The Student Room Group
Competition - post a photo you've taken of nature >>
Competition - post a photo you've taken of nature >>
Competition - post a photo you've taken of nature >>

**********OFFICIAL OCR ECONOMICS F581 13th MAY 2014 THREAD************

Scroll to see replies

Reply 220
Avatar for Celina2
Celina2
Does information failure have to do with consumers lack of perfect knowledge or consumers and producers lack of perfect knowledge?
Original post by EdwardsEconomics
You do not need to learn the externalities diagrams, see my previous post (if you can find it, for the reasoning behind that and how you only need D&S analysis for the 18 mark questions.

You obviously also need to know PPC and consumer/producer surplus diagrams as well.

Other sure fire topics to read are the definition of the economic problem, allocative efficiency, PED/XED/YED/PES, consumer/producer surplus as they always turn up. Also make sure you know the factors of production. Take a hunt through my previous posts on exam tips, things people always get wrong and brief notes on the ways to solve market failure (pros/cons/evaluation).

Good luck,

Mr. E


You absolute life saver thank you!
It's a relief knowing that I don't have to learn the externality diagrams, it was becoming a serious struggle, PPC is a-okay and consumer/producer surplus is all good
I'll add the ones I defo need on my notes, factors of production done!
I'll stalk all your previous notes that I can right now
...
(edited 9 years ago)
To those who sat the exam - which topic was the essay question based on?
...
(edited 9 years ago)
Reply 225
Avatar for -JTW-
-JTW-
3
Very easy exam, expecting high grade boundaries.
Was a pretty easy exam , got a bit carried away with talking about indirect taxes ans tradable permits so ran right up to the clock
Limitations of specialisation - may deduce from overall quality of the product, as focus will be on output maximisation and cost minimisation. Yes or No? Decent paper I thought.
Didn't sit the exam myself although the general conscious from students who were re-taking in my school that they found it particularly easy.

Curious to know how those sitting it for the first time found it.
As the 18 marker was on negative externalities of production did you have to focus more on producers producing less or more about consumption being reduced
I was really irritated by the lack of definitions, but I can't decide if it was an easy exam or not, it felt too straightforward and I almost ran out of time so I gave some brief conclusion :s-smilie:

What did everyone draw for the first graph about showing how price is determined. I literally just drew a supply and demand curve with no change...


Posted from TSR Mobile
Original post by JellyCat99
I was really irritated by the lack of definitions, but I can't decide if it was an easy exam or not, it felt too straightforward and I almost ran out of time so I gave some brief conclusion :s-smilie:

What did everyone draw for the first graph about showing how price is determined. I literally just drew a supply and demand curve with no change...



Posted from TSR Mobile

I also drew an S&D diagram with equilibrium price and quantity, showing no change. With the price being at the intersection of S&D.
Also, any chance of anyone doing an unofficial markscheme????


Posted from TSR Mobile
Easy exam, what did people but for the China question?
Original post by domcliffordjones
I also drew an S&D diagram with equilibrium price and quantity, showing no change. With the price being at the intersection of S&D.


Thanx :smile: I've never seen a question that simple before, I'm so glad I didn't overthink it


Posted from TSR Mobile
Original post by JellyCat99
I was really irritated by the lack of definitions, but I can't decide if it was an easy exam or not, it felt too straightforward and I almost ran out of time so I gave some brief conclusion :s-smilie:

What did everyone draw for the first graph about showing how price is determined. I literally just drew a supply and demand curve with no change...


Posted from TSR Mobile


P is determined by the market forces of supply and demand. As long as you labelled the diagram correctly (with equilibrium point) you should get full marks.
Original post by anorris13
Easy exam, what did people but for the China question?


May be desirable because the economic growth will be more sustainable if there are less negative externalities from pollution.

Comment was basically opportunity cost, whether, in reducing pollution level, output could fall and was it worth it etc.
Original post by poma123
As the 18 marker was on negative externalities of production did you have to focus more on producers producing less or more about consumption being reduced


I was wary of this, was worried writing about price elasticity of demand wasn't that relevant. I tried to relate it to production as much as I could.
For the second last question what did every one write about. I defined negative externality and talked about tradable permits.
Original post by Randomer96
May be desirable because the economic growth will be more sustainable if there are less negative externalities from pollution.

Comment was basically opportunity cost, whether, in reducing pollution level, output could fall and was it worth it etc.


Wouldn't this answer be more macro-orientated?


Posted from TSR Mobile

Quick Reply

Related discussions

Latest

Trending

Trending

Articles for you