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

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-JTW-
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Original post by Brave reader
For the second last question what did every one write about. I defined negative externality and talked about tradable permits.


+ too much tax would potentially make businesses want to look elsewhere for their production
Original post by Knowing
Wouldn't this answer be more macro-orientated?


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Possibly, I thought it was a difficult question anyway.
I thought the exam was fairly easy! Don't think I really dropped that many marks apart from the Supply and demand diagram about moving production to china and James May's TV show. I just did a rightward shift in supply but people said after they did a shift in both supply and demand. What do you think was right?
Original post by Randomer96
Possibly, I thought it was a difficult question anyway.


Yes I found it hard too.

I talked about pollution tax (mentioned in the case study) and then commented about PED and optimum level of pollution


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Original post by Knowing
Yes I found it hard too.

I talked about pollution tax (mentioned in the case study) and then commented about PED and optimum level of pollution


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Sounds reasonable if you linked it back to the question. I think that was the hardest question on the paper though.
The question where it wanted two things that could shift demand besides tastes I put advertisement and consumer confidence.... is this right or not???

Also for the penultimate one I wrote about how it was a negative externality causing a clear market failure and how china should try and solve this however its hard to determine the level of market failure???

Everyone is saying this exam is really easy but I found it hard and I've been getting close to 100% all year now I mess this up oh god
The same happened to me ! I did only a shift in supply. Does anybody remember what exactly was said in the case study ??
:/ the questions are so strange compared to past exam question!! Anyone think the same?



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Original post by ThirdEyeChimp
I thought the exam was fairly easy! Don't think I really dropped that many marks apart from the Supply and demand diagram about moving production to china and James May's TV show. I just did a rightward shift in supply but people said after they did a shift in both supply and demand. What do you think was right?


It was both, as the James May show shifted demand while the move to China shifted supply
i just shifted demand, some people from my school shifted both though
Original post by littleman72
The question where it wanted two things that could shift demand besides tastes I put advertisement and consumer confidence.... is this right or not???

Also for the penultimate one I wrote about how it was a negative externality causing a clear market failure and how china should try and solve this however its hard to determine the level of market failure???

Everyone is saying this exam is really easy but I found it hard and I've been getting close to 100% all year now I mess this up oh god


Advertisement is the same thing as taste and preferences. As for confidence, that would be valid but hard to get full marks for.

I went for change in incomes, and price of other goods


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Original post by elizabet1309
The same happened to me ! I did only a shift in supply. Does anybody remember what exactly was said in the case study ??


Something along the lines of 'Discuss whether indirect taxation is the most effective policy in correcting market failure arising from negative externalities of production'
I shifted both curves: James May: demand, china: supply

Therefore Q increased and P increased/decreased but I said this depended on the relative size of the changes in supply/demand


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Original post by hello101010
It was both, as the James May show shifted demand while the move to China shifted supply

Yeah that makes sense. I assumed that I should only do one option because it said "using one diagram".
Original post by Knowing
Advertisement is the same thing as taste and preferences. As for confidence, that would be valid but hard to get full marks for.

I went for change in incomes, and price of other goods


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What if I just talked about other goods being close substitutes, but didn't specifically say about price of the substitutes?
Original post by hello101010
What if I just talked about other goods being close substitutes, but didn't specifically say about price of the substitutes?


Number of substitutes and quality of substitutes would also be OK I think


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I did not evaluate for the question on PED's and the supply and demand diagram at the start, how many marks could I get on those questions assuming my answers in explanation and graphs were near perfect?

And, what did everyone write for the second opportunity cost question?
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afctom
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Original post by Knowing
I shifted both curves: James May: demand, china: supply

Therefore Q increased and P increased/decreased but I said this depended on the relative size of the changes in supply/demand


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I shifted both curves, then scribbled out the demand for some reason. Really wasn't sure on that one.

I assumed that just mentioning an extension of demand due to the lower prices would be enough. Hopefully that's only losing 1 mark.
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afctom
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Original post by nKolundzic97
I did not evaluate for the question on PED's and the supply and demand diagram at the start, how many marks could I get on those questions assuming my answers in explanation and graphs were near perfect?

And, what did everyone write for the second opportunity cost question?


That Airfix had to decide between making model planes and other models. I hope anyway.
What does everyone put for advantage and disadvantage for specialisation?
I put more outputs in total and depletion of scarce resources. Will I be getting any marks? I find my answer lame


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