OCR F581 Markets in Action - 11 May 2015 Watch

Rosie213
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#301
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We have always been taught regulations reduce supply, why is that? Don't they also reduce demand? Eg you must be 18 to buy alcohol, reducing demand not supply?
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OrionMusicNet
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(Original post by Yousf)
Dont you have to talk also about supply decreasing in that essay as well because the regulations affect both consumers and producers..
You can do either but I tend to go with decreasing supply as firms tend to face higher costs when dealing with regulations.
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OrionMusicNet
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(Original post by Rosie213)
We have always been taught regulations reduce supply, why is that? Don't they also reduce demand? Eg you must be 18 to buy alcohol, reducing demand not supply?
Depends on the regulation. I tend to not mention the specific regulation and then just go onto say that they tend to increase a firms cost of production. This would happen if they had to put health warning labels on the alcohol or something.
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keynes24
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(Original post by OrionMusicNet)
Depends on the regulation. I tend to not mention the specific regulation and then just go onto say that they tend to increase a firms cost of production. This would happen if they had to put health warning labels on the alcohol or something.
Health warnings could also be considered as a factor affecting demand in terms of solving imperfect information. In cases where you are unsure whether is demand or supply when in doubt I would apply both and/or read the extract for some hints on the type of intervention
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justfly
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Thanks for the feedback on my essay! and no don't worry about it I want people to be as harsh as possible, will take your points on board!
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OrionMusicNet
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(Original post by keynes24)
Health warnings could also be considered as a factor affecting demand in terms of solving imperfect information. In cases where you are unsure whether is demand or supply when in doubt I would apply both and/or read the extract for some hints on the type of intervention
Yeah to be fair that is probably the wise thing to do.
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CamilleClarke
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I was looking at this specification point: 'explain why the over-consumption of demeritgoods and the under-consumption of meritgoods lead to market failure' .

Is this along the right lines...

Merit goods lead to market failure because:
They are the result of information failure- less is demanded in the free market than would be if full information was available
They generate positive externalities ( the external gains are unlikely to be recognised at the point of consumption)
Both of the above results in underprovision, which is market failure since the socially optimum output is not achieved

Demerit goods lead to market failure because:
They are the result of information failure- more is demanded in the free market than would be if full information was available
They generate negative externalities ( the external gains are unlikely to be recognised at the point of consumption)
Both of the above results in overprovision, which is market failure since the socially optimum output is not achieved.
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Yousf
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QUICK QUESTION!! When we draw a consumer surplus diagram do we have label orginal consumer surplus, as well as additional consumer surplus AND NEW CONSUMER SURPLUS independly?
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keynes24
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(Original post by CamilleClarke)
I was looking at this specification point: 'explain why the over-consumption of demeritgoods and the under-consumption of meritgoods lead to market failure' .

Is this along the right lines...

Merit goods lead to market failure because:
They are the result of information failure- less is demanded in the free market than would be if full information was available
They generate positive externalities ( the external gains are unlikely to be recognised at the point of consumption)
Both of the above results in underprovision, which is market failure since the socially optimum output is not achieved

Demerit goods lead to market failure because:
They are the result of information failure- more is demanded in the free market than would be if full information was available
They generate negative externalities ( the external gains are unlikely to be recognised at the point of consumption)
Both of the above results in overprovision, which is market failure since the socially optimum output is not achieved.
looks right to me
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studentwiz
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How long are we meant to spend on the 18marker?
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keynes24
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(Original post by studentwiz)
How long are we meant to spend on the 18marker?
90 minutes for 60 marks
27 minutes for 18 marks
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_Fergo
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(Original post by keynes24)
90 minutes for 60 marks
27 minutes for 18 marks
The first 42 marks can be easily finished in 35-40 mins, if not less. I'd personally leave at least 50 mins on the essay.

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keynes24
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(Original post by *Stefan*)
The first 42 marks can be easily finished in 35-40 mins, if not less. I'd personally leave at least 50 mins on the essay.

Posted from TSR Mobile
50 minutes is a lot, we time students for 30 minutes max. I just did a rough estimate and considering you also need time to read the question you will have less time and compensate with the easy marks. 6 markers should be done carefully, wouldn't rush on those. If you spend 50 minutes in the essay it seems unusual rather that the norm.
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_Fergo
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(Original post by keynes24)
50 minutes is a lot, we time students for 30 minutes max. I just did a rough estimate and considering you also need time to read the question you will have less time and compensate with the easy marks. 6 markers should be done carefully, wouldn't rush on those. If you spend 50 minutes in the essay it seems unusual rather that the norm.
Well, I'm usually writing a lot more than the 6 or 8-mark questions require, and have still never ran past 40 mins for the exercises.

I've actually heard of people preparing students to do the essay in an hour, and allocate 30 mins on the exercises (someone said he aimed at 20 mins for the exercises, which is of course not something to be recommended, though he did get almost full marks on the questions).

It's whatever suits the individual, but 30 mins for the essay wouldn't work for me, at all.
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OrionMusicNet
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(Original post by *Stefan*)
Well, I'm usually writing a lot more than the 6 or 8-mark questions require, and have still never ran past 40 mins for the exercises.

I've actually heard of people preparing students to do the essay in an hour, and allocate 30 mins on the exercises (someone said he aimed at 20 mins for the exercises, which is of course not something to be recommended, though he did get almost full marks on the questions).

It's whatever suits the individual, but 30 mins for the essay wouldn't work for me, at all.
I agree, especially considering the fact that some 18 markers require you to write more than others. One year they asked for 4 solutions to decreasing discarded chewing gum which would take a lot more time to evaluate. 40 mins should be spent on the essay minimum in my opinion and I can also generally manage that even with writing a lot for all the smaller questions. As you said though it does depends on the person but I do think 30 mins is too small.
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justfly
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(Original post by keynes24)
50 minutes is a lot, we time students for 30 minutes max. I just did a rough estimate and considering you also need time to read the question you will have less time and compensate with the easy marks. 6 markers should be done carefully, wouldn't rush on those. If you spend 50 minutes in the essay it seems unusual rather that the norm.
are you a teacher?
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keynes24
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(Original post by justfly)
are you a teacher?
yes
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keynes24
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(Original post by *Stefan*)
Well, I'm usually writing a lot more than the 6 or 8-mark questions require, and have still never ran past 40 mins for the exercises.

I've actually heard of people preparing students to do the essay in an hour, and allocate 30 mins on the exercises (someone said he aimed at 20 mins for the exercises, which is of course not something to be recommended, though he did get almost full marks on the questions).

It's whatever suits the individual, but 30 mins for the essay wouldn't work for me, at all.
I have a different view of AS papers, it is more to do with ticking boxes rather than further analysis as required at A2, I can write an answer that should get 18 marks in less than 2 pages. 50 minutes for the global A2 paper is definitely something I would suggest.
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justfly
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(Original post by keynes24)
yes
When talking about an alternative policy does it always have to be more effective than the one in the question asked or can you just state another solution and come to the conclusion that the original policy was more effective?
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keynes24
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(Original post by justfly)
When talking about an alternative policy does it always have to be more effective than the one in the question asked or can you just state another solution and come to the conclusion that the original policy was more effective?
it should be compare to the policy mention in the question and explain why it might be more effective
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