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AQA A2 Economics Unit 3

Business Economics and the Distribution of Income

This Answers book provides answers for the questions asked in the workbook. They are intended as a guide to give teachers and students feedback. The candidate responses supplied here for the longer essay-style questions are intended to give some idea about how the exam questions might be answered. The examiner commentaries (underlined text) have been added to give you some sense of what is rewarded in the exam and which areas can be developed. Again, these are not the only ways to answer such questions but they can be treated as one way of approaching questions of these types.

Topic 1 The firm: objectives, costs and revenues

1 Both private and public companies are privately owned capitalist business enterprises. The difference stems from their ownership. Private companies are owned by private shareholders who can choose the buyer of their shares. Public company shares are listed on the stock market, which means that they have to comply with the rules of the stock market and any member of the public can buy shares in the company.

2 An excess of sales receipts over the spending of a business during a period of time, which can be calculated using the formula: profit = revenue – costs.

3 At any level of output, revenue is calculated by multiplying output by the price at which each unit of output is sold. In perfect competition, because it is always possible to increase sales revenue by selling more units of output, the revenue-maximising level of output does not exist. In other market structures, including monopoly and oligopoly, marginal revenue falls as more units of the good are sold. Revenue maximisation occurs at the level of output at which marginal revenue is zero (MR = 0). By contrast, in all market structures, including perfect competition,...

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...and solve problems in everyday life”. In my everyday life I have to keep the balance in my check book, pay bills, take care of kids, run my house, cook, clean etc. With cooking I am using math, measuring how much food to make for four people (I still haven’t mastered that one). With bills I am using math, how much each company gets, to how much money I have to spare (which these days is not much). In my everyday life I do use some form of a math. It might not be how I was taught, but I have learned to adapt to my surroundings and do math how I know it be used, the basic ways, none of that fancy stuff. For my weakest ability I would say I fall into “Confidence with Mathematics”. Math has never been one of my favorite subjects to learn. It is like my brain knows I have to learn it, but it puts up a wall and doesn’t allow the information to stay in there. The handout “The Case for Quantitative Literacy” states I should be at ease with applying quantitative methods, and comfortable with quantitative ideas. To be honest this class scares the crap out of me, and I am worried I won’t do well in this class. The handout also says confidence is the opposite of “Math Anxiety”, well I can assure you I have plenty of anxiety right now with this class. I have never been a confident person with math, I guess I doubt my abilities, because once I get over my fears and anxiety I do fine. I just have to mentally get myself there and usually it’s towards the end of the class. There are......

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...solutions. If you have a graphing calculator, this method is the quickest. If you don't have a calculator, it can be difficult to graph the equation. Completing the square: This is probably the most difficult method. I find it hardest to remember how to apply this method. Since the quadratic formula was derived from this method, I don't think there is a good reason to use completing the square when you have the formula Factoring: this is probably the easiest method for solving an equation with integer solutions. If you can see how to split up the original equation into its factor pair, this is the quickest and allows you to solve the problem in one step. Week 9 capstone part 1 Has the content in this course allowed you to think of math as a useful tool? If so, how? What concepts...

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...This article is about the study of topics, such as quantity and structure. For other uses, see Mathematics (disambiguation). "Math" redirects here. For other uses, see Math (disambiguation). Euclid (holding calipers), Greek mathematician, 3rd century BC, as imagined by Raphael in this detail from The School of Athens.[1] Mathematics is the study of topics such as quantity (numbers),[2] structure,[3] space,[2] and change.[4][5][6] There is a range of views among mathematicians and philosophers as to the exact scope and definition of mathematics.[7][8] Mathematicians seek out patterns[9][10] and use them to formulate new conjectures. Mathematicians resolve the truth or falsity of conjectures by mathematical proof. When mathematical structures are good models of real phenomena, then mathematical reasoning can provide insight or predictions about nature. Through the use of abstraction and logic, mathematics developed from counting, calculation, measurement, and the systematic study of the shapes and motions of physical objects. Practical mathematics has been a human activity for as far back as written records exist. The research required to solve mathematical problems can take years or even centuries of sustained inquiry. Rigorous arguments first appeared in Greek mathematics, most notably in Euclid's Elements. Since the pioneering work of Giuseppe Peano (1858–1932), David Hilbert (1862–1943), and others on axiomatic systems in the late 19th century, it has become......

