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AQA Economics 18th May 2012 Unit 1 Exam

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Original post by rss.914
can someone explain q.12 to me on the multiple choice section on the june 11 paper...
http://store.aqa.org.uk/qual/gce/pdf/AQA-ECON1-W-QP-JUN11.PDF


Well the forumula for Xped is the percentage change in quantity demanded of good Y divided by the percentage change in price of good X. If the Cross price elasticity of demand is negative then they are complementary goods, meaning that they are consumed together. Therefore a fall in price of good X will mean an increase in demand for good Y, so the answer is A.
(edited 11 years ago)
Original post by undertaker1
also when drawing diagrams, should we give the diagram a name???

sorry about all the questions guys


If you like.
Reply 122
Guys, when drawing diagrams in the exam tommorow how big do we make them? I was told half a page by my teacher,but what if I want to put in a diagram in the 12 marker and 3 diagrams in the 25 marker? Also, do we use pen or pencil?
Original post by alex7892
Guys, when drawing diagrams in the exam tommorow how big do we make them? I was told half a page by my teacher,but what if I want to put in a diagram in the 12 marker and 3 diagrams in the 25 marker? Also, do we use pen or pencil?


Big enough.
Half a page is too big.

Use pencil - it doesn't really matter, it all gets scanned and shows up perfectly.
Reply 124
Does anybody know where to find past papers from before 2009. I can't find the 15 mark Multiple choice ones on the aqa website.
Reply 126
Original post by venenecinema
Well the forumula for Xped is the percentage change in quantity demanded of good Y divided by the percentage change in price of good X. If the Cross price elasticity of demand is negative then they are complementary goods, meaning that they are consumed together. Therefore a fall in price of good X will mean an increase in demand for good Y, so the answer is A.


ohh thanks, why does market failure arise when positive externalities exist in consumption? isnt that a good thing
Original post by rss.914
ohh thanks, why does market failure arise when positive externalities exist in consumption? isnt that a good thing


to little is consumed or too little is produced because the individual doesn't take into account the external benefits involved in consumption of the merit good. the individual only takes into account the private benefits which is less than the socially accepted quantity of output.
Reply 129
Somebody asked for the January 2012 Papers? Here is both Micro and Macro with the Mark Schemes... Your Welcome :smile:
Reply 130
I'm giving up on micro revision for now. im sure it will be fine (as long as the 25 marker is fine).

That said, both of the 25 markers for january were terrible.
Reply 131
also, how is everyone learning the definitions? There are at least 40....
Original post by undertaker1
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.



Cheers how would you define optimum output? is that the same as effiency?
Original post by Axion
I'm giving up on micro revision for now. im sure it will be fine (as long as the 25 marker is fine).

That said, both of the 25 markers for january were terrible.


Hopefully there was an uproar and they will make it really easy now!
That is probably just wishful thinking, but it has definitely been done before.
Original post by BobTheBuilder94
Cheers how would you define optimum output? is that the same as effiency?


In terms of externalities the optimum output is the output which takes the full cost into account.
In the case of negative externalities, optimum output is lower, and for positive externalities it is higher.
It is essentially just the output level which results in the best outcome for society.
Reply 135
Original post by venenecinema
In terms of externalities the optimum output is the output which takes the full cost into account.
In the case of negative externalities, optimum output is lower, and for positive externalities it is higher.
It is essentially just the output level which results in the best outcome for society.


Assess the ways that the consumption of cigarettes can be reduced.

That would be my dream question
Original post by Axion
Assess the ways that the consumption of cigarettes can be reduced.

That would be my dream question


Yeah that would be awesome, minimum price, indirect tax and an ad campaign.
Original post by Axion
Assess the ways that the consumption of cigarettes can be reduced.

That would be my dream question


could you answer that please, i want to see how you would answer it. do it in unlimited time though

i would say minimum prices= black markets(informal economy), grey markets, consequence on the unintended,

legislation= minimum age

free market equilibrium is to high- negative externalities in consumption. market failure
Reply 138
when looking at data should you say for e.g 10 % decrease or 10% point decrease
Reply 139
What is the difference between legislation and regulation??

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