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Economics P12 june 2012 ANSWERS...!!!
A Actually, what you said is consistent with the definition of innovation. My example ignored that. From Wikipedia: "Innovation is the creation of better or more effective products, processes, services, technologies, or ideas that are accepted by markets,governments, and society. Innovation... -
Economics P12 june 2012 ANSWERS...!!!
It isn't about forgetting, some innovation may be dropped if it isn't considered safe, renewable or sustainable. An example would nuclear power, countries are moving away from it even though it has the greatest output of power relative to other resources given the same mass of raw materials (1kg... -
Economics P12 june 2012 ANSWERS...!!!
I would also say that governments always include consumer surplus in CBA but private firms do not always consider consumer surplus when their aim is not profit maximisation (which would erode consumer surplus if price discrimination is used). Other aims such as just carrying out business as a... -
Economics P12 june 2012 ANSWERS...!!!
http://tutor2u.net/economics/revision-notes/as-markets-consumer-surplus.html "Consumer surplus is a measure of the welfare that people gain from the consumption of goods and services, or a measure of the benefits they derive from the exchange of goods." Governments are concerned with the... -
Economics P12 june 2012 ANSWERS...!!!
Ah alright then. On the basis of the question though. Is it not in the interest of the government when making decisions with far reaching effects to aim for a an outcome that maximises the net social benefit (therefore include consumer surplus)? What tax payments are has wide meaning but in... -
Economics P12 june 2012 ANSWERS...!!!
So you are saying governments don't take into account consumer surplus when doing a CBA? -
Economics P12 june 2012 ANSWERS...!!!
I answered C but apparently that doesn't lead to a shift inwards for a PPC. Instead, the answer was innovation since it is similar to technology. What confused others as well as me is that we thought innovation was to do with efficiency. However, innovation is concerned with how much you can... -
Economics P12 june 2012 ANSWERS...!!!
The question asked which of the responses was true. The answer was France having LOW EMPLOYMENT rates since it had the HIGHEST UNEMPLOYMENT rates for both years. -
Economics P12 june 2012 ANSWERS...!!!
The answer was consumer surplus since the government tries to include all costs and benefits when making decisions. Consumer surplus is something firms do not consider. -
Further Mathematics: Post your doubts here!
I found these through Google and thought they're pretty useful for some concepts. -
Further Mathematics: Post your doubts here!
The answers people have shared should be gathered together and listed for easy access. I think a link to this thread in the past papers section would be useful for people who aren't aware of the forums.