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    (Original post by Alextaylor6)
    I did context 1 and essay 3, the questions were ****ing weird man
    ay what were your answers for context 1? so stressed atm. THis summer wont be fun..
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    (Original post by Sebster98)
    You might be ****ed ngl. Im not joking no matter how good your answer was you'll probably hit a ceiling of around 16-18 marks if that, as you literally left out half of your answer. Unlucky bro.
    It was a pretty open question tho. I'd doubt they'd penalise you that much, if you didn't mention it.
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    (Original post by BirdIsWord)
    ay what were your answers for context 1? so stressed atm. THis summer wont be fun..
    Yeah, I need at least a B

    For the first, I got 1.87% then said USA was the largest consumer of oil

    I can't even remember the other two questions lmao, but i just wrote a lot of ******** most of it coming from AS
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    What was the question for the 25 marker on essay 2 again please?
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    (Original post by EconMacro)
    I did!

    Context 2
    Question 4
    - 50%

    Question 5
    - Equality: everyone treated the same
    - Equity: normative theory of fairness (vertical and horizontal)
    - MRP Theory: low price of final product so low wage rate
    - Elastic demand from low barriers to entry (lack of required training)

    Question 6
    - Advantages of Living Wage: raises wage rate
    - Disadvantages of Living Wage: real wage unemployment
    - Alternatives: improve geographic and occupational mobility and trade unions
    - Conclusion: living wage best option in short run however mobility of labour in long run because of its potential to increase economic growth

    Essay Question 1
    Question 7- Outlined perfect competition and its conditions - Allocative efficiency because AR=MR curves are perfectly inelastic and price is set by market- Productive efficiency because forced to minimise costs in order to achieve normal profitQuestion 8Negatives of monopolies- Not statically efficient (higher prices and deadweight loss) Positive of monopolies- Economies of scale- Dynamic EfficiencyEvaluation- Reference to contestability - Overall positives outweigh negatives especially when monitored by CMA
    For the 25 marker on context 2 could you talk about the trickle down effect and how economics are not able to judge the value of poverty and what is a living wage. I said reduce taxation to allow the trickle down effect and hopefully regulate supply side reforms and capital investment
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    (Original post by castielle)
    what did people write for context 2 and essay 3??
    Context 2 essay
    - Increased wage rates so consumers have more income, reducing the risk of poverty (relative and absolute)
    - Incentivises more people to work so fewer people on welfare benefits (improves budget deficit)
    - however, the backwards bending supply curve shows that too high wages will reduce employment and used extract A to show that the highest wage doesn't necessarily result in the highest level of employment, so living wage might be too high
    - alternative is reducing tax and giving low paid workers tax credits (tax credits mentioned in extract)
    - but lowering tax might lead to fiscal drag
    - overall, both living wage and tax credits should be used

    Essay 3
    - merit goods are underprovided and underconsumed
    - public goods not provided at all
    - subsidising merit goods increased consumption and results in a welfare gain, making up for the deadweight loss
    - firms may become dependent and unproductive - I mentioned that it will be out competed due to perfect competition just so that I could put in A2 content
    - not a priority for the government
    - public goods should be subsidied
    - risk of government failure
    - government might not know the social optimal level / there is no imperfect info
    - overall, leave merit goods to the free market because there is some allocation of resource but subsidise public goods

    How many marks roughly for each question?
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    (Original post by cutelady)
    How did you calculate this?


    Posted from TSR Mobile
    I got that i did 36/1925 *100
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    When talking about market forces was i right to talk about the effects of price, signal rationing and incentive?
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    I think that's the best exam I've ever done. Definitely an A maybe even an A* 😊. How did everyone else find it?
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    (Original post by jwinters)
    When talking about market forces was i right to talk about the effects of price, signal rationing and incentive?
    for which essay?
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    For context to, did anyone make a reference to the poverty trap if wages increase - however I didn't mention the backward bending supply curve (when maybe I should've) because I doubt you could ever generate enough income to experience a substation effect from raising the living wage by a small proportion.
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    (Original post by samm98)
    I think that's the best exam I've ever done. Definitely an A maybe even an A* 😊. How did everyone else find it?
    Glad you found it good bro. I found it impossible.. What essays did you do/what did you talk about?
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    (Original post by BirdIsWord)
    for which essay?
    The one about the importance of market forces relative to government intervention
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    (Original post by EconMacro)
    I did!

