EcOnOmIcS P4

[diskfrisker]

Anyone having problems regarding Economics paper4 please discuss them over here ill be glad to help.......

 

[creatively_1]

can u tell me the pattern of topics that come in the data response question, i.e. Q1 in P4 Economics ?

Thanks in advance

 

[diskfrisker]

Yeah, the topics for data response are Standard of living, Developed and underdeveloped economies...... It has been coming from these two major topics and market failure

 

[creatively_1]

Thanks, appreciate ur help , and do u have any sort of guess or anything for this time's P4 ?, or predictions maybe about the topics that u think are important this time around, it's not going to be like an actual paper, and predictions are not 100% correct either as we saw in P2 that everyone was predicting exchange rates and BOP in data response and inflation was repeated, but just for the sake of it, just so i can make those topics a bit more....... i should say clear

Thanks

 

[diskfrisker]

I gave the most authentic guess in p2 which included sections but some people started stealing my ideas and started posting them somewhere else with there name on it......... :S so i am not gonna let out any guess you are gonna have to prepare Keynesian theory of multiplier, Monetary & Fiscal policy(complete), Macro economic aims and problems including conflicts, Phillips curve and unemployment, Market failure & policies to correct the failure, Law diminishing marginal utility and equi-marginal utility, Income and substitution effect... Preparing these topics will let you leave the Market structures(Monopoly Oligopoly etc) and Labour Market in choice.......

 

[creatively_1]

Thanks man, thanks a ton, and i feel sorry about what people did to ur guesses, thanks for providing me with ur guesses for P4, really appreciate it, and i am not the one circulating these with my name on it, that's a promise

 

[creatively_1]

can u let me know of any specfic past paper(s), besides nov 2009, that i should do...

Thanks in advance :mrgreen:

 

[bluejeansx]

imp past paperz u must do for p4 and p3 . . May,jun 2o08 . . May,jun 2o06 . . Oct,nov 2o03 and may,jun 2o01 . .
Do attempt them if u have time !

 

[Natalyak]

IMHO all the 2009 papers should be attempted (M/J and O/N 1,2)..The data responses are a little tricky! :/

 

[pastyear]

can someone explain monopsony with diagram and immobility of labour.
Thanks

 

[pastyear]

help me.

 

[akuadalahjoey]

hey how about the economic efficiency? will it be likely to come out?? thanks and anyone help explaining it briefly :mrgreen:

 

[creatively_1]

can someone explain monopsony with diagram and immobility of labour.
Thanks

A monopsony occurs when there is only a single buyer or dominant in the labour market, and just like a monopolist, this single buyer is able to determine the wages paid to the labour that are employed, and this is an imperfect rather than a competitive market.

The figure above shows that the monopsony is hiring workiers by equating the Marginal Cost of labour and Marginal revenue product of labour( i.e. the labour Demand) and the quantity of labour that he employs is L(m), this point is the profit maximising point. The wage that the monopsonist pays is W(m) which is determined by going to the Average cost of labour (as is done in a monopoly by going to the Average cost), but this wage rate is well below the wage rate that should be paid if he were to give the full value of the marginal revenue product which is W(mrp), so because of the monopoly in the labour market, he can charge a very low wage rate.

This type of labour market exsits where there is just one major employer in a town or where the workers may be employed in an extractive industry like mining which is well away from where the workers live.

Hope this helps

 

[creatively_1]

hey how about the economic efficiency? will it be likely to come out?? thanks and anyone help explaining it briefly :mrgreen:

Economic efficiency is the total of the productive efficiency and the allocative efficiency, just like there is in a perfectly competitive market structure

 

[pastyear]

Thanks creatively 1

 

[Natalyak]

hey how about the economic efficiency? will it be likely to come out?? thanks and anyone help explaining it briefly :mrgreen:

Economic efficiency occurs when allocative and productive efficiency coexists
Productive efficiency is concerned with the QUANTITY of commodities produced in an economy whereas allocative efficiency is concerned with the COMBINATION of commodities.
So PE occurs when products are made with the least possible resources and at the lowest possible costs (illustrate by means of the lowest point on the lowest Average Cost curve) You can also use a PPC to illustrate PE where any point inside the curve is Productively inefficient as more goods can be produced given the resources of the country. PE will occur at a point on the PPC (all resources are employed)..PE occurs in a perfectly competitive market

AE also occurs in a PC market. It is achieved the the combination or mix of products reflects what the consumers want and so resources are being allocated efficiently. In a PC market, AE occurs where Price (AR) equals Marginal cost i.e where the cost of producing an extra unit equates the value people place on that product at a price which reflects the Marginal utility they recieve
hope this is helpful, couldve explained it better if i could show the diagrams

 

[Natalyak]

and Creatively 1, that was helpful, I still need to go through labour markets..yikess!

 

[mista.lova.lova]

ok people, if I have to do a selective study, can someone tell me what shd i study and what can i leave. m also having a chemistry ppr in same time, so really pissed off in deceiding what to study??
any plz tell me..

 

[creatively_1]

Natalyak, i too have not done labour markets that much, it is a very very boring topic, i like macro really very much, but i've did labour market a bit, i have to review it again, and u're more than welcome

Happy to help

 

[akuadalahjoey]

heyy big thanks to natalyak and creatively1, means a lot
hmm what are the scopes for labour markets? the wage determination, demands, and etc? like that?
btw i like macro econs a lot too it's so much fun