OCR F581 Markets in Action - 11 May 2015 Watch

midgemeister7
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#601
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(Original post by Coombsy)
Generally, you should have a short introduction wich should include definitions of the key terms.

You should then analyse how the statement in the question is true using relevant graph with the best analysis clearly showing how the cause leads to the effect.

Then evuate by saying why the statement in the question MAY NOT be true and why this is the case. Two or three evaluative points here will get you in to the higher marks.

Then conclude on which side of the argument you fall on with reasons why. Also include long term consequences of the decision to get in to the higher marks.

It may be easier to explain the structure if you have a question that you want me to go through.

Here is my answer to the January 2013 18 mark question where I got 18/18 if it's of any use: http://www.thestudentroom.co.uk/album.php?albumid=10936

Hope that's helped in some way.
No need to bother with advantages, on the one you posted you wrote more than a page of stuff which was just 'seen' and awarded no marks. Definitions, context to question, explain how it could work on a graph, explain why this would solve, disadvantages of policy and a conclusion in that order is ideal. Good answer, though!
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Makashima
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or the tradeable permit can come up 2016 for the resitters
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Kitty260
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(Original post by Yousf)
how do you know ;o
no im asking is it
what else could come up
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username1297160
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Could someone double check these externality graphs please.

I haven't included the dashes, but they would be there in the exam so you can just imagine them

Thanks
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meems5
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Indirect taxes came up twice in a row so I don't think that'll come up
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justfly
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Can someone name some forms of regulations imposed on a producer? (any context or example will be fine)
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MUTTA
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(Original post by justfly)
Can someone name some forms of regulations imposed on a producer? (any context or example will be fine)
Indirect tax on demerit goods?
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_Fergo
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(Original post by justfly)
Can someone name some forms of regulations imposed on a producer? (any context or example will be fine)
Regulation on materials allowed: the government may have decided that some materials were dangerous, and so banned their use. This will likely shift the supply curve to the right, as forms probably used these materials due to their lower price.

Regulation on working times: in an effort to reduce disturbance during rest hours, the government may not allow the firms to work whenever they want, but instead on specific times. The extent to which the supply curve will shift depends on the changes (which can also apply above).

Regulation on information of products displayed: firms may try to hide the negative aspects of their products and focus on the positive. The government may order them to show both dies equally.

And the like...

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Coombsy
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(Original post by midgemeister7)
No need to bother with advantages, on the one you posted you wrote more than a page of stuff which was just 'seen' and awarded no marks. Definitions, context to question, explain how it could work on a graph, explain why this would solve, disadvantages of policy and a conclusion in that order is ideal. Good answer, though!
I agree that I went above and beyond what was needed but I just wanted to make sure I secured as many marks as I could; I got 18/18 so it worked out OK.

I just thought people may find it helpful to give some idea as to the structure and an exam marked essay.
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KitsonnostiK
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Hey guys, I'm really struggling with the judgement part of the essay. This may seem the stupidest question on the thread but what exactly is needed for the judgement? A personal opinion?

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KitsonnostiK
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(Original post by *Stefan*)
Regulation on materials allowed: the government may have decided that some materials were dangerous, and so banned their use. This will likely shift the supply curve to the right, as forms probably used these materials due to their lower price.

Regulation on working times: in an effort to reduce disturbance during rest hours, the government may not allow the firms to work whenever they want, but instead on specific times. The extent to which the supply curve will shift depends on the changes (which can also apply above).

Regulation on information of products displayed: firms may try to hide the negative aspects of their products and focus on the positive. The government may order them to show both dies equally.

And the like...

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Hey Stefan, you know your stuff. Can I ask, why may a regulation impose a vertical supply curve on the market?

Thanks mate

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atimsa
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(Original post by Coombsy)
If anyone needs any help give me a shout. I got 98/100 in this exam (January 2013) and I have uploaded my answers to my profile if that's of any use.
How should like revise for like the possible 18 mark questions topics ? Like tax ,subsidies and regulations and stuff. How did you revise for them ?
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Coombsy
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(Original post by atimsa)
How should like revise for like the possible 18 mark questions topics ? Like tax ,subsidies and regulations and stuff. How did you revise for them ?
I would go through and make notes on the relevant sections in the OCR AS Textbook if you have it. If you don't, there are many resource you can find on TSR, tutor2u, Economics Help etc. I would advise you know the diagrams for each and can explain the affect on price and quantity.

However, doing the past paper questions and looking at what is accepted in the mark scheme is the method I found most useful. I pretty much got to the stage where I knew the evaluative points (and advised statements in the conclusion) for each method.

Hope that helps.
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_Fergo
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(Original post by KitsonnostiK)
Hey Stefan, you know your stuff. Can I ask, why may a regulation impose a vertical supply curve on the market?

Thanks mate

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A completely vertical supply curve means that supply of said good is perfectly inelastic -this means that regardless of how much consumers are willing to pay, supply cannot increase above set threshold.

If a regulation is too specific and strict in its terms (ie only that can be supplied/or only these resources may be used), then a vertical supply curve will be imposed.
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_Fergo
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(Original post by Coombsy)
--
Hey,

May I ask how much time to devoted to that essay?
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Coombsy
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(Original post by *Stefan*)
Hey,

May I ask how much time to devoted to that essay?
The exam answer that I have posted? I was over two years ago but I would guess that it took around 45 minutes.
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_Fergo
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(Original post by Coombsy)
The exam answer I have posted? I was over two years ago but I would guess that it took around 45 minutes.
Yeap.

Great, thanks -that's exactly what I have in mind!
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KitsonnostiK
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(Original post by *Stefan*)
A completely vertical supply curve means that supply of said good is perfectly inelastic -this means that regardless of how much consumers are willing to pay, supply cannot increase above set threshold.

If a regulation is too specific and strict in its terms (ie only that can be supplied/or only these resources may be used), then a vertical supply curve will be imposed.
Thank you very much! Was in relation to June 13 where the mark scheme said supply was vertical. Though I don't believe in the question there was any reason given that would have made it vertical.

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lam12
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How would I gain level 3 band 2 for tradable permits just to clarify? Solves overproducing pollution..?


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_Fergo
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(Original post by KitsonnostiK)
Thank you very much! Was in relation to June 13 where the mark scheme said supply was vertical. Though I don't believe in the question there was any reason given that would have made it vertical.

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If it said that it became more vertical, then it meant more inelastic. I don't really remember the paper at the moment, but if the regulation required immediate response (like firms completely changing their materials or methods of production), then it would take some time for such changes to happen, and supply would indeed become more inelastic (depending on the severity of the changes).
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