Economics - How Was it for You??

shadowspawn

I thought it was a very predictable paper with price discrimination comming aswell as monopoly. Few question were tricky I ended up doing Q2 Q7 Q8 Q5

what is meant by 'incentive* of tax' in Q 5... dont really remember how they phrased it but I was not sure about the answer ....any1 know the definition ?

Jiggy

i did question 2,5,7,8

i hear loads of stuff about inflation this morning so that was good

the short questions were grand i thought but i was like "say what!" when i saw the supply curve one

shadowspawn

lol ye it was fixed supply curve..Hopefully:pac:

Yuugib

i thought that was a nice paper did 1, 2, 4, 5.
hadnt had any sleep this night.. but it was worth it though.. exact questions that i v studied came up
but.. still managed to get a couple of slips.. but hopefully it would be so bad


and yeeeeey!!!! finished!!! it was nice enough exam to finish with.. after the accounting especially

Fuascailt

I thought it was very nice, no big surprises.

Short Qu: A few a little tricky
Q1: loved that, a little bit long- -1.8 for the PeD?
Q2:Grand
I avoided enterprise, cos it looked different
Q5: Fine, I got a decrease of asround 14% which i thought was a little weird
Q8: Fine again, the banks bad debt was the only different thing, i said they'd increase their reserve ratio? Got 114.something for my CPI

Overall very happy. Now off to study music. Lol.

Soby

Fuascailt wrote: »

I thought it was very nice, no big surprises.

Short Qu: A few a little tricky
Q1: loved that, a little bit long- -1.8 for the PeD?
Q2:Grand
I avoided enterprise, cos it looked different
Q5: Fine, I got a decrease of asround 14% which i thought was a little weird
Q8: Fine again, the banks bad debt was the only different thing, i said they'd increase their reserve ratio? Got 114.something for my CPI

Overall very happy. Now off to study music. Lol.

Brilliant paper..couldnt have asked of a easier one...i took so long drawing the Question 1 diagrams but was good overall..

ye i got a PED of -1.8...wooooooooo
finished forever:D:D:D:D

rc28

Soby wrote: »

Brilliant paper..couldnt have asked of a easier one...i took so long drawing the Question 1 diagrams but was good overall..

ye i got a PED of -1.8...wooooooooo
finished forever:D:D:D:D

I got the same answers as above:D

I did q's 1,2,5,6. I think it was a nice paper overall- the short questions were of a different style compared to past years though.
Did anyone get terms of trade between 2 and 3 for one of the goods?

Fuascailt

rc28 wrote: »

I got the same answers as above:D

I did q's 1,2,5,6. I think it was a nice paper overall- the short questions were of a different style compared to past years though.
Did anyone get terms of trade between 2 and 3 for one of the goods?

yea, i got that. and 1/3 and 1/2

rc28

Fuascailt wrote: »

yea, i got that. and 1/3 and 1/2

Excellent, got the 1/2 and 1/3 too:)

What did people say for why mnc's aren't locating in Ireland anymore- I struggled to get 5 solid points. One of my reasons was that there is a lack of science and tech/computer graduates in ireland so this is discouraging those sort of companies to locate here- would that be acceptable. Also, is it ok to have two separate points about the high cost of labour and the high costs of running a business in Ireland(electricity etc)?
I mentioned our poor broadband and transport infrastructure too.

benzwOw

did q's 1,2,3,4. Brilliant paper.
3 types of price discrimination? wtf
1. when monopolist sells same goods and service to different consuumers and
2. when different quantities of goods sold to same consumer at different prices and
3rd...???

Soby

rc28 wrote: »

Excellent, got the 1/2 and 1/3 too:)

What did people say for why mnc's aren't locating in Ireland anymore- I struggled to get 5 solid points. One of my reasons was that there is a lack of science and tech/computer graduates in ireland so this is discouraging those sort of companies to locate here- would that be acceptable. Also, is it ok to have two separate points about the high cost of labour and the high costs of running a business in Ireland(electricity etc)?
I mentioned our poor broadband and transport infrastructure too.

Poor infrastrucutre

Cheaper labour elsewhere

Center of EU moving East

unstable economy

Timans

1st Degree PD - Reduce Consumer Surplus.
2nd Degree PD - Usually in form of Bulk Buying. i.e. Buying Economies.
3rd Degree PD - Identifies and groups consumers based on their elasticity.

For Intl Trade question, did anyone get that WO for Clothing increased by 25%, WO for TV's decreased by 13.333333% therefore both countries benefit as 25% > 13.3333333%?

Dr. Baltar

Overall I was very pleased with it.

Did Q2, Q5, Q6, & Q7


Incidence of Tax confused me too.

PrivateEye

Same questions answered as the OP.

I thought Economics or eh....Eacnamaíocht was going to be the spanner in the works. Only got 50% on the mocks, which is bad considering it's not that challenging really when you get stuck in. Today was SEXY.

