OCR F581 Markets in Action - 11 May 2015 Watch

Gelion
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#1441
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#1441
(Original post by JellyCat99)
What did people put for the public good question??


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I said that it is a public good because everybody may come there and benefits are not diminished, but then i said that as farmers will use that space for production of crops it will not be non-excludable and non-rivalrous anymore
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casiobose
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#1442
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#1442
[QUOTE=midgemeister7;55649941]You want to reduce positive externalities, not increase themFor a positive externality, too few scarce resources used therefore market failure.
Posted from TSR Mobile[/For a positive externality, too few scarce resources used therefore market failure, you want to increase them]
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22.22
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#1443
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#1443
Does anyone remember if the consumer surplus question was a 4 marker or 6 marker?
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Gelion
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#1444
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(Original post by midgemeister7)
Did it? I can't remember the 6 marker mentioning demand at all

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It was 4 marker as next question after comment on PES
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clucars
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#1445
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#1445
reduce positive externalities?! are you mad hahahaha
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Puddles the Monkey
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#1446
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#1446
Hope the exam went well for everyone this morning :bl:

Let us know how it went the exam sentiment thread :woo:
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Jakeyboy8
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#1447
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#1447
consumer surplus decreased, i practiced an opposite question beforehand that asked what would happen to consumer surplus if supply increased(which would mean an increase in consumer welfare+ consumer surplus due to decrease in price), this one was the opposite, I'm fairly certain. How'd you find the rest of the paper?found myself spending waaay too much time on first page :0 must have been those first exam nerves
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midgemeister7
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#1448
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#1448
(Original post by Gelion)
It was 4 marker as next question after comment on PES
Oh right yeah, I thought reference was to there being demand in the 6 marker

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Danjo837483
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#1449
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#1449
Bare hard innit fam
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Jakeyboy8
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#1450
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#1450
(Original post by 22.22)
Does anyone remember if the consumer surplus question was a 4 marker or 6 marker?
4 bro
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c223
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#1451
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#1451
The 6 mark was explaining the PES figures then following 4 mark was basically determinants of PED.
The second question threw me a little, I shifted the supply curve but part of me was thinking whether or not to move both. The 18 marker was nice though, you could write a fair bit about how it depended on the cause of the market failure as evaluation, bringing in other intervention measures (eg taxation, regulation) which might be better suited to different types of market failure.
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midgemeister7
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#1452
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[QUOTE=casiobose;55650167]
(Original post by midgemeister7)
You want to reduce positive externalities, not increase themFor a positive externality, too few scarce resources used therefore market failure.
Posted from TSR Mobile[/For a positive externality, too few scarce resources used therefore market failure, you want to increase them]
Positive externilty IS a market failure

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ecof583
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#1453
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#1453
Yeah it wasn't too bad, I had to retake it so should've been easy for me but I hate questions on public goods, doesn't really feel like economics to me haha
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casiobose
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#1454
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[QUOTE=midgemeister7;55650279]
(Original post by casiobose)

Positive externilty IS a market failure

Yes but you don't want to reduce them!
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Danjo837483
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#1455
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#1455
I have dyselexia
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JamesM96
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#1456
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#1456
And what about for the public good 6 marker?

I defined the two characteristics, explained how currently it would fit them but in the future - farmers buying land would legally make it theirs (excludable), and also when they use their bought land it would take away from the land that could be used for leisure, hence is was also rivalrous. So I determined that although it was a public good currently, it may not always be and could be a non-public good in the future dependent on how it is bought/used in the future.

6 marks?
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midgemeister7
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#1457
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#1457
[QUOTE=casiobose;55650305]Yes you do, there is a 'welfare not gained' which needs to be reduced. It is better when sc = sb. You want to use more scarce resources, hence reducing the p.e.

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Danjo837483
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#1458
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#1458
Yo what did you mans get for question 2, the demand and supple diagram????
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Danjo837483
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#1459
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#1459
I struggle to use the free market mechanism sometimes, good luck all
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casiobose
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#1460
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[QUOTE=midgemeister7;55650325]
(Original post by casiobose)

Yes you do, there is a 'welfare not gained' which needs to be reduced. It is better when sc = sb. You want to use more scarce resources, hence reducing the p.e.

You also shifted demand in so you're not in the position to lecture anyone

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