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Edexcel Economics Unit 3 23/01/12

How is everyone feeling? :P

What do you think is the hardest part of the course, and what topics are you revising the most?

Reply 1

kylec

Feeling okay about it I guess, keep getting around 70 - 75% in practice tests, so that should be around a C hopefully.

For the topics that are being revised the most, it'd have to be Globalisation, not my personal choice, but it just keeps cropping up in lessons =/ Would prefer something else like Multinationals to be focused on a bit more.

I'm a tad unsure whether we need to know about Distribution Channels. It is on our syllabus but the teachers say we don't need it =S Anyone else done DCs?

Reply 2

The Hedonist

OP

8

Sorry - I should have specified. I meant A2 Economics Unit 3.

Reply 3

whatever_x

Kinked demand curve is what I seriouslyyy need to work on right now :tongue:

I'm really nervous about the exam because I have C3 on the same day :/

Reply 4

The Hedonist

OP

8

Yeah Same! I'm going to revise all of the graphs for unit 3 today - I reckon that if you're able to draw all of them well, and if you have a good grasp of the basics, that you could probably get a 100% in the supported answer section!

I'm feeling ok with C3, but i just know that there's going to be a trig question that i'm gonna mess up on :frown:

Reply 5

Mathssss

8

Thought I'd create a thread to share tips and ask questions.

(edited 12 years ago)

Reply 6

Sarah456

I hate unit 3..does anyone know how much knockouts are allowed to be given in mcq's? Can i give a knockout for every single mcq they ask?

Reply 7

Scotty93

Can someone discuss what is likely to appear on the data responses, i.e. the larger topics, and how you would go about evaluating for them?

Reply 8

ohio12

Original post by Scotty93

Can someone discuss what is likely to appear on the data responses, i.e. the larger topics, and how you would go about evaluating for them?

My teacher recently went to like an exam seminar and she spoke to the lady that was setting the exams. Apparently she really likes questions that include game theory.. So I am assuming that could come up as it usually comes up quite a lot!

Reply 9

iMe

Original post by Sarah456

I hate unit 3..does anyone know how much knockouts are allowed to be given in mcq's? Can i give a knockout for every single mcq they ask?

You can get up to 2 knockout marks per question.

'Incorrect options can be knocked out, but the letter of the knocked out key must be given, along with relevant economic reasoning. If more than one key is knocked out for the same reason this will earn one mark. There must be different reasons for each knock out. Up to two knock out marks can be awarded for each supported choice question.'

Reply 10

Sarah456

Original post by iMe

You can get up to 2 knockout marks per question.

'Incorrect options can be knocked out, but the letter of the knocked out key must be given, along with relevant economic reasoning. If more than one key is knocked out for the same reason this will earn one mark. There must be different reasons for each knock out. Up to two knock out marks can be awarded for each supported choice question.'

Thank you very much. I appreciate it alot :smile:

Reply 11

Krishma

So has any one got any predictions for this exam?

Reply 12

Krishma

So has any one got any predictions about what might come up? I've been told from my tuition teacher who marks these papers that the chances of game theory coming up is quite high too!

Reply 13

Scotty93

Can someone please define diminishing returns in the simplest way possible, thanks

Reply 14

Scotty93

Also, what do we need to know about the kinked demand curve, and if it was to appear as part of a data response how would you go about evaluating it

Reply 15

Yash13

10

Original post by Scotty93

Also, what do we need to know about the kinked demand curve, and if it was to appear as part of a data response how would you go about evaluating it

Its a non collusive oligopoly model. The main three things to know is that price above the kink is elastic to demand meaning if a firm was to increase price it would lose revenue and other firms would not follow. Below the kink it is inelastic and so a fall in price will lead to a fall in revenue and would create a price war, which would be to the detriment of all firms in the market. Also, there is a range between which marginal cost can vary with no change in profit maximising level of output due to a vertical region of MR. This keeps price sticky.

There are many evaluation points for this model and useful critique. These include: how did price get to the kink in the first place. Price may not be any more rigid than other markets, it may be due to adminstrative costs of changing prices. Also, empirical research (Wagner 1981) shows that prices in an oligopoly are not sticky.

Hope this helps. Good luck people! :biggrin:

(edited 12 years ago)

Reply 16

Scotty93

Original post by Yash13

Its a non collusive oligopoly model. The main three things to know is that price above the kink is elastic to demand meaning if a firm was to increase price it would lose revenue and other firms would not follow. Below the kink it is inelastic and so a fall in price will lead to a fall in revenue and would create a price war, which would be to the detriment of all firms in the market. Also, there is a range between which marginal cost can vary with no change in profit maximising level of output due to a vertical region of MR. This keeps price sticky.

There are many evaluation points for this model and useful critique. These include: how did price get to the kink in the first place. Price may not be any more rigid than other markets, it may be due to adminstrative costs of changing prices. Also, empirical research (Wagner 1981) shows that prices in an oligopoly are not sticky.

Hope this helps. Good luck people! :biggrin:

Thanks for the explanation, it really helped. Understand the kinked demand curve theory now. Do you know what topics are interlinked with game theory? So far I have kinked demand curve and collusion