OCR F581 Markets in Action - 11 May 2015 Watch

TazLi
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#1601
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#1601
(Original post by JYNE)
I said allocative efficiency was when the market is economic efficient, is that wrong? Completely forgot the actual definition in the exam (when consumer satisfaction is maximised)
You would need to say something about maybe market equilibrium or where supply equals demand or consumer satisfaction as you said or welfare maximised one of them should get full marks It's 2 marks though so it won't be detrimental to your final result!
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c223
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#1602
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#1602
(Original post by Pato1)
I don't know for sure but there has never been a question like there was re: Allocative effiency, normally it's only a 2 marker
I've definitely done a past paper question about allocative efficiency similar to the one on this exam. Think it was a 4 mark though.
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TrentL
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#1603
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#1603
Here was my Essay format for the 18 marker:

Introduction : Defined the key terms, Subsidies and Market failure

Mainbody: - Diagram for subsidies, Advantages and Disadvantages for subsidies
- Alternatives, Taxation 2 Diagrams *Elastic and Inelastic* Advantages and Disadvantages
- Alternatives, Regulation Advantages and Disadvantages.

Conclusion: My final Judgement (evaluation)
Link back to the question
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_Fergo
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#1604
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#1604
(Original post by nayah)
I did, the whole point of why it may not be a public good was because of quasi
It could be a private good as well: a conglomerate buying parts of land is not uncommon.

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alicec11
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#1605
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#1605
(Original post by Helpme_1)
Can someone help im really worried about this.
I reckon you would get some marks - the question didn't really specify to relate back to the case study so I guess its not all wrong if you used another example. Probs won't get a lot of marks but a few
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Anon606
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#1606
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#1606
(Original post by *Stefan*)
Unfortunately it said "supply decrease". Depends on the explanation you gave.


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I just said that they'd be a new eq where p has and q have moved to... meaning the Consumer Surplus will increase
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anitsirk
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#1607
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#1607
The public goods question!!!!!!!!!! What even was it omds. It stressed me out so much that I couldn't focus on the 18 marker very well. This was the first paper that I've done that I've run out of time on, there was so much writing and not enough diagram-drawing opportunities :/
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Slenderman
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#1608
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#1608
Guys! We've done the exam, nothing can be done now.

Let's start unit 2 revision.

Goodle docs link : https://docs.google.com/document/d/1...zY/edit?pli=1#

EDIT AS YOU PLEASE. (I'm just sending this, makishima made it)
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JYNE
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#1609
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#1609
(Original post by TazLi)
You would need to say something about maybe market equilibrium or where supply equals demand or consumer satisfaction as you said or welfare maximised one of them should get full marks It's 2 marks though so it won't be detrimental to your final result!
Oh okay thank you!
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Formless
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#1610
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#1610
(Original post by Alistevens184)
Im worried because on the consumer surplus questions I didn't draw supply on it or even shifting left I just drew the price rise!! What will happen?
I did the same as you, I was never told to show two curves in a consumer surplus diagram. I Wrote underneath that a decrease in supply would cause prices to increase
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Pato1
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#1611
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#1611
Can I say that the Market was and wasn't efficient OR only say one?
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2014_GCSE
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#1612
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#1612
For PED I did

Substitutes. Wine grapes have lots of subs such as other grapes and other alcohols but rice has very few subs and therefore wine grapes demand will be more prince elastic as the more subs a good has, the greater the elasticity.
Luxury or Necessity. Wine grapes are a luxury good whilst rice is more of a necessity as it is a food many people rely on to survive and therefore rice is more price inelastic.

HOWS THIS? pls.
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_Fergo
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#1613
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#1613
(Original post by anitsirk)
The public goods question!!!!!!!!!! What even was it omds. It stressed me out so much that I couldn't focus on the 18 marker very well. This was the first paper that I've done that I've run out of time on, there was so much writing and not enough diagram-drawing opportunities :/
You had to state the features of public goods, and perhaps explain them (probably 2 marks here).

Then why it may not be: it could be quasi public good, private good etc.

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TrentL
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#1614
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(Original post by anitsirk)
The public goods question!!!!!!!!!! What even was it omds. It stressed me out so much that I couldn't focus on the 18 marker very well. This was the first paper that I've done that I've run out of time on, there was so much writing and not enough diagram-drawing opportunities :/
you just needed to define public goods, talk about the context they gave you (open spaces, Rivers, Lakes) How no one can stop you from using them and how they are quasi goods. You needed to mention that they could become rivoulous though when they fill up causing them not to be public goods because you are stopped from using it at your own will.

Don't worry about it man just make sure you focus on Macro now and make a recovery
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AlexeyxDD
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#1615
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#1615
Was it necessary though to write about alternatives in the essay? I've just stated in the discussion part that it depends on producers of what goods receive subsidy, merit or demerit, then size of subsidy, that it may be turned into profits and that it has a huge opportunity cost and may itself lead to market failure as it is a very expensive measure which might have to be financed through taxation. is that right?
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LG12345
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#1616
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#1616
Omg I wrote all about tax instead of subsidies! I'm so silly. My dad's going to hit me
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260498
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#1617
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#1617
For the public goods question i said that it has non rivary and non excludability. And that id too many people were using the area then there wouldn't be room for other so there is excludability so its a quasi public good. Is that completely wrong?

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_Fergo
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#1618
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(Original post by AlexeyxDD)
Was it necessary though to write about alternatives in the essay? I've just stated in the discussion part that it depends on producers of what goods receive subsidy, merit or demerit, then size of subsidy, that it may be turned into profits and that it has a huge opportunity cost and may itself lead to market failure as it is a very expensive measure which might have to be financed through taxation. is that right?
Necessary? No

Advisable? Yes. Sometimes it is accepted as the EE part of the essay -worth the final 2 marks

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casiobose
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#1619
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#1619
I took a completely different response to the 18-marker.

I defined.
I then looked at what they would do to positive externalities, and how if left to the free market, positive externalities are underconsumed, so subsidies increased consumption ( with a diagram)
Then pros and cons
The I looked at the alternative of tackling negative externalities through reg.

Any thoughts?
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Invest
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#1620
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#1620
As an alternative for the essay, could you say information provision for de-merit goods is an alternative?


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