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F581/ F582 Economics June 2013 Watch

  • View Poll Results: How hard did we find this exam ?
    so hard i felt like crying through the exam
    13
    12.50%
    very difficult , but one or two were alright
    13
    12.50%
    fairly standard
    33
    31.73%
    quite easy , with one or two hard ones
    35
    33.65%
    so easy i felt like dancing throughout the exam
    10
    9.62%

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    (Original post by christanmu)
    If you're referring to the diagram displaying what had happened to QD and QS, I fell for that as well first time around I did not change P, but nowhere did it say that the change was balanced, and so I changed it to one with a higher price as in the case study it told us that price had increased!



    Yeah so did I I think that is probably the best essay I have ever done, except for my lack of any good conclusion cos' I ran out of time gr |:

    Glad it went well for you!
    it was definitely one of my best essays i have ever written , wrote four pages ( double what i usually write for these essays haha ) managed to analyse regulations and indirect taxation in depth and evaluate them and compared and contrasted the two in terms of effectiveness

    Thank you and you too !
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    (Original post by iggyDash)
    Yesss! only change in quantity right ?(decrease)

    got it right the i think
    yeah it resulted in a reduction in the quantity supplied and quantity demanded. An evaluative point was that it depended on the size of the shifts in supply and demand , as one could be bigger than the other hence the Market equilibrium price could increase or decrease if the change was unbalanced !
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    These two exams are by far the easiest papers for both modules, i'm expecting high boundaries. Hoping f583 is just as good
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    (Original post by iggyDash)
    Yesss! only change in quantity right ?(decrease)

    got it right the i think
    Wait so your saying that you shifted both supply and demand to the left and your price didn't change? Only quantity did?
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    (Original post by M.I.A)
    You could surely then say that nowhere did they specify that the change was unbalanced... I am not disagreeing with you but all I am saying that the question was confusing, hence, why there is a debate as to what you had to shift...
    Yeah absolutely, to be fair I guess they will give the marks either way, I will be piiiiiissed if they don't though and I got it wrong because I thought too much into it
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    Can someone who's confident please evaluate my essay question?

    It asked about whether regulation was the best method of fixing market failure associated with information failure.

    I started off with definitions of market and information failure and went on to say I was using tanning beds as an example of information failure (from case study). I then said that for regulation the government could pass a law forcing firms to provide information regarding the risks of using sunbeds to all potential customers before they use the beds. I then weighed up the good points of this before saying how it would be tricky and costly to enforce and firms might well just ignore the law depending on the severity of the pentaltly, and also how it was ineffective as most people have made up their minds as to whether they're using them before the leave for the salon. I then offered information provision as an alternative, suggesting a televised ad campaign as an option. I said positives were that it could be targeted (by airing it at certain times on certain channels), unbiased as the info was from the gov. and as the information would be provided before the potential consumer had decided to use them. Also you know it will be aired, as in unlike the salons, you know that this information will be provided. For negatives I added that it is costly and the information would only be provided for as long as the ad campaign was aired for. I then summed up that information provision was the better option, stating reasons and generally summing up.


    WOULD THIS BE GOOD FOR MY ESSAY? WAS MY REGULATION OPTION GOOD?

    PLEASE SOMEONE READ THIS, I'M SO WORRIED.
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    my diagram i shifted both and got the price falling negligably, i wrote it too lol

    feels
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    (Original post by mandem2k11)
    my diagram i shifted both and got the price falling negligably, i wrote it too lol

    feels
    I did the same, can anyone confirm whether or not this would get marks?
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    (Original post by JamesMartinez)
    I did the same, can anyone confirm whether or not this would get marks?
    yes it will get the marks i remember a past paper question with the exact same question , and the mark scheme said " negligible change or no change at all " or something like that in terms of the price
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    (Original post by Fas)
    yes it will get the marks i remember a past paper question with the exact same question , and the mark scheme said " negligible change or no change at all " or something like that in terms of the price
    Thanks! And could you please (maybe later if you have time) read my essay question post a few posts up, and tell me how good it is? Sorry, I'm just so worried.
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    (Original post by christanmu)
    Yeah absolutely, to be fair I guess they will give the marks either way, I will be piiiiiissed if they don't though and I got it wrong because I thought too much into it
    Yh I hope so! I am pissed because the amount of time I spent on that question was ridiculous!!!
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    (Original post by JamesMartinez)
    Thanks! And could you please (maybe later if you have time) read my essay question post a few posts up, and tell me how good it is? Sorry, I'm just so worried.
    Seems to be fine to me ! Aslong as it had a good amount of depth to it and was evaluative - however you also did have to mention that the market failure arising from information failure was that it would lead to over-consumption of demerit goods which leads to an increased number of negative externalities ( although the bit about negative externalities isnt really needed )
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    I thought this paper was quite nice apart from the essay question. Which was on something I really didn't want haha! This is my 2nd resit of this unit simply because I want to ensure my B for my university offer. I hope I keep my best score if I don't improve my current UMS on that paper
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    (Original post by Genesis2703)
    I thought this paper was quite nice apart from the essay question. Which was on something I really didn't want haha! This is my 2nd resit of this unit simply because I want to ensure my B for my university offer. I hope I keep my best score if I don't improve my current UMS on that paper
    yep you do. If you scored higher in your first attempt, then you keep that one
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    anyone know of any unofficial mark schemes for f581
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    I analysed the regulation applied in the case study. Which was banning under 18s from using sunbeds. Will I still be okay?


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    (Original post by M.I.A)
    Wait so your saying that you shifted both supply and demand to the left and your price didn't change? Only quantity did?
    Yes?
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    (Original post by Shaadi Baba)
    I analysed the regulation applied in the case study. Which was banning under 18s from using sunbeds. Will I still be okay?


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    Sounds fine to me, mine was much worse put it that way and users on here said even that was fine.
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    (Original post by mandem2k11)
    To peolple saying demand fell due to increased prices

    The csse study also said demand fell due to decreased consumer incomes. A key determinant of the demand curve.

    However, as they emphasized supply AND demand, with AND bolded it leads to me think you had to shift both inwards
    the question was regarding sun beds and tan allc not aero planes so no. uare r all wrong btw if its negative extr then the supply ONLY shifts to the left because of over production
    demand decreasing because of consumer surplus noting else there a reason why they split the case study into 2.
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    (Original post by hello my name is)
    the question was regarding sun beds and tan allc not aero planes so no. uare r all wrong btw if its negative extr then the supply ONLY shifts to the left because of over production
    demand decreasing because of consumer surplus noting else there a reason why they split the case study into 2.
    erm... the question we are on about ( the demand and supply diagram one ) had absolutely NOTHING to do with sun beds or tan accelerator products. Or negative externalities , or consumer surplus.
 
 
 
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