OCR F581 Markets in Action - 11 May 2015 Watch

BigFreakyGinger
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#941
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#941
(Original post by justfly)
HELPPP!! Would these points for why demand is increasing and why supply is increasing be good enough to get 3 marks for each 1? (just relate it to any context you want lol)

Demand:
incomes rising - good becomes more affordable, if the good is a normal good then when incomes rise so does the demand for the good according to YED[3]

price of substitutes increase therefore consumers switch to cheaper alternative, so the demand for that good increases and it's become more affordable, so demand increases [3]

Supply:

If there was a fall in the cost of raw materials it would lead to a lower cost of production, as a result a firm has a greater incentive to supply as it can make more profit therefore supply increases [3]
Looks good to me. Perhaps you could mention how the normal good is now a smaller propoertion of a persons income and maybe state why peoples' incomes increase (e.g the country may be coming out of recession)
You could also mention that raw materials are 'land' (as a factor of prod.) Other than that I can't see anything wrong. But I am not an examiner...
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jegro
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#942
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#942
(Original post by Yousf)
For tradeable permits draw 2 diagrams one with the inelastic supply curve explaning how it works, and another diagram, with a normal supply and demand diagram with supply shifting to the left, explaning how it would fix the problem, i thinks this is what we do?
No need to know about tradeable permits,
you wont need to mention it at all this year, it isnt going to come up
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BigFreakyGinger
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#943
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#943
(Original post by jegro)
Just a heads up.. the 18 mark question isn't on indirect taxation
consumer surplus is to come up
Specialisation is not coming up
YED is not coming up
Opportunity cost will not be mentioned

The paper is very easy this year
How the heck do you know all that??? haha! that's brilliant if you're sure.
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Yousf
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#944
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#944
(Original post by jegro)
No need to know about tradeable permits,
you wont need to mention it at all this year

It could come up as an 18 mark essay question. Even if it doesn't its always worth knowing as it could be a more effective solution to regaultions or indirect taxes, however thats if the context is pollution related.
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Pato1
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#945
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#945
He's predicting, he knows nothing unless the chief examiner is his dad
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jegro
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#946
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#946
(Original post by Yousf)
It could come up as an 18 mark essay question. Even if it doesn't its always worth knowing as it could be a more effective solution to regaultions or indirect taxes, however thats if the context is pollution related.
nope, nothing to do with pollution is coming up this year so no need for any knowledge on indirect taxation / negative externalities with production / pollution etc,
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jegro
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#947
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#947
the first question is about the economic problem and how it can be applied to the case study
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Yousf
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#948
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#948
(Original post by keynes24)
it is not needed, the expected diagram is D/S. Whether you do more is another thing. Explaining that negative externalities would be internalise or lowering overconsumption and reaching allocative efficiency would help you reach L3 Band 2. Check the latest mark scheme to get my point.
Its not compulsory to draw a externality diagram right?, i could explain how externalities would be internalisied and lowering overconsumption, and reaching allocative effeciency with a supply and demand diagram?
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Pato1
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#949
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#949
Source?
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luk3miller
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#950
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#950
(Original post by jegro)
nope, nothing to do with pollution is coming up this year so no need for any knowledge on indirect taxation / negative externalities with production / pollution etc,
And how would you know this?
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Yousf
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#951
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#951
(Original post by jegro)
nope, nothing to do with pollution is coming up this year so no need for any knowledge on indirect taxation / negative externalities with production / pollution etc,
how do you know?
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midgemeister7
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#952
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#952
(Original post by jegro)
nope, nothing to do with pollution is coming up this year so no need for any knowledge on indirect taxation / negative externalities with production / pollution etc,
Good attempt at lowering the grade boundaries mate ahah
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keynes24
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#953
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#953
(Original post by Yousf)
Its not compulsory to draw a externality diagram right?, i could explain how externalities would be internalisied and lowering overconsumption, and reaching allocative effeciency with a supply and demand diagram?
For questions involving solving market failures an externality diagram is not required at AS.
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Pato1
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#954
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#954
He just took everything that came up last year and said it's not coming up
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jegro
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#955
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#955
Honestly, once you do the paper come back to this read and quote everything i said. it's all correct lol
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jegro
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#956
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#956
(Original post by Pato1)
He just took everything that came up last year and said it's not coming up
not at all
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Yousf
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#957
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#957
(Original post by jegro)
Honestly, once you do the paper come back to this read and quote everything i said. it's all correct lol
Whats coming up then
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Pato1
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#958
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#958
What will the essay be on jegro
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jegro
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#959
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#959
(Original post by Yousf)
Whats coming up then
basic economic problem
surplus (consumer)
PED
ppc
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Pato1
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#960
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#960
Again, not telling us how you know this stuff. Why should we believe a racist?
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