OCR F581 Markets in Action - 11 May 2015 Watch

2014_GCSE
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#2061
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#2061
(Original post by *Stefan*)
What evaluation points did you make?

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Basically my analysis was that it was allocative efficiency with an example from the case study and a definition.
Then my evaluation went HOWEVER and then described how in the long run they would struggle to keep up this allocative efficiency with another example from the case study.

A bit of elaboration on each section, and I had my answer.
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_Fergo
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#2062
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#2062
(Original post by Hammy_23)
I defined AF explain how it recent times it was becoming less AF using the case study
my evaluation was weak for that question i'd say: the extent to which prices increase the greater the increase the less consumer satisfaction thus being Less AF
any marks for evaluation possibly?
other question were pretty decent
Definition and examples for analysis are good. That should get you 2-3 marks (provided you linked the example with supply increasing in line with demand).

I used different evaluative points: market failure and externalities/information failure/value judgments having to be made. This was a rather open question, so I guess many things will be accepted.

Depends on your elaboration: what you wrote can get 1-2 marks.

(Original post by 2014_GCSE)
Basically my analysis was that it was allocative efficiency with an example from the case study and a definition.
Then my evaluation went HOWEVER and then described how in the long run they would struggle to keep up this allocative efficiency with another example from the case study.

A bit of elaboration on each section, and I had my answer.
Yeap. That ought to work well. You could have made it clearer why it won't last (if you did, then all's good), but still a good answer imho.

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anndz3007
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#2063
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#2063
(Original post by *Stefan*)
Definition and examples for analysis are good. That should get you 2-3 marks (provided you linked the example with supply increasing in line with demand).

I used different evaluative points: market failure and externalities/information failure/value judgments having to be made. This was a rather open question, so I guess many things will be accepted.

Depends on your elaboration: what you wrote can get 1-2 marks.



Yeap. That ought to work well. You could have made it clearer why it won't last (if you did, then all's good), but still a good answer imho.

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I said it only AF for the biofuel market but not for the rice since all the farmers are switching to produce biofuel, the supply of rice will not be enough to meet demand, and i also said in the long term,because all the farmers are switching, the supply of biofuel may excess demand and the market would collapse, therefore Allocative inefficiency
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_Fergo
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#2064
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(Original post by anndz3007)
I said it only AF for the biofuel market but not for the rice since all the farmers are switching to produce biofuel, the supply of rice will not be enough to meet demand, and i also said in the long term,because all the farmers are switching, the supply of biofuel may excess demand and the market would collapse, therefore Allocative inefficiency

The only thing is that the market now was allocatively efficient -The distinction between biofuel and rice/wheat shouldn't have been made so clear (in my opinion always). The reason is that, somewhere in the case, it said that it's how markets worked, using demand and supply. This meant that demand for rice and wheat was not enough to make producers actually produce more, and so the fact that they produced more biofuel, whose demand was rapidly increasing, meant that the market was becoming more allocatively efficient (that's how it works -moving resources from goods with less demand to those with high demand).

Your commentary seems good!

Don't take my word for it though - your answer may have been 100% awesome.

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c223
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#2065
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#2065
(Original post by anndz3007)
I said it only AF for the biofuel market but not for the rice since all the farmers are switching to produce biofuel, the supply of rice will not be enough to meet demand, and i also said in the long term,because all the farmers are switching, the supply of biofuel may excess demand and the market would collapse, therefore Allocative inefficiency
I also made the differentiation between the biofuel market and the rice/wheat/etc market and said that the first was becoming more efficient while the second was becoming less efficient. To be honest I didn't read the case study that well and probably should have so correct me if I'm wrong, but I don't recall anything being said about the demand for rice and wheat, so I assumed it would remain constant and relatively high since these are staple goods, therefore a decrease in supply would reduce consumer satisfaction.
The unofficial mark scheme produced agrees with this and my teacher said it was good evaluation of course it depends what the official mark scheme wants but I don't think what you wrote would be classed as wrong
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justfly
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#2066
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#2066
Also for the allocative efficiency question I mentioned that less pigs and cattle were Being bred thus less meat to consumers? - far fetched I know but I just included this extra point , thus I said supply of this was falling
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Lilywww
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#2067
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#2067
What examples did people use for the essay??
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09sandhua
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#2068
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#2068
(Original post by Lilywww)
What examples did people use for the essay??
I spoke about how wind farms are proof that subsidies have long lasting effects on positive externalities
Subsidies depend on elasticities
Don't remember other points
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iloverobkardash
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#2069
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#2069
Hey guys,

In the 18 marker can you tell me how many marks I got?

