AS Official Economics A Unit 1: Introduction to markets and market failure - 16th May

From what I remember:

Question about drawing demand Answer (D) i.e Other than price all other factors are held constant (Ceteris Paribus)
Competitive marker question answer (B) As there would be low profits and low barriers to entry
Question about PES ( answer (B)) as the % change was 20 therefore (200X1.2=240)
Question About productivity (Answer A) as output falls slower than workers, each worker, relatively would be producing more output
Question about income distribution AQA Q20 answer (C or D cant remember) but it was the one that included 'inequitable'

Reply 43

Question about tax was PFE3 as it is the vertical distance from the new equillibirum up until it hits the supply curve beneath it.

Reply 44

Caius Filimon

17

Original post by Kkpolice

Question about tax was PFE3 as it is the vertical distance from the new equillibirum up until it hits the supply curve beneath it.

Isn't the tax usually on the left hand side, from the new equilibrium point (of the MSC I think it was?) vertically down to the supply curve (so a big chunk of more than 50% the price would be due to the tax)? Just to clarify.

Likewise, have you done context 1?

Reply 45

Yeah yeah, the tax is on the left which is the vertical distance as mentioned. And no conext 2.

Reply 46

Azim101

13

crap, what was the mean of cigarette prices

Reply 47

Did anyone do context 2?

I got 6.29

what about everyone else?

Reply 50

£6.29 is the correct answer for the mean of the cigarettes

Reply 51

Coolsul98

6

Original post by Caius Filimon

Heya peeps!

I have a very important question regarding Context 1 (it will make or break my grade, pretty much). Question 02:

What did you contrast? We had the electricity mix of the UK in the year of 2013 and 2014.

I said that coal aws 36.6% in 2013 as compared to 23% or however much in 2014, a more than 50% decrease in the % makeup of coal's making up of the electricity mix, as coal has been overtaken by Gas as the largest source of elec production, with 35% or so in 2014 from 20% in 2013, an almost 50% increase again.

And then to make sure I compared how renewable sources made up 13.5% in 2013 as compared to Nuclear energy in 2014 as 20% and then how renewable sources made up 17.5% in 2014 as compared to Nuclear energy's 23.5% in 2013.

I wanted to make sure that if I messed up which ones I was supposed to contrast, I would still get enough points for at least a few of my statements...

Any help would be hugely appreciated!

Hope you all managed well on the exam!

What board?

Reply 52

Brilliant, And for the comparison I did peak and trough prices, would this be ok? and how about you, what did you do?

Reply 53

Caius Filimon

17

Original post by Coolsul98

What board?

Ah I thought this topic was dedicated to AQA.

It was AQA (sadly; the worst mark schemes I've ever seen).

Reply 54

For the cigarette diagram i e £400 vouchers you were supposed to shift the demand Curve to the left quantity demanded would decrease and price would decrease

Reply 55

Azim101

13

did everyone find the multiple choice extremely difficult to previous papers or is it just me?

Reply 56

Yes KK that is exactly what I did, I was expecting a tax but hey. lets just give AWAY the 10 markers xD

Reply 57