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    I went with Context 1, although it seems the majority went with Context 2. The definition was relatively simple, especially as you can give a formula to elaborate on your definition. Describing the changes from the graph was relatively straight forward too. When it came to the 12 mark question I began drawing an elastic graph and explaining how fuel was price elastic... Luckily I realised my error and just restarted, although that kinda set me back a bit on the 25 marker. I finished just in time, although I would've liked to have gone back and checked the Multiple Choice questions, as I felt I rushed them and didn't check the answers thoroughly enough.
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    (Original post by bestfriends33)
    That makes me feel a bit better! so what kind of stuff did you write about?
    I considered that it was a merit good and drew the diagram explained it then evaluated it and talked about inelasticity and how it could result in prices going up but people who have a habit in consuming demerit goods will still buy them and it will punish the people who are consuming junk food in moderation.

    Then i basically just went onto talk about how the british public didn't respond kindly to the last time the government intervened with the "outcry" and that this obviously shows assymetric information still exists and that before any intervention is even considered they should allow market forces to work in correlation with education. Don't think my second point will be in the mark scheme to be fair but i did evaluate really well on my first point so I just hope I get some marks!!
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    Okay, for CONTEXT 1

    For the 12 mark question, I did 2 diagrams where Demand line was elastic and inelastic and showed the change in revenues and explained it..how many marks would I get roughly?

    25 mark question...picked things out of the extracts, talked about subsidies to rail and bus travel companies + evaluated the cost that theres an opportunity cost of the billion pounds, providing info about congestion effects, talked bout govt failure could occur. Was about page and a half..+ did a conclusion and said what I thought was best.

    How many marks would I get?
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    did q1
    wrote about taxes and subsidies...
    said taxation was the best because revenue could have been used to implement other policies/ legislation to correct congestion
    TIMING WAS SUCH AN ISSUE. Urgh.
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    Instead of mentioning rail travel, buses etc I just classed it as public transport whole.

    Does anyone know whether this would be marked negatively?
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    (Original post by Julia95)
    Well, for that question, I calculated the value and got -0.8 so chose the one with from -1 to 0. Don't remember what was in the first block. xD
    -0.8 here aswell ( this was block 2 ) in block one meaning our options were something happened to price of lamb .. Or prices in wages of agricultural workers reduced I think - I went with this one , which was B


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    Also what did people put for multiple choice question 2 - what prevents firms from growth - diseconomies of scale at low levels of output or completion in industry


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    (Original post by Keyan333)
    So who has finished their exams?

    I'm an A2 student. Luckily 3 out of 4 of my exams are over. Have Econ 3 on Tuesday.

    Envious of the people who have already finished!
    A2 student as well got C3 next week and ECON3. Are you ready for it?
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    (Original post by ljc123)
    The last exam had a really hard question on buffer stocks and they just had a lower grade boundary for the whole paper to like 58/75 or s/t for an A
    Really, I did that paper last year and just missed an A last year. Done the retake today and found last years easy in comparison to this.
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    (Original post by Newbie95)
    A2 student as well got C3 next week and ECON3. Are you ready for it?
    Not yet. As I said I had 3 exams, spent all the time revising for those. Made notes on Econ 3 but they haven't stuck in.

    I will start revising thoroughly for Econ 3 hopefully starting tomorrow. Saturday + Sunday + Monday will be full of Econ3.

    Econ 3 is much harder than Econ 1 though, lots of Diagrams to learn and so much content! I'm lucky it's my only exam left to revise for.

    What about you??
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    (Original post by Rafael_96)
    Also what did people put for multiple choice question 2 - what prevents firms from growth - diseconomies of scale at low levels of output or completion in industry


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    I put competition for that one
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    (Original post by FindBeautyInNegativeSpace)
    Instead of mentioning rail travel, buses etc I just classed it as public transport whole.

    Does anyone know whether this would be marked negatively?
    No exam board will mark you with a -1, no matter however stupid someones argument is. I think what you've done is absolutely valid
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    for the marginal private cost i put: the cost to the firm or consumer for producing or consuming one more of a good. do you think i will get marks? and if so how many?
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    Hi guys, how did everyone find it ?
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    (Original post by Newbie95)
    Really, I did that paper last year and just missed an A last year. Done the retake today and found last years easy in comparison to this.
    Personally think the grade boundaries will be relativley low, with alot of people picking context two and not actually considering the question and just diving straight into evaluating methods, gaining little marks.
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    for 25 marker a vaguely talked about junk food being as a demerit good as it had a cost to NHS of something about in the introduction of my essay.

    then a did other 3 paragraphs as
    subsidy on healthyfood
    tax on junk food
    advertisement on healthy food
    evaluation

    would that be ok?
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    (Original post by mo123456)
    for 25 marker a vaguely talked about junk food being as a demerit good as it had a cost to NHS of something about in the introduction of my essay.

    then a did other 3 paragraphs as
    subsidy on healthyfood
    tax on junk food
    advertisement on healthy food
    evaluation

    would that be ok?
    Sounds good although I didn't do an advertisement since it said explain other factors, and because it was already described in the extract. I did a max price on healthy food, min price on unhealthy food and a tax on junk food without a diagram (Didn't have time). Like I said before, I wrote how market forces would work, and the benefits and disadvantages of them. And why they're not really relevant in the form of reducing the demand of negative externalities and increasing the demand of positive externalities since Market forces don't aid any of these and governments need to intervene to solve the problem described - increase consumption of healthy food / reduce consumption of fatty foods.

    You should be fine, did you write about leaving the Market Forces vs Government Intervention?
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    (Original post by Rafael_96)
    Also what did people put for multiple choice question 2 - what prevents firms from growth - diseconomies of scale at low levels of output or completion in industry


    Posted from TSR Mobile

    Surely diseconomies of scale at low levels of output would encourage firms to increase their size, and hence grow?

    I think the answer was C, something like large economies of scale at low levels of output.

    "If you're benefiting from EOS from low output, why grow?"
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    in context 1

    what was the actual question for the 12 marker (graph)?

    because some people have drawn two graphs and compared them , then some have done just either an elastic or inelastic graph - and now i can't even remember what the question asked
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    For context 2
    for the 5 mark definition q, marginal private cost!
    i wrote that this is the added costs created by a firm or individual and suffered by that firm or individual. Then I gave an example of smoking and the causes it will have on someone's health... Do you think I would get full marks for this?
 
 
 
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