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AQA Economics 18th May 2012 Unit 1 Exam

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    I think we are as always likely to get something on demand and supply bananas/rice/chocolate...?
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    (Original post by Axion)
    Could someone be an absolute legend and write down all the evaluation points for bans, taxes, max prices and min prices?

    I'd lvoe you forever (no homo)
    You can get them from marc schemes
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    (Original post by Rakhim_)
    You can get them from marc schemes
    they are half baked lol
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    (Original post by Axion)
    Could someone be an absolute legend and write down all the evaluation points for bans, taxes, max prices and min prices?

    I'd lvoe you forever (no homo)

    (Original post by Axion)
    they are half baked lol
    D.I.Y.
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    (Original post by Jay™)
    Isnt Aggregate demand to do with macro ie. unit 2?

    Also i caught someone talking about exchange rates, what do we need to know about them? I thought that was macro as well?!


    And finally, can someone help me on this rather maths based multiple choice question:



    Answer is D
    Minimum price is 18 pounds. So you do [18x10 (qty supplied) - 18x6 (qty demanded) ] then x1000 because of the units
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    Hey guys
    Please can someone make a list of all the possible 5 mark definitions for micro econ1
    I have a list of past paper 5 markers but they don't repeat themselves
    I can put it up if anyone wants
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    (Original post by BobTheBuilder94)
    Hey guys
    Please can someone make a list of all the possible 5 mark definitions for micro econ1
    I have a list of past paper 5 markers but they don't repeat themselves
    I can put it up if anyone wants
    Hi brilliant that would be awesome? Do you find they don't repeat themselves? That is good to know I guess, but you want to know some of the more common ones, anyway, for the 12 marker and the 25 marker.
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    (Original post by alex7892)
    Hi brilliant that would be awesome? Do you find they don't repeat themselves? That is good to know I guess, but you want to know some of the more common ones, anyway, for the 12 marker and the 25 marker.
    I cant hack 25 markers!
    I always use textbook when doing definitions
    pls can someone post all the possible econ1 terms you can difine
    there cant be that many?
    demand
    supply
    ppf
    subsidy
    ?
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    does anyone have unit 1 AQA Jan 2012 economics question paper?
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    (Original post by BobTheBuilder94)
    I cant hack 25 markers!
    I always use textbook when doing definitions
    pls can someone post all the possible econ1 terms you can difine
    there cant be that many?
    demand
    supply
    ppf
    subsidy
    ?
    for the definitions write out everything you know about it-- i dont mean like a paragraph but a couple of lines. for example, define negative externalities

    you know they are over consumed because they are bad for health
    also affect other individuals (third party)
    consumers do not understand the external costs involved- information failure

    state a few examples such as smoking, alcohol, pollution. that should do it.
    you dont need an exact word for word text book definition.

    another example, define efficiency

    you can something alongs the lines of the quantity of units of goods/serviced produced by a certain individual over a certain period of time such as one hour. for example the quantity of exam papers marked by a examiner in an one hour period. its is measured as a numerical value.
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    can anyone explain to me the answer to the answer to question 5 in the multiple choice section for june 09?
    http://store.aqa.org.uk/qual/gce/pdf...W-QP-JUN09.PDF
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    Can someone explain this one to me please:



    I thought the answer was D, but it is infact B.

    -0.75 means its inelastic, and i thought as the price rises, demand decreases but my a smaller proportion than the increase in price. With this knowledge i still can't get my head around it, can someone explain please.
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    Does anyone know what sort of mark you need to get on the multi-choice for a B?
    I've been averaging 15/16 so far, which I'm really not happy with.
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    (Original post by rss.914)
    can anyone explain to me the answer to the answer to question 5 in the multiple choice section for june 09?
    http://store.aqa.org.uk/qual/gce/pdf...W-QP-JUN09.PDF
    It is b
    Remember demand and supply curves have the assumption 'ceteris paribus' where everything will stay constant except the price. A change in price will move along the curve, a change in anything else shifts the curve.
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    (Original post by rss.914)
    can anyone explain to me the answer to the answer to question 5 in the multiple choice section for june 09?
    http://store.aqa.org.uk/qual/gce/pdf...W-QP-JUN09.PDF
    For these types of ones its always the price, because as price changes quantity demanded changes, ie more is demanded at a lower price, therefore price does not remain constant. So the answer is B.

    EDIT: ah got beat to it
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    (Original post by Jay™)
    Can someone explain this one to me please:



    I thought the answer was D, but it is infact B.

    -0.75 means its inelastic, and i thought as the price rises, demand decreases but my a smaller proportion than the increase in price. With this knowledge i still can't get my head around it, can someone explain please.
    you answered the question yourself.

    Demand falls by a smaller percentage compared to the change in price. e.g.

    price = 100 demand = 100

    Price up by 10% demand down by 5%

    Original situation: 100 * 100 = 10000

    New situation: 110 * 95 = 10450

    Makes sense?
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    (Original post by Jay™)
    Can someone explain this one to me please:



    I thought the answer was D, but it is infact B.

    -0.75 means its inelastic, and i thought as the price rises, demand decreases but my a smaller proportion than the increase in price. With this knowledge i still can't get my head around it, can someone explain please.

    D would be right if the good was elastic, but you are given knowledge that it is inelastic, so demand will not change very much after a price change.
    So an increase in price means consumers still buy the good (as inelastic) = they spend more on the good.
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    (Original post by Axion)
    you answered the question yourself.

    Demand falls by a smaller percentage compared to the change in price. e.g.

    price = 100 demand = 100

    Price up by 10% demand down by 5%

    Original situation: 100 * 100 = 10000

    New situation: 110 * 95 = 10450

    Makes sense?
    Where did you get the 5 from?
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    (Original post by xxm)
    Where did you get the 5 from?
    made up the numbers to illustrate a point that total revenue rises
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    (Original post by Axion)
    made up the numbers to illustrate a point that total revenue rises
    Oh ok.

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