Economics Aftermath

Beau x1

If Imperfect Competition or Oligopoly, Elasticity, National Income don't come up then I'm ****ed.

I'm only looking for a straight pass D3.

Here's hoping its going to be an easy paper..

Dumbledore

I spent too much time partying over the last week and only started studying this morning.... I am not going to do well I know that, would love to scrape a C1 if possible but I will have to be lucky with the questions as I am only doing roughly 33% of the course.

irishmonkey

I started this subject in april.
Took it up on my own, never had a class or anything.
Walked in today without ever doing any economics homework, or ever sitting a test before.

Had a bit of a meltdown last night, as i left economics on the back burner a bit for the last few weeks, but when i went to look over my notes, everything looked familiar - but i didnt know it/mixed things up/couldnt word descriptions properly.

Couldnt look at anything last night without enducing a panic attack, so went to bed and briefly read over some things this morning.

Originally, i wanted a C3 at least, and with a little extra work, possibly a C1.
But after today, i'd be lucky to get a D3.
Couldnt remember anything

It was a good paper, just wish i studied a bit more

Brethitmanhart

What came up? Was it considered an easy paper?
What market structure came up?

daithiolabhrai

wow, a very topical exam!

i think imperfect competition came up, but i didnt answer on the markets!

no questions on the factors of production!! :eek:

short questions were simple!!

think i did okay overall!

Dumbledore

The no questions on the FOP raped me big time. Will be lucky to scrape a C3 now, managed a fair bit of waffle for the part c's though.

Amirani

Easy.

p1akuw47h5r3it

I thought it was a hard enuf paper tbh.

Imperfect Competition came... u had to draw it in the short run... I've never even seen that before!

Demand and supply was mixed with elasticities (price and Income)

Costings came up

NO factors of Production:mad:

National Income came up

Comparative advantage came up

And that's all I can remember

internetaddict

National income q was a bit strange in the middle. Did the unemployment q (waffle) incase I did really badly.
Short Qs were doable.

Grand paper I've seen worse!

ynwa_17

DanDan6592 wrote: »

I thought it was a hard enuf paper tbh.

Imperfect Competition came... u had to draw it in the short run... I've never even seen that before!

Demand and supply was mixed with elasticities (price and Income)

Costings came up

NO factors of Production:mad:

National Income came up

Comparative advantage came up

And that's all I can remember

Its just the same market equilibrium as Monopoly

Was a grand paper, think i got a B1 maybe scrap an A1. I did Q 1,2,3,4 but most questions bar 7 were do-able. Q1 and 4 ****ed me over a i didnt have enough time

lilmissprincess

Nice paper....but I forgot which one was demand and which was supply on my graph...Remembered the odd difficult trivial stuff and forgot the basics...

Loved how topical it was, the unemployment question was gorgeous...

Think I got my A

Mr Maroon

I went in hoping for an A1. I came out hoping for a B1.

xOxSinéadxOx

I thought it was hard, could only do 2 of the long questions properly, there was a lot to be done in some of the questions, I ran out of time, had to do 2 questions in half an hour. the last 2 I did were ****e. I didn't study the market structures but I ended up having to do it, it was crap, I got the short-run graph wrong. ohhh it was so bad, and I did the banking question about credit, liquidity and profitabilty, that was crap. say I got zero for that. then I did elasticity, that was grand, didn't get the (c) though cos I ended up with 2 unknowns. did the labour/unemployment one that was grand but it took me ages to do. short questions were grand though, I'd say I might have gotten 9/9 for them

AJ6000

Short Questions were piss should get 100/100 on them or near enough to that!

Did the International Trade Question
Banking Question
Costs and Revenue/Economies of Scale Question
Elasticity/Supply/Demand Question

Was heading for an A1 until I got to Q1. Made a balls of the 2nd part of the Equlibrium bit and couldnt do the part C. I really regret not doing the NAtional Income or the Employment Q's. Oh well should still get and B1 maybe scrape a A2! It really was a fair paper if you knew your stuff!

CallMeDoctor

i thought dat was a nice exam. I got 88 % in the mocks but reli needed the A1 this time.
Q1. I thought it was good but was a bit indecisive between PED for pertol and YED for meat ..
Did anyone say -0.1 for PED for petrol?
(c)....Anyone get 80000 sales ??
Q2. Really easy did ye agree wit part C?
Q3. Brillant .
Q5. Bit of waffle but anyone get 1.11 for multiplier?

