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    gotcha! That makes sense. thanks for your help!
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    Are you at uni? What course are you doing that includes this much game theory? I feel like I am missing out! I love that school of thought, am studying economics but no sight of game theory! :mad:
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    i'm working on my mba and the course it titled managerial economics. i'll let u know if the answer was right. thanks again!
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    My question is regarding economies of scale:

    marketing economies: these are where large firms can achieve savings in unit costs from advertising or packaging. But how does buying in bulks contribute to the above notion?

    Thanks in advance.
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    Why are continental European, more socialist economies more efficient than our more free market British one?
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    (Original post by Consie)
    Why are continental European, more socialist economies more efficient than our more free market British one?

    Didn't realise they were

    that'll get you an A.
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    its was just a purposeful ******* question. I know it, but was just wondering waht the OP's opinion was.
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    Assume that a monopoly produces a profit maximising level of output. Which of the following statements is true for such a firm?

    a) At the profit maximising level of output marginal profit will be positive
    b) At the profit maximising level of output marginal revenue equals zero
    c) At the profit maximising level of output the price elasticity of demand will be greater than one
    d) The firm will necessarily be making supernormal profits
    e) Raising output will reduce the firm's revenue


    From what I know/remember using the process of elimination it's not A, B or E and I don't think it's likely to be D as surely it'd be dependant on average costs and a firm could make normal profit? So that leaves C, but I need to explain why (3 marks worth) and I really don't have much of an idea.

    Any help is much appreciated
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    ^Yeah, the answer is C. At the profit maximising level of output, marginal revenue is positive. Producing one more unit of output will add to total revenue, thus the PED is elastic when MR=MC. You could draw a total revenue curve that slopes upwards when MR is positive, reaches a maximum when MR=0 and slopes downwards when MR is negative. I hope that's correct!
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    (Original post by Bald Apple)
    My question is regarding economies of scale:

    marketing economies: these are where large firms can achieve savings in unit costs from advertising or packaging. But how does buying in bulks contribute to the above notion?

    Thanks in advance.
    Usually buying in bulk entitles the firm to bulk discounts, which reduces unit costs. Since the firm buys so much, it is an important customer and can negotiate for better discounts. I'm not sure how advertising or packaging is related to bulk purchases though...
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    What is meant by effective price?

    What is 'bad debt' in terms of banks lending to people?

    Thanks.
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    Having a total economics mind block, argh! I'm doing some fairly hefty Unit 5 questions and just need some bullet point ideas to get me going (I have some ideas but not enough and as i said - mind block!) please

    Discuss 4 factors apart from national minimum wage which might explain wage differentials in the UK (20 marks)

    Assess the case for regional variations in the minimum wage (15 marks)

    Thanks in advance and any help will be thanked with rep (Not that I can supply you with much I'm afraid!)
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    Anyone? Please!
    • Thread Starter
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    I haven't actually done Labour Markets (we did Developing Economies 5B) but I think I can help you with these... How about you name the 4 factors and I'll explain them to you, for the first question? Then we'll think of the second one together
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    (Original post by Bex.)
    Discuss 4 factors apart from national minimum wage which might explain wage differentials in the UK (20 marks)
    you've probably done it by now but:
    efficiency wages
    differences in productivity/skills
    discrimination (various - age/race/gender)
    trade union protection
    regional variation in unemployment (compare north/south UK)
    compensating differential (e.g. London wages higher due to higher cost of living) - also risk differential for different jobs
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    (Original post by tanusha-tomsk)
    I haven't actually done Labour Markets (we did Developing Economies 5B) but I think I can help you with these... How about you name the 4 factors and I'll explain them to you, for the first question? Then we'll think of the second one together
    Sorry for never taking you up on your offer of help, but the thought is appreciated (Also thank you biggie-n) I got it sorted in the end and did great on the first three questions and then quite badly on the last (8 out of 20, oops!) but hey, it's the first Unit 5 question I've attempted.
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    define game theory.
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    (Original post by Consie)
    define game theory.
    (Study of) the strategic interaction of economic agents seeking to maximise their utility
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    If I bought some food in France, ate it and then came back to England and took a dump. Is it considered an import of a semi finished good.
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    (Original post by supernova2)
    If I bought some food in France, ate it and then came back to England and took a dump. Is it considered an import of a semi finished good.

    Buying any foreign food is importing, regardless of where you eat and crap it out.
 
 
 
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