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Edexcel Economics: Unit 3 Business Economics and Economic Efficiency (June 2014) EC03 Watch

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    Would it be viable to talk about just non-price strategies for the 16 marker? As price strategies may not be sensible because it's in oligopoly. I did 3 examples which were separate enough from each other.
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    (Original post by olly100)
    YES! In previous MCQs about vertical mergers they would have firms that deal with completely different (but obviously related) things such as coal mining to create steel, or say cotton farming to make clothes. MILK FOR MILK?! It just makes it much harder to distinguish and those who got the wrong answer don't necessarily know any less about mergers, we should get 3/4 marks I think :/
    then again, maybe we deserve it for not reading it thoroughly enough
    I completely agree - it's so frustrating! I don't think 3/4 marks would be possible :/ the examiners are cruel and will only accept one correct answer and not allow two to be correct even though the wording of the question was awful :'( hopefully 2 marks are still possible for defining and eliminating other options.. I can imagine in the examiner report it will say something like "Students found this question particularly challenging but it was quite an obvious and easy question"
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    (Original post by lorcan116)
    Would it be viable to talk about just non-price strategies for the 16 marker? As price strategies may not be sensible because it's in oligopoly. I did 3 examples which were separate enough from each other.
    I think you would would 2 marks on a 16 mark question as your have to talk about both pricing and non-pricing. You can talk about pricing as when you evaluate you can say pricing strategy would not work as it is an oligopoly..
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    (Original post by John_Boi)
    I completely agree - it's so frustrating! I don't think 3/4 marks would be possible :/ the examiners are cruel and will only accept one correct answer and not allow two to be correct even though the wording of the question was awful :'( hopefully 2 marks are still possible for defining and eliminating other options.. I can imagine in the examiner report it will say something like "Students found this question particularly challenging but it was quite an obvious and easy question"
    The question had wording something along the lines of "A dairy product firm(food product firm) uses milk in its production. Welsh milk sells milk. Dairy product firm merges with Welsh milk. What is the reason for this?" And the uses milk part was signifying milk is raw material...
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    (Original post by Alexovic)
    I managed to get a fifth point in about giving free gifts away the chewing gum. ������
    YOu only get credited 4 points so well done on wasting time
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    (Original post by topblogger)
    The question had wording something along the lines of "A dairy product firm(food product firm) uses milk in its production. Welsh milk sells milk. Dairy product firm merges with Welsh milk. What is the reason for this?" And the uses milk part was signifying milk is raw material...
    Yes agreed and obviously they would need milk to produce their goods as they produce dairy products, but there was a wording about the question that didn't make this clear enough - the question (to me at least) made it feel like these milk sellers would go on to sell the products of the dairy company. On reflection it does make more sense to be backward vertically integrated but the poor or confusing wording threw me.
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    Stop crying over 'poor phrasing' of the first question, exams are not meant to be obvious. The question clearly stated that the firm "uses a large amount of milk in its production of dairy produce" (along those lines), suggesting that it was backwards vertical integration.
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    (Original post by louisdc)
    Stop crying over 'poor phrasing' of the first question, exams are not meant to be obvious. The question clearly stated that the firm "uses a large amount of milk in its production of dairy produce" (along those lines), suggesting that it was backwards vertical integration.
    Wow sorry I forgot your dad wrote the paper and that's why you've taken such offence. Please take your attitude elsewhere.
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    If you put the definition of Oligopoly as a 'market with a few large interdependent firms dominating the market' and forget to mention high entry/exit barriers, will you lose marks?
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    (Original post by Anonymous1717)
    How do you know the guy on the examining team?


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    Well he used to be on it, he's now a teacher
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    (Original post by jacksonbeach)
    If you put the definition of Oligopoly as a 'market with a few large interdependent firms dominating the market' and forget to mention high entry/exit barriers, will you lose marks?
    I don't think you will because "Interdependent" is used which is a characteristic and saying few large firms dominate the market is also correct since that is an oligopoly characteristic not displayed by other market structures. Furthermore when you calculate concentration ratio, you are signifying that the few large firms dominate the market and hence it's an oligopoly.. Don't worry mate
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    (Original post by jacksonbeach)
    If you put the definition of Oligopoly as a 'market with a few large interdependent firms dominating the market' and forget to mention high entry/exit barriers, will you lose marks?
    You need to include a characteristic, doesn't matter if you mention high barriers or interdependent, but you need at least one characteristic
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    (Original post by John_Boi)
    Yes agreed and obviously they would need milk to produce their goods as they produce dairy products, but there was a wording about the question that didn't make this clear enough - the question (to me at least) made it feel like these milk sellers would go on to sell the products of the dairy company. On reflection it does make more sense to be backward vertically integrated but the poor or confusing wording threw me.
    I know people said you can only get 2/4 if the key is wrong, and that's true but sometimes it says that award 3/4 for some questions. They tell which ones 3/4 can be awarded for... so you might get 3/4 if you wrote definition and knockouts
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    (Original post by TRR)
    For the question 9 8 marker I put

    Definition of patents: legal right or protection to produce a product or an idea/concept which acts as an incentive to invest and acts as a barrier to entry. And this is for a set period of time

    Benefit one: there's an incentive to invest as it's an exclusive right to produce the product and reap the benefits etc....

    Evaluation: creates a monopoly as the parent is a barrier to entry for other firm so there is a sole supplier which could lead to exploitation of consumers higher prices and reduced consumer surplus etc....

    Benefit two: they have a set period of time to gain economies of scale and become larger to be able to produce at a lower price etc...

    And I didn't really evaluate not that I can remember properly anyway
    How many marks do people think that'll get me?

    it will more than likely be split 4 KAA and 4 Eval, so you will get the 4KAA and 2eval but if you did evaluate the last point even with just a valid piont you could squeeze another mark
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    For real though, if you didn't find that paper real easy I'd be very concerned. Edexcel must have been in a good mood and decided to gift every 80 UMS. Bring on Unit 4, can't wait to get 100% again
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    hey, for question 10c is it not right to put internet as inelastic because of the increased demand and therefore setting the price higher made sense and then highstreet shops as elastic?
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    (Original post by dwaynejohnson)
    For real though, if you didn't find that paper real easy I'd be very concerned. Edexcel must have been in a good mood and decided to gift every 80 UMS. Bring on Unit 4, can't wait to get 100% again
    Hey Dwayne, you rock!!! (Hahahaa get it???)
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    (Original post by hannah1258)
    hey, for question 10c is it not right to put internet as inelastic because of the increased demand and therefore setting the price higher made sense and then highstreet shops as elastic?
    I said that internet was elastic as there are many substitutes online which are easily accessible and the highstreet stores were inelastic as once you're in the shop you're more likely to buy. Not sure which way is correct though
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    (Original post by T_Mag)
    it will more than likely be split 4 KAA and 4 Eval, so you will get the 4KAA and 2eval but if you did evaluate the last point even with just a valid piont you could squeeze another mark
    I had same points but I I also put gvt tax revenues... The question just stated for benefits but it wasnt specific to the firm

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    (Original post by T_Mag)
    it will more than likely be split 4 KAA and 4 Eval, so you will get the 4KAA and 2eval but if you did evaluate the last point even with just a valid piont you could squeeze another mark
    thanks that's what I thought Dont know for the life of me why I didn't put evaluation point
 
 
 
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