OCR F581 Markets in Action - 11 May 2015 Watch

justfly
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#401
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(Original post by Rubyx)
for the elasticity questions memories the formulae and remember what each does! practise your 'comment' questions for each type of elasticity and remember your DEPENDS on!
did you find any thing particularly difficult in F581 that you went over constantly?
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Rubyx
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(Original post by justfly)
did you find any thing particularly difficult in F581 that you went over constantly?
I can't recall what I found particularly difficult as I got a U the first time I did it... then retook and got an A which took me by surprise, so I found everything difficult tbh! I remember watching these videos https://www.youtube.com/watch?v=sKT6PUGF4Sk and doing mini plans for each possible essay questions ie, regulation, pollution permits, taxation & subsidies and I memorised definitions. I made notes from the book then highlighted my notes and read through them every night for 2 weeks along with mini plans for essay and comment questions
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newmss
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Does anyone have the 2014 mark scheme for f582 and f581 as I would like to check my answers?
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azo
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Anyone got a list of all possible essay topics? Thanks, would appreciate it a lot
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Yousf
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(Original post by Rubyx)
for the elasticity questions memories the formulae and remember what each does! practise your 'comment' questions for each type of elasticity and remember your DEPENDS on!
Can saying data are estimates, liable to inaccuries and can change over time, be fine for the commnt section
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Yousf
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What graph do we draw for TRADEABLE PERMITS??????
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socialgain
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(Original post by Yousf)
What graph do we draw for TRADEABLE PERMITS??????
A market equilibrium diagram with vertical supply.
https://ib-econ.wikispaces.com/file/...le_permits.jpg

Can someone list the L3 and L4 points for T.P?
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Yousf
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Quick question. For question 2c, do we have to draw two shifts one along the PPF curve and one with an increase in productive potential of the PPC. Or is one fine? Thanks

Markscheme:
http://www.ocr.org.uk/Images/63391-m...me-january.pdf

Past paper:
http://www.ocr.org.uk/Images/65185-q...-in-action.pdf
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keynes24
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(Original post by Yousf)
Quick question. For question 2c, do we have to draw two shifts one along the PPF curve and one with an increase in productive potential of the PPC. Or is one fine? Thanks

Markscheme:
http://www.ocr.org.uk/Images/63391-m...me-january.pdf

Past paper:
http://www.ocr.org.uk/Images/65185-q...-in-action.pdf
the mark scheme mentions various possibilities so either is fine
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Yousf
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(Original post by keynes24)
the mark scheme mentions various possibilities so either is fine
Thanks
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Yousf
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(Original post by keynes24)
the mark scheme mentions various possibilities so either is fine
I was doing another past paper, and i have a few questions. For question 3, can i say the travel to Maldives may be expensive, as one of the determinants of demand.
Also for the other determinant i said, if there is a decrease in disposable income, this will mean less people can afford taking holidays to Maldives and thus the demand will fall indicated by a shift of the demand curve to the right. Would this point worth be 3marks?
Thanks, i really appreicate your help.
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socialgain
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Why does a increase in population lead to a increase in demand?
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keynes24
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(Original post by socialgain)
Why does a increase in population lead to a increase in demand?
More consumers = more demand
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socialgain
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(Original post by keynes24)
More consumers = more demand
Why? Always had a problem with explaining this determinant of demand
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djrp97
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(Original post by Super199)
yeah and the negative externalities, positive externalities (the diagrams to go with them) .
There are some great videos on youtube explaining this. Think his name is Paj Holden?
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djrp97
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(Original post by Yousf)
I was doing another past paper, and i have a few questions. For question 3, can i say the travel to Maldives may be expensive, as one of the determinants of demand.
Also for the other determinant i said, if there is a decrease in disposable income, this will mean less people can afford taking holidays to Maldives and thus the demand will fall indicated by a shift of the demand curve to the right. Would this point worth be 3marks?
Thanks, i really appreicate your help.
Changes in price aren't determinants of demand - change in price will be a movement along the demand curve not a shift. You could mention the price of substitutes, whether is an inferior good changes in taste...
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djrp97
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(Original post by Makashima)
I cant do government intervention right now as it is quite a big topic and I am doing something right now, but I will definitely do it soon

__________

Demerits goods are goods that are over consumed by consumers or over provided by the producers/suppliers when left in a free market and it can be due to information failure.

For example:

Junk food, Mc Donalds.

It is over consumed by people due to information failure, people do not know how unhealthy and dangerous it is (or some may choose to ignore the fact). It causes negative externalities which is where the social cost exceeds over the private cost e.g. a rising obesity population and other diseases.

Once again you can refer to NHS, there is a increase strain on obesity department and the government will have to invest more money to treat more individuals. Where does the money come from? Tax revenue maybe, it could have spent on infrastructure or education, to create a highly skilled labour force which would have benefited the economy. Or maybe youve re-allocated the NHS fund, ie took some funds from the eyes department to put into the obesity department.

You can also say, a unhealthy population means a unhealthy labour force. They will not be efficient maybe because they likely to take days off. To reduces the output of the economy and this is a cost. They could've produced more.

But overall when you answer these question, just say how can it affect badly to the society.
What sort of effect will subsidies and taxes have on D+S curves?
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keynes24
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(Original post by socialgain)
Why? Always had a problem with explaining this determinant of demand
you should check the mark scheme for ideas.
Population (1). If population rises there will be more
people able and willing to buy Airfix kits (1), shifting
demand to the right (1).
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azo
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If 18 marker is on regulation, do we just talk about one form (for example a production cap) or what? Thanks
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Maths97Student
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How does unequal income distribution cause market failure?
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