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    (Original post by BBeyond)
    I chose 1 on the basis that the 12 mark question for Context 2 was...I dunno...something I hadn't came across before?
    Lol totally different motives there! Yeah the 12 mark question for Conetxt 2 was a bit weird as well - but I think it was jsut that specialisation shifts the supply curve to the right and therefore price is lowered, competitiveness increases...

    I don't think I'd have answered the 5 mark question on Context 1 competently either - they say choose the Context based on the 25 mark question but I thought they were both of the same kind of difficulty and hence, I had to look towards the other questions
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    (Original post by TJ23738)
    its hard to say because it depends on how well your arguments is. My friend last year done one good argument no second argument and a small conclusion and scored 12/25 which if you think about it isnt bad for having no second argument and a small conclusion (btw when i mean small i mean like 2 sentences)
    My conclusion was also brief as I ran out of time but I feel maybe my analysis and evaluation was ok throughout but not sure if I was answering the question correctly. Everyone else didn't seem to focus on a particular form of intervention just wrote the analysed the market failure then wrote pros and cons
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    (Original post by Wawasan)
    Lol totally different motives there! Yeah the 12 mark question for Conetxt 2 was a bit weird as well - but I think it was jsut that specialisation shifts the supply curve to the right and therefore price is lowered, competitiveness increases...

    I don't think I'd have answered the 5 mark question on Context 1 competently either - they say choose the Context based on the 25 mark question but I thought they were both of the same kind of difficulty and hence, I had to look towards the other questions
    Yeah I guess but I thought my explanation would be a bit too wishy washy Although I ****ed up the diagram I think

    Yeah the context 2 definition was easier, but the 25 marker on context 1 gave you 3 market failures to talk about... Was never gunna turn that down
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    For the second context...was the question asking us to evaluate the effectiveness of government intervention as a whole? or specifically for subsidies....I tried to make my answer as ambiguous as possible in order to try and fall under both categories!
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    I did context 1. i talked about subsidies, taxes and Max price level. And some of the adv and dis of them. However my conclusion was just:Gov intervention may reduce market failure however it can lead to a further misallocation of resources. Will I lose marks?
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    Same! I felt like I didn't answer the question too, I panicked when I had 10 minutes left. I was just mentioning the solutions and evaluation of negative externalities and monopoly, and I also forgot to mention the extract (gambling being a demerit good). instead I gave my own examples of demerit goods I feel like I completely messed up

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    for context 1 12 marker, is it alright if i defined price and scarce resource, talked about the price mechanism: rationing, incentive, signalling and then a diagram on the price mechanism...
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    On the 25 marker I drew an economies of scale diagram basically an average total cost curve for monopoly- like to show productive efficiency. Is that okay?
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    (Original post by czj1997)
    for context 1 12 marker, is it alright if i defined price and scarce resource, talked about the price mechanism: rationing, incentive, signalling and then a diagram on the price mechanism...
    Did you shift supply or demand on the diagram? to show excess supply/demand..?
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    (Original post by kathy2323)
    Relieved that someone did the same as me. Apart I probably wrote it out worse as I didn't really talk about inequalities. I personally don't think I've answered the question and left a very brief market forces conclusion as i was running out of time
    if it makes you feel better a 2 sentence conclusion with only one argument that done well or good to a certain degree gives 12 marks (this is what my friend done and scored last year). So you doing a second argument with a brief conclusion .... im guessing between 15-17 marks but im no marker here so dont rely on my me guessing the marks. Just saying if you done better than him your looking atleat +14marks or higher
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    (Original post by Jasmine149)
    That's what I done

