Yeah, kind of messed up here. Went with Context 2, think I did alright on the multiple choice, I reckon about 19/25, for private goods I missed out the fact they had property rights, but basically mentioned they were supplied under the market mechanism and explained that they had rivalry and excludability, don't know how many out of /5 that will get.
Question 2 compared all 3, giving all 3s highest point then all 3s lowest point.
Question 3 defined supply/demand talked about an inward shift in supply as well as briefly mentioning an inward shift of demand, kind of somehow managed to screw the graph up to some extent though (don't know how).
Question 4 - this was where I really messed up without properly completing a graph due to shortage of time. Managed to talk about the newspapers / internets news being a merit good. Spoke about how subsidies would increase supply, would increase the consumption of newspapers thus moving it to a more socially optimal level.
Then added that this was an expensive form of intervention. Also only briefly mentioned that the supplier might not pass on the subsidy, meaning consumption would not increase, producer surplus would be greater than consumer surplus.
Lastly pointed out that most news is accessed from the TV anyway (in the case of the US) according to Extract A. So the effect of a subsidy may not actually make much difference towards how much people educate themselves upon news.
Then had to do a really short conclusion basically saying I think there shouldn't be a subsidy as its expensive and most people already get their news from the TV (according to Extract A)
So yeah my question 4 was pretty poor with a missing graph, if I could get just over 10 like 12 or so on it I'd be happy as my last few paragraphs were very short.