**Economics 2012 Higher and Ordinary**

EDmon

subz3r0 wrote: »

Whoa, whoa.. when asked to convert GDP to GNP remember this:
For Net Factor income from rest of world you take away all the income made by multinationals in Ireland and add all the income made by Irish firms abroad. It's always a negative number, which you take away from GDP and get GNP.

hey, just try memorise this table to help you along

GDP @ Current Market Prices
+/- Net Factor Income from Rest of World
= GNP @ Current Market Prices
- Indirect Taxes
+ Subsidies
= GNP @ Factor Cost
- Depreciation
= Net National Product @ Factor Cost

Thanks a million, best of luck tomorrow!

EDmon

Laurasteel wrote: »

Is there a difference between the law of diminishing returns and the law of diminishing marginal utility?! Does anyone know what macro stuff might come up in the long questions?

deminishing returns, at some point extra revenue (or depending what its referring to tax etc...) from FOP employed wil decline, D.Utility is the same but instead race revenue with utilitty (utils being satisfaction.)

Mysteriouschic

I decided I'm going to leave out national income I haven't enough time to look over it and I don't want to make any mistakes with the calculations.

If I have market structures , demand & supply, FOP, Money and banking , government sector and international trade.
Would those be enough cover me?

Bears and Vodka

Mysteriouschic wrote: »

I decided I'm going to leave out national income I haven't enough time to look over it and I don't want to make any mistakes with the calculations.

If I have market structures , demand & supply, FOP, Money and banking , government sector and international trade.
Would those be enough cover me?

Have a look at the economists maybe and I'd say you are set to go!

Impossible LC

maireadng wrote: »

Does anyone know what formulae are included in the tables booklet?

Log-Table P.28-29

Formula of : PED, YED, Cross PED(Price of A and Quantity of , PES(Supply)
National Income equation (Y= C+I+G...)
Multipliers (with no govt sector + closed economy)
(with no govt sector + open economy)
(with govt sector + open economy)

that's pretty much it,, as far as I know

HeaneyBabe

time to sleep! up early to study some more! see you guys on the other side!

The Black Marauder

Lads, i'v encountered a problem .. Two to be precise .. The first being I don't know how to upload a photo off my phone to this thing, which makes explaining  my second problem a little more difficult .. But regardless:
When drawing the graphs of imperfect competition (or any of them really) and showing SNP, is the AC curve above the production point? 
In other words is AC drawn below MC and the point brought down from where MC=MR or is it drawn above it and brought up? 
It's horribly difficult to explain without the diagram .. Hopefully one of you get me .. Thanks 

xEtnisa

I dont get you but ill try to explain anyways.

First of all i draw the D AR MR curve , straight line for perfect comp. For imp you draw the MR downsloping first and then AR from the same point on x axis down aswell.
Then you draw an AC curve and then MC cutting it from below at the lowest point (i think) .
Where mc = mr you plot a point and go up to the ar curve dotted. Distance from where AR > AC thats your SNP . As in
https://encrypted-tbn1.google.com/images?q=tbn:ANd9GcR6IMyDbP3J4mprN26QHjqWM70H1bYsnrcuMyBFvfUQH7kCsZGE

maireadng

Impossible LC wrote: »

Log-Table P.28-29

Formula of : PED, YED, Cross PED(Price of A and Quantity of , PES(Supply)
National Income equation (Y= C+I+G...)
Multipliers (with no govt sector + closed economy)
(with no govt sector + open economy)
(with govt sector + open economy)

that's pretty much it,, as far as I know

Thanks a million!

Izymunz

subz3r0 wrote: »

Have a look at the economists maybe and I'd say you are set to go!

Market structures.. comment... please respond to the pm :P

The Black Marauder

xEtnisa wrote: »

I dont get you but ill try to explain anyways.

First of all i draw the D AR MR curve , straight line for perfect comp. For imp you draw the MR downsloping first and then AR from the same point on x axis down aswell.
Then you draw an AC curve and then MC cutting it from below at the lowest point (i think) .
Where mc = mr you plot a point and go up to the ar curve dotted. Distance from where AR > AC thats your SNP . As in
https://encrypted-tbn1.google.com/images?q=tbn:ANd9GcR6IMyDbP3J4mprN26QHjqWM70H1bYsnrcuMyBFvfUQH7kCsZGE

Yeah .. It's difficult to explain what I mean .. Thank you for trying though!
If you look at the diagram you linked there, AC is inbetween AR and MC=MR. Is it wrong to draw the AC under the MC=MR point?

