Economics Unit 1, Competitive Markets. Friday 18th May 2012 Pm.

urm i put 2 shifts as it said demand speculators increased, but you never know, btw do you know how many marks that PES question on cotton was?

urm i put 2 shifts as it said demand speculators increased, but you never know, btw do you know how many marks that PES question on cotton was?

Supported choice was pretty difficult. I think I got the answers right, but probably going to lose marks in explaining, especially because for a few of them I found it pretty hard to define something.

I then did question 9 because literally the last homework we did before study leave was a paper on tuition fees. I ran into problems on 9e though, I had no idea what to write? Anyone want to console me (or possibly panic me) by telling me what they wrote for that question? It was about the effect of an increase in tuition fees on the market for higher education.

I did Q9 but no idea what 9e* was.. completely blanked my brain when i left the hall.. got sort of an idea what the ques was?

To sum up this paper in one word. Frustrating.Hope the grade boundaries are low because they are always higher in June than Jan.

Btw guys ahahha you know for the geographical immobility question, did anyone get that it was increase due to house differentials going down

Btw guys ahahha you know for the geographical immobility question, did anyone get that it was increase due to house differentials going down

for the last question on the cotton one, i only had time to define/diagram/1 external cost/ 1 ev point - how many should this be out of 14

Urmm, I think it was "Discuss the economic effects of an increase in tuition fees on the market for higher education."

For lack of anything else, I wrote about a decrease in consumer surplus, a decrease in the occurrence of asymmetric information (you can tell I was really grasping at straws here) and the fact that universities would probably make more of an effort to attract students/maybe upgrade things like accommodation etc... now that fees were higher.

Diagram - 4 if its all correct
Definition - 2 per definition
1 external cost - 1-2 marks
Evaluation - 2 if correct

What was you re evaluation?

Diagram - 4 if its all correct
Definition - 2 per definition
1 external cost - 1-2 marks
Evaluation - 2 if correct

What was you re evaluation?

Btw , for q10 on external costs in evaluation could we say the government could intervene, however if the costs > benefits = govt failure, is this okay?

I think this paper wasnt bad, but it was one of the more harder papers. i found myself having to think more about the answers in the multipel choice compared to past papers where u can easily figure them out. Wonder how the grade boundaries will be in this exam.

I hope that the grade boundaries are low. Most of the people i spoke with ran out of time