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Home > Wednesday Wisdoms: Newsletter > 🧞‍♂️ Don’t follow what most students do.....

Welcome to the 30th edition of Wednesday Wisdoms by EdGenie!

Every Wednesday I send out actionable tips, tricks and real-world application insights from my 13-year experience coaching students to achieve As and A* in their Economics and Business A Levels.

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🧞‍♂️ Don’t follow what most students do.....

....because you don’t want the results that most students get.
In the vast sea of A-Level students, the average grade hovers around a B, veering close to a B-. While respectable, it's crucial to note that only a slender 6-9% of students clinch an A* in A level Economics.

🌟 It's a stark reminder: if you're aiming for the stars, you must navigate by them. 🚀

Don’t Settle for Average
Remember, average efforts yield average results. It's comfortable to follow the pack, to stick to the beaten path trodden by the many. But you, with aspirations of achieving an A*, must dare to tread differently. 🛤️

Embrace A Habits*
Achieving top marks in A-Level Economics is not just about understanding supply and demand; it's about demanding more from yourself and supplying the effort needed. To reach the pinnacle, adopting A* habits is non-negotiable. 💪

Diverge from the Norm
  • Deep Dive into Concepts: Don’t just skim the surface. Grasp the intricacies of economic theories and their real-world applications. 📚
  • Critically Evaluate: Beyond understanding, critically assess questions and arguments. The highest marks are reserved for students who can critique and offer nuanced insights which are relevant to the scenario at hand. 🔍
  • Consistent Excellence: An A* is not achieved in a day, by cramming or just making notes on YouTube videos. It’s the result of consistent effort, revision, and practice. 🔄
  • Seek Feedback: Constructive criticism is your ally. Embrace it, learn from it, and use it to refine your understanding and approach. 🗣️

The Path Less Travelled
While many students might settle for passively attending classes and just focusing on notetaking, you must engage actively. Participate in discussions, challenge ideas, and always, always do and practice questions. 🤔

Lean on Your Unique Strengths Aswell
Remember, the journey to an A* is as unique as you are. Leverage your strengths, be it in data response analysis, essay writing, or multiple choice. Tailor your revision strategy to not just overcome weaknesses but to amplify your strengths. 💡

A Compassionate Reminder
This message is not to overwhelm but to empower. It’s easy to be disheartened when the goal seems distant, but every step you take towards excellence brings you closer to your A*. Your ambition to achieve an A* is not just about grades; it's a testament to your commitment to excellence, your resilience, and your willingness to challenge the status quo. 🌈

You Are Capable
You have everything it takes to be among the top 6-9% of students (very easily). Let this be the year you break free from the confines of the average and soar towards an A*. 🎓

Let's not just dream of success; let's work for it, every single day. 💼

Cheers,

Emre

​UK infant formula at ‘historically high’ prices, says watchdog

Summary

🍼Infant Formula Price Probe: The UK's Competition and Markets Authority (CMA) has initiated a thorough investigation into the infant and toddler formula market after finding prices have soared, remaining at "historically high" levels despite recent declines.

💸 Spike in Prices: An analysis revealed a 25% price increase in infant formula over two years. Switching to more affordable options could potentially save families over £500 in a baby's first year.

📊 Comprehensive Market Study:
The CMA's market study will examine various formulas, including those for different infant stages and specialized products like "anti-reflux" and "comfort" formulas.
🔍 Consumer Concerns: Sarah Cardell, CMA's CEO, expressed concern over parents not having adequate information for informed choices and suppliers possibly lacking the drive to offer competitive pricing.

🏷️ Price Cap Debates:
Calls for a price cap on baby formula have intensified, with business leaders like Iceland's Richard Walker criticizing the "exploitation" of parents.

📉 Price Adjustments:
Following the CMA's pre-Christmas findings, Danone cut wholesale prices for most of its Aptamil range by 7%.

📈 Market Dominance:
Danone, along with Nestlé, dominates the UK market, controlling a combined 85% share, influencing pricing trends.

A Level Economics Questions:

Q: How the price elasticity of demand for infant formula might affect consumer responses to price changes.
A:The demand for infant formula is likely to be relatively inelastic because it is a necessity for families who cannot or choose not to breastfeed. The lack of close substitutes also contributes to its inelasticity. Consequently, consumers may not reduce their quantity demanded significantly in response to price increases, potentially leading to higher revenue for producers but greater financial strain on families.

Q: Discuss the role of the CMA in investigating the baby formula market. What are the potential benefits and drawbacks of market studies and regulatory interventions in such markets?
A:The Competition and Markets Authority (CMA) plays a crucial role in ensuring competitive markets. Market studies help identify anti-competitive practices and market failures. While regulation can protect consumers from unfair pricing and ensure market fairness, overregulation could stifle competition and innovation, and lead to a misallocation of resources.

Q: Analyse how the availability and quality of information might influence consumer choices in the baby formula market. How can information asymmetry affect market failure?
A: Adequate and accurate information allows consumers to make informed choices that reflect their preferences and constraints. Information asymmetry, where one party has more or better information than the other, can lead to market failure, such as consumers not being able to choose the best product for their needs or overpaying for goods.

Q: How do the barriers of entry affect the number of firms in the market, pricing strategies, and innovation?
A: High barriers to entry in the baby formula market, such as strict regulation and high initial costs, limit the number of competitors. This can maintain high prices and profits for existing firms but can also reduce the incentive to innovate and can negatively affect consumers by limiting their choices.

Possible A Level Economics 25 Marker Question

Evaluate the effects of introducing price caps on baby formula. (Think about the consequences for consumers and producers in the infant formula market?) 

Infographic of the Week

Global Powerhouses of Innovation: Charting the World's Premier Science and Technology Hubs

In 2023, the forefront of global science and technology innovation was marked by significant developments, including the U.S.'s first over-the-counter birth control pill and the exponential growth of AI technologies like ChatGPT. Dominated by East Asian clusters, with Tokyo-Yokohama leading in patent applications, the Global Innovation Index 2023 identifies the top 50 S&T hubs worldwide. The index highlights the San Francisco Bay Area as the leading American cluster, renowned for housing giants like Adobe and Google. Notably, China surpasses other nations with 24 top-ranked clusters, reflecting its ascendancy in global innovation, while the U.S. boasts 21. This dynamic landscape underscores the strategic importance of R&D investments, with the U.S., China, and Japan at the helm, driving forward the global innovation ecosystem.

Chart of the Week

India's Agrarian Dilemma: Farmers' Plight Amidst Subsidy Imbalances

In early 2024, Indian farmers resumed protests after negotiations regarding legally binding minimum support prices for agricultural products collapsed, leading to tensions near Delhi. This unrest comes ahead of the presidential elections, echoing the 2020 and 2021 upheavals against deregulating government-controlled markets and altering support prices, which farmers successfully resisted. The OECD's 2022 Agricultural Policy Monitoring report highlights that Indian policies reduce farm prices to benefit consumers, disadvantaging farmers by an estimated net loss of $163.6 billion in 2022, despite subsidies. In contrast, consumers gain from policies like the Targeted Public Distribution System, saving over $100 billion annually. This stark contrast in support reveals the complex challenges of India's agricultural sector, calling for a rebalanced approach to subsidies that doesn't disproportionately tax farmers for consumer savings.

Macroeconomic Data


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A huge thanks for hopping on board EdGenie's Wednesday Wisdoms newsletter! 
I'm Emre, and I've got a big goal - to make A* education accessible to all A-level students.
And it Starts With You!

Emre Aksahin
Chief Learning Officer at Edgenie