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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)..
Reply 21
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 :biggrin:)


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.
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.
Reply 23
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. :frown: It's the most 'exciting' part of the course!
deleted
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
Reply 26
Can I ask why you didn't choose question 1?
Reply 27
what grades was everybody aiming for?
Reply 28
A. :smile: you?
Reply 29
A, dont mind if i just scrape it though! Im thinking ill just end up with an average B...lol
Reply 30
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.
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..
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).
Reply 33
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! :biggrin: (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! :biggrin: (I thought he meant this unit...I'd like an A* over all as well, though! :biggrin:)
unamed
I read the extracts for question 1, and they had so many answers there, you just had to apply the economics to it! :biggrin: (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! :biggrin: (I thought he meant this unit...I'd like an A* over all as well, though! :biggrin:)

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.
Reply 35
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.
Reply 36
for the one about the total cost curve i put marginal cost is zero lol
unamed
luckily, I like unit 4 and I do history= I write fast.

I do history as well.. SO, that means I write fast .. :biggrin: hehe but it is a bit overwhelming to have a 100mark in economics.. i might struggle on this but im not gonna give up.
Reply 38
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 :biggrin:)


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
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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