Turn on thread page Beta

Edexcel A2 Economics Unit 3 6EC03 (June 20th 2016) Exam Thread watch

    • Thread Starter
    Offline

    7
    ReputationRep:
    Hi guys, this thread is for people to ask and answer questions related to this unit.

    I have LINKED a file, one which clarifies a lot of doubts that people taking this unit had last year, so you might want to check it out before you ask a question and save everyone's time.

    https://goo.gl/GJxkyw

    Moreover, there is another file that answers generic exam questions. (It includes evaluation and is ATTACHED to this thread.
    Spoiler:
    Show
    It has taken me quite a while to compile the doubts (around 5 hours), so a little rep wouldn't hurt if you find it helpful.

    Bonus ---> I am starting a Whatsapp group in February, answers might come up faster there. Don't worry there will be a seperate group for A2, so if you want to join PM that you want to join the A2 group.
    Attached Files
  1. File Type: docx Economics Unit 3 Analysis and Evaluation points.docx (269.4 KB, 1370 views)
    • Thread Starter
    Offline

    7
    ReputationRep:
    WARNING: THIS REVISION TAKES PLACE AFTER YOU HAVE COVERED YOUR BASICS !!!!!!!!!!!!!!!!!!!!!!!!!

    MONSTER UPDATE ONE

    Hey folks, Unit 3 is perhaps the easiest to cram and besides reading the news and doing a handful of papers here are some videos to make your revision much, much, much more entertaining and less monotonous. Here are a few resources that will provide you with an insight from the actual world and away from the dusty and worn-out ideals of the Phillip Allan textbook.These videos come from a few channels, namely ColdFusion and WatchMojo. The video titles for ColdFusion are misleading and the guy often stresses you can only find content on his channel (which is not true, he rips off Wikipedia). But that doesn’t matter since his videos are entertaining regardless.

    Related themes are covered in descriptions
    Tata conglomerates, CSR, changes over time (eval à how and why TATA has not succumbed like Nokia), economies of scale, inorganic growth (Jaguar-Rover),risk diversification


    https://www.youtube.com/watch?v=ku6SAMsyHbo

    Samsung (eval how businesses may evolve, from a small rural family run business to a global monster),risk diversification, Samsung has grown inorganically (all forms, including vertically backwards and horizontally backwards) àyou may want to delve in that through individual research and please don’t do this last minute if you are going to.

    https://www.youtube.com/watch?v=6Afpey7Eldo

    Tesla Corporate social responsibility(business objectives), patents (and how Musk is giving them away for free and why) , contestability (it’s the car manufacturing industry for the St.Peter’s sake) , the existing oligopolistic structure of the market


    https://www.youtube.com/watch?v=-UziAXis9yg

    WatchMojo Videos – they need little introduction so I leave the links to you

    Demergers (Evaluation for mergers, loads a reasons given whyand when they happened) – Top 10 Disastrous Mergers & Acquisitions(M&A)

    https://www.youtube.com/watch?v=9dFvhq2sKfM

    Contestability (over time, try to formulate exam-oriented answers whilst watching this) - Top 10 Products That Killed Competitors

    https://www.youtube.com/watch?v=LhJE4TA9DD4

    Mergers - Top 10 Business Mergers and Acquisitions of All Time (Examples, examples and oh yeah, examples, know why they merged and whythey rocking until now)
    https://www.youtube.com/watch?v=gQSsPsbfkZI

    Marketing failures (Evaluation) - Top 10 Marketing Failures:Coke, Ford, Netflix ( Resources on how to evaluate advertising)
    https://www.youtube.com/watch?v=hxRqKgjD3vY

    Last but not the least, the contestability big daddy, how the Internet has affected a couple of businesses.

    https://www.youtube.com/watch?v=xGoow-F-0qQ

    Link to previous spec’s Unit 3 papers, don’t worry the markscheme is there too. All compiled by me so all you need to do is click download and print.They are for all you of who have completed Unit 3’s current papers and want more practice. – a few have may be repeated but hey, it should be all good when I have combined all files and all you need to do is just print conveniently papers all.

    Here's the link for ALL the papers and their mark schemes
    https://goo.gl/WZSJYc

    You can also download these papers individually here

    https://goo.gl/wXSTnU


    Before you shower rep on me here are a few people you should acknowledge, I have literally scavenged much of my stuff from them.The Financier Dylann BaronK keynes24


    (and these are the guys just from the top of my head)



    Some useful flashcards

    http://www.cram.com/flashcards/edexc...unit-3-2830564
    • Thread Starter
    Offline

    7
    ReputationRep:
    Unit 4 - A2 'Global Economy' thread

    http://www.thestudentroom.co.uk/show....php?t=3817961

    Tutor2u revision guide

    https://goo.gl/baqVXb
    • Thread Starter
    Offline

    7
    ReputationRep:
    Hey guys,I have started a Whatsapp group in February. TEXT me your number if you would like to join. It's about instant and quick help for Economics. We have around a 100 members as of 9 June, 2016. Feel free to Whatsapp or text to +852 66274076 or facebook.com/dhruvi1997.
    Offline

