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)..
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.
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.
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
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).
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! )
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.
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.
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.
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