ECON1001 Past exam paper (1 Viewer)

[Sarah168]

marginal benefit?

@ sarah: lolz yeh, but think of the MB, and maybe u end up being a gainer?!

I thought his MB rendition was quite stirring.

I meant when he first started with economics and he was talking about MB, that part of the course was very rich with the flailing arm movements and what not.

Well, I know MB is marginal benefit but ...oh wait....i just got it. Doh!

 

[ToO LaZy ^*]

...i may have missed something here...

 

[Sarah168]

011 was talking about one of Dennis' first lectures with us

err and me and xiao were trying to merge econ concepts (OC and MB) into our posts. Failed attempt clearly since I didnt even initially know that his use of MB was referring to marginal benefit to be gained. Ok Ill shut up and go back to studying now

 

[04er]

can't wait to get this shit over

 

[Sarah168]

*stabs monopolies*...i dont know why but that topic just doesnt seem to sink in.

 

[04er]

*stabs monopolies*...i dont know why but that topic just doesnt seem to sink in.

*stabs entire textbook* i hate monopolies too... and all the rest of it

 

[Sarah168]

haha i dont touch the textbook anymore i just use lecture notes and re-do tutorials til i memorise the questions practically :/

exam papers are so hard

 

[jpr333]

I don't know why we take the inverse, I'm just rote-learning this entire course. De Roos' lecture notes just state plainly that you take the inverse.

By the way, does any one know if the deadweight loss of subsidies operate in the same way as taxes, in that the more elastic are demand/supply the larger is the deadweight loss? I'm quite sure this would be the case due to graphs I've drawn, but it would be good to have confirmation.

The slope is rise/run but we want Q/P for price elasticity so we just take the inverse which is run/rise.

Subsidies are tricky, still haven't had it clarified after searching the web/looking at answers, i think DWL is overpoduction or the difference between what the gov actually pays and the increase in production. Elasticities you'd just have to manually do the graphs and see how it works out.