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A2 U3 - Economics - Discussion watch

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    (Original post by houseo2)
    i did the ac as a curve is that still right?
    If you got the right letter and showed the right answer in a diagram you'd defo get some marks - I have no idea what it actually should have looked like though, I'm just going by that past diagram!

    The examiners might have a mark scheme with a bunch of possibilities on it
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    i did that but the diagram i though should be an AC curve not a horizontal line
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    Did the question say constant average costs or not mention average costs?
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    I thoughtttt it said constant average costs.
    But I might be remembering wrong.
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    (Original post by lozz2601)
    I thoughtttt it said constant average costs.
    But I might be remembering wrong.
    I thought the same. If it did the diagram is right.

    If it didnt mention average costs then the diagram is wrong and it is just a normal AC curve.
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    The diagram is wrong. If AC are constant then so are MC. However, the resulting answer is the same.
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    we went over the multi-choice today in class... and I got them all right! (sorry, I had to boast)
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    When it said AC curve is constant I thought it didn't shift so I drew it as a curve and hence got fall (profit) rise (price) fall (output). Also what did you get for the 1st question in Section A, the concentration one. I put it as a monopolistically competitive firm.
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    (Original post by unamed)
    we went over the multi-choice today in class... and I got them all right! (sorry, I had to boast)
    lol you have school on a sunday?! :eek:
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    (Original post by unamed)
    we went over the multi-choice today in class... and I got them all right! (sorry, I had to boast)
    Can you remember what the answers were?
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    (Original post by n_251)
    lol you have school on a sunday?! :eek:
    where I live, the weekend's on friday and saturday! So, yes, I have school on Sunday.
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    (Original post by lozz2601)
    Can you remember what the answers were?
    only if someone remembers what the questions were! :p: (it takes me around 5 minutes to remember what I wrote as the answer after that... my memory decides to wipe-out exams)
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    (Original post by Fizzy2008)
    Also what did you get for the 1st question in Section A, the concentration one. I put it as a monopolistically competitive firm.
    Cant remember the letter, but the market has a high concentration and I worked out the concentration ratio.
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    The concentration ratio for 4 firm was 55.2%. So it isn't that high. If it is high then it is an oligopoly or monopoly but as it was midway I thought it was monopolistic competition.
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    Yeh but you never get questions asking for concentrations ratios for a monopolistic market structure, its always oligopoly.
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    (Original post by unamed)
    .makaala nak ti Abituin..
    1)fairly sure the US Airline industry is higly concentrated
    2) Likely motive for the Germain Airline Lufthansa takeover? B To gain from falling average costs
    3) marginal cost=0 is the answer (as u have suggested earlier in this thread)
    4) supernormal profits for perfect competition will disappear in the long run because of: A freedom of entry into this market
    5)A profit maximising monopolist facing constant average costs experiences a decrease in demand. Other things being equal, which of the following likely to happen? (not entirely sure about this one but i put Output-falls Price-Falls Profit-Falls)
    6) collusion - demand is inelastic and two firms would like to maximise their revenue: A)both firms set a high price, D)both firms set low price E)both firms set a price to increase consumer surplus
    7) answer is productively and allocatively inefficient
    8) biggest disadvantage of placing profit cap to recently privatised utilities: A)undervalue the firm's capital assets B)quality may decline as the regulator forces costs down D)firm has little incentive to become more productively efficient

    I've put the options for the questions that im not entirely sure.. so please feel free to answer 'em.. how did it go with your section B stuffs when you went through the paper in ur class?
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    (Original post by Fizzy2008)
    The concentration ratio for 4 firm was 55.2%. So it isn't that high. If it is high then it is an oligopoly or monopoly but as it was midway I thought it was monopolistic competition.
    I did 5 firm I think and it came to 70 or 80%, I cant remember exactly. But thats pretty concentrated to me.
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    I don't remember question 2 or 4 at all. this worries me.
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    There's a multiple choice section for an A2 economics exam? What dirty exam board is responsible for that!?
    I did OCR Economics of Work and Leisure. I found the exam good, and I don't think I could have written any more, but the questions are cleverly written like that, so everyone can answer the question and think they've done well; the clever part is spotting 'branches' into other topics. I put in very little extra-knowledge for both extended essay questions, whereas for AS micro I could just stuff that in anywhere. I blame it due to the fact that this was an applied module :p:. The worse part is when you're sat next to someone in an exam room who you don't expect to be that good at economics, you catch a glance of their paper, and they've written like twice as much as you and put in all sorts of graphs :eek:. I guess we shall wait until results day...
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    (Original post by Kneechuh)
    There's a multiple choice section for an A2 economics exam? What dirty exam board is responsible for that!?
    I did OCR Economics of Work and Leisure. I found the exam good, and I don't think I could have written any more, but the questions are cleverly written like that, so everyone can answer the question and think they've done well; the clever part is spotting 'branches' into other topics. I put in very little extra-knowledge for both extended essay questions, whereas for AS micro I could just stuff that in anywhere. I blame it due to the fact that this was an applied module :p:. The worse part is when you're sat next to someone in an exam room who you don't expect to be that good at economics, you catch a glance of their paper, and they've written like twice as much as you and put in all sorts of graphs :eek:. I guess we shall wait until results day...
    It's not exactly just "guess an answer", it's four marks per question and you can only get one if you get the answer wrong, so...
 
 
 
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