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Response from Mr. Wong to anonymous (trade)

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Response from Mr. Wong to anonymous (trade)

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Basis of trade
- you must show how countries benefit from specialising on what they have a CA in and trading based on mutually beneficial terms of trade
- you do that through opp. cost analysis and that's when the table comes in to play (where it shows who has the CA in the respective goods and tells you which country should specialise in what, and what is the outcome after trade)

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Please refer to questions on padlet to make sense of the responses

·      Celine: For MC, they do not engage in extensive price competition due to the fact that they are small firms and there are numerous firms in the market. Hence, reduction in prices can reap minimal increases in profits. Keeping prices low ensures that firms are competitive but that does not equate to them participating in price competition. It is only regarded as price competition when firms are trying to outdo each other by reducing prices.

·      Eileen: You have to bring in the diff based on extent as well if they also differ based on extent and then justify why. You can use the same points to explain why there are varying degrees of product development as well.

·      Wei Lin: The government puts in anti-trust policies to prevent collusive behavior as well. So, oligopolies are also governed to prevent collusion.

·      Megan: The basic message of the diagram is that when a single firm sells the product to the entire market, it produces at a larger scale and that will allow it to reap IEOS and produce at a lower MC as compared to a “smaller” PC firm. This can translate into lower prices for the consumer.

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3 takeaways:
1. Always state assumptions
2. More positive and negative impacts from price and non price comp that can be implied from the assumptions
3. How to split up a 25m qn
1 question:
For MC, is keeping prices the same considered as a price comp? Because in the notes it says that MC firms keep their prices low to remain price competitive

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1. For EV: question the assumptions
2.differences can be explained by the characteristics of the mkt structure
3. Must talk about both benefits and harms for consumers

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Reinforcemt of ms content and how to structure 25m essay
How to write a part a answer on intl trade eg. explains why countries trade esp drawnng the tables

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3 takeaways:
1. Must always make links eg how it affects consumers
2. Your something special can be from questioning your assumptions
3. How to paragraph it

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3 takeaways
- Extent or type of competitive behavior in M.S can be derived from the M.S characteristic
-The ‘Something Special’ must also challenge the assumptions made in the points or question
-Must bring in relevant e.gs for ALL points
1 question
-Where to find the relevant e.gs to use

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3 take aways:
how to structure a 25m essay
linkages for market structure
extent of difference between price comps

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3 key takeaways:
1) need to know your basics, just revising through revision packages won’t guarantee a pass
2) must have something special and question ur assumptions
3) structure the essay well so that you can present ur ideas clearly

1 question i still have:

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3 takeaways from lesson:
1. Differences between Price Comp and Non-Price Comp between different mkt structures
2. Structure of essay
3. Reviewed knowledge from J1

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3 takeaways:
- must make clear links to the different concepts involved
-structure the answer according to the question requirements to give a clearer answer
- the proper terms to use in order to describe the effects of product promotion on consumers
1 question I still have:
For the product development paragraph, do we still need to bring in the difference based on extent?

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1.  Reinforcing my concepts of MS (e.g. kinked dd curve theory tht i did not thought abt when planning)
2. The linkages between different concepts (e.g. elasticity and production & cost)
3. Questioning the assumptions
(takeaway)
Question:

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3 take aways:
1) How to structure the essay so that its neat
2) The links between the benefits/harms and the behaviour of the firms
3) How the characteristics affect the price/non-price competition strategies
1 question I still have:

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3 Key Takeaways:

1. Must add in SR and LR impacts to add argument development

2. Split BPs according to types of competition and relate to effects on comsumers

3. Bring in theories (e.g. Contestable Markets/Interdependence of Firms) and other conditions/assumptions to evaluate realism of theories

1 Question to ask:
- What (other) ways can the markets be moderated from exploiting market power(other than CCS)? Is it only the government that can exercise control?

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3 takeaways
1. differences in market structures for pc and nonpc
2. positive and negative consequnces of pc, nonpc
3. state given assumptions
1 question i still have --> dont know how to draw the diagram (showing the ieos thing)