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Economics essay question

Really confused about this essay and what diagram etc to do. Exam board is OCR:
Discuss whether a subsidy for bus travel is the best way to correct market failure arising from car use (18 marks)
(edited 9 years ago)
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Coombsy
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Original post by beckyreavell
Really confused about this essay and what diagram etc to do. Exam board is OCR:
Discuss whether a subsidy for bus travel is the best way to correct market failure arising from car use (18 marks)


For the diagram, consider how a demand and/or supply changes with the introduction of a subsidy. From this you should then be able to use a chain of analysis of how this leads to ammeding the market failure

As it's a discuss question, you will need to consider why a subsidy may NOT ammend the market failure. Think why this might be the case.

Then conclude with a judgement as to whether a subsidy WILL or WILL NOT ammend the market failure, giving the largest factors to your decision and other consequences of introducing the subsidy.

I would advise using this structure for all 18 mark questions on ammending market failure/externalities as it allows tyou to move through the level bands and in to the higher marks.

Hope that helps and you can have a shot at the question now.

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