May 25, 2019, 03:44:26 am

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Cranium002

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« Reply #720 on: March 18, 2018, 09:58:22 pm »
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What is the best tips a top Economics Student can provide on how to study for Economics, both MCQ and Short Answer.  Thanks.

Chelsea f.c.

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« Reply #721 on: May 18, 2018, 09:25:35 pm »
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In macroeconomics there are three topics short run, long run and really long run were I think you only focus on long run (ad-as) there are four possibilities of shifts with ad-as and what's the point of rederiving it on exam when you can draw a table of the effects of each otherwise I think it's just adapting the prompt to the example... I never did economics at school though but am majoring in it at uni so I don't know if I've helped...
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DoctorTwo

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« Reply #722 on: October 31, 2018, 04:38:10 pm »
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I know this is last minute but I can see some people are here, so I was just wondering about question 2b from the sample exam. 2b asks 'Explain why an economy must achieve productive efficiency in order to achieve allocative efficiency. (3 marks)'. From my understanding, allocative efficiency refers to allocating resources in a way that maximises society's wellbeing, and productive efficiency is essentially maximising production and productivity, and lowest cost, but I don't understand why productive efficiency has to be achieved first. Is it because productive efficiency essentially lowers the prices that are offered to consumers and that this maximises societal wellbeing? This confuses me a bit.

Chelsea f.c.

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« Reply #723 on: October 31, 2018, 05:02:54 pm »
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It's ok... is it a question of maximizing the size of the pie to increase the size of each slice??? In this instance by using resources more effectively we increase the overall economy and hence there's more to go around I.e. allocation... post back with more details if that doesn't help... good luck!
Bachelor of Commerce (Honours) Finance - UoM - 2019
Bachelor of Commerce - Economics and Finance - UoM - 2015 - 2018
Diploma in Mathematical Sciences - Statistics and Stochastic Processes - UoM - 2015 - 2018

joanna120728

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« Reply #724 on: November 19, 2018, 04:22:32 pm »
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Hi does anyone know whether it's worth getting the new edition of the 3/4 eco books for 2019? I don't want to spend so much money on new books, but if there are big differences in the new edition then I'll have to buy them new.

S200

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« Reply #725 on: November 19, 2018, 04:30:19 pm »
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The study design is already 2 years in, so the only information that would change between this year and next would be current budget initiatives and their effect on AD/AS, and maybe some updated graphs with more recent data.
If you like eBooks you can just buy the JacPlus activation code for the Economics 3/4 textbook, and that should be an updated version...
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DoctorTwo

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« Reply #726 on: November 19, 2018, 08:51:00 pm »
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Yeah I don't know about other books but the Jacaranda ebook one updates their policies and data each year and usually a month or two before exam time.

saraaburns

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« Reply #727 on: November 19, 2018, 10:41:58 pm »
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Hi does anyone know whether it's worth getting the new edition of the 3/4 eco books for 2019? I don't want to spend so much money on new books, but if there are big differences in the new edition then I'll have to buy them new.

The CPAP books are pretty good but don't update on budgetary policy (because the budget comes out later in the year). So if your school uses CPAP getting past ones shouldn't be a problem.
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tcvc

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« Reply #728 on: February 06, 2019, 08:22:36 pm »
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hi,
I was wondering if anyone could tell me how changes in relative prices alter 'for whom' goods and services are produced. I was only given very brief notes on it which don't make much sense.
Thanks a lot to anyone who can help.

Chelsea f.c.

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« Reply #729 on: February 11, 2019, 05:13:21 pm »
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Sorry don't understand question exactly could you explain a bit more?
Bachelor of Commerce (Honours) Finance - UoM - 2019
Bachelor of Commerce - Economics and Finance - UoM - 2015 - 2018
Diploma in Mathematical Sciences - Statistics and Stochastic Processes - UoM - 2015 - 2018

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