Max Power Posted May 17, 2011 Report Share Posted May 17, 2011 I chose question 1 in paper 1, which is about perfect competition and oligopoly, quite straightforward.In paper 2, I was unsure about question 1 regarding how the government would intervene into the market of vaccination, so I decided to do questions 2,3,6. Unfortunately, my answer was not on the right track for question 3 (crowding out effects).So what do you think about paper 1 and paper 2? I think paper 1 is easier than paper 2, I should have answered question 1 in paper 2 instead of question 3... Reply Link to post Share on other sites More sharing options...
kaus123 Posted May 17, 2011 Report Share Posted May 17, 2011 In paper 1 I did number 3, the comparative advantage question. Went pretty well but I think I messd up the graphs a little and in part b. about the arguments against free trade I forgot to mention anti-dumping. But my teacher always says quality over quantity so hopefully I explained the rest of the arguments well enough to make a 7. In paper 2 I did the vaccinations, equilibrium unemployment and another one which i cant remember anymore i think it was number 2. Anyway, its so hard to predict with these things. I thought the papers were pretty nice, fingers crossed till july 6. 1 Reply Link to post Share on other sites More sharing options...
ConfusedIBer Posted May 17, 2011 Report Share Posted May 17, 2011 I chose question 1 in paper 1, which is about perfect competition and oligopoly, quite straightforward. In paper 2, I was unsure about question 1 regarding how the government would intervene into the market of vaccination, so I decided to do questions 2,3,6. Unfortunately, my answer was not on the right track for question 3 (crowding out effects). So what do you think about paper 1 and paper 2? I think paper 1 is easier than paper 2, I should have answered question 1 in paper 2 instead of question 3... Yeah, I was actually quite surprised with the economics papers to be honest, they were extremely each (or maybe I just studied my arse off for them ) But yeah, I did the same one as you (perfect competition, and oligopoly) for paper 1. For paper 2, the market of vaccination one was definitely worded in a tricky manner, but it wasn't too bad - use of positive externalities of consumption seemed to be a perfectly valid justification. Along with 1, I also did the unemployment one - pretty straightforward as well. WOW, I can't remember what the third question I did was....hmmm. I'll think about it and let you know Reply Link to post Share on other sites More sharing options...
Max Power Posted May 17, 2011 Author Report Share Posted May 17, 2011 In paper 2 I did the vaccinations, equilibrium unemployment and another one which i cant remember anymore i think it was number 2. Anyway, its so hard to predict with these things. I thought the papers were pretty nice, fingers crossed till july 6. I believe question 2 is about the PED of goods and the effect of indirect tax on elastic/inelastic goods. Reply Link to post Share on other sites More sharing options...
Max Power Posted May 17, 2011 Author Report Share Posted May 17, 2011 Yeah, I was actually quite surprised with the economics papers to be honest, they were extremely each (or maybe I just studied my arse off for them ) But yeah, I did the same one as you (perfect competition, and oligopoly) for paper 1. For paper 2, the market of vaccination one was definitely worded in a tricky manner, but it wasn't too bad - use of positive externalities of consumption seemed to be a perfectly valid justification. Along with 1, I also did the unemployment one - pretty straightforward as well. WOW, I can't remember what the third question I did was....hmmm. I'll think about it and let you know Absolutely! Question 1 seemed to be a tricky question, but once you understood it, it would be fine. I was not sure whether I should talk about positive externalities and market failure, so I ended up doing question 3 (crowding out) instead of question 1 (vaccination). I think the third question that you did was either about exchange rate or PED of goods. Reply Link to post Share on other sites More sharing options...
kaus123 Posted May 17, 2011 Report Share Posted May 17, 2011 In paper 2 I did the vaccinations, equilibrium unemployment and another one which i cant remember anymore i think it was number 2. Anyway, its so hard to predict with these things. I thought the papers were pretty nice, fingers crossed till july 6. I believe question 2 is about the PED of goods and the effect of indirect tax on elastic/inelastic goods. Yep thats the one Reply Link to post Share on other sites More sharing options...
Ben92 Posted May 17, 2011 Report Share Posted May 17, 2011 How did you guys tackle the elasticities question? Reply Link to post Share on other sites More sharing options...
