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Edexcel Unit 4 Economics (yesterday's) watch

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    No-one's mentioned this exam! Did most of you take it in January?

    Anyway, how did you feel it went?

    I thought the multiple choice was alright - I made a ridiculously stupid error on calculating average fixed costs, which I'm kicking myself about- though. And I did the question on gum for the Part B. It was Ok, though I used very little Economic theory. Bah.
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    ye, wat did u get for the AFC Q?
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    (Original post by Epitomessence)
    No-one's mentioned this exam! Did most of you take it in January?

    Anyway, how did you feel it went?

    I thought the multiple choice was alright - I made a ridiculously stupid error on calculating average fixed costs, which I'm kicking myself about- though. And I did the question on gum for the Part B. It was Ok, though I used very little Economic theory. Bah.
    This was as crappy as the unit 5b exam. The multiple choice was ok and i think that went well, was the average fixed cost £10? I did the question on banks and they were fairly straight forward but the timing is awful another 15 minutes and the paper would have been great.

    What did people gt for the multiple choice question where you had and average cost curve and total revenue curve and had points q1, q2, q3 etc and had to decide if it was sales, revenue etc maximisation. I think i put revenue but dont know why
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    ye, i got 10 pounds for the AFC Q
    I put A for that Q where the TVC is covered because the rest didnt make sense: the corresponding quantities did show revenue max (MR=0), profit max (MC=MR), sales max (AC=AR) or allocative efficiency (P=MC)
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    for the total revenue curve question,
    the answer was revenue max (mr=o) because the gradient of the TR curve is equal to the Marginal revenue, so when the gradient of TR=0 , MR=0
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    ok if u say so, but wat did u get for the other q's
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    the AFC one is 10.
    fixed costs do not vary with output
    AFC = TFC / Q
    TFC was 10000, Q was 1000.
    10000/1000 = 10.

    the one with the TR and TC curves : Q3 was revenue max as it was at the top of the TR curve. the conditions of revenue max is MR=0. As MR is the gradient of TR, at its height, MR=0. also an annotation on the diagram would work.

    the hardest question was the RPI+K one. that was very odd. i think i got all the points down but the answer wrong. it's usually RPI-X which is more manageable.


    i did the banking question thing, everything was quite straightforward.


    with regards to unit 5, i did a ridiculous amount of evaluation....
    i did the second one, again everything relatively straightforward... a bit weird with the jobseekers' incentives question for flat taxes but, yeah.... the monopsonies question really wasn't as hard as i thought some people were saying it was..
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    can any1 post the paper
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    Yeh the multiple choice was fairly easy (although stupidly i worked out TFC, didn't read the question properly) the second part wasn't difficult (i did the banking 1) although it wasn't really very clear and i very nearly ran out of time. I think B/A.
    I thought Unit 5 was dead easy, i did the 1st question and there was a huge amount of evaluation potential and i managed to use the prebisch singer, harrod-domar, lewis, rostow and robinson models and evaluate them. There was one huge data reference question on the likelyhood of reaching the targets which was very different to any past paper question. I'm going for full marks!
    btw RPI+K is all to do with capital and capital investment and the EU water regulations.
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    hey, you know in q1 labour economics it said: discuss four points which have lead to an increase in employment even though there has been a decrease in unemployment rate. so it did not explicitly mention to list factors of both as it did in previous exam papers e.g. give factors for an increase in occupational and geographical mobility. so i mentioned four points relating to employment. is that ok?
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    (Original post by cantthinkofaname)
    btw RPI+K is all to do with capital and capital investment and the EU water regulations.
    ya understood that K is for like allowed infrastructure improvements, and RPI is inflation and all that... and yeah water industry characterised by sunk costs - perhaps a natural monopoly. but still the answers they gave were confusing and like, wasnt sure which answer key it was =]
    x
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    (Original post by RJB)
    ya understood that K is for like allowed infrastructure improvements, and RPI is inflation and all that... and yeah water industry characterised by sunk costs - perhaps a natural monopoly. but still the answers they gave were confusing and like, wasnt sure which answer key it was =]
    x
    yes i would agree there were a few confusing questions which doesnt help when your really tight for time. im sure the UMS will compensate as some ppl probably didn't even finish it.
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    ARROB...

    i didnt do that question but it looks like its looking for an answer on something relating to inactivity?
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    no it wasn't m8 u need to see the q.
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    anyway does any one remember the questions for the chewing gum q.
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    when i did it in jan my DR was appaling but MC was ok.

    now i think i rushed my MC, missed out so many definitions if i remember correctly, but my DR was alright.

    agh. . very little or no improvement methinks.
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    (Original post by ARROB)
    anyway does any one remember the questions for the chewing gum q.
    one about changing market structure, one about price wars, contestability was last.

    will post if i remember more. sorry for double post!
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    What did everyone get for the multiple choice question where it was a monopoly but demand fell. I put output falls, price falls and profit falls. As the AR and MR will shift left.
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    i swear that was a monopoly? ye, i put the same.
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    hey guys,

    was it average fixed cost or average fixed cost? I remember it being fixed cost?
 
 
 

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