oh that 6 marker yh the coment 1 yh u talk about the the types of good it is and how income effects it and stuff like that and how business travales wont be effected and it can both price elastic of D and income elastic of D , also can put in about different classes like working class people and middle class people and a change in consumer surplus and an incentive to stay at uk and maybe to save money this year and go on holiday next year.
I thought it was really easy, but there was only 3 people from my school doing it. I guess most people might have lost marks on the YED and also consumer surplus
I also thought this was the easiest Micro exam I've ever done! but the only question that I I wasn't sure what to write for was the one before the essay question, I just babbled on about how they were demerit goods which caused external costs, and therefore negative externalities which weren't realised, before a tiny bit of evaluation, anyone else do similar?
I also thought this was the easiest Micro exam I've ever done! but the only question that I I wasn't sure what to write for was the one before the essay question, I just babbled on about how they were demerit goods which caused external costs, and therefore negative externalities which weren't realised, before a tiny bit of evaluation, anyone else do similar?
Yeah i just wrote is is a demerit good, external costs and they have a risk of getting skin cancer and high blood pressure since it did ask the effect on the consumer
Comment question before 18 marker was dirty. Pretty similar to the one on Monday too before the 18 marker which I had no clue on how to answer.
For 2a I got, Supply decreased due to increased costs of production and tightening regulations which may have limited the no of flights airlines could operate.
Disappointed that I couldn't finish 18 marker but I managed to squeeze in indirect taxes and information provision so I hope that gets me upto 16 odd, Insha'Allah.
For the 18 marker I basically wrote an essay with regulation (backed by fines) and taxation as the policies to correct market failures arising from negative externalities CAUSED BY information failure, like others have said here. I couldn't think of any other way to structure it incorporating information failure so it just seemed like a normal market failure essay. IS THIS WRONG? ASDFGHJKL.
For the 18 marker I basically wrote an essay with regulation (backed by fines) and taxation as the policies to correct market failures arising from negative externalities CAUSED BY information failure, like others have said here. I couldn't think of any other way to structure it incorporating information failure so it just seemed like a normal market failure essay. IS THIS WRONG? ASDFGHJKL.
***** i wrote the same thing. it only make sense they used information failure to trow people off only if they knew information failure leads to pros or neg externalizes but ours was neg. so gd job
Comment question before 18 marker was dirty. Pretty similar to the one on Monday too before the 18 marker which I had no clue on how to answer.
For 2a I got, Supply decreased due to increased costs of production and tightening regulations which may have limited the no of flights airlines could operate.
Disappointed that I couldn't finish 18 marker but I managed to squeeze in indirect taxes and information provision so I hope that gets me upto 16 odd, Insha'Allah.