Economics, Accounting & Business: Post your doubts here!

[zainabkhann]

Its a textbook question, Topic: Market Research
- Explain why it is important to consider the type of market that a product is aimed at before starting primary research (3)
Getting confused with this question,

 

[zainabkhann]

Can someone please list two more differences between these two?

- What are the differences between qualitative and quantitative research?
Ans. Qualitative research is research concerning consumer habits and opinion whereas quantitative research is research involving numerical values that can be statistically analyzed and measured.

 

[shaahid]

Economics oct/nov 2012 paper31 Q4 !!
The answer is C.
Any help appreciated
http://tinypic.com/r/28h3m2c/4

 

[Apex-Kill]

Wat dis?(lols)

 

[Sarkerms]

Can anyone help me with no 24 for accounting o/n 2012 p31

 

[SalmanPakRocks]

SalmanPakRocks did you ask your tutor those two questions ?

I've already asked for that. But he couldn't explain me on Phone. However, he'd visit me on Wednesday, I'll be sure to make sure that I put up the solution as soon as he teaches me that.

 

[SalmanPakRocks]

Please someone explain me the terms of trade. Or provide the notes.

You don't need notes for that, just remember that terms of trade is the price of your export/ the price of your imports.
Formula would be thus very clear:
Price of exports/Price of Imports * 100

 

[SalmanPakRocks]

Its a textbook question, Topic: Market Research
- Explain why it is important to consider the type of market that a product is aimed at before starting primary research (3)
Getting confused with this question,

It indicates the type of market you want to enter, a product oriented market can not be based on secondary research data as the product would be unquie and the consumer purchasing pattern, attitude towards the product etc, would be different, however, if you're entering a consumer oriented market, the secondary reasearch data can be relied upon.

 

[SalmanPakRocks]

ANYONE ELSE HERE FOR ECONOMICS AS LEVEL PREP?

I'm going to appear for Economics AS level, if you've queries, feel free to ask.

P.S: Don't write in CAPS, it's not allowed.

 

[SalmanPakRocks]

i've just started solving paper 1 of basic economics,

the answer is supposed to be C.
i feel so embarrassed, its supposed to be an easy chapter and a common question but i just dont get it, why isn't the answer B?? i thought it was B? can someone explain.

also:

why is B the answer??

For the first question, it's easy;
See, there can be only 2 valid options C and D; B you're saying is wrong because productivity has nothing to do with full employment of factors of mix.
An exhaustion in natural resource would lead to low production of consumer goods but would have little effect on capital goods. However, if the employment rate rises, that means that the factor of production are left idle, therefore the PPF would shift inwards.

For second part:
Normative statements are those in which opinions are given and you can't challenge those because everyone has their own opinion. That pretty much explains why B is the right answer.

 

[Apex-Kill]

That would be B I'll made an account to make you understand that.
View attachment 23715
please mind the writing and the presentation, I'm not really good at writing on paint with touch pad.

Thanx! But is it okay if u could explain it? Cus im not really good at understanding accruals & prepayment accounts

 

[SalmanPakRocks]

Thanx! But is it okay if u could explain it? Cus im not really good at understanding accruals & prepayment accounts

I'm sorry, I made a mistake last night, here's the corrected solution, actually, I mixed up because of doing it on paint. Here's the picture attached.
I hope the picture is clear because that's taken from my cell.

 

[SalmanPakRocks]

Thanx! But is it okay if u could explain it? Cus im not really good at understanding accruals & prepayment accounts

Now for the explaination:
b/d Accrual is always on the dr side when we're talking about income accounts. That's rent recieved, in this case. This is because that's our asset and asset increase = dr.
b/d prepaid are always on the cr side because that's an un-earned income so thus is our liability. Liability increase = cr.
About that cash entry, it'd always be on cr side, that's because:
Bank Dr
Rent Income Cr
Bad debts, just like Sales ledger control account would be at the cr side because:
Bad debts Dr
Rent Income Cr
c/d is always done at the opposite side so the accruals would be on cr side and prepaid on dr.
Income statement would be on the Dr Side because of the following entry:
Rent Income Dr
Income Statement Cr
^^ Crediting income statement means we're increasing our profit.
Hope this clears it up.

 

[Apex-Kill]

Thank you man..that explanation was more than enough..

 

[xmariam3x]

I'm going to appear for Economics AS level, if you've queries, feel free to ask.

P.S: Don't write in CAPS, it's not allowed.

yeah it was a mistake , btw I remember u from the olevel forums when i use to come here to discuss pak studies and islamiat! good old days :')
thanks for answering, can u give me brief answers in points of these questions?
Q: Discuss the desirability of the direct provision of goods and services by the government. (12) J/05/2b
Q: Discuss how resources are allocated in market economy? (8)
^ in the last question, can we talk about high competitions/free choice of customers too?

oh and please explain in basic english, lol i do understand english, but i will grip the concept better if its in basic thanks!

 

[SalmanPakRocks]

yeah it was a mistake , btw I remember u from the olevel forums when i use to come here to discuss pak studies and islamiat! good old days :')
thanks for answering, can u give me brief answers in points of these questions?
Q: Discuss the desirability of the direct provision of goods and services by the government. (12) J/05/2b
Q: Discuss how resources are allocated in market economy? (8)
^ in the last question, can we talk about high competitions/free choice of customers too?

oh and please explain in basic english, lol i do understand english, but i will grip the concept better if its in basic thanks!

Haha yeah, I remember you too.

Okay, these are easy questions:
For the 12 marks, I'd start with something like this:
The goods that an economy observes while operation are named as public goods and private goods.
Then I'd explain the characteristics of public good and why they're always provided by the government and not the market mechanism.
Then I'd explain how public good can't be provided by the government in case of lack of funds by the government, and if the private sector provides these goods, how would it charge to the consumers. Example: Road tax.


For the second question:
Define the market Economy, and how there's no government present.
use the graph of Demand and supply to show how the market clearing price is only defined by the 'invisible hands' stated by Adam Smith known as the forces of demand and supply and how neither consumer nor producer can influence the price.
The advantages of Market economy (Yes, freedom of choice is a must include)
Disadvantages of market economy, including all types of market failure: example; non-provision of public good, over production of de-merit good etc.

 

[lovely666]

can any1 please tell me how to solve this. (Accounting As) how to find fixed cost when units and total cost is given??

 

[SalmanPakRocks]

can any1 please tell me how to solve this. (Accounting As) how to find fixed cost when units and total cost is given??

Is the answer C?

 

[SalmanPakRocks]

If it's C then this is simple.
I used the simple maths ratio
First, the level of activity was 65 and the cost was 15600, the activity then rose to 90 so this means 25 new products were produced. Because of this, the cost rose to 19600. If we minus 19600 from 15600, we'll get the cost incurred to make these products. Thus it's $4000 and therefore $4000/ 25 = $160.
This is variable cost per unit. Just multiple it by 65 and deduct it from 15600, you'll get $5200

 

[lovely666]

If it's C then this is simple.
I used the simple maths ratio
First, the level of activity was 65 and the cost was 15600, the activity then rose to 90 so this means 25 new products were produced. Because of this, the cost rose to 19600. If we minus 19600 from 15600, we'll get the cost incurred to make these products. Thus it's $4000 and therefore $4000/ 25 = $160.
This is variable cost per unit. Just multiple it by 65 and deduct it from 15600, you'll get $5200

yup its C.. THNKS soo much.. )