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    for MC to be constant the curve must be increasing otherwise no extra revenue is gained
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    yeah, MC=0 because TC is constant, therefore no change in TC (blahblah)
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    (Original post by houseo2)
    for MC to be constant the curve must be increasing otherwise no extra revenue is gained
    I wrote marginal cost is zero aswell becuase in the AB range total cost didnt change.So if total cost is constant and u increase output average cost will decrease.I might be wrong though
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    (Original post by the_neg_master_)
    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.
    yeah, that is true. What are you doing in history?

    (Original post by lareneg)
    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
    remind me what the question was again?
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    (Original post by bab)
    I wrote marginal revenue is zero aswell becuase in the AB range total cost didnt change.So if total cost is constant and u increase output average cost will decrease.I might be wrong though
    there was no option of marginal revenue?
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    (Original post by unamed)
    (it does! )

    Perfect competition:

    Assumptions: firms are price takers, there is perfect information, no entry/exit barriers, all products are homogeneous, there are many small firms with little market share.

    Efficiency: Both allocatively and productively efficient in the LR, however, they are only allocatively efficient (as it is possible for the AC to be above minimum, hence not PE)

    Profits: SNP only in the SR, NP in LR.

    Shutdown point: when AVC=AR, the firms would shut down and hence leave the market, as their revenue no longer covers the cost of producing one more unit of output.
    :woo:

    I take it you're the smart kind!! :yep:
    Oh dear.. I don't even remember what's in that unit!!
    Monopolies, Monopolistic Competition, Perfect Competition and Oligopolies...
    And then... it's all gone! :eek3:
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    (Original post by TsarinaMeg)
    :woo:

    I take it you're the smart kind!! :yep:
    Oh dear.. I don't even remember what's in that unit!!
    Monopolies, Monopolistic Competition, Perfect Competition and Oligopolies...
    And then... it's all gone! :eek3:
    depends what you define as smart! (I'm too not modest to say no)

    didn't you do the paper yesterday?
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    (Original post by unamed)
    there was no option of marginal revenue?
    My bad,i meant Marginal cost
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    (Original post by bab)
    My bad,i meant Marginal cost
    that makes more sense! You had me all scared when you said revenue!
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    (Original post by the_neg_master_)
    Anyone looking forward to Unit 4? just look at the spec and blimey 100marks for 2 hours..
    I KNOW!!! Although I think it's only 50mks/ question right? It used to be a hundred until last year... :/

    Doesn't help I don't pay attention in my U4 lessons- we keep talking about Nestle all the time (my teacher worked there for like, a long time)

    Plus there's the BOP- AGAIN!! It's like, how many bloomin times does it have to be covered!?
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    (Original post by unamed)
    depends what you define as smart! (I'm too not modest to say no)

    didn't you do the paper yesterday?
    Oh. lol, no!!
    Gosh-- am I the only one here who's forced to do ALL my A2 units in June? Our school forbids Jan exams unless they're retakes!! Apparently universities hate it when you take exams in two sittings??
    I'm taking it you've already done the paper. Sigh. I thought I'd FINALLY found someone who I could share my U3 woes with! :p:
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    (Original post by TsarinaMeg)
    Oh. lol, no!!
    Gosh-- am I the only one here who's forced to do ALL my A2 units in June? Our school forbids Jan exams unless they're retakes!! Apparently universities hate it when you take exams in two sittings??
    I'm taking it you've already done the paper. Sigh. I thought I'd FINALLY found someone who I could share my U3 woes with! :p:
    Oh! That's terrible! We had to that with history last year - it was highly annoying. That didn't make a difference to me, I got all my offers! :p:
    I'm sorry.
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    (Original post by unamed)
    yeah, that is true. What are you doing in history?



    remind me what the question was again?
    long run equilibrium of monopolistic competition
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    (Original post by the_neg_master_)
    long run equilibrium of monopolistic competition
    oh yeah, I drew a terrible diagram for that >.< , because of all the lines!
    yeah, they're never efficient in the LR.
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    overall, im guessing i got 26+ in multiple choice and 32+ in essay..
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    (Original post by houseo2)
    for the one about the total cost curve i put marginal cost is zero lol
    This is correct. There was the exact same question on a past paper which we did in class a few months ago, everyone got the wrong answer apart from a few.
    I just explained how output increases but there is no increase in total costs, keeping this in mind and the definition of marginal cost (addition to total costs following the production of one extra unit output) its obvious that marginal costs are 0 as there is no addition to total cost.
    It was question 7 on the January 2003 paper if anyone has access the mark scheme for it, I scanned the question and is:
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    (Original post by THRASHx)
    This is correct. There was the exact same question on a past paper which we did in class a few months ago, everyone got the wrong answer apart from a few.
    I just explained how output increases but there is no increase in total costs, keeping this in mind and the definition of marginal cost (addition to total costs following the production of one extra unit output) its obvious that marginal costs are 0 as there is no addition to total cost.
    It was question 7 on the January 2003 paper if anyone has access the mark scheme for it, I scanned the question and is:
    that's creepy how same it is! :O
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    (Original post by unamed)
    that's creepy how same it is! :O
    Yeah, a lot of the questions were cloned. I dont know how many past papers anyone else did but I did as many as I could and the only new question was the game theory one, the rest id seen before (maybe the exception being question 8)

    The profit maximising monopoly with a decrease in demand comes up every year, such an easy 4 marks.
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    Hi
    Quick question...anyone want to run me through what they might give evaluative marks for in the pharmaceutical one? I'm never sure about it and mine consisted of just shooting down what i'd said.
    Anyone who answers is a babe
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    (Original post by ddiamondd)
    Hi
    Quick question...anyone want to run me through what they might give evaluative marks for in the pharmaceutical one? I'm never sure about it and mine consisted of just shooting down what i'd said.
    Anyone who answers is a babe
    If you had to talk about benefits (which you did) then rank them, which would be more effective, how effective would it be?
    When it said discuss (I cant remember if it did) talk about the advantages and disadvantages, which is more significant?
    Speculate, talk about what could or should happen, not would or will.
    Was there enough data to come to a clear-cut decision?
    Oh and arguing with yourself kinda thing, I dont really know how to explain that without an example but maybe youll understand what I mean.
    Asking rhetorical questions too.

    Stuff like that, hope that helps haha :cool:
 
 
 
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