OCR F581 Markets in Action - 11 May 2015 Watch

_Fergo
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#1501
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#1501
(Original post by midgemeister7)
Of the agricultural products? Or just 'prices'?

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(Original post by midgemeister7)
I have haha, I was wondering since I didn't refer to the context much

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Not sure if it referred specifically to those. I believe it did though -this makes no difference.
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midgemeister7
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#1502
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#1502
(Original post by JYNE)
Guys omg I think I did the producer surplus rather than consumer. I think I've failed horribly I might cry. Was it producer or consumer???? Ugh
Consumer iirc

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midgemeister7
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#1503
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#1503
(Original post by *Stefan*)
Not sure if it referred specifically to those. I believe it did though -this makes no difference.
Okay cool. All I only did one shift but then explained why that would increase price significantly in general economics terms eg shift, expansion along S etc

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_Fergo
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(Original post by simbasa)
Ok thank you, Im glad you found it easy

I didn't take economics but I took the three sciences and philosophy ( All OCR except chemistry) so I wanted to know if they were going to be nice this year, 2014 papers threw so many people off that's why Im worried.

Thanks for the reply
I still think those two questions (worth 12 marks) will be the defining differentiator.

Best of luck with your exams!

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Jamochay
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#1505
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#1505
Does anyone know the predicted grade boundaries?
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samrees29
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#1506
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#1506
In my 18 marker on the quantity axis i wrote "quantity demand" for them all will i lose marks because i think i have gotten about 16/17
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_Fergo
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#1507
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#1507
(Original post by Danjo837483)
Yo what did you mans get for question 2, the demand and supple diagram????
(Original post by Danjo837483)
I struggle to use the free market mechanism sometimes, good luck all
Shifted both, though all other alternatives should be accepted.

I used the price mechanism in the allocative efficiency question.

(Original post by EconomicsBS)
What did everybody get for Question 2?
See above.

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CamilleClarke
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#1508
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#1508
Can someone please post what they think the questions where ( not necessarily the exact question just what it was about ) just to make sure I answered them all, thanks!
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_Fergo
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#1509
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#1509
(Original post by samrees29)
In my 18 marker on the quantity axis i wrote "quantity demand" for them all will i lose marks because i think i have gotten about 16/17
Arghh... Not sure on this. The quantity may apply to both supply and demand. They may be lenient though.

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Formless
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#1510
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#1510
There seems to be a large debate on what shifted in question two to result in a significant price increase.

Firstly one must identify whats happening to a specific good, if a candidate selected bio fuels, the demand increased as said in the case study "the demand for agricultural products has increased due to consumers wanting affordable energy." Thus a shift in DEMAND to the right would be sufficient causing an increase in price. (With no shift in supply)

If the candidate identified that supply for cattle, wheat and rice where to decline as a result of farmers switching to producing bio fuels then supply would decrease thus causing a price to increase through a shift in SUPPLY (not demand)

However shifting both supply and demand would be incorrect as stated in the case study, the market for cattle, wheat and rice supply has decreased but no change in demand is mentioned, thus a shift of demand and supply would be incorrect as you cant talk about demand of one good and the supply of another.

Thus a shift in demand is correct as well as a shift in supply is correct albeit dependent on a satisfactory explanation. Both shifts in one diagram would therefore render incorrect
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simbasa
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#1511
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#1511
(Original post by *Stefan*)
I still think those two questions (worth 12 marks) will be the defining differentiator.

Best of luck with your exams!

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Perhaps, but Im sure you would have picked up marks from it, if others have struggled they shouldn't be too harsh!

Thank you, You too!
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_Fergo
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#1512
(Original post by Formless)
There seems to be a large debate on what shifted in question two to result in a significant price increase.

Firstly one must identify whats happening to a specific good, if a candidate selected bio fuels, the demand increased for the as said in the case study "the demand for agricultural products has increased due to consumers wanting affordable energy." Thus a shift in DEMAND to the right would be sufficient causing an increase in price. (With no shift in supply)

If the candidate identified that supply for cattle, wheat and rice where to decline as a result of farmers switching to producing bio fuels then supply would decrease thus causing a price to decrease through a shift in SUPPLY (not demand)

However shifting both supply and demand would be incorrect as stated in the case study, the market for cattle, wheat and rice supply has decreased but no change in demand is mentioned, thus a shift of demand and supply would be incorrect as you cant talk about demand of one good and the supply of another.

Thus a shift in demand is correct as well as a shift in supply is correct albeit dependent on a satisfactory explanation. Both shifts would therefore render incorrect
That is not true. The question was hypothetical (what could*...).

The first thing that can significantly increase the price is if both supply and demand changed.

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_Fergo
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#1513
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#1513
(Original post by simbasa)
Perhaps, but Im sure you would have picked up marks from it, if others have struggled they shouldn't be too harsh!

Thank you, You too!
I still believe examiners nurture some degree of compassion... Still :P

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CamilleClarke
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#1514
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#1514
(Original post by *Stefan*)
That is not true. The question was hypothetical (what could*...).

The first thing that can significantly increase the price is if both supply and demand changed.

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What about an increase in demand in combination with an inelastic supply curve?
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azo
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#1515
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#1515
The 2nd question (6 marker) said "what could" so either an increase in demand or fall in supply (even both), would be acceptable.
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_Fergo
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#1516
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(Original post by CamilleClarke)
What about an increase in demand in combination with an inelastic supply curve?
Perfectly acceptable in my opinion.

I was also going to answer - an increase in demand with the supply curve remaining static. I just changed it in the last minute.

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Formless
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#1517
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#1517
(Original post by *Stefan*)
That is not true. The question was hypothetical (what could*...).

The first thing that can significantly increase the price is if both supply and demand changed.

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Was the question referring to a general increase in price, or applied to the agricultural goods in the case study
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_Fergo
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#1518
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(Original post by Formless)
Was the question referring to a general increase in price, or applied to the agricultural goods in the case study
That's irrelevant. It didn't specify the case study as far as I remember, but even if it did, the hypothetical question ought to make all answers acceptable.

Otherwise, it would have said "Basing your answer on the case study, explain why the price of X significantly increased" -not conditional here, so it should then have been specific.

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Liam_27
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#1519
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#1519
What did people get for the 2 reasons why different agricultural products would have different levels of elasticity?
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Pato1
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#1520
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#1520
What does consumer surplus look like after the quantity supplied falls?
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