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    Did you draw the subsidy diagram showing excess demand?
    I thought processed foods would increase in demand as the US subsidies would make corn and wheat cheaper and they are used for processed foods
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    (Original post by nadster)
    I defined cross elasticity of demand saying its the responsiveness of demand of one good in response to a change in price of another. And then I said positive cross elasticity of demand is when quantity demanded increases for one good whilst the price of the other also increases. Alternatively, quantity demanded for one good decreases as the price of the other decreases. The goods tend to be substitutes. My diagram was an inelastic demand curve and an inward shift in demand although I'm pretty sure I did that wrong..


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    I think yours was right, I misread the question and drew and elastic demand curve and showed supply shifting in. I labelled everything correctly but I think my diagram was wrong
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    My timing for this paper was really bad. Multi-choice questions were fine as well as questions a, b and c for the first context. However, completely ran out of time for the 25 marker, wrote about a third of my answer. My plan I did for it was really detailed though, had evaluative points, methods of intervention, development points I was going to include etc. I wrote an introductory paragraph showing understanding of the question, wrote 2 definitions and did a positive externality graph when discussing a subsidy. Then started my next paragraph on taxing non-efficient methods of transport. Would I get rewarded marks for my detailed plan or not?
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    (Original post by JackersAFC)
    I think yours was right, I misread the question and drew and elastic demand curve and showed supply shifting in. I labelled everything correctly but I think my diagram was wrong
    No no if I'm right, you're right too..it didn't specify whether demand was elastic or inelastic, it simply asked what effect price elasticity of demand would have on revenue.


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    how many marks would I pick up on my 25 marker for that roughly?
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    (Original post by Keyan333)
    Hi, I wrote about how it's the costs suffered by the individual decision maker and it is usually a negative externality? And how consumers don't fully know the disadvantages incurred with consumption?

    Does this mean you have taken the econ 1 exam 3 times? Since you did it last June too?

    What mark do you think I'll get for the 5 marker?? :/
    No, I did it this summer gone. So this was my first retake haha

    I'd say you definitely as a minimum got 3-4 marks, because it is the costs to the individual as you said. I'd say you got 4, but I'm not an examiner haha
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    (Original post by haccounts2012)
    how many marks would I pick up on my 25 marker for that roughly?
    I think you're looking at 10-12 maximum I'm afraid.

    Analysis and Evaluation are the two key points which you can't have done sufficiently in a plan, especially evaluation which is a big chunk of the mark.
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    Does TSR ever create an unofficial mark scheme for the MCQ's ?? I think i done alright but i think i made silly mistakes such as the answer for number 1, i thought the answer was bank loan but everyone is making me doubt myself
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    Almost certain I failed this one. Did anybody else run out of time?

    Did context two, think I did okay on 6 and 7, but ugh.

    Especially irritating that the question was nicer than the one I had in June.
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    (Original post by Homeboy Hotel)
    No, I did it this summer gone. So this was my first retake haha

    I'd say you definitely as a minimum got 3-4 marks, because it is the costs to the individual as you said. I'd say you got 4, but I'm not an examiner haha
    Ah I see. I did it last January. My teacher, in fact all teachers said it was better to retake it along with Econ 3 since they go together well. I got a very low B last January, and got 0 marks for the evaluation, and I was abysmal at Multiple Choice back then.

    I went through all the new spec multiple choice - 2009 - 2012. And 2007.... Kept on going over the questions I got wrong, which took a while! I think It paid off (:
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    (Original post by AlexanderStuart)
    I think you're looking at 10-12 maximum I'm afraid.

    Analysis and Evaluation are the two key points which you can't have done sufficiently in a plan, especially evaluation which is a big chunk of the mark.
    A

    I did analyse the effect of a subsidy, how it helps to move the market to the social optimum level of output and then discussed how demand for fuel could be inelastic and therefore a subsidy would not effect the quantity demanded. and with taxing non-efficient method, I discussed how it was a de-merit good and a tax would alleviate or if not reduce negative externalities from it, then ran out of time? But my main question is, would examiners take my plan into consideration?
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    (Original post by prayforbetterdays)
    Does TSR ever create an unofficial mark scheme for the MCQ's ?? I think i done alright but i think i made silly mistakes such as the answer for number 1, i thought the answer was bank loan but everyone is making me doubt myself
    That's what I'm waiting for. Want to know what I got for my multiple choice. Makes a massive difference to your final grade, it's a 1/3rd of the paper.
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    for my conclusion part on my plan, I put stuff such as time lag, using a range of policies to correct market failure and drew attention to the fact a correction of the information problem was needed
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    (Original post by Keyan333)
    That's what I'm waiting for. Want to know what I got for my multiple choice. Makes a massive difference to your final grade, it's a 1/3rd of the paper.
    But have they ever created it before, i cant find any for the past papers
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    Anyone got multi choice answers?
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    (Original post by prayforbetterdays)
    But have they ever created it before, i cant find any for the past papers

    TSR does not make a mark scheme, but generous student room'ers who get hold of the paper and scan it give people a chance to debate over the answers and (give it a couple days) an unofficial mark scheme is made.
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    (Original post by prayforbetterdays)
    But have they ever created it before, i cant find any for the past papers
    Yes.... just give it a few hours and I'm sure somebody will post one. I don't have a photographic memory like some sadly.
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    (Original post by Homeboy Hotel)
    TSR does not make a mark scheme, but generous student room'ers who get hold of the paper and scan it give people a chance to debate over the answers and (give it a couple days) an unofficial mark scheme is made.
    Lol I want to know now !! but thanks for that my homeboy!! lol
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    For CONTEXT 2...
    First i defined free market economy and why government would intervene

    Then i said that healthy foods are merit goods.. I drew the merit good diagram and showed there was underconsumption. Thus, there is market failure and the government should intervene.

    Then said gov could intervene by taxing unhealthy foods, however fatty foods may be inelastic.. quoted that from the text. Also taxation could have a negative effect on employment in the long run. Taxing could lead to a black market. I quickly squashed in that the revenue from tax could be used for subsidies.

    Then said another policy could be reuglation. Quoted the thing about not having fast food restuarants at sporting events. Said this could cause regulatory caputure, very costy to the government. Possibility of gov failure.

    Against- people believe it should be left to the free market, Adam Smith, and that government intervention can disort the signalling function.
    Also intervening is wasting money that the gov doesnt have.

    Finally to conclude said the gov should intervene by using advertising and taxing unheadlthy foods.. This will benefit in thr LR with a fitter population.

    What do you think? What marks would it be around? Im hoping to get atleast a B! Thanks
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    (Original post by Keyan333)
    Yes.... just give it a few hours and I'm sure somebody will post one. I don't have a photographic memory like some sadly.
    Thanks
 
 
 
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