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the link you posted is very complicated to approach. It takes much time to reach the related question.
Dear you were to relate MRP with trade unions etc by explain how wages are different in two situation. You were to use the same graph showing MRP wages and trade union's wage rate. Any way it depends upon your explanation and examples as well. But as per you have mentioned its very lesser explanation to get good marks. I think he will award you around 9-10 marks. But you need not to be disappointed. Focus on p3 because what is done cannot be changed. So, cover this deficit from p3. I wish you best of luck for upcoming paper.
12C decreasing returns to scale means cost is increasing more than the rise in output.
12C decreasing returns to scale means cost is increasing more than the rise in output.
Average product is continuously decreasing.
oh,as for the other question,I did the efficiency question.In that I explained economic effiiciency with allocative and productive efficeincy with diagrams.Showed a perfect market structure and imperfect structure and explained that efficiency may achieved with the profit motive to keep costs low but in the long run may lead to inefficiency because of monopoly or oligopoly strucutre.Again drew the diagram and showed the ineffiiciency. Stated that govt intervention could increase costs of firms by minimum wage rate so efficeny may be difficult to achieve.Explained the contrast between and public and private sector with market failure as an example.Drew negative externality to show over production and ended saying govt intervention is needed as consumers may be exploited.I hope Ill get more here sir?
yes its very nice. Well done. I think you must have explained the concept of deadweight loss and the role of government as refree for a game of support where it ensures that the element of fairness is there.
sadly I couldn't explain deadweight loss because didn't have much time.On the whole how many marks do you think I should get sir?
You are very true dear
do you have the answer,if you do,could u please post it here.Also do u remember your section A answers?
You will get very good marks around 17.
So how much will that answer get atleast?
hey its okay,don't want to bother you.The paper is done now and there is no point contemplating on what could have happened.Will just concentrate on p3 now.
thanks a lot,wish I could have read this before the exam.Nevertheless,I think I managed to write the core concepts and compliment them with them with the appropriate diagrams.
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