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AQA A2 Economics Unit 3 - 12th June 2012 PM

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    (Original post by JulietheCat)
    I didn't mention means and universal benefits either. I just weighed up both policies and used examples from Budget 2012 to justify my answer.
    I should have mentioned even money has been spent on supply side policies and we have a 50% tax rate we still face a very unequal society, my conclusion was rubbish haha.
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    (Original post by SM94)
    Yeah I put something along the lines of one of the types of environmental market failure was a negative externality of pollution, can't remember what point I made but I drew the negative externality diagram also, my point about resources I can't even remember haha
    holllllyyy chicken!!!! i cuda drawn the NE diagram aswell. i never drew anything. i need to go to specsavers :'( man i looked up at the clock and saw it was still 2 and im thinking daaayyyyyuuum i stiilll got **** loads of time so i started day dreaming about this beautiful chick sitting besides me. it was actually 3 and only 15 mins to go. had to rush thru it.
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    (Original post by Jakeeyy)
    Was trying to think what bodies investigate. I had no idea. Did you draw any graphs? I did one, to show supernormal profits from collusion.

    Also, generally the mark scheme allows you to get into the higher bands if you at least discuss 2 points, don't need to do loads and loads like some people think.
    Was going to but didn't see the point in it, I just mentioned it made supernormal profits. Oligopolies make supernormal profits even when they don't collude

    I really wanted to get some diagrams in though so I just did an inelastic demand curve next to a elastic demand curve and said that even if they price fix, if the good is elastic then it'd break down due to lack of demand
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    (Original post by Super Mario 64)
    Was going to but didn't see the point in it, I just mentioned it made supernormal profits. Oligopolies make supernormal profits even when they don't collude

    I really wanted to get some diagrams in though so I just did an inelastic demand curve next to a elastic demand curve and said that even if they price fix, if the good is elastic then it'd break down due to lack of demand
    I just said they wish to maintain supernormal profits through collusion, and showed it on graph, seemed like an opportunity for a graph haha.
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    (Original post by Jakeeyy)
    I should have mentioned even money has been spent on supply side policies and we have a 50% tax rate we still face a very unequal society, my conclusion was rubbish haha.
    I said that in six years time, we will be out of recession so the spending on education will benefit the uk economy at the time when there will not be a recession. Not sure if it's six years or if it still holds true - I just remember hearing this in the tutor2u conference...
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    (Original post by Blaze008)
    holllllyyy chicken!!!! i cuda drawn the NE diagram aswell. i never drew anything. i need to go to specsavers :'( man i looked up at the clock and saw it was still 2 and im thinking daaayyyyyuuum i stiilll got **** loads of time so i started day dreaming about this beautiful chick sitting besides me. it was actually 3 and only 15 mins to go. had to rush thru it.
    hahahaha , you could still get 10/10 without a diagram if you explained it well , my explanation for the depleted resources was poor anyway, hopefully got 8/10
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    (Original post by JulietheCat)
    I said that in six years time, we will be out of recession so the spending on education will benefit the uk economy at the time when there will not be a recession. Not sure if it's six years or if it still holds true - I just remember hearing this in the tutor2u conference...
    My main argument for education was it has a tag lag, it only targets those who can work not those who are ill and elderly, and it has an opportunity cost then ranted about increasing debt and stuff.

    Conclusion was crap, mainly about efficiency vs equity and stuff and i think i suggested how the market can help. Should have mentioned alternatives but i was keen to get onto the other questions, doesn't help i began the essay then started it again!
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    (Original post by Blaze008)
    For part B was the point that of Ronald Coase?
    i quoted him so im hoping they give me some bonus mark haha. if property right are made clear and well defined & assuming legal costs of measures such as suing are made cheap and easy, gvt intervention is not required. this is coz individuals who are affected by the negative externalities will sue the firm and thus take the external cost back onto the market without the need for gvt intervention. this essentially means that the firm will face higher costs and will discourage them from polluting. without property rights, the negative externality will not seem to affect anyone. gvts may then have to intervene which may only make the situation worse.
    i wrote something on resource depletion but dont think it was gud. haha wat were ur points?
    Dude the 25 marker wanted you to discuss the EFFECTS on businesses in the U.K from using methods of reducing pollution ! not the significance of property rights
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    (Original post by Jakeeyy)
    My main argument for education was it has a tag lag, it only targets those who can work not those who are ill and elderly, and it has an opportunity cost then ranted about increasing debt and stuff.

