OCR F581 Markets in Action - 11 May 2015 Watch

jojoj
Badges: 1
Rep:
?
#1821
Report 3 years ago
#1821
FOR THE LAST QUESTION in my second paragraph i talked about how subsidy corrects market failure but doesn't always work as it is hard to determine how large externalities is therefore government have to use other government intervention such as providing of information, then i explained that. then my counter paragraph was meant to be about me saying why it doesn't always work in terms of opportunity cost or elasticity of demand but i said it cant solve other market failure for goods such as demerit good that produces negative externality as the will make the production of this goods increase when there is already a market failure of over consumption. and u have to use other types of government intervention such as tax, then i explained that. and in my conclusion i basically said that subsides doesn't solve all market failure and government have to use of intervention such as permeable permits and so on. HOW MUCH MARKS WILL THIS GET
0
reply
c223
Badges: 2
#1822
Report 3 years ago
#1822
(Original post by A level sufferer)
1 question: for the first diagram, the increase in price one, Did we have to shift both supply and demand or just supply


Posted from TSR Mobile
I don't think anybody is sure. I shifted supply only, other people shifted both as it said a 'significant' increase in price. I'm hoping that as they didn't give any specifics, they will allow either.
reply
c223
Badges: 2
#1823
Report 3 years ago
#1823
(Original post by jojoj)
FOR THE LAST QUESTION in my second paragraph i talked about how subsidy corrects market failure but doesn't always work as it is hard to determine how large externalities is therefore government have to use other government intervention such as providing of information, then i explained that. then my counter paragraph was meant to be about me saying why it doesn't always work in terms of opportunity cost or elasticity of demand but i said it cant solve other market failure for goods such as demerit good that produces negative externality as the will make the production of this goods increase when there is already a market failure of over consumption. and u have to use other types of government intervention such as tax, then i explained that. and in my conclusion i basically said that subsides doesn't solve all market failure and government have to use of intervention such as permeable permits and so on. HOW MUCH MARKS WILL THIS GET
This is good evaluation and should score decently depending on the other content of your answer. I'm not an examiner and would not be able to give a specific mark, but this looks like top level work
reply
jojoj
Badges: 1
Rep:
?
#1824
Report 3 years ago
#1824
(Original post by a level sufferer)
1 question: For the first diagram, the increase in price one, did we have to shift both supply and demand or just supply


posted from tsr mobile
no just supply
0
reply
c223
Badges: 2
#1825
Report 3 years ago
#1825
(Original post by mickel_w)
Anyone made a thread for unit 2 yet?

The notes and feedback on here was really useful, going to need it even more for unit 2 though! :P
Unit 2 - http://www.thestudentroom.co.uk/show....php?t=3248415
reply
Mrmillion51
Badges: 0
Rep:
?
#1826
Report 3 years ago
#1826
When it specifically said use a demand and supply diagram when supply shifts? You would get no marks
0
reply
mayhs98
Badges: 8
Rep:
?
#1827
Report 3 years ago
#1827
For the 2 [6 marks] comment on questions at the end is it 2 marks just for putting the definition of allocative efficiency (i put when quantity demanded equals to quantity supplied) and 2 marks for putting the definition of public goods (i put goods which are non-rivalry and non-exludability) ?
0
reply
09sandhua
Badges: 0
Rep:
?
#1828
Report 3 years ago
#1828
(Original post by Mrmillion51)
When it specifically said use a demand and supply diagram when supply shifts? You would get no marks
Lol 😂😂😂
0
reply
jojoj
Badges: 1
Rep:
?
#1829
Report 3 years ago
#1829
(Original post by chloe-jessica)
This is good evaluation and should score decently depending on the other content of your answer. I'm not an examiner and would not be able to give a specific mark, but this looks like top level work
but i didn't mention directly why subsidies doesn't work. i mentioned why it doesn't work because there are different factors that lead to market failure.
0
reply
Yousf
Badges: 10
Rep:
?
#1830
Report 3 years ago
#1830
(Original post by chloe-jessica)
This is good evaluation and should score decently depending on the other content of your answer. I'm not an examiner and would not be able to give a specific mark, but this looks like top level work
I referred to the context for the 18marker, for instance, one thing i said was,
The biofuels are used for energy purposes as highly demanded by consumers.(case study) This is an opportunity cost as the money could have been spent elsewhere for instance NHS. Then i said, also they could have used money to build more sustinable ways of providing energy for instance, funding wind turbines, which would be a more sustainable source of energy instead of using biofules which would ruin the feritily and compromise future generations.
Is this ok?
0
reply
Yousf
Badges: 10
Rep:
?
#1831
Report 3 years ago
#1831
What did people write for the allocative effeciency question?
0
reply
beatricers
Badges: 1
Rep:
?
#1832
Report 3 years ago
#1832
(Original post by mayhs98)
For the 2 [6 marks] comment on questions at the end is it 2 marks just for putting the definition of allocative efficiency (i put when quantity demanded equals to quantity supplied) and 2 marks for putting the definition of public goods (i put goods which are non-rivalry and non-exludability) ?
Allocative efficiency is when consumer satisfaction is maximised , isn't it?


