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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 iggyDash)
    Yess! do you think theres marks for that
    im not sure cuz its evaluation rater calulation ?
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    I linked back to the use of regulations in the case study. They had banned under 18s from using sunbeds etc so I just analysed that regulation and how it may or may not solve market failure. Did anyone else link back?


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    (Original post by Shaadi Baba)
    I linked back to the use of regulations in the case study. They had banned under 18s from using sunbeds etc so I just analysed that regulation and how it may or may not solve market failure. Did anyone else link back?


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    yeah i did the same
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    Personally, I felt the 18 marker was asking you to link the regulation to correcting the information failure which had caused the market failure. I analysed how the information failure had led to external costs etc, and explained how correcting information failure would cause these external costs to be realised, therefore correcting market failure, evaluated it, and then used indirect tax to compare it to regulation, and evaluated this, coming to my overall conclusion where I stated that indirect taxes would not actually directly correct the information failure to correct market failure, but nevertheless would still correct market failure.
    Anyone else write something similar?
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    (Original post by tom_elsey)
    Personally, I felt the 18 marker was asking you to link the regulation to correcting the information failure which had caused the market failure. I analysed how the information failure had led to external costs etc, and explained how correcting information failure would cause these external costs to be realised, therefore correcting market failure, evaluated it, and then used indirect tax to compare it to regulation, and evaluated this, coming to my overall conclusion where I stated that indirect taxes would not actually directly correct the information failure to correct market failure, but nevertheless would still correct market failure.
    Anyone else write something similar?
    yeaaaaaaaaaa glad someone else wrote something similiar to me ! i even used indirect taxation as my alternative lol
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    (Original post by shaggyk)
    yeah they wouldn't ask about it in the essay, i wouldn't worry about it too much, just learn the definition of allocative efficiency and what it is generally, i'd also recommend learning about allocative inefficiency briefly.
    it's a bloody good thing i took on your advice hahaha - allocative efficiency came up and was worth 6 marks in that paper lol
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    (Original post by iggyDash)
    Yess! do you think theres marks for that
    nope , calculations were not required to score the full marks on the question - however they would have probably helped haha , wished i'd done some now lol.
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    (Original post by Fas)
    yeaaaaaaaaaa glad someone else wrote something similiar to me ! i even used indirect taxation as my alternative lol
    Pahaha good job we weren't sitting next to each other, would have looked slightly dodgy
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    My thoughts on the exam :

    Overall it was a fairly decent exam , however it definitely was not easy haha. I think i pretty much got everything apart from the income elasticites question where i cant see myself scoring more than 2 or 3 / 6 MAX. absolutely bombed it - kept talking about how the income elasticity of demand would increase with a fall in incomes or something like that then said something about normal and inferior goods which im certain is wrong considering nobody else i spoke to talked about that lol.

    The essay was very nice for me though , mentioned how the market failure arising from information failure was over-consumption of demerit goods which leads to negative externalities ( as consumers are unaware of the bad points so they will purchase the good ) then analysed why regulation might be effective and ineffective at correcting the market failure - then analysed an alternative ( indirect taxation ) and consistently comparing and contrasting the two then concluded the essay

    Anyone write similiar ?
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    (Original post by tom_elsey)
    Pahaha good job we weren't sitting next to each other, would have looked slightly dodgy
    who knows we might have been hahahaha yeah nah it was a good essay i thought , only income elasticites was troublesome.

    What did you put for whether UK was becoming more allocatively efficient or not ? i put that it was , cos the quality and quantity of those destinations in the case study was increasing to meet the rising demand hence consumer satisfaction was being maximised... not sure if thats on the right line though
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    Did anyone use the PED figures that were given in any answers?


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    (Original post by Fas)
    who knows we might have been hahahaha yeah nah it was a good essay i thought , only income elasticites was troublesome.

    What did you put for whether UK was becoming more allocatively efficient or not ? i put that it was , cos the quality and quantity of those destinations in the case study was increasing to meet the rising demand hence consumer satisfaction was being maximised... not sure if thats on the right line though
    That's what I wrote too! And I just added a slight comment about how it's not yet completely allocatively efficient just in case my marker is harsh! Don't tell me you write about tighter regulations and higher oil prices for the decrease in supply too haha?


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    (Original post by Fas)
    it's a bloody good thing i took on your advice hahaha - allocative efficiency came up and was worth 6 marks in that paper lol
    haha its a pleasure, although you didn't have to use allocative efficiency in the context i put it in, for the case of this exam anyway
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    (Original post by tom_elsey)
    That's what I wrote too! And I just added a slight comment about how it's not yet completely allocatively efficient just in case my marker is harsh! Don't tell me you write about tighter regulations and higher oil prices for the decrease in supply too haha?


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    erm.... yeah hahahahahahahahahahahahaha this is weird
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    (Original post by shaggyk)
    haha its a pleasure, although you didn't have to use allocative efficiency in the context i put it in, for the case of this exam anyway
    nah true haha ! did have to define it though - i mentioned something about consumer satisfaction being maximised ( even drew a diagram showing demand and supply being at equilibrium point ) - is that basically what it is ?
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    (Original post by tom_elsey)
    Pahaha good job we weren't sitting next to each other, would have looked slightly dodgy
    i wrote abot indirect taxes too xD is that good thing or a bad thing :confused:
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    What did people draw for the demand and supply diagram? It said that demand only changed to a response in price so I drawed supply to the left and no change in the demand curve. Is that right?
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    (Original post by Akak)
    What did people draw for the demand and supply diagram? It said that demand only changed to a response in price so I drawed supply to the left and no change in the demand curve. Is that right?
    erm ... it said demand reduced aswell , you had to draw shifts to the left in both supply and demand
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    (Original post by Fas)
    erm ... it said demand reduced aswell , you had to draw shifts to the left in both supply and demand
    i did this too

    especially as it send supply and demand

    For the 18 marker it didnt say anything about the case study lol

    Also i did the calcuations for the YED, is was cheeky as you had to figured out the change in quanitity demanded given the YED + Price Change...so like had to work in reverse

    I talked about the effects and analysed the figures /what they mean but nove sure if i talked about firms could use it


    For 2a, i wrote tighter regulations as one, and increassed fuel prices as the other.... but both ended up as higher costs of production so not sure if i wrote the same thing twice?
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    Hmmm I did that at first then at the last minute I looked in the extract and it didn't say anything about demand factors? It just said that demand fell due to the increase in price which I thought was a contraction in demand. That confused me too when they said "demand and supply". Really confused
 
 
 
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