Edexcel AS Economics B June 2016

Why would an increase in the amount of homes people want to build out of Canadian Timber mean an increase in supply of Canadian Timber? You should have shifted the demand curve to the right, showing a marketing clearing price (equilibrium) at a higher point.

Defined exchange rate on the first one, then the 4 marker about one factor which could change supply of cereal I just said about potential increase of costs of raw materials (oats, wheat, etc), then for the graph moved Demand to the right and labeled the new market clearing price which was higher price, on the 8 marker (this was the stakeholder one?) I wrote about the shareholder conflict with pressure groups because of increased timber demand the shareholders want to make more profit by meeting the demand and having more deforestation, but the pressure grooups like greenpeace want to conserve the forest, also wrote the conflict between the consumers who want to buy at the lowest price possible, but the employees who want good wages and conditions because the company is doing good which will increase price. The 12 marker i said about exchange rates and unemployment effects on canadian firms,good and bad things, because those were the external influences mentioned in Extract A and B and it said to reference to the extracts.

Next bit I was a bit confused about defining social cost, in the text book it says that it is private + external cost but in a previous exam paper I'd seen it in the mark scheme as the cost to society of the transaction, so wrote that instead of what the book says. I said for the 4marker one reason they want to have plain packaging is to lower the demand of the cigarettes because of the external cost they have attached to the health of the country. On the one about discussing if the playground ban was most effective I said that the playground ban was effective in stopping one of the external costs, which was the health of the children and encouraging smoking, but that the biggest external cost was the cost of adults who smokes to the NHS and the playground ban doesnt solve it and a more effective way is to have an indirect tax which equals to what the smoking costs the NHS. I can't remember what the other questions were on the smoking bit.

The 20marker was horrible, didn't do great on that.

Why would an increase in the amount of homes people want to build out of Canadian Timber mean an increase in supply of Canadian Timber? You should have shifted the demand curve to the right, showing a marketing clearing price (equilibrium) at a higher point.

Defined exchange rate on the first one, then the 4 marker about one factor which could change supply of cereal I just said about potential increase of costs of raw materials (oats, wheat, etc), then for the graph moved Demand to the right and labeled the new market clearing price which was higher price, on the 8 marker (this was the stakeholder one?) I wrote about the shareholder conflict with pressure groups because of increased timber demand the shareholders want to make more profit by meeting the demand and having more deforestation, but the pressure grooups like greenpeace want to conserve the forest, also wrote the conflict between the consumers who want to buy at the lowest price possible, but the employees who want good wages and conditions because the company is doing good which will increase price. The 12 marker i said about exchange rates and unemployment effects on canadian firms,good and bad things, because those were the external influences mentioned in Extract A and B and it said to reference to the extracts.

Next bit I was a bit confused about defining social cost, in the text book it says that it is private + external cost but in a previous exam paper I'd seen it in the mark scheme as the cost to society of the transaction, so wrote that instead of what the book says. I said for the 4marker one reason they want to have plain packaging is to lower the demand of the cigarettes because of the external cost they have attached to the health of the country. On the one about discussing if the playground ban was most effective I said that the playground ban was effective in stopping one of the external costs, which was the health of the children and encouraging smoking, but that the biggest external cost was the cost of adults who smokes to the NHS and the playground ban doesnt solve it and a more effective way is to have an indirect tax which equals to what the smoking costs the NHS. I can't remember what the other questions were on the smoking bit.

The 20marker was horrible, didn't do great on that.

Really didn't like the 20 marker, I couldn't remember what market segmentation was lol so just wrote what I could and hopefully I get some credit. It was alright overall apart from that I think though, I shifted demand right and left supply alone on the diagram, hopefully that's right. Towards the end I was running out of time a bit so some of my answers were a bit rushed, but I think overall it wasn't too bad

I got -55.43 for the % change

Yeah our invigilator didn't even say "10 mins remaining" they literally said put your pens down. I was just finishing off my first point on my 20 marker. I didn't include a conclusion for 1 12 marker. I feel the questions were good but I messed up on stupid things like that. -_- I need theme 2 to be much better

I got -55.43 for the % change

Ugh I don't know :/ Anyway I pretty much did the same, (Section B) I talked about how even after banning smoking in the playground it wouldn't stop the consumption of the product I said the adults would move elsewhere eg the streets which creates another cost to society. I talked about the NHS etc etc.

Yeah the 20 marker was terrible, I ran out of time and I only got one page done. Probably got a C in that exam. I need to recover from Theme 2.

Do you have any tips on how to be time efficient. I think I spent too long on section A trying to perfect my answers.

I think the easiest way to be time efficient, and also do better anyway, is to make sure you've got the key words, definitions, and calculations, absolutely nailed down. When you're sat there thinking about a definition or what a word in the question means and trying to figure it out or if you're trying to figure out how to do a calculation because you don't just know it you lose marks when you get it wrong but also you use loads of time trying to think of it, so if you have those things absolutely nailed down you just do it instantly and have more time left to think about the harder questions and evaluation points.

I feel like it was alright. pretty decent. you? anyone know how the grade boundaries work?

What was the counter argument for the 20 marker?

This seems like a really silly question, but was the supply and demand diagram meant to be in pencil or pen?????