Economics lets help

postalservice

Can we just write the formula thing in the exam and get full marks

Inc in cash dep by 1/brr??

any1 know 4 sure?

ian.f

random chatbox wrote: »

Define the law of the equi marginal utility

superLeetive wrote: »

As a person consumes more and more units of a good, the marginal utility of each additional unit eventually begins to fall or diminish.

That's Diminishing marginal returns and I wouldn't use the words utility or diminish in a definiton of it !:cool:

The law of Equi-marginal Returns states that the ratio of marginal utility to price of all goods bought by a consumer must be equal in order for a consumer to be maximising utility

superLeetive

postalservice wrote: »

Can we just write the formula thing in the exam and get full marks

Inc in cash dep by 1/brr??

any1 know 4 sure?

We never learnt a formula for that? If it says "Explain" then you have to give the whole thing. I'd give it anyway cos that Q can often be worth as much as 18 marks and you don't want to risk losing most of them.

orangetictac

The marking scheme gives 18/18 for just the formula!!
But i'll give both just incase the corrector is nicht so gut

bUILDERtHEbOB

Are there many just learning Micro?

superLeetive

ian.f wrote: »

That's Diminishing marginal returns and I wouldn't use the words utility or diminish in a definiton of it !:cool:

The law of Equi-marginal Returns states that the ratio of marginal utility to price of all goods bought by a consumer must be equal in order for a consumer to be maximising utility

It's actually the Law of Diminishing Marginal Utility- we were both wrong:p

We don't have to "define" it though, we have to "state" it so therefore you give the law as it is written.

superLeetive

bUILDERtHEbOB wrote: »

Are there many just learning Micro?

Nah..gonna learn a bit of macro as well.

cHaTbOx

bUILDERtHEbOB wrote: »

Are there many just learning Micro?

I am learning micro and all short questions plus Trade questions(nation income and multiplier,comparitive advantage and so on)

postalservice

random chatbox wrote: »

I am learning micro and all short questions plus Trade questions(nation income and multiplier,comparitive advantage and so on)

That plus banking for me.
Hopefully Costs comes up....so easy:p

and maybe a bit of ldc's etc

Timans

ian.f wrote: »

That's Diminishing marginal returns and I wouldn't use the words utility or diminish in a definiton of it !:cool:

The law of Equi-marginal Returns states that the ratio of marginal utility to price of all goods bought by a consumer must be equal in order for a consumer to be maximising utility

No, it's the Law of Diminshing Marginal Utility.

LDMU - This states that as a consumer consumes additional units of a commodity, then the additional utiltiy gained from each additional unit will eventually begin to decline once the origin has been reached.

LDMR - This states that as increasing quantities of a variable FOP are applied to a fixed quantity of another FOP, the return to the original variable FOP will eventually begin to decline.

postalservice

What are bills of exchange?

Peleus

can anyone help me on this question:

something like... a price descriminating monopolist produces on the home and foreign markets. show the MR and AR curves for the firm on both markets and the equilibrium position for this firm. somthing like that. I never get it right.

postalservice

Id say get the marking scheme answer(I think it came up in 1 of last 8 yrs)

because the book is confusing imo

Timans

I'm pretty sure that's just the Long Run Equilibrium Diagram of a PDM.

It's like a Monopoly Diagram and a PC Diagram in one. Because, the Domestic Market is a Monopoly and the Export Market is a PC.

Fuascailt

Peleus wrote: »

can anyone help me on this question:

something like... a price descriminating monopolist produces on the home and foreign markets. show the MR and AR curves for the firm on both markets and the equilibrium position for this firm. somthing like that. I never get it right.

Get the marking scheme cos the diagram in the book is crap. It came up in 2000. Its simple in the marking scheme.

Q. Outline the factors effecting demand for a product.

postalservice

What are bills of exchange?

Fuascailt

I dont really think we need to know. Something to do with foreign exchange? Just know that the ban keeps about 12% of their assets in exchequer bills and bills of exchange and that their liquid but not very profitable.

