Hey guys if there is any people who have done econ111 , and want to earn some cash for helpin me with the final essay questions contact me at omar_taheri@hotmail.com
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ECON 111 FINAL exam (1 Viewer)
- Thread starter DbadBOY
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well i did it s2 last year .. n i did ok in my assignment n mid sem .. passed i think.. n yea i studied the lec notes.. n then got a smart friend of mine to help me wif questions .. n i got a credit 
.. hope things workout for the rest of you .. good luk kids
.. hope things workout for the rest of you .. good luk kids 
Tabris
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- 2004
ECON111 in retrospect is easy, if u can understand the diagrams and can put in words what is actually happening, u will do well.
If u can't survive 111 then 2nd and 3rd year econ will kill you.
For those contemplating econ200, theres a massive leap in difficulty compared to 111.
If u can't survive 111 then 2nd and 3rd year econ will kill you.
For those contemplating econ200, theres a massive leap in difficulty compared to 111.
Now, to help you other guys with this exam on Thursday -->
Dear, the PPF model is a simple model which is exactly what the title says - a Production Possibility Frontier.
I suggest you don't worry about this and move forwards because there are a LOT more other things you need to worry about than this topic. The PPF model just tells you about producing different level of outputs (i.e. Pizza and DVDs) until the different input levels. Once again, skip through this.
The lecture notes are the best and most use-ful study guides necessary for succeeding in this topic because they are hints onto everything (well, about 80%) of what you should know and the details required from you.
If you need help answering the compulsory questions, here's some advice
1. Question 1 asks you to parallel the Consumer and Producer market analysis in terms of their Budget Constraint (consumer) and Technology production analysis (firms).
Basically go through each model and point out the similiarities.
Consumers are governed by their incomes and their preferences, choices of the goods that they want.
Firms are governed by the cost of wages and capital.
2. CBF
Just let me know if you need help
Dear, the PPF model is a simple model which is exactly what the title says - a Production Possibility Frontier.
I suggest you don't worry about this and move forwards because there are a LOT more other things you need to worry about than this topic. The PPF model just tells you about producing different level of outputs (i.e. Pizza and DVDs) until the different input levels. Once again, skip through this.
The lecture notes are the best and most use-ful study guides necessary for succeeding in this topic because they are hints onto everything (well, about 80%) of what you should know and the details required from you.
If you need help answering the compulsory questions, here's some advice
1. Question 1 asks you to parallel the Consumer and Producer market analysis in terms of their Budget Constraint (consumer) and Technology production analysis (firms).
Basically go through each model and point out the similiarities.
Consumers are governed by their incomes and their preferences, choices of the goods that they want.
Firms are governed by the cost of wages and capital.
2. CBF
Just let me know if you need help
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Tabris
Member
- Joined
- Mar 16, 2004
- Messages
- 806
- Gender
- Male
- HSC
- 2004
There is a check list in the unit outline, go through every single one of them, thats the best guide.
If u can draw a diagram and explain everything of the dynamics, it should be ok.
e.g. SUbstitution effect, income effect, things such as changes in price, changes income etc.
Know your IC model, different types of goods preferences etc.
Know your D & S, deadweight loss, consumer and producer surplus. Why are quotas bad? and how does price ceilings and price floors work against surplus?
What do isocost curves represent? why do firms select points that are negatively sloped?? what happens when capital becomes cheaper? or wage lowers??
Know your Total revenue curves, know your cost curves, can u explain how the marginal and average cost curves are derived? Do you know how to derive MR from TR? Why is it that profit maximisation is at MR = MC? Why does the fixed cost curve decrease as output increase?
Also, know your industry structures, PC, Monopolistics, Oiliogopolistic, Monopoly.
What are the charateristics for each market structure?
Why is there a price taker or a price maker ??
Why is the demand curve downward sloping and why is it the average revenue curve for the monopolist?
Why is the demand curve slightly sloping for monopolistic??
Why is there discontinuity in a oliogopolistic AR, MR curve??
How does the game theory work? what is the equilibrium? what is the Nash equilibrium?
What happens in the long run for PC and monopolistic structures? why does this occur? what does this imply about super-normal profits and normal profits?? What are the implications on sunk costs/fixed costs?
What is price discrimination? What is the difference and charateristics of 1st, 2nd and 3rd degree price discrimination?
Is first degree more efficient than 2nd degree? Why do firms practice these discriminatory pricing tools?
Also, i think theres a little bit on market failure, asymmetric information externalities etc. but they were minor in the exams.
Like i said, go through the entire checklist in the unit outline on eac of the topics, if you can know what is the concept, know how to provide a diagram where neccesary and explain the dynamics, you should be fine and get a good pass for it.
Thats off the top of my head, best of luck,
If u can draw a diagram and explain everything of the dynamics, it should be ok.
e.g. SUbstitution effect, income effect, things such as changes in price, changes income etc.
Know your IC model, different types of goods preferences etc.
Know your D & S, deadweight loss, consumer and producer surplus. Why are quotas bad? and how does price ceilings and price floors work against surplus?
What do isocost curves represent? why do firms select points that are negatively sloped?? what happens when capital becomes cheaper? or wage lowers??
Know your Total revenue curves, know your cost curves, can u explain how the marginal and average cost curves are derived? Do you know how to derive MR from TR? Why is it that profit maximisation is at MR = MC? Why does the fixed cost curve decrease as output increase?
Also, know your industry structures, PC, Monopolistics, Oiliogopolistic, Monopoly.
What are the charateristics for each market structure?
Why is there a price taker or a price maker ??
Why is the demand curve downward sloping and why is it the average revenue curve for the monopolist?
Why is the demand curve slightly sloping for monopolistic??
Why is there discontinuity in a oliogopolistic AR, MR curve??
How does the game theory work? what is the equilibrium? what is the Nash equilibrium?
What happens in the long run for PC and monopolistic structures? why does this occur? what does this imply about super-normal profits and normal profits?? What are the implications on sunk costs/fixed costs?
What is price discrimination? What is the difference and charateristics of 1st, 2nd and 3rd degree price discrimination?
Is first degree more efficient than 2nd degree? Why do firms practice these discriminatory pricing tools?
Also, i think theres a little bit on market failure, asymmetric information externalities etc. but they were minor in the exams.
Like i said, go through the entire checklist in the unit outline on eac of the topics, if you can know what is the concept, know how to provide a diagram where neccesary and explain the dynamics, you should be fine and get a good pass for it.
Thats off the top of my head, best of luck,