Login

Search the forums now!

Welcome, Guest. Please login or register.

January 17, 2026, 02:40:29 pm
Pages: 1 ... 5 6 [7] 8 9 ... 54   Go Down

Author Topic: Economics Questions Thread  (Read 258074 times)  Share 

0 Members and 2 Guests are viewing this topic.

Hutchoo

  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2356
  • Mate.
  • Respect: +218
Re: Economics Questions Thread
« Reply #90 on: February 27, 2011, 12:36:56 am »
0
Okay. How about this then?

What does the elasticity of supply measure?
Logged

Water

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1136
  • Respect: +116
Re: Economics Questions Thread
« Reply #91 on: February 27, 2011, 12:41:04 am »
0
What does the elasticity of supply measure?



Elasticity of Supply is a measure of the responsive nature of  change in the quantity supplied to   change in price.


Formula: %Quantity Supplied/ %Change in Price




 



« Last Edit: February 27, 2011, 12:49:19 am by Water »
Logged
About Philosophy

When I see a youth thus engaged,—the study appears to me to be in character, and becoming a man of liberal education, and him who neglects philosophy I regard as an inferior man, who will never aspire to anything great or noble. But if I see him continuing the study in later life, and not leaving off, I should like to beat him - Callicle

Hutchoo

  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2356
  • Mate.
  • Respect: +218
Re: Economics Questions Thread
« Reply #92 on: February 27, 2011, 12:49:32 am »
0
Kekeke, good. I'm just making sure if my answers are right because there are no solutions to this practice SAC. D:

I'll just give you these last two questions and then I'll be good :D

Describe three characteristics of good for which demand is price elastic (3 marks)
and
Describe three characteristics of good for which demand is price inelastic (3 marks)
Logged

Water

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1136
  • Respect: +116
Re: Economics Questions Thread
« Reply #93 on: February 27, 2011, 12:55:29 am »
0




Describe three characteristics of good for which demand is price elastic (3 marks)
and
Describe three characteristics of good for which demand is price inelastic (3 marks)




a) - Has None - Weak Brand Loyalty
    - Is perceived to be a Want by the consumers
    - Has many substitutes




b) -Has Strong Brand Loyalty
    - is perceived to be a Need by consumers
    - Does not have many substitutes.




« Last Edit: February 27, 2011, 12:57:25 am by Water »
Logged
About Philosophy

When I see a youth thus engaged,—the study appears to me to be in character, and becoming a man of liberal education, and him who neglects philosophy I regard as an inferior man, who will never aspire to anything great or noble. But if I see him continuing the study in later life, and not leaving off, I should like to beat him - Callicle

Hutchoo

  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2356
  • Mate.
  • Respect: +218
Re: Economics Questions Thread
« Reply #94 on: February 28, 2011, 06:44:57 pm »
0
Thanks for all your help guys :)
I had my SAC today. It wasn't too bad...
I know that I got 12/15 for the multiple choice and the guy at the top of the class got 15/15 D:

There is either 11 or 14 in my class... If I get ranked in the top 3 and 'rape' the end of year exam; what kind of score would I get?
Can you answer questions like that this early on?
Thanks guys.
Starting chapter 2 of the Economics Down Under very shortly!
Good luck for your upcoming SACs! Show VCAA your superiority ;D.
Logged

Hodgeyhodgey

  • Victorian
  • Forum Obsessive
  • ***
  • Posts: 499
  • Respect: +35
  • School: Sebastopol Secondary College
  • School Grad Year: 2011
Re: Economics Questions Thread
« Reply #95 on: February 28, 2011, 06:50:05 pm »
0
Wow, I don't have my first sac for another 3 weeks (via distance ed). I feel so far behind everyone else doing eco this year! :(
Logged
2010/11: Further Math|Accounting|BusMan|Englang|Economics|Physics [90.65]
2012-2014: Commerce @ Deakin

Water

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1136
  • Respect: +116
Re: Economics Questions Thread
« Reply #96 on: February 28, 2011, 06:57:30 pm »
0
Hutchoo, good luck. Haha, our class sac will have 35 multiple questions and a FEW Short Answer Questions, in either 1 period or little more than that. I think its a speed test, haha.

Sac is on Friday, let you all know :) 
Logged
About Philosophy

When I see a youth thus engaged,—the study appears to me to be in character, and becoming a man of liberal education, and him who neglects philosophy I regard as an inferior man, who will never aspire to anything great or noble. But if I see him continuing the study in later life, and not leaving off, I should like to beat him - Callicle

Phenotype

  • Victorian
  • Forum Regular
  • **
  • Posts: 55
  • Respect: 0
Re: Economics Questions Thread
« Reply #97 on: February 28, 2011, 07:02:23 pm »
0
Water; my SAC is exactly like yours. Weird coincidence? Also on the same day.
Logged
2010: Accounting 40 (blech) VCE VET Business (48) Premier's Award woohoo!
2011: English Methods Specialist Economics Revolutions

Water

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1136
  • Respect: +116
Re: Economics Questions Thread
« Reply #98 on: February 28, 2011, 07:20:37 pm »
0
Funny that , haha
Logged
About Philosophy

