heirloom
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#41
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#41
(Original post by hasan.sajid)
Internal and external, for external I talked about transport etc, I used spectator sports, I talked about the different objectives and tried to tie it all together. Talked about how they aim for success, which increases their buying power etc.
Thats the one thing I forgot to mention
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Pride
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#42
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(Original post by Benn_95)
I put that work is employed labour people undertake and leisure is time spent away from work/education and maintenance time that the individual is free to spend as they wish. Leisure is the opportunity cost of not working.

Anyone find that the paper was a little bit wooly? The data response barely included solid economics.

People who done the essay on economies of scale, what did you include?


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I don't understand what you mean by that. Opportunity cost is the value of the next best alternative foregone. Do you mean it's the opportunity cost of working? Even then, that confuses me.
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#43
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(Original post by hannah695)
Most probably monopoly, does anyone have an real world examples monopoly and arguments of how it could not be considered a monopoly. A likely question would probably be 'Using an example of a leisure market discuss the extent to which it is a monopoly'
oligopoly came up instead
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#44
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(Original post by Pride)
I don't understand what you mean by that. Opportunity cost is the value of the next best alternative foregone. Do you mean it's the opportunity cost of working? Even then, that confuses me.
I can't remember, I think I made more sense in the exam!


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#45
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(Original post by hasan.sajid)
Internal and external, for external I talked about transport etc, I used spectator sports, I talked about the different objectives and tried to tie it all together. Talked about how they aim for success, which increases their buying power etc.
I used airlines instead, with internal being say the benefits of more planes and external I talked about the addition of a runway to an airport.

What does everyone think they got? And what do you think the grade boundaries be?


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JOR2010
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#46
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#46
(Original post by Benn_95)
I used airlines instead, with internal being say the benefits of more planes and external I talked about the addition of a runway to an airport.

What does everyone think they got? And what do you think the grade boundaries be?


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Part B was a blessing. The 8 mark discuss wasn't very nice, I'd say it was a normal paper, but they question was a bit odd. I think I did well enough for an A, no idea about A*!

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Benn_95
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#47
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(Original post by JOR2010)
Part B was a blessing. The 8 mark discuss wasn't very nice, I'd say it was a normal paper, but they question was a bit odd. I think I did well enough for an A, no idea about A*!

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That 8 marker was lovely! And yes part B was a blessing. Personally I think grade boundaries will be about average!


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#48
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definition i put.... work is the time spent in the production of goods/services in which suitable compensation is paid, leisure time is the free time which can be used in the partacing of leisure activities in which no compensation is paid. the main difference being work time you are paid for.
and i done question 4 am i the only one? :P
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JOR2010
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#49
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(Original post by Benn_95)
That 8 marker was lovely! And yes part B was a blessing. Personally I think grade boundaries will be about average!


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I kept looking for evidence in the sources but there wasn't a great deal. Haha. What did you put for contestable characteristics?

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#50
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(Original post by JOR2010)
I kept looking for evidence in the sources but there wasn't a great deal. Haha. What did you put for contestable characteristics?

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Well I put how the Big Pit firm was not profit maximisers because they did not charge for entry, and said what it could be (forgotten what that was). And then the B&B I talked about they are currently aiming for survival but when they are enjoying success maybe just to have a source of income.

For the contestable one, I put about barriers to entry (as in they are low). And that new firms and incumbent firms face the same costs. I really struggled on this one, think I may have gotten about 3/6 at most.


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dontbtz
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#51
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#51
I did the Oligopoly essay question on Cinema and did not use 1 diagram and I'm confident that I didn't need to. Did anybody else do this? I suppose you could have possibly done the kinked demand curve or some average cost curves for the economies of scale part but they show nothing and don't exactly help analysis.
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#52
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#52
(Original post by dontbtz)
I did the Oligopoly essay question on Cinema and did not use 1 diagram and I'm confident that I didn't need to. Did anybody else do this? I suppose you could have possibly done the kinked demand curve or some average cost curves for the economies of scale part but they show nothing and don't exactly help analysis.
I used both. Just as a slight illustration


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JOR2010
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#53
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(Original post by Benn_95)
Well I put how the Big Pit firm was not profit maximisers because they did not charge for entry, and said what it could be (forgotten what that was). And then the B&B I talked about they are currently aiming for survival but when they are enjoying success maybe just to have a source of income.

For the contestable one, I put about barriers to entry (as in they are low). And that new firms and incumbent firms face the same costs. I really struggled on this one, think I may have gotten about 3/6 at most.


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Yeah I did similar. I put that the B&B was profit satisficing, as an acceptable level of profit to them may be very low indeed, that they're just trying to survive.

Yeah, for contestability I put that new firms and incumbents face the same costs. The other one I put was that they were making normal profits, due to the hit and run competition characteristic of a contestable market (several B&Bs had closed down, I put because there were no more supernormal profits to be made). Either way, I think the contestability question and the objective questions will polarise. The boundaries are usually quite generous, it can be as low as 42/60 for an A, 47 for an A*, 52 for 100 UMS. Wait and see!
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#54
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#54
(Original post by dontbtz)
I did the Oligopoly essay question on Cinema and did not use 1 diagram and I'm confident that I didn't need to. Did anybody else do this? I suppose you could have possibly done the kinked demand curve or some average cost curves for the economies of scale part but they show nothing and don't exactly help analysis.
I don't think you had to use the kinked demand curve, it's just another way of showing L3 analysis. Using economic terms is enough, as long as you mentioned concentration ratio, barriers to entry, interdependence or something you'll be fine!
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Tommmmmmmmm
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#55
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I thought the first question was abit weird, and we didnt really cover much tourism in class but that was all okay. The essay questions were perfect though, question 3 was exactly what I wanted
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#56
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#56
(Original post by Benn_95)
That very first question threw me -


Distinguish between work and leisure.

What did everyone put?


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I put: Work is an activity that brings no satisfaction, and the only benefit gained from it is income. Leisure is an activity that brings satisfaction, but no income. Workers must choose between work and leisure.
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JOR2010
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#57
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(Original post by Tommmmmmmmm)
I thought the first question was abit weird, and we didnt really cover much tourism in class but that was all okay. The essay questions were perfect though, question 3 was exactly what I wanted
Exactly the same feeling here. We didn't cover tourism at all really! :/ Was the question about contestability asking for referrals to the case study or not? Or was it just explain?
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#58
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#58
(Original post by FuLLuPMepOrtION)
-3,840,000 people?
0.8 x 39 million= 31.2million
0.84 x 33 million = 27.72 million

31.2 - 27.72 = 3.48 million !
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SonnyBeatle
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#59
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#59
Did anyone else do question 4- I interpreted 2Segmented markets" to mean how the labour market segments due to geographical immobility, occupational immobility, inadequate information (ie a firm that advertises a post only in The Economist will not see non readers apply for the vacancy) and that one of the consequences is wage differentiation. Is this correct or have I just shot myself in the foot? I read through a textbook and I never saw the term "segmented markets" being mentioned.
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JOR2010
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#60
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#60
(Original post by SonnyBeatle)
Did anyone else do question 4- I interpreted Segmented markets to mean how the labour market segments based on geographical immobility, occupational immobility, inadequate information (ie a firm that advertises a post only in The Economist will not see non readers apply for the vacancy) and that one of the consequences was wage differentiation. Is this correct or have I just shot myself in the foot? I read through a textbook and I never saw the term "segmented markets" being mentioned.
No that's the correct interpretation! (I didn't answer that question though!).
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