. talked about max rent controls and drew the diagram. mentioned how as supply of rented housing is inelastic in short term the shortage would be small. however, in long term the supply will become more elastic and showed this as a bigger shortage of supply. leads to homelessness, neg externalities cant get jobs etc so government failure, policy myopia
    para 3: brief as ran out of time. showed negative externalities in consumption diagram for gambling/cigarettes and mentioned how they could possibly tax this and redistribute the income through welfare to reduce income inequality, then mentioned how this could have a backwards effect as people could be addicted and demand is inelastic which ends up worsening the problem.
    conclusion: ran out of time completely so just mentioned improved information flows for the above negative externalities may be better
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    (Original post by deji_ta)
    There needs to be a petition for more time in exams. There is literally not time for thinking process.
    I finished the MC in exactly 15 minutes, the 5 marker in 2 minutes, the 8 marker in 10 minutes and 12 marker in 15 minutes.

    33 minutes to do the 25 marker and I still didn't finish lol.
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    (Original post by BBeyond)
    Well tbh I think we're both wrong, pretty sure if you think about the economies/diseconomies of scale diagram then it's A aha (more efficient to increase output and reduce output to get on the bottom of the U-shape)
    Yeah I dunno really Like I said, the only reason why I selected it was because of the notion that productive efficiency requires low average costs and that doesn't necessarily require higher output - I was thinking of a previous multiple choice question in which is asked whether or a not a certain move would increase productive efficiency - and the answer was a movement from a high output level, to a lower output level, accompanied by a fall in average costs.

    Not to worry though!
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    For income inequality I put something like: "Income inequality is the disparity between the incomes of different groups of people" or something like that, will that at least get me some marks?
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    (Original post by Wawasan)
    Yeah I dunno really Like I said, the only reason why I selected it was because of the notion that productive efficiency requires low average costs and that doesn't necessarily require higher output - I was thinking of a previous multiple choice question in which is asked whether or a not a certain move would increase productive efficiency - and the answer was a movement from a high output level, to a lower output level, accompanied by a fall in average costs.

    Not to worry though!
    meh that's the only question i think i got wrong i should be alright tbh
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    What actually was the 25 marker for context 2, I did it but think I may have misinterpreted the question??
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    (Original post by anonwinner)
    For income inequality I put something like: "Income inequality is the disparity between the incomes of different groups of people" or something like that, will that at least get me some marks?
    Yeah, it should probably sweep the majority of the marks if not all of them - that was actually one of the questions which put me off Context 1 but equally, it's not one of the definitions in the AQA Textbook so there's reason to feel that their inclusion of this question was unjustified? :confused:
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    For The MCQ about when a firm is productively inefficient wasn't it when an increase or decrease in output causes an increase in costs? I don't even know tbh...
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    (Original post by DerekW999)
    Do it now!!!!!
    I cant for 2 main reasons.

    1) Other international students and students around the country may not have sat the exam for various reasons, thus giving them an unfair advantage to the rest of us if they see the questions.

    2) I have to upload like every page and so its quite time consuming especially as I have an exam tomorrow !

    Nevertheless, I will upload them if people are still talking about the exam tomorrow!
 
 
 
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