Defined subsidy and MF

Gave the subsidy diagram

Gave the pros of subsidies and what they do to correct mf

Gave cons and how it may not always work incl opp cost to gov etc

Mentioned regulation

Gave a conclusion that subsidy would work with regulation.

Thoughts?
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Jackriley97
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#2070
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#2070
Hi everyone,


I did the 18 marker all correct except I kept referring to the example I gave as a demerit good that is underconsumed instead of a merit good that is underconsumed!! How may marks will I drop? Everything else I did was ok just that simple mistake!
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2014_GCSE
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#2071
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#2071
(Original post by Jackriley97)
Hi everyone,


I did the 18 marker all correct except I kept referring to the example I gave as a demerit good that is underconsumed instead of a merit good that is underconsumed!! How may marks will I drop? Everything else I did was ok just that simple mistake!
They'll probably understand but you will definitely lose some marks, I'd say you'd get around 14? I did an essay in class many months ago where I did a similar mistake and got 13 but I also dropped some marks because I didn't have a conclusion so you might get 14 or so.
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_Fergo
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#2072
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(Original post by 2014_GCSE)
They'll probably understand but you will definitely lose some marks, I'd say you'd get around 14? I did an essay in class many months ago where I did a similar mistake and got 13 but I also dropped some marks because I didn't have a conclusion so you might get 14 or so.
That's not how it works. If his analysis is near perfect, they may not detract any marks from his essay.

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Mrmillion51
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#2073
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#2073
(Original post by 09sandhua)
I spoke about how wind farms are proof that subsidies have long lasting effects on positive externalities
Subsidies depend on elasticities
Don't remember other points

I used the case study of biofuel. Did anyone else do that?
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09sandhua
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#2074
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#2074
I didn't but that would be accepted
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2014_GCSE
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#2075
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#2075
(Original post by *Stefan*)
That's not how it works. If his analysis is near perfect, they may not detract any marks from his essay.

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But if there are demerit goods, there isn't an under-consumption of the good. There cannot be a perfect analysis surrounding a concept that doesn't truly make sense.
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keynes24
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#2076
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#2076
(Original post by 2014_GCSE)
But if there are demerit goods, there isn't an under-consumption of the good. There cannot be a perfect analysis surrounding a concept that doesn't truly make sense.
If that's the case that wouldn't reach 14 or go pass L3 band 1 if the subsidy is for a demerit good
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_Fergo
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#2077
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#2077
(Original post by 2014_GCSE)
But if there are demerit goods, there isn't an under-consumption of the good. There cannot be a perfect analysis surrounding a concept that doesn't truly make sense.
The "benefit of a doubt" may come into play (where the examiners know he wanted to say merit goods, but rushed and wrote demerit goods), or it may, alone and at most, be worth a mark. L3 is worth 4 marks, if he used a correct diagram and analysed other aspects in a sound manner, there's no way they'd deduct 4 whole marks for it.

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iloverobkardash
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#2078
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#2078
(Original post by iloverobkardash)
Hey guys,

In the 18 marker can you tell me how many marks I got?

Defined subsidy and MF

Gave the subsidy diagram

Gave the pros of subsidies and what they do to correct mf

Gave cons and how it may not always work incl opp cost to gov etc

Mentioned regulation

Gave a conclusion that subsidy would work with regulation.

Thoughts?
Anyone?
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_Fergo
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#2079
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#2079
(Original post by iloverobkardash)
Anyone?
We obviously can't give a specific mark, as that's just a plan.

It is sound and complete though. If you explained everything well, you'd get high marks (provided you actually explained specifically how to corrects market failure).

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iloverobkardash
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#2080
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#2080
(Original post by *Stefan*)
We obviously can't give a specific mark, as that's just a plan.

It is sound and complete though. If you explained everything well, you'd get high marks (provided you actually explained specifically how to corrects market failure).

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Not as well as ive could've but there was still some analysis of how it would correct underconsumption. What band do you think I hit?
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