Economics Marathon 2014 anyone??? (3 Viewers)

[avi888]

Should this be done?

First question,

If C=100+0.8Y

and I=40

What is the new equilibrium level of income?

 

[mreditor16]

yep hope people come on board.

I won't be answering questions as it is of no use to you guys. but i'll help out by posting good questions and help solve any difficulties that arise

 

[enigma_1]

Should this be done?

First question,

If C=100+0.8Y (1)

and I=40

What is the new equilibrium level of income?

Good idea!


Y = C + I
and

I = 40

:. Y = C + 40

C = Y - 40

:. sub into equation (1)

Y - 40 = 100 + 0.8Y

Apply algebra

0.2Y = 140

:. Y = 700

 

[faisalabdul16]

What is the technical optimum?
What graph represents it?
Is it the max or min value?

 

[mreditor16]

Okay, here's a hard-ish question from last year's HSC (which I attempted - so I know how hard it was for some) and I will give feedback to the first few:

A highway currently passes through a country town. The government is proposing to build a bypass that diverts highway traffic away from the town. Discuss the costs and benefits of this proposal.

 

[mreditor16]

What is the technical optimum?
What graph represents it?
Is it the max or min value?

That is, iirc, not within syllabus. Can we keep this all within the confines of HSC purposes?

 

[lpodtouch]

What is the technical optimum?
What graph represents it?
Is it the max or min value?

I think that was in the Preliminary course in the second module (Consumers and Business) in depicting economies of scale. Upon a firm's expansion, multiple benefits accrue in manipulating 'internal economies of scale' (i.e. improving their efficiency/productive capacity in lowering production costs) through financial incentives of purchasing in bulk (as an example), greater specialisation, etc. The curve is almost parabolic in shape as a 'long run average cost' curve (LRAC) in correlation with a firm's expansion. The curve is split in half by the technical optimum; the left hand side refers to internal economies of scale (expansion --> lower output costs) whilst the right hand side diseconomies of scale (expansion --> higher output costs). The technical optimum is an ideal production point in which a maximum output can be obtained at the lowest possible cost - further expansion can lead to 'internal diseconomies of scale', arising from managerial problems (as an example).

 

[mreditor16]

I think that was in the Preliminary course in the second module (Consumers and Business) in depicting economies of scale. Upon a firm's expansion, multiple benefits accrue in manipulating 'internal economies of scale' (i.e. improving their efficiency/productive capacity in lowering production costs) through financial incentives of purchasing in bulk (as an example), greater specialisation, etc. The curve is almost parabolic in shape as a 'long run average cost' curve (LRAC) in correlation with a firm's expansion. The curve is split in half by the technical optimum; the left hand side refers to internal economies of scale (expansion --> lower output costs) whilst the right hand side diseconomies of scale (expansion --> higher output costs). The technical optimum is an ideal production point in which a maximum output can be obtained at the lowest possible cost - further expansion can lead to 'internal diseconomies of scale', arising from managerial problems (as an example).

oh yes, now I remember. but let's try to keep the questions on this marathon limited to hsc content, even though prelim content is assumed knowledge.

 

[lpodtouch]

Okay, here's a hard-ish question from last year's HSC (which I attempted - so I know how hard it was for some) and I will give feedback to the first few:

A highway currently passes through a country town. The government is proposing to build a bypass that diverts highway traffic away from the town. Discuss the costs and benefits of this proposal.

How many marks are allocated to the question?

 

[mreditor16]

How many marks are allocated to the question?

4 marks....

 

[photastic]

Okay, here's a hard-ish question from last year's HSC (which I attempted - so I know how hard it was for some) and I will give feedback to the first few:

A highway currently passes through a country town. The government is proposing to build a bypass that diverts highway traffic away from the town. Discuss the costs and benefits of this proposal.

Airy fairy question:
Costs - Bad for the town since ppl will use the highway instead, hence reduce productivity or even income levels for the town. Also in the long run, towns people might be more encouraged to work somewhere else since the it's no probs forgotten. Increase pollution when constructing the highway, degrade the environment blah blah.
Benefits - Increase mobility of labour for the highway people, which can improve work opportunities for faster travel and all that and increase economic growth. Less noise pollution for the town.

Refers to CARS THE MOVIE

 

[mreditor16]

Airy fairy question:
Costs - Bad for the town since ppl will use the highway instead, hence reduce productivity or even income levels for the town. Also in the long run, towns people might be more encouraged to work somewhere else since the it's no probs forgotten. Increase pollution when constructing the building, degrade the environment blah blah.
Benefits - Increase mobility of labour for the highway people, which can improve work opportunities for faster travel and all that and increase economic growth. Less noise pollution for the town.

Refers to CARS THE MOVIE

To practice your short answer writing skills, try answering the question in an exam-style format. If you do and post it, I can give some feedback

 

[anomalousdecay]

Okay, here's a hard-ish question from last year's HSC (which I attempted - so I know how hard it was for some) and I will give feedback to the first few:

A highway currently passes through a country town. The government is proposing to build a bypass that diverts highway traffic away from the town. Discuss the costs and benefits of this proposal.

Yeah I remember this. I thought it was one of the easier ones though (then again B4 lol) ?

I think I wrote about costs of material use, the fact that the town has less tourists coming in for pitstops, diseconomies of scale of extra travel for import/exporting to and fro the town, and environmental damage of moving further out into bushland or animal native areas as key points for costs. Benefits were of allowing the town be much quieter and allow the town to have more productivity in farming and what not (yeah have put in more benefits lol).

 

[photastic]

Yeah I remember this. I thought it was one of the easier ones though (then again B4 lol) ?

I think I wrote about costs of material use, the fact that the town has less tourists coming in for pitstops, diseconomies of scale of extra travel for import/exporting to and fro the town, and environmental damage of moving further out into bushland or animal native areas as key points for costs. Benefits were of allowing the town be much quieter and allow the town to have more productivity in farming and what not (yeah have put in more benefits lol).

Huhhhhhh!?!?

 

[mreditor16]

Huhhhhhh!?!?

he means he get band 4 for eco.

ANYWAY, is someone willing to give a shot at the original question?

Here it is: A highway currently passes through a country town. The government is proposing to build a bypass that diverts highway traffic away from the town. Discuss the costs and benefits of this proposal. (four marks)

 

[enigma_1]

Airy fairy question:
Costs - Bad for the town since ppl will use the highway instead, hence reduce productivity or even income levels for the town. Also in the long run, towns people might be more encouraged to work somewhere else since the it's no probs forgotten. Increase pollution when constructing the highway, degrade the environment blah blah.
Benefits - Increase mobility of labour for the highway people, which can improve work opportunities for faster travel and all that and increase economic growth. Less noise pollution for the town.

Refers to CARS THE MOVIE

That's EXACTLY what I thought of when I read the question! I guess movies help in a way ))

 

[mreditor16]

Guys, anyone going to give an answer? =(

 

[photastic]

Guys, anyone going to give an answer? =(

Does my content suffice though or do I need to add more?

 

[anomalousdecay]

Guys, anyone going to give an answer? =(

Same boat about my Physics marathon question

When everyone sees the answer, they'll see how simple it is.

 

[mreditor16]

Does my content suffice though or do I need to add more?

you need to write it in full sentences for a start. try to write as if it was in exam-conditions.