**Economics 2012 Higher and Ordinary**

PictureFrame

Martin_94 wrote: »

Do we get the log books in the exam?

yep!

Cruel Sun

I'm doing all the Micro apart from Costs, which Macro should I be concentrating on to be covered for 5 questions.

I'm learning Taxation, International Trade, National Income, inflation....what else?

HowAreWe

Martin_94 wrote: »

I'm doing all the Micro apart from Costs, which Macro should I be concentrating on to be covered for 5 questions.

I'm learning Taxation, International Trade, National Income, inflation....what else?

National debt, Banking, Government aims & instruments and maybe Keynes,Ricardo and Smith ?

also economic growth & development is a chapter I'm doing now and it's pretty easy.

Cruel Sun

HowAreWe wrote: »

National debt, Banking, Government aims & instruments and maybe Keynes,Ricardo and Smith ?

also economic growth & development is a chapter I'm doing now and it's pretty easy.

Thanks, yeah that's so easy, we'd be awful lucky if it came up.

HowAreWe

Martin_94 wrote: »

Thanks, yeah that's so easy, we'd be awful lucky if it came up.

Probably won't but it often comes up in short Q's anyway

Cruel Sun

HowAreWe wrote: »

Probably won't but it often comes up in short Q's anyway

My teacher said it might come as a full, but most probably next year, so we might miss out. Elasticity's pretty much gauranteed this year so that's a fairly nice one anyway.

HowAreWe

Martin_94 wrote: »

My teacher said it might come as a full, but most probably next year, so we might miss out. Elasticity's pretty much gauranteed this year so that's a fairly nice one anyway.

Elasticity would be lovely alright.
Any micro is nice IMO, I just don't like when they mix micro and macro up :S

ganon

HowAreWe wrote: »

Wait....I got confused there....to me Monopolistic = Imperfect competition....

http://en.wikipedia.org/wiki/Monopolistic_competition

Woah careful :pac: Monopoly and monopolistic competition are very different
http://answers.yahoo.com/question/index?qid=20081119221411AAwZFEb

Monopolistic competition is not on our course, any reference to 'monopoly' or 'monopolistic' in the leaving cert course (and this thread) is refering to Monopoly

Monopoly is an extreme market structure, it's kind of the opposite of PC, and neither really exist, you can get markets that are very close but I don't think any market would fully fit the criteria

Have you learned Monopoly or did you just presume it was the same thing as Imperfect Competition?

HowAreWe

ganon wrote: »

Have you learned Monopoly or did you just presume it was the same thing as Imperfect Competition?

No no I have, I just didn't pay attention when I was answering earlier in the thread, when I saw monopolistic I just thought Imperfect in my head because all my notes for Imperfect have the heading Monopolistic Competition, thats why I was talking about close substitues for the demand curve..... just a silly mistake :pac: I'll just keep to IC now, avoids confusion.

JamesDundalk

HowAreWe wrote: »

ganon wrote: »

Have you learned Monopoly or did you just presume it was the same thing as Imperfect Competition?

No no I have, I just didn't pay attention when I was answering earlier in the thread, when I saw monopolistic I just thought Imperfect in my head because all my notes for Imperfect have the heading Monopolistic Competition, thats why I was talking about close substitues for the demand curve..... just a silly mistake :pac: I'll just keep to IC now, avoids confusion.

Monopolistic is basically Imperfect, distinct from Monopoly, I think.

Also in Monopoly markets - the extreme, the structure of Monopoly markets is pretty much identical to Imperfect competition short run.

I've just been doing structures all day:(

grantyrs10

There are not many of us here doing economics are there ? :O :pac:

ganon

JamesDundalk wrote: »

Monopolistic is basically Imperfect, distinct from Monopoly, I think.

Also in Monopoly markets - the extreme, the structure of Monopoly markets is pretty much identical to Imperfect competition short run.

I've just been doing structures all day:(

Yeah monopoly basically turns into imperfect competition if the barriers to entry don't hold up, don't think they've ever asked a question on that, could be a potential

EDmon

ganon wrote: »

And just to cover my ass again, these are my hunches but i'm still studying the entire course (but in fairness it's probably the shortest LC course)

So, are you not going to pick like 5 /4 Qs before you go in ? (long Q)

EDmon

PictureFrame wrote: »

Does anyone know if the Demand curve for a Monopolistic market structure is on the course? I know there is a demand curve for PC/IC/Oligopoly, but I haven't seen one for Monopoly yet.

Yes Monopolistic D curve is on, its the same as Imperfect C in the SR, except for mon its more inelastic ie: a bit more vertical.

