OCR F581 Markets in Action - 11 May 2015 Watch

keynes24
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(Original post by OrionMusicNet)
I know but is it not easier for the examiner to mark if you do a brief section on application? I am just curious, if not then I will start to go with that as well because I think you said earlier in this thread that you were a teacher so you will know better than I do.
Go with whatever way you are used to and comfortable. As an examiner (at least for me) L2 is only an issue when a candidate has not answered the question and you are looking at awarding L2 or L1. It doesn't make it easier or more difficult, the application can also be done when doing L3 describing the diagram (e.g price of whatever good is indicated in the extract).
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Hammy_23
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Ohh no don't worry really appreciate your input
When u say application what would u put in it if you were to do it

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Hammy_23
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How many marks would u give the essay 11-12?

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OrionMusicNet
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(Original post by Hammy_23)
How many marks would u give the essay 11-12?

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I imagine the other individual on here who is an examiner would have a better idea but I think I would give it about 10 because of the mistake on the graph with quantity demanded and not mentioning where exactly supply shifted from and to. My main advice is just to be specific and be careful of little mistakes because they could cost you marks even though it is clear you probably know better.
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Yousf
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QUICK QUESTION. For an 18marker based on regulation(or any other market failure). If the regulation affect both supply and demand. Do we have to draw both supply and demand shifts on INDIVIDUAL DIAGRAMS, and explained individually or show the shift of suuply and demand of the affect on regulation on ONE GRAPH? Please help im a bit confused..
Thanks for your help!
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_Fergo
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(Original post by Yousf)
QUICK QUESTION. For an 18marker based on regulation(or any other market failure). If the regulation affect both supply and demand. Do we have to draw both supply and demand shifts on INDIVIDUAL DIAGRAMS, and explained individually or show the shift of suuply and demand of the affect on regulation on ONE GRAPH? Please help im a bit confused..
Thanks for your help!
One diagram, explained together.

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Yousf
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(Original post by *Stefan*)
One diagram, explained together.

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Would i be pinalised for doing the effect on two seperate diagrams?
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_Fergo
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(Original post by Yousf)
Would i be pinalised for doing the effect on two seperate diagrams?
Yes. It's wrong because the equilibrium points would be different in each diagram.

For example, if you shift supply in one and leave demand static, the new equilibrium would essentially be different from the other diagram, where demand will shift but supply will remain static.

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Yousf
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(Original post by *Stefan*)
Yes. It's wrong because the equilibrium points would be different in each diagram.

For example, if you shift supply in one and leave demand static, the new equilibrium would essentially be different from the other diagram, where demand will shift but supply will remain static.

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Oh ok, thanks again.

By the way i did a past paper for May 2011 and have a few questions.

For Q1a. Can i say, to 'grow the pu'er' for stating Land as one of the factors of production.
For Q2. Could i label the axes the opposite to what was on the markscheme, eg pu'er tea on x axis and staple foods on y axis?
For Q6b, i don't understand how reduce chloestrol was wrong when i said it was one of the positive externalities arising?

I would really appreciate it, if you could go through and check what i written is suitable. Thanks!

Past paper:
http://www.ocr.org.uk/Images/58665-q...-in-action.pdf

Markscheme:
http://www.ocr.org.uk/Images/65746-m...ction-june.pdf
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Gladiatorsword
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(Original post by Yousf)
Oh ok, thanks again.

By the way i did a past paper for May 2011 and have a few questions.

For Q1a. Can i say, to 'grow the pu'er' for stating Land as one of the factors of production.
For Q2. Could i label the axes the opposite to what was on the markscheme, eg pu'er tea on x axis and staple foods on y axis?
For Q6b, i don't understand how reduce chloestrol was wrong when i said it was one of the positive externalities arising?

I would really appreciate it, if you could go through and check what i written is suitable. Thanks!

Past paper:
http://www.ocr.org.uk/Images/58665-q...-in-action.pdf

Markscheme:
http://www.ocr.org.uk/Images/65746-m...ction-june.pdf

1A- you would saY "Land - the land upon which the tea is grown such as a farm

2) yes you can swap the axis names around as long as you illustrate the same thing

3) positive externality is a benefit for a THIRD PARTY- reducing cholestrol is a private benefit so you would have to say how this BENEFITS A THIRD PARTY so -" lower cholestrol results in a decrease in the number of people with cholsestrol-related dieseases - benefits healthcare service due to lower costs
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_Fergo
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(Original post by Yousf)
Oh ok, thanks again.

By the way i did a past paper for May 2011 and have a few questions.

For Q1a. Can i say, to 'grow the pu'er' for stating Land as one of the factors of production.
For Q2. Could i label the axes the opposite to what was on the markscheme, eg pu'er tea on x axis and staple foods on y axis?
For Q6b, i don't understand how reduce chloestrol was wrong when i said it was one of the positive externalities arising?

I would really appreciate it, if you could go through and check what i written is suitable. Thanks!

