OCR F581 Markets in Action - 11 May 2015 Watch

OrionMusicNet
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#281
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#281
(Original post by Makashima)
Wow very informative
Did you do the notes as you went through the spec?
Yeah pretty much. Some of it was from the book but I have added extra things in that the book has missed out and mnemonics (some our from my teacher). I have unit 2 notes as well if you want them:
http://www.mediafire.com/view/1blv5a...Finished).docx
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Yousf
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#282
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(Original post by keynes24)
It has been discussed before, if you go a few pages back I posted one and other have done the same. Have a look and try to come up with a structure, if you post it I can give you some feedback.
i cant find it
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Yousf
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#283
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how does smoking lead to negative externalities??
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justfly
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#284
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Can someone help me with determinants of demand/supply questions, for e.g I always get 2/3 or 1/3 for my explanation of how a certain factor will increase demand/supply - how can I make sure I'm hitting the right marks and not waffling!

By the way I do know all the determinants of supply and demand and how they influence each its just that I can never be too specific to get 3/3!
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keynes24
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(Original post by justfly)
Can someone help me with determinants of demand/supply questions, for e.g I always get 2/3 or 1/3 for my explanation of how a certain factor will increase demand/supply - how can I make sure I'm hitting the right marks and not waffling!

By the way I do know all the determinants of supply and demand and how they influence each its just that I can never be too specific to get 3/3!
Have you look at the mark scheme? Can you provide an example?
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Rosie213
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(Original post by Yousf)
how does smoking lead to negative externalities??
the marginal social costs of smoking (both private and external costs aka to those who smoke and therefore waste all their money and can't afford fruit and veg, to the NHS for smoking-related illnesses, to those experiencing second-hand smoke,) are higher than the marginal private costs (only those smoking aka lack of available real disposable income) = welfare loss

also cigarettes are over-consumed as they are addictive = market level of output above the socially optimum level of output = welfare loss

try to imagine it on a diagram - it helps me
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Super199
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#287
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Can someone explain information provision and state provision to me.

How do you correct information failure?

How and when do you use tradeable permits?
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Makashima
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(Original post by Super199)
Can someone explain information provision and state provision to me.

How do you correct information failure?

How and when do you use tradeable permits?
Information provision, if we are thinking the same thing ie provisional of information, a way of government intervention to correct market failure...

Alcohol, a demerit good ie oversumed which bring many neg ext e.g. liver illnesses > strain on NHS and our tax revenue is affected or usually people get into crimes/fights etc

You provide info to the consumer saying, alcohol is very bad for you, you can die due to liver cancer etc etc etc

This changes the consumer behaviour towards to alcohol like "omg this is bad, i shouldnt consume it", which then reduces their demand of alcohol, demand falls, quantity falls Q1 to Q2...showing less consumption now, so the market failure is reduced but not completely eliminated

not sure what is state of provision, never taught


correct me if im wrong :P
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keynes24
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#289
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#289
State provision is when the government provide merit (NHS) and public goods
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Yousf
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#290
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(Original post by Rosie213)
the marginal social costs of smoking (both private and external costs aka to those who smoke and therefore waste all their money and can't afford fruit and veg, to the NHS for smoking-related illnesses, to those experiencing second-hand smoke,) are higher than the marginal private costs (only those smoking aka lack of available real disposable income) = welfare loss

also cigarettes are over-consumed as they are addictive = market level of output above the socially optimum level of output = welfare loss

try to imagine it on a diagram - it helps me
i'm not gona use a externality graph in my 18marker
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Yousf
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For elasticity questions, when we comment saying data are estimates, change over time, liable to inaaccucies, how do i explain these. For instance, how do i prove data are estimates, or explain/prove how they can change over time?
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Makashima
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(Original post by Yousf)
how do i prove data are estimates



they usually say it next to the given data...
Attached files
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Yousf
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(Original post by Makashima)



they usually say it next to the given data...
So could i just say, the data are estimates as it is mentioned in the article, and then say as a result of them being estimates they can be liable to inccauricies..?
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Makashima
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(Original post by Yousf)
So could i just say, the data are estimates as it is mentioned in the article, and then say as a result of them being estimates they can be liable to inccauricies..?

Yes, from all the mark schemes Ive seen they award it as 1 mark only though, but the comment is like 2-3 marks right so you gotta say other stuff too?

"These are only estimates thus it is not reliable and not accurate"

You can say data changes over time or if the data was like 2 years ago you can say it is out of date thus not applicable,

In some year they award it another mark but in other years they counted as 1 mark with the estimate comment...Lets hope examiner be lenient and award it each separately so 2 marks cos I always put these two points defooo
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Yousf
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#295
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(Original post by Makashima)
Yes, from all the mark schemes Ive seen they award it as 1 mark only though, but the comment is like 2-3 marks right so you gotta say other stuff too?