Max Power Posted May 18, 2011 Author Report Share Posted May 18, 2011 How did you guys tackle the elasticities question?I talked about how an increase in indirect tax would have different impacts on goods that have different PED.For example, a tax on cigarettes (inelastic as it is addictive) would cause a greater consumer burden because there is a greater reduction in consumer surplus than in producer surplus. Therefore it is ineffective to decrease production of cigarettes.On the other hand, for a tax on an elastic good, there is a greater producer burden, and welfare loss is bigger than that in an inelastic good.So how did you tackle this question? Reply Link to post Share on other sites More sharing options...
dogmatichurricane Posted May 18, 2011 Report Share Posted May 18, 2011 Paper I - I did the perfect competition/oligopoly question. Seemed fairly straightforward though in retrospect, I might have defined short-run wrongly in the rush...ughh. Paper II - I did questions 1,3 and 4 which was to do with market failure, crowding out and the equilibrium unemployment question. Paper III - I am guessing it's still not been 24 hours? My conditional offer for university stipulates a 7 in Economics so I hope I managed that *fingers crossed* Reply Link to post Share on other sites More sharing options...
Ben92 Posted May 18, 2011 Report Share Posted May 18, 2011 How did you guys tackle the elasticities question?I talked about how an increase in indirect tax would have different impacts on goods that have different PED.For example, a tax on cigarettes (inelastic as it is addictive) would cause a greater consumer burden because there is a greater reduction in consumer surplus than in producer surplus. Therefore it is ineffective to decrease production of cigarettes.On the other hand, for a tax on an elastic good, there is a greater producer burden, and welfare loss is bigger than that in an inelastic good.So how did you tackle this question?Pretty much what I did, but I started with two extremes perfectly elastic demand and perfectly inelastic. Then I discussed the incidence and changes in resource allocation. Then I said that depending on what was the goal and where on the continuum between elastic and inelastic the demand was the government could chose to increase the tax on either good. I was really surprised not to get harder questions on p2. Reply Link to post Share on other sites More sharing options...
Max Power Posted May 18, 2011 Author Report Share Posted May 18, 2011 Paper I - I did the perfect competition/oligopoly question. Seemed fairly straightforward though in retrospect, I might have defined short-run wrongly in the rush...ughh. Paper II - I did questions 1,3 and 4 which was to do with market failure, crowding out and the equilibrium unemployment question. Paper III - I am guessing it's still not been 24 hours? I forgot to mention interest rate when talking about "crowding out" effects..sighPaper 3 (24 hours have just elapsed) I did questions 1,2,5 because I found questions 3&4 quite challenging.. Reply Link to post Share on other sites More sharing options...
dogmatichurricane Posted May 18, 2011 Report Share Posted May 18, 2011 Paper I - I did the perfect competition/oligopoly question. Seemed fairly straightforward though in retrospect, I might have defined short-run wrongly in the rush...ughh. Paper II - I did questions 1,3 and 4 which was to do with market failure, crowding out and the equilibrium unemployment question. Paper III - I am guessing it's still not been 24 hours? I forgot to mention interest rate when talking about "crowding out" effects..sigh Paper 3 (24 hours have just elapsed) I did questions 1,2,5 because I found questions 3&4 quite challenging.. Ahh I got quite lucky with the crowding out question. I had just read an article in The Economist the night before about how quantitative easing in the US economy was crowding out the private sector. Ended up using the same example verbatim haha. I'm sure one question wouldn't really impact your grade that much though especially since Paper II is only 20% of the overall grade. Umm Paper 3 - I did every non-development question which I think was 1,3 and 4. I thought the definitions and 4 mark questions were all fine and I put in quite a bit of work into those evaluations but it's a subjective thing so I still have no idea how I actually did do Reply Link to post Share on other sites More sharing options...
kasandude Posted May 18, 2011 Report Share Posted May 18, 2011 Paper 1 I did the first question about abnormal profit in perfect competition and perfect competition vs oligopoly. I'm expecting near as makes no difference full marks for that paper, because everything I wrote down was correct, because I happened to be cramming theory of the firm right before the exam. So... i got in a total of 9 graphs for the whole question with adequate explanations.Paper 2 i remember being slightly worse, though still pretty good. I can't remember most of it. Only the first question i did, the vaccinations, and then I think I did 3 and 5... i dunno.Paper 3 (24 hours long gone) was actually pretty good. I did 2, 4, 5. i think the first one was about the thailand baht. the last one was the foreign aid question, which I didn't finish the evaluation for though wouldn't have made much difference, given that I had run out of ideas and my hand hurt so bad from writing that i wanted to cut it off (10 sheets, both sides, medium writing).I predict a 6/7 for this subject (assuming my IA was any good, the teacher is a $#%& and didn't tell us). Reply Link to post Share on other sites More sharing options...
lexie Posted May 18, 2011 Report Share Posted May 18, 2011 Did question 3 for paper 1, and questions 1, 2, and 3 for paper 2. I think the grade boundaries are going to be way up this year, they felt like super easy papers, not much HL stuff on paper 2 either. Fingers crossed for those 7's! Reply Link to post Share on other sites More sharing options...
