Currently unavailable: for new students
Degree: Economics (Bachelors) - Bristol University
I am an Economics Student at The University of Bristol. I love the subject as it's so dynamic and it's interesting to see real world application of theories and models we learn in current and past events.
I really enjoy the fact that there is a balance between qualitative and quantitative skills in my degree as it allows me to practice and hone both on a daily basis.
I teach using examples and making sure that concepts and key ideas have been absorbed fully before putting these into practice multiple times to test out their application in a number of scenarios. This is a great way to prepare for exams too. I also recommend using mind maps to summarise core topics, which are also great visual aids to come back to again and again
If you have any questions, send me a 'WebMail' or book a 'Meet the Tutor Session'! (both accessible through this website). Remember to tell me your exam board and what you're struggling with.
I look forward to meeting you!
|Economics||A Level||£20 /hr|
|Latin||13 Plus||£18 /hr|
|Maths||13 Plus||£18 /hr|
|Maths||11 Plus||£18 /hr|
|-Personal Statements-||Mentoring||£20 /hr|
|Before 12pm||12pm - 5pm||After 5pm|
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A firm can have a number of objectives some of which can carry drawbacks. (All these objectives can also be accompanied with diagrams.)
1.Profit Maximisation ( at the point MC=MR)
this keeps shareholders happy, provides reinvestment opportunities, and create greater efficiency for the firm.
the point where marginal costs (MC) are equal to marginal revenue (MR) is difficult to calculate as MC includes physical costs and the opportunity cost- which is hard to quantify.
Additionally firms have greater risk of investigations by regulatory authorities if huge profits are being made.
2. Profit satisficing- which occurs when there is a divorce of ownership of control. So firms have to profit satisfice; make a level of profit which satisfies all stakeholders.
3. Survival e.g. this is typical of firms in the transport sector where there are high fixed costs to set up due to competition in the industry; so survival is good enough.
4. Revenue Maximisation (MR=0)
e.g. predatory pricing due to competition in the industry ( price driven down; this drives out competion and quantity driven down; as firms grow in size they may benefit slightly from economies of scale)
4. Sales maximisation (AC=AR)
can occur when a firm is concerned about producing as much as possible and maximising the size of the business.
show why profit max. may not work
other objectives (often due to conflicts between short term and long term goals)
highlight the growth versus profit conflict.
(remember to give examples to show application skills too)see more
To highlight obligation, ie something that must be done. It can usualy be spotted with a -dum ending.