F581 Jan 12 2011: OCR AS Economics exam

Ahh that didn't go very well was too focused on Physics. The paper was fine up until that last question, didn't have a clue about regulations and carbon emissions (I thought it was something about carbon dioxide pollution and tradable permits, so blabbed a load about that..) and then that question before, anywhere else put that the beaches are a quasi public good (rival but non-excludable)?

Also, that question on the D & S if construction of hotels took place, I thought about it for ages. I knew it was an increase in supply and I didn't know if it was also an increase in demand, so I drew two demand curves and two supply curves..
So worried

i also put it was a quasi-public good, i was assuming that question would be more than 4 marks as it normally asks you 'to what extent' is it a public good. I spoke about some beaches being made excludable as well, but with difficulties, then mentioned how an empty beach is non-rivalrous, but a full beach is rivalrous.

Also, i'm pretty sure (unless someone has a decent enough reason to prove me wrong) that the demand curve has no reason to shift in that question.

how did people find the XED question? because i'm not sure i answered it right, then the QD of kofu decreased by 40% and Maldova's price of holiday fell by 30% i did 40%/30% to give me +1.33 for the XED is that right.. so then i put that it was a substitute as it was positive and also that it was elastic as it was more than one..

Yhh I got the same figure too. I then commented saying that because it is positive and +1.33 it means that there is a strong relationship between the change in price of a holiday in the maldives and the demand for holidays in Goa. +1.33 Also indicates that both are substitutes therefore a fall in price of a holiday in Maldives will lead to a fall in demand for holidays in Goa.....
But did we have to say the business use and the fact that x.e.d figures are estimate and can be imprecise coz I didn't hav tym

Yhh I got the same figure too. I then commented saying that because it is positive and +1.33 it means that there is a strong relationship between the change in price of a holiday in the maldives and the demand for holidays in Goa. +1.33 Also indicates that both are substitutes therefore a fall in price of a holiday in Maldives will lead to a fall in demand for holidays in Goa.....
But did we have to say the business use and the fact that x.e.d figures are estimate and can be imprecise coz I didn't hav tym

This exam was ok. You get 4 marks on the 18 mark just for saying what the meaning of Market Failure is. Saying its a negative externality and and meaning and showing the negative externalitity graph. I wrote all the advantage fo the tax in one paragraph and all the disadvantage in another, showed the tax graph, and evalutate it, saying the negatives out way the positives. I talked about information failure, how the gov could advertise, was really tired at this point, so just wrote anything. Said how tax could bring in revene for subsides that could be used on positive externalities etc.

Showed the subsidy graph, just because I think it can get you just one mark.

What did everyone write for the definition of market?

I wrote it a place where buyers and sellers interact and agree to trade at a price.

I wrote about tradable permits, but time was up and could not finish it and evalute it, max i got I think was a C. Gonna retake anyway do lots of exam practise and try to get a A.

Ohh thats good at least we got the first bit right then i think.. and no i didn't write about it being an estimate and stuff cos i ran out of lines so i didn't think it was neccessary to write anymore.. stupid excuse i know, but hopefully we didn't need that lol x

I moved the demand curve on that other question about the hotels...I am ...disappointed

Looool me too.. I jus ran outta time

But it said discuss wether regulations is the "most effective" way of reducing government failure n for that reason I thought that to get 11+ you need to say how the advantages for regulations outweigh any other alternative but explaining and giving other methods such as tax, tradable permits...??

If u say there was a fall in price and rise in output u will still get 2 marks

But it said discuss wether regulations is the "most effective" way of reducing government failure n for that reason I thought that to get 11+ you need to say how the advantages for regulations outweigh any other alternative but explaining and giving other methods such as tax, tradable permits...?? [/QUOTE

See I would have said in order to get 11 or more you would need to draw a balanced argument for and against, then evaluate with alternatives. The drawing of a diagram is not essential but there is no doubt it would help

Yh also did a paragraph on the regulations as well the advantages and disadvantages.

My evaulation was going to be really good but my poor time managment screwed it up. Could have got a decent grade, now I have to do it all again in June.

Starting unit 2 work on Friday, I need a nice B or A in that.

Unit 2 as in the national and international economy for as ?

Is anyone sitting the transport paper on 28th jan.. Hate dat... Sucha killa