F581 OCR Economics May 18th
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for the elasticity question the figures were 0 and 2. you had to say that the figure marked 0 was unity, therefore for every 1% change in the price there would be a 1% change in the quantity demanded. for the figure with 2, this figure is income elastic and is a superior good.
for the business relevance it was important to start by saying that incomes tend to rise over time and as a result businesses to which produce goods with a postive YED can be expected to do well. then you would say for the figure of 0 there would not be much incentive to join the market and for the figure marked 2 they can expect to do well in the future as the YED is very high.
for the business relevance it was important to start by saying that incomes tend to rise over time and as a result businesses to which produce goods with a postive YED can be expected to do well. then you would say for the figure of 0 there would not be much incentive to join the market and for the figure marked 2 they can expect to do well in the future as the YED is very high.
Original post by uxa595
jjj
About the income elasticity Q, i said 0 and 2.
I said inelastic and elastic.
b) I said that at the moment, the producers will want to focus production in the USA due to demand being inelastic.
Original post by jlewis9311
for the elasticity question the figures were 0 and 2. you had to say that the figure marked 0 was unity, therefore for every 1% change in the price there would be a 1% change in the quantity demanded. for the figure with 2, this figure is income elastic and is a superior good.
for the business relevance it was important to start by saying that incomes tend to rise over time and as a result businesses to which produce goods with a postive YED can be expected to do well. then you would say for the figure of 0 there would not be much incentive to join the market and for the figure marked 2 they can expect to do well in the future as the YED is very high.
for the business relevance it was important to start by saying that incomes tend to rise over time and as a result businesses to which produce goods with a postive YED can be expected to do well. then you would say for the figure of 0 there would not be much incentive to join the market and for the figure marked 2 they can expect to do well in the future as the YED is very high.
NAH mate, you should focus production in the USA as demand is ineastic.
can anyone help! for the 18 marker i said a definition followed by a relevant recent example in relation to the topic in question (fast food resturants having to put the calories on their foods and how that would increase the information to customers and therefore make better choices to maximise welfare then drew a graph showing how this would decrease the demand. i then gave 4 positives and negatives mixed together not 4 then 4 and drew a conclusion on the effectiveness of regluation. HOWEVER i failed to link in any other types of things such as taxes ect to the regulation argument. is this likely to hinder the mark an awful lot?
THHANKS!
THHANKS!
Original post by Priti94
Did none of you mention about their proposal of banning kids toys in happy meals with high calorie content?
I did
I said that it was a form of regulation which attempted to change tastes and fashions of kids. Thereby trying to reduce demand- thus cut quantity traded. As a result market failure is curbed. My evaluation was that kids tastes and fashions for the happy meals could be the food itself not the toys so would be irrelevant and thus not cut production/consumption.Obvs a bit more detail. But that was one jist of my 18 marker. Did you put something like that?
Original post by jlewis9311
for the elasticity question the figures were 0 and 2. you had to say that the figure marked 0 was unity, therefore for every 1% change in the price there would be a 1% change in the quantity demanded. for the figure with 2, this figure is income elastic and is a superior good.
for the business relevance it was important to start by saying that incomes tend to rise over time and as a result businesses to which produce goods with a postive YED can be expected to do well. then you would say for the figure of 0 there would not be much incentive to join the market and for the figure marked 2 they can expect to do well in the future as the YED is very high.
for the business relevance it was important to start by saying that incomes tend to rise over time and as a result businesses to which produce goods with a postive YED can be expected to do well. then you would say for the figure of 0 there would not be much incentive to join the market and for the figure marked 2 they can expect to do well in the future as the YED is very high.
At a YED value of 0, if income rises, demand will not.
YED= % change in QD / % change in income
bottom value can be w/e but the top value is 0 meaning it is unresponsive. That neither makes it normal or inferior due to demand not raiseing or falling with income.
I messed up the 2 earlier marks though
i didn't compare the 2 so i only got the 1 mark each for each figure (0 and 2) then lost the further 2. Then i got the final 4 i suspect or at least 3. The rest of the paper was really easy, so i reckon 5 marks lost max inc 2 for the 18 mark one.
Original post by Super Cicero
I think I did pretty well. I'm confident I got almost full marks on the 18 mark question, but I may have lost a few marks on earlier questions, for example on the YED question, I said they are estimates and therefore cannot be fully relied upon for future decisions, but now I find out that they actually weren't estimates - so I probably didn't get full marks on that question. I can't think of anywhere else I lost marks on though, so I'm hoping that I'll get over 90%.
How can any data for elasticities not be an estimate?
Data for YED is collected largely from consumer surveys and so only considers part of the population at most. How can this possibly be a full representation?
Original post by dslc
How can any data for elasticities not be an estimate?
Data for YED is collected largely from consumer surveys and so only considers part of the population at most. How can this possibly be a full representation?
Data for YED is collected largely from consumer surveys and so only considers part of the population at most. How can this possibly be a full representation?
Well that's what I thought too, and that's what I put in the exam, but somebody on the previous page of this thread said that the data wasn't an estimate.
Also on the very first question, One of my three was entrepreneurship- the people that might start up a fast food company, would this count ?
