Bumped
Today’s the day where I had my first Semester 2 test, mid-sem test to be exact, on Microeconomics 1 (Prices & Markets). I only have one thing to say about it: whoever set the paper, is a BITCH. What the hell’s with all the ambiguity, in a 20 question MCQ test!?
Example 1: A question mentions that the income elasticity of Fashion Furniture (I can’t remember the exact name, but these 2 words are definitely part of it) is positive, and asked what kind of a good does it produce. The choice of answers included: normal good, luxury good, inferior good, substitute good. Based on the notes I have taken in class, as far as what we have covered, a positive income elasticity includes both normal and luxury goods, although the magnitude to determine accurately which 1 it is was never covered in class. Moreover, the question does not even state any further clues for us to determine whether it was a normal or luxury good. I chose ‘luxury good’ due to 2 reasons. A) The name seems to appear like a luxury good more than a normal good, and it’s furniture we are talking about, not 2 differing-quality brands of biscuits. B) Income Elasticity = (change in quantity demanded of good/change in income)*(summation income values/summation quantity demanded values). For income elasticity to be positive, the resultant division of the ‘change in quantity demanded of good’ over the ‘change in income’ needs to be positive, which would mean they need to complementary in signs (either both negative or positive). In such a case, if I were to draw the demand curve for this, wouldn’t it be a perverse demand curve where quantity demanded rises as income rises? In the case of perverse demand curves, there is a likelihood for the good to be a luxury good due to either the bandwagon effect, the snob effect, of conspicuous consumption, where an increase in pricing will increase the quantity demanded for the good (or vice versa).
Example 2: I can’t remember exactly all the choices given, but this question asks for the definition of Producer Surplus. This is probably the most debated question in class after the test ended. All 4 answers given were unlike the definition I learned in my notes, that is ” Producer Surplus is the amount producers receive over and above the minimum price that would be required to induce them to supply the good”. The answer I chose was “the difference between what the producer needs to receive and what consumers are willing to pay”, which is obviously wrong. Another answer was clearly the definition for Consumer Surplus so I shall not go into that. That leaves the 2 answers that has left us in a debate over which is right; “the difference between what the producer needs to receive and what the consumers actually pay”, and “the amount producers charge consumers over and above what the consumer is willing to pay”. I’m just boggled…
Example 3: This question tells us that a price increase in the price of apples will result in the quantity demanded for oranges to increase, and asks us what relation do the 2 fruits have. Obviously the answer would be that the 1 fruits are substitutes. However, the choices given to us included both ’substitutes’ and ‘close substitutes’. Again, both of these answers mean at the very least that they are substitutes, yet then question does to give any further clue for us to determine which answer to choose. I chose ’substitutes’ as the answer, although in reality ‘close substitutes’ seem like a plausible answer too.
Who would’ve thought a 20 question MCQ that lasted for a mere 50min would trigger such a dramatic response from us. The lecturer had better go through the questions PROPERLY after the results are out.
There’s still Business Statistics test this saturday, and Commercial Law test next saturday…
——————————————————–
Moving away from schoolwork, I had an annoying encounter on bus 970 today, at about 5.50+pm. I was seated beside this auntie, and it so happened I saw her press the bell before her stop. As the bus was about to reach the stop, I moved my legs out so that she could move out of her seat easier.
You know what she did!?!?!?
That fucking fatso auntie used her behemoth ass to bump forcefully onto me, bouncing me off my seat, before “gracefully” sliding her watermelon-sized ass across the seat to get off the seatS.
She’s just plain lucky my mind was preoccupied thinking about the test questions from earlier, otherwise I would have given her a verbal lashing on the spot, JmaX style.
Hey woman, if your arse is too heavy, go for a liposuction, or get a cab next time.