Two full questions completely spot on, they'd be hard pushed to nick marks of me there- the other two were strong as well, and I got lucky with the short questions.

I only studied last night, I aimed to go up 10%, say it's a B1 job. Sehr-happy.

The whole leaving was pot-luck, but I'm a lucky bloke :pac:

cHaTbOx

this was the last exam and this is all im sayin



:D:D:D:D:D:D:D:D:D:D:D


It's over guys, It's over:pac:

Fuascailt

Timans wrote: »

1st Degree PD - Reduce Consumer Surplus.
2nd Degree PD - Usually in form of Bulk Buying. i.e. Buying Economies.
3rd Degree PD - Identifies and groups consumers based on their elasticity.

For Intl Trade question, did anyone get that WO for Clothing increased by 25%, WO for TV's decreased by 13.333333% therefore both countries benefit as 25% > 13.3333333%?

Hmmm i think i got 66.66%>14.2%

rc28

Soby wrote: »

Poor infrastrucutre

Cheaper labour elsewhere

Center of EU moving East

unstable economy

I managed to include what you said above except the bit about our unstable economy.

cHaTbOx

Fuascailt wrote: »

Hmmm i think i got 66.66%>14.2%

nope it was 25%>14.2% 70 decrease to 60 that was 10/70 decrease which is 14.2 decrese

30 increase to 40 increase of 10/40 which is 25 %

=> 25%>14.2%

Fuascailt

maybe i did get 25... hopefully

I defo got the 14%

rc28

Fuascailt wrote: »

Hmmm i think i got 66.66%>14.2%

Crap, I think I got something like the increase of 25% is better than the decrease of 14%, I can't remember the goods that applied to though

cHaTbOx

rc28 wrote: »

Crap, I think I got something like the increase of 25% is better than the decrease of 14%, I can't remember the goods that applied to though

you're fine man stop worryin I got the same. Now if this was your last exam enjoy FREEDOM:D:D

Peleus

those short questons were hard. I answered them all but i'd say i got a couple wrong. the supply curve was normal up to the 14 million on the Q axis. Then it went perfectly elastic (straght up).

Q1, ok. i spent too long on the law of demand. I gave so many examples of it and examples for goods that don't obey it etc...
The graphs were grand. Did we have to do them on graph paper??? I said it shifted to the right because of changes in taste and an increase in consumers income.

Q2 good. the deregulation part was good, i just read over that last nite so it really helped. i sed the consumers benefit because of better service and cheaper goods/service. Workers have more jobs to choose from and higher wages. and the profits are eroded, no more SNPs.

Q3 ok. I didnt do the third part cos i ran out of time. part one was all definitons etc.. part 2, i said her supply price was €40000 i think. and her economics rent was €35000 or something. Good considering i didnt understand economic rent until last nite.

Q8 the first part was sh1t for me cos i did it in like five minutes. i said the banks would banks create less credit as they dont wanna get bad debts. then for part (iii) said band debts and must obey PLR. sh1t part for me only like a page long including the 'how banks create credit' part
Part two was easy. All about the affects of inflation. my definition of inflation was only like four lines tho.
part three took like 5 minutes. got 100 for base year (obv) and like 114.23 or something like that for current year.

overall i think got about 65% so either a C1 or a C2. good considering i only did like 85% of the paper. the short questions and question 1 took ages! I'm pretty happy cos i failed my xmas exam! woo!

one more left

SimpleLogic

I thought it was a nice paper considering the last two i did ; Physics and Accounting AARRR.

Yeah did get incentive tax either, typed into google. I think it is like a tax cut people get to encourage environment stuff . not in the book but sorta makes sense now.
http://glossary.eea.europa.eu/terminology/concept_html?term=incentive%20tax


got something like 12% inflation?

cHaTbOx

Peleus wrote: »

those short questons were hard. I answered them all but i'd say i got a couple wrong. the supply curve was normal up to the 14 million on the Q axis. Then it went perfectly elastic (straght up).

Q1, ok. i spent too long on the alw of demand. I gave so many examples and example for goods that don't obey it etc...
The graphs were grand. Did we have to do them on graph paper??? I said it shifted to the right because of changed in taste and increase in consumers income.

Q2 good. the deregulation part was good, i just read over that last nite so it really helped. i sed the consumers benefit because of better service and cheaper goods/service. Workers have more jobs to choose from and higher wages. and the profits are eroded, no more SNPs.

Q3 ok. I didnt do the third part cos i ran out of time. i said her supply prics was 40000 i think. and her economics rent was 35000 or something.