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...Sample Exam 2 - MATH 321 Problem 1. Change the order of integration and evaluate. (a) (b) 2 0 1 0 1 (x y/2 + y)2 dxdy. + y 3 x) dxdy. 1 0 0 x 0 y 1 (x2 y 1/2 Problem 2. (a) Sketch the region for the integral f (x, y, z) dzdydx. (b) Write the integral with the integration order dxdydz. THE FUNCTION f IS NOT GIVEN, SO THAT NO EVALUATION IS REQUIRED. Problem 3. Evaluate e−x −y dxdy, where B consists of points B (x, y) satisfying x2 + y 2 ≤ 1 and y ≤ 0. − Problem 4. (a) Compute the integral of f along the path → if c − f (x, y, z) = x + y + yz and →(t) = (sin t, cos t, t), 0 ≤ t ≤ 2π. c → − → − → − (b) Find the work done by the force F (x, y) = (x2 − y 2 ) i + 2xy j in moving a particle counterclockwise around the square with corners (0, 0), (a, 0), (a, a), (0, a), a > 0. Problem 5. (a) Compute the integral of z 2 over the surface of the unit sphere. → → − − → − → − − F · d S , where F (x, y, z) = (x, y, −y) and S is → (b) Calculate S the cylindrical surface deﬁned by x2 + y 2 = 1, 0 ≤ z ≤ 1, with normal pointing out of the cylinder. → − Problem 6. Let S be an oriented surface and C a closed curve → − bounding S . Verify the equality → − → − → → − − ( × F ) · dS = F ·ds − → → − if F is a gradient ﬁeld. S C 2 2 1...

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...Diana Garza 1-16-12 Reflection The ideas Stein presents on problem saving and just math in general are that everyone has a different way of saving their own math problems. For explains when you’re doing a math problem you submit all kinds of different numbers into a data or formula till something works or maybe it’s impossible to come up with a solution. For math in general he talks about how math is so big and its due in large measure to the wide variety of situations how it can sit for a long time without being unexamined. Waiting for someone comes along to find a totally unexpected use for it. Just like has work he couldn’t figure it out and someone else found a use for it and now everyone uses it for their banking account. For myself this made me think about how math isn’t always going to have a solution. To any math problem I come across have to come with a clear mind and ready to understand it carefully. If I don’t understand or having hard time taking a small break will help a lot. The guidelines for problem solving will help me a lot to take it step by step instead of trying to do it all at once. Just like the introduction said the impossible takes forever. The things that surprised me are that I didn’t realize how much math can be used in music and how someone who was trying to find something else came to the discovery that he find toe. What may people were trying to find before...

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...STAT2011 Statistical Models sydney.edu.au/science/maths/stat2011 Semester 1, 2014 Computer Exercise Weeks 1 Due by the end of your week 2 session Last compiled: March 11, 2014 Username: mac 1. Below appears the code to generate a single sample of size 4000 from the population {1, 2, 3, 4, 5, 6}. form it into a 1000-by-4 matrix and then ﬁnd the minimum of each row: > rolls1 table(rolls1) rolls1 1 2 3 4 5 6 703 625 679 662 672 659 2. Next we form this 4000-long vector into a 1000-by-4 matrix: > four.rolls=matrix(rolls1,ncol=4,nrow=1000) 3. Next we ﬁnd the minimum of each row: > min.roll=apply(four.rolls,1,min) 4. Finally we count how many times the minimum of the 4 rolls was a 1: > sum(min.roll==1) [1] 549 5. (a) First simulate 48,000 rolls: > rolls2=sample(x=c(1,2,3,4,5,6),size=48000,replace=TRUE) > table(rolls2) rolls2 1 2 3 4 5 6 8166 8027 8068 7868 7912 7959 (b) Next we form this into a 2-column matrix (thus with 24,000 rows): > two.rolls=matrix(rolls2,nrow=24000,ncol=2) (c) Here we compute the sum of each (2-roll) row: > sum.rolls=apply(two.rolls,1,sum) > table(sum.rolls) sum.rolls 2 3 4 5 6 7 8 9 10 11 742 1339 2006 2570 3409 4013 3423 2651 1913 1291 1 12 643 Note table() gives us the frequency table for the 24,000 row sums. (d) Next we form the vector of sums into a 24-row matrix (thus with 1,000 columns): > twodozen=matrix(sum.rolls,nrow=24,ncol=1000,byrow=TRUE) (e) To ﬁnd the 1,000 column minima use > min.pair=apply(twodozen,2,min) (f) Finally compute......

