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    could someone please tell me what they put for the 25 marker for the second question. About gov. intervention and junk food
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    I thought it was an absolutely quality exam APART from question 07. (context 2 12 marker) I thought that because it was a subsidy to US markets, and not british markets, this would make imports of the ingredients needed for production cheaper... i.e. i didn't draw a subsidy but just a rightward shift in supply. Is this wrong??...
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    Free good- zero opportunity cost

    Merit good- social benefit exceeds private benefits

    There was one about the tyres it reduces oil consumption by -25% what did you guys put?

    I think the answers ranges from

    1) joint supply

    2) composite demand

    3)+ 4) can't remember





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    (Original post by yajman)
    Same situation for me really. Was completely thrown off the multiple choice despite doing loads and getting near full marks each time. Also, almost ran out of time on my 25 marker and it wasn't the best of answers at all. Was predicted close to 100 UMS. Absolutely gutted!
    Which context did you choose??!!I did obesity!! For Multiple choice it seemed as there were more a lot of answers that were right!! Found it different to the past papers . I am overall devastated about this as ell! We can expect low grade boundaries?? I predict myself 45/75 at best even though I have been getting close to full marks in the past papers
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    (Original post by Son234)
    Free good- zero opportunity cost

    Merit good- social benefit exceeds private benefits

    There was one about the tyres it reduces oil consumption by -25% what did you guys put?

    I think the answers ranges from

    1) joint supply

    2) composite demand

    3)+ 4) can't remember





    This was posted from The Student Room's iPhone/iPad App
    There was 2 about joint supply, one about composite demand and the other, correct one, was about crude oil demand going down because demand for crude oil is derived from demand for petrol.
    I also remember a hard MC about elasticity of supply for wheat... I don't remember the answers.
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    could someone please tell me what they put for the 25 marker for the second question. About gov. intervention and junk food

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    (Original post by Keyan333)
    What did you guys put for your definition of marginal private cost for context 2?


    I wrote about the effects on the individual from consuming the good, then a little bit about it being an negative externality that would under consumed in the free market?

    Considering the real definition in the aqa textbook is the cost to an individual or firm of an economic transition -would I get the full 5 marks?!?

    I think the 8 and 12 marker was fine kind of. 25 marker only had 19 minutes left so was a little rushed - I wrote about taxation and min and max prices, and why a free market wouldn't help as it doesn't get rid of the negative externality that was overeating junk food.

    The multiple choice was actually quite nice. Lots of questions I did before came up.

    Since this was a retake and I'm an a2 student, I hope I get a decent A.

    Got my last exam - economics 3 on Tuesday still. All this revision better pay off somehow!
    cost to indivual s and firms of economic transactions can be monetary or non monetary and the negative externality! I think you should be okay!!
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    there was a weird one about which should the govt build, railways, roads hospitals?

    and one about the production possibility frontier, which was like if you add one more car is there any opportunity cost? <-- what was the answer for that?
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    (Original post by Jatt.B)
    Which context did you choose??!!I did obesity!! For Multiple choice it seemed as there were more a lot of answers that were right!! Found it different to the past papers . I am overall devastated about this as ell! We can expect low grade boundaries?? I predict myself 45/75 at best even though I have been getting close to full marks in the past papers
    I did Context 1. JUst hope and pray that the grade boundaries are low.
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    I guessed composite demand what did you put
    another guess by me some questions were randomm




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    could someone please tell me what they put for the 25 marker for the second question. About gov. intervention and junk food. PLEASE!!!!!
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    I said Marginal Private Cost is the Marginal Social Cost minus the Marginal External Cost

    I forgot about max/min prices on 25 marker but wrote quite a bit about taxation.

    Did anyone say that junk food is price inelastic for a lot of people?
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    (Original post by Jatt.B)
    cost to indivual s and firms of economic transactions can be monetary or non monetary and the negative externality! I think you should be okay!!
    Hi, do you think that saying "the cost imposed to an economic unit occurring from an economic action" is ok?
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    (Original post by jamjar24)
    could someone please tell me what they put for the 25 marker for the second question. About gov. intervention and junk food. PLEASE!!!!!
    Lol what did you put? Let's start with that (:


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    (Original post by jamjar24)
    could someone please tell me what they put for the 25 marker for the second question. About gov. intervention and junk food. PLEASE!!!!!
    that was a flop!
    didnt have time so i put
    intro: define gov intervention, social cost and market forces
    then talked about extract NHS pays 500million a year drew a neg externality showed that leave free markets allocatively inefficient government can rectify by moving to MSB=MSC by taxation fat foods and could perhaps also subsidize healther food
    DRAW DIAGRAMS FOR BOTH OF THEM
    Couldnt explain reall just said it depends on PED i said could lead to gov failure black markets, law of unintended consequence
    then had to finish conclusion saying we need both free market and govt so i put advertisement and letting people do what they want?

    Wbu?

    So flopped
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    For Marginal Private Costs I put: Costs that are borne solely by the (1st Party) individual who cause them. But I don't think this is right???
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    (Original post by KiMika)
    For Marginal Private Costs I put: Costs that are borne solely by the (1st Party) individual who cause them. But I don't think this is right???
    no that is correct
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    What did everyone get for the mc question about elasticity of supply? Was about levels of stock or the banning imports?
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    (Original post by mahatma ghandi)
    What did everyone get for the mc question about elasticity of supply? Was about levels of stock or the banning imports?
    cant remeber what did you put
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    i put:
    -Banning it would be bad because it would lead to elimination of some social benefit
    -Regulating supply of junk food
    ect
 
 
 
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