Join TSR now and get all your revision questions answeredSign up now

**********OFFICIAL OCR ECONOMICS F581 13th MAY 2014 THREAD************ Watch

    Offline

    0
    ReputationRep:
    Does information failure have to do with consumers lack of perfect knowledge or consumers and producers lack of perfect knowledge?
    Offline

    0
    ReputationRep:
    (Original post by EdwardsEconomics)
    You do not need to learn the externalities diagrams, see my previous post (if you can find it, for the reasoning behind that and how you only need D&S analysis for the 18 mark questions.

    You obviously also need to know PPC and consumer/producer surplus diagrams as well.

    Other sure fire topics to read are the definition of the economic problem, allocative efficiency, PED/XED/YED/PES, consumer/producer surplus as they always turn up. Also make sure you know the factors of production. Take a hunt through my previous posts on exam tips, things people always get wrong and brief notes on the ways to solve market failure (pros/cons/evaluation).

    Good luck,

    Mr. E
    You absolute life saver thank you!
    It's a relief knowing that I don't have to learn the externality diagrams, it was becoming a serious struggle, PPC is a-okay and consumer/producer surplus is all good
    I'll add the ones I defo need on my notes, factors of production done!
    I'll stalk all your previous notes that I can right now
    Offline

    0
    ReputationRep:
    ...
    Offline

    0
    ReputationRep:
    To those who sat the exam - which topic was the essay question based on?
    Offline

    0
    ReputationRep:
    ...
    Offline

    1
    ReputationRep:
    Very easy exam, expecting high grade boundaries.
    Offline

    1
    ReputationRep:
    Was a pretty easy exam , got a bit carried away with talking about indirect taxes ans tradable permits so ran right up to the clock
    Offline

    0
    ReputationRep:
    Limitations of specialisation - may deduce from overall quality of the product, as focus will be on output maximisation and cost minimisation. Yes or No? Decent paper I thought.
    Offline

    0
    ReputationRep:
    Didn't sit the exam myself although the general conscious from students who were re-taking in my school that they found it particularly easy.

    Curious to know how those sitting it for the first time found it.
    Offline

    1
    ReputationRep:
    As the 18 marker was on negative externalities of production did you have to focus more on producers producing less or more about consumption being reduced
    Offline

    3
    ReputationRep:
    I was really irritated by the lack of definitions, but I can't decide if it was an easy exam or not, it felt too straightforward and I almost ran out of time so I gave some brief conclusion

    What did everyone draw for the first graph about showing how price is determined. I literally just drew a supply and demand curve with no change...


    Posted from TSR Mobile
    Offline

    0
    ReputationRep:
    (Original post by JellyCat99)
    I was really irritated by the lack of definitions, but I can't decide if it was an easy exam or not, it felt too straightforward and I almost ran out of time so I gave some brief conclusion

    What did everyone draw for the first graph about showing how price is determined. I literally just drew a supply and demand curve with no change...



    Posted from TSR Mobile
    I also drew an S&D diagram with equilibrium price and quantity, showing no change. With the price being at the intersection of S&D.
    Offline

    3
    ReputationRep:
    Also, any chance of anyone doing an unofficial markscheme????


    Posted from TSR Mobile
    Offline

    2
    ReputationRep:
    Easy exam, what did people but for the China question?
    Offline

    3
    ReputationRep:
    (Original post by domcliffordjones)
    I also drew an S&D diagram with equilibrium price and quantity, showing no change. With the price being at the intersection of S&D.
    Thanx I've never seen a question that simple before, I'm so glad I didn't overthink it


    Posted from TSR Mobile
    Offline

    0
    ReputationRep:
    (Original post by JellyCat99)
    I was really irritated by the lack of definitions, but I can't decide if it was an easy exam or not, it felt too straightforward and I almost ran out of time so I gave some brief conclusion

    What did everyone draw for the first graph about showing how price is determined. I literally just drew a supply and demand curve with no change...


    Posted from TSR Mobile
    P is determined by the market forces of supply and demand. As long as you labelled the diagram correctly (with equilibrium point) you should get full marks.
    Offline

    0
    ReputationRep:
    (Original post by anorris13)
    Easy exam, what did people but for the China question?
    May be desirable because the economic growth will be more sustainable if there are less negative externalities from pollution.

    Comment was basically opportunity cost, whether, in reducing pollution level, output could fall and was it worth it etc.
    Offline

    0
    ReputationRep:
    (Original post by poma123)
    As the 18 marker was on negative externalities of production did you have to focus more on producers producing less or more about consumption being reduced
    I was wary of this, was worried writing about price elasticity of demand wasn't that relevant. I tried to relate it to production as much as I could.
    Offline

    1
    ReputationRep:
    For the second last question what did every one write about. I defined negative externality and talked about tradable permits.
    Offline

    1
    ReputationRep:
    (Original post by Randomer96)
    May be desirable because the economic growth will be more sustainable if there are less negative externalities from pollution.

    Comment was basically opportunity cost, whether, in reducing pollution level, output could fall and was it worth it etc.
    Wouldn't this answer be more macro-orientated?


    Posted from TSR Mobile
 
 
 
Poll
If you won £30,000, which of these would you spend it on?

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Quick reply
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.