OCR F581 Markets in Action - 11 May 2015 Watch

JYNE
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#1561
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#1561
(Original post by Sail9963)
Don't worry it wasn't that many marks you would have done fine in the rest

Btw I messed up too lol
I'm not sure what I did in the exam, but I drew something along the lines of this. Is it correct? (I had labels aswell of course)
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CancerousProblem
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#1562
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#1562
(Original post by *Stefan*)
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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i thought we were talking about the 6 marker on allocative efficiency wait what
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Pato1
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#1563
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#1563
There was a similar q. in 2011 regarding Public goods

Explain whether a sandy beach such as those in the Maldives is a publicgood. (4)

Up to three marksxplanation of non-excludability (1)Explanation of non-rivalry (1)Application of either characteristic to beaches (2x1)A beach could be a private good if a charge is made (1).Reserve final mark for taking an explained position:A sandy beach is a public good because it has both characteristics (1) orA sandy beach is not a public good, or is a quasi public good, because it lacksone or more characteristics (1).
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AlexeyxDD
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#1564
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#1564
Guys in the first question, was it right to say that economic problem is a problem of allocating scarce resources among all alternative uses and give an example of swithcing resources to bio fuel?
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Helpme_1
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#1565
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(Original post by Helpme_1)
Ok for the 18 marker i think i might of ****ed up. Instead of talking about underconsumption i talked about( using the example of trains/cars) that subsidising a merit good like trains would cause price to fall increasing the demand for them, therefore the demand for the subistute demeirt good would fall. As anaylsis i said it depends on how good the subisitute is, e.g trains are considered an inferior good so people are still unlikrly to switch and that it also depends on if the producers pass the subisdy on to the consumera in the form of lower prices.

Is this still going to get me some marks?
Anyone?
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Sean.russell14
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#1566
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#1566
For 4 mark questions could you put
Competitive market - would makes it elastic
Monopoly - would make it inelastic
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JYNE
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#1567
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#1567
(Original post by AlexeyxDD)
Guys in the first question, was it right to say that economic problem is a problem of allocating scarce resources among all alternative uses and give an example of swithcing resources to bio fuel?
I did exactly that
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_Fergo
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#1568
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#1568
(Original post by alicec11)
What did everyone else get on the PES figures and the significance of them?
I believe 0.2/0.7. Don't really remember now!

In the next, I explained that these were inelastic (1-2 marks), what this meant (prob 1 mark) and a numerical interpretation 1)

Then the usual commentary.

(Original post by alicec11)
I feel like this paper was a lot harder than the other ones - maybe the grade boundaries will be quite low?
Not really. Only the two last 6 markers were more difficult than usual. The rest was pretty easy. I'd estimate a 46 boundary for A.

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_Fergo
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#1569
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#1569
(Original post by CancerousProblem)
i thought we were talking about the 6 marker on allocative efficiency wait what
Nope... I was referring to the essay.

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AlexeyxDD
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#1570
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#1570
(Original post by JYNE)
I did exactly that
is that correct? anyone?
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Pato1
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#1571
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#1571
Anyone talk about Quasi Public goods in the public good q?
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_Fergo
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#1572
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(Original post by JYNE)
I'm not sure what I did in the exam, but I drew something along the lines of this. Is it correct? (I had labels aswell of course)
Nice!

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Sean.russell14
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#1573
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#1573
For the 4 mark questions could you put:
Competitive market - make the product elastic
Monopoly - makes the product inelastic
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_Fergo
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#1574
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#1574
(Original post by AlexeyxDD)
Guys in the first question, was it right to say that economic problem is a problem of allocating scarce resources among all alternative uses and give an example of swithcing resources to bio fuel?
Yes. You should refer to what the scarce resource is though (ie land).

I used water instead.

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Anon606
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#1575
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#1575
For the Consumer surplus i shifted S outwards instead of Inwards, 0 Marks?
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0123456543210
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#1576
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#1576
On the 2nd questuion after drawing the diagram what you guys wrote?
I probably messed up, just stated the shifts and how both shift would lead to significant price increase.
HELP
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KhamZ_98
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#1577
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#1577
(Original post by Anon606)
For the Consumer surplus i shifted S outwards instead of Inwards, 0 Marks?
Potentially. Depends on mark scheme. You might get 1
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mayhs98
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#1578
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#1578
In terms of the essay I had to rush it because I was running out of time but I basically got all my definitions in, a diagram showing supply curve shift right, quantity increase, price decrease - explained this diagram. Then linked to how an increase in output would be good for reducing positive externalities / less merit goods. Also how a decrease in price would make consumers want to spend more money so again effect on positive externalities. Then I talked about some consequences of using subsidies to reduce market failure as subsidies could be provided to insufficient firms so it would give them the incentive to keep producing inefficiently. Also talked about opportunity cost for government (2nd consequence) and third being how it depends of the size of the subsidy. After this I ran out of time so I didn't get to include my alternative +ves and -ves as well as conclusion.

Roughly how many marks do you think I'd scrape in the bag for this essay answer?

I spend too much time on 1st question lol
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c223
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#1579
(Original post by Pato1)
Anyone talk about Quasi Public goods in the public good q?
I did
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AlexeyxDD
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#1580
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#1580
(Original post by *Stefan*)
Yes. You should refer to what the scarce resource is though (ie land).

I used water instead.

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one more thing, were both surplus questions on consumer surplus, definition and diagram? im really stressed out, as im sure i've read both as producer... how is that even possible, i was really focused
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