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    (Original post by lahorizon)
    oh god, I used only an externality diagram throughout the entire exam !! :l didn't know there would be a cap ...
    I used it to show tax on firms who pollute
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    (Original post by Anonymous_18)
    I did the same...talked about people having different MRP, discrimination and monopsony and drew diagrams


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    So did you talk about what I said and also MRP?
    I asked my teacher afterwards and he said its a valid argument, as the question was only 10 marks (6 marks if you ace the definitions which i feel confident i did)

    as the question was asking why if left to market forces are some underpaid, so it could be used either way
    I explained it as if the left to market forces, in a monopsonistic labour market, there is only one buyer of labour and so workers in that labour marker can't go to another employer therefore the employer is able to charge a lower price than equilibium wage (drew to mc of labour and mrp of labour to show underpaid wage) against the standard wage

    would that give me the full marks? as i explained it all with my diagrams and proved how in this instance, some people are paid very low wages
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    What grade would 56/80 be 😩 pls


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    (Original post by Fuego1)
    EconplusDal might have just helped save my econ3 grade today!
    Same !! Haha I was watching his videos right b4 the exam
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    (Original post by tuddin96)
    who did the 15 marker on how perfect competition causes efficient allocation of resources. so it was basially asking how perf comp leads to allocative efficiency. I first talked about perf comp and market strucutre of it, then define allocative effciency. then drew a diagram showing supernormal profits by perf comp in the short run but supply of firms increase which erodes it until ar=mc. so allocatively effcient in the long run since ar curve comes down. Who else wrote this. please reply.
    I wrote this also but didnt do the shift in supply to show new entrants entering hte market due to time pressures but discuss it in my 15 marker. Our 15 markers sound pretty much identical. First point how perfectly competitive firms are allocatively efficient (describing allocative efficiency), mentioned static efficiency. I drew two diagrams which should earn me 4 marks and hopefully the two definitions should earn me 4 marks also. What did you say for the 25 on cars ?
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    (Original post by CharlieeY)
    Anyone know what the percentage was for Q1 Context 1??
    1.87%
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    So if I included the diagram in both my 10 and 25 marker will it mean that it won't be credited? Reply would be much appreciated
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    I did context 1, essay 3.

    annoying because context 2 looked a tad easier.

    essay 3 was soooo unit 1! i feel i was just regurgitating unit 1 stuff. ahh.
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    (Original post by Hshzhzhzhzh)
    For context 1 in the 10 marker I included a tax diagram. However I also included tax diagram in the essay as well. Will this cap me?
    Yeah I did that too and was wandering, I think they'll give you marks for it once but it's fine because you drew it again for reference in your 25 marker
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    (Original post by marioandluigi)
    What grade would 56/80 be 😩 pls


    Posted from TSR Mobile
    Probably a B but if the grade boundaries are low you may just get an A.
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    (Original post by Browns10)
    I wrote this also but didnt do the shift in supply to show new entrants entering hte market due to time pressures but discuss it in my 15 marker. Our 15 markers sound pretty much identical. First point how perfectly competitive firms are allocatively efficient (describing allocative efficiency), mentioned static efficiency. I drew two diagrams which should earn me 4 marks and hopefully the two definitions should earn me 4 marks also. What did you say for the 25 on cars ?
    the 25 marker i basically talked about monopoly being dynamically efficient with evaluation then another para on being allocatively inefficieny creating welfare loss with evaluation. conclusion i evalutated the word 'undesirable' and factors that affect monopoly being good or bad.
    what did u do
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    (Original post by marioandluigi)
    What grade would 56/80 be 😩 pls


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    prolly a b
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    (Original post by jakelong1001)
    Isn't Allocative efficiency AC=MR ?
    Allocative efficiency is where MC = AR
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    (Original post by Hshzhzhzhzh)
    I used it to show tax on firms who pollute
    Oh ok that sounds good, I only used it to show that they should reduce/or increase output. And once I used it to show consumer surplus (but I shaded the wrong bit in by accident, I did a rectangle not a triangle like how it should be). Oh well, won't get marked down or anything hopefully.

    (Original post by SuzzyParla)
    I did context 1, essay 3.

    annoying because context 2 looked a tad easier.

    essay 3 was soooo unit 1! i feel i was just regurgitating unit 1 stuff. ahh.
    I agree that essay 3 was basically unit 1. I can't think of anything I could've added tbh though...
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    (Original post by marioandluigi)
    What grade would 56/80 be 😩 pls


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    I think a strong B, maybe a high C if the grade boundries are higher than usual this year!
    Looking at the past boundries, a B is usually 55-60 and a A can be from high 50's to early 60's

    so 58 I would say would either definitely be a strong B but maybeeee a high high C if boundries are much higher which looking at past trends seems unlikely
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    (Original post by Rose123456)
    1.87%
    I got 24 . . . Oh no.
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    for context 1, q2 did you write about rise in prices, etc, also less competition?
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    (Original post by BirdIsWord)
    Depends which essays you did
    I did the 25 marker on environmental sustainability (context 1) and the essay on monopolies
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    For the Essay 2, 25 marker I spoke about the different objectives e.g. survival for the small firms and max revenue - which leads to profit max in the long run as it is done to increase market power, in my evaluation I said satisficing may be more important as can't find MC = MR easily / when MR = 0 as well as social objectives more important due to media scrutiny etc. Did anyone else talk about similar points?
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    Have C3 tomorrow so probably shouldnt spend so much time asking, but what do you guys think of this structure.

    Context 2 - increasing incomes of those with low wages (i think) - 25 marks
    Intro
    Para 1: Yes higher minimum wage through higher living wage is good (monopsony employer etc)
    Para 2: No it is bad.
    Para 3: Alternative policy 1 - Challenge discrimination + legislation
    Para 4: Alternative policy 2 - Supply Side policies
    Para 5: Alternative policy 3 - Wealth accumulation, rent to buy etc
    Conclusion

    Evaluation
    Time
    Extent of change
    Economic climate of change (brexit + min wage. may be disastrous in recession)
    Types of employers (small v. large business)
    Current government likely policies

    Essay 1 - Monopolies q (25 marker)
    Intro
    Monopolies undesirable
    Para 1; Monopolies undesirable; static inefficiency, current LLC structure limiting dynamic efficiency etc
    Para 2; Diseconomies of scale
    Para 3; Undesirable Objectives, anti-trust, oppose contestable markets etc

    Monopolies desirable;
    Para 4 Dynamic efficiency
    Para 3; Natural monopolies, high fixed costs & economies of scale (financial, technical, marketing etc..)

    Evaluation
    - Extent of regulation
    - Type of firm
    - Short term v. Long term
    - Objectives of firms, non for profit v. profit maximising

    Didn't really make a judgement on monopolies as they contrast so much depending on market their in, couldnt see how I could do so. Just said non-collusive oligopolies and increasing contestability perhaps better.

    Put quite a few diagrams and data, and obviously developed points I had. Thanks for any feedback!
 
 
 
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