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A2 AQA Economics Unit 3 (ECON3) 11th June 2015

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Original post by The Lord
Haven't been following this thread much; what's the general consensus on likely topics?


Privatisation mainly haha
Wait you don't evaluate in the 15 marker righhhhht? just analysis and application right?
HELP!!
how would you answer this:
Explain how marginal revenue product can help to determine both wage rates and employment in particular occupations
equity means fairness and is a normative concept, i.e. its open to opinion. Equality can be measured and is therefore positive concept, i.e. not opinion based. There is Horizontal and Vertical equity. Horizontal equity is treating people in the same circumstances equally. Vertical Equity is the unequal treatment of unequals, for example taxing higher incomes a larger percentage than lower. Vertical equity justifies taking money from the rich and giving it to the poor which can be controversial. As for inequitable its just what isn’t fair or doesn’t meet the horizontal or vertical guidelines. Something can be vertically inequitable but horizontally equitable or vice versa:smile: Hope this helps:smile:
Original post by geographer6
HELP!!
how would you answer this:
Explain how marginal revenue product can help to determine both wage rates and employment in particular occupations


MRP = MPP x Price. MPP is determined by skills/capital and price is determined by supply and demand of the market. Talk about how these affect wages and employment. E.g. more skilled employees have more inelastic demand/supply curves which means they'll be paid highly as they're harder to replace but fewer highly skilled will be employed because, for instance, more cleaners exist than doctors. This means they have a relatively elastic demand/supply curve which means they can be paid lower wages.
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Avatar for Ual12
Ual12
6
How many paragraphs do we need for the 10&15&25 marks questions?
Original post by ridirahman
Wait you don't evaluate in the 15 marker righhhhht? just analysis and application right?


Yes , evaluation is not needed
Original post by lollipopsftw
need that silverback action



Yeaaah mayne. AQA getting their mushroom tip ready for tomorrow.
Original post by Ual12
How many paragraphs do we need for the 10&15&25 marks questions?


10 will usually guide you as to how many, 15 is between 2-4, 25 Is up to you really, but I recommend about 4 pages.
Original post by ridirahman
Wait you don't evaluate in the 15 marker righhhhht? just analysis and application right?


2 definitions, a diagram and a mack off chain of analysis. No evaluation.
Could someone please explain under what conditions is collusion easier to achieve? Thanks
Original post by Exceptional
MRP = MPP x Price. MPP is determined by skills/capital and price is determined by supply and demand of the market. Talk about how these affect wages and employment. E.g. more skilled employees have more inelastic demand/supply curves which means they'll be paid highly as they're harder to replace but fewer highly skilled will be employed because, for instance, more cleaners exist than doctors. This means they have a relatively elastic demand/supply curve which means they can be paid lower wages.


Im still so confused though because everywhere is saying different things...

like the mark scheme from the paper (Jan 2012) is so vague (as usual)

But it talks about how 'in a perfectly competitive labour market the wage rate is the price of labour and the employer is the price taker. MRP falls as the firm takes on more employees; as long as the wage rate < MRP it is worth taking on more staff. Where the wage rate=MRP the employer stops taking on more employees'

If you could write out how you would answer the question in full that would be amazing, because I just can't seem to get my head about it and its pissing me off hahah

thanks
Original post by Exceptional
2 definitions, a diagram and a mack off chain of analysis. No evaluation.


Thanks! that's exactly what we learnt in school.. Why are some people saying we need to evaluate:confused:
Original post by ridirahman
Thanks! that's exactly what we learnt in school.. Why are some people saying we need to evaluate:confused:


Because they don't understand exam technique and consequently lower the grade boundaries for the rest of us
Original post by MrBowcat
Yeaaah mayne. AQA getting their mushroom tip ready for tomorrow.


LOOOOOOL we're gonna get creampied
What are the main firm objectives?

I have
- Profit maximisation
- Sales maximisation
- Revenue maximisation
- Social welfare maximisation
- Profit Satisficing
- Consumer cooperatives (supposedly putting consumers first)
- Worker cooperative

Is that it?
Also i dont 100% understand the difference between sales and revenue maximisation? like i know they have different diagrams but other than that i don't really see the difference (dont firms pursue them for the same reasons??)
Reply 596
Avatar for WM97
WM97
2
Original post by Exceptional
Because they don't understand exam technique and consequently lower the grade boundaries for the rest of us


So 10 markers, how would you answer those differently?
Original post by lollipopsftw
LOOOOOOL we're gonna get creampied


ahahahaha They gon get all up inside us mayn. All kinds of creampie action.
Original post by WM97
So 10 markers, how would you answer those differently?


Pretty much the same, but answer it with some data
Can someone explain the concept of Game theory, Prisoners dilemma and nash equilibrium please??

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