Edexcel economics unit 1 may 13th

Well lets be honest, no one did question nine. That was horrific! Multiple choice was lovely

Haha, I'm part of the 2% that chose 9. It went well, was initially difficult but the 14 markers paid off. Very straightforward....and the regulation question in 10 put me off. I liked supply of labour in 9 too!



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what did everyone write about the 14 markers for question 10?

Fair enough! How did you think the multiple choice went?

Easy stuff...not difficult at all. Hopefully 31+ marks

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As far as I can remember.
1) Opporutnity cost - scarce resources.
2) Division of Labour - Decrease in output per unit.
Don't know the correct order from here...

answer on p.e.s = 0.33 price inelastic.
Fish was a inelastic good for both countries
the tax was an advalorem.
Government buys and adds to its stock.
Tea harvest - Increase in supply for tea....

Cant remember the final question

Literally my whole Economics class chose tobacco, ahah.

One of my friends chooses the first one...

Blasphemy! How dare they :O
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Wasn't one answer normal for cereal in one country and inferior for another?

Your answer should be correct


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The multiple choice questions were pretty straightforward. And I did question 10, but for last question on increased taxes and regulations leading to gov. failure. I didn't talk about negative externalities. Is thatt ok? What did you guys put for that question?

If I remember, I wrote about the illegal smuggling which can lead to more unaware health concerns since they can contain harmful chemical substances. And that there'd be less tax revenue if there was smuggling. The regulation led to like 1000+ pubs closing so unemployment and that people would not be able to hang out in there.
I ran out of time on the last question since I only have 10 minutes to answer it and I don't think I drew a negative externalities graph woops.

For the question concerning the elasticity of cigarettes/tobacco. I said it was inelastic but for children since there was no change in demand it was perfectly inelastic.


Everyone in my class chose the tobacco question as well

Hi
Just wanted to ask how did everyone find the exam. Which question did you do for section B , and if anyone did question 10 did we have to draw a externality diagram if so which one.
Also did anyone run out of time for the paper.