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    unit 6 of the edexcel syllabus concentrates on UK and EU.

    now, i live in the middle east, so i'm not aware of the trends except through the books and newspapers online . does any1 know if we need to know the current trends? or the trends 10 years ago?

    and is there a good site i can find these facts and figures on?

    thanks for the help
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    www.statistics.gov.uk

    this has a lot of data as does

    www.oecd.org

    i did a level econ last year and i would say make sure you have some knowledge of back to 1980s but also other major economic events earlier than that but then trends in interest rate and inflation should be 1990s onwards
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    Stats websites? Nah. www.economist.com and wikipedia, just browse stuff
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    I really need help with graphs:
    Trade union influence on:
    -workers( quite easy)
    -consumers
    -economic efficiency
    I just cant imagine how to draw them. Anyone?!
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    Economic efficiency, you can show it distorts the wage and results in wage stickiness -> unemployment.

    You can also show the effect on AS, shifting inwards as a result of higher costs (when the union raises wage demands) resulting in higher prices and lower output, which harms consumers. Another way to show this is to draw a basic demand supply diagram, shift the supply curve in and show that consumer surplus has fallen.
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    Thanx.
    but how do you show "economic efficiency" like wage distortion and stickiness-> unemployment on the graph?
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    You do the labour supply and demand diagram, and show that the wage is above the market level, and that at that wage there is excess supply of labour.
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    exactly like the Min.wage diagram?
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    Yep
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    thnx but how do u know it? have you studied it at uni?
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    I study it at uni, but I remember this stuff from A level
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    Why do people wish to consume a demerit good such as tobacco?
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    It's only a demerit good because of its social costs. That doesn't stop it having private benefits.
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    1. A situation where by re-allocating your expenditure you could have more of one good and no less of other goods is?

    a) Bad planning
    b) irrational
    c) inefficient


    2. Profit to an economist is defined as?

    a) revenue less tax deductible costs
    b) share dividend payments
    c) revenue less input costs
    d) revenue less variable input costs
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    PS Reviewer
    (Original post by cool beans)
    1. A situation where by re-allocating your expenditure you could have more of one good and no less of other goods is?

    a) Bad planning
    b) irrational
    c) inefficient
    b) The reverse of the situation would be Pareto efficient.

    (Original post by cool beans)
    2. Profit to an economist is defined as?

    a) revenue less tax deductible costs
    b) share dividend payments
    c) revenue less input costs
    d) revenue less variable input costs
    c) Total Profit = Total Revenue - Total Cost.
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    (Original post by alex_hk90)
    b) The reverse of the situation would be Pareto efficient.


    c) Total Profit = Total Revenue - Total Cost.
    quite elementary! who posted this?
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    thanks. yea, i thought so on question 2. i think question 1 was a bit strange though. or perhaps it's just me
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    (Original post by 02mik_e)
    Why do people wish to consume a demerit good such as tobacco?
    rationality....
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    (Original post by Jibzy)
    rationality....
    that's it, i remeber hearing this. That consumers always want to best out of a good, correct me if i am wrong.
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    5. the profit maximising rule in a factor market is?

    a) MPP = MC and MPP < APP
    b) MRP = factor price and MRP > ARP
    c) factor price = MRP and MRP < ARP
    d) none of these

    where A = average, M = marginal, PP = physical product, RP = revenue product and C = cost

    i'm leaning towards D because i thought it was MRP = MC
 
 
 
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