2016 Edexcel Economics A: Paper 1 Intro To Markets And Market Failure (May 16th)

Original post by guyr

Yes, PED is always negative.

Relatively elastic demand: PED is between -1 and negative-infinity, quantity demanded is responsive to changes in price
Relatively inelastic demand: PED is between 0 and -1, quantity demanded is unresponsive to changes in price
Unitary elastic demand: PED = -1
Perfectly elastic demand: PED = negative-infinity, quantity demanded responds to changes in price infinitely
Perfectly inelastic demand: PED = 0, quantity demanded does not respond to changes in price at all

ahh thank you so much!!

Reply 83

abcdeffy

6

does anyone have any tips for the multiple choice questions? I know all the facts, and I can draw them together for the data response but when I try to answer the multiple choice I just get them wrong :frown:

Reply 84

at56

Does anyone know if we still have UMS for this exam, since its a new spec???

Reply 85

Original post by Diastal

What do you mean by adjusted papers? The only ones I can find adjusted for the new spec are the specimen papers. And there are only one specimen paper for each theme. I just wanted to do more practice on 20 mark questions and couldn't find any online.

PM me your email and I'll send them your way, they're just past papers from the old spec that have adopted the new marking structure and style so for section B it's gone from the old style to 4,5,6,10,15,20 and section A has kept the multiple choice from the paper but the explain bit is replaced by a definition or calculation, also some have been created from tutor2u

(edited 7 years ago)

Reply 86

Scarlett2747

hi, does anyone know of any indirect tax 20marker practise questions, looked online but cant find one to do.

Reply 87

Scarlett2747

Original post by zayn008

PM me your email and I'll send them your way

could you send me these as well please?

Reply 88

Original post by abcdeffy

does anyone have any tips for the multiple choice questions? I know all the facts, and I can draw them together for the data response but when I try to answer the multiple choice I just get them wrong :frown:

This is a concern since you should be bagging 100% on them, which part are you getting wrong?

Reply 89

Original post by Scarlett2747

could you send me these as well please?

Sure, anyone who wants them just PM me your email

Reply 90

abcdeffy

6

Original post by zayn008

This is a concern since you should be bagging 100% on them, which part are you getting wrong?

i know, everyone gets full marks on these and i just screw up! i don't really know how to explain it... i just never quite understand what the question is asking me or i find the answers too similar to be able to pick the right one.

Reply 91

guyr

5

Original post by at56

Does anyone know if we still have UMS for this exam, since its a new spec???

They no longer use UMS in the new specification because the A level and AS level are now linear (everyone takes all exams at the end) as opposed to modular (where different people would take exams at different times and therefore different papers to contribute to their overall grade at the end).

They don't really publicise this but they will set grade boundaries based on the spread of how people do normally. So they will make sure to have roughly the same percentage of students who got an A/B/C/D grade last year, getting those grades this year. e.g. 21% of AS Economics students got an A last year, so ~21% will get an A this year.

To be honest it's not worth worrying about UMS and grade boundaries before the exam. Better to spend that time learning definitions, frameworks and doing practice questions!

Reply 92

4viwrs

The 10 markers most likely going to be One of PED,PES,YED,XED right?

Reply 93

Original post by 4viwrs

The 10 markers most likely going to be One of PED,PES,YED,XED right?

It could also be the 4 mark question asking to calculate it, but yes it is a possibility for the 10 mark question

Reply 94

Barkha1998

Could you please send this to m as well ill pm you my email thanks

Reply 95

lpjjohnson

Sorry that this is such late notice (I understand the exam is tomorrow and everyone is incredibly busy) but do you think you could send the guide for questions to me. It would be greatly appreciated!

Reply 96

wolf999

1

For some reason I do really bad on the micro papers. I know the definitions and can draw the graphs , but I think I struggle on the 20 mark questions. Can someone help me with how to answer these? Longer questions about externalities and market failure I really struggle with being able to write a lot about for some reason

Reply 97

guyr

5

Original post by wolf999

For some reason I do really bad on the micro papers. I know the definitions and can draw the graphs , but I think I struggle on the 20 mark questions. Can someone help me with how to answer these? Longer questions about externalities and market failure I really struggle with being able to write a lot about for some reason

Have a look at the video on exam technique and framework for externalities here:

https://uplearn.co.uk/economics-exam-technique

Reply 98

wolf999

1

thank you!! :smile:

Original post by guyr

Have a look at the video on exam technique and framework for externalities here:

https://uplearn.co.uk/economics-exam-technique

Reply 99

lilydavison6