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    Im pretty sure it was average fixed cost and i remember my calculation of 10,000/1000 which gave £10. TFC in my opinion would have been too much of an easy question as there would have been no calculations involved.
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    ye ye, i agree Mashud
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    (Original post by RJB)
    the AFC one is 10.
    fixed costs do not vary with output
    AFC = TFC / Q
    TFC was 10000, Q was 1000.
    10000/1000 = 10.

    the one with the TR and TC curves : Q3 was revenue max as it was at the top of the TR curve. the conditions of revenue max is MR=0. As MR is the gradient of TR, at its height, MR=0. also an annotation on the diagram would work.

    the hardest question was the RPI+K one. that was very odd. i think i got all the points down but the answer wrong. it's usually RPI-X which is more manageable.


    i did the banking question thing, everything was quite straightforward.


    with regards to unit 5, i did a ridiculous amount of evaluation....
    i did the second one, again everything relatively straightforward... a bit weird with the jobseekers' incentives question for flat taxes but, yeah.... the monopsonies question really wasn't as hard as i thought some people were saying it was..
    I put revenue max, I thought it was Q4 though?

    What did everyone say about the perfection competition q? I said it was operating where marigal profit was 0
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    For the last question on contestability of gum markets, I said it WASN'T very contestable because advertising was such a huge sunk cost. I only said it was contestable for niche markets. Kind of crap, I know.
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    (Original post by newlife)
    Explain the implication of abnormal profits by the manufacturers on the consumer (5 Marks)
    Oh crap. Is that what the question asked???? I thought it was asking you to talk about the effects of supernormal profits and how they affect the consumer.

    Oh crap, 5 marks I'll never see again.
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    Anyway, what I wrote is that they might spend that profit on R&D. And I evaluated by saying that they probably wouldn't, as there was no incentive to. What did everyone else put?
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    Someone, anyone? I'm really scared now.
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    ye Epitomessence, i put the same thing that: (i) consumer welfare would indeed be adversely affected by abnormal profits however the abnormal profit could be spent on R&D to improve products however, it is likely that they wont.
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    (Original post by Mashud)
    Im pretty sure it was average fixed cost and i remember my calculation of 10,000/1000 which gave £10. TFC in my opinion would have been too much of an easy question as there would have been no calculations involved.
    again i thought it was asking for just TFC not AFC it did refer to some AVC but i think they wanted TFC, im not sure though.
 
 
 

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