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

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    (Original post by MrHogwash)
    I wrote that since YED is inelastic and positive(0.2), a 10% increase in consumers real income would lead to a 2% increase in the demand for that good. This shows that it is a normal good. If YED was negative however, then demand would fall by 2%
    Yeah i accidentally said it was an inferior good :/ lol

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    (Original post by littleman72)
    We need to ask Mr E I hope you're right 3 marks resting on it... surely they are as advertising causes tastes and fashion.
    Yeah we do :/ so confused now
    lol could have lost 3 marks. My teacher taught it as separate. For example say the good was tea. Tastes and fashion may have changed to make drinking coffee more unpopular and tea a better drink. Whereas advertising helps persuade consumers to start drinking tea? Do you get my drift lol
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    (Original post by chelseafan)
    That Chinese externality question was weird.
    Lol it was! Didn't know how to answer it :/

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    (Original post by ItsJustMe17)
    Yeah i accidentally said it was an inferior good :/ lol

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    Do u rmb how many mark for that question? I think I've done the calculation incorrectly


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    (Original post by May-o2q)
    Do u rmb how many mark for that question? I think I've done the calculation incorrectly


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    I think it was 6 or 8.
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    2 marks for the calculation, and 3 marks for what this figure suggests or something. Pretty sure yed was +0.2

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    (Original post by BlueArmy-CFC)
    2 marks for the calculation, and 3 marks for what this figure suggests or something. Pretty sure yed was +0.2

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    Yeah. It was 0.2.
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    I shifted demand instead of demand and supply how many marks out of 6 would I get?
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    (Original post by BlueArmy-CFC)
    2 marks for the calculation, and 3 marks for what this figure suggests or something. Pretty sure yed was +0.2

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    yep. it was -2/-10=+0.2
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    (Original post by FredRussell97)
    I shifted demand instead of demand and supply how many marks out of 6 would I get?

    Me too. for the second diagram, I only moved the demand curve and let supplyconstant. I assumed this due to James May's TV show. How many marks would I lose?
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    Hmmm, i think you would lose a chunk of the marks as you would need to say what this does to the market. I'd say around 2/6 or 3/6

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    (Original post by MrHogwash)
    I think it was 6 or 8.
    I hope it's 6. Yea, it should have been 0.2 it's my mistake. I feel so silly now. I shouldn't have made such a lame mistake really.


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    (Original post by May-o2q)
    I hope it's 6. Yea, it should have been 0.2 it's my mistake. I feel so silly now. I shouldn't have made such a lame mistake really.


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    I too had a hard time figuring out what to write, +0.2 or -0.2. Just went with +0.2 luckily.
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    (Original post by BlueArmy-CFC)
    Hmmm, i think you would lose a chunk of the marks as you would need to say what this does to the market. I'd say around 2/6 or 3/6

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    Nice one lad at least it's something!
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    (Original post by May-o2q)
    I hope it's 6. Yea, it should have been 0.2 it's my mistake. I feel so silly now. I shouldn't have made such a lame mistake really.


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    No sir you shouldn't have made such a lame mistake
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    What about for the specialisation question saying that the firm couldn't access all their market because of only concentrating on a few products?- disadvantage
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    (Original post by BlueArmy-CFC)
    Hmmm, i think you would lose a chunk of the marks as you would need to say what this does to the market. I'd say around 2/6 or 3/6

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    Of course I did. " Quantity demanded increased from Q to Q1. Demand curve shifted to the right along the supply curve. New equilibrium at E1. The extent of change depends on the price elasticity of supply."
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    You didn't have to say however, as the question didn't say comment

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    For the 18 marker, could you have talked about environmental taxes...this is different from indirect tax right?

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    (Original post by FredRussell97)
    What about for the specialisation question saying that the firm couldn't access all their market because of only concentrating on a few products?- disadvantage

    Textbook definition of specialisation: Division of Labour, a process whereby the production process is broken down into a sequence of stages, and workers are assigned to particular stages.
 
 
 
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