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F581 OCR Economics May 18th

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    (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
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    (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!:-)
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    (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
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  1. File Type: docx Essays.docx (24.7 KB, 285 views)
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    (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
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    (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
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    (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
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    (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
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    hi guys, i've got a question it's from this paper q2c :http://www.ocr.org.uk/download/pp_10...n_gce_f581.pdf
    how does increasing supply likely to reduce oil prices?
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    (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
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    (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
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    (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...n_gce_f581.pdf
    how does increasing supply likely to reduce oil prices?
    Use a demand and supply diagram.

    Click image for larger version. 

Name:	demand_supply_excess_demand1.gif 
Views:	50 
Size:	10.4 KB 
ID:	148800

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

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

    Click image for larger version. 

Name:	demand_supply_excess_demand1.gif 
Views:	50 
Size:	10.4 KB 
ID:	148800

    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
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    (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
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    (Original post by Clare1994)
    Have to say that would be nice i have so many possible points for that one
    can you share ?
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    (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)
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    (Original post by whufcftw)
    can you share ?
    http://www.thestudentroom.co.uk/show...5#post37598875
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    (Original post by whufcftw)
    can you share ?
    It's in the document i uploaded called essays, it has other stuff in such as regulation and subsidies as well
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    (Original post by nm786)
    thanks for the document, it's very useful, (+1)
    Welcome thought doing it would be a good way to learn it =]
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    (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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