Economics 8816 9732 9079

Bellofemme SG

bras are normal goods okay, they're necessities. so got less than proportionate increase in quantity demanded when income increases because once satiation is reached, cannot buy more. so bras aren't weird pls. haha

rs rs SG

trying dumping millions of bra in EU. aye. the word dumping just sounds funny in non- economics sense. but i can say goodbye to econs already! wooohoo!

jchh SG

hehe some bras are luxurious goods too! haha okok... but econs over... i feel relive that qus 3 paper 2 is not as hard as i expected when my tutor called me... hahaha whee....

chisinau SG

econs is a crapping subject. apart from qn 6a in paper 2, which i was forced to do (since i have no other questions tt i could do), the paper is largely okay. hope that they accept my crap, that is.

^tamago^ SG

i hope they accept my crap too

^tamago^ SG

darn... did we have to write that? :o

jchh SG

but im still looking for ppl who attempt qus 3 paper 2 LOL... and tml is International hist! sian la...

^tamago^ SG

lol… i didn’t Surprised

dfs24 SG

I did qn3 p2. Haha.

You want the outline?

LOL.

Market fail when pareto efficiency not met. Pareto efficiency = Allocative + Productive efficiency

Factor immobility = E.g Labour. Skills are unique to each job. So when there is a change in structure of ecy, skills mismatch. Hence labour immobile between jobs. With structural unemployment,not all resources are utilised. So P.E not met. Also deadweight loss of human capital.

Imperfect info on benefits/costs = over/underconsumption

Part b) just write about labelling to correct imperfect knowledge. Suggest bigger and clearer labelling. Then for factor immobility write about WDA and Lifelong learning fund. Then evaluate that people may not necessarily go for retraining.

I did 3,4,5 btw.

jchh SG

haha i start off with this

Market failure refers to an unregulated market that fails to produc a socially efficent output whereby MSB=MSC

LOL then i cant remember liao then i say no perfect information are markets that have no perfect information and they are imperfect markets (Monopoly etc...) then i said a monopoly fails to produce its socially efficieny output... the charges P>MC lalala... then and its allocatively inefficent...

Part b i tok about soving negavtive externatlites in produciton... MC pricing for monopoly... then Subsidies regulations and stufss... so i guess i wrote off point! LOL

DrAlienology SG

you need to write about monopoly inefficiency, external cost/benefit, merit/demerit good. bascially all cases of causes of market failure.

i only wrote external cost... damn!

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