can anyone give me an exam structure to follow with typical methods of evaluation? Hoping to get an A as I'm retaking but yet again I failed to prepare, only starting my revision now.

Reply 204

micycle

Original post by KimberlyKumar

Does anyone know where the mark scheme is for the June 2011 micro paper?? I would greatly appreciate it if someone sent it to me. Thanks!!!!!

http://www.goffs.herts.sch.uk/documents/economics/ms/AQA-ECON1-W-MS-JUN11.pdf

Reply 205

JefferyM

Does anyone know how to answer this question? Apparently the answer is C

(edited 8 years ago)

Q22.JPG50.8KB

Reply 206

shannonamyolive

Original post by Exceptional

What are the pros of a maximum price other than making things cheaper for people who may not have been able to afford them beforehand?

prevents the monopolistic exploitation of consumers
can work as a rationing tool when there is market shortage by allocating the good on a 'first come, first served' basis

Reply 207

penguinpenny

Original post by JefferyM

Does anyone know how to answer this question? Apparently the answer is C

You can work this out mathematically.
(private benefits + positive externalities) - (private costs + negative externalities)
The project with the highest value of the formula above is the best.

Reply 208

Exceptional

Original post by JefferyM

Does anyone know how to answer this question? Apparently the answer is C

Yes. Private benefits minus private costs plus positive extern minus neg extern. Highest value = answer.

Reply 209

micycle

Original post by JefferyM

Does anyone know how to answer this question? Apparently the answer is C

+10-20+100-20 > the rest.

Reply 210

Exceptional

Original post by shannonamyolive

prevents the monopolistic exploitation of consumers
can work as a rationing tool when there is market shortage by allocating the good on a 'first come, first served' basis

Thank you!

Reply 211

penguinpenny

Original post by micycle

http://www.goffs.herts.sch.uk/documents/economics/ms/AQA-ECON1-W-MS-JUN11.pdf

Thank you so much! I've been looking everywhere for this thing.

Reply 212

micycle

Original post by penguinpenny

Thank you so much! I've been looking everywhere for this thing.

You just have to know how to use Google effectively:

"filetype :tongue:

df AQA-ECON1-W-MS-JUN11"

Reply 213

JefferyM

Original post by penguinpenny

You can work this out mathematically.
(private benefits + positive externalities) - (private costs + negative externalities)
The project with the highest value of the formula above is the best.

Thank you

Reply 214

micycle

I was thinking its C, but mark scheme suggests D. Why?

Reply 215

penguinpenny

Original post by micycle

I was thinking its C, but mark scheme suggests D. Why?

Just try to draw a diagram and you'll see it. It's like when there's excess supply or excess demand.

mEyetBL.png62.3KB

Reply 216

PAPADAPADOPOLOUS

Original post by penguinpenny

Just try to draw a diagram and you'll see it. It's like when there's excess supply or excess demand.

make sure you don't draw annotations like that in the exam.....

Reply 217

Kiytt

Can someone help me with this question?

The answer is A but I don't understand how.

Thanks in advance.

Reply 218

penguinpenny

Original post by PAPADAPADOPOLOUS

make sure you don't draw annotations like that in the exam.....

Just realised what it looks like... Good thing we have a separate answer sheet.

Reply 219

Exceptional

Original post by Kiytt

Can someone help me with this question?

The answer is A but I don't understand how.

Thanks in advance.

Because it's elastic, it's a horizontal line. Therefore with the tax, the line will shift upwards, rising by the full price. If you think about trying to shift S on any other of the options, then you can see the P doesn't rise by very much if at all. I can see that the question is confusing because usually there's an option that says perfectly inelastic D and it's easier to see how P would rise by the full amount in that scenario from a tax.

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