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Economics Aftermath

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    #32
    Amirani
    Moderators, Society & Culture Moderators Posts: 12,521 Mod ✭✭✭✭Amirani


    xOxSinéadxOx wrote: »
    hopefully!


    what the hell is derived demand people?

    Not demanded for its own sake, just demanded because of the goods/services that can be created as a result of having it. E.g. Nobody gets satisfaction out of a brick but they're fairly useful if you're building a house.

    I disagreed with the imperfect competition too. There is few firms, they act interdependently, there's barriers to entry (economies of scale), the engage in non-price competition etc., sure case of oligopoly IMO.


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    #33
    Amirani
    Moderators, Society & Culture Moderators Posts: 12,521 Mod ✭✭✭✭Amirani


    xOxSinéadxOx wrote: »
    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 :o


    I said population or working age, availability of childcare, availability of education, national holidays/working week and a couple others that I can't remember.


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    #34
    xOxSinéadxOx
    Registered Users Posts: 2,604 ✭✭✭xOxSinéadxOx


    damn I should have said about economies of scale.


    oh I did crap in that paper... :(


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    #35
    ynwa_17
    Registered Users Posts: 1,288 ✭✭✭ynwa_17


    CallMeDoctor wrote: »
    lol u keep gettin in posts faster den me!

    Dont hate the player, hate the game :P lol


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    #36
    CallMeDoctor
    Closed Accounts Posts: 48 ✭CallMeDoctor


    lol!
    Do u think u had to disagree wit it coz im startin to think im wrong now?
    Reckon id get marks for agreein ?
    I sed
    1.Large number of suppliers i mentioned extra ones
    2. Large number of buyers
    3. product differentiation ..ads etc.
    4. profit maximisation!?


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    #37
    ynwa_17
    Registered Users Posts: 1,288 ✭✭✭ynwa_17


    CallMeDoctor wrote: »
    lol!
    Do u think u had to disagree wit it coz im startin to think im wrong now?
    Reckon id get marks for agreein ?
    I sed
    1.Large number of suppliers i mentioned extra ones
    2. Large number of buyers
    3. product differentiation ..ads etc.
    4. profit maximisation!?

    You could go either way i'd say. I went with Agreed and used the following points

    1. Brand Proliferation
    2. Price Wars
    3. Competitive Advertising.

    I dunno whether thats right though. I sed relevant examples for all of the points.


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    #38
    Amirani
    Moderators, Society & Culture Moderators Posts: 12,521 Mod ✭✭✭✭Amirani


    CallMeDoctor wrote: »
    lol!
    Do u think u had to disagree wit it coz im startin to think im wrong now?
    Reckon id get marks for agreein ?
    I sed
    1.Large number of suppliers i mentioned extra ones
    2. Large number of buyers
    3. product differentiation ..ads etc.
    4. profit maximisation!?

    Yes, you can go either way. Those points do seem fair enough and I see how could base your argument around them. There was a lot of scope for personal opinion.


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    #39
    Liam O
    Registered Users Posts: 19,081 ✭✭✭✭Liam O


    ynwa_17 wrote: »
    You could go either way i'd say. I went with Agreed and used the following points

    1. Brand Proliferation
    2. Price Wars
    3. Competitive Advertising.

    I dunno whether thats right though. I sed relevant examples for all of the points.

    yeah, I hit a wall about half way through and was going to mention Oligopoly but decided against it. Have basically the same as you, with probably a lot more waffle. Also I think I said they buy in bulk, don't know if that will suffice


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    #40
    TheWifeBeater
    Closed Accounts Posts: 34 ✭TheWifeBeater


    Ya i thought i did very well.
    Short Q's-90-100%
    Long Q's-I learnt them all off the state marking schemes so i was reallly happy however there might of been 2 or 3 20 markers which i might of got only 10 - 15 marks.Happy witht th epaper hopfully i might get an A1 however I wouldnt be sad with a B1.

    FIIIIIIIIIIIIIIIIIIIIIIIINIIIIIIIIIIIIIIIIIIIIIISHEDDDDDDDDDDD!!!!Muthafukassssssssss


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    #41
    Saul-Good
    Closed Accounts Posts: 113 ✭✭Saul-Good


    Lads and Ladies how can you all remember Economics? I forgot everything I did pretty much the second I walked out. Whats done is done we all did the paper and it's over now, IT'S FINISHED FOREVER!!!!!!!!

    Hope ye all did well anyway, wasn't that bad a paper:D


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    #42
    phic
    Registered Users Posts: 342 ✭✭phic


    CallMeDoctor wrote: »
    lol!
    Do u think u had to disagree wit it coz im startin to think im wrong now?
    Reckon id get marks for agreein ?
    I sed
    1.Large number of suppliers i mentioned extra ones
    2. Large number of buyers
    3. product differentiation ..ads etc.
    4. profit maximisation!?
    Well in our mocks there was the same question, except with petrol stations, and you could agree or disagree, once you had good points, so I'm sure it's fine!


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    #43
    snazzy
    Registered Users Posts: 354 ✭✭snazzy


    I thought it was a lovely, fair paper.

    The short questions were looovveelllyy.
    I did all but that one about inflation because I couldn't remember learning it. Very nice indeed.

