The Student Room Group
Competition - post a photo you've taken of nature >>
Competition - post a photo you've taken of nature >>
Competition - post a photo you've taken of nature >>

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

Scroll to see replies

Original post by JMEisjames
Pretty sure it was about this as they are substitute goods, i just evaluated talking about consumer preferences brand loyalty to renting rather than buying a house


Phewww, that's good stuff. I spoke about the fact that it was short term and some other stuff from the extract. I was worried about all this subsidy talk.


Posted from TSR Mobile
Original post by AnIndianGuy
Well when I mean waffle I mean I had valid points but nowhere near detailed enough. Probably Band 3.


The mark won't matter if the UMS adjustments are high
Original post by AstarAstarA
The 10 mark question was fine it was just about XED substitutes

20 mark question f was about subsidies for mortgages affecting the demand for housing. One the other hand, the inelastic supply was really the problem for housing allocation and whilst the government intervention was increasing the demand, they should have increased supply due to figure 1 and 2. The time lag as well with extract A evaluation. You could talk about there being an excess in demand/shortage in supply. The government turned to positive externality market failure into a government failure


Sounds about similar to what I wrote too! I wrote about XED briefly for the 10 marker and proceeded to explain why the rental markets won't be affected because of situations where people simply can't afford a mortgage or when a foreigner on a work permit will choose to rent over buying a house because it is economically not feasible.

For the 20 marker, I wrote about the subsidies on the mortgage and how it could actually cause prices to increase because of the increase in demand. There is more equality as more people can get on the property ladder and consumer surplus potentially increases. It could also increase labour productivity as workers are more incentivised to save for a mortgage since they are receiving help. However, subsidies on mortgages means that even credit unworthy individuals could get loans and this could result in a replay of the subprime mortgage crisis if people default on their loans. And for evaluation, I used government failure to explain!
Original post by AnIndianGuy
To be honest I waffled my way through the essay questions, with a random application now and then to make it seem like I knew stuff.


Yeah, but the 10 marker was about XED and I talked about subsidies :') I guess I didn't read the extract as thorough as I should of.
Original post by focusedfish
Damnnn, I didn't use a ruler for a single one of my diagrams, do you reckon that will effect my marks?


It's okay me neither lol they were quite messy but can be seen!
I did my 20 marker on the flood defences and the housing.
I didn't mention public goods for the second 20 marker, just positive externalities of flood defences. Will I get 0 marks?
Original post by Pajholden
I didn't mention public goods for the second 20 marker, just positive externalities of flood defences. Will I get 0 marks?


Why didn't you mention public goods? I'm not too sure then to be honest.
what did you guys put for the question with the flowers in kenya, i put indirect taxes and how it would increase supply costs and so reduce consumption of water am i right?
Original post by SubZero~
Why didn't you mention public goods? I'm not too sure then to be honest.

It didnt seem like there would be enough to talk about for public goods at the time and I was rushing.
Wow that was a tough paper. Harder than I imagined it would be. I didnt even have enough time to answer aall the questions. I mean I started from Section B and I think I wrote too much for the 6 marker and I wrote about 2 pages and a half for the 20 marker. I missed out a 3 marker in Section A and I rushed through the multiple choice questions. And how exactly are you suppose to evaluate the price mechanism?? Ugh, I really hope the boundaries are fair.
Original post by Diastal
Wow that was a tough paper. Harder than I imagined it would be. I didnt even have enough time to answer aall the questions. I mean I started from Section B and I think I wrote too much for the 6 marker and I wrote about 2 pages and a half for the 20 marker. I missed out a 3 marker in Section A and I rushed through the multiple choice questions. And how exactly are you suppose to evaluate the price mechanism?? Ugh, I really hope the boundaries are fair.


I talked about the functions and then evaluated saying that PES and PED could change the expected shifts in price, demand, supply and quantity demanded and supplied more or less than was expected. I think I wrote some more stuff but honestly I think my brain is trying to block out the horrible memories :/
Original post by agathecnsty
what did you guys put for the question with the flowers in kenya, i put indirect taxes and how it would increase supply costs and so reduce consumption of water am i right?


To me, that sounds like a pretty strong answer. I couldn't think straight after the weird wording of the specialisation question and put something about regulations but I don't know if that's right because that would restrict the amount of water that could be extracted?
Original post by Pajholden
It didnt seem like there would be enough to talk about for public goods at the time and I was rushing.


You could have mentioned it briefly in the beginning by defining what it is, then apply it to flood defences ans say why they're public goods. Make a point about the effects of flood defences on communities and housing. Make a point about housing and how it would affect the communities. Evaluate by thinking of short term and long term, opportunity cost, etc... But if you didn't have the time then don't worry. I feel sick after that exam tbh.
Original post by agathecnsty
what did you guys put for the question with the flowers in kenya, i put indirect taxes and how it would increase supply costs and so reduce consumption of water am i right?


Do you mean production costs? :smile: but yes I used taxes too and explained how this increases costs of production and thus reduces extraction of water! Internalises the externality
Original post by agathecnsty
what did you guys put for the question with the flowers in kenya, i put indirect taxes and how it would increase supply costs and so reduce consumption of water am i right?


sameee i put ndirect taxes such as VAT on flowers, but i said so that govt could use the revenue from that to reduce damages to fish stock, hence reducing external costs for workers as well
Original post by SubZero~
You could have mentioned it briefly in the beginning by defining what it is, then apply it to flood defences ans say why they're public goods. Make a point about the effects of flood defences on communities and housing. Make a point about housing and how it would affect the communities. Evaluate by thinking of short term and long term, opportunity cost, etc... But if you didn't have the time then don't worry. I feel sick after that exam tbh.


I don't even know what to feel.....it wasn't great but it wasn't horrible, I'm just worried about my points for the 20 marker. I wrote a lot but I'm not sure if there's enough depth. The other questions were alright I think. Definitely a very hard paper though, heart kind of sank a little when I saw it was housing market lol
Original post by rosemondtan
I don't even know what to feel.....it wasn't great but it wasn't horrible, I'm just worried about my points for the 20 marker. I wrote a lot but I'm not sure if there's enough depth. The other questions were alright I think. Definitely a very hard paper though, heart kind of sank a little when I saw it was housing market lol


SAME LOL. I think I'll do better in my other subjects though so. I want a B in this but it's not looking likely after that.
I did say most of that but for externalities so hopefully I won't have screwed it up too badly, thanks for the reassurance!
Reply 239
Avatar for AlbF7
AlbF7
Original post by thinkecon
Hey, so don't want to just give all of these out because students will just think they can memorise these answers... and that's not the case. Also, my model answers are written (not typed) so woud have to type them all up which would take at least 10 hours.

If you need help with a specific question, quote me with a pic of the question or PM with a pic of the question and I will give you a model response - but only if it's a question you're really struggling with :smile:

Can you give me a model answer of the last question G please??

Quick Reply

Related discussions

Latest

Trending

Trending

Articles for you