9708 A2 Economics Watch

AM189
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So, I'm writing A2 economics CIE on 17 May 2018, I'd love to get some help/advice from previous students or current students. I find this to be my most difficult subject (esp MCQ), any help would be much appreciated x
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999tigger
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(Original post by AM189)
So, I'm writing A2 economics CIE on 17 May 2018, I'd love to get some help/advice from previous students or current students. I find this to be my most difficult subject (esp MCQ), any help would be much appreciated x
My favoured site

https://www.economicshelp.org/economics-a-z/
https://www.economicshelp.org/shop/
https://www.economicshelp.org/shop/c...evision-guide/
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AM189
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Thank you!!

Can anybody by any chance help me with the links between:
Diminishing returns and Economies of Scale
Marginal Cost and Diminishing returns
and
Marginal cost and economies of scale?
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AM189
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Thank you! But I live in Africa, so buying those two books would not be possible (especially because my exam is in THIRTEEN DAYS) and there is now way delivery will reach in that time, but the first one hopefully will help
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999tigger
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(Original post by AM189)
Thank you! But I live in Africa, so buying those two books would not be possible (especially because my exam is in THIRTEEN DAYS) and there is now way delivery will reach in that time, but the first one hopefully will help
There are plenty of good notes on the first link.
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HoldThisL
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Diminishing returns and Economies of Scale
As firms increase output by increasing the variable factor (labour), productive efficiency increases due to specialisation - labour economy of scale.

Eventually though, capital becomes overcrowded by labour leading to a drop in productive effiency, so each new worker diminishes marginal returns (the additional output from each new worker falls) - diseconomy of scale.

Marginal Cost and Diminishing returns
Each additional input leads to a smaller and smaller increase in output, so total cost is rising faster that total revenue leading to higher marginal costs.

and
Marginal cost and economies of scale?
Increases in the quantity of labour and/or capital increase output through specialisation/use of indivisible capital (where a machine previously operating at, for example, 50 units per day can increase output to 100 units per day with having to buy a new one) - economies of scale - so the marginal cost of each output falls because total revenue is rising faster than total costs.

Hope I am being clear.
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AM189
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(Original post by HoldThisL)
As firms increase output by increasing the variable factor (labour), productive efficiency increases due to specialisation - labour economy of scale.

Eventually though, capital becomes overcrowded by labour leading to a drop in productive effiency, so each new worker diminishes marginal returns (the additional output from each new worker falls) - diseconomy of scale.



Each additional input leads to a smaller and smaller increase in output, so total cost is rising faster that total revenue leading to higher marginal costs.



Increases in the quantity of labour and/or capital increase output through specialisation/use of indivisible capital (where a machine previously operating at, for example, 50 units per day can increase output to 100 units per day with having to buy a new one) - economies of scale - so the marginal cost of each output falls because total revenue is rising faster than total costs.

Hope I am being clear.
Thank you! This helped so much!
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AM189
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(Original post by HoldThisL)
As firms increase output by increasing the variable factor (labour), productive efficiency increases due to specialisation - labour economy of scale.

Eventually though, capital becomes overcrowded by labour leading to a drop in productive effiency, so each new worker diminishes marginal returns (the additional output from each new worker falls) - diseconomy of scale.



Each additional input leads to a smaller and smaller increase in output, so total cost is rising faster that total revenue leading to higher marginal costs.



Increases in the quantity of labour and/or capital increase output through specialisation/use of indivisible capital (where a machine previously operating at, for example, 50 units per day can increase output to 100 units per day with having to buy a new one) - economies of scale - so the marginal cost of each output falls because total revenue is rising faster than total costs.

Hope I am being clear.
Would you know the graphs I would use to explain these links?
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HoldThisL
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(Original post by AM189)
Would you know the graphs I would use to explain these links?
https://qph.fs.quoracdn.net/main-qim...55400ec83c3d23

Short run average cost falls due to specialisation the rises due to overcrowding. Increase the amount of capital then leads to a fall in long run average cost but eventually increases due to diseconomies.


https://i.pinimg.com/originals/4a/33...e0965ce3f1.jpg

As before, specialisation causes MC to fall, then to rise due to overcrowding.
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AM189
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(Original post by HoldThisL)
https://qph.fs.quoracdn.net/main-qim...55400ec83c3d23

Short run average cost falls due to specialisation the rises due to overcrowding. Increase the amount of capital then leads to a fall in long run average cost but eventually increases due to diseconomies.


https://i.pinimg.com/originals/4a/33...e0965ce3f1.jpg

As before, specialisation causes MC to fall, then to rise due to overcrowding.
Thank you!
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giavann
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(Original post by AM189)
Thank you!
How was the exam yesterday guys
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mayank.2592
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(Original post by giavann)
How was the exam yesterday guys
I think it was really good, how was it for you?
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giavann
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(Original post by mayank.2592)
I think it was really good, how was it for you?
yeah, i also felt like it was much easier than past years. which questions did you do?
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mayank.2592
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(Original post by giavann)
yeah, i also felt like it was much easier than past years. which questions did you do?
I did questions 5 and 7, you did variant 2 right?
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1Max1
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How did you guys answer question 5 for 42?
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giavann
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(Original post by mayank.2592)
I did questions 5 and 7, you did variant 2 right?
SAME!! yeah I did variant 2.
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giavann
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(Original post by 1Max1)
How did you guys answer question 5 for 42?
was that the actual and potential growth and the cost and benefits of econ growth?
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1Max1
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(Original post by giavann)
was that the actual and potential growth and the cost and benefits of econ growth?
Yeah, it is. I worry I haven't written enough to score well in that question
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mayank.2592
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(Original post by 1Max1)
Yeah, it is. I worry I haven't written enough to score well in that question
I wrote that actual growth is basically short run economic growth, explained that with diagrams and gave a bunch of causes

potential growth is basically long run economic growth and did the same thing to explain. I wrote around 2 pages for 5a and my handwriting is kinda small so I hope I wrote enough.

For part b) costs and benefits of growth, I listed the benefits in one paragraph and costs in other, and then concluded giving my opinion. I also wrote 2 pages for this.
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1Max1
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(Original post by mayank.2592)
I wrote that actual growth is basically short run economic growth, explained that with diagrams and gave a bunch of causes

potential growth is basically long run economic growth and did the same thing to explain. I wrote around 2 pages for 5a and my handwriting is kinda small so I hope I wrote enough.

For part b) costs and benefits of growth, I listed the benefits in one paragraph and costs in other, and then concluded giving my opinion. I also wrote 2 pages for this.
Oh thank you so much, I don't think I wrote as much as you though
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