    9
    ReputationRep:
    When can we expect update 11?
    • Thread Starter
    Offline

    7
    ReputationRep:
    (Original post by BaronK)
    When can we expect update 11?
    Lol, I guess 10 would enough.Thanks for all those answers on the other thread, you absolute legend.
    Offline

    9
    ReputationRep:
    (Original post by fedorahat88)
    Lol, I guess 10 would enough.Thanks for all those answers on the other thread, you absolute legend.
    Kind words
    Offline

    0
    ReputationRep:
    What does this mean
    1. Consider a firm that operates in a competitive market. The market price isp and the output quantity produced by the firm is q. Use diagrams toillustrate your arguments.
      (a) Suppose that the firm’s marginal costs MC(q) increase in q and thatthe firm’s profit is positive if it produces the output quantity q that satisfiesp=MC(q). Explain why the output quantity that satisfies p=MC(q)maximizes the firm’s profit.
    • Thread Starter
    Offline

    7
    ReputationRep:
    (Original post by Sceptical_K)
    What does this mean
    1. Consider a firm that operates in a competitive market. The market price isp and the output quantity produced by the firm is q. Use diagrams toillustrate your arguments.
      (a) Suppose that the firm’s marginal costs MC(q) increase in q and thatthe firm’s profit is positive if it produces the output quantity q that satisfiesp=MC(q). Explain why the output quantity that satisfies p=MC(q)maximizes the firm’s profit.
    Bruv is this perfect competition or just competition ?
    I will then be able to answer.
    Offline

    0
    ReputationRep:
    (Original post by fedorahat88)
    Bruv is this perfect competition or just competition ?
    I will then be able to answer.
    Perfect competition bro
    Offline

    9
    ReputationRep:
    (Original post by Sceptical_K)
    Perfect competition bro
    Bruv have you got the answer
    • Thread Starter
    Offline

    7
    ReputationRep:
    (Original post by BaronK)
    Bruv have you got the answer
    Could you help mate?
    Offline

    9
    ReputationRep:
    (Original post by fedorahat88)
    Could you help mate?
    For sure, gives me a reason to procrastinate from university revision
    Offline

    9
    ReputationRep:
    You can draw the diagram yourself, effectively what you need to show is the following:

    the original P=MC and AC curve.
    A shift in MC to the left and in AC. Show the new profit area compared to the original.

    Profit is made here as the MC is below the price being charged per unit at the point where P=MC. Since where MC=MR is the condition for profit maximising and in perfect competition, MR=AR=P, where P=MC yields the greatest difference between the MR and MC - therefore maximising profits.
    Offline

    0
    ReputationRep:
    could you please help with this question in relation to that previous one please?

    Suppose that the firms marginal costs mc(q) decrease in q. Explain why and output quantity that satisfies p=mc(q) is not the profit maximising output for the firm in this case?

    thanks
    Offline

    18
    ReputationRep:
    any tips on how to improve my section A's? Keep getting the box wrong and application marks....
    BaronK
    Offline

    3
    ReputationRep:
    Any tips on timing and confidence issues? Honestly feel like the time pressure causes me to lose at least 1/4th of the marks, thanks!
    Offline

    9
    ReputationRep:
    (Original post by scrawlx101)
    any tips on how to improve my section A's? Keep getting the box wrong and application marks....
    BaronK
    So this is the method that I was taught and it's pretty effective and easy to remember.

    Define any key terms in the question e.g. Profit max. Oligopoly etc etc
    Read through the question and apply the theory to justify/explain your answer
    Eliminate other answers, say why they're wrong. e.g. The answer isn't a as where MC=0 is revenue maximising not profit maximising.

    Hope that helps.
    • Thread Starter
    Offline

    7
    ReputationRep:
    (Original post by Rigster122)
    Any tips on timing and confidence issues? Honestly feel like the time pressure causes me to lose at least 1/4th of the marks, thanks!
    Constant and deliberate practice is the key. Your timing will improve after you have done 6 to 7 papers, reviewed your mistakes and gotten some feedback from teachers.
    • Thread Starter
    Offline

    7
    ReputationRep:
    (Original post by Ajones94)
    could you please help with this question in relation to that previous one please?

    Suppose that the firms marginal costs mc(q) decrease in q. Explain why and output quantity that satisfies p=mc(q) is not the profit maximising output for the firm in this case?

    thanks
    I really dont get your question mate, mind simplifying it?
 
 
 
The home of Results and Clearing

3,082

people online now

1,567,000

students helped last year

University open days

  1. London Metropolitan University
    Undergraduate Open Day Undergraduate
    Sat, 18 Aug '18
  2. Edge Hill University
    All Faculties Undergraduate
    Sat, 18 Aug '18
  3. Bournemouth University
    Clearing Open Day Undergraduate
    Sat, 18 Aug '18
Poll
A-level students - how do you feel about your results?

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.