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

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    (Original post by thelion786)
    What did you put?

    What did everyone put for the excess supply question
    I said that excess supply will lead to producers reducing the price until Qd=Qs and an equilibrium is reached and then some other waffle.
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    (Original post by 260498)
    What did people put for the demand and supply one?

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    I moved the supply curve to the left, as an indirect tax can act as an increase in the costs of production, which would increase the price and reduce the quantity demanded? I said this is dependant on the tax and elasticity.
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    (Original post by thelion786)
    I moved the supply curve to the left, as an indirect tax can act as an increase in the costs of production, which would increase the price and reduce the quantity demanded? I said this is dependant on the tax and elasticity.
    I shifted both😥😣

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    (Original post by jjing)
    think it's supposed to be PPC curve shifting inwards... idk rly
    Oh damn yeah I didn't think of that, that must be correct.
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    Can someone make like an unofficial mark scheme?

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    (Original post by 260498)
    I shifted both😥😣

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    I'm sure you'll still get the marks!
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    (Original post by 260498)
    Can someone make like an unofficial mark scheme?

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    I can create a google docs document, people can help recall the questions and add to them, and then we can post it?
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    (Original post by thelion786)
    I can create a google docs document, people can help recall the questions and add to them, and then we can post it?
    Yes please, I'm just trying to remember the questions, how did you do?

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    (Original post by 260498)
    Yes please, I'm just trying to remember the questions, how did you do?

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    I'll create it now and message you. It was really difficult, I'm struggling to see how I could've done. I don't even know if the content I mentioned was correct
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    (Original post by thelion786)
    I'll create it now and message you. It was really difficult, I'm struggling to see how I could've done. I don't even know if the content I mentioned was correct
    I'm about to binge eat some chocolate and get revising on S3

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    people started to muck around on the mark scheme so I had to disable the sharing.
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    (Original post by thelion786)
    https://docs.google.com/document/d/1...it?usp=sharing

    There's the link. Come help me remember the questions and add what you think you got.
    Mine won't let me open it on my phone so as soon as I get home I'll add to it

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    Just asked for permission to have a look and contribute- freaking out


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    Okay, so there's loads of people that are trying to access the document. For now, please can the people that would like to help us up vote or click on the link and request to edit/view the document and I will accept you. Will publish the mark scheme later in the day.
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    Just asked for permission to have a look and contribute- freaking out


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    Anybody else made the absolute unbelievable mistake of thinking that domestic fuel refers to cars when it actually just refers to gas and electric? I think I've had an absolute belter of an 18 marker, but the excess supply 4 marker as well as my consistent reference of cars polluting in almost all of the 18 marks worth of questions about domestic fuel have screwed me there. Absolutely unbelievable, I'm totally gutted.
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    Dang i thought the capital good will shift to consumer good cus i assume consumer good to be services and all that shiet :'( now everyone shifts the curve inward. I didnt even have a chance to labor tha axises cus they've already done it omg :'( and guys in the information failure question, can i say that fuel is a demerit good so pollution of emission fron burning fuel is cause by information failure
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    oh dear
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    I had no idea what to write for the excess supply in a competitive market question, I just waffled on and on about whatever, but the rest of it was pretty good I think
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    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!
 
 
 
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