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Edexcel Economics: Unit 3 Business Economics and Economic Efficiency (June 2014) EC03

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Reply 540

Fullycorporate

Original post by Trust Me I'm Asian

What was the actual question that that?

I actually can't remember (something about why firms don't change their prices), does anyone else on this thread know?

Reply 541

T_Mag

Original post by Trust Me I'm Asian

What was the actual question that that?

it was something about supermarkets all selling bread at the same price and the answer was the action of one will afftect the actions of others as they are interdependant

Reply 542

Trust Me I'm Asian

Original post by T_Mag

it was something about supermarkets all selling bread at the same price and the answer was the action of one will afftect the actions of others as they are interdependant

That's the one! 800g of rice or bread? Definitely put interdependence. Quite confident I got 32/32 in section A

Reply 543

Layla Gepghry

How did you guys justify the answer to the profit satisficing question?

Reply 544

T_Mag

Original post by Trust Me I'm Asian

That's the one! 800g of rice or bread? Definitely put interdependence. Quite confident I got 32/32 in section A

yeah the ones i thought i got wrong i seem to have got lucky and got right :smile:

can anyone remember what question 4 was about though

Reply 545

Belle18

Original post by T_Mag

i looked up the firm in Q1 and they are suppliers of milk the answers must be right

can you remeber what question 4 was ?

Yep, Q4 was about the takeover between two soft drink manufacturers, and why it was referred to the Competition Commission (answer was decrease in contestability of the market)

Reply 546

Trust Me I'm Asian

Original post by Layla Gepghry

How did you guys justify the answer to the profit satisficing question?

Definition of profit satisficing, i.e. when a firm makes just enough profit to keep stakeholders happy then allows other motives to take precedence. Shareholders are stakeholders. Short term loss in investment may lead to long-term gain for shareholders in the form of larger dividends.

K.O mark: Something about short term gain in share price when in reality there would be a fall in share prices due to less profits.

Reply 547

ljh950912

Guys mcq1 was forward vertical
As a manufacturing firm bought selling firm(getting closer to the consumers)

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Reply 548

John_Boi

Original post by T_Mag

i looked up the firm in Q1 and they are suppliers of milk the answers must be right

can you remeber what question 4 was ?

Ahhh yes question 1 is most probably backward vertical but the phrasing was honestly so crap. I'm pretty sure they said something like "pro milk sellers" which made it feel like they'd be able to sell the other company's milk products etc.

(edited 9 years ago)

Reply 549

Trust Me I'm Asian

Original post by ljh950912

Guys mcq1 was forward vertical
As a manufacturing firm bought selling firm(getting closer to the consumers)

Posted from TSR Mobile

No it wasn't. The firm in question used milk as an ingredient, they were buying out a firm that produced and sold milk. Thus as it's in the previous stage of the production process, it's backward-vertical.

Reply 550

Farringtonn

Original post by RedDevil014

Umm, i drew the AR and MR curve shifting to the left. What about you?
How did you evaluate this?

Me too. Forgot to evaluate the diagram :frown:

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Reply 551

John_Boi

Original post by ljh950912

Guys mcq1 was forward vertical
As a manufacturing firm bought selling firm(getting closer to the consumers)

Posted from TSR Mobile

That is exactly what I thought - honestly someone needs to tell edexcel how awfully worded that question was. Usually in past questions it was made clearer e.g. One is a firm that maintains buildings and the other also maintains buildings. So you know to say horizontal integration.

Reply 552

T_Mag

Original post by ljh950912

Guys mcq1 was forward vertical
As a manufacturing firm bought selling firm(getting closer to the consumers)

Posted from TSR Mobile

you may be correct however i looked up the firm proper welsh milk and they are a supplier of milk so i think the asnwer was backwards. however the wording of the question was very bad

Reply 553

DaveJHH

Original post by ThatGirlYasmin

can you get a mark for working out the 5 firm concentration ratio?

Yup, it was 83%

Reply 554

ThatGirlYasmin

Original post by DaveJHH

Yup, it was 83%

Also for the question where it asked to draw a cost and revenue diagram what did you do? I shifted the AR and MR to the left because it said the US chewing gum industry was shrinking so I assumed demand would also fall... would I get any marks?

Reply 555

DaveJHH

Original post by ThatGirlYasmin

Shifting AR and MR while explaining that demand has fallen is correct although I just stated demand had fallen and I drew a diagram with AR less than AC showing a loss made

Reply 556

John_Boi

I didn't write enough for the 12 mark question on 10 - I feel like I've failed :frown:

Reply 557

garveya

What happens if you didnt put an x in the box of the question you picked?

Reply 558

ThatGirlYasmin

Original post by DaveJHH

Shifting AR and MR while explaining that demand has fallen is correct although I just stated demand had fallen and I drew a diagram with AR less than AC showing a loss made

and what about the 16 mark question?

I spoke about predatory pricing and evaluated it as illegal, limit pricing and used kinked demand theory as evaluation, then spoke about non pricing strategies... advertisement, quality improvement and loyalty schemes and evaluated them as costly and because of interdependence other firms may follow suit and advertise so may not be effective bla bla bla