    Context 2
    Question 4
    - 50%

    Question 5
    - Equality: everyone treated the same
    - Equity: normative theory of fairness (vertical and horizontal)
    - MRP Theory: low price of final product so low wage rate
    - Elastic demand from low barriers to entry (lack of required training)

    Question 6
    - Advantages of Living Wage: raises wage rate
    - Disadvantages of Living Wage: real wage unemployment
    - Alternatives: improve geographic and occupational mobility and trade unions
    - Conclusion: living wage best option in short run however mobility of labour in long run because of its potential to increase economic growth

    Essay Question 1
    Question 7- Outlined perfect competition and its conditions - Allocative efficiency because AR=MR curves are perfectly inelastic and price is set by market- Productive efficiency because forced to minimise costs in order to achieve normal profitQuestion 8Negatives of monopolies- Not statically efficient (higher prices and deadweight loss) Positive of monopolies- Economies of scale- Dynamic EfficiencyEvaluation- Reference to contestability - Overall positives outweigh negatives especially when monitored by CMA
    Isn't Allocative efficiency AC=MR ?
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    (Original post by EconMacro)
    I did!

    Context 2
    Question 4
    - 50%

    Question 5
    - Equality: everyone treated the same
    - Equity: normative theory of fairness (vertical and horizontal)
    - MRP Theory: low price of final product so low wage rate
    - Elastic demand from low barriers to entry (lack of required training)

    Question 6
    - Advantages of Living Wage: raises wage rate
    - Disadvantages of Living Wage: real wage unemployment
    - Alternatives: improve geographic and occupational mobility and trade unions
    - Conclusion: living wage best option in short run however mobility of labour in long run because of its potential to increase economic growth

    Essay Question 1
    Question 7- Outlined perfect competition and its conditions - Allocative efficiency because AR=MR curves are perfectly inelastic and price is set by market- Productive efficiency because forced to minimise costs in order to achieve normal profitQuestion 8Negatives of monopolies- Not statically efficient (higher prices and deadweight loss) Positive of monopolies- Economies of scale- Dynamic EfficiencyEvaluation- Reference to contestability - Overall positives outweigh negatives especially when monitored by CMA
    Thats pretty much what I said! Although for wage determination I talked about price elasticity of demand and supply for labour and how that brings about low wages for unskilled workers.
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    who did the 15 marker on how perfect competition causes efficient allocation of resources. so it was basially asking how perf comp leads to allocative efficiency. I first talked about perf comp and market strucutre of it, then define allocative effciency. then drew a diagram showing supernormal profits by perf comp in the short run but supply of firms increase which erodes it until ar=mc. so allocatively effcient in the long run since ar curve comes down. Who else wrote this. please reply.
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    For those of you who did essay two on objectives, what examples of firms did u use? I did charities who don't profit max and Ryanair/easyjet who cost min, helping them profit max to a certain degree. Outta interest, do pharmaceuticals profit max or do they prioritise other objectives?
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    (Original post by Louise123456789)
    Context 2 essay
    - Increased wage rates so consumers have more income, reducing the risk of poverty (relative and absolute)
    - Incentivises more people to work so fewer people on welfare benefits (improves budget deficit)
    - however, the backwards bending supply curve shows that too high wages will reduce employment and used extract A to show that the highest wage doesn't necessarily result in the highest level of employment, so living wage might be too high
    - alternative is reducing tax and giving low paid workers tax credits (tax credits mentioned in extract)
    - but lowering tax might lead to fiscal drag
    - overall, both living wage and tax credits should be used

    Essay 3
    - merit goods are underprovided and underconsumed
    - public goods not provided at all
    - subsidising merit goods increased consumption and results in a welfare gain, making up for the deadweight loss
    - firms may become dependent and unproductive - I mentioned that it will be out competed due to perfect competition just so that I could put in A2 content
    - not a priority for the government
    - public goods should be subsidied
    - risk of government failure
    - government might not know the social optimal level / there is no imperfect info
    - overall, leave merit goods to the free market because there is some allocation of resource but subsidise public goods

    How many marks roughly for each question?
    i think you have done rly, i cant believe i forgot to talk about government failure on both essays ((( but you shouldnt have anything to worry about, you've done well!
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    (Original post by tuddin96)
    who did the 15 marker on how perfect competition causes efficient allocation of resources. so it was basially asking how perf comp leads to allocative efficiency. I first talked about perf comp and market strucutre of it, then define allocative effciency. then drew a diagram showing supernormal profits by perf comp in the short run but supply of firms increase which erodes it until ar=mc. so allocatively effcient in the long run since ar curve comes down. Who else wrote this. please reply.
    Sounds good, you got a lot of theory in. I didnt do that essay though. What was the title?
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    (Original post by Sebster98)
    You might be ****ed ngl. Im not joking no matter how good your answer was you'll probably hit a ceiling of around 16-18 marks if that, as you literally left out half of your answer. Unlucky bro.
    bro what you talking about, the q said concentrated market and monopoly. a monopoly can be a concentrated markets, so if you focus on monopoly, pretty sure your fine. it doesnt explicitly reference oligpolies. talking about oligopolies can be wrong tbh because the question specifically states monopoly not oligopoly. you interpretation of the word 'concentrated market' can easily be one firm having majority of the control.
 
 
 
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