"These are only estimates thus it is not reliable and not accurate"

You can say data changes over time or if the data was like 2 years ago you can say it is out of date thus not applicable,

In some year they award it another mark but in other years they counted as 1 mark with the estimate comment...Lets hope examiner be lenient and award it each separately so 2 marks cos I always put these two points defooo
Kl, its just that i saw it in a tutorial that if you simply state data are estimates you will not get a mark:eek: which got me worried..
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Makashima
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#296
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(Original post by Yousf)
Kl, its just that i saw it in a tutorial that if you simply state data are estimates you will not get a mark:eek: which got me worried..


Literally what I typed is what it says in the mark scheme...

Hope they continue to award it a mark ahehe

So if you just wrote these are estimates then yeah no mark. You need to explain how it is an issue ie not reliable and not accurate
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keynes24
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(Original post by Yousf)
Kl, its just that i saw it in a tutorial that if you simply state data are estimates you will not get a mark:eek: which got me worried..
Then the tutorial is wrong. Even if the data doesn't indicate estimates, any calculation for any type of elasticity is an estimate. It has been awarded before and it has to be awarded in the future.
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justfly
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#298
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#298
Will someone check this essay out? be honest etc
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OrionMusicNet
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#299
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(Original post by justfly)
Will someone check this essay out? be honest etc
1. For the first page I would have defined regulations the same as you did but also adding that they are imposed by the government.
2. On the third page I would break up the definition and mentioning that producers pass the tax on to consumers as it is a bit confusing to read as it sounds like the part about producers passing on the tax is part of the definition.
3. On the third page also you made a small mistake as you said "decreasing supply, increasing supply" when I think you meant to say increasing price.
4. On the third page you also say "like a subsidy" which is a bit confusing as you haven't mentioned them before and so I wouldn't bother mentioning the "like a subsidy" part.
5. On the third page I would have said that regulations are "the most effective solution" or "not the most effective solution" rather than saying it is a "suitable solution". It is quite pedantic but the question does ask if it is the "most effective" so you don't want to lose marks and get capped for something so small just because you didn't technically answer the question.
5. I would have also made the conclusion a bit longer and said that I thought regulations were more effective than an indirect tax as it is very possible that the PED for sunbeds is inelastic so the producers will likely pass most of it onto the consumers and so it is more likely that the level of indirect tax will be too small and not solve the market failure in comparison to the extent of the regulation which is more likely to be correct.
I know I probably sounded really negative but it was actually a very good essay and you did well on the analysis which is actually where most people usually get capped. My main suggestion would just be to watch out for little mistakes and make sure that your conclusion isn't too weak as it would be a shame to lose a mark because you didn't write enough for the conclusion.
I made some notes on both unit 1 and unit 2 and both of them have one model 18 marker so I hope they help.

Unit 1 Notes:
http://www.mediafire.com/view/4ait8a...vel_Notes.docx

Unit 2 Notes:
http://www.mediafire.com/view/1blv5a...Finished).docx
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Yousf
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(Original post by OrionMusicNet)
1. For the first page I would have defined regulations the same as you did but also adding that they are imposed by the government.
2. On the third page I would break up the definition and mentioning that producers pass the tax on to consumers as it is a bit confusing to read as it sounds like the part about producers passing on the tax is part of the definition.
3. On the third page also you made a small mistake as you said "decreasing supply, increasing supply" when I think you meant to say increasing price.
4. On the third page you also say "like a subsidy" which is a bit confusing as you haven't mentioned them before and so I wouldn't bother mentioning the "like a subsidy" part.
5. On the third page I would have said that regulations are "the most effective solution" or "not the most effective solution" rather than saying it is a "suitable solution". It is quite pedantic but the question does ask if it is the "most effective" so you don't want to lose marks and get capped for something so small just because you didn't technically answer the question.
5. I would have also made the conclusion a bit longer and said that I thought regulations were more effective than an indirect tax as it is very possible that the PED for sunbeds is inelastic so the producers will likely pass most of it onto the consumers and so it is more likely that the level of indirect tax will be too small and not solve the market failure in comparison to the extent of the regulation which is more likely to be correct.
I know I probably sounded really negative but it was actually a very good essay and you did well on the analysis which is actually where most people usually get capped. My main suggestion would just be to watch out for little mistakes and make sure that your conclusion isn't too weak as it would be a shame to lose a mark because you didn't write enough for the conclusion.
I made some notes on both unit 1 and unit 2 and both of them have one model 18 marker so I hope they help.

Unit 1 Notes:
http://www.mediafire.com/view/4ait8a...vel_Notes.docx

Unit 2 Notes:
http://www.mediafire.com/view/1blv5a...Finished).docx
Dont you have to talk also about supply decreasing in that essay as well because the regulations affect both consumers and producers..
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