OCR F581 Markets in Action - 11 May 2015 Watch

Gladiatorsword
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#141
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#141
Anyone have the 2014 f582 paper?
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Wall Street
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#142
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(Original post by AssassinXJ)
I believe the textbook definition says "spending by the central bank and local government on goods and services"
Apparently the textbook definition is wrong (that's what my teacher said anyway).
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Super199
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#143
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Right need some help with uses of the different types of elasticities. I understand the PED one which is used to increase revenue. Not sure about income, cross or PES? Thanks

also what are the depend upon points with them. One I always put is that they are estimates - I don't know why they are though. Any others? How is the way you answer questions with elasticity does anyone have any good questions and can talk me through it. I know I've asked for a lot of help but it's good revision.
Thanks
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Gladiatorsword
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(Original post by Super199)
Right need some help with uses of the different types of elasticities. I understand the PED one which is used to increase revenue. Not sure about income, cross or PES? Thanks

also what are the depend upon points with them. One I always put is that they are estimates - I don't know why they are though. Any others? How is the way you answer questions with elasticity does anyone have any good questions and can talk me through it. I know I've asked for a lot of help but it's good revision.
Thanks
Hey.
Ill start with uses
PES : suppliers try to make supply as price elastic as possible so they can respond to price changes more quickly
XED - helps firms to know if a rival good is a substitute, so they can lower prices to maximize revenue
YED: If a firm has inferior goods, and a recession is expected - the firm faces strong prospects
If a boom is expected - firms with normal goods will face strong prospects

EVALUATIONS
the way data is collected - only estimates so prone to inaccuracies
Data collected ovee long period of time so ceteris Paribus is unlikely to hold - other factors may affect supply/demand

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Super199
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#145
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Can someone help me with a question

"Comment on the likely impact on consumers of information failure in the market for sun beds and tan accelerator products.

Can someone talk me through it.

I am thinking along the lines of what information failure is. What sort of good sun beds are. De merit goods, meaning there is over production and over consumption. I'm not too sure. Any help is appreciated.
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Makashima
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#146
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(Original post by Super199)
Can someone help me with a question

"Comment on the likely impact on consumers of information failure in the market for sun beds and tan accelerator products.

Can someone talk me through it.

I am thinking along the lines of what information failure is. What sort of good sun beds are. De merit goods, meaning there is over production and over consumption. I'm not too sure. Any help is appreciated.
Without the mark scheme this is how I would do it:

Sunbeds are demerit goods ie over consumed and this is due to information failure ...define info.failure...then apply how is this a problem, ie increases risk of cancer or harmful to skin etc

comment; people may chose to ignore the information


Mark scheme in spoiler
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Comment on the likely impact on consumers of informationfailure in the market for sun beds and tan acceleratorproducts.

Up to two marks for application of the impact on consumers of sunbed/tan accelerators: excessive consumption increases the risk of cancer/death/blood pressure issues/skin disorders (1) consumers lack awareness of harmful effects (1) these will reduce quality of life and life expectancy (1)

Up to two marks for an economic analysis of the impact onconsumers of sun bed/tan accelerators. Points might include: these are demerit goods (1) leading to over-consumption (1) consumers may behave irrationally through lack ofinformation (1) the industry demonstrates asymmetric information (1) consumers’ decisions do not maximise their welfare (1)

Up to two marks for relevant comment on the impact onconsumers: depends on the extent of information failure the evidence is still unclear other factors lead to the use of such products – it is easy toaccess them consumers may have the information but choose to ignore it difficult to judge the impact since illegal consumption isunrecorded
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Super199
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#147
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Right I don't fully understand the first 2 marks in the mark scheme? How do 6 markers work in micro? In macro isn't it just 3 for explaining and 3 for comment?
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Makashima
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It depends on the topic of the question but I understand what you mean, it is one of those uncommon question lol, it varies...sometimes the paper is written by different people hence different ms so you just gotta write a lot if you are unsure how to answer, well dats what i do

first two marks is application, the question just simply ask you the impact on sun bed due to information failure

but it wanting to you to show you understand the concept and able apply how this information failure would impact the consumer (tbh i just rephrased the question)

its like the application in 18 markers, no points saying this info would cause neg ext, u need to apply to show you understand the concept

usually in comment question, only 2 marks to criticise the extent, not really 3 marks?

