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    This is an example of a market/price mechanism diagram, you can do it as well with excess demand
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    (Original post by BBeyond)
    I did the exact same as you bro, was a bit worried at first but now I think about it our diagram as it makes sense, given that price acts first
    Yeah I was a bit worried too but that's what our teacher told us to do as price change doesn't cause a shift, you have any idea how many marks you can get on 25 marker without a diagram? Was running out of time and quickly scribbled down a diagram but didn't refer to it in my written answer
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    (Original post by BigDaave)
    I have a self marking MCR for Macro if anyone wants it?

    Papers from 2000-2013, it's helped me a lot!
    Please, please, please
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    (Original post by BBeyond)


    This is an example of a market/price mechanism diagram, you can do it as well with excess demand
    Exactly same diagram I drew! Thank god
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    (Original post by BigDaave)
    I have a self marking MCR for Macro if anyone wants it?

    Papers from 2000-2013, it's helped me a lot!
    Can you on me it


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    (Original post by BigDaave)
    I have a self marking MCR for Macro if anyone wants it?

    Papers from 2000-2013, it's helped me a lot!
    Yes please! Would be greatly appreciated
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    (Original post by Crozzer24)
    Yeah I was a bit worried too but that's what our teacher told us to do as price change doesn't cause a shift, you have any idea how many marks you can get on 25 marker without a diagram? Was running out of time and quickly scribbled down a diagram but didn't refer to it in my written answer
    no clue tbh i'd imagine low level 4 though if you answer is good
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    PM me with your email and I'll send itto you, TSR doesn't let me upload an 11MB file LOL
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    I done context 2. I thought it went well overall even thought I didn't do a great definition of technical economies of scale.
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    Hey guys, I used this diagram ^^ for the 12 marker for context 1.

    Is it correct? I explained that the supplier/producer may have found a way to cut costs, and so they decreased prices. Because of this, demand increased from Q1 to Q2, whereas supply decreased to Q3. So supply shifted to the right to meet the excess demand.

    Is this completely wrong??
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    (Original post by Crozzer24)
    Yeah I was a bit worried too but that's what our teacher told us to do as price change doesn't cause a shift, you have any idea how many marks you can get on 25 marker without a diagram? Was running out of time and quickly scribbled down a diagram but didn't refer to it in my written answer

    You don't get any diagram marks in 25 mark. Only in the 12 mark do you get credit for a diagram which is up to 4 marks.
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    (Original post by War-Mac)
    I done context 2. I thought it went well overall even thought I didn't do a great definition of technical economies of scale.
    As long as you mentioned the concept of economies of scale (cost advantage, long run, ATC, spreading cost over a larger unit of input) in relation to capital, that should be enough to get you 5/5.
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    to all the people that received my email, sorry I wont be posting the context bit as 1) its subjective to what mark you get and I dont want people overthinking and worrying and messing up the rest of their exams ! good luck
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    (Original post by War-Mac)
    You don't get any diagram marks in 25 mark. Only in the 12 mark do you get credit for a diagram which is up to 4 marks.
    You are the giver of good news! Sigh of relief haha! I wasn't sure wether they were worth marks as we are always told to use them but probably because it's easier to analyse with the use of a diagram
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    (Original post by Crozzer24)
    12 marker on context 1 I'm sure it just said explain how price causes allocation of scarce resources? I didn't do draw any shifts just movement along supply/demand curve causing a contraction/expansion in either curve. Also explained the functions of price such as price increases acts as incentive for suppliers to supply more and rations out demand
    I done the exact same thing !
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    (Original post by Einstein16)
    to all the people that received my email, sorry I wont be posting the context bit as 1) its subjective to what mark you get and I dont want people overthinking and worrying and messing up the rest of their exams ! good luck
    i didn't get it
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    Hi guys. Got a few questions. Does anyone remember the first 5 questions in the MCQs? I remember one was an example of a capital or something like that? Questions and Answers would be very helpful!

    Also, for the essay all I talked about were monopolies and how they could fail, how they may not fail and how govt intervention fails. Second paragraph was on Demerit goods where I said taxation would decrease consumption of the demerit good reducing the negative externality but all I talked about was gambling and the fact that taxes have a big impact on their incomes making the distribution even worse. Is this right?

    Finally, what was the 12 marker answer as I didn't relaly grasp the question and all I said was an example of the supply curve shifting to the left causing the quantity to reduce and prices to rise. Would I get any marks in this 12 marker at all? What definitions were we supposed to mention aswell?

    Thanks a lot guys
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    (Original post by Einstein16)
    I done the exact same thing !
    Glad there was a few of us who did the same! I never received the email from you with the questions
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    (Original post by War-Mac)
    You don't get any diagram marks in 25 mark. Only in the 12 mark do you get credit for a diagram which is up to 4 marks.
    You do, they're weighed differently from 12 marks questions (like the labels) but still gives you AO3 marks. Actually, they're vital to "harvest" AO3 marks because describing the content of the diagram in relation to your application still gives you marks for analysis, so you can expand further your analysis on that instead of bringing up new points. They are a fundamental tool reach a top level answer in the very limited time frame you have for the essay.
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    Starting to get a little bit worried about the 12 marker on context 1, this is what I did:
    Defined scarce resources and market economy.
    Drew a diagram shifting supply to the left, showing a contraction of demand, but also put in Qsupplied at P1 after the shift.

    My explanation was: For example, if there is a flood which wipes out some of a firms supply, supply will shift left as they cannot sell damaged goods. However if price stays at P1 there is a shortage, this causes firms to put up the price in order to maintain profit. Consumers respond to this price signal by contracting demand Q2>Q1 by switching to substitutes or not consuming. This means that now only people willing to pay the new price P2 will get the good, those only willing to pay P1 will go without, therefore allocating resources to those who are willing to pay for it.

    What do you think I'll get?
 
 
 
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