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    I bothered to spend around 3-4 minutes on that question, and £1 is the most logical answer. Although, many people in my school answered £4 despite it being practically impossible in my opinion.
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    gggg
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    Make a thread for Macro? Also for the consumption increasing alcohol, I wrote that it could be because of low taxation on alcohol which could lead it to being more affordable, however it doesn't say anything about that in the case study, so would I get any marks? I know the answer was to do with real income.


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    how did everyone find the 10 marker? I wasn't really sure what put for the 'comment'
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    what did everyone get for the MC of hiring an extra worker? because i googled the definition of Marginal Cost and it stated that "marginal cost at each level of production includes any additional costs required to produce the next unit." which if the wage rose by £20 for each worker then hiring one extra worker should be £20 x 60 (amount of workers) + £540 (the cost of another workers wage) which would be £1740?
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    (Original post by G-Unit69)
    what did everyone get for the MC of hiring an extra worker? because i googled the definition of Marginal Cost and it stated that "marginal cost at each level of production includes any additional costs required to produce the next unit." which if the wage rose by £20 for each worker then hiring one extra worker should be £20 x 60 (amount of workers) + £540 (the cost of another workers wage) which would be £1740?
    thats what i got
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    (Original post by partypenguin)
    how did everyone find the 10 marker? I wasn't really sure what put for the 'comment'
    for the 10 Marker the graph should be demand and supply showing equilibrium demand and supply and another fixed price above P. it would reduce consumption as people are less willing and able to consume at higher price, however firms will supply more as it is more profitable to supply at the fixed level, the comment on should be about the extent of the increase in price which would effect how much demand would fall and supply increase as well as talk about the PED of alcohol and how it may be inelastic due to it being "addictive" which wouldnt effect demand that much for alcohol
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    if anyone can remember and discuss some more multiple choices that would be helpful because honestly it was the roughest part of the exam for me, probably due to the nerves at the beginning making me doubt my choices
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    p.s- Opportunity cost = value of the second best alternative forgone
    PED= the responsiveness of of Quantity demanded to a change in price
    why the trend for alcohol= trend is a rise, due to factors affecting demand, i put rise in income as it stated in the case study means more people are willing and able to buy alcohol, causing demand to rise and therefore a rise in consumption per person
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    and then there was that one about how consuming alcohol causes market failure or something like that, i put how it is a demerit good, and MPB exceeds MSB so is therefore overconsumed due to information failure, causing market failure and opportunity cost etc bla bla xD
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    What was the allocative something multiple choice
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    (Original post by G-Unit69)
    for the 10 Marker the graph should be demand and supply showing equilibrium demand and supply and another fixed price above P. it would reduce consumption as people are less willing and able to consume at higher price, however firms will supply more as it is more profitable to supply at the fixed level, the comment on should be about the extent of the increase in price which would effect how much demand would fall and supply increase as well as talk about the PED of alcohol and how it may be inelastic due to it being "addictive" which wouldnt effect demand that much for alcohol
    thanks I think I mentioned most of that
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    For the PED I got - 1.6
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    (Original post by joodaa)
    For the PED I got - 1.6
    yep that was correct -16
    10
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    (Original post by G-Unit69)
    yep that was correct -16
    10
    Nice! do you remember what you got for the allocative efficiency multiple choice question? That was one i really was uncertain about
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    (Original post by joodaa)
    Nice! do you remember what you got for the allocative efficiency multiple choice question? That was one i really was uncertain about
    i cant fully remember the question but im sure it was along the lines of allocative efficiency is when Marginal cost = Price so the answer would be anything similar to that i guess
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    Did most people do question 17? It was much nicer than 18. I don't know anyone at my school that did it. Likewise I got -1.6 and 1740. What did everyone get for the total/average costs question???
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    (Original post by Lukewins1)
    Did most people do question 17? It was much nicer than 18. I don't know anyone at my school that did it. Likewise I got -1.6 and 1740. What did everyone get for the total/average costs question???
    yea i chose 17 as well, just talked about wind farming being a merit good and its under produced, also did a MPC/MSC shift diagram. but i talked about how its sustainable and green energy which doesnt produce any emmisions unlike fossil fuel to make electricity, and then talked a bout how it depends on the size of the subsidy as well, as well as it may be better used in conjuction with something else, i put regulations on pollution for fossil fuel using energy firms to try and reduce the negative externalities linked with pollution and to correct market failure.
    and can u tell me the question of the total/average cost question?
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    (Original post by Lukewins1)
    Did most people do question 17? It was much nicer than 18. I don't know anyone at my school that did it. Likewise I got -1.6 and 1740. What did everyone get for the total/average costs question???
    I think I put £12000 or maybe it was £1200
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    Just realised I drew my graphs in pencil and forgot to go over them in pen at the end do you think they will show up when scanned etc?
 
 
 
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