I origionally put land- the area on which the fast food restaurant is built and for some reason crossed it out and the put entrepreneurship as the third one instead, is that still right ?
I origionally put land- the area on which the fast food restaurant is built and for some reason crossed it out and the put entrepreneurship as the third one instead, is that still right ?
Original post by Super Cicero
Well that's what I thought too, and that's what I put in the exam, but somebody on the previous page of this thread said that the data wasn't an estimate.
To say that they are estimates is definitely right and you will get marks for that
Original post by Student8
Also on the very first question, One of my three was entrepreneurship- the people that might start up a fast food company, would this count ?
I origionally put land- the area on which the fast food restaurant is built and for some reason crossed it out and the put entrepreneurship as the third one instead, is that still right ?
I origionally put land- the area on which the fast food restaurant is built and for some reason crossed it out and the put entrepreneurship as the third one instead, is that still right ?
for land i put natural deposits like oil would be needed for chips to be fried?
HOW MANY MARKS WOULD I GET FOR THIS?
BTW, i didnt link MUCH to the case study. (about 2 points)
Definition of regulation and market failure
Spoke how regulations affect overconsumption and neg externalities
Drew a decrease in supply, spoke about it.
Beneifts- cheap
easy to set up
no time lag
effective
Costs- govmnt failure due to over/under compensation of the regulation value
Hard to place a value on the externalities and so it is hard to put a value on the regulations
It depends on consumer tastes/advertising etc
CONCLUSION
It depends on how over consumed the product actually is
If low over consumption, you are better of dealing with direct factors
If extremely high over consumption, regulations and subsidisng a merit good (healthy food) will reduce demand more than just regualtions alone.
How many marks do you reckon i will get?
Any help will be absolutely appreciated and i will give rep for sure.
BTW, i didnt link MUCH to the case study. (about 2 points)
Definition of regulation and market failure
Spoke how regulations affect overconsumption and neg externalities
Drew a decrease in supply, spoke about it.
Beneifts- cheap
easy to set up
no time lag
effective
Costs- govmnt failure due to over/under compensation of the regulation value
Hard to place a value on the externalities and so it is hard to put a value on the regulations
It depends on consumer tastes/advertising etc
CONCLUSION
It depends on how over consumed the product actually is
If low over consumption, you are better of dealing with direct factors
If extremely high over consumption, regulations and subsidisng a merit good (healthy food) will reduce demand more than just regualtions alone.
How many marks do you reckon i will get?
Any help will be absolutely appreciated and i will give rep for sure.
Original post by Frodo Baggins
HOW MANY MARKS WOULD I GET FOR THIS?
BTW, i didnt link MUCH to the case study. (about 2 points)
Definition of regulation and market failure
Spoke how regulations affect overconsumption and neg externalities
Drew a decrease in supply, spoke about it.
Beneifts- cheap
easy to set up
no time lag
effective
Costs- govmnt failure due to over/under compensation of the regulation value
Hard to place a value on the externalities and so it is hard to put a value on the regulations
It depends on consumer tastes/advertising etc
CONCLUSION
It depends on how over consumed the product actually is
If low over consumption, you are better of dealing with direct factors
If extremely high over consumption, regulations and subsidisng a merit good (healthy food) will reduce demand more than just regualtions alone.
How many marks do you reckon i will get?
Any help will be absolutely appreciated and i will give rep for sure.
BTW, i didnt link MUCH to the case study. (about 2 points)
Definition of regulation and market failure
Spoke how regulations affect overconsumption and neg externalities
Drew a decrease in supply, spoke about it.
Beneifts- cheap
easy to set up
no time lag
effective
Costs- govmnt failure due to over/under compensation of the regulation value
Hard to place a value on the externalities and so it is hard to put a value on the regulations
It depends on consumer tastes/advertising etc
CONCLUSION
It depends on how over consumed the product actually is
If low over consumption, you are better of dealing with direct factors
If extremely high over consumption, regulations and subsidisng a merit good (healthy food) will reduce demand more than just regualtions alone.
How many marks do you reckon i will get?
Any help will be absolutely appreciated and i will give rep for sure.
What does anyone reckon?
Original post by Frodo Baggins
HOW MANY MARKS WOULD I GET FOR THIS?
BTW, i didnt link MUCH to the case study. (about 2 points)
Definition of regulation and market failure
Spoke how regulations affect overconsumption and neg externalities
Drew a decrease in supply, spoke about it.
Beneifts- cheap
easy to set up
no time lag
effective
Costs- govmnt failure due to over/under compensation of the regulation value
Hard to place a value on the externalities and so it is hard to put a value on the regulations
It depends on consumer tastes/advertising etc
CONCLUSION
It depends on how over consumed the product actually is
If low over consumption, you are better of dealing with direct factors
If extremely high over consumption, regulations and subsidisng a merit good (healthy food) will reduce demand more than just regualtions alone.
How many marks do you reckon i will get?
Any help will be absolutely appreciated and i will give rep for sure.
BTW, i didnt link MUCH to the case study. (about 2 points)
Definition of regulation and market failure
Spoke how regulations affect overconsumption and neg externalities
Drew a decrease in supply, spoke about it.
