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Economics Predictions
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14-06-2009 9:20pm#1
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xOxSinéadxOx wrote: »what's costs of productions about? is that fixed and variable costs and all that jazz?
You need to know about Average Costs and Marginal Costs (and their relationship). Economies and Diseconomies of Scale. Why small firms can survive (Nature of Good, Convenience, flexibility, Market size etc.). I'm pretty sure MPP and MRP can come up in that section aswell. And, like you said: Variable costs and fixed costs.0 -
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You need to know about Average Costs and Marginal Costs (and their relationship). Economies and Diseconomies of Scale. Why small firms can survive (Nature of Good, Convenience, flexibility, Market size etc.). I'm pretty sure MPP and MRP can come up in that section aswell. And, like you said: Variable costs and fixed costs.
oh really, ew I know nothing about that
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Imperfect competition is the hot tip to come up in Micro
A theory question on elasticity, 35m on the uses i'd say.
Banks creating credit should be there, and if it does i wouldn't be surprised to see a question on Keynes.
http://www.statusireland.com/
What could you say for uses of elasticity, all I can think of is to increase tax on inelastic goods like cigarettes and lower tax on elastic goods like cars 0 -
What could you say for uses of elasticity, all I can think of is to increase tax on inelastic goods like cigarettes and lower tax on elastic goods like cars
If it comes up it'll either be a 35m or a 20m, thus you'd be looking for between 4 and 7 points
This is taken from an economics guide, if anyone wants the link i'll try and find it
A monopolist would use knowledge of PED to indicate whether total revenue will increase or decrease when price is changed. If demand for the product is price inelastic, the monopolist can continue to increase prices until demand becomes elastic and TR begins to fall.
Knowledge of PED will help any producer to decide whether to increase or reduce prices if he wishes to increase total revenue (TR). When demand for a good is price inelastic, an increase in price will lead to an increase in TR, if demand is elastic a seller should decrease price to increase TR.
Knowledge of PED will also allow a producer to examine what will happen to profit if prices are altered. If the demand for a good is price inelastic, then an increase in price will lead to an increase in profit.
Knowledge of PED will also help a producer who is considering increasing the quantity produced. If PED is – 0.8, then if the producer wishes to increase production by 4%, then he must reduce prices by 5% as
%Δ Q = +4 = -0.8
% Δ P -5
Government use PED when deciding on changes in levels of indirect taxation (VAT, customs and excise duties, etc). If the government know that the demand for cigarettes is very price inelastic, then any increase in their price (brought about by an increase in the level of indirect taxation) will lead to increased tax revenue to the State. Governments generally levy taxes on goods they know to be price inelastic in order to increase total tax revenue to the State. The “old reliables” include petrol, alcohol and cigarettes.
Producers may use knowledge of YED when trying to predict future demand for a good. If the economy is predicted to contract by 5% over the coming year, then on average we have 5% less income with which to spend. If the YED for a good is +1, then a 5% fall in income will lead to a 5% decrease in the quantity demanded.
Knowledge of CED will help a producer calculate the increase in the demand for his product as a result of a price increase in a competing product. If CED = +0.9, between Good A and Good B, then a 10% increase in the price of Good A will lead to a 9% increase in the quantity demanded of Good B.
Thats an A1 standard answer, but we all know in the case of Economics this is whats required0 -
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Inflation, Interest rate, Unemployment figures, Birth rate, Death rate, Government finances info etc.Économiste Monétaire wrote: »Which figures are you looking for?
The CSO figures are all from a year ago 0 -
imperfect competition or oligopoly or both
land or capital (prob capital in my opinion)
elasticity
national income
costs of production
if 4 of them come up ill be delira ... ive most done but really hope these come up cos there nice handy questions
PS better students tend to answer micro questions because there more scientific and straight to the point where as macro questions such as the state of the economy and its trends can be vague and harder to get full marks in so i would advise doin all the macro questions
:D theres my 2 cents 0 -
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Inflation: May CPI was -4.7%, HICP -1.7% and CPIX was -1.2%Inflation, Interest rate, Unemployment figures, Birth rate, Death rate, Government finances info etc.
The CSO figures are all from a year ago
Which interest rate are you looking for? There is no 'one' interest rate. Are you asking about the ECB main refinancing interest rate (the minimum bid rate on MROs and LTROs)?
The official unemployment figure comes from the Quarterly National Household Survey and that's 7.7% from last October. The seasonally adjusted standardised unemployment rate (SUR) is at 11.8% from last month, it's a pretty good estimate of unemployment and I'd use that one if they ask for the unemployment rate.
This is the last population release.
Government finances for last month are here. Are you looking for debt levels?0 -
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For LC economics? YeahÉconomiste Monétaire wrote: »Inflation: May CPI was -4.7%, HICP -1.7% and CPIX was -1.2%
Which interest rate are you looking for? There is no 'one' interest rate. Are you asking about the ECB main refinancing interest rate (the minimum bid rate on MROs and LTROs)?
Thanks very much.Économiste Monétaire wrote: »The official unemployment figure comes from the Quarterly National Household Survey and that's 7.7% from last October. The seasonally adjusted standardised unemployment rate (SUR) is at 11.8% from last month, it's a pretty good estimate of unemployment and I'd use that one if they ask for the unemployment rate.
This is the last population release.
Government finances for last month are here. Are you looking for debt levels?0 -
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Could anyone add to this question as I don't think I have enough
What are the eco consequences of a balance of payments deficit?
1.Income leaked
Affect national income-multiplier lessened-eco contracts
2.Job Losses
Imports greater than exports-domestic production slows-firms close down
3.Nat Debt increases
More foreign borrowing needed to sevice N.D.-gov passes it on to consumer in increased taxation-real income falls
4.External Reserves decreases
Consuming more than producing-ehh 0 -
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