EDmon

HowAreWe wrote: »

Wait....I got confused there....to me Monopolistic = Imperfect competition....

http://en.wikipedia.org/wiki/Monopolistic_competition

Imperf. C has many firms in market place, only earn normal profit in LR monoply consists of just 1 firm. earn SNP LR They're very different.

EDmon

Martin_94 wrote: »

Do we get the log books in the exam?

Yes, you need it for PED etc.

ganon

EDmon wrote: »

So, are you not going to pick like 5 /4 Qs before you go in ? (long Q)

Yeah the night before i'll end on my preferred stuff, which is basically most of micro

JamesDundalk

For Market structures, is it okay to do them in pen in the book.

Also is it okay for AC to intersect MC and MR in Monopoly and SRIC?

HowAreWe

EDmon wrote: »

Imperf. C has many firms in market place, only earn normal profit in LR monoply consists of just 1 firm. earn SNP LR They're very different.

I know. That's not what I was saying, Monopolistic Competition is different to Monopoly, I know what monopoly is and I know what Imperfect competition is. It just got confusing because ye were using monopolistic when ye were talking about monopoly, when monopolistic competition is different to monopoly, an easy way of looking at it is competition means more than one ... anyway lets bury this under the carpet and forget I even mentioned Monopolistic competition :pac:

ganon

JamesDundalk wrote: »

For Market structures, is it okay to do them in pen in the book.

Also is it okay for AC to intersect MC and MR in Monopoly and SRIC?

I don't think it has to but i do, makes it a bit tidier

JamesDundalk

ganon wrote: »

JamesDundalk wrote: »

For Market structures, is it okay to do them in pen in the book.

Also is it okay for AC to intersect MC and MR in Monopoly and SRIC?

I don't think it has to but i do, makes it a bit tidier

You do them in the book in pen yeah?? It's easier to read them that way.

On a side note - D&S Q1 always seems to be a dead cert q, everyone seems to do, yet it's marked quite hard and it's easy to lose a lot of marks in!

PictureFrame

JamesDundalk wrote: »

ganon wrote: »

JamesDundalk wrote: »

For Market structures, is it okay to do them in pen in the book.

Also is it okay for AC to intersect MC and MR in Monopoly and SRIC?

I don't think it has to but i do, makes it a bit tidier

You do them in the book in pen yeah?? It's easier to read them that way.

On a side note - D&S Q1 always seems to be a dead cert q, everyone seems to do, yet it's marked quite hard and it's easy to lose a lot of marks in!

I normally draw the axis in black pen, then draw the AC/MC/AR curves in pencil so theyre perfect then draw over them in black pen!

And I love Demand & Supply. I don't know about it being marked hard, I got 74/75 in it in the Mock. Lost a mark as I put MC>MR rather than MC=MR

HowAreWe

Some of you may have seen this already if not I'll throw it up anyway, some of the latest statistics

http://2fm.rte.ie/blogs/countdown/Current%20Economic%20Statistics%20supplied%20by%20John%20Morris.txt

PictureFrame

Guys for International Trade btw, the Institute is tipping the Law of Comparative Advantage and David Ricardo!

Cruel Sun

Do we draw the market structures in pen? Would pencil be okay? Do we just do them in the booklet or should you ask for graph paper?

HowAreWe

PictureFrame wrote: »

Guys for International Trade btw, the Institute is tipping the Law of Comparative Advantage and David Ricardo!

so Basically 2009 Question 7 ? replace part (b) with a table thingy where you do the comparative and the terms of trade maybe?

PictureFrame

Probably a long shot, but does anyone have the solution for the 2000 Q.5 A (ii), the Terms of trade question?

I did it and got the answer:

FOOD

0.25 Machine < 1 ton of food < 0.5 Machine

MACHINE

4 tonnes of Food < 1 Machine < 2 tonnes of Food

Anyone know if this is right/wrong?

HowAreWe

PictureFrame wrote: »

Probably a long shot, but does anyone have the solution for the 2000 Q.5 A (ii), the Terms of trade question?

I did it and got the answer:

FOOD

0.25 Machine < 1 ton of food < 0.5 Machine

MACHINE

4 tonnes of Food < 1 Machine < 2 tonnes of Food

Anyone know if this is right/wrong?

I just did it there myself.

1 unit of Food will cost between 0.25 unit of machinery and 0.5 unit of machinery

1 unit of machinery will cost between 2 units of food and 4 units of food.

so yeah you're right. I don't know if there's a particular layout for the answer but that's how we did it anyway after the calculations.

JamesDundalk

Elasticity of supply NEVER came up. Hmmmm

Iony94

For PES i know the factors affecting it and what each result means . Is there anything else to it ?