Beneifts- cheap
easy to set up
no time lag
effective
Costs- govmnt failure due to over/under compensation of the regulation value
Hard to place a value on the externalities and so it is hard to put a value on the regulations
It depends on consumer tastes/advertising etc
CONCLUSION
It depends on how over consumed the product actually is
If low over consumption, you are better of dealing with direct factors
If extremely high over consumption, regulations and subsidisng a merit good (healthy food) will reduce demand more than just regualtions alone.
How many marks do you reckon i will get?
Any help will be absolutely appreciated and i will give rep for sure.
This looks amazing, i would give this close to full marks for sure,
it depends on how good you wrote it though and it depends on the examiner :P
But, yeah, these are some excellent points, if only i would be able to think of these points,
if you don't mind me asking, how did you revise for this exam?
Original post by nm786
This looks amazing, i would give this close to full marks for sure,
it depends on how good you wrote it though and it depends on the examiner :P
But, yeah, these are some excellent points, if only i would be able to think of these points,
if you don't mind me asking, how did you revise for this exam?
it depends on how good you wrote it though and it depends on the examiner :P
But, yeah, these are some excellent points, if only i would be able to think of these points,
if you don't mind me asking, how did you revise for this exam?
My good friend, i recognise you from MR M's gcse maths thread. You want to become an actuary right? My alias is bhogs001....
I revised model answers, definitions, past papers. Make up your own questions and also link to real world problems.
E.g. oh no! no ham for my sandwhiches. Scarce resources to meet my want.
Original post by Student8
At the end I wrote a REALLY small paragraph on that, so could I still potentially get a level 4 ?
listen you spoke about regulation throughout analysis, drawbacks and conclusion. you are correct and the pride guy is wrong okay??? now stop worrying.
Original post by Frodo Baggins
My good friend, i recognise you from MR M's gcse maths thread. You want to become an actuary right? My alias is bhogs001....
I revised model answers, definitions, past papers. Make up your own questions and also link to real world problems.
E.g. oh no! no ham for my sandwhiches. Scarce resources to meet my want.
I revised model answers, definitions, past papers. Make up your own questions and also link to real world problems.
E.g. oh no! no ham for my sandwhiches. Scarce resources to meet my want.
hi, how r you?
what did you get in gcse maths?
yes i did want to become an actuary, don't know now, a levels are tough,
thanks,
could you please upload model answers as i know i haven't got the grade i want in this exam and i really need help. Thanks.
Edit: my revision strategy didn't work it was the classic, memorise notes and go over a paper or two, it doesn't work,
need to try a new technique,
(edited 11 years ago)
Original post by Frodo Baggins
HOW MANY MARKS WOULD I GET FOR THIS?
BTW, i didnt link MUCH to the case study. (about 2 points)
Definition of regulation and market failure
Spoke how regulations affect overconsumption and neg externalities
Drew a decrease in supply, spoke about it.
Beneifts- cheap
easy to set up
no time lag
effective
Costs- govmnt failure due to over/under compensation of the regulation value
Hard to place a value on the externalities and so it is hard to put a value on the regulations
It depends on consumer tastes/advertising etc
CONCLUSION
It depends on how over consumed the product actually is
If low over consumption, you are better of dealing with direct factors
If extremely high over consumption, regulations and subsidisng a merit good (healthy food) will reduce demand more than just regualtions alone.
How many marks do you reckon i will get?
Any help will be absolutely appreciated and i will give rep for sure.
BTW, i didnt link MUCH to the case study. (about 2 points)
Definition of regulation and market failure
Spoke how regulations affect overconsumption and neg externalities
Drew a decrease in supply, spoke about it.
Beneifts- cheap
easy to set up
no time lag
effective
Costs- govmnt failure due to over/under compensation of the regulation value
Hard to place a value on the externalities and so it is hard to put a value on the regulations
It depends on consumer tastes/advertising etc
CONCLUSION
It depends on how over consumed the product actually is
If low over consumption, you are better of dealing with direct factors
If extremely high over consumption, regulations and subsidisng a merit good (healthy food) will reduce demand more than just regualtions alone.
How many marks do you reckon i will get?
Any help will be absolutely appreciated and i will give rep for sure.
i dont think that is right tbh with the bold bit there is time lagg and may not be easy to enforce.
Help guys! For my 18 marker I wrote about
-Negative externalities and a tax diagram. Overconsumption, missallocation of resources, not at optimum level of output, allocative inefficient...
-Wrote about tax and how it would reduce the demand of demerit goods
-Evaluation like cost of enforcement, need support from the public
-Information failure and how the government uses regulation to make firms provide accurate information
-Small evaluation and judgement
Btw the yed question, is 0 a normal good?
-Negative externalities and a tax diagram. Overconsumption, missallocation of resources, not at optimum level of output, allocative inefficient...
-Wrote about tax and how it would reduce the demand of demerit goods
-Evaluation like cost of enforcement, need support from the public
-Information failure and how the government uses regulation to make firms provide accurate information
-Small evaluation and judgement
Btw the yed question, is 0 a normal good?
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