BESS Thread

quirkster · 14-05-2009 3:10pm

So in a nutshell: A firm in a monopoly does not/should not need to advertise. However they still do. This is a waste of resourses that could be redirected somewhere else where they wouldnt be 'wasted'?

Nice one Dan thanks

dan719 · 14-05-2009 3:18pm

quirkster wrote: »

So in a nutshell: A firm in a monopoly does not/should not need to advertise. However they still do. This is a waste of resourses that could be redirected somewhere else where they wouldnt be 'wasted'?

Nice one Dan thanks

You don't seem to be making the distinction between a monopoly, and a firm in a monopolistic competition type of market.

A monopoly-that is one firm dominates the market (at it's most simple) is inefficient because it can be. It already earns supernormal profits.

A firm in monopolistic competition is inefficient for the reasons I gave above. A firm in monopolistic competition is competing with other firms selling similar but differentiated products, and tries to convince consumers their product is superior through advertising. To avoid confusion I tend to call monopolistic competition IMPERFECT COMPETITION.

quirkster · 14-05-2009 3:24pm

Apologies, my mistake. I understand the distinction but got confused.

Why though, in monopolistic competition, is advertising a waste of resources?Surely a firm hopes to sell more than its competitor who is selling a product very similar, so would it not be a good thing to advertise its products superiority?

dan719 · 14-05-2009 3:30pm

quirkster wrote: »

Apologies, my mistake. I understand the distinction but got confused.

Why though, in monopolistic competition, is advertising a waste of resources?Surely a firm hopes to sell more than its competitor who is selling a product very similar, so would it not be a good thing to advertise its products superiority?

Because by not advertising, firms would operate at a lower marginal and average cost. I.e. They would operate at MC=AC. This is the efficient point for production.

andrew · 14-05-2009 6:11pm

quirkster wrote: »

So after 2 hours of searching the web and our economics book, I cant get a decent straight answer that I can understand and make sense of.

Is monopolistic competition efficient? And what are the differences between monopolistic and perfect competition?

Thanks

AFAIK, whether or not it's efficant depends on how much you value a veriety of goods and services. The book says 'monopolistic competition is 'probably efficiant' on page 291.

The difference is that in perfect competition goods are undifferentiated, and no individual firm can affect the market price, so they produce the efficiant quantity MR=MC which is where Supply Equals demand. Whether they make a profit in the short run depends on where their ATC curve lies. They don't have any excess capacity, and there's no mark up in price. In the long run, firms don't make a profit.

But in monopolistic competition, there is product differentiation, so in a way each firm has a monopoly over it's own special brand, like nike has a monopoly over nike crap. So in the short run nike can set the price of Nike stuff - they produce as if they were a monopoly, so they produce where MR=MC, where there's a filthy big mark up and the quantity produced is inefficant (it's inefficant because they don't produce where MC, which is equal to Supply, is equal to Demand). In the long run though it's just like perfect competition. If there's a profit to be made, firms enter, the demand for each individual firm's stuff decreses, the demand curve moves leftward until, just like in perfect competition, they make zero profit.

Parts of that could be wrong, or missing stuff but i think it's mostly alright.

The Walsho · 14-05-2009 6:17pm

Poor old Alan Matthews. Goes to the bother of sending us two emails today, both very helpful, giving us old exams and solutions, only to make the mistake of saying The Business Cycle was chapter 31, when it's actually chapter 32. I bet he'll be bombarded with questions about this.

House of Wolves · 14-05-2009 9:38pm

I was talking to Patrick McCabe today. He e-mailed some people today to give theirs back and the rest should be at his office tomo, just incase any SF people were wondering.

Also I was wondering if there is any real important formula that need to be learned that are not on the stats formula sheet? Ive looked through it and it seems like everything is basically on it but maybe the wiser stats students might know better.

needagrind · 15-05-2009 6:31pm

Anyone know a good accounting grinds teacher?
in third year BESS..

zuchum · 15-05-2009 10:42pm

needagrind wrote: »

Anyone know a good accounting grinds teacher?
in third year BESS..

there's a list of grind tutors on www.dubes.ie under the 'Grinds' headline.

Can anyone in SF Bess,how shall I say, 'direct' my study for marketing?
I know STP's apparently coming up, but apart from that,should I study the book? the incomprehensible lecture slides? the mind-numbingly boring readings?
2 days, no problemo...

House of Wolves · 17-05-2009 11:38am

zuchum wrote: »

there's a list of grind tutors on www.dubes.ie under the 'Grinds' headline.

Can anyone in SF Bess,how shall I say, 'direct' my study for marketing?
I know STP's apparently coming up, but apart from that,should I study the book? the incomprehensible lecture slides? the mind-numbingly boring readings?
2 days, no problemo...

