Original post by Maahir
Anyone know the prediction or most like to come up on the economics paper starting tomorrow
Economics Plus Dial Paper 1 livestream
17 May 2023
19:46
- Very technical
- Questions might not be what you want
- If they're awkward, read the question very carefully to see what the question is actually asking
- Find a link
○ 25 marker discuss if the internet should be provided free for all by the government
○ Take a pause, positive externalities by consuming internet
○ State provision to solve underconsumption
§ Market failiure
○ Discuss whether loss making firms must be managed inefficiently
§ Whatdoes is link to
§ Inefficiencies
§ Diseconomies of scale
§ Market structure
- Time management is necessary
○ Use the clock as a visual aid
- Essay plan will speed up writing for 25 markers
- Use the extract to drive my argument. Linking to extract
○ Pure economic theory should follow
- Diagrams, Diagrams, Diagrams
- No rule on a limit for diagram or any rule
- Draw them when they can help illustrate what I write
- Indirect tax subsidy min price max price areas
- Cost to the gov on sub, intervention buying min price, Prod consumer incidence and revenue
- Be prepared to shift cost and revenue curves
- Market structure, labour structure and market failure
- Static vs dynamic efficiency
- Static efficiency but dynamic ineficcienty
- Consumers willing to pay higher than MC for dynamic efficiency. Apple technology for instance
- Static efficiency is more significant for groceries
- Role of regulation to overcome the role of monopoly abuses
- Monopoly regulation
- Labour market
- Market failiure content has a random example of where positive or negative externalities exist.
- How is it fixed
- Always look out to market solutions to market failure
○ Prof motivated firm finding a gap in market for profit
○ Examiners always talk about it.
○ Plastic waste
- Government intervention can cause government failiure
- Impact of heavy handed government intervention on our liberties
- Plan essays in 4 mins
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