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OCR F581 Markets in Action - 11 May 2015

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

For what question mate?

Reply 1721

Rk2k14

Original post by chloe-jessica

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.

I thought about it but then I shifted demand right. It did say by a significant amount so I'm not sure if they'll mark people down for that.

Reply 1722

Rk2k14

Original post by TrentL

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

Wasn't the only question that was vague in the test.

Reply 1723

J.M.Keynes

Original post by RussMo124

For what question mate?

The second question

Reply 1724

c223

Original post by KitsonnostiK

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

Honestly, these are just people's opinions. They may be right or they may be wrong, but don't let them affect how you feel about the exam. With economics, there are often lots of possibilities for answers and lots of ways of approaching questions. If you revised well and did your best, I'm sure you will have done great :smile:

Reply 1725

Yousf

i used the context for my 18 markers and i didn't talk about alternatives? am i ****ed?

Reply 1726

jamesnicholson9

Original post by jegro

its PED this year

The real question is how did you know? Insider knowledge?

Reply 1727

c223

Original post by Rk2k14

I thought about it but then I shifted demand right. It did say by a significant amount so I'm not sure if they'll mark people down for that.

Significant was the word that threw me, it felt like perhaps I should have shifted both. In previous years, they've always stated what to shift, albeit not directly. For example last year it was "The success of the programe and the move of the production to China each had an effect", which told you to move both out. Because they were quite vague, I'm hoping they'll take either.

Reply 1728

RussMo124

Original post by J.M.Keynes

The second question

I hadn't focused on the PES/PED here. I just said - 'The elasticity of demand will effect how much price changes'

Reply 1729

anndz3007

Original post by Yousf

i used the context for my 18 markers and i didn't talk about alternatives? am i ****ed?

i only talked about alternative in 3 lines because i ran out of time :smile:

)))

Reply 1730

tahmiin

The last question was really nice. Simple subsidy market failure essay. You just had to mention whether or not it ALWAYS corrects market failure. You didnt eve need to put it in context.

Reply 1731

Yousf

Original post by 22.22

Absolutely kicking myself I drew consumer surplus as producer surplus- 4 easy marks down the drain :frown:

There was no surplus questions in the first place??

Reply 1732

AFG-Gamer

What did you guys write to question 6 and question 7??

Reply 1733

c223

Original post by Yousf

i used the context for my 18 markers and i didn't talk about alternatives? am i ****ed?

If you explained your points regarding subsidies in a good amount of detail and gave a two sided argument with evaluation and conclusion, you'll get a decent mark. I would say that it was useful to bring other alternatives in but I doubt it will have a huge impact provided the rest of your answer was structured and relevant. I think the key word was 'always'.

(edited 8 years ago)

Reply 1734

Yousf

Original post by anndz3007

i only talked about alternative in 3 lines because i ran out of time :smile:

)))

How could we talk about alternatives, i could not think of any to implement in the given case study...

Reply 1735

Yousf

Original post by chloe-jessica

Whats the maximum mark i can get!!!?!?

Reply 1736

jamesnicholson9

Original post by tahmiin

The last question was really nice. Simple subsidy market failure essay. You just had to mention whether or not it ALWAYS corrects market failure. You didnt eve need to put it in context.

Yes you did need context, otherwise how would you gain application marks?

Reply 1737

RussMo124

Original post by AFG-Gamer

What did you guys write to question 6 and question 7??

6) Defined allocative efficiency. Said how it could be allocatively efficient, said how it may not be allocatively efficient. (Sorry forgot the examples but I just quoted the case study).

7) Stated characteristics of a public good. Defined these. States how the 3 things mentioned obtain these characteristics - but only to an extent (E.G. Fences could be put up to make it excludable, and they may be very busy at points - making it rival. Then said they are more likely to be characterised as a Quasi-public good due to this.

Reply 1738

midgemeister7

Original post by Pato1

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

Definitely about PED. 100% sure

Reply 1739

RussMo124

Original post by Yousf

How could we talk about alternatives, i could not think of any to implement in the given case study...

The question wasn't specifically related to the case study. I talked about information provision for example. Defined it, then gave argument for and against it. In the conclusion I stated Subsidies it probably the best way of correcting it though...