**Economics 2012 Higher and Ordinary**

Mysteriouschic

I messed up a few things in some questions. I didn't do too bad. So annoying knowing you messed up on things. I hope I get a B1 . It went better than I expected.
Do you's all use the full time?
I only finished like 10/15mins before and decided to look over everything rather than leave .

HeaneyBabe

Mysteriouschic wrote: »

I messed up a few things in some questions. I didn't do too bad. So annoying knowing you messed up on things. I hope I get a B1 . It went better than I expected.
Do you's all use the full time?
I only finished like 10/15mins before and decided to look over everything rather than leave .

I finished about 5 minutes before the end with just 4 questions. Some people in my year did 6 questions???

ray2012

i´m going into 6th year after Summer and i´m wondering if you people doing economics have any advice for me on this subject, for example, how i would do well. Are the graphs a necessity to learn? i´m doing this subject by myself, btw.

mikechris1919

What did every1 say for that falling economic growth rate q7c??

bobjimmy

Mysteriouschic wrote: »

For the water in the short questions I think I said season if it's winter less water will be drank. I can't remember the other point the seasonal one was made up.
I think it was as prices rise or something.

The elasticity I said the first one of the negative ones were a substitute because substitutes are always negative and the the positive on was a complimentary because their always positive :S.

I forgot to look at the economists so I couldn't do q5 or q8 and I'f forgotten my calculator so not the Q7 either. Q6 was very handy.

Is indirect tax I said tax added on before purchasing like cigarettes and for direct I said tax added on after like airport tickets :S.

So to tell you this but the elasticity part was actually the other way around. Subsitutes (+) Complements(-)

JamesDundalk

I was writing until the very last minute, glad it is over though, really needed a high grade in it, very doubtful that I got an A. I hope they tweak the marking scheme so they don't deduct too many marks for messing up illustrating the graphs from elasticity. One more exam left..

HeaneyBabe

ray2012 wrote: »

i´m going into 6th year after Summer and i´m wondering if you people doing economics have any advice for me on this subject, for example, how i would do well. Are the graphs a necessity to learn? i´m doing this subject by myself, btw.

It's a pretty easy subject to do well in if you learn from past paper questions. I reckon you'll definitely get national income next year since we didn't get it.
Yes graphs are a necessity. Even if they don't ask for a graph or diagram you should try give one where you can, helps with the marks!

Learn oligopoly next year. I have a feeling it'll come up.

JamesDundalk

bobjimmy wrote: »

So to tell you this but the elasticity part was actually the other way around. Subsitutes (+) Complements(-)

Complementary negative ______ 0 ______ Substitutes positive (number line)

The higher complementary good was the one with the higher PED in absolute terms wasn't it? I made a mistake and picked the lower, how many marks do you think were going for the second part of that question? I hope not ten..

EDmon

ray2012 wrote: »

i´m going into 6th year after Summer and i´m wondering if you people doing economics have any advice for me on this subject, for example, how i would do well. Are the graphs a necessity to learn? i´m doing this subject by myself, btw.

Graphs are of paramount importance! Today's exam for 2 out my 4 questions I was required to draw graphs. In particular they're a major part of micro economics.

A lot of the questions seem to come up again and again, so my advice would be to just keep practicing past exam Qs.

Know ALL the laws, theories etc, they're always in short Qs etc, pick about 5 long Q topics that you like the most when its getting close to the exam, and concentrate on them.

JamesDundalk

Does anyone remember the answers to the internal external economies and diseconomies of scale??

Bears and Vodka

JamesDundalk wrote: »

Does anyone remember the answers to the internal external economies and diseconomies of scale??

Repetitive tasks, workers are bored: Internal Diseconomy of Scale
R&D costs are shared by many firms: External Economy of Scale
Discounts are available for bulk buying: Internal Economy of Scale
Inadequate infrastructure: External Diseconomy of Scale

Iony94

A1 or A2 :D:D:D . Much handier than I thought will be ....

JamesDundalk

subz3r0 wrote: »

JamesDundalk wrote: »

Does anyone remember the answers to the internal external economies and diseconomies of scale??

Repetitive tasks, workers are bored: Internal Diseconomy of Scale
R&D costs are shared by many firms: External Economy of Scale
Discounts are available for bulk buying: Internal Economy of Scale
Inadequate infrastructure: External Diseconomy of Scale

Ah yes, I wrote that. Nice one, thanks.

Also terms if trade when I was compiling at the end I wrote,

Overall the terms of trade lie between

(blah whatever it was .2 food EQUALS to clothing)

Was it okay to write the word equals cause all the signs are correct

JamesDundalk

Iony94 wrote: »

A1 or A2 :D:D:D . Much handier than I thought will be ....

I'd love that messed up charts in eladticity and the 'more complementary good' plus srac and lrac in costs of production. Apart from that it was an okay paper, really hope I can still get a B1

Cruel Sun

HeaneyBabe wrote: »

I finished about 5 minutes before the end with just 4 questions. Some people in my year did 6 questions???

