In order to adequately prepare for any examination it is imperative to have access to the material in a format that suits the learner - for those that struggle with memorization the following technique is very useful.
The learner will be required to first read the material, and verbally relay that information to the tutor in their own words. This is repeated until the learner has adequately demonstrated that they understand the key principles from the text/material. After the learner has achieved a basic understanding of the key concepts and principles they are required to summarize the text onto a single A4 sheet of paper, they may opt to do this through a mind-map format, or smaller paragraphs of their own interpretation of the material. This A4 sheet will inform them of all the content covered and serve as a reference point. Following this, the student will create several potential questions that cover the material and create flashcards with the answers to the questions on the alternative side of the card. Thus, the student will have covered the material in excess of 4 times and created three different formats with which to study.
Discuss the notion of a kinked demand curve in relation to prices within the parameters of an oligopoly?
Oligopolies are best defined as an imperfect market whereby a small number of producers compete through non-price mechanisms to secure normal and economic profit. Oligopolies do not compete using price owing to the notion of a kinked demand curve. A kinked demand curve is the result of a member of an oligopoly either raising or lowering their price in relation to the other producers. If a single member of the oligopoly lowers their price, consumers will be drawn to this producer and other competing producers will have to lower their price in order to compete. This results in a lower price than that of the equilibrium set by supply and demand - therefore, it could be stated that all members of the oligopoly are not receiving their potential earnings had such an alteration not occurred. In the inverse, if a member of the oligopoly raises their prices, consumers will not purchase from this producer owing to the fact that there are other competing suppliers that are able to produce and supply the same product. Therefore, the kinked demand curve will show that an increase of price by a producer will result in a drastic drop in demand, whereas lowering price will increase demand but force other producers to lower their prices as well - resulting in a loss of potential profit. Therefore, based on this notion oligopolies opt not to compete via price and rather through tools such as marketing, consumer loyalty programmes, and reward schemes.
Based upon your reading and interpretation of your set play for this year - highlight and discuss briefly the themes of the play and how the author has chosen to these illustrate these themes through the characters. Name two characters and two themes relating to each character.
The set play for this year was MacBeth by Shakespeare. The primary theme of MacBeth was the quest for power, and the lengths to which ambition can drive a person. The central character MacBeth is first portrayed to the audience in the aftermath of a victorious battle. This sets the scene for both his character development later in the play, and also alludes to his character in the present, one of power and success. He is heavily influence by the Three Witches and his own wife, Lady MacBeth, and it is through ambition that MacBeth is driven to murder. This theme and the character development of MacBeth serves as a warning - ambition is an incredibly powerful attribute that can, if corrupted, cause a person to lose sight of their morals in search of power. MacBeth's journey is partnered with that of his Wife, Lady MacBeth, although - Shakespeare has opted to illustrate the themes of evil and supernatural through her character. She is unable to wash the blood from her hands, and opts not to directly accept responsibility for driving MacBeth to commit the crimes within the play, Shakespeares use of euphemisms shows the duality to her character - able to motivate MacBeth to commit murder, but unable to accept her own role in the commission of the crime.