Edexcel economics unit 1 and 2 retakes

question asked what increased producer surplus for coffee, technology improvements would reduce costs of productions and shift S curve to the right increasing producer surplus, option A reduces it

I was literally about to do that but then read the question again. Hopefully you didn't loose too many marks?

question asked what increased producer surplus for coffee, technology improvements would reduce costs of productions and shift S curve to the right increasing producer surplus, option A reduces it

Feel like a bit of a mug for missing out the second 14 marker

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Tea and coffee are substitutes. Advertising for tea would increase demand for tea (as advertising has a positive effect on demand) and subsequently a fall in demand for coffee and a fall in producer surplus

Yes but it was about an increase in producer surplus. You'd still get marks tho.

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So out of eight MCQ we have answers to:

The PPF question- the answer was that producing more capital goods would lead to economic growth

The YED question about meats- Fish has a higher YED than meat

The buffer stock question- the government would sell from its stockpile

The price mechanism question- acts as a signal for firms to make production decisions

The question about Ibiza- decrease in revenue as demand is elastic

The question about a rise in producer surplus- increase in technology will increase producer surplus

There are twobquestions left... One had an externality diagram and I forgot the other one??

So out of eight MCQ we have answers to:

The PPF question- the answer was that producing more capital goods would lead to economic growth

The YED question about meats- Fish has a higher YED than meat

The buffer stock question- the government would sell from its stockpile

The price mechanism question- acts as a signal for firms to make production decisions

The question about Ibiza- decrease in revenue as demand is elastic

The question about a rise in producer surplus- increase in technology will increase producer surplus

There are two questions left... One had an externality diagram and I forgot the other one??

2nd one is the wrong way around Meat > Fish.

So out of eight MCQ we have answers to:

The PPF question- the answer was that producing more capital goods would lead to economic growth

The YED question about meats- Fish has a higher YED than meat

The buffer stock question- the government would sell from its stockpile

The price mechanism question- acts as a signal for firms to make production decisions

The question about Ibiza- decrease in revenue as demand is elastic

The question about a rise in producer surplus- increase in technology will increase producer surplus

There are two questions left... One had an externality diagram and I forgot the other one??

one was that in the free market economy there are under provision of public goods or something like that

All I remember is that that one of them had a YED of 1.2 or something so it made that good more elastic than the other one. I can't remember the exact question...

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The externality one was about vaccinations and it had different scenarios and I think it said if they produced a certain amount, it would reach the social optimum point and the external benefit would be internalised, that's what I put for that one

Yeah, it was like fish had an income elasticity of 0.7 or something, making it inelastic and meat had 1.2 so it was bigger and elastic as well

The externality one was about vaccinations and it had different scenarios and I think it said if they produced a certain amount, it would reach the social optimum point and the external benefit would be internalised, that's what I put for that one

It said something about the price mechanism ?? I didn't put that one..

wasn't it if they increase the amount of vaccines, there would be a net welfare gain