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OCR F581 Markets in Action - 11 May 2015

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Original post by 2014_GCSE

I also did just supply decreasing and quite a few people did. The answers for this seem to be mixed though? It seems to be ok whatever you did as long as you explained it properly.

Also yeah I did just public good but quite a few people did quasi-public. Similar to the beaches question from a few years ago, you can probably argue either one and get full marks.

And I did a positive externalities diagram, yes. :smile:

Nice one, didn't know they were called positive externalities diagram - you mean the one with MPC/MSB exc?...

I was tempted to move demand on the second Q but it made no sense in reference to the case study.

And yeah that's why I thought aswell, overall I thought it was a very nice paper barring the significance of PES.

Reply 1701

A level sufferer

Is anyone going to post an unofficial mark scheme?

Posted from TSR Mobile

Reply 1702

TrentL

Original post by RussMo124

Yo first post on here, registered to talk about these exams and my politics. Few questions:

In the second question, am I alright with just supply decreasing?

Did anyone mention quasi-public good in the public good Q?

And finally did anyone put in a merit-good cost benefit diagram in the essay question? To show where positive externalities came from...

Yes to all :biggrin:

Reply 1703

Pato1

You don't have to have a MPB diagram.. it's not even in the Colin Bamford OCR book

Reply 1704

Rk2k14

Couldn't you shift Supply (left) or Demand (right) for the 2nd question, and referred back to it?

Reply 1705

AFG-Gamer

Trust me! Grade boundaries for this year is going to be low. Cuz all my friends were bear confused about it the questions.

Reply 1706

RussMo124

Finally, question 5. That was about the determinants of PED right? I wrote about the necessity of the product and the % proportion of income it takes up... Is that alright?

Reply 1707

TrentL

Original post by Rk2k14

Couldn't you shift Supply (left) or Demand (right) for the 2nd question, and referred back to it?

We seem to be getting mixed responses from everyone, some say shift supply to the left and some say shift demand to the right. Personally i did a shift to the left of supply. I think the explanation will play a key role marks for this question

Reply 1708

Pato1

Original post by RussMo124

Finally, question 5. That was about the determinants of PED right? I wrote about the necessity of the product and the % proportion of income it takes up... Is that alright?

I've heard some say determinants of demand and others say determinants of PED... Either way I put time and income

Reply 1709

c223

Original post by RussMo124

Finally, question 5. That was about the determinants of PED right? I wrote about the necessity of the product and the % proportion of income it takes up... Is that alright?

If you explained these two then yes, I don't see why that would be wrong. The question was referring to determinants of PED, contrary to what many people on here are saying.

Reply 1710

2014_GCSE

Original post by RussMo124

Yep that's the one! and yeah it was actually the last question I did. completely threw me off.
And yeah it was alright. Not the best, not the worst.

Reply 1711

TrentL

Original post by AFG-Gamer

Trust me! Grade boundaries for this year is going to be low. Cuz all my friends were bear confused about it the questions.

Maybe, i am not sure if they are going to be very low though. Just because your friends found it hard. Not trying to hate btw.

Reply 1712

RussMo124

Original post by Pato1

You don't have to have a MPB diagram.. it's not even in the Colin Bamford OCR book

Yeah I know, great way to introduce though.
1) Define Market Failure
2) Define positive externalities and where they come from...
3) Say they are entwined with market failure as they arise from merit goods, which are under consumed --> Draw MPB diagram
4) Explain Diagram
5) Go onto subsidies, draw diagram, positives and negatives...
6) Talk about alternatives. E.G. Info provision, state how positives and negatives for this swell.
7) Conclude :smile:

(edited 8 years ago)

Reply 1713

c223

Original post by Rk2k14

Couldn't you shift Supply (left) or Demand (right) for the 2nd question, and referred back to it?

There are mixed opinions on this. I'm sure I've seen a question in a past paper where either was acceptable though, so I'm hoping that's the case here. I shifted supply left and explained it based on that.

Reply 1714

luceds

for the essay did we have to compare other methods of correcting market failure or just talk about subsidies?

Reply 1715

KitsonnostiK

I thought this exam went well until I saw this forum...

Reply 1716

KhamZ_98

Original post by A level sufferer

Is anyone going to post an unofficial mark scheme?

Posted from TSR Mobile

We were making one but when someone posted the link it all kept on getting deleted. Should have one done by this evening though

Reply 1717

anndz3007

it's subsidy, i knew itttt

Reply 1718

J.M.Keynes

Did anyone talk about demand for agricultural goods being inelastic and therefore if supply shifts left price will rise significantly

Reply 1719

TrentL

Original post by luceds

for the essay did we have to compare other methods of correcting market failure or just talk about subsidies?

I don't know how you would get more than 10 marks for talking solely about subsidies, i am sure you would have to mention alternatives with there diagrams and advantages and disadvantages etc