OCR F581 Markets in Action - 11 May 2015 Watch

c223
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#1641
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#1641
(Original post by MasterO)
Just to clarify becuase I'm seeing different responses is Time period a factor of PED

I know it is for PES but I watched videos saying it was for both.
Time is a factor in the sense that if the consumption of a product can be delayed (ie. it is not a necessity) then demand is likely to be price elastic.
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midgemeister7
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#1642
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#1642
Overall not too bad imo
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_Fergo
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#1643
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#1643
(Original post by MasterO)
Just to clarify becuase I'm seeing different responses is Time period a factor of PED

I know it is for PES but I watched videos saying it was for both.
It is. In the short run, consumers may not be able to find alternatives and so demand is price inelastic. (it basically links time with substitutes).

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OCReconomics
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#1644
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#1644
(Original post by CancerousProblem)
i thought we were talking about the 6 marker on allocative efficiency wait what
no
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Piers456
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#1645
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#1645
(Original post by 2014_GCSE)
1. Using reference to the case study, explain the economic problem.
2. Using a demand and supply diagram, show and explain a significant increase in price for agricultural products (along the lines of that)
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J.M.Keynes
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#1646
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#1646
For the diagram I shifted supply to the left and then argued that agricultural products have in elastic demand and hence a significant increase in price.Is this ok?
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Brave reader
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#1647
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#1647
For the first question my application was the Eu might nt have sufficient finance and choices has to be made. Seems I lost that too
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Piers456
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#1648
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#1648
Just as a question, what could you "comment" on for question 6 about the allocative efficiency and question 7 for the public goods.

My feelings on the exam was relatively easy up to question 6 and 7 for the comment part ( may have dropped a few marks here) Then fairly easy for the last question.
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MasterO
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#1649
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#1649
(Original post by *Stefan*)
It is. In the short run, consumers may not be able to find alternatives and so demand is price inelastic. (it basically links time with substitutes).

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(Original post by chloe-jessica)
Time is a factor in the sense that if the consumption of a product can be delayed (ie. it is not a necessity) then demand is likely to be price elastic.
Phew, cheers guys. That was on my mind all throughout the train ride home.
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OCReconomics
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#1650
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#1650
How about them comment on questions folks? :') what did you write for the allocation efficiency question?
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OCRenforcer
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#1651
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#1651
how did everyone do on Q10?
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nadsss
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#1652
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#1652
(Original post by Gelion)
How everyone found question on allocative efficiency?
Don't know if what I said was right, I spoke about the lack of sustainability by changing to producing biofuels as it affected the fertility of the land and carried on along them lines, also spoke about it being efficient for the current market as it is what is demanded at that moment.
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Brave reader
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#1653
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#1653
(Original post by midgemeister7)
For the 18 marker I only talked about merit goods and positive externalities, should this be ok? L1 + L2 Fine. L3 graph showing shift in S, then explained why that would solve a positive externality using terms etc, think I'm fine up to 3b. For L4, I said opp cost, hard to quantify size of external benefits and depends on PED. Then conclusion I said it would not always solve failure due to it being near impossible to set at the right level. Then suggested information provision to make PED even more elastic, hence making subsidies more effective. Is that fine?
Yh that's a great structure. Well done
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nadsss
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#1654
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#1654
(Original post by OCRenforcer)
how did everyone do on Q10?
There was a question 10? my paper only went unto question 8????
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OCReconomics
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#1655
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#1655
(Original post by nadsss)
There was a question 10? my paper only went unto question 8????
Did you not see the back questions loooool
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OCRenforcer
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#1656
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#1656
(Original post by nadsss)
There was a question 10? my paper only went unto question 8????
Did you look on the back page? There was 10 questions!
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Brave reader
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#1657
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#1657
(Original post by nadsss)
There was a question 10? my paper only went unto question 8????
Lol there wasn't a 10th question.
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OCRmanagement
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#1658
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#1658
(Original post by nadsss)
There was a question 10? my paper only went unto question 8????
Did you not turn over onto the back?
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nadsss
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#1659
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#1659
(Original post by OCRmanagement)
Did you not turn over onto the back?
are you being serious? how many marks was it? im sure the 18 mark is always last..
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OCRmanagement
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#1660
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#1660
0.3 and 0.7
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