Hey im not sure if its right or not, but I prepared a few european examples, especially tesco. Also there is a general question on marketing more than likely coming up. Slide 50 from week one handout is what she said you should base that type of answer on. I also prepared a general one on branding because although it came up last year it was also in the schol exam (i think) this year so maybe she likes that topic or something. there is also the 7ps if you want to expand that far, although the last three came up last year and the other four havnt been questioned really since she has taught the course so maybe that aswel. This is just my opinion so I could be completely wrong. For the extra readings I just prepared the questions above and then went to the conclusion of the extra readings to pull a quota out and maybe make reference to it in the conclusion about the future of marketing or whatever way you would finish your essay....

JohnnyDoogue · 19-05-2009 3:40pm

Yesterday Economics Macro was ridiclious might has well been doing a schols paper

Marshy · 20-05-2009 5:26pm

Can anyone explain whats to be expected on Q2 in SF Accounting?

That email that was sent around just covered Qs 1 and 3...

manicmonoliths · 20-05-2009 8:23pm

Marshy wrote: »

Can anyone explain whats to be expected on Q2 in SF Accounting?

That email that was sent around just covered Qs 1 and 3...

We have to construct an income statement and balance sheet from a trial balance. Have a look at the past papers for an idea of what format the question will be presented in, it can be a bit tricky if you've only been working from the book so far.

Marshy · 20-05-2009 8:49pm

manicmonoliths wrote: »

We have to construct an income statement and balance sheet from a trial balance. Have a look at the past papers for an idea of what format the question will be presented in, it can be a bit tricky if you've only been working from the book so far.

Yeah, just checked some past questions out. Doesn't look too bad.

sternn · 21-05-2009 3:02pm

Accounting...................

JohnnyDoogue · 21-05-2009 9:19pm

If something like last years paper doesn't come up I'm am royally ****ed

House of Wolves · 21-05-2009 10:03pm

if something like last years paper comes up im f**ked as wel!

Running Bing · 21-05-2009 10:21pm

If something like last years paper doesn't come up I'm am royally ****ed

if something like last years paper comes up im f**ked

This must be a bitch for god.

JohnnyDoogue · 22-05-2009 2:37am

****ed either way haha

quirkster · 22-05-2009 8:44pm

I think Im going to concede defeat to maths and stats tomorrow. Im dizzy from just looking at the questions on last years paper. How are my fellow JF Bessheads feeling about it?

Extrasupervery · 23-05-2009 2:48pm

Sorry for my laziness but I'm not up for sifting through 91 pages, I abhor maths and accounting but the rest of BESS appeals to me. How much of this stuff can I omit?

andrew · 23-05-2009 5:23pm

Extrasupervery wrote: »

Sorry for my laziness but I'm not up for sifting through 91 pages, I abhor maths and accounting but the rest of BESS appeals to me. How much of this stuff can I omit?

If you want, you can omit Accounting entirely, since you only get the option to do accounting in second year, and you don't have to pick it. In first year though, you have to take a module called maths and statistics, which many JF BESS people find ball breaking. It's managable though IMO.

manicmonoliths · 23-05-2009 5:29pm

Extrasupervery wrote: »

Sorry for my laziness but I'm not up for sifting through 91 pages, I abhor maths and accounting but the rest of BESS appeals to me. How much of this stuff can I omit?

It depends on what you want to do through BESS, you'll have to do maths in first year no matter what and in 2nd year too if you want to do economics or business on it's own. You'll have to do accounting in 2nd year if you want to do business regardless of whether you want to do just business or business and another subject.

Extrasupervery · 23-05-2009 10:04pm

Oh okay thanks people. I wouldn't want any testicular injuries...

Mad Cyril · 25-05-2009 10:31pm

Quick question, presume it belongs here. Any idea how much JS results count toward your degree?

Thank you kindly.

Time Magazine · 26-05-2009 9:01am

Mad Cyril wrote: »

Quick question, presume it belongs here. Any idea how much JS results count toward your degree?

Thank you kindly.

Nul points
Keine Punkte
Nada
Zilch
Faic
x = 0

EGaffney · 26-05-2009 12:16pm

As long as you're not actually in TSM but hanging out on the Bess thread!

Ron DMC · 26-05-2009 1:09pm

EGaffney wrote: »

As long as you're not actually in TSM but hanging out on the Bess thread!

I love hanging out on the BESS thread, this place is awesome.
So is the engineering thread.

Threads not to do with your course are the best place to hang.

Mark200 · 26-05-2009 3:30pm

EGaffney wrote: »

As long as you're not actually in TSM but hanging out on the Bess thread!

marks from JS count towards your final degree in TSM? Weird

Awayindahils · 26-05-2009 5:55pm

Mark200 wrote: »

marks from JS count towards your final degree in TSM? Weird

Actually thats the norm. As far as I know, the only two courses in college where 100% of the marks go for fourth year are BESS and Computer Science. You have to get a 2.2 to proceed to 4th year and obtain your pass degree.

Science used to be the same, but I think they changed it as a part of modularisation.

BESS Thread

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