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EconDaddy

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EconDaddy last won the day on September 27 2019

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    May 2012
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    Hungary

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  1. Hi, When producers expect prices to fall, they start reducing their supply now (leftward shift of the supply curve), to avoid a surplus that they would not be able to sell at the current price. So your teacher is right. If producers expect prices to rise in the future, they start producing more now (rightward shift of the supply curve) so that in the future they can sell more at higher prices, increasing their profits. Hope this helps. Thanks, EconDaddy IB Economics teacher, examiner and tutor www.econdaddy.com
  2. Hi, I'd go for an explanation of why smoking creates external costs to society (and hence market failure) with a diagram about the negative externality of consumption and then I'd go on to the tax (explain how a tax can solve the problem) together with new diagram: same as the first one, but now with a shift of the MPC upwards (and thus new equil. quantity closer to the socially optimal one). Make sure that you explain both diagrams in detail and that you stay focused on the article. Hope this helps. Thanks, EconDaddy IB Economics teacher, examiner and tutor www.econdaddy
  3. Given you defined the key economic terms included in the question and explained your diagram (drawing the breaking-even perfectly competitive firm is not a mistake as that is the long-run outcome) and gave some real-workd examples, you should not lose a lot of points even if the explanation is not the best. Btw, loss-making firms in the short-run means that in the long-run firms will start leaving the market (it is not incorrect to say that "firms will be driven out") as it is free to exit. As a result, the market supply falls, raising the market price and as all firms are price-takers, each i
  4. You can also look around on my blog, the link below is a collection of macro articles: https://econdaddy.com/category/macro/ Make sure its no older than a year. Hope this helps too. Thanks, EconDaddy IB Economics teacher, examiner and tutor www.econdaddy.com
  5. Hi, This doesn’t sound too good, but here is what you can do: I suggest that for revision you go through the questions of the official IB Economics Guide as there is nothing else they can ask you about in the exams. Have a look at this short video that shows what to look for. As for the IAs, try and go through this website, it includes all you need to know about the commentaries. Also, as for the cover page (see attached): the rules have changed in the past couple of years, and you only need to hand in one portfolio cover page and that’s all (so no need for a cover page for each IA).
  6. Hi, I think Vighnesh gave a great answer, but there is a bit more I would add: The question asks you to explain how the price changes happen. When there is an increase in demand (right shift of D), you'd explain that quantity demanded increases at every price, including the original equilibrium price. Thus, at that price now once the D curve shifted right, there is an excess demand (=shortage). When there is a shortage, producers start raising their price as they can earn more profit at higher prices. As P increases (movement up on S curve), due to the law of demand, the quantit
  7. Hi, Check out this official IB website for samples with moderation. Macro IAs are Example 1 for both students. Hope this helps and let me know if you have any questions. All the best, EconDaddy IB Economics teacher, examiner and tutor www.econdaddy.com
  8. Hey, I can certainly help, just get back in touch. Also, I'm currently working on a study guide that answers all the official IB syllabus questions - Micro is ready and available. Thanks, EconDaddy IB Economics teacher, examiner and tutor www.econdaddy.com
  9. You're correct in that there is a lot of theory and concepts to understand, and indeed, there is a little math too (only at HL though). But examiners (including me) will always look for answers that show how students are able to apply the theory to real life (using specific real-world examples). If you think about it, all the different sciences exist to make us understand the world around us more. Economics is no exception, it tries to understand what drives human interaction, behavior and decision-making so that we can allocate (scarce) recources in a more efficient way. But if the students k
  10. Hi, My suggestion is that you look through the IB Economics guide and also read a couple of chapters of an economics textbook to see what you can expect. The guide lists all the questions in the Syllabus content (pp.16-73) that you'll have to know at the exams. As for the results, based on the latest statistical bulletin (May 2017), there is a significant difference in the results only at HL: here, almost 45% of econ students got 6 or 7, while only a bit more than 30% of B&M students got the same results. However, at SL the results are similar. Nevertheless, it's not the statisti
  11. Hi, What you're talking about is indeed difficult to visualise an AD/AS diagram shows given average price levels and not inflation rates. However, you can indicate that a 0.5% inflation rate is a concern to the government as it can easily lead to deflation (fall in the APL), and then show deflation in the diagram as opposed to the APL staying relatively the same (or only slightly increasing with stable inflation). Is this clear? Cheers, EconDaddy IB Economics teacher, examiner and tutor www.econdaddy.com
  12. Hi, Here are my answers: Inflation is a persistent increase in the average price level. If your price level has increased, then yes, it can be considered inflation (compared to the previous macroeconomic equilibrium). How to know if there is spare capacity: you look at hard data like real GDP and unemployment in the past years to have an idea about what figures you should see at the potential output of the country. For example, looking at the Swiss unemployment rate of the past 10 years (see pic below), it's pretty obvious that the natural rate of unemployment is somewhere b
  13. Hi, How you take notes and study from them is completely up to you - every student has a different approach that works for them. So it's your decision, use what helps you most. On the other hand, my experience tells that reproducing the notes (e.g. as you stated, electronically) will help you memorize, plus if you have the notes online, it's harder to loose them. What I'd definitely do is to make sure you have clear definitions of economic terms and that you understand the diagrams with the concepts behind them. What's absolutely essential is to check if your notes cover all the topics of
  14. Hi, it seems suitable, but it all depends on what and how you write in your commentary. Make sure you explain how expansionary fiscal policy works and stay focused on the article, i.e. discuss the implications of "cutting taxes and fees, improving weak links, boosting consumption and improving people's livelihood" and the fact that there is also a reference to supply-side policies when it talks about the support to technological innovation. EconDaddy - IB Economics teacher and tutor www.econdaddy.com
  15. Hi, First, if this is your 1st year in the IB, it means that you've just started it and you're at the beginning of the course. As a teacher and examiner, I have to emphasize that it's absolutely natural that you're struggling with the writing parts, because this is something to be practised a lot over the course until you get confident about what and how to write. I'm not sure what you meant by the 'writing parts' - Paper 1 style essay questions or Paper 3 style short answers (explanations), but have a look at my summary below about how to get essays right in IB econ to maximise your sco
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