OCR F581 Markets in Action - 11 May 2015 Watch

manik95
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#1361
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#1361
so what graph would you draw or would you just draw one for an alternative method of reducing market failure such as indirect tax or subsidy
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keynes24
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#1362
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(Original post by manik95)
so what graph would you draw or would you just draw one for an alternative method of reducing market failure such as indirect tax or subsidy
A diagram of whatever policy is indicated in the question
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lam12
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#1363
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(Original post by keynes24)
A diagram of whatever policy is indicated in the question
Can supply shift either way of course dependent on the case study? And would i draw a shift in demand on the same graph


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Invest
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How big should your alternative section be? One paragraph or would it better to include a diagram and analysis also


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keynes24
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(Original post by lam12)
Can supply shift either way of course dependent on the case study? And would i draw a shift in demand on the same graph


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The direction of the shift depends on the policy. Subsidy shifts supply to the right, taxation shifts supply to the left (it could also be a reduction in taxes or reduction in subsidies and the opposite applies). Shift in demand depends on what the question is.
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2014_GCSE
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Analysis points for the Business Significance of PED, YED, PES & XED anyone...? I know I'm cutting it fine

PED allows them to make decisions on where to set price
If elastic/inelastic then raise or decrease prices etc
Price leads to relatively </> change in Qd etc

YED, PES, XED??
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keynes24
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(Original post by 2014_GCSE)
Analysis points for the Business Significance of PED, YED, PES & XED anyone...? I know I'm cutting it fine

PED allows them to make decisions on where to set price
If elastic/inelastic then raise or decrease prices etc
Price leads to relatively change in Qd etc

YED, PES, XED??
YED may help firms know what to produce during the business cycle (recession/economic growth) PES can indicate capacity constraints and XED could indicate how a change in price of your goods is affecting your competitor or how changing the price of a good affects the demand for a complement you may be selling
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2014_GCSE
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Thanks I can build from that
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hannb98
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(Original post by keynes24)
YED may help firms know what to produce during the business cycle (recession/economic growth) PES can indicate capacity constraints and XED could indicate how a change in price of your goods is affecting your competitor or how changing the price of a good affects the demand for a complement you may be selling
I thought PES had no business relevance?
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keynes24
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(Original post by hannb98)
I thought PES had no business relevance?
It may not be as important as other elasticises like PED that helps determine prices. The question was if there was a business importance for PES and I am attempting to indicate one.
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justfly
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#1371
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#1371
tips when talking and comparing alternative policy?
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Yousf
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#1372
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#1372
do we need to use rulers for diagrams?
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hannb98
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(Original post by Yousf)
do we need to use rulers for diagrams?
Why would you not
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justfly
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(Original post by Yousf)
do we need to use rulers for diagrams?
its recommended and why wouldn't you?
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hannb98
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Could someone explain the evaluation for information provision? The L4 stuff
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keynes24
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#1376
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(Original post by hannb98)
Could someone explain the evaluation for information provision? The L4 stuff
Opportunity cost
Information failure may not exist
Alternative policy more effective
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manik95
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#1377
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#1377
the problem im keep having is how to start of the essay and then continue into the application and analysis does anyone have any tips?
I start from writing the definitions of what's being asked then sort of mess up from there
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manik95
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#1378
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(Original post by hannb98)
Could someone explain the evaluation for information provision? The L4 stuff
(Original post by keynes24)
Opportunity cost
Information failure may not exist
Alternative policy more effective
also consumer may just ignore the information so ineffective
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keynes24
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#1379
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#1379
(Original post by manik95)
also consumer may just ignore the information so ineffective
That's what I meant with no imperfect information in the market, consumers are fully aware but they decide to ignore it.
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lam12
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#1380
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(Original post by keynes24)
The direction of the shift depends on the policy. Subsidy shifts supply to the right, taxation shifts supply to the left (it could also be a reduction in taxes or reduction in subsidies and the opposite applies). Shift in demand depends on what the question is.
For regulation then supply can shift both ways dependant on the case study but usually left as its market failure haha


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