OCR F581 Markets in Action - 11 May 2015 Watch

keynes24
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#2021
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#2021
(Original post by justfly)
on the question "Using D+S diagramexplain why the price ofagricultural productscould rise significantly" which curve do you see fit to increase/decrease? I shifted demand to right to show an increase in price...
I should be either demand or supply. With demand shifting when PES is inelastic or supply shifting with PED inelastic or both
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mitchriding
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#2022
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#2022
anybody draw 2 supply curves for the consumer surplus question as well as the demand curve?

heard people saying you had to draw the supply curves as the question stated what happened to consumer surplus when production decreases?

mitch
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c223
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#2023
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#2023
(Original post by keynes24)
I should be either demand or supply. With demand shifting when PES is inelastic or supply shifting with PED inelastic or both
Sorry we're flooding you with all these questions, but to what extent do you think the curve you didn't shift would need to be inelastic?
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keynes24
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#2024
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#2024
(Original post by chloe-jessica)
Sorry we're flooding you with all these questions, but to what extent do you think the curve you didn't shift would need to be inelastic?
The question said significant increase
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Yousf
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#2025
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#2025
(Original post by keynes24)
I should be either demand or supply. With demand shifting when PES is inelastic or supply shifting with PED inelastic or both
i didn't draw inelastic diagrams..., i did say that the size of change in price will depend on ped though in the explanation..
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c223
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#2026
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#2026
(Original post by keynes24)
The question said significant increase
Significant is rather vague in my opinion. I shifted supply and of course demand was not going to be perfectly price inelastic, so I just wanted to check that as long as I drew my demand curve leaning more towards the inelastic slope than the elastic slope, I should be okay? Thanks
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r-star
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#2027
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#2027
(Original post by chloe-jessica)
Depending on the level of detail in your essay points, I'd say you're on for a good mark It definitely looks like a good structure to me. The question didn't instruct us to use the case study so I don't think it was entirely necessary, thought of course it won't be penalised for people who did.
I'm really not sure what the examiner would make of your labelling of the axes and not the equilibrium price & quantity, though marking the equilibrium is only ever worth one mark on previous mark schemes so you really won't lose much.
for essay each point/paragraph was in detail and explained well as far as im concerned
but dere was no space to write p and q tho if im correct?
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_Fergo
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#2028
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#2028
(Original post by keynes24)
I wouldn't think that's benefit of doubt since the question indicates supply shifting. I am sure this issue will be raised and the mark scheme will clearly state whether or not it would merit marks.
Oh no - I mean the quantity demanded instead of "quantity" and the like.
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keynes24
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#2029
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#2029
(Original post by *Stefan*)
Oh no - I mean the quantity demanded instead of "quantity" and the like.
For the short answer questions is usually penalised, for the 18 markers I am not sure it could be a judgment call. It could depend on how well the rest of the L3 is. I am just speculating.
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c223
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#2030
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#2030
(Original post by r-star)
for essay each point/paragraph was in detail and explained well as far as im concerned
but dere was no space to write p and q tho if im correct?
Provided detailed explanation, evaluation and a judgement was reached, I don't see why this shouldn't be achieving 16-18
And yeah, it was definitely cramped on space if you marked on equilibriums where they had written their axes labels. I just assumed they were intended to be labels for the axes since this is what they usually give. If your equilibrium price and quantity fit directly with where their labels are and you've labelled the axes too, I can't see it being a big deal. Though I am not an examiner in any way.
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shantelle999
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#2031
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#2031
If I wrote for economic problem that land is scarce which means choice has to be made whether to use land to grow biofuel crops or to use land for leisure purposes is it ok?

If supply and demand lines do not touch axis in consumer surplus diagram will I lose full marks?
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justfly
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#2032
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#2032
(Original post by keynes24)
I should be either demand or supply. With demand shifting when PES is inelastic or supply shifting with PED inelastic or both
surely it couldnt have been that complicated? So shifting the demand curve to the right with a normal supply curve would achieve 0 marks?
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_Fergo
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#2033
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#2033
(Original post by shantelle999)
If I wrote for economic problem that land is scarce which means choice has to be made whether to use land to grow biofuel crops or to use land for leisure purposes is it ok?

If supply and demand lines do not touch axis in consumer surplus diagram will I lose full marks?
1. This is fine and is worth 2 marks. The other 2 should be the definition.
2. No, but most people will make them touch the axis.

Posted from TSR Mobile
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c223
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#2034
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#2034
(Original post by shantelle999)
If I wrote for economic problem that land is scarce which means choice has to be made whether to use land to grow biofuel crops or to use land for leisure purposes is it ok?

If supply and demand lines do not touch axis in consumer surplus diagram will I lose full marks?
For the economic problem, I expect it would have been necessary to include a definition before you gave the example to reach the full 4 marks. Unless you have included in your example that there is scare land and infinite wants for this land.
I've never seen a mark scheme which directly states to penalise you if your S&D curves does not reach the axes. The marks are generally for: correct S/D curves - in this case probably the shift (1) the original CS (1) the new CS (1) stating/implying a decrease (1). Don't trust me on that, but that's what I've picked up from previous years.
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keynes24
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#2035
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#2035
(Original post by justfly)
surely it couldnt have been that complicated? So shifting the demand curve to the right with a normal supply curve would achieve 0 marks?
I didn't say that but I would expect PED and/or PES to be inelastic for full marks
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justfly
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#2036
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#2036
(Original post by keynes24)
I didn't say that but I would expect PED and/or PES to be inelastic for full marks
would you possibly get any marks for just doing a normal supply n demand shifting demand?
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fudgeoyster
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#2037
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#2037
I may or may not have labelled the axis Price and Quantity supplied and demanded in the 18 marker. I can't remember if I did or not, is this likely to make me lose many marks? Like the rest of my explanation for L2 and L3 is perfect as is L4.
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shantelle999
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#2038
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#2038
when do we get results?
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Jackriley97
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#2039
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#2039
For the essay, I did:

Define market failure
Define subsidy
Use example of healthcare
Accidentally called it a demerit good instead of a merit good but still said it is underconsumed and therefore allocatively inefficent
Did positive externanities diagram and explained
Did subsidy diagram and explained how it works
Limitations of subsidy such as its expensive
Did subsidy diagram when PED is enelastic and explained this limitation
Assessed alternative on increasing information linking it to a subsidy weighing up pros and cons

What marks (around about) do you think I'll have got?
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c223
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#2040
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#2040
(Original post by shantelle999)
when do we get results?
Same day as all the other subjects, Thursday 13th August.
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