Q8 the first part was sh1t for me cos i did it in like five minutes. i said the banks would banks create less credit as they dont wanna get bad debts. then for part (iii) said band debts and must obey PLR. sh1t part for me only like a page long including the 'how banks create credit' part
Part two was easy. All about the affects of inflation. my definition of inflation was only like four lines tho.
part three took like 5 minutes. got 100 for base year (obv) and like 114.23 or something like that for current year.

overall i think got about 65% so either a C1 or a C2. good considering i only did like 85% of the paper. the short questions and question 1 took ages! I'm pretty happy cos i failed my xmas exam! woo!

one more left

Good luck in that exam Peleus

Timans

Burner- wrote: »

I thought it was a nice paper considering the last two i did ; Physics and Accounting AARRR.

Yeah did get incentive tax either, typed into google. I think it is like a tax cut people get to encourage environment stuff . not in the book but sorta makes sense now.
http://glossary.eea.europa.eu/terminology/concept_html?term=incentive%20tax


got something like 12% inflation?

For the CPI caluculation?

I got 14.8% inflation I think.

armbruster

does she earn an economic rent?
I said no because ER is anything over transfer earnings, and the transfer earning is €75000

Peleus

armbruster wrote: »

does she earn an economic rent?
I said no because ER is anything over transfer earnings, and the transfer earning is €75000

she does i think. If a footballer earns 100000 a year. and his next best job is a job as a builder for 60000 a year. he's earning economic rent of 40000. so if she moves to the job for 75000 shes earning 35000 more than her previous job and is earning an economic rent of 35000 in her new job.

can anyone confirm this????

random chatbox wrote: »

Good luck in that exam Peleus

cheers random chatbox

crammer123

armbruster wrote: »

does she earn an economic rent?
I said no because ER is anything over transfer earnings, and the transfer earning is €75000

hmm i said yes because her supply price is only 40000...

rc28

random chatbox wrote: »

you're fine man stop worryin I got the same. Now if this was your last exam enjoy FREEDOM:D:D

Yup, i'm finished now- can't believe it:D

BigRedAidan

shadowspawn wrote: »

I thought it was a very predictable paper with price discrimination comming aswell as monopoly. Few question were tricky I ended up doing Q2 Q7 Q8 Q5

what is meant by 'incentive* of tax' in Q 5... dont really remember how they phrased it but I was not sure about the answer ....any1 know the definition ?

I think you're talking about "the incidence of taxation" and that's who ends up paying the tax (either the consumer or the producer) depending on the P.E.D. The more elastic the more the producer pays.

orangetictac

I did Q 1, 3, banking and trade.

Wasnt too bad. Hopefully i get all the marks for the composite price index. Im not sure how much working you have to show?
Do you just show simple price index and multiply by weights and add up?:rolleyes:

superLeetive

Timans wrote: »

For the CPI caluculation?

I got 14.8% inflation I think.

Yeah I got that too.:)

crammer123 wrote: »

hmm i said yes because her supply price is only 40000...

I was going to do that Q and that's what I would have said.

I thought the long Qs were grand - lots of choice but I thought some of the short Qs were really tricky and it's so annoying cos they're worth so much! Really hoping for a B1!

GretchenWieners

sounds like it went well!! i did it last year and royally f**ked it up and missed my course. that being said it was prob the best mistake that'll ever happen to me!

purpleeblue

anyone know what the price of the desks was in the short qs??i cudnt decide between 55e and 70e...

Timans

Well, I got €100 because I added up all the costs and it came to €10,000. Then I divided it by 100 as there was 100 chairs, then I was left with 100. So I said €100 as it costs €100 to make each chair.

I mean desks.

purpleeblue

its just that it said in the short term and in the short term only average variable costs need to be covered??that was my understanding of the question i wrote 70e but my friend said normal profit is a fixed cost and therefore the answer was 55e can anyone confirm this?

V.I.Princess

Eco 4 mewas prob d best exam...In sayin dat I prob didn't get d A1 I was hopin 4 but was still happy...Short questions wer abit strange but d long questions wer beautiful..Q1 I mean c'mon...Spent a while at it coz it was jst so nyc 2 me..lol..Lst exam..feels amazin..Summer 08! has officially begin...Lets enjoy!:D

ian.f

purpleeblue wrote: »

its just that it said in the short term and in the short term only average variable costs need to be covered??that was my understanding of the question i wrote 70e but my friend said normal profit is a fixed cost and therefore the answer was 55e can anyone confirm this?

Chair question was 55e a pop

Peleus

ian.f wrote: »

Chair question was 55e a pop

ye thats right. but you dont add normal profit to it as someone said. i think that was there to throw you off. all you needed was the cost of labour and the cost of raw materials, add them and thats your variable costs. divide that by 100 desks and you have the average variable costs. they have to cover these costs in the short run so they have to charge €55.

profit and rent didnt come into it. anyone confirm?

