OCR F581 Markets in Action - 11 May 2015 Watch

c223
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#1861
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#1861
(Original post by camlin)
Just wondered if ill be capped because I mentioned the wrong third party. And I cant even remember what I wrote exactly, but okay thanks
The mark schemes always instruct examiners to mark positively and reward correct answers instead of penalising wrong ones, so it shouldn't be too much of a problem.
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c223
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#1862
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#1862
(Original post by jojoj)
how did people explain the question about ​determinates of ped.
1) Goods that are easily substitutable (eg. wine can easily be replaced with other alcoholic beverages whereas rice is hard to substitute) tend to have price elastic demand since if price increases, consumers can simply buy alternative products.
2) Goods which are necessities (eg. rice) tend to have price inelastic demand and consumers will need to continue purchasing these products, irrespective of any changes in price. Goods which are not necessities have demand which is price inelastic since consumption can be delayed until price falls again.
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RussMo124
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#1863
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#1863
Just realised I messed up on Allocative Efficiency question. I put Price = Marginal Revenue instead of Cost...

I did put that it is when welfare and society satisfaction is maximised though...

Don't think I'll get any marks for that now
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Iz-Matt
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#1864
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#1864
Is it wrong to class bio-fuels as positive externalities by lessening the effects of negative ones :/?
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TazLi
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#1865
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#1865
(Original post by RussMo124)
Just realised I messed up on Allocative Efficiency question. I put Price = Marginal Revenue instead of Cost...

I did put that it is when welfare and society satisfaction is maximised though...

Don't think I'll get any marks for that now
It's quantity
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Yousf
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#1866
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#1866
For the first question was the economic problem the fact that Po Valley had scare resources being the land, and the fact they didnt have enough to grow both agricultral products, farming animals like pigs(case study) and also the biofuel crops, so then farmers had to make a choice. I said there was also an opportunity cost as a result. Plus i gave a defintion of economic problem. Would this give me all 4 marks?
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kieranfitchett
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#1867
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#1867
i interpreted the 18 marker to be a simple for/against subsidies so simple outward shift of S analysis and link back to the question and then the success of the subsidy is dependent upon elasticty of the non shifting curve, problems with setting the subsidy at the right size, and whether the good was suitable for a subsidy ie neg. ext. and de merit goods subsidised wouldnt remedy market failure. i didn't apply it and i never have applied an essay q to a case study, purely theoretical
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c223
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#1868
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#1868
(Original post by Yousf)
For the first question was the economic problem the fact that Po Valley had scare resources being the land, and the fact they didnt have enough to grow both agricultral products, farming animals like pigs(case study) and also the biofuel crops, so then farmers had to make a choice. I said there was also an opportunity cost as a result. Plus i gave a defintion of economic problem. Would this give me all 4 marks?
I'd think so.
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keynes24
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#1869
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#1869
(Original post by aoxa)
I gave myself 45 mins for the essay (considering they normally take me 30-35 minutes max), and was still pressed for time! I only had about 3 minutes to go back, add to my introduction, and then do the '2 examples of why one agricultural good is more price elastic that the other', which really annoyed me, because I wanted to add to the comment on questions too.
The question refers to a shift in supply. I think that marks will be lost if only you show a change in price since the question indicates a shift and not only a change in price.
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kieranfitchett
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#1870
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#1870
(Original post by Yousf)
For the first question was the economic problem the fact that Po Valley had scare resources being the land, and the fact they didnt have enough to grow both agricultral products, farming animals like pigs(case study) and also the biofuel crops, so then farmers had to make a choice. I said there was also an opportunity cost as a result. Plus i gave a defintion of economic problem. Would this give me all 4 marks?
exactly what i put, in my experience the definition along with a relatively strong application gives you 4
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keynes24
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#1871
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#1871
(Original post by midgemeister7)
1. Some products might be more expensive with respect to income, therefore price rises will mean people are more likely to cease buying them so they have a higher PED
2. Availability of substitutes also affects PED. Eg rice has very few direct substitutes, so its PED is likely to be higher than other food products
Degree of necessity as well but 1- I would have mentioned % of income spent on the good instead.
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kisaxhiro
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#1872
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#1872
Hello. I drew a market failure digram with SB>PB so Qso is above QM. then i said it was under-consumed leading to market failure instead of under-produced. I'm really scared I've screwed up the whole question because of that .
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Yousf
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#1873
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#1873
(Original post by TrentL)
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
I said nobody could exclude people from using them unless the rivers, land are privately owned?
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midgemeister7
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#1874
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#1874
(Original post by keynes24)
Degree of necessity as well but 1- I would have mentioned % of income spent on the good instead.
Yeah true, that sounds better but 'with respect to income' should do the same job hopefully
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KhamZ_98
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#1875
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#1875
Hey guys, attached is the unofficial mark scheme put together by
- Makishima
- Annie
- Zayn (KhamZ_98)
- Will
- Johnathon

http://www.thestudentroom.co.uk/show...1#post55658931
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midgemeister7
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#1876
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#1876
(Original post by kisaxhiro)
Hello. I drew a market failure digram with SB>PB so Qso is above QM. then i said it was under-consumed leading to market failure instead of under-produced. I'm really scared I've screwed up the whole question because of that .
Should be fine as long as you explained the subsidy shifting supply etc. There is both underconsumption and underproduction
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RK1998
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#1877
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#1877
For the 2 determinants of PED (4 marks Q) I wrote substitutes which is perfectly fine and taste and fashion. Do you think I can get away with the second one?

Posted from TSR Mobile
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keynes24
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#1878
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#1878
(Original post by RK1998)
For the 2 determinants of PED (4 marks Q) I wrote substitutes which is perfectly fine and taste and fashion. Do you think I can get away with the second one?

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It should be number of substitutes. Taste and fashion is not a factor affecting PED
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Yousf
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#1879
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#1879
For the public good question i said they are non-rivalry as the consumption of one person does not affect consumption of others, but then i said if somebody litters the rivers and land this could could affect the consumption of the land and rivers of other people. I also said they could become over-populated. I also said that the land rivers could be privatley owned making it non-excluade to a certain extent. I wasnt sure how to explain free-rider so just defined it. Is this correct?
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c223
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#1880
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#1880
(Original post by KhamZ_98)
Hey guys, attached is the unofficial mark scheme put together by
- Makishima
- Annie
- Zayn (KhamZ_98)
- Will
- Johnathon

http://www.thestudentroom.co.uk/show...1#post55658931
Not going to lie, I was very dubious as to how an unofficial mark scheme would turn out as I don't think an econ mark scheme is as easy to produce as, for example, a maths mark scheme, but it looks like you guys have done a really good job thank you
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