Kawaii Potato Posted May 3, 2016 Report Share Posted May 3, 2016 Now It's time when Econ paper one can be discussed! How did you guys do? My whole school found it very complicated, so we are hoping for low grade boundaries LOL Reply Link to post Share on other sites More sharing options...
souffi Posted May 3, 2016 Report Share Posted May 3, 2016 hoping for low grade boundaries too haha it was by far the hardest paper 1 i've ever done, not exactly the best way to start finals week. but oh well at least it's over 1 Reply Link to post Share on other sites More sharing options...
sormaj Posted May 3, 2016 Report Share Posted May 3, 2016 This was the one with asymmetric information/monopoly power/positive externalities for the 1a question right? sorry I get confused with the different tests for the different time zones... 1 Reply Link to post Share on other sites More sharing options...
JamVaun Posted May 3, 2016 Report Share Posted May 3, 2016 it was by far the worst paper 1 ive ever done as well...I had the assymetric monopoly (pick two) question and the oligopoly issues as question 2 for micro, is that the same as tz0? Reply Link to post Share on other sites More sharing options...
sormaj Posted May 3, 2016 Report Share Posted May 3, 2016 Just now, JamVaun said: it was by far the worst paper 1 ive ever done as well...I had the assymetric monopoly (pick two) question and the oligopoly issues as question 2 for micro, is that the same as tz0? That is the one I had! Not sure if it was TZ0 though, but yeah it was horrible. I picked the 1a question and it was really a trap since you really had to explain a lot for an a) question - so I was really stressed out for all the other questions... I guess the only thing we can do is to pray for low grade boundaries... Reply Link to post Share on other sites More sharing options...
punkrock Posted May 3, 2016 Report Share Posted May 3, 2016 1 minute ago, sormaj said: That is the one I had! Not sure if it was TZ0 though, but yeah it was horrible. I picked the 1a question and it was really a trap since you really had to explain a lot for an a) question - so I was really stressed out for all the other questions... I guess the only thing we can do is to pray for low grade boundaries... It's actually the TZ2 exam. For the micro question (b), which was something like evaluate the use of regulations to reduce negative externalities, regulations don't include indirect taxes do they? Reply Link to post Share on other sites More sharing options...
JamVaun Posted May 3, 2016 Report Share Posted May 3, 2016 Well i answered half of 1a and then decided to do question 2 instead, which I actually found a bit simpler and more exact in what they were asking...which question did you do for part b? I did 3 although i couldnt answer 3a that well... Reply Link to post Share on other sites More sharing options...
sormaj Posted May 3, 2016 Report Share Posted May 3, 2016 2 minutes ago, punkrock said: It's actually the TZ2 exam. For the micro question (b), which was something like evaluate the use of regulations to reduce negative externalities, regulations don't include indirect taxes do they? No they don't... I did say that regulations included indirect taxes though so I hope they won't give me a 0 for not understanding the specific demands of the question... I did argue that one way of regulating the market is by imposing market-based policies while another way of regulating the market is through legislation and thus I feel like I justified why I thought that indirect taxes counted as a regulation but I don't know... Reply Link to post Share on other sites More sharing options...
JamVaun Posted May 3, 2016 Report Share Posted May 3, 2016 4 minutes ago, punkrock said: It's actually the TZ2 exam. For the micro question (b), which was something like evaluate the use of regulations to reduce negative externalities, regulations don't include indirect taxes do they? I would say they were, they are imposed by the government on goods and services and regulates the quantity consumed...?? Reply Link to post Share on other sites More sharing options...
sormaj Posted May 3, 2016 Report Share Posted May 3, 2016 Just now, JamVaun said: I would say they were, they are imposed by the government on goods and services and regulates the quantity consumed...?? Right, this is what I argued but when looking in the Economics text book they separate regulations and market-based policies... Reply Link to post Share on other sites More sharing options...
JamVaun Posted May 3, 2016 Report Share Posted May 3, 2016 1 minute ago, sormaj said: Right, this is what I argued but when looking in the Economics text book they separate regulations and market-based policies... oh fair enough, but i doubt you would lose marks for mentioning it...here's hoping that the other two papers saves me from a disastrous paper 1 1 Reply Link to post Share on other sites More sharing options...
punkrock Posted May 3, 2016 Report Share Posted May 3, 2016 3 minutes ago, sormaj said: Right, this is what I argued but when looking in the Economics text book they separate regulations and market-based policies... Exactly... That's also what I noticed which all of a sudden makes the question very tricky. Reply Link to post Share on other sites More sharing options...