When I see a youth thus engaged,—the study appears to me to be in character, and becoming a man of liberal education, and him who neglects philosophy I regard as an inferior man, who will never aspire to anything great or noble. But if I see him continuing the study in later life, and not leaving off, I should like to beat him - Callicle

Hutchoo

  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2356
  • Mate.
  • Respect: +218
Re: Economics Questions Thread
« Reply #99 on: February 28, 2011, 07:52:19 pm »
0
Wow, you guys are lucky LOL.
We only had 15 MC and the rest were all short answer questions..
It went for about 1 hour and 30 minutes...
I got a cramp in my shoulder during the SAC ==.. TALK ABOUT BAD LUCK T-T
Logged

chrisjb

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1047
  • ROAR
  • Respect: +64
Re: Economics Questions Thread
« Reply #100 on: February 28, 2011, 08:03:01 pm »
0
Quote from: Hutchoo on February 28, 2011, 07:52:19 pm
Wow, you guys are lucky LOL.
We only had 15 MC and the rest were all short answer questions..
It went for about 1 hour and 30 minutes...
I got a cramp in my shoulder during the SAC ==.. TALK ABOUT BAD LUCK T-T
My first sac is tomorrow and my teacher hasn't told us the layout/given us any meaningfull practice questions (perhaps I'm expecting too much)... I've just been searching our school library for the previous 5 years of economics textbooks to get practice questions...

I'm so goddam excited for it!
Logged
2011: 96.35
2012: http://www.thegapyear2012.com/
2013: Arts (Global) Monash
2016: Juris Doctor (somewhere)

schmalex

  • Victorian
  • Forum Leader
  • ****
  • Posts: 619
  • Respect: +3
Re: Economics Questions Thread
« Reply #101 on: February 28, 2011, 09:01:53 pm »
0
Quote from: chrisjb on February 28, 2011, 08:03:01 pm
Quote from: Hutchoo on February 28, 2011, 07:52:19 pm
Wow, you guys are lucky LOL.
We only had 15 MC and the rest were all short answer questions..
It went for about 1 hour and 30 minutes...
I got a cramp in my shoulder during the SAC ==.. TALK ABOUT BAD LUCK T-T
My first sac is tomorrow and my teacher hasn't told us the layout/given us any meaningfull practice questions (perhaps I'm expecting too much)... I've just been searching our school library for the previous 5 years of economics textbooks to get practice questions...

I'm so goddam excited for it!

Just go through the study design and make sure you know everything for the first outcome (or whatever part of the outcome you've learnt). That way they can't really ask you about something you don't know.
Logged
2009- National Politics (43) Methods (38)
2010- Economics (50) English (44) Literature (38) Introductory Microeconomcis (86) Introductory Macroeconomics (75)
ATAR:98.95

Offering Economics tutoring
http://vce.atarnotes.com/forum/index.php/topic,35848.0.html

Hutchoo

  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2356
  • Mate.
  • Respect: +218
Re: Economics Questions Thread
« Reply #102 on: February 28, 2011, 10:41:28 pm »
0
I'd just like to edit that MC was only 15 marks out of 95 LOL.
Logged

chrisjb

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1047
  • ROAR
  • Respect: +64
Re: Economics Questions Thread
« Reply #103 on: March 01, 2011, 03:29:07 pm »
0
 
Quote from: Hutchoo on February 28, 2011, 10:41:28 pm
I'd just like to edit that MC was only 15 marks out of 95 LOL.

My MC was 15 marks out of 30 if I remember correctly. My sac was prety easy but I made one silly mistake (a graph showed an increase in demand and I was going to write advertising as a factor but got cocky and thought I'd write about intrest rates instead and then promptly forgot that it was an increase in demand- not a decrease) and the freaking teacher decided to fuck wtih our minds by making one of the multiple choice questions 'how many states are there in Australia?'
I'm one hundred percent sure he's not allowed to do that...
Logged
2011: 96.35
2012: http://www.thegapyear2012.com/
2013: Arts (Global) Monash
2016: Juris Doctor (somewhere)

DNAngel

  • Victorian
  • Forum Regular
  • **
  • Posts: 72
  • Dragon Warrior
  • Respect: +7
Re: Economics Questions Thread
« Reply #104 on: March 01, 2011, 04:25:17 pm »
0
Quote from: chrisjb on March 01, 2011, 03:29:07 pm
Quote from: Hutchoo on February 28, 2011, 10:41:28 pm
I'd just like to edit that MC was only 15 marks out of 95 LOL.

My MC was 15 marks out of 30 if I remember correctly. My sac was prety easy but I made one silly mistake (a graph showed an increase in demand and I was going to write advertising as a factor but got cocky and thought I'd write about intrest rates instead and then promptly forgot that it was an increase in demand- not a decrease) and the freaking teacher decided to fuck wtih our minds by making one of the multiple choice questions 'how many states are there in Australia?'
I'm one hundred percent sure he's not allowed to do that...

^ Lol how is that even remotely related to Economics? More states does not necessarily mean more income.
Logged
Striving to achieve an ATAR of 85+

Subjects: English, Chemistry, Mathematical Methods (CAS), Economics and Further Mathematics
Pages: 1 ... 5 6 [7] 8 9 ... 54   Go Up