Economics

Finical

its_phil wrote: »

on just tonight for pass in order:
elasticity
demand and supply
national income
int.trade

do a load of past short q's aswell,they are very repetive and 25% of paper.

some will disagree,but best of luck bud!

Agreed that could probably get you a B aswell, depending on the paper.

siobhanher

What's the difference between Price Constancy and Price Rigidity?! I have a def for price rigidity but none for price constancy. Bit worried cause I saw it came up in the mocks.

Finical

siobhanher wrote: »

What's the difference between Price Constancy and Price Rigidity?! I have a def for price rigidity but none for price constancy. Bit worried cause I saw it came up in the mocks.

Think they're the same as far as I know. Could someone verify this?

ps3man

its_phil wrote: »

taxation showed up as a full question in 08 and 05...:rolleyes:

LoL, Reads exam papers and feels like an idiot

annainez

Price Rigidity: Price tends to remain the same even when costs change (MC). If MR is discontinuous (as in Oligopoly), price rigidity exists.

Price Constancy: Leaving the price of a good unchanged because it may actually cost more to change de price rather than take a small price in profits, e.g. administration costs outweigh increase in profit. (think of labeling everything again!)

its_phil

ps3man wrote: »

LoL, Reads exam papers and feels like an idiot

that was'nt a dig my way i hope?

its_phil

do i need to put an ac curve in to my oligopoly diagram?just looking at it now and i dont actualy have one.i presume u do...cant wait to feel like an eejit for this now.haha

Finical

its_phil wrote: »

do i need to put an ac curve in to my oligopoly diagram?just looking at it now and i dont actualy have one.i presume u do...cant wait to feel like an eejit for this now.haha

:pac: Mine doesn't have an AC curve. Don't trust me though, I'm useless.

annainez

its_phil wrote: »

do i need to put an ac curve in to my oligopoly diagram?just looking at it now and i dont actualy have one.i presume u do...cant wait to feel like an eejit for this now.haha

Em, my teacher says no, but she's a spa she clearly didn't have a clue when I asked her. However, I have never put one in and have always done fine, and I looked at marking schemes, they don't include AC curves, don't know why but I'd say we're safe!
Good luck!

ps3man

its_phil wrote: »

that was'nt a dig my way i hope?

no no no not at all, i always assumed it came up as something else, you put me in my place and i deserved it

ps3man

annainez wrote: »

Em, my teacher says no, but she's a spa she clearly didn't have a clue when I asked her. However, I have never put one in and have always done fine, and I looked at marking schemes, they don't include AC curves, don't know why but I'd say we're safe!
Good luck!

i got penalised for mine in the mocks

annainez

ps3man wrote: »

i got penalised for mine in the mocks

Dammit. I'm told as long as you refer to profits (i.e. AC and AR) it doesn't matter if you have the curve in or not. But that's just what I'm told!

ACTUALLY, just looking at notes.
MC cuts AC to the right of minimum point on AC curve, therefore, the firm is not producing efficiently.
As barriers exist firms may earn SNPs if AR>AC

Hope that helps, I know it's late!

Finical

In my school book we use and revision book I use there is no AC curve.

annainez

Finical wrote: »

In my school book we use and revision book I use there is no AC curve.

Same but institute notes...
I don't know but don't worry about it if you don't understand it, you will be docked a max of one mark if you leave it out but possibly more if it's wrong so...

its_phil

annainez wrote: »

ACTUALLY, just looking at notes.
MC cuts AC to the right of minimum point on AC curve, therefore, the firm is not producing efficiently.
As barriers exist firms may earn SNPs if AR>AC

So if you mention SNPs its all good?because thats what i have in my notes...

GorySnake

With the exception of the MC3 curve and swapping P1/Q1 for P2/Q2, then get rid of the P2/Q2 line (cant explain any better), this is exactly how my Oligopoly diagram looks

http://www.myoops.org/twocw/usu/Economics/Introduction_to_Microeconomics/q_7_q_ins_e3.png

FridaysWell

GorySnake wrote: »

With the exception of the MC3 curve and swapping P1/Q1 for P2/Q2, then get rid of the P2/Q2 line (cant explain any better), this is exactly how my Oligopoly diagram looks

http://www.myoops.org/twocw/usu/Economics/Introduction_to_Microeconomics/q_7_q_ins_e3.png

Don't over complicate your graph.

The clearer it is the better. No point putting all those lines on it, you don't need to do that to illustrate a point.