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# Ocr economics f581 (16/05) and/or f582 (23/05) retakes watch

1. Did anyone do a TTP diagram?
2. I got 0.25 for the elasticity question.. Anyone else?

-0.5/-2

Also, what was the diagram for the TPP? I did the perfectly fixed supply curve shifting inwards. (Could have also done an increase in demand, I think both are correct)
3. (Original post by roger2636273)
q1: define market mechanism.
q2: What happens in the a market when there is excess supply.
q3: Using a demand and supply diagram, explain the effect of a a indirect tax.
q4: What is the equation for YED.
q5: Calculate YED in 2011.
q6: comment on the relative significance of income and price in determining quantity demanded.
q7: Explain what PPC shows.
q8: Show how the use of unrenewable fuels within the economy effects the PPC curve.
q9: What is meant by a negative externality.
q10: explain 2 negative externalities arising from consumption of domestic fuels.
q11: Comment the extent to which information failure causes the market failure.
q12: Discuss whether the use of pollution permits such as the cap and trade will be an effective solution to the negative externalities that arise.

Not exact!!
Hope this helps!
Hey! Just thought i'd add to the detail of the questions in order to help with eventual construction of the unofficial mark scheme:
q1: Explain what is meant by the market mechanism
q2: Describe how firms in a competitive market would react when there is excess supply.
q3: Using a demand and supply diagram, explain the effects of a tax on domestic fuel on the domestic fuel market
q4: What is the equation for YED
q5: Calculate YED in 2011
q6: comment on the relative significance of income and price in determining quantity demanded for domestic fuel (Changes in demand were -20%, +12.5%, +0.1%) (Changes in price were -4.8%, +5.5%, ___) (Changes in income were -5%,___,___)
q7: Explain what PPC shows
q8: Show how world output is affected by the depletion of unrenewable resources (2 goods were consumer goods and capital goods)
q9: What is meant by a negative externality
q10: explain 2 negative externalities arising from consumption of domestic fuels.q11: Comment the extent to which the problem of pollution is as a result of information failure
q12: Discuss whether the use of pollution permits such as the cap and trade will be an effective solution to reduce the market failure arising from negative externalities

I also may have left detail out of the questions, so feel free to add to it so we can compile a proper list. Trying to recall all of the % changes, hopefully will add later
4. (Original post by JYNE)
I got 0.25 for the elasticity question.. Anyone else?

-0.5/-2

Also, what was the diagram for the TPP? I did the perfectly fixed supply curve shifting inwards. (Could have also done an increase in demand, I think both are correct)
Your YED value is incorrect unfortunately, you did %chsnge in income\ change in quantity demanded
5. (Original post by tenro)
Hey! Just thought i'd add to the detail of the questions in order to help with eventual construction of the unofficial mark scheme:
q1: Explain what is meant by the market mechanism
q2: Describe how firms in a competitive market would react when there is excess supply.
q3: Using a demand and supply diagram, explain the effects of a tax on domestic fuel on the domestic fuel market
q4: What is the equation for YED
q5: Calculate YED in 2011
q6: comment on the relative significance of income and price in determining quantity demanded for domestic fuel (Changes in demand were -20%, +12.5%, +0.1%) (Changes in price were -4.8%, +5.5%, ___) (Changes in income were -5%,___,___)
q7: Explain what PPC shows
q8: Show how world output is affected by the depletion of unrenewable resources (2 goods were consumer goods and capital goods)
q9: What is meant by a negative externality
q10: explain 2 negative externalities arising from consumption of domestic fuels.q11: Comment the extent to which the problem of pollution is as a result of information failure
q12: Discuss whether the use of pollution permits such as the cap and trade will be an effective solution to reduce the market failure arising from negative externalities

I also may have left detail out of the questions, so feel free to add to it so we can compile a proper list. Trying to recall all of the % changes, hopefully will add later
Can you add the marks on the end of them?

Posted from TSR Mobile
6. On the 18 mark to get the top marks was it ok to talk about alternatives such as improving market failure or introducing regulation and doing advantages and disadvantages for those after all the diagrams.
7. for the comment question using the data in figure1 what did people put
8. (Original post by Asif_m96)
Your YED value is incorrect unfortunately, you did %chsnge in income\ change in quantity demanded
Oh crap.. Thanks

That's 8 marks lost fml
9. (Original post by MrCoolVille)
On the 18 mark to get the top marks was it ok to talk about alternatives such as improving market failure or introducing regulation and doing advantages and disadvantages for those after all the diagrams.
Any alternatives spoken about must be directly compared to the pollution permit scheme(s) addressed in the question. Indirect taxation for example, in that they each have the similar effects but indirect taxation is more enforceable and easier to adjust if not correctly set in the first place (pollution permits are costly + time consuming to recall back to the government if an incorrect number of them was introduced to the firms). Pollution permit schemes are seen as regulation as they involve the government enforcing a limit within the market via the legislative introduction of the permits

So as long as you compared the permit scheme(s) to a valid alternative and determined which you view as better and why, then yes you should get the marks
10. I have totally ignored the word price!!!! I have only commented on the YED. 3marks reduced from that..wanna cry
11. (Original post by aoxa)
I got something like that, but I thought it was really weird because the values I calculated were going between 0.2-13 or something wacky.

Posted from TSR Mobile
I got those kinds of values too, I thought I was just calculating wrong
12. (Original post by JYNE)
Oh crap.. Thanks

That's 8 marks lost fml
Nah you can get marks the 6 marker for other calculations and comment on marks so dw
13. (Original post by 260498)
Can you add the marks on the end of them?

