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F581/ F582 Economics June 2013 Watch

  • View Poll Results: How hard did we find this exam ?
    so hard i felt like crying through the exam
    13
    12.50%
    very difficult , but one or two were alright
    13
    12.50%
    fairly standard
    33
    31.73%
    quite easy , with one or two hard ones
    35
    33.65%
    so easy i felt like dancing throughout the exam
    10
    9.62%

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    (Original post by lisa96)
    What did everyone write for question 1 on factors of production?
    it can be any 4 u just give an example for it like land u say air ports for consumers to board the aero plane ect.
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    what did people put for the reasons for why the supply of flights decreased ?
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    (Original post by lisa96)
    The elasticities were about holidays though?
    oh that 6 marker yh the coment 1 yh u talk about the the types of good it is and how income effects it and stuff like that and how business travales wont be effected and it can both price elastic of D and income elastic of D , also can put in about different classes like working class people and middle class people and a change in consumer surplus and an incentive to stay at uk and maybe to save money this year and go on holiday next year.
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    Did anyone else work out the actual changes in QD using the YED's?
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    (Original post by lisa96)
    green tax increased so makes them less willing to supply, i cant remember what i wrote

    and increase in oil costs which raises firms cost of production and also lowers their return on profit so they are less willing to supply
    or regulations with increase cost of production
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    (Original post by lisa96)
    green tax increased so makes them less willing to supply, i cant remember what i wrote

    and increase in oil costs which raises firms cost of production and also lowers their return on profit so they are less willing to supply
    thats what i put but both increased their costs of production so i thought that would only count as one reason surely ?
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    (Original post by ThePrawn)
    Did anyone else work out the actual changes in QD using the YED's?
    yeah i did
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    (Original post by ThePrawn)
    Did anyone else work out the actual changes in QD using the YED's?
    16% or something like that

    and 20% decrease in foreign holidays
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    (Original post by iggyDash)
    16% or something like that

    and 20% decrease in foreign holidays
    yeah +16% for holidays UK
    and -20% for foreign holidays
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    (Original post by lisa96)
    I thought it was really easy, but there was only 3 people from my school doing it. I guess most people might have lost marks on the YED and also consumer surplus
    I also thought this was the easiest Micro exam I've ever done! but the only question that I I wasn't sure what to write for was the one before the essay question, I just babbled on about how they were demerit goods which caused external costs, and therefore negative externalities which weren't realised, before a tiny bit of evaluation, anyone else do similar?
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    (Original post by Student8)
    yeah +16% for holidays UK
    and -20% for foreign holidays
    Yess! do you think theres marks for that
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    (Original post by tom_elsey)
    I also thought this was the easiest Micro exam I've ever done! but the only question that I I wasn't sure what to write for was the one before the essay question, I just babbled on about how they were demerit goods which caused external costs, and therefore negative externalities which weren't realised, before a tiny bit of evaluation, anyone else do similar?
    Yeah i just wrote is is a demerit good, external costs and they have a risk of getting skin cancer and high blood pressure since it did ask the effect on the consumer
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    Comment question before 18 marker was dirty. Pretty similar to the one on Monday too before the 18 marker which I had no clue on how to answer.

    For 2a I got, Supply decreased due to increased costs of production and tightening regulations which may have limited the no of flights airlines could operate.

    Disappointed that I couldn't finish 18 marker but I managed to squeeze in indirect taxes and information provision so I hope that gets me upto 16 odd, Insha'Allah.

    Cocked up badly on C2 this morning though!


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    For the 18 marker I basically wrote an essay with regulation (backed by fines) and taxation as the policies to correct market failures arising from negative externalities CAUSED BY information failure, like others have said here. I couldn't think of any other way to structure it incorporating information failure so it just seemed like a normal market failure essay. IS THIS WRONG? ASDFGHJKL.


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    (Original post by ThePrawn)
    Did anyone else work out the actual changes in QD using the YED's?
    yes i did
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    what did everyone do for the question before the essay??
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    (Original post by Student8)
    thats what i put but both increased their costs of production so i thought that would only count as one reason surely ?
    Exactly my situation right now!


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    (Original post by RJN13)
    For the 18 marker I basically wrote an essay with regulation (backed by fines) and taxation as the policies to correct market failures arising from negative externalities CAUSED BY information failure, like others have said here. I couldn't think of any other way to structure it incorporating information failure so it just seemed like a normal market failure essay. IS THIS WRONG? ASDFGHJKL.


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    ***** i wrote the same thing. it only make sense they used information failure to trow people off only if they knew information failure leads to pros or neg externalizes but ours was neg. so gd job
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    (Original post by iggyDash)
    Yess! do you think theres marks for that
    definitely, i don't think you had to do this, as in you could get full marks without them but if you had them you would definitely get marks for them
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    (Original post by Shaadi Baba)
    Comment question before 18 marker was dirty. Pretty similar to the one on Monday too before the 18 marker which I had no clue on how to answer.

    For 2a I got, Supply decreased due to increased costs of production and tightening regulations which may have limited the no of flights airlines could operate.

    Disappointed that I couldn't finish 18 marker but I managed to squeeze in indirect taxes and information provision so I hope that gets me upto 16 odd, Insha'Allah.

    Cocked up badly on C2 this morning though!


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    dw it will be fine, just do du'a during Ramadan xD INSHALLAH U WILL DO WELL XD
 
 
 
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