Economics - Thoughts?

GVNDNN

No it said diagram(s)...it's just the 2 seperate long run equilibrium diagrams

stainluss

GVNDNN wrote: »

No it said diagram(s)...it's just the 2 seperate long run equilibrium diagrams

Its hard to say. I know they would definitely accept that special one on its own because, looking at my book, it seems tailor made for the question.

Hopefully they give some marks to us who drew two

Theres a bit of hope in that diagram(s):DWe did answer the question asked, after all

GVNDNN

Our teacher said they wuld accept both

The___________

Was a really fair exam really happy with how it went! Short questions were unbelievably easy-I answered Q1-3-4-5 happy with them all
Steered well clear of the market structure Q though, the part c really put me off

Behind you Joey

It's on one diagram but you can do two separate diagrams.

stainluss

GVNDNN wrote: »

Our teacher said they wuld accept both

:eek:

If thats the case:D:D:D:D:D:D:D

The___________

Rent of ability? Anyone? Not a term that I have come across anywhere before so I had a wild guess-although I had the rest of the short question easily enough

Behind you Joey

The___________ wrote: »

Rent of ability? Anyone? Not a term that I have come across anywhere before so I had a wild guess-although I had the rest of the short question easily enough

I have never heard that term, ever!

The___________

Behind you Joey wrote: »

I have never heard that term, ever!

There always seem to be one definition they want in the short questions that comes out of nowhere!

Ashashi

I said earning economic rent because of a rare talent or skill, eg footballer or singer.

The___________

Ashashi wrote: »

I said earning economic rent because of a rare talent or skill, eg footballer or singer.

Exactly what I said was a complete guess though! Has anyone ver actually seen a printed definition for this?

Ashashi

Looked it up, economic journal says "earning a proft due to increased intellectual ability or physical ability, possessed by a man or woman"

Sounds right.

Did anyone, and be honest, write "A person's ability to pay rent", cause one of my friends did for the laugh :P

stainluss

The___________ wrote: »

Rent of ability? Anyone? Not a term that I have come across anywhere before so I had a wild guess-although I had the rest of the short question easily enough

In my revision book (and what I wrote) is the reason why some entrepreneurs earn more than others, as they are better at being entrepreneurs. Not really an exact definition, though:p

RyanK

Yea, rent of ability is basically a rare natural talent some has.

Overall, the paper was fair enough. Some people said it was hard, probably because Oligopoly didn't come up. It was a little harder than I expected, but easily doable.

KealanOCarroll

Ashashi wrote: »

Looked it up, economic journal says "earning a proft due to increased intellectual ability or physical ability, possessed by a man or woman"

Sounds right.

Did anyone, and be honest, write "A person's ability to pay rent", cause one of my friends did for the laugh :P

I put down "Its a bit like when you buy an icecream on a really hot day, and your really looking forward to it, but just as you take the first lick it falls off the cone and hits the pavement..."

....needless to say I didnt know the correct definition!! Looking back over the paper at the end, I was thinking to myslef that it could be economic rent due to an inate talent....which woulda been right, but was I fúck gonna tippex out that stoopid answer nd have a stab at a realistic guess!

Mark2006

First part of National Income was simple! 20marks and it only took about 10seconds haha!

Cipango

What did people write for the fizzy drink thing, where they need to stop consumption?

I wrote

• Advertising campaign to show the effects on the can (like cigarettes)
• Restrict supply, which will in turn increase price.
• Introduce a tax on the product

Also for ways to stop the black market i said something like

• Stricter screening on ports of entry to stop the goods coming into the country
• Decrease the indirect tax on the good

I cant remember the other points i made, think i gave about four or five so hopefully ill get the marks!


For any other questions like this where you have to think of ways...what did everyone say?

Ashashi

For international trade, when dealing with LDC's I said:

Offer foriegn aid
Reschedule or abolish debt
Pay fairer prices for their products.

cf10

MiamiMortimer wrote: »

Did anyone else have difficulty with the short question on PED? For delta P I put 0, because price didn't change, but that just caused a math error on my calculator so I skipped it...:(

Ya the PED is question was kinda weird like no proper quantity!

I just divided the €200 by €2 to get a quantity of 100 and then €200 by the €2.50 to get a quantity of 80? ended up gettin a PED of -1!

Anyone else do that??

KealanOCarroll

cf10 wrote: »

Ya the PED is question was kinda weird like no proper quantity!

I just divided the €200 by €2 to get a quantity of 100 and then €200 by the €2.50 to get a quantity of 80? ended up gettin a PED of -1!

Anyone else do that??

Thats 100% correct! I didnt divide to get the quantities....just assumed theat delta Q was zero because he didnt change how much he spent on it:mad:

Ashashi

I assumed that and got a ped of zero, and said that the good was perfectly inelastic, because he spent the same amount on it each time.

FridaysWell

One of the most bitty, iffy, congested and confused papers ever.
Was going for the A1/2 that is definitetly gone now!
Shorts Qs were quite nice, rest of the paper not at all. Wasn't difficult, just very very bitty and not clear at all. I dunno,. I think i just burnt out.

And thats it for Economics. They have changed the way the exam i going to be set out and asked. No more easy A1s people! I worked hard enough to get mine and its gone now haha.

Garykelleher

Cipango wrote: »

What did people write for the fizzy drink thing, where they need to stop consumption?

I wrote

• Advertising campaign to show the effects on the can (like cigarettes)
• Restrict supply, which will in turn increase price.
• Introduce a tax on the product

Also for ways to stop the black market i said something like

• Stricter screening on ports of entry to stop the goods coming into the country
• Decrease the indirect tax on the good

I cant remember the other points i made, think i gave about four or five so hopefully ill get the marks!


For any other questions like this where you have to think of ways...what did everyone say?

Ye they look pretty good. Stop fizzy drinks i said
Generic advertising in promotion of milk water etc...
Informative advertising about dangers of fizzy drinks
Subsidies for firms such as ballygowan to keep prices lower

and a few others like increase tax as they are "harmful goods " etc...

Your black market one is good

The___________

FridaysWell wrote: »

One of the most bitty, iffy, congested and confused papers ever.
Was going for the A1/2 that is definitetly gone now!
Shorts Qs were quite nice, rest of the paper not at all. Wasn't difficult, just very very bitty and not clear at all. I dunno,. I think i just burnt out.

And thats it for Economics. They have changed the way the exam i going to be set out and asked. No more easy A1s people! I worked hard enough to get mine and its gone now haha.

I don't really see your point, I felt yesterday's paper was very nice indeed-as you say the short questions were good and apart from the glaring lack of the hotly tipped Oligopoly question the long Q's were extremely doable much of the required answers were less economic theory and more common sense-i.e fizzy drinks prevention-most well prepared students (at least all the ones in my class) were delighted with how yeaterday's paper went

MiamiMortimer

The___________ wrote: »

Exactly what I said was a complete guess though! Has anyone ver actually seen a printed definition for this?

Yeah, it was in my book anyway-it mentioned the words 'innate talent' and I think it also mentioned that rent of ability could be earned in the long run because it was not a skill that could be learned...it's different from quasi-rent in that regard, which is only available in the short run because people will learn the required skills for the extra money and thus eliminate quasi rent gradually....

Handed back my books today though, can't be positive but pretty sure it was there! Mine was "Understanding Economics by Richard Delaney"