idk if i answer ur question lel
goodluck, hopefully someone provide u a better answer

application
analysis
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GNM
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#149
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Does anyone have the full list of key terms we need to learn that they can send me so i dont miss any out please??
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Super199
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(Original post by Makashima)
It depends on the topic of the question but I understand what you mean, it is one of those uncommon question lol, it varies...sometimes the paper is written by different people hence different ms so you just gotta write a lot if you are unsure how to answer, well dats what i do

first two marks is application, the question just simply ask you the impact on sun bed due to information failure

but it wanting to you to show you understand the concept and able apply how this information failure would impact the consumer (tbh i just rephrased the question)

its like the application in 18 markers, no points saying this info would cause neg ext, u need to apply to show you understand the concept

usually in comment question, only 2 marks to criticise the extent, not really 3 marks?

idk if i answer ur question lel
goodluck, hopefully someone provide u a better answer

application
analysis
comment
Right any tips with the 18 marker on that paper. I am awful and haven't done a single micro 18 marker.
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Makashima
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(Original post by Super199)
Right any tips with the 18 marker on that paper. I am awful and haven't done a single micro 18 marker.
Same, Im awful with the 18 markers and I didnt do anything which I should...

What kind of tips do you mean?

Structure?
L1 - Define relevant key terms in relation the question
L2 - Application - examples or further explanation regarding the question and possible policies to use
L3 - Analysis - I would say 2 Level 3 arguments explain using economic terminology and then linked back to the question. Must use atleast 1 diagram to explain the effect the policy has on AD/AS or unemployment, inflation, economic growth, balance of payments - Whatever the question is asking you to do.
L4 - Evaluation - I would say 2 Level 4 arguments, that are related to your previous arguments - why may it not work? What are the problems/limitations of your previous arguments, why may the policy not go to plan. What does it depend upon?
L4+ - Judgement (conclusion) - Weigh up your arguments - should the government implement the policy or not and why? why have you discarded problems with the policy? give an example of when the policy has worked, or what must be taken into consideration when using the policy?
Structure points coherently throughout the whole essay - start a paragraph stating your argument - explain argument - use diagram to further explain argument - use examples if possible - link back to question!


Found this somewhere, not my plan cr: to whoever typed this
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lam12
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#152
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Go on enhance tuition on YouTube, he helps with 18 markers :-)


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Yousf
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#153
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#153
Any ideas of what the 18 marker will be?
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Makashima
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#154
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No one knows D:
Tax and regulation are quite frequent
Tradeable permits never been on so maybe, but it might not be on again because last year was about pollution unless they want to use pollution theme again?
>_< IDK
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lam12
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When's the last times subsidies came on? Tbh couldn't they ask us on all of them haha like they did one year asking which method is the best to ...


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Pato1
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#156
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How on earth have you not done a single 18 marker yet?
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keynes24
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(Original post by Makashima)
No one knows D:
Tax and regulation are quite frequent
Tradeable permits never been on so maybe, but it might not be on again because last year was about pollution unless they want to use pollution theme again?
>_< IDK
The question last year was the effectiveness of taxation in correcting market failure. Pollution was not relevant to answering the question but negative externalities. You should concentrate on types of intervention rather than examples of negative externalities.
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Super199
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#158
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#158
Need some help with 3b from June 2011. Not entirely sure how to answer the question? Thanks
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Gladiatorsword
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(Original post by Super199)
Need some help with 3b from June 2011. Not entirely sure how to answer the question? Thanks
Pls post the question. Ill be happy to help:getmecoat:
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Super199
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I can't. Google ocr f581 June 2011 past paper and it is 3b.
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