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    (Original post by dr.zoidberg)
    i did context 2 and as my agaisnt argument i spoke about the large size of the smartphone market leading to innovation since firms might invest it in research and development, thus shifting ppf curve outwards. and i drew a ppf curve too.

    (this is a very brief version, and i refered to extract E)

    is this good enough for the argument? or how many marks do you reckon i might have gotten for it?
    Sounds a reasonable argument as long as you clearly linked it to the question.
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    I guess that Context 1 people found harder out of the two?
    And let's try and get a mark scheme up!
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    What did people write for CONTEXT 1 for the 25 MARKER??
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    Hi, I found multiple choice to be pretty hard compared to previous ones. Did you lot get mostly B's on it?
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    (Original post by 111Boss)
    Hi, I found multiple choice to be pretty hard compared to previous ones. Did you lot get mostly B's on it?
    I had lots of B's and D's. Friends that sat the exam with me got lots of B's and D's too
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    For context 1, here are some useful points that would be beneficial if you included them in the essay:

    1)Define market failure, merit good etc..

    2) Explain how universities have positive externalities, effects of a rise in fees, subsidies

    3) Explain arguments for subsidies (e.g Reduced inequality which could help prevent market failure, many people do not have access otherwise to university, law of unintended consequence of decreased social equality in society..)

    4) Explain reasons for higher fees (e.g Demand was shown to be inelastic meaning increase would help increase income, money could help increase quality of courses, the private benefits are huge in the long run as people earn £161000 more in their lifetime etc..)

    5) Talk about reasons against subsidies (Over dependance on subsidy, could lead to government failure as costs exceed benefits etc..)


    6) Overall down to normative view of government- may look in short term rather than long term. Also, whichever they choose depends on price elasticity of university courses..



    I did something a long those lines! Could have also talked about Maximum prices or other policies too, hope it helped
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    An example of one of my paragraphs:

    govt could intervene, may be necessary an there is market failure of ext and ineq, govt inter such as tax would work by reducing supply,may be effective as it wud reduce supply of phones, reduce neg ext and may be dyn eff as it gives producers incentive to produce more 'healthy' (decreased risk of causing cancer) mobile phones, may not be effective as it cud drive some firms out of ind and may force firms to lower wages for already poor workers to cover cost of tax leading 2 increased inequality(govt failure)...

    I wrote a paragraph such as this but with more detail and i did one more paragraph such as this about govt interevention, along with about 2 paragraphs analysing evaluating market forces using key words such as productive/dynamic efficiency and ceteris paribus...
    Would this be ok and wat sort of level anwesr wud this be?
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    (Original post by robin1125)
    I had lots of B's and D's. Friends that sat the exam with me got lots of B's and D's too
    Oh that's the same as me, I was worried I got them wrong as it felt weird having lots of B's.
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    (Original post by fickwicklea)
    For context 1, here are some useful points that would be beneficial if you included them in the essay:

    1)Define market failure, merit good etc..

    2) Explain how universities have positive externalities, effects of a rise in fees, subsidies

    3) Explain arguments for subsidies (e.g Reduced inequality which could help prevent market failure, many people do not have access otherwise to university, law of unintended consequence of decreased social equality in society..)

    4) Explain reasons for higher fees (e.g Demand was shown to be inelastic meaning increase would help increase income, money could help increase quality of courses, the private benefits are huge in the long run as people earn £161000 more in their lifetime etc..)

    5) Talk about reasons against subsidies (Over dependance on subsidy, could lead to government failure as costs exceed benefits etc..)


    6) Overall down to normative view of government- may look in short term rather than long term. Also, whichever they choose depends on price elasticity of university courses..



    I did something a long those lines! Could have also talked about Maximum prices or other policies too, hope it helped


    i did that question too.

    i defined merit goods and quasi-public goods.

    then went on to explain the market failure ie underprovided etc. therefore governement could in theory intervene.

    evaluated two policies of the subsidy but said it wasnt fair to tax a nation in order to finance government spending on just students. Then went on to evaluate maximum price but obviously excess supply and dynamic efficiency in long run made that unviable. But said that you would get a better educated set of students as the rationalling function was no longer at work hence students would have to compete on grades etc.

