OCR F581 Markets in Action - 11 May 2015 Watch

aoxa
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#1781
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#1781
(Original post by nectempus)
On the consumer surplus one I didn't draw in the two supply curves I just showed the change of price it would cause and the demand curves. Will I be penalised?
Why would you draw a supply curve for consumer surplus?
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c223
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#1782
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#1782
I did not like the way they labelled their price and quantity axes, they put them right where I was trying to write my P and Q points.
Also, does anyone know if there's some sort of rule for 100 UMS? Obviously it will change depending on grade boundaries, but is there any reasonably decent way of working it out?
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GeorgeAJ
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#1783
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#1783
(Original post by 2014_GCSE)
I think 44-47 personally
I think it could be lower because there were no questions on factors of production which are easy marks for most people
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c223
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#1784
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#1784
(Original post by aoxa)
Why would you draw a supply curve for consumer surplus?
Because the question asked for the effect of a fall in quantity supplied, therefore a shift to the left in the supply curve and a rise in price as a result, which reduces consumer surplus.
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mayhs98
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#1785
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#1785
(Original post by aoxa)
Why would you draw a supply curve for consumer surplus?
The question was also asking for a price decrease in relation to the supply curve shifting to the left. That's why a lot of people puzzled by this.
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Yousf
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#1786
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#1786
(Original post by chloe-jessica)
If you explained these two then yes, I don't see why that would be wrong. The question was referring to determinants of PED, contrary to what many people on here are saying.

Could we also mention number of subisitues, as more subistues more elastic a product is?
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Iz-Matt
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#1787
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#1787
It was used on the bio fuels which has positive externalities as less pollution
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Coombsy
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#1788
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#1788
I took the January 2013 exam and the 18 mark question was on subsidies (however it did have a context). I got 18/18 so it may be useful to see if what you said was similar to what I did. See here: http://www.thestudentroom.co.uk/album.php?albumid=10936
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Invest
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#1789
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#1789
(Original post by chloe-jessica)
I did not like the way they labelled their price and quantity axes, they put them right where I was trying to write my P and Q points.
Also, does anyone know if there's some sort of rule for 100 UMS? Obviously it will change depending on grade boundaries, but is there any reasonably decent way of working it out?
figure out the difference between each grade bracket. so say from a B to an A is 5 marks apart then you add this number twice to the A grade. Adding it once gives 90% UMS then again for 100% UMS.

For example:
70% UMS (B) - 41 Marks
80% UMS (A) - 46 Marks
90% UMS - 51 Marks
100 UMS - 56 marks

hope this helped.


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aoxa
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#1790
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#1790
(Original post by mayhs98)
The question was also asking for a price decrease in relation to the supply curve shifting to the left. That's why a lot of people puzzled by this.
(Original post by chloe-jessica)
Because the question asked for the effect of a fall in quantity supplied, therefore a shift to the left in the supply curve and a rise in price as a result, which reduces consumer surplus.
But why would you have a supply curve in consumer surplus? The only way I've ever drawn a diagram of consumer surplus is with a demand curve touching both price and quantity axises.
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c223
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#1791
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#1791
(Original post by Invest)
figure out the difference between each grade bracket. so say from a B to an A is 5 marks apart then you add this number twice to the A grade. Adding it once gives 90% UMS then again for 100% UMS.

For example:
70% UMS (B) - 41 Marks
80% UMS (A) - 46 Marks
90% UMS - 51 Marks
100 UMS - 56 marks

hope this helped.


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That is perfect, thank you!
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jacob$wagmaster
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#1792
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#1792
cuz youz get evaluation marks you rasklat
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c223
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#1793
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#1793
(Original post by Yousf)
Could we also mention number of subisitues, as more subistues more elastic a product is?
Yes. I wrote about availability of substitutes (eg. wine is easily substitutable with other alcoholic beverages whilst rice is less easy to substitute) and necessity vs luxury (eg. rice tends to be a necessity so is likely to be price inelastic)
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Iz-Matt
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#1794
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#1794
(Original post by Yousf)
What did people write for what makes the ped more elastic, i said number of subistues for one, and then i said some products are neccessities and people need them eg rice so are more inelastic than others
I mentioned necessities and desires, I also talked about proportion of income for example steak and salt etc
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c223
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#1795
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#1795
(Original post by aoxa)
But why would you have a supply curve in consumer surplus? The only way I've ever drawn a diagram of consumer surplus is with a demand curve touching both price and quantity axises.
With consumer surplus diagrams, you need both curves to show the equilibrium price. The consumer surplus is then the area between the equilibrium price and the top of the demand curve (the top triangle if that makes sense). Without the supply curve, you wouldn't have the price.
Name:  Consumer-surplus.png
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aoxa
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#1796
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#1796
(Original post by Invest)
figure out the difference between each grade bracket. so say from a B to an A is 5 marks apart then you add this number twice to the A grade. Adding it once gives 90% UMS then again for 100% UMS.

For example:
70% UMS (B) - 41 Marks
80% UMS (A) - 46 Marks
90% UMS - 51 Marks
100 UMS - 56 marks

hope this helped.


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That's assuming each grade bracket is exactly 5 marks - the chances of that happening are very slim.
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mayhs98
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#1797
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#1797
(Original post by aoxa)
But why would you have a supply curve in consumer surplus? The only way I've ever drawn a diagram of consumer surplus is with a demand curve touching both price and quantity axises.

I mean as long as you showed the consumer surplus on the demand curve making the old CS and new CS (two triangles) I guess that's fine but it did say in question that SUPPLY DECREASES so you know that's why a lot of people showed a shift in supply curve to the left....
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aoxa
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#1798
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#1798
(Original post by chloe-jessica)
With consumer surplus diagrams, you need both curves to show the equilibrium price. The consumer surplus is then the area between the equilibrium price and the top of the demand curve (the top triangle if that makes sense). Without the supply curve, you wouldn't have the price.
Name:  Consumer-surplus.png
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That's different to how I've been taught it, and different to how I've seen past consumer surplus questions on mark schemes, but I guess we've just got to hope for the best!
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midgemeister7
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#1799
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#1799
(Original post by aoxa)
That's assuming each grade bracket is exactly 5 marks - the chances of that happening are very slim.
They're usually equally spaced out like that

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samrees29
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#1800
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(Original post by Coombsy)
I took the January 2013 exam and the 18 mark question was on subsidies (however it did have a context). I got 18/18 so it may be useful to see if what you said was similar to what I did. See here: http://www.thestudentroom.co.uk/album.php?albumid=10936
my answer was almost identical to yours however on my diagrams i wrote quantity demanded and not quantity , wghat do you think the outcome will be?
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