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

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Does anyone know where i can get the mark scheme?
Original post by jamsick
oh **** waddup! what did you guys write for the functions of money in specialisation question


Hey, I just wrote about the functions of money for that one! I didn't realise it spoke about specialisation... Even thinking about it now...How do they even link?
Original post by jamsick
oh **** waddup! what did you guys write for the functions of money in specialisation question



Hey, I just wrote about the functions of money for that one! I didn't realise it spoke about specialisation... Even thinking about it now...How do they even link?
What did you guys write for the marginal utility one? And did you guys get 25% for the PES in the multiple choice?
Original post by Mohamed Mazin
Hey, I just wrote about the functions of money for that one! I didn't realise it spoke about specialisation... Even thinking about it now...How do they even link?


I said it was a unit of account because it was the only thing I could remember about the functions of money other than a method of deferred payment... Then I said money is used to pay wages which if the worker is paid by quality it encourages them to become more specialised and I defined specialisation. Idk even what I was writing tbh
Reply 325
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Original post by Lauren123123
What did you guys write for the marginal utility one? And did you guys get 25% for the PES in the multiple choice?


yh i got 25 but some people got 23 , they may give a range of acceptable answers
Reply 326
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Original post by Willdono
For the flower question could you have used extended property rights.


I spoke about a specific tax :frown: I hope I got it right
Reply 327
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Original post by rosemondtan
Guys for 6f, who referred to government intervention as the help to buy scheme as stated in the extract?


This should've been the focus, because it's a subsidy… if you spoke about subsidies and didn't mention the scheme then you're kinda screwed
Reply 328
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Original post by Lauren123123
What did you guys write for the marginal utility one? And did you guys get 25% for the PES in the multiple choice?


Diminishing marginal utility is when the satisfaction gained from each additional unit decreases as more of the product is consumed… I can't remember what else I wrote, I got 23.333%, it depends on if you used 375 or 370. Examiners might be harsh because the line clearly wasn't on 375 although the huge dot did make me think it'd be okay till I thought just go with 370
(edited 7 years ago)
Original post by zayn008
I spoke about a specific tax :frown: I hope I got it right


Both answers seem reasonable to me.
Original post by zayn008
This should've been the focus, because it's a subsidy… if you spoke about subsidies and didn't mention the scheme then you're kinda screwed


So I should be fine?
Original post by zayn008
Diminishing marginal utility is when the satisfaction gained from each additional unit decreases as more of the product is consumed… I can't remember what else I wrote, I got 23.333%, it depends on if you used 375 or 370. Examiners might be harsh because the line clearly wasn't on 375 although the huge dot did make me think it'd be okay till I thought just go with 370


Thats what I got
Reply 332
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Original post by rosemondtan
So I should be fine?


Yep! If you analysed it well, done your diagram and referred to the extract for the mortgage subsidy part and also evaluated subsidies by saying it's hard to measure the external benefit I'd say that's a good 10 marks in the bag, unless you made extra points for subsides then it could be more, I went onto maximum prices afterwards
Original post by harryleavey
Thats what I got


Could you write about a maximum price scheme for q 6e about the govt intervention
Original post by Mynamesjf21
Could you write about a maximum price scheme for q 6e about the govt intervention


A maximum price would cause an extension in demand, so probably not
Original post by Dennizun_win
Hitler reacts to Unit 1 video uploading soon :smile: Be warned its very sweary.


You summed up my feelings better than I could!
Original post by harryleavey
A maximum price would cause an extension in demand, so probably not


What's wrong with an extension in demand
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Original post by Mynamesjf21
Could you write about a maximum price scheme for q 6e about the govt intervention


Yes, (I think you mean 6f), maximum prices are a form of government intervention
yeah that's what I thought! I could tell it wasn't on 375 but because that dot was so big I thought I could get away with it :colondollar:

Original post by zayn008
Diminishing marginal utility is when the satisfaction gained from each additional unit decreases as more of the product is consumed… I can't remember what else I wrote, I got 23.333%, it depends on if you used 375 or 370. Examiners might be harsh because the line clearly wasn't on 375 although the huge dot did make me think it'd be okay till I thought just go with 370
Original post by zayn008
Yes, (I think you mean 6f), maximum prices are a form of government intervention


Oh yeah, thanks

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