OCR F581 Markets in Action - 11 May 2015 Watch

mickel_w
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#801
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#801
(Original post by mickel_w)
Only saw this thread today. Thank you for making it, its been a massive help!

I was wondering if someone could mark the 18 marker I just completed from a past paper? I mark all the other questions myself but find it hard to accurately mark the 18 marker, I'm always a little biased and probably give myself a few too many marks :P

Taken from the January 2011 paper if you need the mark scheme, be honest on your marking please! I want to see what mistakes I make in order to improve thanks in advance!
Attachment 394371Attachment 394383Attachment 394377
Anyone??
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justfly
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#802
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#802
(Original post by hyjacked)
If anyone needs help please ask as it would benefit me as well as you!
How would you go about answering an 18 marker on information provision (just the L1-L3 Points)?
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2013bensong
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#803
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#803
Teacher says essay question is likely to be one on positive externalities and subsidies.
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anndz3007
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#804
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#804
(Original post by JYNE)
I'm confused about the diagram we draw showing tradable permits being a way to correct the market failure? Do we draw the supply shifting to the left as an indication of the government tightening their supply of permits and so reducing the quantity supplied and the amount of pollution firms are emitting? Or the one where demand increases (because more firms will demand permits) Or both?
no supply is perfectly inelastic (straight line)
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260498
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#805
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#805
Does anyone think the 18 marker will be on government vs. private sector again?
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JYNE
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#806
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#806
(Original post by anndz3007)
no supply is perfectly inelastic (straight line)
I know supply is vertical, just didn't know which one to draw showing a correction of market failure
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anndz3007
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#807
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#807
(Original post by 260498)
Does anyone think the 18 marker will be on government vs. private sector again?
it's my biggest fear it only came up once so must revise it
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hyjacked
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#808
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#808
(Original post by justfly)
How would you go about answering an 18 marker on information provision (just the L1-L3 Points)?
Well, it depends on the questions, forgive me if I am wrong, I don't think there'd be a question totally on info failure.
Hang on, let me look at my notes, this is probably my worst topic >.<
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JYNE
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#809
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#809
(Original post by hyjacked)
I have never drawn a graph for demand and supply of permits just their affect. And then say that they act as an incentive to not pollute, for example, as they can make a profit from selling them to other firms. However, it is hard for the government to know how many to dish out.
So would I have to draw two separate diagrams explaining both?
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260498
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#810
If it does it could only be on a good with non-rivalry like education or the post office right?

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anndz3007
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#811
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#811
(Original post by JYNE)
I know supply is vertical, just didn't know which one to draw showing a correction of market failure
i think MSC will shift closer to MPC (outward)
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anndz3007
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#812
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#812
(Original post by 260498)
If it does it could only be on a good with non-rivalry like education or the post office right?

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how about council house? they talk a lot about rent price on the news, if post office come up, what will i talk about
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Egg1
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(Original post by *Stefan*)
I agree, but it's been some time since it came up.

It's one of the main topics in the end, so they can definitely put it this year.
Has it ever been an essay topic before? If so can you link the markscheme/ tell me the year?
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hyjacked
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#814
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#814
(Original post by justfly)
How would you go about answering an 18 marker on information provision (just the L1-L3 Points)?
If it's about the solutions of information failure, you'd talk about regulation e.g having to have warnings on cigarette packages. This would reduce the demand for the demerit good, reducing overconsumption as the consumers are now aware of the disadvantages.
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hyjacked
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(Original post by anndz3007)
it's my biggest fear it only came up once so must revise it
What year did it come up?
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anndz3007
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#816
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#816
(Original post by hyjacked)
What year did it come up?
Jan 2010 i believe
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JYNE
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#817
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#817
For tradable permits could someone explain what exactly is MSC and MPC? I wasn't in when this was explained in class and it's not on the diagram in the textbook, is it crucial to know? Thanks
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hyjacked
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#818
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#818
(Original post by JYNE)
So would I have to draw two separate diagrams explaining both?
Sorry, I got confused. You don't actually need a graph for tradable permits as you would have a better method of correcting market failure with a diagram.
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Pato1
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#819
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#819
(Original post by Deepak96)
Anyone have the MS for the may 2014 paper? Thanks in advance
,,
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hyjacked
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#820
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#820
(Original post by JYNE)
For tradable permits could someone explain what exactly is MSC and MPC? I wasn't in when this was explained in class and it's not on the diagram in the textbook, is it crucial to know? Thanks
MSC means marginal social cost which is private costs + externalities (total cost to society)

MPC is the private costs (cost to the user)

They are more used in diagrams showing negative and positive externalities along with MPB (private benefits) and MSB (social benefits)
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