OCR F581 Markets in Action - 11 May 2015 Watch

JYNE
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#1581
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#1581
(Original post by *Stefan*)
Yes. You should refer to what the scarce resource is though (ie land).

I used water instead.

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Yeah, I quickly added land in as the example of the scarce resource
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jordan2609
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#1582
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#1582
if you drew producer surplus instead of consumer will you get 0/6
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alicec11
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#1583
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#1583
What did people get for the allocative efficiency and public good question?
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_Fergo
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#1584
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#1584
(Original post by Anon606)
For the Consumer surplus i shifted S outwards instead of Inwards, 0 Marks?
Unfortunately it said "supply decrease". Depends on the explanation you gave.

(Original post by 0123456543210)
On the 2nd questuion after drawing the diagram what you guys wrote?
I probably messed up, just stated the shifts and how both shift would lead to significant price increase.
HELP
You basically needed to explain your diagram. That's always how these questions work.

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AlexeyxDD
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#1585
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#1585
(Original post by jordan2609)
if you drew producer surplus instead of consumer will you get 0/6
i know, but was the definition also consumer surplus?
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Helpme_1
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#1586
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#1586
(Original post by Helpme_1)
Ok for the 18 marker i think i might of ****ed up. Instead of talking about underconsumption i talked about( using the example of trains/cars) that subsidising a merit good like trains would cause price to fall increasing the demand for them, therefore the demand for the subistute demeirt good would fall. As anaylsis i said it depends on how good the subisitute is, e.g trains are considered an inferior good so people are still unlikrly to switch and that it also depends on if the producers pass the subisdy on to the consumera in the form of lower prices.

Is this still going to get me some marks?

Can someone help im really worried about this.
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_Fergo
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#1587
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#1587
(Original post by AlexeyxDD)
one more thing, were both surplus questions on consumer surplus, definition and diagram? im really stressed out, as im sure i've read both as producer... how is that even possible, i was really focused
Yes, both on consumer surplus (definition and diagrammatic explanation).

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Pato1
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#1588
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#1588
Almost everyone was rushing the essay towards the end, OCR were not nice regarding time this year
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JYNE
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#1589
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#1589
I said allocative efficiency was when the market is economic efficient, is that wrong? Completely forgot the actual definition in the exam (when consumer satisfaction is maximised)
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_Fergo
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#1590
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#1590
(Original post by Pato1)
Almost everyone was rushing the essay towards the end, OCR were not nice regarding time this year
Definitely agree!

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c223
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#1591
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#1591
(Original post by 0123456543210)
On the 2nd questuion after drawing the diagram what you guys wrote?
I probably messed up, just stated the shifts and how both shift would lead to significant price increase.
HELP
It was a 6 mark question and I think normally 3-4 marks are gained just from the diagram. I shifted the supply curve only, then wrote that this could be due to farmers switching to biofuel instead of producing alternative agricultural goods which would reduce supply, therefore decreasing quantity from Q to Q1 and increasing price from P to P1 (as shown on my diagram). The extent to which price increased would be subject to price elasticity of supply, the size of the shift and could be increased by an increase in demand or offset by a decrease in demand.
That was probably slightly excessive though for a 6 mark including a diagram, I just had some time to kill
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_Fergo
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#1592
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#1592
(Original post by chloe-jessica)
It was a 6 mark question and I think normally 3-4 marks are gained just from the diagram. I shifted the supply curve only, then wrote that this could be due to farmers switching to biofuel instead of producing alternative agricultural goods which would reduce supply, therefore decreasing quantity from Q to Q1 and increasing price from P to P1 (as shown on my diagram). The extent to which price increased would be subject to price elasticity of supply, the size of the shift and could be increased by an increase in demand or offset by a decrease in demand.
That was probably slightly excessive though for a 6 mark including a diagram, I just had some time to kill
The diagram is worth 4 marks. Then 2 for explanation.

The L4 commentary you added was unnecessary here to be honest, but doesn't hurt anyone :P

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Alistevens184
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#1593
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#1593
Im worried because on the consumer surplus questions I didn't draw supply on it or even shifting left I just drew the price rise!! What will happen?
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casiobose
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#1594
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#1594
Which positive externalities did you get from the case study?
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Pato1
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#1595
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#1595
I don't know for sure but there has never been a question like there was re: Allocative effiency, normally it's only a 2 marker
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_Fergo
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#1596
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#1596
(Original post by Alistevens184)
Im worried because on the consumer surplus questions I didn't draw supply on it or even shifting left I just drew the price rise!! What will happen?
How did you explain the price rise though?

(Original post by casiobose)
Which positive externalities did you get from the case study?
Which question is this referring to?

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Alistevens184
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#1597
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#1597
Well it a ready said thats supply had fallen! How many marks will i lose?
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c223
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#1598
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#1598
(Original post by *Stefan*)
The diagram is worth 4 marks. Then 2 for explanation.

The L4 commentary you added was unnecessary here to be honest, but doesn't hurt anyone :P

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Hence I said "this is probably excessive". To be honest I was stressing about which curve to shift so I just thought maybe if I put some decent stuff in, the examiner will like me (if only it worked like this). I also had time to kill at the end, really not sure how I managed that though.
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nayah
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#1599
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#1599
(Original post by chloe-jessica)
I did
I did, the whole point of why it may not be a public good was because of quasi
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LG12345
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#1600
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#1600
OMG was I right to do indirect tax instead of subsidy??
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