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Economics AS AQA exam tomorrow 16/05/2016 watch

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    (Original post by Nik12)
    It depends if you are talking in terms of what it looks like on the graph. For example if the Demand curve is steep it will be fairly Inelastic. And if the demand curve is quite shallow it will be fairly elastic. An easy way to remember it is that a steep curve looks like an I (which is the first letter of Inelastic). And then you'll know the other one is elastic.

    But if you are talking in terms of numbers after calculations then if the number is <1 it will be inelastic. If it's >1 then its elastic. And a (+) will mean its a normal good, therefore a (-) is a inferior good. Hope that helps, i'm just revising elasticity now xD
    The + and - is only for income elasticity of demand I swear?? (Well that's what I've learn't doing AQA)
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    (Original post by Kushal_C)
    The + and - is only for income elasticity of demand I swear?? (Well that's what I've learn't doing AQA)
    Yes, and cross elasticity. PED is always negative and PES is always positive
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    Is this the resits for the econ 1 paper tomorrow, or is this new spec AS exam
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    (Original post by guyr)
    NASBIT framework from uplearn.co.uk
    Thanks
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    guys any tips for 12 markers?
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    (Original post by pinkpanther101)
    Is this the resits for the econ 1 paper tomorrow, or is this new spec AS exam
    new spec for me I think for everyone else too
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    (Original post by physicsamor)
    As long as we have a nice 25 marker on market failure, like negative/ positive consumption in food or negative production on pollution it will go well. Ive seen past papers on speed cameras, mobile phones and tuition fees and I dont want that.
    most likely won't be food as that was used for the spec paper
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    Everyone watch the first 13 videos in this playlist it will really help its tips for the exam
    https://www.youtube.com/playlist?lis...SnPxUqxKUb3xGz
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    MY PREDICTION- 25 marker on leaving the provision of a demerit good e.g alcohol to the market forces with no government intervention and the other one to do with government intervention through the use of subsides. I think one of the diagram questions may be on something to do with composite demand, derived demand etc not too sure.
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    (Original post by Bigpaddy27)
    MY PREDICTION- 25 marker on leaving the provision of a demerit good e.g alcohol to the market forces with no government intervention and the other one to do with government intervention through the use of subsides. I think one of the diagram questions may be on something to do with composite demand, derived demand etc not too sure.
    Wait what's the diagram for composite and derived demand?
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    (Original post by Bigpaddy27)
    most likely won't be food as that was used for the spec paper
    I know but they are the easiest to evaluate xD any thing to do with demerit and merit goods. As long as its a question with an easy market failure that I can use my externalities diagrams for then I'm good.
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    (Original post by Karan8298)
    Anyone have a good way of remembering the externality diagrams? I always seem to forget them
    What is it about them that you struggle to remember? Happy to help...
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    (Original post by theD0N)
    Wait what's the diagram for composite and derived demand?
    If it was composite demand- milk e.g has a lot of uses so if demand went up for yogurt, demand may fall for cheese. Its highly unlikely that we would get that question and derived demand- an increase in demand for air travel- increase demand on diagram for pilots. I think we will be asked to do a tax diagram.
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    (Original post by physicsamor)
    I know but they are the easiest to evaluate xD any thing to do with demerit and merit goods. As long as its a question with an easy market failure that I can use my externalities diagrams for then I'm good.
    I agree, I really want an essay with an easy market failure and hopefully the data extracts are juicy with lots of good points to be able to use.
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    (Original post by Bigpaddy27)
    If it was composite demand- milk e.g has a lot of uses so if demand went up for yogurt, demand may fall for cheese. Its highly unlikely that we would get that question and derived demand- an increase in demand for air travel- increase demand on diagram for pilots. I think we will be asked to do a tax diagram.
    Tax Diagram?
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    (Original post by Bigpaddy27)
    If it was composite demand- milk e.g has a lot of uses so if demand went up for yogurt, demand may fall for cheese. Its highly unlikely that we would get that question and derived demand- an increase in demand for air travel- increase demand on diagram for pilots. I think we will be asked to do a tax diagram.
    Thanks a lot!!! But for tax diagrams does that shift supply curve to the left? Or does it affect demand too?
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    If anyone wants to join the economics whats app chat pm me, ill add you- ask any questions there
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    (Original post by theD0N)
    Thanks a lot!!! But for tax diagrams does that shift supply curve to the left? Or does it affect demand too?
    A tax diagram only shifts supply and too the left. Make sure you shade in the tax revenue box and label it if we do get that question or you use it in your essay as you will get more marks. In your evaluation you can say that a tax would not effect demand if demand for the good is price inelastic etc
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    (Original post by Kushal_C)
    Tax Diagram?
    I think the question for drawing a diagram may be- draw a diagram showing a tax placed on good 'x' .
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    (Original post by Bigpaddy27)
    A tax diagram only shifts supply and too the left. Make sure you shade in the tax revenue box and label it if we do get that question or you use it in your essay as you will get more marks. In your evaluation you can say that a tax would not effect demand if demand for the good is price inelastic etc
    So where would the tax revenue be?
 
 
 
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