Economics Aftermath

Beau x1 · 16-06-2009 11:01pm #1

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 · 17-06-2009 7:36am

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 · 17-06-2009 10:58am

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 · 17-06-2009 11:40am

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

daithiolabhrai · 17-06-2009 11:50am

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 · 17-06-2009 12:04pm

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 · 17-06-2009 12:09pm

Easy.

p1akuw47h5r3it · 17-06-2009 12:14pm

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 · 17-06-2009 12:38pm

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 · 17-06-2009 12:39pm

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 · 17-06-2009 12:43pm

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 · 17-06-2009 12:44pm

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

xOxSinéadxOx · 17-06-2009 12:51pm

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 · 17-06-2009 1:04pm

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 · 17-06-2009 1:25pm

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 · 17-06-2009 1:32pm

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 · 17-06-2009 1:39pm

Pretty grand paper ! Short questions pretty easy!

ynwa_17 · 17-06-2009 1:42pm

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 · 17-06-2009 1:43pm

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 · 17-06-2009 1:44pm

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

xOxSinéadxOx · 17-06-2009 1:44pm

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 · 17-06-2009 2:02pm

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 · 17-06-2009 2:03pm

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 · 17-06-2009 2:07pm

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 · 17-06-2009 2:07pm

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 · 17-06-2009 2:08pm

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 · 17-06-2009 2:10pm

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 · 17-06-2009 2:13pm

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 · 17-06-2009 2:13pm

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 · 17-06-2009 2:14pm

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 · 17-06-2009 2:14pm

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

Amirani · 17-06-2009 2:15pm

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.

Amirani · 17-06-2009 2:16pm

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

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.

xOxSinéadxOx · 17-06-2009 2:17pm

damn I should have said about economies of scale.

oh I did crap in that paper...

ynwa_17 · 17-06-2009 2:19pm

CallMeDoctor wrote: »

lol u keep gettin in posts faster den me!

Dont hate the player, hate the game :P lol

CallMeDoctor · 17-06-2009 2:28pm

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!?

ynwa_17 · 17-06-2009 2:35pm

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.

Amirani · 17-06-2009 2:39pm

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.

Liam O · 17-06-2009 2:42pm

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

TheWifeBeater · 17-06-2009 2:54pm

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

Saul-Good · 17-06-2009 3:04pm

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

phic · 17-06-2009 3:25pm

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!

snazzy · 17-06-2009 3:54pm

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.

CRoche09 · 17-06-2009 5:08pm

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

internetaddict · 17-06-2009 5:19pm

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..:(

CallMeDoctor · 17-06-2009 5:43pm

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

Gi joe! · 17-06-2009 6:41pm

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!:(

Mallox · 17-06-2009 6:53pm

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

MrPirate · 17-06-2009 7:19pm

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!

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

Delta Kilo · 17-06-2009 9:34pm

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.

CRoche09 · 18-06-2009 6:43pm

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!

Economics Aftermath

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