sormaj Posted May 3, 2016 Report Share Posted May 3, 2016 1 minute ago, punkrock said: Exactly... That's also what I noticed which all of a sudden makes the question very tricky. I guess that the question wants you to discuss which is most effective; direct legislation (government regulation) or market-based policies - and I hope that as long as you discussed these aspects and came to a conclusion you get some points at least. Yet - do they really want you to discuss BOTH negative externalities of consumption and production? because I only discussed how they affect negative externalities of consumption as if I would include production I would need at least 20 minutes more... Reply Link to post Share on other sites More sharing options...
punkrock Posted May 3, 2016 Report Share Posted May 3, 2016 1 minute ago, sormaj said: I guess that the question wants you to discuss which is most effective; direct legislation (government regulation) or market-based policies - and I hope that as long as you discussed these aspects and came to a conclusion you get some points at least. Yet - do they really want you to discuss BOTH negative externalities of consumption and production? because I only discussed how they affect negative externalities of consumption as if I would include production I would need at least 20 minutes more... Did you do a diagram? I basically just explained negative externalities, enumerated a few regulations, gave an example for both production and consumption externalities and regulations that have been done in the past but haven't been effective. Then I proposed tax as an alternative and explained its efficiency. Reply Link to post Share on other sites More sharing options...
Kawaii Potato Posted May 3, 2016 Author Report Share Posted May 3, 2016 28 minutes ago, sormaj said: This was the one with asymmetric information/monopoly power/positive externalities for the 1a question right? sorry I get confused with the different tests for the different time zones... It was this one. I decided to do the one on oligopoly and the one on economic growth and investment, but I totally panicked and confused price discrimination with price competition. By far the hardest paper I have ever done since it was mainly on topics we barely looked at during class Reply Link to post Share on other sites More sharing options...
sormaj Posted May 3, 2016 Report Share Posted May 3, 2016 2 minutes ago, Kawaii Potato said: It was this one. I decided to do the one on oligopoly and the one on economic growth and investment, but I totally panicked and confused price discrimination with price competition. By far the hardest paper I have ever done since it was mainly on topics we barely looked at during class 4 minutes ago, punkrock said: Did you do a diagram? I basically just explained negative externalities, enumerated a few regulations, gave an example for both production and consumption externalities and regulations that have been done in the past but haven't been effective. Then I proposed tax as an alternative and explained its efficiency. I did (isn't that one of the criteria in P1?), one explaining how legislation will affect the market and one in which I explained how a tax might reduce the negative externality of consumption and why it might not be as efficient as legislation directly preventing the consumption. However I did not have time to include all important arguments. Reply Link to post Share on other sites More sharing options...
punkrock Posted May 3, 2016 Report Share Posted May 3, 2016 (edited) 9 minutes ago, sormaj said: I did (isn't that one of the criteria in P1?), one explaining how legislation will affect the market and one in which I explained how a tax might reduce the negative externality of consumption and why it might not be as efficient as legislation directly preventing the consumption. However I did not have time to include all important arguments. Didn't have time for the graph. I believe it isn't always mandatory in (b) parts, even though it is always, of course, better to include one. Edited May 3, 2016 by punkrock Reply Link to post Share on other sites More sharing options...
Djsporting Posted May 3, 2016 Report Share Posted May 3, 2016 Did 1) and 3) Abuse of Monopoly power & Negative externalities and Automatic Stabilizers and Fiscal policy one. Just wondering. For the Fiscal policy question did anyone represent partial crowding out as a possible consequence of the implementation of fiscal policy. Question one was really time consuming though.. we'll see how it goes Reply Link to post Share on other sites More sharing options...
Djsporting Posted May 3, 2016 Report Share Posted May 3, 2016 17 minutes ago, punkrock said: Did you do a diagram? I basically just explained negative externalities, enumerated a few regulations, gave an example for both production and consumption externalities and regulations that have been done in the past but haven't been effective. Then I proposed tax as an alternative and explained its efficiency. Did the same think as you and compared regulations with market-based policies as possible alternatives.. seemed to be what the question was asking Reply Link to post Share on other sites More sharing options...
sormaj Posted May 3, 2016 Report Share Posted May 3, 2016 Just now, Djsporting said: Did 1) and 3) Abuse of Monopoly power & Negative externalities and Automatic Stabilizers and Fiscal policy one. Just wondering. For the Fiscal policy question did anyone represent partial crowding out as a possible consequence of the implementation of fiscal policy. Question one was really time consuming though.. we'll see how it goes Yes I did mention crowding out very briefly as I spent most time discussing government expenditure on physical capital Reply Link to post Share on other sites More sharing options...
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