    Concluded that it is best left to market forces as government failure could arise from the subsidy and that the maximum price control wouldnt be economically viable. Then quoted the data to simply say that those who gain the benefits from university, should be paying for the cost of it.

    Thoughts?
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    What was the answer to the multiple chie question on price indexes ??
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    Hi, i also sat this exam today and i choose context 1. I was wondering if anyone could tell me if the following points i made seem appropriate:
    -negative externalities caused by an increase in tuition fees and a widening of the income gap leading to market failure
    -maximum prices with subsidies to unis
    -mentioning economist Hayek
    -uk recession and how education is important

    does this seem like i've gone into too much detail????
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    (Original post by will210296)
    What was the answer to the multiple chie question on price indexes ??
    i think it was across the whole period something increased....as there may have been fluctuations in price across the whole period but the end point was at a higher price index then the begginning point
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    (Original post by MrEconomics)
    i think it was across the whole period something increased....as there may have been fluctuations in price across the whole period but the end point was at a higher price index then the begginning point
    it was like a 20 percent increase
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    (Original post by christineyunka)
    does anyone know what the answer is to the economies of scale question in the multiple choice? something to do with finiancial or technical or marketing economies of scales... and what was the answer to the burden of tax shared out between producers and consumers? was the answer A or C its bothering me. thanks!
    it was a for both of those - technicla and marketing and also 50 and 150 for producer/consumer inbox me if you need anything more
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    Can anyone remember the answer to question 25 on the multiple choice?
    It was about the problem with regulation or something like that.

    Preferably, answer with like 'A,B,C or D'.

    Thanks
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    (Original post by christineyunka)
    thank you! nice to know I got the correct ones. Which context did you choose for the essay and how did you find it? context 1 so far looks like the wrong choice and I regret choosing it! I am more worried about my essay than anything else.
    inbox me, talk on there
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    I did option 2 and for the 25 marker i spoke about taxing mobile phone (analysis being that it might not cause a decrease in demand due to the inelastic demand curve), then i talked about how an advertising campaign to educate consumers about the negative externalities of mobile phone usage. Then i said alternatively the government might not have to intervene in mobile phone market at all and instead could set a maximum price for a substitute good without the negative externalities (in this case the hands free device mentioned in the extract). My final conclusion being that by setting a maximum price or subsidising the substitute good it would not only reduce demand for mobile phones but would create a more competitive market which could lead to allocative or productive efficiency..... anyone else do this one? If so do my points sound ok?
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    Hey everybody,

    Would any one of you guys happen to remember whether the Data Response question for Context 1 was to state 2 significant points of comparison, or just two significant points?

    Thanks in advanced!
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    (Original post by GBlaskett)
    I did option 2 and for the 25 marker i spoke about taxing mobile phone (analysis being that it might not cause a decrease in demand due to the inelastic demand curve), then i talked about how an advertising campaign to educate consumers about the negative externalities of mobile phone usage. Then i said alternatively the government might not have to intervene in mobile phone market at all and instead could set a maximum price for a substitute good without the negative externalities (in this case the hands free device mentioned in the extract). My final conclusion being that by setting a maximum price or subsidising the substitute good it would not only reduce demand for mobile phones but would create a more competitive market which could lead to allocative or productive efficiency..... anyone else do this one? If so do my points sound ok?
    Sounds good, from wat u wrote u shud get at least 16, if u talked about the price mechanism of signalling, incentive and rationing your answer may be top level depending on the remainder of your analysis/evaluation...
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    (Original post by elliotlauu)
    Hey everybody,

    Would any one of you guys happen to remember whether the Data Response question for Context 1 was to state 2 significant points of comparison, or just two significant points?



    Thanks in advanced!
    comparison between full time and part time
 
 
 
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