Economics - How Was it for You??

superLeetive

Timans wrote: »

For the CPI caluculation?

I got 14.8% inflation I think.

Yeah I got that too.:)

crammer123 wrote: »

hmm i said yes because her supply price is only 40000...

I was going to do that Q and that's what I would have said.

I thought the long Qs were grand - lots of choice but I thought some of the short Qs were really tricky and it's so annoying cos they're worth so much! Really hoping for a B1!

GretchenWieners

sounds like it went well!! i did it last year and royally f**ked it up and missed my course. that being said it was prob the best mistake that'll ever happen to me!

purpleeblue

anyone know what the price of the desks was in the short qs??i cudnt decide between 55e and 70e...

Timans

Well, I got €100 because I added up all the costs and it came to €10,000. Then I divided it by 100 as there was 100 chairs, then I was left with 100. So I said €100 as it costs €100 to make each chair.

I mean desks.

purpleeblue

its just that it said in the short term and in the short term only average variable costs need to be covered??that was my understanding of the question i wrote 70e but my friend said normal profit is a fixed cost and therefore the answer was 55e can anyone confirm this?

V.I.Princess

Eco 4 mewas prob d best exam...In sayin dat I prob didn't get d A1 I was hopin 4 but was still happy...Short questions wer abit strange but d long questions wer beautiful..Q1 I mean c'mon...Spent a while at it coz it was jst so nyc 2 me..lol..Lst exam..feels amazin..Summer 08! has officially begin...Lets enjoy!:D

ian.f

purpleeblue wrote: »

its just that it said in the short term and in the short term only average variable costs need to be covered??that was my understanding of the question i wrote 70e but my friend said normal profit is a fixed cost and therefore the answer was 55e can anyone confirm this?

Chair question was 55e a pop

Peleus

ian.f wrote: »

Chair question was 55e a pop

ye thats right. but you dont add normal profit to it as someone said. i think that was there to throw you off. all you needed was the cost of labour and the cost of raw materials, add them and thats your variable costs. divide that by 100 desks and you have the average variable costs. they have to cover these costs in the short run so they have to charge €55.

profit and rent didnt come into it. anyone confirm?

Crania

I thought it was a very fair paper to be honest, very predictable. Although they asked some of the questions in a different way than usual, the demand question and the enterprise question for example. Overall a very nice paper though, although the short questions were tough. I did Q1(so easy-took quite a while though!, Q2(pretty easy), Q3(it was grand, I said 40,000 for the Supply Price and reading over it again I'm pretty sure it's 40,000) and also Q5(this was grand altho I messed up several parts of this question!).

I messed up that chair question so badly! I had no idea, so I just multiplied them all, divided by 100 and got some crazy answer! Ah I was never very good with the maths!

What did people say for a method to discourage the black market? I just said decrease income tax to provide an incentive to people to declare their income as they would therefore keep more of their income. Is that right do you think?

Also, for the social benefit in the oil question, I said it would mean more revenue for oil-producing countries such as Saudi Arabia to invest in their services and infrastructure. Would you say that's right? Like they didn't say in the question that it had to be a social cost/benefit to Ireland? They just said 'state one social cost and one social benefit of the rising prices'. No actual reference to a specific country.

JSK 252

Peleus wrote: »

ye thats right. but you dont add normal profit to it as someone said. i think that was there to throw you off. all you needed was the cost of labour and the cost of raw materials, add them and thats your variable costs. divide that by 100 desks and you have the average variable costs. they have to cover these costs in the short run so they have to charge €55.

profit and rent didnt come into it. anyone confirm?

Profit and rent are usually long run so id say your right but whos to say profit and rent arent short run but in general they are long run. It can be debated.

Im not doing the exam till next year but i was just wondering, was the supply curve for olympics a fixed supply curve?

Peleus

JSK 252 wrote: »

Profit and rent are usually long run so id say your right but whos to say profit and rent arent short run but in general they are long run. It can be debated.

Im not doing the exam till next year but i was just wondering, was the supply curve for olympics a fixed supply curve?

It sloped up as normal but when it got to 14 million or whatever, it went perfectly elastic. it was a limited output supply curve.
For the reason for oil i said Wars and high costs of production? is that right? then for the benefit i said less pollution and for the cost i said more must be spent on petrol, raises our cost of living? that right????

JSK 252

Peleus wrote: »

It sloped up as normal but when it got to 14 million or whatever, it went perfectly elastic. it was a limited output supply curve.
For the reason for oil i said Wars and high costs of production? is that right? then for the benefit i said less pollution and for the cost i said more must be spent on petrol, raises our cost of living? that right????

Only 7 million tickets were available for the games. It said it in the question Where are you getting 14 million from?

Yah you would be right for the oil. For the reasons I would have said because of increase in the production of cars and cartels becoming increasingly hesitant to increase oil prodcution due to government policy etc. for the benefit I owuld have said less pollution as public will have to consider using alternative methods of transport and increased costs of living plus disfigurement of landscape due to oil companies searching for new sources of oil in natural habitats.

Peleus

JSK 252 wrote: »

Only 7 million tickets were available for the games. It said it in the question Where are you getting 14 million from?

Ye 7million whatever. I just said 14 cos i couldnt remember the number.

JSK 252 wrote: »

for the benefit I owuld have said less pollution as public will have to consider using alternative methods of transport and increased costs of living plus disfigurement of landscape due to oil companies searching for new sources of oil in natural habitats.

Thats a lot of word to fit into one line tho.

crammer123

Peleus wrote: »

ye thats right. but you dont add normal profit to it as someone said. i think that was there to throw you off. all you needed was the cost of labour and the cost of raw materials, add them and thats your variable costs. divide that by 100 desks and you have the average variable costs. they have to cover these costs in the short run so they have to charge €55.

profit and rent didnt come into it. anyone confirm?

no costs include 'normal profit'..i remember reading that in the book the nite before the exam.. its the min profit the entrepreneur is willing to accept for his/her efforts..

and rent has to be included cause its a fixed cost.. so im nearly 100% sure the answer was €100..

the 'short-run' was the bit that was meant to throw you off....

cHaTbOx

crammer123 wrote: »

no costs include 'normal profit'..i remember reading that in the book the nite before the exam.. its the min profit the entrepreneur is willing to accept for his/her efforts..

and rent has to be included cause its a fixed cost.. so im nearly 100% sure the answer was €100..

the 'short-run' was the bit that was meant to throw you off....

Thank god I wrote that and saying it was the min amount he could sell the chairs while still makng the min profit

JSK 252

Peleus wrote: »

Ye 7million whatever. I just said 14 cos i couldnt remember the number.



Thats a lot of word to fit into one line tho.

Sure we might aswell go for the full monty for 17 marks. lol

But like when you say Minimum supply curve isnt the price fixed aswell so that would make it a fixed supply curve. i.e perpendicular
The price and supply of tickets are fixed.

minik

Went into the paper having not done economics since xmas and found it a fair paper! Lets hope it went ok.. might even count it for points!

ronnieboy

one word eazy