Ihavequestion Posted May 18, 2011 Report Share Posted May 18, 2011 (edited) Did question 3 for paper 1, and questions 1, 2, and 3 for paper 2. I think the grade boundaries are going to be way up this year, they felt like super easy papers, not much HL stuff on paper 2 either. Fingers crossed for those 7's! Are you doing HL? I did exactly same as yours paper 1 question 3 talking about comparative advantage amd barriers to international trade. But one thing I am worried about is you know the B part of Q3 there's actually a section of international barriers in chapter barriers to growth and development...and I talked alot on arguments about protectionism and using examples of good and bad case of protectionism. I hope that how I answered that question was not misinterpreted. Paper 2 I also did the same as you 1,2,3 vaccination elasticities and crowding out...it was quite goof. I think grade boundaries will be same as I see it as not so different from last year. It was for me the same level as if you know the concept you will always find it easy to write, despite of questions. And many could write wrong theories or mis drawing diagrams etc. so it's all good as long as you did not make any mistake interpreting the question! Edited May 21, 2011 by Summer Glau do not type entirely in caps! Reply Link to post Share on other sites More sharing options...
Max Power Posted May 18, 2011 Author Report Share Posted May 18, 2011 Umm Paper 3 - I did every non-development question which I think was 1,3 and 4. I thought the definitions and 4 mark questions were all fine and I put in quite a bit of work into those evaluations but it's a subjective thing so I still have no idea how I actually did do I forgot what questions 2 and 3 were about...I think one of the question asked the definition of underemployment and...I couldnt remember the other one Reply Link to post Share on other sites More sharing options...
Max Power Posted May 18, 2011 Author Report Share Posted May 18, 2011 I THINK GRADE BOUNDARIES WILL BE SAME AS I SEE IT AS NOT SO DIFFERENT THAN LAST YEAR.. IT WAS FOR ME THE SAME LEVEL AS IF YOU KNOW THE CONCEPT YOU ALWAYS WILL FIND IT EASY TO WRITE.. DESPITE OF QUESTIONS.. AND MANY COULD WRITE WRONG THEORIES OR MIS DRAWING DIAGRAMS ETC.. SO ITS ALL GOOD AS LONG AS YOU DID NOT MAKE ANY MISTKAE MISINTERPRET THE QUESTION!Yeah my teacher told me that the grade boundaries should be similar, maybe slightly higher, but still around 74-78% for a 7 in ECON HL, I believe.. Reply Link to post Share on other sites More sharing options...
dogmatichurricane Posted May 19, 2011 Report Share Posted May 19, 2011 Umm Paper 3 - I did every non-development question which I think was 1,3 and 4. I thought the definitions and 4 mark questions were all fine and I put in quite a bit of work into those evaluations but it's a subjective thing so I still have no idea how I actually did do I forgot what questions 2 and 3 were about...I think one of the question asked the definition of underemployment and...I couldnt remember the other one Uhh I didn't do question 2 which had the definition for underemployment I think. Q.3 was about France's economy and I think asked for definitions of fiscal policy and current account. Reply Link to post Share on other sites More sharing options...
Naala Posted May 19, 2011 Report Share Posted May 19, 2011 Paper 1 I did Question 1 - oligopoly and perfect competition. Not too hard.Paper 2 I did elasticities, unemployment and sustainable development. (2,4 and 6? I'm not sure) Okay except I got a bit confused on the unemployment question. Paper 3 I did Chinese cars, Thailand baht, and Philippines revenue distribution. (1,2,4?) Pretty awful. I blanked out on a couple of questions. Reply Link to post Share on other sites More sharing options...
Ben92 Posted May 20, 2011 Report Share Posted May 20, 2011 How did you do 1.(b) on p3. On the under provision question, it's externalities right? Reply Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.