Like this: http://ctaar.rutgers.edu/gag/GRAPHS/moncmp1.gif

bokkenspiel

some late night cramming going on, and i have DCG tomorrow too. I'll have to but a can of monster to stay awake :P

PictureFrame

GOOD LUCK GUYS! Hopefully we'll get a lovely paper!

bobjimmy

Quick question whats the iron law of wages

Bears and Vodka

bobjimmy wrote: »

Quick question whats the iron law of wages

Long story short it's the idea that Wages will always eventually fall back to subsistence level.

ganon

4 lovely micro questions, delighted

HeaneyBabe

very generous paper indeed. very happy with how that went

Mysteriouschic

I thought that went alright. Although I forgot my calculator it was in my bag I was worrying I'd need it.Trust me to forget my calculator for an exam lol.
Luckily the questions I did didn't need them.
I did Q1,2,3,6.
I couldn't do the international trade question without my calculator. I preferred Q6 anyway. I couldn't remember all the figures some of them I tried to estimate. It went grand. I was worrying I hadn't studied enough.

I think I got the definition for the law-equi marginal wrong though.

For the demand question about the elasticity what graph did you need to draw.
Was it the graphs with the to demand lines D1 and D1 with one shifted to the right or left going downwards?

Booom!

Mysteriouschic wrote: »

For the demand question about the elasticity what graph did you need to draw.
Was it the graphs with the to demand lines D1 and D1 with one shifted to the right or left going downwards?

Mysteriouschic

Booom! wrote: »

Oh crap I got those diagrams wrong. I forgot what they were.

JamesDundalk

:D

Booom! wrote: »

AH ****. definitely did those diagrams wrong, I know I did the suggestions correct eg explained the different elasticities, the affect the price change would have on revenue etc. but I think two out of the three diagrams I drew are wrong. Do you think they will deduct many marks for it?

The last question about the complementary good - which one was the one which was more complementary? I said the lower minus one, because a change in price would lead to a small decrease in demand.

What did people think of Costs of Production question? You don't happen to have a diagram of those, do you??

Bears and Vodka

Well my Unitary Elastic graph was nothing like that :P
The other two were grand.
LoCA & Terms of Trade question was so nice.
I did Q. 1, 3, 7, 8.
Questions at the end of the paper are always the easiest folks! Totally rushed the Keynes part but I explained Theory of Liquidity Preference in detail and had just enough time to give a jammy definition of the Multiplier.
Such a nice paper, wasn't it?

Que PictureFrame coming home and telling us how he got 75/75 in every long question an how he will get an improvement on his A2 which he got in the mock for a subject, of course, that he taught himself ahh happy days :')

bobjimmy

I thought it was a grand exam. Short Qs i thought were tricky. I messed up the part of the Perfect Competetion question with the entry of new firms. I said the supply shifts to the left instead of the right. I hope ill still get some marks for that part but other than that i think i got on ok. Definitely didnt get an A though. Id say a B2/B1

JamesDundalk

What did you say for international trade question on benefits of trade to irish consumers and what influences Ireland's competitiveness abroad? Also what did you say for the implications of a decrease in economic growth?

bobjimmy

subz3r0 wrote: »

Que PictureFrame coming home and telling us how he got 75/75 in every long question an how he will get an improvement on his A2 which he got in the mock for a subject, of course, that he taught himself ahh happy days :')

Haha he did the very same in geography aswell

PictureFrame wrote: »

Ok so far, i've

80/80 Shorts
80/80 Option essay (had 3 aspects, and 39 SRP's :P)
74/80 Physical
61/80 Regional
76/80 Human Elective

371/400= 92.75%

Ecstatic with that!! I'm pretty sure my project was full marks (got it recorrected twice) so if I got anywhere near that i'd have the A1!

JamesDundalk

Can anyone post solutions to any parts of the exam paper? Preferably the short questions, elasticity question, perfect competiton, costs of production and international trade?

PictureFrame

Woo! Loved that paper! Did Q's 1, 2, 3, 7.

Loved the Perfect Competition question! And International Trade!!

JamesDundalk

PictureFrame wrote: »

Woo! Loved that paper! Did Q's 1, 2, 3, 7.

Loved the Perfect Competition question! And International Trade!!

I thought the shorts were nice. Disappointed to see the absence of National Income in the long questions though. I did the same - except I did question 4 - costs of production, perhaps in retrospect should have done question 3. What did you say in the second two parts for international trade?

HeaneyBabe

I did question 2, 3, 6 and 7. I wanted to stay well clear of demand and judging by those diagrams above I am so glad I did.

SD021

PictureFrame wrote: »

Woo! Loved that paper! Did Q's 1, 2, 3, 7.

Yeah I did the same questions. Was pretty happy with it all. Still unsure about my transfer earnings and supply price definitions tho. Always kinda thought of them as the same thing :L