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    (Original post by chiliman14)
    I did the second, the questions seemed alot more straight forward. I filled all the space that was there and somehow had 5 minutes left! I'm quite annoyed though because I know i got question 3 wrong, and I wasnt sure about the last question of section A either.

    And yes it was oligopoly! Even though the products were quite homogeneous they still had branding.
    the price and non-price strategy? I put (deleted) ( as the sources seem to suggest)..
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    (Original post by the_neg_master_)
    here are my answers for multiplechoice:
    C-B-C-A-E-D-C-D
    C Highly concentrated
    B gain from falling AC
    C AC is constant
    A entrants i think
    E Fall fall fall
    D set low price
    C productivel and allocatively inefficient
    D little incentive to produce efficiently
    (i wrote it on a piece of paper )
    For the "set low price" one I put that they would both raise prices because demand was inelastic, and defined collusion etc.

    As for the pricing and non-pricing I talked about limit pricing (because new firms were attempting to enter the market), I then realised this wasnt to particularly maximised sales but sort of got my way around it lol. The for the non-pricing I just spoke about increased branding, but said it would be difficult as drugs are fairly homogeneous.

    It asked for two strategies - not whether they had to be good ones or not haha.
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    (Original post by chiliman14)
    For the "set low price" one I put that they would both raise prices because demand was inelastic, and defined collusion etc.

    As for the pricing and non-pricing I talked about limit pricing (because new firms were attempting to enter the market), I then realised this wasnt to particularly maximised sales but sort of got my way around it lol. The for the non-pricing I just spoke about increased branding, but said it would be difficult as drugs are fairly homogeneous.

    It asked for two strategies - not whether they had to be good ones or not haha.
    Limit pricing.. well you can say that but the question specifically said Merck but I guess as long as you explained it, you can get away with it. Economics is all about assumptions really.
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    looks like I'm still the only one who did the 1st question! :p:

    oh and I put that they'd set high prices too...

    I was upset at the lack of collusion case study questions. It's the most 'exciting' part of the course!
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    deleted
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    hm.. i was thinking about those 2 options.. but oh well i can still get 2 marks probably there as i explained the implications of collusion and what maximising revenue meant
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    Can I ask why you didn't choose question 1?
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    what grades was everybody aiming for?
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    A. you?
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    A, dont mind if i just scrape it though! Im thinking ill just end up with an average B...lol
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    (Original post by chiliman14)
    A, dont mind if i just scrape it though! Im thinking ill just end up with an average B...lol
    I need an A for my dignity...you see, my teacher hates me with a passion, and so, an A would make him cry. I want to make him cry.
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    question 1 was a turn off for me.. once i saw the effectiveness i was wow this is going to be good.. but the last question was a 14 mark question about policy ( idont know which one).. but 10 was easier than 9.. me thinks..
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    aiming really for A* but A would be a bargain. I am doing it on my own so if I scraped a A that would be an evidence how committed i am to my work. (wanna put that on my personal statement next application cycle).
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    (Original post by the_neg_master_)
    question 1 was a turn off for me.. once i saw the effectiveness i was wow this is going to be good.. but the last question was a 14 mark question about policy ( idont know which one).. but 10 was easier than 9.. me thinks..
    I read the extracts for question 1, and they had so many answers there, you just had to apply the economics to it! (it made me happy). Also, I hate takeovers/mergers - they involve economies of scale. which I don't like.

    It's pretty impressive, studying it on your own! (I thought he meant this unit...I'd like an A* over all as well, though! )
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    (Original post by unamed)
    I read the extracts for question 1, and they had so many answers there, you just had to apply the economics to it! (it made me happy). Also, I hate takeovers/mergers - they involve economies of scale. which I don't like.

    It's pretty impressive, studying it on your own! (I thought he meant this unit...I'd like an A* over all as well, though! )
    Oh.. haha.. A* overall .. but unit 3 is just 20% of the total course or 40% of A2.. so really u need to nail unit 4 to push up your UMS to 90+ average.
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    (Original post by the_neg_master_)
    Oh.. haha.. A* overall .. but unit 3 is just 20% of the total course or 40% of A2.. so really u need to nail unit 4 to push up your UMS to 90+ average.
    luckily, I like unit 4 and I do history= I write fast.
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    for the one about the total cost curve i put marginal cost is zero lol
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    (Original post by unamed)
    luckily, I like unit 4 and I do history= I write fast.
    I do history as well.. SO, that means I write fast .. hehe but it is a bit overwhelming to have a 100mark in economics.. i might struggle on this but im not gonna give up.
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    (Original post by the_neg_master_)
    here are my answers for multiplechoice:
    C-B-C-A-E-D-C-D
    C Highly concentrated
    B gain from falling AC
    C AC is constant
    A entrants i think
    E Fall fall fall
    D set low price
    C productivel and allocatively inefficient
    D little incentive to produce efficiently
    (i wrote it on a piece of paper )
    I agree with most, except 7 (where you put C)... I swear that in the long run they're allocatively efficient... unless I misread and drew the wrong graph :X
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    (Original post by houseo2)
    for the one about the total cost curve i put marginal cost is zero lol
    hm.. i think marginal cost is not equal to zero but rather MC is constant.. but don't know. it might be..
 
 
 
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