June 15th 2018: Edexcel Economics A Paper 3

Original post by L_stMemories

Good morning all. :smile:

I couldn't seem to find a thread for this (apart from one relating to predictions only), so here it starts.

How did everyone find the exam? It is doubtlessly the most time pressured as there are almost no instances where you can save yourself time!

I really liked it! What did everyone say about Indonesia’s terms of trade?

Reply 3

L_stMemories

OP

Original post by 17blackhes

I really liked it! What did everyone say about Indonesia’s terms of trade?

Yeah - I thought it was pretty straightforward, and a lot of it was micro-based, which was nice.

I wrote that it deteriorates/worsens, because according to the data prices of coal have fallen. (Strangely I don't remeber what I actually wrote because I was probably pressed for time and moved on as soon as I finished it!)

Reply 4

Akdas

f u c k

(edited 5 years ago)

Reply 5

L_stMemories

OP

Original post by bigdick 69

What did u put for the 8 marker for the cost and revenue one

I wrote about how it increases the profitability of farmers because of increased efficiency (which lowers average cost curve) as well as increased demand arising from workers employed in building the dam, which allows them to earn wages and spend on rice (which shifts AR outwards).

The diagram I drew was of a perfectly competitive market.

Reply 6

L_stMemories

OP

On the whole, I'm actually a bit concerned about my 25-mark responses. I don't think I wrote very fluently and my micro/macro points were convoluted.
Which ones did you all pick? I did the one about Starbucks expanding and the effect of volatile prices of coal on Indonesia.

For my Starbucks question, I think my macro point was extremely weak. I talked about the extent to which the government is protecting its local coffee industry via infant-industry protection but that was about it, and I thought it was quite micro-based as well, which isn't good...

For the other one, my micro point about coal was generic. I wrote about how it affects the profitability of firms. I'm relying on my diagrams I drew!

I did, however, have time to write conclusions, which was relieving.

I also drew at least six cost/revenue diagrams throughout the entire paper!

Reply 7

weex1

3

It was quite good, had extra time towards the end. Questions pretty straight forward.

Reply 8

Failedalevels1

9

Original post by L_stMemories

On the whole, I'm actually a bit concerned about my 25-mark responses. I don't think I wrote very fluently and my micro/macro points were convoluted.
Which ones did you all pick? I did the one about Starbucks expanding and the effect of volatile prices of coal on Indonesia.

For my Starbucks question, I think my macro point was extremely weak. I talked about the extent to which the government is protecting its local coffee industry via infant-industry protection but that was about it, and I thought it was quite micro-based as well, which isn't good...

For the other one, my micro point about coal was generic. I wrote about how it affects the profitability of firms. I'm relying on my diagrams I drew!

I did, however, have time to write conclusions, which was relieving.

I also drew at least six cost/revenue diagrams throughout the entire paper!

Same, I really struggled to evaluate a macro point for Starbucks expanding and I did it completely wrong. I said that setting up in China would lead to a trade surplus because of investment income from fdi for USA but then I talked about how China would benefit from low unemployment due to creation of jobs and a multiplier effect and tax revenue can be used to improve he economy, makes no sense and is like 2 different points

Reply 9

I thought this paper was the best out of all the 3 papers, definitely went the best for me! I felt that all the questions were doable but just was a bit rushed for time in the end ! xx how did everyone else find it ??

Reply 10

Sean331

1

Anyone else use the coffee cup tax as a micro reason why starbucks might not expand?

Reply 11

thehaskone

8

That was a lovely paper but the timing was f***king stupid for both my 25 markers I only managed to write 2 micro and 1 macro points and I resulted into just cramming point together at the end without a good structure also for the first question wat did u guys put was the market structure for the uk coffee market i said it was a monopoly because cost was the only firm with over 25% market share whilst the others were kinda low I also heard some people put down it was oligopoly because of the total concentration ratio which I understand but I’m still convinced it was a monopoly!

Reply 12

Stephangooner

5

Original post by thehaskone

That was a lovely paper but the timing was f***king stupid for both my 25 markers I only managed to write 2 micro and 1 macro points and I resulted into just cramming point together at the end without a good structure also for the first question wat did u guys put was the market structure for the uk coffee market i said it was a monopoly because cost was the only firm with over 25% market share whilst the others were kinda low I also heard some people put down it was oligopoly because of the total concentration ratio which I understand but I’m still convinced it was a monopoly!

As long as you explain your reasons correctly both will score full marks.

Reply 13

Original post by thehaskone

That was a lovely paper but the timing was f***king stupid for both my 25 markers I only managed to write 2 micro and 1 macro points and I resulted into just cramming point together at the end without a good structure also for the first question wat did u guys put was the market structure for the uk coffee market i said it was a monopoly because cost was the only firm with over 25% market share whilst the others were kinda low I also heard some people put down it was oligopoly because of the total concentration ratio which I understand but I’m still convinced it was a monopoly!

I was exactly the same with the timing and my last 25 maker, ended up just throwing in some undeveloped points which i really wanted to get in but didnt have time for :frown:

hopefully, rest of the paper makes up for it!

And i did the same as you, said it was a legal monopoly bc it had more than 25% of market share :smile:

x They may accept both answers though x

Reply 14

Original post by massssssss_

I thought this paper was the best out of all the 3 papers, definitely went the best for me! I felt that all the questions were doable but just was a bit rushed for time in the end ! xx how did everyone else find it ??

Same as you!

Reply 15

Original post by zyn100

Same as you!

Which 25 markers did you do?! x

Reply 16

Original post by massssssss_

Which 25 markers did you do?! x

Section A I did was the increase in demand for UK coffee and Section B I did was the supply side policies

Reply 17

Personally, I’d say the order in which the papers were easiest was Paper 3 then Paper 2 then Paper 1!

Reply 18

Original post by zyn100

Section A I did was the increase in demand for UK coffee and Section B I did was the supply side policies

Me too! How did you find them both,? X

Reply 19