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    Ok please help

    Context 2 - I wrote for 25 - Training + Regressive taxation + NMW is this correct?

    First of the essays in section 2 - I talked about oligopolies and monopolies, is that right? /:
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    (Original post by a jones)
    For Context 2
    i got 50% and for the comparison i said that although Luxembourg had the highest minimum wage, they also had the second highest percentage of people on it.
    For the 10 marker i spoke about elasticises and skills and qualifications etc. I drew two graphs-one of the elastic labour demand and one of inelastic demand
    For the 25 marker i spoke drawbacks on increasing the wage i.e more excess supply of labour. I then spoke about benefits - like fairness. I then gave other methods - regressive taxes and education/training schemes and evaluated them. For the judgement i questioned each method.

    I then did Question 7 n drew three graphs of perfect competition- the two short run ones and the long run one. I explained how if they weren't efficient they would be forced out of market etc.
    For Question 8 i spoke about two drawbacks on monopolies - the 3 inefficiencies and unemployment, I then said an advantage was R and D being used and benefit consumers in lower prices. I evaluated throughout but my judgement was a bit dead. I just questioned each one and talked about short run and long run.

    What do you guys think i would get approx ( i need 64 lol)


    Thanks in advance.
    I talked about oligopolies aswell as monopolies... Is that wrong?
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    yeah for context 1 25 marker i wrote about how a tax ill affect the firms competitiveness internationally
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    (Original post by Superbob123)
    What did people write for the market forces side of the context 1 25 marker?

    Responses would be appreciated
    Legal limits and pollution permits. Though, I am not sure if legal limit is a valid point.
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    Grade boundary predictions ?

    I think same as june 2015
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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?
    I said more or less the same thing for the profit max essay, I included profit max, profit satisficing, Limit pricing, revenue max, Sales max. I talked about small vs Bigger firms, charities, how it depends on the nature of the firm and how in reality its hard for firms to actually profit max as its too precise, etc.

    I also got 1.87% thank god. xD
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    (Original post by 83-gt)
    Legal limits and pollution permits. Though, I am not sure if legal limit is a valid point.
    I said how it depends on the view of the firms, and I used the big 6 energy firms as an example of how firms could collaborate to achieve better alternatives through dynamic efficiency
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    Any topics in particular that may come up for Unit 4? 😊


    Posted from TSR Mobile
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    (Original post by marioandluigi)
    Any topics in particular that may come up for Unit 4? 😊


    Posted from TSR Mobile
    Maybe the EU referendum will come up? Because they knew about it like more than a year ago and the paper was written a year ago..so maybe a question on the economic/normal reasons to leave/stay in the EU?

    And I'm sure a question on either Eco growth, inflation, unemployment or balance will come up..like "assess the macroeconomic performance"


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    (Original post by kingLAWZA)
    I talked about oligopolies aswell as monopolies... Is that wrong?
    I don't think so because the question asked about highly concentrated markets AND monopoly power.
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    Also what did guys put for the 5 marker in context 2... I couldn't really compare compare them.. I just said which countries in both situations had the highest and lowest value of whatever it was measuring .. Hopefully that'll be enough for 3 marks was it ..

    Any thoughts ?


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    (Original post by Flapjack75)
    I don't think so because the question asked about highly concentrated markets AND monopoly power.
    Agree
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    (Original post by Flapjack75)
    I don't think so because the question asked about highly concentrated markets AND monopoly power.
    so i'm not wrong?
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    (Original post by Browns10)
    Agree
    so i'm not wrong?
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    (Original post by kingLAWZA)
    so i'm not wrong?
    When you say you spoke about oligopolies, elaborate
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    Is there a Unit 4 thread?......its time
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    (Original post by Anymorefor123)
    Also what did guys put for the 5 marker in context 2... I couldn't really compare compare them.. I just said which countries in both situations had the highest and lowest value of whatever it was measuring .. Hopefully that'll be enough for 3 marks was it ..

    Any thoughts ?


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    Yeah I just compared the highest from each graph, didn't really know what to compare myself
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    (Original post by charanjittt)
    Did anyone else answer th me profit maximising question? What did you guys right
    Spoiler:
    Show
    Yeah I did that one! i wrote about profit maximising did the graph mr=mc, and then said that only 3% of firms actively profit maximise, however due to divorce of ownership and control and how firms find it hard to work out profit max position, there will be other objectives... said... sales max Baumol ar=ac, used Amazon as an example. then... Cyert and March satisfycing sort of explained that, Williamson managerial amoulments and revenue max where mr= zero... concluded by saying that while profit max was important in 1776 when Smith proposed theory, it has little relevance today and sales max has more importance think that it went well but I cannot be sure, it's going to be a long summer! :unimpressed:
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    (Original post by Anymorefor123)
    For living wage q I wrote this

    - implementation of the living wage
    Min wage diagram ( just labelled living wage ).. Explained how it essentially acts the same providing a minimum wage rate above the equilibrium ( prevents exploitation of cheap labour ) and therefore market failure

    = good for those with it = can afford basic necessities

    Evaluation = unemployment it causes , could worsen income inequality and make more people poor , only good for those who receive it ( not legal like the min wage ).. , only available for 21's was it ? And older ... Other groups still affected , bad for the growing youth unemployment and we need young people to have a chance in the labour market to gain skills / increase MRP and this attract higher wages in the long run

    Other policies - progressive taxation --> Lorenz curve shifting inwards indicating more equality in incomes = good for lower income earners

    - however can't reap the benefits from trickle down effects /investment = that could theoretically create more jobs + prosperity ( so gov failure )
    - may move abroad to countries with lower rates or income tax eg Luxembourg --> less tax revenue available for the gov to redistribute / give in benefits
    - may decentivise those workers from working as hard --> productivity goes down bad for the economy and long term jobs e.c.t ( was more of a weaker point )

    Means tested benefits = WFTC.. Could lead to the poverty trap

    JSA for those unemployed = unemployment trap

    Final policy = education + training
    - 20,000 apprenticeship scheme announced by Cameron + school leaving age increased
    - people have better skills
    More Inelastic in demand /supply / higher MRPS's e.c.t

    - but time lags , budget deficit , ability to engage in such schemes

    Conclusion --> said education \training was the best in the long run

    I best get 20 at least I wrote like 5 pages and my hand writing isn't big 😂 and this part was the only good part for me


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    That's basically what I wrote for context 2! I'm sure that we will be great!!
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    (Original post by Browns10)
    When you say you spoke about oligopolies, elaborate
    I talked about oligopolies as well because in the text it spoke about 20 or so firms, it just states growing market concentration and monopoly power which sounds to me like oligopolies is fine
 
 
 
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