Join TSR now and get all your revision questions answeredSign up now

UNOFFICIAL MARK SCHEME OCR Economics - Markets In Action 2015 Watch

    Offline

    2
    ReputationRep:
    omg thank god - so i STILL have a chance of getting 18/18..WOOP.

    FOR PED I mentioned

    If the good is a luxury the PED would be elastic(1st point)
    How much % of disposable it takes, the higher the more elastic (2nd point?)

    people told me after the exam that both of my points are wrong!!
    Offline

    0
    ReputationRep:
    Ah that's what I did also, just hope we can get marks!!!
    Offline

    3
    ReputationRep:
    (Original post by justfly)
    omg thank god - so i STILL have a chance of getting 18/18..WOOP.

    FOR PED I mentioned

    If the good is a luxury the PED would be elastic(1st point)
    How much % of disposable it takes, the higher the more elastic (2nd point?)

    people told me after the exam that both of my points are wrong!!
    The first is more akin to YED, but it does have point. You should have included it in the wider definition of "degree of necessity".

    The second is correct.

    Posted from TSR Mobile
    Offline

    1
    please help me out!! Will i be capped on my essay for simpily missing out the line "subsidies will reduce costs of production"?
    I talked about instead how subsidy make the goods cheaper and market failure is solved as cos its cheaper there will be more demand and no longer underconsumption??
    Cheers
    Offline

    2
    ReputationRep:
    Hi all,

    Finding the mark scheme of the 18 marker a bit confusing and am just looking for a bit of clarification. Am I right in saying that you don't need to refer to the case study for starters? Here is the way I structured it:

    Definition of a subsidy, what it does (increase consumption of merit goods etc) and drew a diagram to illustrate it.

    Drawbacks of using a subsidy e.g. losing quality or firms not passing down costs in form of lower prices.

    Posing the idea of subsidies not being the best solution to other forms of market failure e.g. information failure. I suggested bans and regulations here however didn't go into more depth I simply made it known that there are other forms of market failure for which other policies could be better.

    Concluded ultimately saying that Subsidies can be useful in correcting market failure however it depends on the extent and type of market failure that has occured.

    The main thing that is worrying me is that I didn't go into detail of how alternate policies work and why they are better.

    Any thoughts are very much appreciated.
    Offline

    3
    ReputationRep:
    hey guys did we need to draw the shift of the supply curve on the consumer surplus diagram? i went straight to the price rise without drawing on supply? do you think that will have lost marks?
    • Thread Starter
    Offline

    3
    ReputationRep:
    Think it might be useful to tell you what I did for the essay as everyone has different answers.
    I refer to the case study is an example failure due to a decreasing supply of agricultural products and specified rice and wheats hence it is not allocative efficiency and a market failure due to underproduction

    The as usual, I use subsidy and blah blah blah

    Other people may have done biofuels but I am not sure :P
    Offline

    3
    ReputationRep:
    (Original post by Makashima)
    Think it might be useful to tell you what I did for the essay as everyone has different answers.
    I refer to the case study is an example failure due to a decreasing supply of agricultural products and specified rice and wheats hence it is not allocative efficiency and a market failure due to underproduction

    The as usual, I use subsidy and blah blah blah

    Other people may have done biofuels but I am not sure :P
    It was not necessary to refer to the case at all. Even if they intended it to, they will change it during moderation, as the question was very vague in that case.

    Posted from TSR Mobile
    • Thread Starter
    Offline

    3
    ReputationRep:
    (Original post by *Stefan*)
    It was not necessary to refer to the case at all. Even if they intended it to, they will change it during moderation, as the question was very vague in that case.

    Posted from TSR Mobile
    I suppose so...Not sure what is the OCR doing with these vagueness questions because this is utterly unprofessional, vague as well as last year. But my teacher preferred us to refer to the case study due to last year incident. Just giving an idea what people wrote for essay
    Offline

    3
    ReputationRep:
    (Original post by Makashima)
    I suppose so...Not sure what is the OCR doing with these vagueness questions because this is utterly unprofessional, vague as well as last year. But my teacher preferred us to refer to the case study due to last year incident. Just giving an idea what people wrote for essay
    I'd say last year's question was a lot less vague than this year's. Nonetheless, the examiner's report and the mark scheme do not call for specific references to the case study, though do mention a couple points which notion towards the info of the case.

    Posted from TSR Mobile
    Offline

    2
    ReputationRep:
    this is how i structured my essay,
    Introefinition of subsidies, market failure
    and i said 1 example of subsidies can be referred to the text blah blah
    And i mention bio fuel, i said it has positive externalities since it benefit the third party ( environment,family of farmers because the text did mention something about growing biofuel help farmers not going out of business)
    And subsidies, graph, and some comment
    Alternative, i ran out of time so just mention using regulation but it might be undesirable because high cost to enforce the law
    Conclusion
    Offline

    0
    ReputationRep:
    i said this solves underconsumption instead of underproduction...how much will this affect my mark?
    Offline

    0
    ReputationRep:
    If i i didnt highlight that it was a positive/negative externality and just went straight on to subsidy and how it works after introduction will i be limited to a certauin amount of marks????
    Offline

    2
    ReputationRep:
    (Original post by lexy1213)
    i said this solves underconsumption instead of underproduction...how much will this affect my mark?
    i dont think you will lose any mark, the question didnt mention any of that
    Offline

    3
    ReputationRep:
    (Original post by anndz3007)
    i dont think you will lose any mark, the question didnt mention any of that
    To access L3 Band 2, he did well to mention this. He may be given the benefit of doubt for the incorrect use of the terms.

    Posted from TSR Mobile
    Offline

    0
    ReputationRep:
    Did you HAVE to use relevant information from the case study in the 18 marker?
    Offline

    3
    ReputationRep:
    I wrote the entire essay fine but instead of the subsidy decreasing the Under-Production I talked about how it shifted supply which decreased the Under-Consumption.

    Any issues with this??? D:
    Offline

    3
    ReputationRep:
    (Original post by JonnyAHK)
    Did you HAVE to use relevant information from the case study in the 18 marker?
    It's been a debatable matter... I would argue not, because the question made no explicit reference (or even hinted for that matter).

    Posted from TSR Mobile
    Offline

    3
    ReputationRep:
    The essay is so vague there is literally so many things you can write, I recon they made it easy (the essay) because there's no retakes
    Offline

    1
    ReputationRep:
    For the essay writing about the increase in mpb on a diagram would that be right?
 
 
 
Poll
How are you feeling about your A-level results?

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Quick reply
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.