Contestable Markets | Livestream | Aiming for A-A* Economics 2024

[@tutor2u-official]

Hot topics for Paper 1 (2024) Don't forget to catch this must-watch 8-minute video from Geoff on Paper 1 Hot Topics for 2024: packed with essential application. kzbin.info/www/bejne/Z6bUo6CHrsqEaaM

[@macjarvis2882]

For predatory prices, could you draw another curve for AVC and set AVC = AR as in the short run, large firms can incur a loss of fixed costs?

[@tutor2u-official]

Indeed

[@G9bows]

hi geoff! i've been doing 25 markers to prepare for my exam, and i've been finding that i normally get around 19-20 marks as i don't have enough context in my answers. i'd like to ask for your recommendations for learning things that aren't on the spec, such as micro and macro context. should i focus on one country/industry or learn a little bit about many different ones?

[@сашабоднарук-ъ9к]

Out of curiosity, what examboard do you use? My teachers never told me to have context, usually it's in the source no?

[@G9bows]

@@сашабоднарук-ъ9к i do AQA, for the 15 and 25 markers in section B you won't be given an extract but they may ask you about something in an industry/economy of your choice, or about a specific theme e.g. explain how monopolies can lead to market failure. for questions like that i've seen that it's normally good to have some real-world examples on hand to apply your knowledge in the real world. not sure for other exam boards though!

[@сашабоднарук-ъ9к]

@@G9bows Don't they usually have a small stem that comes with the question. My teacher always told me to use some application, however it's pretty basic. If they talk about firms like apple in the stem, usually I would talk about the iPhone in my answer, or something like that

[@tutor2u-official]

I would revise one industry per market structure (oligopoly, monopoly, state-owned firm) and also become a mini expert on one developed country (perhaps Germany, Ireland) and one developing country. Most of the application you need will be in the extracts but that extra layer of wider knowledge / context is IMHO what often makes the difference! Hopefully the livestreams help with providing some of the background for the UK in particular - thanks for your amazing contributions to the livestreams. G