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    Anyone do context 2; how did it go?


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    (Original post by ridirahman)
    That's exactly what I put!
    Same😄


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    (Original post by Crozzer24)
    Glad there was a few of us who did the same! I never received the email from you with the questions
    Sent it again !
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    (Original post by Con_Mc)
    What actually was the 25 marker for context 2, I did it but think I may have misinterpreted the question??
    It was about the government financially supporting car and fuel companies. I struggled with it? How did you find the exam?


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    i did something different or the 25 marker .. i mainly talked about how income inequality creates has negative exteralities
    and how monoplies and top 20% have the main influence on prices and effecting th e socieety and the low 20% income earners .. didnt metion anything abou gambling
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    anddd i just talk about market failure and how the govt .. corrects it and regulates monpolies .. or did i miss the whole question :eek: :eek::eek::eek::eek::eek::eek::eek:
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    (Original post by RJM1997)
    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?
    This is similar to what I wrote. I didn't mention substitutes, but I mentioned that consumers won't consume as much of that good to minimise their welfare loss and that the rationing function would take place because some people wouldn't be able to pay the new higher price. Let's hope we get the marks
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    Guys I did context 1 and for my 25 mark I talked about why governments should intervene - referred to gambling as a demerit good and talked about negative externalities. I said its market failure and then explained how monopolies were able to charge high prices due to a lack of competition and talked about how resources were not allocate efficiently as P>MC. I then suggested that government could enforce price capping , so a maximum price could be applied. For my second para , i talked about how free market will readjust , so said in the future people will become more aware of the negative effects on gambling. Also said , monopolies can exploit economies of scale - feed through low prices for consumers - therefore govt doesnt have to intervene. For my conc , I said to protect consumer welfare govt should intervene but could result in opp cost.

    what mark would i roughly get? ://
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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
    I shifted demand to the right and showed excess demand. Is that right?
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    Unofficial M/C markscheme: (I may be wrong pls don't bite my head off)

    1)B 2)A 3)C 4)C 5)B 6)B 7)D 8)D 9)D 10)D 11)C 12)A 13)B 14)A 15)C 16)B 17)C 18)C 19)A 20)C 21)C 22)A 23)B 24)A 25)D

    hope this helps everyone will have sat the exam by now
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    (Original post by ridirahman)
    I shifted demand to the right and showed excess demand. Is that right?
    no idea tbh
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    (Original post by BBeyond)
    Unofficial M/C markscheme: (I may be wrong pls don't bite my head off)

    1)B 2)A 3)C 4)C 5)B 6)B 7)D 8)D 9)D 10)D 11)C 12)A 13)B 14)A 15)C 16)B 17)C 18)C 19)A 20)C 21)C 22)A 23)B 24)A or C? IDK which tbh 25)D

    hope this helps everyone will have sat the exam by now
    how about the q. paper?
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    (Original post by ridirahman)
    how about the q. paper?
    cba to post it
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    (Original post by BBeyond)
    Unofficial M/C markscheme: (I may be wrong pls don't bite my head off)

    1)B 2)A 3)C 4)C 5)B 6)B 7)D 8)D 9)D 10)D 11)C 12)A 13)B 14)A 15)C 16)B 17)C 18)C 19)A 20)C 21)C 22)A 23)B 24)A or C? IDK which tbh 25)D

    hope this helps everyone will have sat the exam by now
    What did you get based on that? I got 22/25 but really dissapointed as I read 2 questions wrong so I put the wrong answer
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    (Original post by Crozzer24)
    What did you get based on that? I got 22/25 but really dissapointed as I read 2 questions wrong so I put the wrong answer
    24 thought i'd got 25 but i also misread a question
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    (Original post by BBeyond)
    24 thought i'd got 25 but i also misread a question
    What do you think the answer to productive innefficiency is now? Just curious, I know!
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    (Original post by Wawasan)
    What do you think the answer to productive innefficiency is now? Just curious, I know!
    think you were right, A!
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    For context 1, the 12 marker.. I drew a diagram with just the demand curve. So it looks like the monopoly diagram? Is that correct? I talked about the price mechanism. The signalling & rationing function.
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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
    That's the diagram I used for the 12 marker from context 1. Were you meant to draw a shift in either supply or demand?
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    (Original post by econam)
    That's the diagram I used for the 12 marker from context 1. Were you meant to draw a shift in either supply or demand?
    That's what a lot of people did, but tbh I think we did the right thing.
 
 
 
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