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OCR F581 Markets in Action - 11 May 2015

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Original post by nadsss
There was a question 10? my paper only went unto question 8????


0.0
0.2
0.7
Original post by amydicks98
What did everyone get for the two figures of PES?
Original post by amydicks98
What did everyone get for the two figures of PES?

Yes, Mrs DICK's its 0.2 and 0.7
For the diagram when supply shifts to the left is it okay to say that agricultural products have inelastic demand and therefore a significant rise in price
Original post by nadsss
are you being serious? how many marks was it? im sure the 18 mark is always last..

hahaha man it must suck to be you lol...
sorry
Original post by J.M.Keynes
For the diagram when supply shifts to the left is it okay to say that agricultural products have inelastic demand and therefore a significant rise in price


good analysis
1. Using a Reference to the Case study explain the economic problem. [4]
2. Using a demand and supply diagram, show and explain a significant increase in price for agricultural products [6]
3.A) Define consumer surplus [2]
B) Draw a consumer surplus Diagram showing a shift in supply to the left [4]
4. A) Define Price elasticities of supply [2]
B) Calculate the figures given in fig.1 [2]
C) Comment on what your figures show you [6]
5. Why are there agricultural products with different PES than other agricultural products [4]
6. Comment on weather PO Valley is allocative efficient [6]
7. Are open spaces, Rivers and Lakes all public goods at all times [6]
8. Discuss weather subsides are best for producers trying to correct market failure [18]

THESE ARE ALL FROM MEMORY SOME OF THEM MAY NOT BE WORD FOR WORD
(A mark scheme would be great)
Original post by OCReconomics
How about them comment on questions folks? :') what did you write for the allocation efficiency question?

Improves allocative efficiency
because resources are allocated in response to market force
hence there is consumer sovereignty

But this may not hold true because there are negative externality on the biofuel crop such as destroying the land

whether allocative efficiency improved or not depends on the size of the negative externality relative to the benefit gained from increased consumer sovereignty

so it's hard to say whether it improved or not since the size of the externality and benefit gained is hard to measure
Original post by CancerousProblem
hahaha man it must suck to be you lol...
sorry


u gonna take that nads?
Original post by OCReconomics
u gonna take that nads?

nah sucks to be him because he was so scared by tht troll post lol not because he missed the imaginary question 10
Original post by TrentL
1. Using a Reference to the Case study explain the economic problem. [4]
2. Using a demand and supply diagram, show and explain a significant increase in price for agricultural products [6]
3.A) Define consumer surplus [2]
B) Draw a consumer surplus Diagram showing a shift in supply to the left [4]
4. A) Define Price elasticities of supply [2]
B) Calculate the figures given in fig.1 [2]
C) Comment on what your figures show you [6]
5. Why are there agricultural products with different PES than other agricultural products [4]
6. Comment on weather PO Valley is allocative efficient [6]
7. Are open spaces, Rivers and Lakes all public goods at all times [6]
8. Discuss weather subsides are best for producers trying to correct market failure [18]

THESE ARE ALL FROM MEMORY SOME OF THEM MAY NOT BE WORD FOR WORD
(A mark scheme would be great)


Sure Q5 was PED not PES
Anyone talk about the tragedy of the commons in the public goods qu
Original post by Anon606
Sure Q5 was PED not PES

nope pes

edit: oh right q5 yeah it was ped
rah my man bossed it
for consumer surplus did you do a PPC you know that circle thing enit bruh
Apparently the two determinants you were meant to give in q5 were DEMAND factors not PED
Help!!!! For my 18 marker for my subsidy context I talked about merit good being under consumed , I didn't talk about biofuels like in case study!!!

also I shifred demand curve to the right!!


Someone help me
Original post by CancerousProblem
hahaha man it must suck to be you lol...
sorry


what sucks is that you lot are so bored to lie about an extra question :banana:
Original post by nadsss
what sucks is that you lot are so bored to lie about an extra question :banana:

that wasnt me lol was some other guy
Original post by Anon606
Sure Q5 was PED not PES


https://docs.google.com/document/d/1NXRWb2L7u1nH0-6iIVbM9iKyYxH7QjMjjB769wKd3Aw/edit

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