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Did anyone do paper 21? About US milk prices?
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ECONOMICS PAPER????
- Thread starter Dani315
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Sijan92 said:
Yep, 3.4% but it fell, not rise! The CPI had gone up by 15.4 while the wages by 12 only.
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ya exactly, myn fell too by abt 3%..... but i wasnt sure abt dat coz i jus used ma maths skill and sum common sence to jump to dis conclusion.....
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firstly, we take the constant prices because they make the comparisons easier..
Secondly, the real incomes rose because the RoI (13%)was lower than increase in wages (15%)..
Thridly, the economic outlook about the Nothern Territory was that of a developing country but a better and controlled position. inflation was high but undercontroll, population rise was high, and so forth.
I attempted Q2.
a. the role of government was to maintain equity and provide the goods desirable and necessary for the economy which the market system would have failed to do so. explained the market failures, protectionist policies and the equity problem.
b. couldn't do full due to mismanagement of time. However, i wrote fully about the merit goods, and discussed why governments have to provide them. But then also that it is not necessary that government provide them it could give subsidy to firms, information to consumers which would increase the demand as a whole. *screw me. I couldn't discuss the public goods, i though paper was 1hour and 45 minutes long*
Secondly, the real incomes rose because the RoI (13%)was lower than increase in wages (15%)..
Thridly, the economic outlook about the Nothern Territory was that of a developing country but a better and controlled position. inflation was high but undercontroll, population rise was high, and so forth.
I attempted Q2.
a. the role of government was to maintain equity and provide the goods desirable and necessary for the economy which the market system would have failed to do so. explained the market failures, protectionist policies and the equity problem.
b. couldn't do full due to mismanagement of time. However, i wrote fully about the merit goods, and discussed why governments have to provide them. But then also that it is not necessary that government provide them it could give subsidy to firms, information to consumers which would increase the demand as a whole. *screw me. I couldn't discuss the public goods, i though paper was 1hour and 45 minutes long*
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Did anyone attempted q3? if yes then what did you wrote in part (a)??
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what was q3??
Wow james. Your answer for q3 is very similar to mine. But i did write about public goods and said that the defination is more accurate for public goods as market economy would never provide such goods as its not possible to chare a price for them due to none-R and none-E.
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oh was it question 3 or 2?.. i;ve been writing it Q2 since the time i've come back from giving the paper... hahah..
Yea public goods were more relevant in this context as the examples are street lights, army, etc. Plus the free rider problem.. Ugh! could have done much better just if time had been with me..!!!
Yea public goods were more relevant in this context as the examples are street lights, army, etc. Plus the free rider problem.. Ugh! could have done much better just if time had been with me..!!!
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Exactly even i'm confused as to how could it fall.. it was so evident that it was falling.. May God be with us!!
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hahah.. no probs!!
so how was your paper? was time enough for whole paper???
so how was your paper? was time enough for whole paper???
Yup, finished it. Section B was good. But can't predict anything for A.. maybe my answer for economic outlook wasn't that good. I basically wrote about Northern territory having a comparative advantage in natural resources, mild inflation ( 10 %) which could actually foster competitiveness, good trade prospects but unemployment is a concern. constant price ( inflation adjusted price) shows accurate and true competitiveness of the country. These were basically my answers. Others were as you know dealt with mathematics which might be rite or wrong. So don't know much about Section A... Hoping paper 1 would be easier, But still let's all pray to Allah that we all achieve A*s 
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Sijan92 said:Yup, finished it. Section B was good. But can't predict anything for A.. maybe my answer for economic outlook wasn't that good. I basically wrote about Northern territory having a comparative advantage in natural resources, mild inflation ( 10 %) which could actually foster competitiveness, good trade prospects but unemployment is a concern. constant price ( inflation adjusted price) shows accurate and true competitiveness of the country. These were basically my answers. Others were as you know dealt with mathematics which might be rite or wrong. So don't know much about Section A... Hoping paper 1 would be easier, But still let's all pray to Allah that we all achieve A*s
dude, i'm at a total loss as to what to study for the paper 1.. i've so so rigorously studied for paper2 that now i literally know whats written on each paper of Bamford, Stanlake, Lipsey book. So, I've started preparing for paper4 which is on 07th now..