Past paper:
http://www.ocr.org.uk/Images/58665-q...-in-action.pdf

Markscheme:
http://www.ocr.org.uk/Images/65746-m...ction-june.pdf
Q1a - "to grow the pu'er" is too simple and broad an answer in my opinion. It should make specific mention to something, like the plants themselves or the farm (like the mark scheme says).

Q2 - Yes, you can label the axes whichever way you like, so long as the correct products are shown.

Q6B - The problem in saying "reduces cholesterol" is that this is a private benefit, as explained in the mark scheme. This means that it affects one person only, whose consumption of pu'er may be irrelevant to the fact that more of it is produced.

In order to assess the positive externality, it would be MPB (the private benefit) + the value of the externality = MSB (which is the external benefit). With your answer, you don't add the value of the externality at all.

Your answer would have been more complete if it had been; increasing consumption of pu'er (collectively, not just by one person) would reduce cholesterol levels and lead to a reduction in the costs of healthcare for the NHS.

A useful thing to remember here is that, when assessing a positive externality, you should remember that it affects people collectively -ie the inoculation of a child helps prevent further spread of a virus to other people = this is the positive externality. The fact that it protects the child as well is a private benefit.
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Yousf
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(Original post by *Stefan*)
Q1a - "to grow the pu'er" is too simple and broad an answer in my opinion. It should make specific mention to something, like the plants themselves or the farm (like the mark scheme says).

Q2 - Yes, you can label the axes whichever way you like, so long as the correct products are shown.

Q6B - The problem in saying "reduces cholesterol" is that this is a private benefit, as explained in the mark scheme. This means that it affects one person only, whose consumption of pu'er may be irrelevant to the fact that more of it is produced.

In order to assess the positive externality, it would be MPB (the private benefit) + the value of the externality = MSB (which is the external benefit). With your answer, you don't add the value of the externality at all.

Your answer would have been more complete if it had been; increasing consumption of pu'er (collectively, not just by one person) would reduce cholesterol levels and lead to a reduction in the costs of healthcare for the NHS.

A useful thing to remember here is that, when assessing a positive externality, you should remember that it affects people collectively -ie the inoculation of a child helps prevent further spread of a virus to other people = this is the positive externality. The fact that it protects the child as well is a private benefit.
Thanks!
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Yousf
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(Original post by Gladiatorsword)
1A- you would saY "Land - the land upon which the tea is grown such as a farm

2) yes you can swap the axis names around as long as you illustrate the same thing

3) positive externality is a benefit for a THIRD PARTY- reducing cholestrol is a private benefit so you would have to say how this BENEFITS A THIRD PARTY so -" lower cholestrol results in a decrease in the number of people with cholsestrol-related dieseases - benefits healthcare service due to lower costs
Thanks!
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justfly
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Can someone help me with XED? Like explain it in more detail please? My teacher said there's a high chance of it coming up this year
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Hammy_23
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Definitely a big chance it will come up
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newmss
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Any Essay predictions?
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OrionMusicNet
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(Original post by newmss)
Any Essay predictions?
My only guess would be restrictions on free trade and their effect on the economy or something, there has been nothing on protectionism over like all the past papers and the syllabus is changing this year so if there was a time it would be now but that is just speculation of course and it could really be on anything.
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OrionMusicNet
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(Original post by justfly)
Can someone help me with XED? Like explain it in more detail please? My teacher said there's a high chance of it coming up this year
I have a section dedicated to it in my unit 1 notes:
http://www.mediafire.com/view/4ait8a...vel_Notes.docx
Here are my unit 2 notes as well if that helps for your unit 2 revision:
http://www.mediafire.com/view/1blv5a...Finished).docx
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newmss
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(Original post by OrionMusicNet)
My only guess would be restrictions on free trade and their affect on the economy or something, there has been nothing on protectionism over like all the past papers and the syllabus is changing this year so if there was a time it would be now but that is just speculation of course and it could really be on anything.
Yeah I agree it could be anything, and Free trade is a strong contender. I guess it's best to prepare for all eventualities they can throw at you, it is 30% of your marks after all!
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_Fergo
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(Original post by justfly)
Can someone help me with XED? Like explain it in more detail please? My teacher said there's a high chance of it coming up this year
Rest assured that it will come up.

Definition: The responsiveness of a product's quantity demanded to a change in the price of another product. (XED =Δ%Qd of product A/Δ%Price of product B).

Calculations (2 marks).

A positive value suggests that product A and product B are substitutes (1 mark). A high value suggests that the two products are close substitutes, while a low value that the two goods are distant substitutes (1 or two marks) -do link these to the specific data.

A negative value suggests that the two goods are complements, and then the same with above.

Give advice to producers: if substitutes, they should expect the quantity demanded of their product to increase should the substitute's price increase (and vice versa) -1 mark.

Then, 1 L4 comment well explained and 3 additional ones in a single sentence.

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