UNOFFICIAL MARK SCHEME OCR Economics - Markets In Action 2015

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I wrote an alternative of info prov. in my conclusion and said that it along with a subsidy should increase consumption :/

Reply 41

justfly

Original post by RazorBlade3000

I wrote an alternative of info prov. in my conclusion and said that it along with a subsidy should increase consumption :/

same bruh!!!!!

Reply 42

unknown127

for the consumer to surplus diagram, are you sure its vital to show the quantity change or is it ok to just draw lines to the price?

Reply 43

Makashima

Original post by Puddles the Monkey

This was quick! :eek3:

Fingers crossed everyone :crossedf:

Hope you all did well :h:

thanks, would you able to modify the title and add 2015...it is a bit vague as ppl may think it is other years? thnz

Reply 44

BigFreakyGinger

Will we have to have applied the essay question to the case study as it was extremely vague!?

Reply 45

Makashima

Original post by BigFreakyGinger

Will we have to have applied the essay question to the case study as it was extremely vague!?

Thats the problem! I think many have applied to different topics thus examiners will take in account hence accept non-related case study essays! If they do not, they are being very mean...

Reply 46

jake1998hut

please help me out!! Will i be capped on my essay for simpily missing out the line "subsidies will reduce costs of production"?
I talked about instead how subsidy make the goods cheaper and market failure is solved as cos its cheaper there will be more demand and no longer underconsumption??
[INDENT] Cheers
[/INDENT]

Reply 47

_Fergo

Original post by jake1998hut

That's L2 material - provided you mentioned examples and the like, you should be totally fine.

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Reply 48

unknown127

can someone answer this for me pleasE???

Reply 49

_Fergo

Original post by unknown127

can someone answer this for me pleasE???

Which?

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Reply 50

unknown127

consumer surplus needing quantity to be shown?

Reply 51

_Fergo

Original post by unknown127

consumer surplus needing quantity to be shown?

You mean the axis? If so, yes, it should be shown.

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Reply 52

PC96

Great mark scheme! Would only say that on the essay question at the end you've said with application to agricultural goods for 3-4mark band, though I don't think you have to do this as it didn't specify the example you have to use in the question

Reply 53

Frymo1997

Original post by justfly

HEYYYY please put me out of my misery - MY essay was not based on the case study instead it correcting the market failure of under consumed merit goods like fruit, veg and rice etc and how subsidies help to overcomethis...have i been capped??? i thought i wrote a perfect 18/18 essay until I heard about people writing about biofuels...

I wrote about other merit goods aswell, i dont think the case study was needed as the question did not specify it but some people just did biofuels to be safe.

Reply 54

casiobose

For the consumer surplus question, did you have to put the supply curves?

Reply 55

Yousf

I went on about biofuels, i thought there was enough to make a solid essay. I mentioned points how negative externalities would arise as they would grow biofuel crops which would destroy landscape and destroy local communities scenery, thus negative externalities. I also went on about how subisising biofuels could be goverment failure as the fertitlity of the soil would not last for another 10 years as mentioned in the case study, so the biofuels used as energy was not sustainable. In addition, i mentioned things on how there was an opportunity cost as money could be spent on NHS or even invest the money on more sustainable ways for energy, so i said spending money on wind turbines. I did say the advantages though for instance prevents farmers from going out of business proventing economic problems. So there was enough in the case study for the 18marker.

Reply 56

lexy1213

Original post by anndz3007

i dont think you will lose any mark, the question didnt mention any of that

i also didn't use an example... just spoke about positive externalities (defined it) then said supply shifts right as production costs decrease so producer surplus will increase causing a fall in price from p1 to p2, resulting in an increase in consumer surplus leading to an increase in quantity demanded. This, in turn will solve the market failure reduce underconsumption and move the market close to allocative efficiency as consumer welfare increases.

would this be ok...?????

Reply 57

kingdoo

Would saying on the question about differing elasticities in terms of agriculture can you have said that some products are considered inferior or super normal goods. I did do change in taste or fashion so I know I will get those marks.

Also the last question did not specify a market so you did not have to do biofuels, although I did do biofuels and also public transport.

Reply 58

kingdoo

Original post by casiobose

For the consumer surplus question, did you have to put the supply curves?

Yes it directly said that there was a decrease in supply and how this would effect consumer surplus.

Reply 59

_Fergo

Original post by kingdoo

Depends on the explanation you gave. If you said that luxury products are likely to be elastic because people do not absolutely need them and can live without them or so, then you could get the marks.

Change in tastes and fashion is incorrect I'm afraid, unless you linked it to something like addiction. (This is a determinant of demand, not of PED)

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