OCR F581 Markets in Action - 11 May 2015 Watch

RussMo124
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#1721
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#1721
(Original post by J.M.Keynes)
Did anyone talk about demand for agricultural goods being inelastic and therefore if supply shifts left price will rise significantly
For what question mate?
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Rk2k14
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#1722
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#1722
(Original post by chloe-jessica)
There are mixed opinions on this. I'm sure I've seen a question in a past paper where either was acceptable though, so I'm hoping that's the case here. I shifted supply left and explained it based on that.
I thought about it but then I shifted demand right. It did say by a significant amount so I'm not sure if they'll mark people down for that.
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Rk2k14
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#1723
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#1723
(Original post by TrentL)
We seem to be getting mixed responses from everyone, some say shift supply to the left and some say shift demand to the right. Personally i did a shift to the left of supply. I think the explanation will play a key role marks for this question
Wasn't the only question that was vague in the test.
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J.M.Keynes
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#1724
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#1724
(Original post by RussMo124)
For what question mate?
The second question
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c223
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#1725
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#1725
(Original post by KitsonnostiK)
I thought this exam went well until I saw this forum...
Honestly, these are just people's opinions. They may be right or they may be wrong, but don't let them affect how you feel about the exam. With economics, there are often lots of possibilities for answers and lots of ways of approaching questions. If you revised well and did your best, I'm sure you will have done great
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Yousf
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#1726
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#1726
i used the context for my 18 markers and i didn't talk about alternatives? am i ****ed?
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jamesnicholson9
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#1727
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#1727
(Original post by jegro)
its PED this year
The real question is how did you know? Insider knowledge?
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c223
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#1728
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#1728
(Original post by Rk2k14)
I thought about it but then I shifted demand right. It did say by a significant amount so I'm not sure if they'll mark people down for that.
Significant was the word that threw me, it felt like perhaps I should have shifted both. In previous years, they've always stated what to shift, albeit not directly. For example last year it was "The success of the programe and the move of the production to China each had an effect", which told you to move both out. Because they were quite vague, I'm hoping they'll take either.
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RussMo124
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#1729
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#1729
(Original post by J.M.Keynes)
The second question
I hadn't focused on the PES/PED here. I just said - 'The elasticity of demand will effect how much price changes'
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anndz3007
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#1730
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#1730
(Original post by Yousf)
i used the context for my 18 markers and i didn't talk about alternatives? am i ****ed?
i only talked about alternative in 3 lines because i ran out of time )))
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tahmiin
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#1731
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#1731
The last question was really nice. Simple subsidy market failure essay. You just had to mention whether or not it ALWAYS corrects market failure. You didnt eve need to put it in context.
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Yousf
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#1732
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#1732
(Original post by 22.22)
Absolutely kicking myself I drew consumer surplus as producer surplus- 4 easy marks down the drain
There was no surplus questions in the first place??
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AFG-Gamer
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#1733
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#1733
What did you guys write to question 6 and question 7??
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c223
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#1734
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#1734
(Original post by Yousf)
i used the context for my 18 markers and i didn't talk about alternatives? am i ****ed?
If you explained your points regarding subsidies in a good amount of detail and gave a two sided argument with evaluation and conclusion, you'll get a decent mark. I would say that it was useful to bring other alternatives in but I doubt it will have a huge impact provided the rest of your answer was structured and relevant. I think the key word was 'always'.
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Yousf
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#1735
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#1735
(Original post by anndz3007)
i only talked about alternative in 3 lines because i ran out of time )))
How could we talk about alternatives, i could not think of any to implement in the given case study...
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Yousf
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#1736
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#1736
(Original post by chloe-jessica)
If you explained your points regarding subsidies in a good amount of detail and gave a two sided argument with evaluation and conclusion, you'll get a decent mark. I would say that it was useful to bring other alternatives in but I doubt it will have a huge impact provided the rest of your answer was structured and relevant. I think the key word was 'always'.
Whats the maximum mark i can get!!!?!?
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jamesnicholson9
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#1737
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#1737
(Original post by tahmiin)
The last question was really nice. Simple subsidy market failure essay. You just had to mention whether or not it ALWAYS corrects market failure. You didnt eve need to put it in context.
Yes you did need context, otherwise how would you gain application marks?
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RussMo124
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#1738
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#1738
(Original post by AFG-Gamer)
What did you guys write to question 6 and question 7??
6) Defined allocative efficiency. Said how it could be allocatively efficient, said how it may not be allocatively efficient. (Sorry forgot the examples but I just quoted the case study).

7) Stated characteristics of a public good. Defined these. States how the 3 things mentioned obtain these characteristics - but only to an extent (E.G. Fences could be put up to make it excludable, and they may be very busy at points - making it rival. Then said they are more likely to be characterised as a Quasi-public good due to this.
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midgemeister7
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#1739
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#1739
(Original post by Pato1)
I've heard some say determinants of demand and others say determinants of PED... Either way I put time and income
Definitely about PED. 100% sure
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RussMo124
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#1740
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#1740
(Original post by Yousf)
How could we talk about alternatives, i could not think of any to implement in the given case study...
The question wasn't specifically related to the case study. I talked about information provision for example. Defined it, then gave argument for and against it. In the conclusion I stated Subsidies it probably the best way of correcting it though...
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