I just about got 4 done, and I thought I'd have time for 5 or 6.

Iony94

JamesDundalk wrote: »

I'd love that messed up charts in eladticity and the 'more complementary good' plus srac and lrac in costs of production. Apart from that it was an okay paper, really hope I can still get a B1

I got 2 of the 3 elasticity graphs ... because i forgot the unitary ... and i also didn't the know the equi-marginal thing . I think every graph was worth 5 marks (??)... the equi thing 10 marks . 15 marks lost for sure . Up to 60 i might be dropped here and there for weak definitions but no more than that... anyway I'm glad it's finished...

JamesDundalk

Iony94 wrote: »

JamesDundalk wrote: »

I'd love that messed up charts in eladticity and the 'more complementary good' plus srac and lrac in costs of production. Apart from that it was an okay paper, really hope I can still get a B1

I got 2 of the 3 elasticity graphs ... because i forgot the unitary ... and i also didn't the know the equi-marginal thing . I think every graph was worth 5 marks (??)... the equi thing 10 marks . 15 marks lost for sure . Up to 60 i might be dropped here and there for weak definitions but no more than that... anyway I'm glad it's finished...

I got equimarginal, but see selecting the most complementary good at the end? It was the good with the higher PED I selected the lower one, really hope that's not ten marks gone. I'm sure you did well overall though and 60/75 is still a high grade.

JamesDundalk

Martin_94 wrote: »

HeaneyBabe wrote: »

I finished about 5 minutes before the end with just 4 questions. Some people in my year did 6 questions???

I just about got 4 done, and I thought I'd have time for 5 or 6.

Same, didn't get a chance to read anything. Don't know how anyone could do more than 4.

Iony94

The complementary was the -1.6 isn't it ?

JamesDundalk

Iony94 wrote: »

The complementary was the -1.6 isn't it ?

Yup you're right. I picked -0.7. They were both complementary, but -1.6 was more.

Also anyone get the short question what affects the levels of savings in Irish economy?? Papers are up.

Iony94

I said

Interest Rates - Low discourage it
Incomes - Fell so less saving
Unemployment - Less people saving

JamesDundalk

Iony94 wrote: »

I said

Interest Rates - Low discourage it
Incomes - Fell so less saving
Unemployment - Less people saving

Yes, think I said the same. Hard to sometimes get those marks though. In retrospect the paper wasn't as bad as I thought.

SuperAgatha

Martin_94 wrote: »

I just about got 4 done, and I thought I'd have time for 5 or 6.

I too thought I'd be able to AT LEAST 5, but then I didn't even get to the C part of the 5th one! I hate the first question, thought I could do it but now that I think about, I think I did it all wrong!

I just uploaded a video on what I thought about the paper if anyone is interested in seeing it!

http://www.youtube.com/watch?v=ZGfOWzvTd1s

Also thanks to all the people who said to study international trade!

TheGunns

JamesDundalk wrote: »

Yes, think I said the same. Hard to sometimes get those marks though. In retrospect the paper wasn't as bad as I thought.

Iony94 wrote: »

I said

Interest Rates - Low discourage it
Incomes - Fell so less saving
Unemployment - Less people saving

isnt the rate of savings quite high at the moment? thought it was to do with uncetainty and that kinda stuff?

JamesDundalk

TheGunns wrote: »

JamesDundalk wrote: »

Yes, think I said the same. Hard to sometimes get those marks though. In retrospect the paper wasn't as bad as I thought.

Iony94 wrote: »

I said

Interest Rates - Low discourage it
Incomes - Fell so less saving
Unemployment - Less people saving

isnt the rate of savings quite high at the moment? thought it was to do with uncetainty and that kinda stuff?

No low at the moment.

FifaClubs Conor

Just realised I read the -1 elasticity as -0.1, Im an idiot.

Diamondsandrose

WHAT THE HELL ARE TRANSFER EARNINGS?

I associated them with transfer payments, so said it was money received by individuals who do not supply society with a factor of production? No?

bobjimmy

Say for the long run question in perfect competition if i got the firms diagram right, said that snps were diminshed and that supply increased, but got the actual market diagram wrong (Demand + Supply) How much marks out of 20 would i expect to get. Please this is really bugging me.

JamesDundalk

bobjimmy wrote: »

Say for the long run question in perfect competition if i got the firms diagram right, said that snps were diminshed and that supply increased, but got the actual market diagram wrong (Demand + Supply) How much marks out of 20 would i expect to get. Please this is really bugging me.

Think diagrams are 9 or 6 marks. Is it for the entry of new firms into a perfectly competitive Market yeah?

bobjimmy

JamesDundalk wrote: »

Think diagrams are 9 or 6 marks. Is it for the entry of new firms into a perfectly competitive Market yeah?

Yeah thats the one i actually got the long run diagram right but when showing that suppy changes i moved the supply curve in the wrong direction. I know its a stupid stupid mistake. Right when i actually sealed my script i thought of it. I was gutted and now its really anoying me.
So you think i lost about 9 Marks?