Crania

I thought it was a very fair paper to be honest, very predictable. Although they asked some of the questions in a different way than usual, the demand question and the enterprise question for example. Overall a very nice paper though, although the short questions were tough. I did Q1(so easy-took quite a while though!, Q2(pretty easy), Q3(it was grand, I said 40,000 for the Supply Price and reading over it again I'm pretty sure it's 40,000) and also Q5(this was grand altho I messed up several parts of this question!).

I messed up that chair question so badly! I had no idea, so I just multiplied them all, divided by 100 and got some crazy answer! Ah I was never very good with the maths!

What did people say for a method to discourage the black market? I just said decrease income tax to provide an incentive to people to declare their income as they would therefore keep more of their income. Is that right do you think?

Also, for the social benefit in the oil question, I said it would mean more revenue for oil-producing countries such as Saudi Arabia to invest in their services and infrastructure. Would you say that's right? Like they didn't say in the question that it had to be a social cost/benefit to Ireland? They just said 'state one social cost and one social benefit of the rising prices'. No actual reference to a specific country.

JSK 252

Peleus wrote: »

ye thats right. but you dont add normal profit to it as someone said. i think that was there to throw you off. all you needed was the cost of labour and the cost of raw materials, add them and thats your variable costs. divide that by 100 desks and you have the average variable costs. they have to cover these costs in the short run so they have to charge €55.

profit and rent didnt come into it. anyone confirm?

Profit and rent are usually long run so id say your right but whos to say profit and rent arent short run but in general they are long run. It can be debated.

Im not doing the exam till next year but i was just wondering, was the supply curve for olympics a fixed supply curve?

Peleus

JSK 252 wrote: »

Profit and rent are usually long run so id say your right but whos to say profit and rent arent short run but in general they are long run. It can be debated.

Im not doing the exam till next year but i was just wondering, was the supply curve for olympics a fixed supply curve?

It sloped up as normal but when it got to 14 million or whatever, it went perfectly elastic. it was a limited output supply curve.
For the reason for oil i said Wars and high costs of production? is that right? then for the benefit i said less pollution and for the cost i said more must be spent on petrol, raises our cost of living? that right????

JSK 252

Peleus wrote: »

It sloped up as normal but when it got to 14 million or whatever, it went perfectly elastic. it was a limited output supply curve.
For the reason for oil i said Wars and high costs of production? is that right? then for the benefit i said less pollution and for the cost i said more must be spent on petrol, raises our cost of living? that right????

Only 7 million tickets were available for the games. It said it in the question Where are you getting 14 million from?

Yah you would be right for the oil. For the reasons I would have said because of increase in the production of cars and cartels becoming increasingly hesitant to increase oil prodcution due to government policy etc. for the benefit I owuld have said less pollution as public will have to consider using alternative methods of transport and increased costs of living plus disfigurement of landscape due to oil companies searching for new sources of oil in natural habitats.

Peleus

JSK 252 wrote: »

Only 7 million tickets were available for the games. It said it in the question Where are you getting 14 million from?

Ye 7million whatever. I just said 14 cos i couldnt remember the number.

JSK 252 wrote: »

for the benefit I owuld have said less pollution as public will have to consider using alternative methods of transport and increased costs of living plus disfigurement of landscape due to oil companies searching for new sources of oil in natural habitats.

Thats a lot of word to fit into one line tho.

crammer123

Peleus wrote: »

ye thats right. but you dont add normal profit to it as someone said. i think that was there to throw you off. all you needed was the cost of labour and the cost of raw materials, add them and thats your variable costs. divide that by 100 desks and you have the average variable costs. they have to cover these costs in the short run so they have to charge €55.

profit and rent didnt come into it. anyone confirm?

no costs include 'normal profit'..i remember reading that in the book the nite before the exam.. its the min profit the entrepreneur is willing to accept for his/her efforts..

and rent has to be included cause its a fixed cost.. so im nearly 100% sure the answer was €100..

the 'short-run' was the bit that was meant to throw you off....

cHaTbOx

crammer123 wrote: »

no costs include 'normal profit'..i remember reading that in the book the nite before the exam.. its the min profit the entrepreneur is willing to accept for his/her efforts..

and rent has to be included cause its a fixed cost.. so im nearly 100% sure the answer was €100..

the 'short-run' was the bit that was meant to throw you off....

Thank god I wrote that and saying it was the min amount he could sell the chairs while still makng the min profit

JSK 252

Peleus wrote: »

Ye 7million whatever. I just said 14 cos i couldnt remember the number.



Thats a lot of word to fit into one line tho.

Sure we might aswell go for the full monty for 17 marks. lol

But like when you say Minimum supply curve isnt the price fixed aswell so that would make it a fixed supply curve. i.e perpendicular
The price and supply of tickets are fixed.

minik

Went into the paper having not done economics since xmas and found it a fair paper! Lets hope it went ok.. might even count it for points!

ronnieboy

one word eazy