    Long questions were a mixed bundle.

    I did Q2 = Imperfect
    Q3 = Costs
    Q4 = Banking
    Q8= Labour

    Lovely altogether for the most part. Some tricky bits I must say in each question but for the first time ever, I got everything written down on time.
    Finished on the dot. Mind you, if those four questions hadn't come up, I'd have been stuck. THought trade/elascticity and national income questions were stinkers.

    As for that imperfect shopping thing, I agreed though I knew you could have gone for oligopoly as well.


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    #44
    CRoche09
    Closed Accounts Posts: 10 ✭CRoche09


    SQ's- Was happy definatly got 6 right. May have lost 1 mark as didnt get the costs of economic development, but they will just count one of the others.

    Demand/elastcity- I felt this was harder than usual, c threw me my worst question by a mile.

    Imperfect competition - Easy question the c was weird I knew it wasnt true but wasn't sure whether to agree or not. I disagreed and just said it was oligopoly and was like barriers to entry, collusion, non price competiton. It was only 15 marks anyway.

    Costs: Simple question - The c was a bit weird but I got it.

    Q6- Can't even remember it but know I got most marks..It was common sense.

    Labour/unemployment: Easily the easiest question on the paper, the c part was worth 40 marks and if you had listened to any news in the past year you should of figured it out.

    Overall I was happy did very good on 4 long questions so it wont count demand. Hope for the A1!!!


    Finished!!!!!!!!!!!!!!! Whata relief! By the way a good way of letting go is piling all you books up the knocking them down!! I did it was fun :L


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    #45
    internetaddict
    Registered Users Posts: 108 ✭✭internetaddict


    CallMeDoctor wrote: »
    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

    Aww crap.. I got 8% and then took it as 20000 or something.
    Not really a fair question for those lacking in the maths department..:(


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    #46
    CallMeDoctor
    Closed Accounts Posts: 48 ✭CallMeDoctor


    internetaddict wrote: »
    Aww crap.. I got 8% and then took it as 20000 or something.
    Not really a fair question for those lacking in the maths department..:(
    ya very true was more a maths question imo


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    #47
    Gi joe!
    Registered Users Posts: 271 ✭✭Gi joe!


    niallsparky wrote: »
    I said population or working age, availability of childcare, availability of education, national holidays/working week and a couple others that I can't remember.


    Ah ****, I said gov policy, demand for services and others can't remember. Reckon I'll get any marks for that. The question was so vague I thought!:(


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    #48
    Mallox
    Closed Accounts Posts: 185 ✭✭Mallox


    did question 1 2 3 5
    natioanl income question was very hard i thought .. how do you calculate savings????
    and the part b and c were dog rotten otherwise it was a lovely paper especially the first 3 :D:D:D


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    #49
    MrPirate
    Registered Users Posts: 423 ✭✭MrPirate


    ynwa_17 wrote: »
    Dont hate the player, hate the game :P lol
    Dammit, I lost the game. <_<
    Anyway, I found that exam really nice!
    Short Qs: 8/9 done, happy enough, probably 100% there. Didn't bother doing the mixed economy question because.. I just didn't bother!
    Long questions were nice! Did demand/elasticity(1), imperfect competition(2), cost of production(Sooo happy this came up as a question on it's own! :D 3) and International Trade(7).
    Happy enough with my answers, I f*cked up 7c, the David Ricardo question. I didn't bother at all learning any economists at all. I ended up writing stuff about Adam Smith. XD But I'll get some marks for the free trade, etc stuff.

    On another note, while enjoying a coffee before the exam this morning, I saw Vladimir Lenin walk by: Beard, hat, coat, everything!! So I was pretty convinced that Karl Marx would come up.... Indirectly he did because oligopoly sort of came up and he did predict the rise of them... :P


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    #50
    Delta Kilo
    Registered Users Posts: 1,212 ✭✭✭Delta Kilo


    Mallox wrote: »
    did question 1 2 3 5
    natioanl income question was very hard i thought .. how do you calculate savings????

    Income minus consumption. I got 1.1 for the multiplier.

    I thought it was lovely. I done 2,3,5,8. 8 was lovely.

    About the c part to imperfect competition you can argue it either way. The last time it was asked about petrol and in the marking scheme the answers given were agreeing with it but it said at the bottom that arguments for oligopoly were also acceptable. I read somewhere too, think it was a revision book, that oligopoly is actually a type of imperfect competition so the 2 are closely related.

    EDIT: I think, although I'm not certain, that a mixed economy is one that doesn't specialise in one industry, we have a variety of industries in our economy. My immediate reaction was multi-cultural but then I was like, hang on a second, this is an economics exam.


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    #51
    CRoche09
    Closed Accounts Posts: 10 ✭CRoche09


    Delta Kilo wrote: »
    Income minus consumption. I got 1.1 for the multiplier.



    EDIT: I think, although I'm not certain, that a mixed economy is one that doesn't specialise in one industry, we have a variety of industries in our economy. My immediate reaction was multi-cultural but then I was like, hang on a second, this is an economics exam.



    No I thought it was like one with foreign workers and home workers or one where the government intervenes a little but it also has elements of free market....

    I checked after and it was the latter, meh doesnt matter i got the others!


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