OCR F581 Markets in Action - 11 May 2015 Watch

Pato1
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#1541
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#1541
I put down TIME and INCOME
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EconomicsBS
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#1542
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#1542
(Original post by alicec11)
I wrote Habit forming goods and Degree of necessity. I probably should have chosen substitute though!
I wrote that it depends on the closeness and number of available substitutes and the Relative expense in relation to income.
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Anon606
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#1543
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#1543
For the 4 marker, give 2 reasons explain why it might be more elastic, was it PED or PES?

And if it was PED would large amount of income and no substitute goods be fine?


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JYNE
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#1544
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#1544
The 2 reasons for the agriculture and elasticity one how would you have explained closeness of substitutes?
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_Fergo
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#1545
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(Original post by EconomicsBS)
I wrote that it depends on the closeness and number of available substitutes and the Relative expense in relation to income.
Both sound good.

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alicec11
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#1546
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(Original post by Anon606)
For the 18 marker I gave a description on why market failure occurs due to merit goods being under consumed and demerit goods being over consumes etc

I then went on to draw a diagram and showed how a subsidy would shift out supply etc

I then spoke about if PED was inelastic it would need a large subsidy

Then opportunity cost of the subsidy, could be spent elsewhere

Diagram showing the marginal social benefit

Then how much would go to consumers and producers


Then a conclusion which was pretty weak and didn't compare to other methods

Thoughts?


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That's basically what I wrote as well but then I used indirect tax as an alternative and said to tax pollution and fossil fuel emitting companies? The revenue gained from indirect tax could be then used for hypothecation and fund the subsidies? Not sure if its right tho
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Pato1
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#1547
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#1547
What did you guys put for significance of the PES figures (0.2 and 0.7 something)
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notevensoph
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#1548
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#1548
(Original post by mayhs98)
For the 4 marker when it is talking about why price elasticity is increasing for some agricultural goods and explain 2 reasons for this would TIME be an acceptable reason with an example? I also put changes in fashion/tastes with an example?
I wrote time and income.. Completely oblivious to the fact it was asking for factors of PED 4 marks gone
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TazLi
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#1549
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#1549
Guys regarding the PED question here are the main 4 reasons,

Time
Percentage of income spent on the good
Type of good or service
Substitutes

If you have any of them with a correct explanation they will be right!
Also these are the main 4 that I've come across you may have another method and if proven correctly it could be right!
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jordan2609
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#1550
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#1550
If I drew producer surplus is it a straight 0/6
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Sail9963
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#1551
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#1551
(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
Don't worry it wasn't that many marks you would have done fine in the rest

Btw I messed up too lol
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_Fergo
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#1552
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#1552
(Original post by alicec11)
That's basically what I wrote as well but then I used indirect tax as an alternative and said to tax pollution and fossil fuel emitting companies? The revenue gained from indirect tax could be then used for hypothecation and fund the subsidies? Not sure if its right tho
Indirect taxation as an alternative policy (ONLY if it's reduced) was a good one in my opinion -it's what I did as well.

I believe you should have used indirect taxation as a means of funding subsidies. The question asked whether it could reduce market failure, so that's what it should be focused on.

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alicec11
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#1553
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#1553
Did anyone notice that there was an extra question this year? Most papers only have 7 questions but this one had 8? I completely ran out of time!!
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CancerousProblem
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#1554
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#1554
(Original post by *Stefan*)
It increased welfare, reduced under-production and then added that it increased consumer surplus (not to do directly with allocative efficiency)

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but but but
biofuels have negaative externalities! :c
so i put it didnt
omfg
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jordan2609
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#1555
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#1555
I did producer surplus instead of consumer, will I get a straight 0/6
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_Fergo
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#1556
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#1556
(Original post by alicec11)
Did anyone notice that there was an extra question this year? Most papers only have 7 questions but this one had 8? I completely ran out of time!!
Yeah, me. I was rather shocked when I passed by my planned time allocation!

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alicec11
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#1557
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#1557
(Original post by *Stefan*)
Indirect taxation as an alternative policy (ONLY if it's reduced) was a good one in my opinion -it's what I did as well.

I believe you should have used indirect taxation as a means of funding subsidies. The question asked whether it could reduce market failure, so that's what it should be focused on.

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That's good to hear - I was so upset when I came out!
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alicec11
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#1558
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#1558
What did everyone else get on the PES figures and the significance of them?
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alicec11
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#1559
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#1559
I feel like this paper was a lot harder than the other ones - maybe the grade boundaries will be quite low?
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_Fergo
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#1560
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#1560
(Original post by CancerousProblem)
but but but
biofuels have negaative externalities! :c
so i put it didnt
omfg
The analysis should focus on the good stuff (not necessarily, but it makes it much easier) - the question didn't specify biofuels.

Unless you did some Level 3 Band 2 analysis, I'm afraid you are capped at 10 marks - don't despair though! Something you have written may unlock the marks.

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