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...say whether I was able to learn how to be a better teacher and what the teacher did that I could possibly use in the future. While analyzing and going through the process of this assignment it is helping realize how to become a better teacher as well. I would also like to get more comfortable and experience on using this template of the paper. Memories Of A Teacher My teacher, Mr. G, used many different instructional techniques and approaches to his lessons. Mr. G had taught me math for three years in a row, so I think that I have a good grasp on his approaches to the lessons that he would teach. He would assign many homework assignments, as well as in-class assignments, which helped me and other students understand and get practice with the lesson that we were learning. I think that with math having a lot of homework is a good thing. In my mind, the only way to learn how to do math is plenty of practice. The more you practice, the easier it will be. Mr. G would also have the students do some math problems on the chalk board or smart board to show the class and go over the corrections with the whole class so that everyone would understand the problem. Playing “racing” games also helped and added fun to the class. With the “racing” games, the students would get into groups and have to take...

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...Math is used everyday – adding the cost of the groceries before checkout, totaling up the monthly bills, estimating the distance and time a car ride is to a place a person has not been. The problems worked this week have showed how math works in the real world. This paper will show how two math problems from chapter five real world applications numbers 35 and 37 worked out. Number 35 A person hired a firm to build a CB radio tower. The firm charges $100 for labor for the first 10 feet. After that, the cost of labor for each succeeding 10 feet is $25 more than the preceding 10 feet. That is, the nest 10 feet will cost $125; the next 10 feet will cost $150, etc. How much will it cost to build a 90-foot tower? Solving this problem involves the arithmetic sequence. The arithmetic sequence is a sequence of numbers in which each succeeding term differs from the preceding term by the same amount (Bluman, 2011). n = number of terms altogether n = 9 d = the common differences d = 25 ª1 = first term ª1 = 100 ªn = last term ª2 = ª9 The formula used to solve this problem came from the book page 222. ªn = ª1 + (n -1)d ª9 = 100 + (9-1)25 ª9 = 100 + (8)25 ...

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...Math was always the class that could never quite keep my attention in school. I was a daydreamer and a poor student and applying myself to it was pretty much out of the question. When I would pay some attention I would still forget the steps it had taken me to find the solution. So, when the next time came around I was lost. This probably came about because as a kid I wasn’t real fond of structure. I was more into abstract thought and didn’t think that life required much more than that at the time. I was not interested in things I had to write down and figure out step by step on a piece of paper. I figured I could be Tom Sawyer until about the age of seventy two. My thoughts didn’t need a rhyme or reason and didn’t need laws to keep them within any certain limits. The furthest I ever made it in school was Algebra II and I barely passed that. The reason wasn’t that I couldn’t understand math. It was more that I didn’t apply myself to the concepts of it, or the practice and study it took to get there. I was always more interested in other concepts. Concepts that were gathered by free thinkers, philosophers, idealists. Now I knew that a lot of those figures I read about tried their hand in the sciences, physics, and mathematics in their day, but I was more interested in their philosophical views on everyday life. It was not until I started reading on the subject of quantum physics and standard physics that I became interested in math. The fact that the laws of standard......

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