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    (Original post by the_neg_master_)
    hm.. i think marginal cost is not equal to zero but rather MC is constant.. but don't know. it might be..
    Marginal cost = 0 ...think of the formula...it cannot be AC is constant is TC is contant, AC will become progressively smaller. (again think of the formula)

    Total costs are constant between A and B, therefore there is no change in TC, therefore marginal cost = 0 (delta TC / delta Q ...if the top is zero, the whole formula equates to 0)...thats how i see it anyway.
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    (Original post by yusufzee)
    Marginal cost = 0 ...think of the formula...it cannot be AC is constant is TC is contant, AC will become progressively smaller. (again think of the formula)

    Total costs are constant between A and B, therefore there is no change in TC, therefore marginal cost = 0 (delta TC / delta Q ...if the top is zero, the whole formula equates to 0)...thats how i see it anyway.
    No matter you edited it. Youre right, neg_master isnt.
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    What sort of answers did people put for the very last question on the pharmaceutical? About further mergers and takeovers occurring in the industry? I felt like i was repeating what i said for the benefits of Merck merging which was an earlier question
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    Oh balls.. MC= O coz total cost is constant and therefore any increase in output would just be the same with the cost before.. so before minus after = 0! but will i get points for saying about what is average cost?

    for the last pharmaceutical question, it was about the interest of the consumer and employees.. so you can put in economies of scale but instead show how this will benefit the consumer and employess... i.e. lower prices, increase in consumer surplus, more staff facilities and benefits etc etc.. then evaluate like say that it is unlikely for firms to pass on surplus to consumers as they'll be more interested in maximising their private benefits than social benefits, etc etc
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    (Original post by yusufzee)
    What sort of answers did people put for the very last question on the pharmaceutical? About further mergers and takeovers occurring in the industry? I felt like i was repeating what i said for the benefits of Merck merging which was an earlier question
    Well it was supposed to be relevant to the consumers and employees rather than Merck as a whole.
    I talked about the employees and how safe their jobs would be, a potential outcome of the merge would be Merck closing down some of *the acquired firms* research centres or cut down on advertising to reduce costs, this would mean a potential loss of jobs.
    To the consumers, this decrease in costs should lead to an increase in profit which could be passed on the consumer, but how likely is it?

    Just stuff like that really.
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    haha said exactly that, but wasnt sure, thanks neg master
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    (Original post by unamed)
    I did the 2nd one, because I knew all the answers. Unfortunately, time wasn't with me. so, I have to resit in June.

    Luckily, the time was with me this year!
    oh god, I timed this exam so badly! I had about an hour to do the data response. So, I said to myslef I'd do one mark per minute. That would have given me 20 minutes to check over but I spent too long on the first 12 marker and then had about 7 minutes each to do the last two! I just about finished but what put me off was the fact that there was 3 pages for one twelve marker, then a page and a half for the last one! wtf, I spent something like 5 minutes waiting for extra paper, not to mention it kind of affected my concentration! Anyway, I think I may have to retake this in June!
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    Oh and also, any ideas what grade boundaries will be like? the revision guide mentions about 51/72?? thats fairly low :/ ..any expectations that it could be higher/lower?
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    (Original post by n_251)
    oh god, I timed this exam so badly! I had about an hour to do the data response. So, I said to myslef I'd do one mark per minute. That would have given me 20 minutes to check over but I spent too long on the first 12 marker and then had about 7 minutes each to do the last two! I just about finished but what put me off was the fact that there was 3 pages for one twelve marker, then a page and a half for the last one! wtf, I spent something like 5 minutes waiting for extra paper, not to mention it kind of affected my concentration! Anyway, I think I may have to retake this in June!
    I had around an hour for the data response too... I had 5 minutes to do the other side of the argument for the last 14 mark.. so I was actually better timed than I was in June.

    By the way you make it sound, maybe.. although my teacher says that the examiners prefer less to more. :shrug:
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    (Original post by unamed)
    I had around an hour for the data response too... I had 5 minutes to do the other side of the argument for the last 14 mark.. so I was actually better timed than I was in June.

