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    (Original post by Sapien)
    MPC > MSC therefore positive externalities in production. Government should encourage output, so should implement subsidy.
    But why a subsidy of FH rather than EG?

    EDIT: actually, it looks very much like it is FH, I see where I went wrong.
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    (Original post by R.P.Everything.)
    For 2, I originally put D as well, but it seems pretty likely to be A - A shift in the PPF would decrease the opportunity cost of producing capital goods in terms of consumer goods.

    For 10, some other people have clarified that airline pilots are derived from the demand for air travel. I originally put C (joint demand), but it appears to be B. I definitely don't think its D because complementary demand isn't an economic term.

    For 12, I'm pretty sure the answer is A. Total tax revenue is (9-5)*50 which is 200. 150 of which is paid by the consumer.

    For 18, I'm unsure about this one - could someone explain why it is A rather than C?

    For 22, I'm also unsure about this, but it seems that D (workers unwillingness to take training courses) is a cause of immobility, but not an example of it. I think the answer is A.

    Otherwise, great markscheme, and chances are, I am wrong!
    Thank you very much! You are definitely right about numbers 10 and 12. Originally I put B in number 10 and now just put D by a mistake which is definitely wrong. While in number 12 I guess I just didn't get it and put the random number but now I see how you did it! I will correct these two but will wait until somebody explains the other questions that you think are wrong. Thanks again and good luck on 15th of August!
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    So what is question 2 then? anyone know 100%?
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    Is extract 2 the 25 marker asking for methods on how the govt can intervene e.g tax , subsidy because many people have done this but how does this influence how the phone is manufactured and used.

    i thought you focus on things such as:
    reason against govt intervening : could lead to government failure
    reason for: prevent negative externality of radiation if research is true by regulation e.g radiation limit on phones
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    Also, I think Q19 is B

    If Price elasticity of demand is -0.5, and the price increases by 10%, then demand should fall -5%. Taking a hypothetical situation, say the price rose from £10 to £11 and the quantity fell from 20 units to 19 units, then the original revenue would be 20 x £10 (which is £200), whilst the new revenue would be 19 x £11 (which is £209). The £9 gain in extra revenue is a rise in revenue, but not by more than 10%
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    what do you think an A will be on that paper?
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    (Original post by benq)
    Only because I love you guys! And also because I need the marking scheme for MC

    EDIT: My unofficial marking scheme based on what I have put. If you notice an error please inform me and I will check and correct if necessary.

    1 D
    2 D
    3 D
    4 C
    5 D

    6 B
    7 C
    8 A
    9 B
    10 B

    11 D
    12 A
    13 B
    14 D
    15 A

    16 C
    17 B
    18 A
    19 A
    20 D

    21 B
    22 D
    23 B
    24 B
    25 B
    This gives me re-assurance. Other than one or two answers, those were all of my answers.
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    (Original post by R.P.Everything.)
    For 2, I originally put D as well, but it seems pretty likely to be A - A shift in the PPF would decrease the opportunity cost of producing capital goods in terms of consumer goods.

    For 10, some other people have clarified that airline pilots are derived from the demand for air travel. I originally put C (joint demand), but it appears to be B. I definitely don't think its D because complementary demand isn't an economic term.

    For 12, I'm pretty sure the answer is A. Total tax revenue is (9-5)*50 which is 200. 150 of which is paid by the consumer.

    For 18, I'm unsure about this one - could someone explain why it is A rather than C?

    For 22, I'm also unsure about this, but it seems that D (workers unwillingness to take training courses) is a cause of immobility, but not an example of it. I think the answer is A.

    Otherwise, great markscheme, and chances are, I am wrong!
    This gives me even more re-assurance! 12 is A. Producers in this instance will pay more of the tax than consumers. 18 I am also unsure about...I chose C, as it is below the MSB curve. May be wrong though. I chose D for 22.
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    Think I will get around 48 marks overall, what grade am I looking at getting?


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    (Original post by samuni)
    Think I will get around 48 marks overall, what grade am I looking at getting?


    Posted from TSR Mobile
    Low B/ High C. More than likely a C though.
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    (Original post by R.P.Everything.)
    But why a subsidy of FH rather than EG?

    EDIT: actually, it looks very much like it is FH, I see where I went wrong.
    I don't think it is FH. I think it's a trick question. I think it's EG because it is at the original "point" (Cross between MPC and MPB/MSB).
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    (Original post by Gerard JB)
    Low B/ High C. More than likely a C though.
    More likely a B don't b harsh bro


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    (Original post by Gerard JB)
    I don't think it is FH. I think it's a trick question. I think it's EG because it is at the original "point" (Cross between MPC and MPB/MSB).
    Yeah, I originally thought that a subsidy of EG would shift the curve from its equilibrium point down to the MSC curve, with a subsidy of FH moving it too far. (I put FH as my answer, so I hope you are right!) I guess the key to solving this confusion is determining what impact a 'per unit' subsidy has compared to a flat subsidy.
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    (Original post by azns)
    More likely a B don't b harsh bro


    Posted from TSR Mobile
    Yeah possibly a B I'm just going by percentages. So, 64% is usually a C for most grade boundaries. But it depends, if grade boundaries are low (which they probably will be) it should be a B
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    (Original post by R.P.Everything.)
    Yeah, I originally thought that a subsidy of EG would shift the curve from its equilibrium point down to the MSC curve, with a subsidy of FH moving it too far. (I put FH as my answer, so I hope you are right!) I guess the key to solving this confusion is determining what impact a 'per unit' subsidy has compared to a flat subsidy.
    Yeah definitely. The subsidy per unit is always calculated from the original "point".
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    For a subsidy I defined it as "a government grant given to reduce the cost of a good/service. It works oppositely to a tax." - how many marks out of 5 will I get?

