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OCR F581 Markets in Action - 11 May 2015

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Smashed it


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Original post by mickel_w
I shifted both on the second question. 18 marker was a godsend. What did everyone put for commenting on allocative efficiency?

I feel like the grade boundaries could be pretty high.


It increased welfare, reduced under-production and then added that it increased consumer surplus (not to do directly with allocative efficiency)

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Reply 1482
Avatar for TazLi
TazLi
2
Original post by midgemeister7
An increase in demand and a decrease in supply would significantly increase price, yes.

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Yeah same I reckon you will get 4 marks any for explaining it correctly with the right labels and equilibriums everyone has seem to have done one or the other
Do you guys consider this paper to be easier than previous papers? Perhaps easier than 2014?
Original post by *Stefan*
I believe it was 6. 4 diagram 2 explanation.

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sure i remember it was explain using the diagram big man, oh well :') can't do much now anyway
Original post by simbasa
Do you guys consider this paper to be easier than previous papers? Perhaps easier than 2014?


All apart from the two 6 markers in the end was super easy.

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Reply 1486
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c223
2
Original post by *Stefan*
The term significantly implied that both should be shifted. Essay was indeed superb!

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My teacher seemed to think that a shift in either would be sufficient as it wasn't clear, significantly could also be depending on the size of the shift. I only showed a shift in supply as this is what I picked up on from the case study but wrote about the effect if demand shifted too, so hopefully it'll be decent at least.
Original post by chloe-jessica
My teacher seemed to think that a shift in either would be sufficient as it wasn't clear, significantly could also be depending on the size of the shift. I only showed a shift in supply as this is what I picked up on from the case study but wrote about the effect if demand shifted too, so hopefully it'll be decent at least.


Don't worry -that's probably okay as well. If the decrease in supply was significant, so would the price change. I just did both to be on the safe side.

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18 marker gave no context at all? Should I have referred to case study? Or given specific examples? The lack of context threw me, and now reckon I'm getting capped because of no examples, despite getting 16 and 17 in last two practices. :/
Will the grade boundaries increase?

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Original post by matt616
18 marker gave no context at all? Should I have referred to case study? Or given specific examples? The lack of context threw me, and now reckon I'm getting capped because of no examples, despite getting 16 and 17 in last two practices. :/


No need to refer to the case itself, although that could be useful.

Examples are L2 material. I added two, after explaining what a subsidy actually is, but it is not required. I wouldn't worry if I were you...

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Original post by *Stefan*
Don't worry -that's probably okay as well. If the decrease in supply was significant, so would the price change. I just did both to be on the safe side.

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Did the question ask specifically why agricultural prices would rise? Or just prices in general?

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Reply 1492
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c223
2
Original post by *Stefan*
Don't worry -that's probably okay as well. If the decrease in supply was significant, so would the price change. I just did both to be on the safe side.

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I guess we'll just have to wait to see what the answer was that they wanted. Either way, hopefully the rest of the paper made up for anything I lost there.
Original post by midgemeister7
Did the question ask specifically why agricultural prices would rise? Or just prices in general?

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It asked, as far as I remember, how the price could increase significantly, as shown by a D&S diagram.

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Reply 1494
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c223
2
Original post by midgemeister7
Did the question ask specifically why agricultural prices would rise? Or just prices in general?

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It was something like "use an s&d diagram to show why the price of agricultural products may rise". It was specifically related to agriculture anyway.
Original post by *Stefan*
It asked, as far as I remember, how the price could increase significantly, as shown by a D&S diagram.

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Of the agricultural products? Or just 'prices'?

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Original post by midgemeister7
Did the question ask specifically why agricultural prices would rise? Or just prices in general?

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Wait... Haven't you taken the exam yet?

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Original post by *Stefan*
Wait... Haven't you taken the exam yet?

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I have haha, I was wondering since I didn't refer to the context much :smile:

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Reply 1498
Avatar for JYNE
JYNE
9
Guys omg I think I did the producer surplus rather than consumer. I think I've failed horribly I might cry. Was it producer or consumer???? Ugh
Original post by *Stefan*
All apart from the two 6 markers in the end was super easy.

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Ok thank you, Im glad you found it easy :smile:

I didn't take economics but I took the three sciences and philosophy ( All OCR except chemistry) so I wanted to know if they were going to be nice this year, 2014 papers threw so many people off that's why Im worried.

Thanks for the reply :smile:

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