Qualification > Commerce
Economics P3 Questions/Doubts
Tohru Kyo Sohma:
--- Quote from: Azland on February 28, 2012, 07:20:34 pm ---2. Pareto efficient means no one can be made better of without making someone else worse off. Answer is A as that is the only point where the value of X has not changed but Y has increased. All other points represent a trade off. An increase in Pareto efficiency: through reallocation, improvements to at least one participant's well-being can be made better without reducing any other participant's well-being.
5. 30*40 = 1200$
Consider option A first. 31 workers and wage increased to 42$.
31*42 = 1302
1302-1200 = 102$ which is what the question states as the marginal cost per day. Answer = A
12. Originally producing at MC=MR ( D=MR ). Marginal Costing is P=AC. In this diagram its where AC=D. Output increase and price fall as diagram shows. Even if you dont understand this part just try to remember that anyone other then a monopoly will usually reduce the price and output has to increase as a result.
13. Firm X - Profit = 200*10 - 200*9 = 200$
Firm Y - Profit = 200*10 - 200*7 = 600$
As you can see Firm X only makes 200$ profit so if they were going to sell it would have to be higher then 200$ or the same. Firm Y only gets 600$ so they would not pay more. As a result they would negotiate anywhere in-between.
16. Equilibrium is when Withdrawals = Injections.
I,E,G = Injections into circular flow of income
S,I,T = Withdrawls from circular flow of income.
I,E,G = S,I,T ( In value ) = Equilibrium
As you can see when equilibrium is 800 both sides are equal.
I dread to think what your going to do if they ask you an essay on this stuff in P4 :P
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LOL
Thanks alot for yer help!
although i didn't quite get question 16. but it's fine because we're still on ch.5 supplement in economics so i still need to finish the chapter to fully understand the question!
Romeesa-Chan:
--- Quote from: Azland on February 29, 2012, 07:57:07 am ---No No..just mcq quests were quite straight forward..cant really do any essay quests without understanding main concepts first. Relax though its far from bad..my old classmates still get 15/100 ;p
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Lol, I hope Tohru improves. :)
Thank you for your help. :)
Tohru Kyo Sohma:
--- Quote from: Romeesa-Chan on February 29, 2012, 06:54:37 pm ---Lol, I hope Tohru improves. :)
Thank you for your help. :)
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LOL
i will..........IshaAllah
Tohru Kyo Sohma:
I just did Nov 2011 P32 of Economics and kind of failed like got 21 answers wrong
If someone can please Help me out and explain to me why the other choices apart from the correct answer wasn't right
I'm posting the paper and the markscheme for it and I'm really sorry but from qns 1-30 i don't know any of them so can someone take out their precious time and help me out here
I'm posting the paper along with the markscheme
Please help me
Azland:
--- Quote from: Tohru Kyo Sohma on April 15, 2012, 03:45:23 pm ---I just did Nov 2011 P32 of Economics and kind of failed like got 21 answers wrong
If someone can please Help me out and explain to me why the other choices apart from the correct answer wasn't right
I'm posting the paper and the markscheme for it and I'm really sorry but from qns 1-30 i don't know any of them so can someone take out their precious time and help me out here
I'm posting the paper along with the markscheme
Please help me
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This was the same paper I did for my main CIE exam, haha. Not sure why your finding it so difficult though as it felt the same as previous past papers. Honestly, though I dont think anyone can explain why every option is wrong for all questions. Gotto be a bit more specific.
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