    By the way you make it sound, maybe.. although my teacher says that the examiners prefer less to more. :shrug:
    Of all the economics exams I have ever sat (from GCSE till now), I don't think I have ever had time to check over my answers! They should let me use all the time I save on maths exams for Economics! :p:
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    I know.. We dont have any time but i think we're more lucky than the past econ students because they only have less than 1.5 hours to finish 80marks of exam..
    I wasn't prepared for big points essay i.e. 3 12 mark essays!!.. the sample assessment materials were nicely laid out; this was one was a bit of a shock.
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    What was the answer to the multiple choice question that was about demand falling for a monopolisticly competitive firm - I know someone put the letter but what actually was that answer?

    Oh yeh, and I epic failed that exam.
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    (Original post by lozz2601)
    What was the answer to the multiple choice question that was about demand falling for a monopolisticly competitive firm - I know someone put the letter but what actually was that answer?

    Oh yeh, and I epic failed that exam.
    allocatively and productively inefficient.. the question was about monopolistic competition in long run equilibrium..
    if you're talking about the monopoly question, i put fall in output, fall in profit and fall in price.. i was thinking of rise in output but that wasn't in the options as i remember.. so just went to fall.. hm..
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    (Original post by n_251)
    Of all the economics exams I have ever sat (from GCSE till now), I don't think I have ever had time to check over my answers! They should let me use all the time I save on maths exams for Economics! :p:
    that would be awesome - not this year, but last I had around 30 minutes left! :p:
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    (Original post by the_neg_master_)
    I know.. We dont have any time but i think we're more lucky than the past econ students because they only have less than 1.5 hours to finish 80marks of exam..
    I wasn't prepared for big points essay i.e. 3 12 mark essays!!.. the sample assessment materials were nicely laid out; this was one was a bit of a shock.
    actually, there were big marks in the sample assessment materials. In fact, there was a 16-marker.
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    (Original post by the_neg_master_)
    allocatively and productively inefficient.. the question was about monopolistic competition in long run equilibrium..
    if you're talking about the monopoly question, i put fall in output, fall in profit and fall in price.. i was thinking of rise in output but that wasn't in the options as i remember.. so just went to fall.. hm..
    I drew a diagram, and that showed a fall in output.
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    (Original post by the_neg_master_)
    allocatively and productively inefficient.. the question was about monopolistic competition in long run equilibrium..
    if you're talking about the monopoly question, i put fall in output, fall in profit and fall in price.. i was thinking of rise in output but that wasn't in the options as i remember.. so just went to fall.. hm..
    Yehhh it was the second one I wasn't sure about - I think I put fall fall fall but I don't really know why - I drew a diagram but wasn't sure how to draw the cost bits...
    ehhh.
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    (Original post by unamed)
    actually, there were big marks in the sample assessment materials. In fact, there was a 16-marker.
    Yep, a 16 marker in each data-response question.

    The question about the monopolist, a clone straight from June 2006, I still have the diagram I drew for that so I drew it up a bit larger and the right diagram is:



    I assume its right, it makes sense and I got full marks for it on the June '06 paper.
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    (Original post by THRASHx)
    Yep, a 16 marker in each data-response question.

    The question about the monopolist, a clone straight from June 2006, I still have the diagram I drew for that so I drew it up a bit larger and the right diagram is:



    I assume its right, it makes sense and I got full marks for it on the June '06 paper.
    Ahhh okay, awesome - I was pretty worried about that cos I didn't know what'd happen to MC! Think I might have only shifted one of the AR/MR curves for some reason, but at least it wouldn't be a total loss of marks.

    Can anybody remember the questions?! There are a couple I've seen the answers for and not had a clue about what the question was, so...
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    (Original post by lozz2601)
    Ahhh okay, awesome - I was pretty worried about that cos I didn't know what'd happen to MC! Think I might have only shifted one of the AR/MR curves for some reason, but at least it wouldn't be a total loss of marks.

    Can anybody remember the questions?! There are a couple I've seen the answers for and not had a clue about what the question was, so...
    i did the ac as a curve is that still right?
 
 
 
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