JSK 252

Peleus wrote: »

can anyone help me on this question:

something like... a price descriminating monopolist produces on the home and foreign markets. show the MR and AR curves for the firm on both markets and the equilibrium position for this firm. somthing like that. I never get it right.

The firm faces a downward sloping AR/MR curve in the home market as it is a monopolist; and faces a horizontal AR/MR curve abroad as it is a price taker. Output at home should cease at H units since any additional MR revenue beyond H would be sold for a greater price in the export market. We assume cost conditions are identical in both markets. Total output for both markets is where MC=MR i.e T units, therefore T - (minus) H units are sold abroad. Price discrimation occurs as the price in the home market i.e PH is higher than the export price i.e PX

postalservice

cool thanks!
Better go study economics now!
Tonight will be my last night at it until tuesday night(i have acc and phy)
....and app maths friday!

ian.f

superLeetive wrote: »

It's actually the Law of Diminishing Marginal Utility- we were both wrong:p

We don't have to "define" it though, we have to "state" it so therefore you give the law as it is written.

ah thatss embarassing for me, I had typed in LDMU and everything.. just got confused, thats my excuse and I'm sticking to it

superLeetive

postalservice wrote: »

What are bills of exchange?

Bills of exchange are drawn up by a seller and through accepting the bill, the buyer is agreeing to pay the seller the sum owed for the goods/services being provided by a certain date.

eg:

You're selling me five hundred blocks of cheese (?) but I can't afford to pay you until I have sold all of these blocks of cheese in my cheese shop so you draw up a bill saying that I will pay you for the cheese within 6 months and I agree to the bill.

pocket aces

Fuascailt wrote: »

Q. Outline the factors effecting demand for a product.

Price of Good
Price of Related goods
Unplanned Factors
Income of Consumer
Changes in Tastes



Define Economic Rent.

Pocket Rocket

Economic Rent is a payment to a factor of production in excess of its supply price.

Jiggy

seem to be missing a question so ill just throw one in here

TOPICAL! Inflation in Ireland is crushing real income and what else ?

cHaTbOx

Jiggy wrote: »

seem to be missing a question so ill just throw one in here

TOPICAL! Inflation in Ireland is crushing real income and what else ?

economic activity,house prices

Interest rates have now doubled over the last 2 years and now stand at 4%.This is reduced economic activity as saving is encoaraged and borrowing is discoaraged.
It is also a major contributor to falling house prices.
A drop in interest rates is predicted towards the end of the year provided inflation is under control.


Define occupational mobility of labour.Outline 2 factors which influence it.

blueepurple

ability of labour to move from job to job or from position to position within a job.
two factors: peronal willingness to move
government policy(eg. funding relocation costs)

define an inflationary gap

Soby

current inflation minus inflation target...

State and explain Keynes THREE motives for holding money..
ill give ya a clue

T
P
S

Fuascailt

Transactionary- The money used for day-to-day spending. Influenced by level of income and the amount of transactions made in a day. Perfectly Inelastic with regards to rate of interest.

Precautionary- Money held in case of emergencies. Influenced by level of income and to a certain extent the level of interest. Relatively inelastic with regards to rate of interest.

Speculative- Money held with a view to making a profit from it in the future. Influenced by the value of govt. bonds and strongly influenced by rate of interest. Relatively elastic.

These combine to make an elastic demand curve for loanable funds. Where this intersects with the supply of money (fixed) is the rate of interest.

Q. Outline three contributions to economic thought made by the Classical economists.

Astrobotty

The LeavyC wrote: »

Define the tax wedge:

Kind of like a sandwedge, only more expensive

The LeavyC

Astrobotty wrote: »

Kind of like a sandwedge, only more expensive

Well not quite right.... its between a sand wedge and a pitching wedge, but you're right, its much more expensive.



Q: 3 conditions necessary for price discrimination.