Posted from TSR Mobile
0
reply
TazLi
Badges: 2
Rep:
?
#1833
Report 3 years ago
#1833
People saying that you shift supply or demand or both at the end of the day noone knows the answer however a teacher has said if you shifted the supply or the demand that would be correct. However shifting both will not show a 'significant price change' and the teacher has also said that is incorrect. I can only assume you get marks for that if you put a very good explanation or use and inelastic supply curve. Don't however say someone is wrong when you don't know the answer at the end of the day!
0
reply
c223
Badges: 2
#1834
Report 3 years ago
#1834
(Original post by jojoj)
but i didn't mention directly why subsidies doesn't work. i mentioned why it doesn't work because there are different factors that lead to market failure.
The question was asking whether subsidies would always been effective and you gave instances when they would not be, for example you probably wouldn't want to subsidise demerit goods. In my opinion, you answered the question.
reply
jojoj
Badges: 1
Rep:
?
#1835
Report 3 years ago
#1835
(Original post by beatricers)
Allocative efficiency is when consumer satisfaction is maximised , isn't it?


Posted from TSR Mobile
yeah and dats where supply = demand as there is no excess supply or excess demand that why consumer satisfactions is maximized
0
reply
c223
Badges: 2
#1836
Report 3 years ago
#1836
(Original post by Yousf)
I referred to the context for the 18marker, for instance, one thing i said was,
The biofuels are used for energy purposes as highly demanded by consumers.(case study) This is an opportunity cost as the money could have been spent elsewhere for instance NHS. Then i said, also they could have used money to build more sustinable ways of providing energy for instance, funding wind turbines, which would be a more sustainable source of energy instead of using biofules which would ruin the feritily and compromise future generations.
Is this ok?
Sounds good to me I don't think context was necessary in the question as it wasn't specifically referred to but it's always a good idea to put it in!
reply
c223
Badges: 2
#1837
Report 3 years ago
#1837
(Original post by beatricers)
Allocative efficiency is when consumer satisfaction is maximised , isn't it?


Posted from TSR Mobile
Allocative efficiency: when goods are produced at the socially optimum level of output and consumer satisfaction is maximised.
That's what I learnt anyway.
reply
Mrmillion51
Badges: 0
Rep:
?
#1838
Report 3 years ago
#1838
(Original post by 09sandhua)
Lol ���������� �������

what? A PPC has nothing to do with consumer surplus at all.
0
reply
nahhhhh
Badges: 0
Rep:
?
#1839
Report 3 years ago
#1839
In the 18 marker for a second point could you say that a subsidy could be used in research and development to lessen the harmful effects of a demerit good, thus moving the MSC curve closer to the MPC curve and correcting market failure to some extent?
0
reply
Yousf
Badges: 10
Rep:
?
#1840
Report 3 years ago
#1840
(Original post by chloe-jessica)
Allocative efficiency: when goods are produced at the socially optimum level of output and consumer satisfaction is maximised.
That's what I learnt anyway.
what did you write for the allocative effeciency question?
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

University open days

  • Cranfield University
    Cranfield Forensic MSc Programme Open Day Postgraduate
    Thu, 25 Apr '19
  • University of the Arts London
    Open day: MA Footwear and MA Fashion Artefact Postgraduate
    Thu, 25 Apr '19
  • Cardiff Metropolitan University
    Undergraduate Open Day - Llandaff Campus Undergraduate
    Sat, 27 Apr '19

Have you registered to vote?

Yes! (371)
37.29%
No - but I will (75)
7.54%
No - I don't want to (70)
7.04%
No - I can't vote (<18, not in UK, etc) (479)
48.14%

Watched Threads

View All