The Student Room Group

F581 OCR Economics May 18th

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Reply 60
Original post by D_Roberts
hey guys anyone got an idea as what to write in the 18 marker if something like market failure came up, I hateeeee that and would cry if I needed to write an essay on it!
thanks!


It won't purely be on market failure it'll be something to combat market failure.
I made notes on Regulation, pollution permits, tax, information provision & subsidies if anyone wants me to upload them
Reply 61
Original post by Clare1994
It won't purely be on market failure it'll be something to combat market failure.
I made notes on Regulation, pollution permits, tax, information provision & subsidies if anyone wants me to upload them


oh that makes it a little easier. Don't know why I thought that haha! and don't know about anyone else but i'd appreciate them!:-)
Reply 62
Original post by D_Roberts
oh that makes it a little easier. Don't know why I thought that haha! and don't know about anyone else but i'd appreciate them!:-)


Here you go, thought I'd set it out nicely with the theory advantages and disadvantages :P
Reply 63
Original post by eawilliams
Hi, Thanks!
You know for size? Could you elaborate, like what does size mean in terms of a comment on question?

Thanks! (:


Size would be small and large. for example when considering subsides its effectiveness depends on the size of the subsidy. A large subsidy will reduce costs of production by a large amount thus a large cut in prices and increase in the quanitity demanded of a product. if this product is a merit good which is assoiciated with positive externaltities this is beneifcal to the society as a whole. however if the subsidy is small then costs of production would be reduced by a little so the quantity demanded wont be affected by much so may only increase a little. Also if the subsidy is small then companies may not pass on the full amount to consumers.

hope this helps, all the best x
Reply 64
Original post by D_Roberts
oh that makes it a little easier. Don't know why I thought that haha! and don't know about anyone else but i'd appreciate them!:-)


Although will add there could be a question to do with making a good public or private like in one of the past exam papers a question was should more health care become Private than supplied by the government
Reply 65
Original post by Clare1994
Here you go, thought I'd set it out nicely with the theory advantages and disadvantages :P


thank youu! makes much more sense now:smile:
Reply 66
Original post by D_Roberts
hey guys anyone got an idea as what to write in the 18 marker if something like market failure came up, I hateeeee that and would cry if I needed to write an essay on it!
thanks!


market failure came up as an 18 marker on jan 2012 so I dont really think it would come up again, but you never know
Reply 67
hi guys, i've got a question it's from this paper q2c :http://www.ocr.org.uk/download/pp_10_jun/ocr_57303_pp_10_jun_gce_f581.pdf
how does increasing supply likely to reduce oil prices? :s-smilie:
Original post by Damzzy
market failure came up as an 18 marker on jan 2012 so I dont really think it would come up again, but you never know


The 18 mark question is always about how to resolve market failure by using a policy like subsidies/regulation/pollution permits/provision of information/indirect taxes
Reply 69
Original post by D_Roberts
hey guys anyone got an idea as what to write in the 18 marker if something like market failure came up, I hateeeee that and would cry if I needed to write an essay on it!
thanks!


well....

1. define market failure and identify what market failure exists within the case study
2. draw a diagram with some explanation e.g. merit good diagram or negative externalities diagram.
3. relate to the case study, if its a "to what extent does Information Failure provide a problem" <--- something like that... explain and develop the points in saying why it is a problem etc.
4. always give the other side of the argument to each point you make, you will never be able to get evaluation marks without it... trigger words are "however", or "it depends on".
5. Evaluate it, is information failure the only market failure? is it the most problematic? is there another market failure that is worse? Maybe add solutions such as taxes or permits
6. Conclusion, simple paragraph will do wrapping up and maybe with judgement.

list to do in 18marker:
Define with diagram
Advantages/Disadvantages
Evaluate
Conclude

Hope this helps :smile:
Original post by nm786
hi guys, i've got a question it's from this paper q2c :http://www.ocr.org.uk/download/pp_10_jun/ocr_57303_pp_10_jun_gce_f581.pdf
how does increasing supply likely to reduce oil prices? :s-smilie:


Use a demand and supply diagram.

demand_supply_excess_demand1.gif

Shifting the supply curve outwards reduces the price from P to P1 :yy:
Not doing this exam, but my teacher says it's most likely to be on pollution permits :holmes:

EDIT: The 18 marker, that is.
Reply 72
Original post by don'tTRIP.
Use a demand and supply diagram.

demand_supply_excess_demand1.gif

Shifting the supply curve outwards reduces the price from P to P1 :yy:

your diagram doesn't show the shift, :confused:

EDIT: i get it now, thanks
(edited 11 years ago)
Reply 73
Original post by don'tTRIP.
Not doing this exam, but my teacher says it's most likely to be on pollution permits :holmes:

EDIT: The 18 marker, that is.


Have to say that would be nice i have so many possible points for that one
Reply 74
Original post by Clare1994
Have to say that would be nice i have so many possible points for that one


can you share ? :smile:
Reply 75
Original post by Clare1994
Have to say that would be nice i have so many possible points for that one

thanks for the document, it's very useful, (+1)
Reply 77
Original post by whufcftw
can you share ? :smile:


It's in the document i uploaded called essays, it has other stuff in such as regulation and subsidies as well
Reply 78
Original post by nm786
thanks for the document, it's very useful, (+1)


Welcome :smile: thought doing it would be a good way to learn it =]
Original post by RyanGibbard
The 18 mark question is always about how to resolve market failure by using a policy like subsidies/regulation/pollution permits/provision of information/indirect taxes


No, its not. Jan 2010 paper had the 18 mark question: "Discuss whether health care in the UK should be provided by the government or the private sector".

I really hope its not a question like that which comes up.

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