    For the 8 marker, I noticed at the end that the university numbers were in thousands, so I wrote thousands after each point where relevant, but really small with a ^ to show. How many marks do you think I would have lost?

    For the 12 marker, I drew a positive externalities graph, and said how it's underprovided etc.. Is this right??

    I think my total is around 57-59, anyone estimated the grade boundaries. Idesperately need an A
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    (Original post by A193)
    For a subsidy I defined it as "a government grant given to reduce the cost of a good/service. It works oppositely to a tax." - how many marks out of 5 will I get?

    For the 8 marker, I noticed at the end that the university numbers were in thousands, so I wrote thousands after each point where relevant, but really small with a ^ to show. How many marks do you think I would have lost?

    For the 12 marker, I drew a positive externalities graph, and said how it's underprovided etc.. Is this right??

    I think my total is around 57-59, anyone estimated the grade boundaries. Idesperately need an A
    1 - I would say most likely 5, but it may be that you need to include the fact that is is paid 'to a firm/supplier'. 4 marks on a really bad day.

    2 - I don't think they will knock you down if you've put the thousands in there. At worst, if the examiner doesn't see the small writing, they will give you 6 marks (1 mark lost for accuracy citing data for each relevant point).

    3 - I did the same, but I'm much more unsure about the 12 and 25 markers, so someone else may have a better response. Previous DRQ about merit goods have awarded up to 2 marks for definitions, 4 marks for a diagram, and up to 10 marks for explaining why merit goods are under provided.

    Grade boundaries - a bit of an educated guess, but the ECON 1 'A' boundaries generally hover around the mid fifties? This seemed like a much harder paper than most of the past papers I've done, so I'm guessing the 52-53 for an A? I'm pretty sure I've either shaved a low A or a high B, so I'm hoping to drag it up with my econ 2 mark
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    (Original post by R.P.Everything.)
    1 - I would say most likely 5, but it may be that you need to include the fact that is is paid 'to a firm/supplier'. 4 marks on a really bad day.

    2 - I don't think they will knock you down if you've put the thousands in there. At worst, if the examiner doesn't see the small writing, they will give you 6 marks (1 mark lost for accuracy citing data for each relevant point).

    3 - I did the same, but I'm much more unsure about the 12 and 25 markers, so someone else may have a better response. Previous DRQ about merit goods have awarded up to 2 marks for definitions, 4 marks for a diagram, and up to 10 marks for explaining why merit goods are under provided.

    Grade boundaries - a bit of an educated guess, but the ECON 1 'A' boundaries generally hover around the mid fifties? This seemed like a much harder paper than most of the past papers I've done, so I'm guessing the 52-53 for an A? I'm pretty sure I've either shaved a low A or a high B, so I'm hoping to drag it up with my econ 2 mark
    I would say that for an A in January, but since most people are retakes, and would have done better than before, I would assume the grade boundaries are going to be a bit higher around 56 I'd say.
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    (Original post by R.P.Everything.)
    1 - I would say most likely 5, but it may be that you need to include the fact that is is paid 'to a firm/supplier'. 4 marks on a really bad day.

    2 - I don't think they will knock you down if you've put the thousands in there. At worst, if the examiner doesn't see the small writing, they will give you 6 marks (1 mark lost for accuracy citing data for each relevant point).

    3 - I did the same, but I'm much more unsure about the 12 and 25 markers, so someone else may have a better response. Previous DRQ about merit goods have awarded up to 2 marks for definitions, 4 marks for a diagram, and up to 10 marks for explaining why merit goods are under provided.

    Grade boundaries - a bit of an educated guess, but the ECON 1 'A' boundaries generally hover around the mid fifties? This seemed like a much harder paper than most of the past papers I've done, so I'm guessing the 52-53 for an A? I'm pretty sure I've either shaved a low A or a high B, so I'm hoping to drag it up with my econ 2 mark
    oh my god i didnt see the thousands in there, for god sake so silly. So i guess im looking at 4 marks out of 8 now?
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    (Original post by JordanS94)
    I would say that for an A in January, but since most people are retakes, and would have done better than before, I would assume the grade boundaries are going to be a bit higher around 56 I'd say.
    You could be right, I'm definitely no expert on this.

    (Original post by Sammyg123)
    oh my god i didnt see the thousands in there, for god sake so silly. So i guess im looking at 4 marks out of 8 now?
    From what I understand, you get 2 marks per relevant point (max 4 overall) for citing data to support an observation. An incorrect unit of measurement would probably lose you 1 mark per point, so you should still get the other marks for attempting to cite the data values - i.e 6/8 for that question. It might even be that they don't double penalise for the same mistake, but take my comments with a pinch of salt, since I only recently started paying attention to these things.
 
 
 
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