    Conclusion was crap, mainly about efficiency vs equity and stuff and i think i suggested how the market can help. Should have mentioned alternatives but i was keen to get onto the other questions, doesn't help i began the essay then started it again!
    Maths is the only subject where I can accurately predict what I got. With economics, no way Jose! In unit 2, a question asked about macroeconomic performance and I did not mention even one indicator. Still came out with an A and I was sure I was gonna fail it. Aqa is funny sometimes when marking papers; hopefully they'll be funny when marking my paper!
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    (Original post by lilly0000)
    Dude the 25 marker wanted you to discuss the EFFECTS on businesses in the U.K from using methods of reducing pollution ! not the significance of property rights
    haha yh i was talking bout the 10marker on property rights!
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    (Original post by 1993Luke)
    Yup I Thought The question was about the impact the policies have on UK Business so I talked about rising costs and so on..
    A lot of people mis read the question as you can see the comments everyone is making ! the question was not on the signficance of property rights itself but it was on the IMPACT policies would have UK FIRMS
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    (Original post by Jakeeyy)
    I mentioned competition in my conclusion haha. For Poverty i only did taxation and supply side and evaluated it a lot. I didn't do other policies, i didn't have time to go into detail. Should have mentioned them in my conclusion and how unequal income should be targeted from its roots, but i forgot. Oops. Should be alright though, they will acknowledge you cant make every single point in grave detail in 25 minutes.
    Thanks!
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    (Original post by SM94)
    hahahaha , you could still get 10/10 without a diagram if you explained it well , my explanation for the depleted resources was poor anyway, hopefully got 8/10
    ohhhhh mummy. this doesnt seem to be going well. think im gona fail and end up working in McD.. think im just gonna move to kazakhstan and sell my highly desirable body parts haha
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    (Original post by lilly0000)
    A lot of people mis read the question as you can see the comments everyone is making ! the question was not on the signficance of property rights itself but it was on the IMPACT policies would have UK FIRMS
    i think ur mistaking the part b 10marker and part c 25!
    the part b was on property rights. definition and how pollution and resource depletion could be made worse without property rights
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    I did the questions on:
    poverty- I really loved this question :')
    and oligopolies- I pretty much memorised an essay on it beforehand, although I missed out some annoyingly obvious points

    overall really enjoyed the paper
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    (Original post by Hemzo)
    Thanks!
    Huh? Im confused haha!
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    (Original post by lilGem)
    I did the questions on:
    poverty- I really loved this question :')
    and oligopolies- I pretty much memorised an essay on it beforehand, although I missed out some annoyingly obvious points

    overall really enjoyed the paper
    I thought the exam could have been much much worse. I too had done a poverty and oligopoly question not too long before the exam, which happened to be very similar. Was like memory re call for me haha.
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    (Original post by Jakeeyy)
    I thought the exam could have been much much worse. I too had done a poverty and oligopoly question not too long before the exam, which happened to be very similar. Was like memory re call for me haha.
    I had my history exam in the morning (which was my main concern) so I had just over an hour to prepare- such a feeling of relief
    the question on interdependence and uncertainty :love: that was a blessing in itself.

    Hoping the grade boundaries are generous though
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    (Original post by lilGem)
    I had my history exam in the morning (which was my main concern) so I had just over an hour to prepare- such a feeling of relief
    the question on interdependence and uncertainty :love: that was a blessing in itself.

    Hoping the grade boundaries are generous though
    I guessed that, said with uncertainty about price wars, not wanting to alter price due to loss of customers and mentioned elasticity that they would lose customers and drew the kinked demand curve, wrong

    And interdepence i was on about collusions and drew a supernormal profit diagram to explain why they want to collude and such.
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    (Original post by Jakeeyy)
    I guessed that, said with uncertainty about price wars, not wanting to alter price due to loss of customers and mentioned elasticity that they would lose customers and drew the kinked demand curve, wrong

    And interdepence i was on about collusions and drew a supernormal profit diagram to explain why they want to collude and such.
    I talked about the characteristics of oligopolies initially- then went on to draw a kinked demand curve and explained it in terms of elasticity, how other firms would act hence demonstrating interdependence.
    For uncertainty I talked about game theory then talked about collusion and how it could be reduced then talked about the chance of cheating. I couldn't think how to draw a cartel model though.

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