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F581/ F582 Economics June 2013

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Reply 860
Avatar for shaggyk
shaggyk
5
Original post by Fas
nah true haha ! did have to define it though - i mentioned something about consumer satisfaction being maximised ( even drew a diagram showing demand and supply being at equilibrium point ) - is that basically what it is ?


yup that's correct :biggrin:, for the 6 marker you just had to mention the points from the case study about how the quality of the campsites were being improved through development hence it increases allocative efficiency etc, that's what i did.
Original post by shaggyk
yup that's correct :biggrin:, for the 6 marker you just had to mention the points from the case study about how the quality of the campsites were being improved through development hence it increases allocative efficiency etc, that's what i did.


thank god hahaha ( although i think that was a 4 marker , and the Allocative efficiency definiton was 2 marks ) :tongue:
Original post by Akak
What did people draw for the demand and supply diagram? It said that demand only changed to a response in price so I drawed supply to the left and no change in the demand curve. Is that right?


I also did the same.

Original post by Fas
erm ... it said demand reduced aswell , you had to draw shifts to the left in both supply and demand


It stated that demand decreased due to an increase in price. Any changes in price do not cause shifts in the demand curve, only movements along the curve.
Any unofficial mark schemes occurin?
Did people find this exam harder than the January exam? I thought overall the paper was about the same but the 18 marker was easier because it didn't have a context this time.
The question said changes in supply AND demand

Also the case study also aaid demand decreased due to decreased consumer incomes

From what it sounds like i think they nay accept both
Reply 866
Avatar for shaggyk
shaggyk
5
Original post by Akak
Hmmm I did that at first then at the last minute I looked in the extract and it didn't say anything about demand factors? It just said that demand fell due to the increase in price which I thought was a contraction in demand. That confused me too when they said "demand and supply". Really confused


yeah i was stuck on that one also, took me 5 minutes to figure it out, but i'm still not sure if i did it right, i shifted the supply curve outwards to left (decrease in supply) and i shifted demand to the left also (decrease in demand), i showed that the price rose and quantity decreased. I think that is correct since the question asked for the change in supply in demand for the foreign holiday market .
Original post by Kenny Loftun
I also did the same.



It stated that demand decreased due to an increase in price. Any changes in price do not cause shifts in the demand curve, only movements along the curve.


oh poo. if thats the case then i think ive lost a mark on that question lol - although i thought it said demand reduced altogether - either way it doesn't matter , as past mark schemes often dictate that if you do an extra line you don't lose the mark - but who knows. Hoping grade boundaries will be low , cos if your right then this does affect my comments lol
Reply 868
Avatar for Akak
Akak
That's what confusing because in the opening paragraph it said that demand decreased due to the increase in price
Reply 869
Avatar for Akak
Akak
Can anyone remind me how many marks the YED question was and the allocative efficiency one were please?
Original post by Fas
oh poo. if thats the case then i think ive lost a mark on that question lol - although i thought it said demand reduced altogether - either way it doesn't matter , as past mark schemes often dictate that if you do an extra line you don't lose the mark - but who knows. Hoping grade boundaries will be low , cos if your right then this does affect my comments lol
,

The question said changes in supply AND demand, they even made the AND in bold

Also the case study also aaid demand decreased due to decreased consumer incomes

From what it sounds like i think they nay accept both
Original post by mandem2k11
The question said changes in supply AND demand

Also the case study also aaid demand decreased due to decreased consumer incomes

From what it sounds like i think they nay accept both


Thank god - i thought this aswell !! why would they bold the word ' and ' otherwise ? and yeah i thought i definitely read that demand decreased due to a reduction in consumer incomes too !
Original post by Akak
Can anyone remind me how many marks the YED question was and the allocative efficiency one were please?


YED question was 6 marks.
Allocative efficiency definition was 2 marks , and then the part b) about how the UK Government was becoming more efficient was 4 marks.
Original post by Fas
oh poo. if thats the case then i think ive lost a mark on that question lol - although i thought it said demand reduced altogether - either way it doesn't matter , as past mark schemes often dictate that if you do an extra line you don't lose the mark - but who knows. Hoping grade boundaries will be low , cos if your right then this does affect my comments lol


What did you write for comments? As long as you wrote 1) the magnitude of the shift in the supply curve 2) the price elasticity of demand 3) assumes ceterius paribus i.e. that all other factors in the market remain unchanged which may not be the case

Was this question worth 6 or 8 marks?
Original post by Akak
Can anyone remind me how many marks the YED question was and the allocative efficiency one were please?


Yed was 6.. i spent 10mins doin the calc nd analysing the figures , probs didnt even need to :s-smilie:

Allocative definition was 2
Theb when it asked if was becoming more efficient was 4
Original post by Kenny Loftun
What did you write for comments? As long as you wrote 1) the magnitude of the shift in the supply curve 2) the price elasticity of demand 3) assumes ceterius paribus i.e. that all other factors in the market remain unchanged which may not be the case

Was this question worth 6 or 8 marks?


worth 6 marks and i wrote about magnitude of shift in supply curve and demand curve , and the price elasticity of demand
Reply 876
Avatar for anyap
anyap
1
the 18 marker i think was i asking about both positive and negative externalities that can be solved (as positive externalities may happen too from information failure) so i talked mostly about negative as i had case study and mentioned about half a page about positive
Original post by anyap
the 18 marker i think was i asking about both positive and negative externalities that can be solved (as positive externalities may happen too from information failure) so i talked mostly about negative as i had case study and mentioned about half a page about positive


yeah mentioning positives was an added bonus , but the question mainly revolved around the negative externalities ( why would you use regulations to reduce the positive externalities , doesn't make sense )

The essay didn't have to link back to the case study did it ?
For the 18 marker question, I just applied the information failure and regulation to the case study (sun beds) which were mentioned in the last paragraph.

Used indirect taxation as an alternative as it internalises the external costs associated with the negative externality.
Original post by mandem2k11
Yed was 6.. i spent 10mins doin the calc nd analysing the figures , probs didnt even need to :s-smilie:

Allocative definition was 2
Theb when it asked if was becoming more efficient was 4


yeah calculations were not needed

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