Funnily enuf i taut the short questions were the hardest part of the exam!!!:eek:

xOxSinéadxOx

how did you do 1. (c), I had 2 unknowns. and yeah I did 0.1 for petrol the 4 one for the ipod, is that right?

english4490

Pretty grand paper ! Short questions pretty easy!

ynwa_17

xOxSinéadxOx wrote: »

how did you do 1. (c), I had 2 unknowns. and yeah I did 0.1 for petrol the 4 one for the ipod, is that right?

2 Unknowns? I think you tried to much there or else i was wrong

This is how i did it

YED = +2.5
Fall of 8% in income 8x2.5 = 20%

Thus a 20% fall in sales. Sales were 100000, thus in 2009 they'd be 80000

CallMeDoctor

xOxSinéadxOx wrote: »

how did you do 1. (c), I had 2 unknowns. and yeah I did 0.1 for petrol the 4 one for the ipod, is that right?

Ya i dats definitely rite for the ipod neway.
For part (c) u probably tried to use the formula im guessin?

YED = 2.5
I said a 1% fall in income would cause a 2.5% fall in QD
Therefor a 8% fall in income would cause a (2.5 x 8 ) = 20 % fall in QD

CallMeDoctor

Dammit beaten to it!
Did u get 1.1 for the multiplier?

xOxSinéadxOx

ynwa_17 wrote: »

2 Unknowns? I think you tried to much there or else i was wrong

This is how i did it

YED = +2.5
Fall of 8% in income 8x2.5 = 20%

Thus a 20% fall in sales. Sales were 100000, thus in 2009 they'd be 80000

oh I get you know! damn I stuck all the stuff into the formula

Liam O

CallMeDoctor wrote: »

Dammit beaten to it!
Did u get 1.1 for the multiplier?

got that yeah, thought it was a bit weird at the time because it's usually 1.5 or 2. In the short Qs is economic development the one with the change to the structure of society?

overall thought paper was good. Only did 6 of the short Qs as I didn't have a clue on the last 3 on the 1st page. Might have waffled a bit on some questions but if I get lower than a high B I'll be pissed off

On another note...FINISHED!!!

phic

CallMeDoctor wrote: »

i thought dat was a nice exam. I got 88 % in the mocks but reli needed the A1 this time.
Q1. I thought it was good but was a bit indecisive between PED for pertol and YED for meat ..
Did anyone say -0.1 for PED for petrol?
(c)....Anyone get 80000 sales ??
Q2. Really easy did ye agree wit part C?
Q3. Brillant .
Q5. Bit of waffle but anyone get 1.11 for multiplier?

Funnily enuf i taut the short questions were the hardest part of the exam!!!:eek:

Yeah I got all those answers you did, except i disagreed with 2c, said it was an oligopoly, but you could have said either if you backed up your points!
Thought the paper was grand, but I ran outta time and had to do Q1 in bout ten minutes!!
Short questions were pretty good though! better than some other years!

ynwa_17

xOxSinéadxOx wrote: »

oh I get you know! damn I stuck all the stuff into the formula

I nearly did that too, and i sat thinking how the hell would it work out then it clicked in my head lol. Just for showing the formule i'd say you'd get 5 marks

xOxSinéadxOx

what points did you say for oligopoly? I could only think of 2 or 3 I think, I said they act interdependently and you can count them all mmm I can't remember, was it ok to agree or disagree though?

xOxSinéadxOx

ynwa_17 wrote: »

I nearly did that too, and i sat thinking how the hell would it work out then it clicked in my head lol. Just for showing the formule i'd say you'd get 5 marks

hopefully!


what the hell is derived demand people?

CallMeDoctor

Liam O wrote: »

got that yeah, thought it was a bit weird at the time because it's usually 1.5 or 2. In the short Qs is economic development the one with the change to the structure of societ!

Yup sur is

I no finished !!!! It reli hasnt sunk in yet!?

ynwa_17

xOxSinéadxOx wrote: »

hopefully!


what the hell is derived demand people?

Where a FOP is demanded not for its own use but for its use in the production of goods and services people want .... I think

CallMeDoctor

xOxSinéadxOx wrote: »

hopefully!


what the hell is derived demand people?

Im not a 100% but i said its not demanded for its own sake but for the goods and services it is used to produce e.g
a builder uses land for building a house not to look at the grass grow:D

CallMeDoctor

ynwa_17 wrote: »

Where a FOP is demanded not for its own use but for its use in the production of goods and services people want .... I think

lol u keep gettin in posts faster den me!

xOxSinéadxOx

oh you're right. funny thing is I remember learning it last night and I saw it and I was like oh I know this but then I actually couldn't think of it

what effects the size of the labour force? I think I only got 2 reasons for that