OCR F581 Markets in Action - 11 May 2015 Watch

2014_GCSE
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#1281
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#1281
Pollution Permits or Public vs Private are my 18 mark guesses
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Brave reader
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#1282
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#1282
How to get l3 band 2 of " how the reduction in quantity corrects the market failure" can some one please provide and example
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zzzzzz123456
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#1283
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#1283
what does a graph for regulations look like? is it a normal supply and demand with a new vertical supply line to the left of the old equilibrium?
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_Fergo
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#1284
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#1284
(Original post by zzzzzz123456)
what does a graph for regulations look like? is it a normal supply and demand with a new vertical supply line to the left of the old equilibrium?
Yes -it doesn't have to shift to the left though. If it's about regulations being relaxed, the supply curve should shift to the right.

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2014_GCSE
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#1285
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(Original post by Brave reader)
How to get l3 band 2 of " how the reduction in quantity corrects the market failure" can some one please provide and example
leads to reduced consumption i.e. corrects the market failure of over-consumption leading to a more allocatively efficient level/state
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zzzzzz123456
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#1286
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#1286
also anyone got last years paper?
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FreeRoam
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#1287
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#1287
(Original post by zzzzzz123456)
what does a graph for regulations look like? is it a normal supply and demand with a new vertical supply line to the left of the old equilibrium?
That depends on whether it is regulation to reduce/increase consumption or production. If consumption then it will move the demand curve while regulation on production will affect the supply curve.
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Akmarb
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#1288
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#1288
What is the diagram for information provision?
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zzzzzz123456
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#1289
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#1289
(Original post by *Stefan*)
Yes -it doesn't have to shift to the left though. If it's about regulations being relaxed, the supply curve should shift to the right.

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sweet thanks- how does this really differ from tradeable permits? I mean in the textbook tradeable permits doesnt have a shift from equilibrium, just shows a vertical supply, but I mean if they suddenly imposed tradeable permits wouldn't there be a shift like that?
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FreeRoam
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#1290
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#1290
Top 5 most likely essay questions to come up?
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nikkiiiiii
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#1291
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#1291
(Original post by Brave reader)
How to get l3 band 2 of " how the reduction in quantity corrects the market failure" can some one please provide and example
It helps correct the market failure, economy becomes allocatively efficient and reaches social optimum. No over consumption therefore Q1 is not >Qsock. MSC=MSB

hope this helps
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nikkiiiiii
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#1292
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(Original post by FreeRoam)
Top 5 most likely essay questions to come up?
Regulation will be the 18marker.
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zzzzzz123456
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#1293
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#1293
(Original post by Akmarb)
What is the diagram for information provision?
not one needed but reduction of demand I guess if people didnt want the demerit good after getting the info. opposite if they now realise the good is merit
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_Fergo
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#1294
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#1294
(Original post by zzzzzz123456)
sweet thanks- how does this really differ from tradeable permits? I mean in the textbook tradeable permits doesnt have a shift from equilibrium, just shows a vertical supply, but I mean if they suddenly imposed tradeable permits wouldn't there be a shift like that?
The textbook explains that, if the government were to increase the permits, the supply curve would shift to the right.

The diagram assumes that permits are already in place! It's not about them being imposed suddenly. The supply curve shifts depending on the government's decisions to increase or decrease the permits.

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zzzzzz123456
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#1295
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#1295
(Original post by *Stefan*)
The textbook explains that, if the government were to increase the permits, the supply curve would shift to the right.

The diagram assumes that permits are already in place! It's not about them being imposed suddenly. The supply curve shifts depending on the government's decisions to increase or decrease the permits.

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Yeah I get it now- the permit diagram is one where on the x axis quantity refers to the number of permits, for regulation its a shift in supply on a normal S&D diagram and supply becomes vertical (if its more regulations)- thats all correct no?
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_Fergo
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#1296
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#1296
(Original post by zzzzzz123456)
Yeah I get it now- the permit diagram is one where on the x axis quantity refers to the number of permits, for regulation its a shift in supply on a normal S&D diagram and supply becomes vertical (if its more regulations)- thats all correct no?
Yep!

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Yousf
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#1297
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#1297
is it ok to include labels(letters) and shading in one diagram for surplus diagrams?
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Yousf
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#1298
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#1298
(Original post by zzzzzz123456)
not one needed but reduction of demand I guess if people didnt want the demerit good after getting the info. opposite if they now realise the good is merit
and supply curve shifts for positive and negative externalities?
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_Fergo
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#1299
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#1299
(Original post by Yousf)
is it ok to include labels(letters) and shading in one diagram for surplus diagrams?
Yes.

Preferably, indicate the change in the surplus by phrases like "Existing consumer surplus" (point A) - "additional consumer surplus (point B)".

Guys, gotta go in a bit. If you need last-minute help with anything, now's the time!

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zzzzzz123456
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#1300
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(Original post by Yousf)
and supply curve shifts for positive and negative externalities?
Nah demand would as it would be more people wanting to buy the good, not more people wanting to sell it
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