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OCR F581 Markets in Action - 11 May 2015

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Reply 1620
Avatar for c223
c223
2
My plan for the essay was something similar to this:
Define a subsidy, drew the diagram showing S shifting outwards and explained the causes and effects of this, including increased allocative efficiency.
Advantages of subsidies
Disadvantages of subsidies
What the effect of a subsidy depends upon - eg. PED, level of subsidy, level of info available to government, who the subsidy is given to
Evaluation that a subsidy would be generally useful in correcting market failure relating to the under-production and under-consumption of merit goods.
However, for some 'extreme' merit goods (eg. education, healthcare) a subsidy may not be enough - the government should provide these via state provision, followed by a few advantages and disadvantages of this.
Taxation being more effective for demerit goods - advantages & disadvantages of this.
If market failure arises from information failure -> information provision, plus advantages and disadvantages.
Conclusion, including my own opinion which I related back to the case study -> subsidies for biofuel combined with regulation over the use of land/quantity supplied of other agricultural goods would be most effective in this situation.

Remember, the mark scheme is quite vague. I'm sure many people wrote many different things, there is no set 'right' answer. If you've missed some of the things which I've put in, that's fine. If you've added other things, that's fine too. This was just a guide as to what I wrote :smile:
Original post by 260498
For the public goods question i said that it has non rivary and non excludability. And that id too many people were using the area then there wouldn't be room for other so there is excludability so its a quasi public good. Is that completely wrong?

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Not wrong. But it needed more explanation and commentary.

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For the alternative i wrote about indirect taxes on demerit agricultural goods such as tobacco plants
Reply 1623
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c223
2
Original post by 2014_GCSE
For PED I did

Substitutes. Wine grapes have lots of subs such as other grapes and other alcohols but rice has very few subs and therefore wine grapes demand will be more prince elastic as the more subs a good has, the greater the elasticity.
Luxury or Necessity. Wine grapes are a luxury good whilst rice is more of a necessity as it is a food many people rely on to survive and therefore rice is more price inelastic.

HOWS THIS? pls.


I wrote more or less exactly the same. I think you'll be fine :smile:
guys i thought we had to wait 24 hours before talking about this thing or something?
Original post by *Stefan*
Not wrong. But it needed more explanation and commentary.

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Would i get any marks for it? and i defined both public and quasi public at the beginning if that boosts it
is there going to be a unofficial mark scheme?
Do you need diagrams in the 18 marker to do well? I think i have messed mine up and wonder if my actual writing will allow me to get at least 14
Original post by 260498
Would i get any marks for it? and i defined both public and quasi public at the beginning if that boosts it


I believe yes.

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Original post by *Stefan*
I believe yes.

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oh thank god hopefully that's the difference between a B and an A for me!
Original post by chloe-jessica
I wrote more or less exactly the same. I think you'll be fine :smile:


Ahhh, this is relieving. Was one of the questions I thought I'd messed up because I get determinants of all the stuff mixed up.
Glad to hear it! :smile:
Reply 1631
Avatar for c223
c223
2
Original post by Anon606
is there going to be a unofficial mark scheme?


I believe someone mentioned writing one tonight earlier in the thread. I personally feel it's not a subject which you can write an unofficial mark scheme for (unlike maths or physics etc) as there are many different ways of tackling the questions, particularly the 18 mark.
Original post by samrees29
Do you need diagrams in the 18 marker to do well? I think i have messed mine up and wonder if my actual writing will allow me to get at least 14


I used two different diagrams personally. I believe the market one would be expected.

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OMG I thought that 4 mark question asked about detrminatants of price elasticity of supply but ppl are saying it was PeD.
Lets write the Questions:

1.
2.
3.
4.
5.
6.
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8.
Original post by Brave reader
OMG I thought that 4 mark question asked about detrminatants of price elasticity of supply but ppl are saying it was PhD.


This and the Consumer Surplus question are definitely questions made to trip people up. Don't worry about it, there are plenty of people who were fooled too by the clever structure/wording, the mark scheme/boundaries should hopefully reflect that.
Original post by Brave reader
OMG I thought that 4 mark question asked about detrminatants of price elasticity of supply but ppl are saying it was PeD.


It was on PED.

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Original post by Pato1
Lets write the Questions:

1.
2.
3.
4.
5.
6.
7.
8.


1. Using reference to the case study, explain the economic problem.
Just to clarify becuase I'm seeing different responses is Time period a factor of PED

I know it is for PES but I watched videos saying it was for both.
What was the "market one"?

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