Posted from TSR Mobile
Sure thing! I'm doing this based on what I can recall so as before feel free to add to/correct it
q1: Explain what is meant by the market mechanism [2]
q2: Describe how firms in a competitive market would react when there is excess supply.[4]
q3: Using a demand and supply diagram, explain the effects of a tax on domestic fuel on the domestic fuel market [6]
q4: What is the equation for YED[2]
q5: Calculate YED in 2011[2]
q6: comment on the relative significance of income and price in determining quantity demanded for domestic fuel (Changes in demand were -20%, +12.5%, +0.1%) (Changes in price were -4.8%, +5.5%, ___) (Changes in income were -5%,___,___) [6]
q7: Explain what PPC shows [2]
q8: Show how world output is affected by the depletion of unrenewable resources (2 goods were consumer goods and capital goods)[4]
q9: What is meant by a negative externality[2]
q10: explain 2 negative externalities arising from consumption of domestic fuels. [6]
q11: Comment the extent to which the problem of pollution is as a result of information failure[6]
q12: Discuss whether the use of pollution permits such as the cap and trade will be an effective solution to reduce the market failure arising from negative externalities [18]
14. Added a few figures that I remembered, not sure on the last one for income I think it was +0.6% but not 100% sure

q1: Explain what is meant by the market mechanism [2]
q2: Describe how firms in a competitive market would react when there is excess supply.[4]
q3: Using a demand and supply diagram, explain the effects of a tax on domestic fuel on the domestic fuel market [6]
q4: What is the equation for YED[2]
q5: Calculate YED in 2011[2]
q6: comment on the relative significance of income and price in determining quantity demanded for domestic fuel (Changes in demand were -20%, +12.5%, +0.1%) (Changes in price were -4.8%, +5.5%, +5.7%) (Changes in income were -5%,+0.9%,___) [6]
q7: Explain what PPC shows [2]
q8: Show how world output is affected by the depletion of unrenewable resources (2 goods were consumer goods and capital goods)[4]
q9: What is meant by a negative externality[2]
q10: explain 2 negative externalities arising from consumption of domestic fuels. [6]
q11: Comment the extent to which the problem of pollution is as a result of information failure[6]
q12: Discuss whether the use of pollution permits such as the cap and trade will be an effective solution to reduce the market failure arising from negative externalities [18]
15. for the 18 marker, i defined and explained a bit about pollution permits, then defined negative externalities. then i explained how pollution permits work to reduce pollution and evaluated it (1 pro, 1 con and one depends one). then i suggested an alternative, taxing non renewable energy and subsidising non renewable to reduce pollution which is a negative externality and evaluated (again, 1 pro, 1 con and one depends on). second suggestion was regulation, explained and evaluated. then in the conclusion i said that pollution permits can be could at reducing negative externalities arising due to pollution but it does nothing to reduce other negative externalities like second hand smoking in which case regulation might be better.

assuming that everything i wrote was correct, how much would you give that?
16. For the 18 marker can you still reach top level, if you didnt speak about an alternatives and only evaluated pollution permits
17. (Original post by 260498)
Added a few figures that I remembered, not sure on the last one for income I think it was +0.6% but not 100% sure

q1: Explain what is meant by the market mechanism [2]
q2: Describe how firms in a competitive market would react when there is excess supply.[4]
q3: Using a demand and supply diagram, explain the effects of a tax on domestic fuel on the domestic fuel market [6]
q4: What is the equation for YED[2]
q5: Calculate YED in 2011[2]
q6: comment on the relative significance of income and price in determining quantity demanded for domestic fuel (Changes in demand were -20%, +12.5%, +0.1%) (Changes in price were -4.8%, +5.5%, +5.7%) (Changes in income were -5%,+0.9%,___) [6]
q7: Explain what PPC shows [2]
q8: Show how world output is affected by the depletion of unrenewable resources (2 goods were consumer goods and capital goods)[4]
q9: What is meant by a negative externality[2]
q10: explain 2 negative externalities arising from consumption of domestic fuels. [6]
q11: Comment the extent to which the problem of pollution is as a result of information failure[6]
q12: Discuss whether the use of pollution permits such as the cap and trade will be an effective solution to reduce the market failure arising from negative externalities [18]
Thanks! We're now almost complete on the questions, can anyone remember the YED calculation they got for 2013? The change in income figure isn't needed as it can be calculated from your result (if it's correct)
18. comment on the relative significance of income and price in determining quantity demanded for domestic fuel

How are we suppose to answer this question. I just calculated the YED values, intepreted them saying elastic/inelastic and saying which is normal/superior goods. However, i then commented saying the data liable to inaccucies and they are estiamates, and said its odd becaue demand for fuel consumption should be Price inelastic.

However, i completely ignored the PED calculations as i thought it was not needed?

How many marks would i lose considering the question was out of 6marks.
19. may be 3

(Original post by Yousf)
comment on the relative significance of income and price in determining quantity demanded for domestic fuel

How are we suppose to answer this question. I just calculated the YED values, intepreted them saying elastic/inelastic and saying which is normal/superior goods. However, i then commented saying the data liable to inaccucies and they are estiamates, and said its odd becaue demand for fuel consumption should be Price inelastic.

However, i completely ignored the PED calculations as i thought it was not needed?

How many marks would i lose considering the question was out of 6marks.
20. Domestic fuel is not the stuff you get in petrol stations btw

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