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    done what
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    Just to let everybody know i have the question booklet with me. I can upload the mcs and questions in 24hrs if demanded!
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    (Original post by Einstein16)
    Just to let everybody know i have the question booklet with me. I can upload the mcs and questions in 24hrs if demanded!
    omg please!
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    oh my god that was the most mind boggling econ exam I've ever sat in my life.. The questions were unprecedentedly HARD! What is the point of making it so hard anyways? It doesn't benefit anyone really.
    I did context 1 and for the 25 marker I wrote 4 pages... Really couldn't stop writing (and partially because I didn't know what was expected of me really haha) I wrote about taxes, regulation, the workings of a monopoly, negative externalities of the advertisements (quoting stuff from the extracts as evidence), how the government should evaluate the costs and benefits of the monopoly before taking it apart eg. the size of the economies of scale (if it is sufficiently high it can actually result in a lower cost than under competitive conditions despite a restricted output etc) and how the supernormal profit is used and also how the government should replace the misleading advertisements of gambling with educational ones to close the information gap and thus allowing consumers to make decisions that are in their best interest thereby decreasing the negative externality; and i also mentioned government failure -- how it is difficult to estimate the ideal size of the tax and unintended consequences and also the inelasticity of the demand curve may render a tax ineffective; and also how by intervening the government is getting rid of the positive aspects of the market economy and stuff
    but i dont think i actually answered the question.. does anyone remember the actual wording of the question?!??! so worried what to do for life I think i might actually consider being a plumber now i mean ---!!!--

    even the year 13s in my school who are retaking said it was really difficult -- (and tbh they are probably the ones who will be pulling up the grade boundaries ugh)
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    (Original post by ridirahman)
    Did you shift supply or demand on the diagram? to show excess supply/demand..?
    yeah, i shift the demand to the right showing that it has excess demand and then a shift of the supply curve to the right as suppliers produce more due to higher prices/gain profit
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    (Original post by Sydian)
    oh my god that was the most mind boggling econ exam I've ever sat in my life.. The questions were unprecedentedly HARD! What is the point of making it so hard anyways? It doesn't benefit anyone really.
    I did context 1 and for the 25 marker I wrote 4 pages... Really couldn't stop writing (and partially because I didn't know what was expected of me really haha) I wrote about taxes, regulation, the workings of a monopoly, negative externalities of the advertisements (quoting stuff from the extracts as evidence), how the government should evaluate the costs and benefits of the monopoly before taking it apart eg. the size of the economies of scale (if it is sufficiently high it can actually result in a lower cost than under competitive conditions despite a restricted output etc) and how the supernormal profit is used and also how the government should replace the misleading advertisements of gambling with educational ones to close the information gap and thus allowing consumers to make decisions that are in their best interest thereby decreasing the negative externality; and i also mentioned government failure -- how it is difficult to estimate the ideal size of the tax and unintended consequences and also the inelasticity of the demand curve may render a tax ineffective; and also how by intervening the government is getting rid of the positive aspects of the market economy and stuff
    but i dont think i actually answered the question.. does anyone remember the actual wording of the question?!??! so worried what to do for life I think i might actually consider being a plumber now i mean ---!!!--

    even the year 13s in my school who are retaking said it was really difficult -- (and tbh they are probably the ones who will be pulling up the grade boundaries ugh)
    I didn't even have time to finish the essay! I too had a lot of things to write about it, and I feel like I completely messed up because I forgot to mention gambling as a demerit good, instead I gave my own examples of demerit goods

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    Do it now?
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    Yes please .. how soon can u do it??
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    (Original post by Sydian)
    oh my god that was the most mind boggling econ exam I've ever sat in my life.. The questions were unprecedentedly HARD! What is the point of making it so hard anyways? It doesn't benefit anyone really.
    I did context 1 and for the 25 marker I wrote 4 pages... Really couldn't stop writing (and partially because I didn't know what was expected of me really haha) I wrote about taxes, regulation, the workings of a monopoly, negative externalities of the advertisements (quoting stuff from the extracts as evidence), how the government should evaluate the costs and benefits of the monopoly before taking it apart eg. the size of the economies of scale (if it is sufficiently high it can actually result in a lower cost than under competitive conditions despite a restricted output etc) and how the supernormal profit is used and also how the government should replace the misleading advertisements of gambling with educational ones to close the information gap and thus allowing consumers to make decisions that are in their best interest thereby decreasing the negative externality; and i also mentioned government failure -- how it is difficult to estimate the ideal size of the tax and unintended consequences and also the inelasticity of the demand curve may render a tax ineffective; and also how by intervening the government is getting rid of the positive aspects of the market economy and stuff
    but i dont think i actually answered the question.. does anyone remember the actual wording of the question?!??! so worried what to do for life I think i might actually consider being a plumber now i mean ---!!!--

    even the year 13s in my school who are retaking said it was really difficult -- (and tbh they are probably the ones who will be pulling up the grade boundaries ugh)
    Yeah I found it hard and I had some similar points to you. There's always unit 2 dw

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