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

Most difficult f581 eveR?

Reply 161

260498

Original post by Pato1

Most difficult f581 eveR?

Definitely but hopefully grade boundaries are low

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Reply 162

Answers i put!!
q1: A market without intervention, i.e the price and output of a good will be determined by forces of demand and supply.
q2: Illustrated excess supply with diagram, excess supply will lead to a fall in price and equilibrium will balance out at where demand = supply.
q3: Shifted supply inwards - basic diagram analysis.
q4: %change in q demanded/% change in income
q5: = 4
q6: HARD QUESTION! i calculated PED and YED for each timeframe. Then went on to say that income has the biggest effect on q demanded because price growth remained fairly stable throughout. L4 depends on other demand determinants and also elasticity of supply.
q7: The Maximum quantities of different combinations of output of 2 products given current resources and technology.
q8: Shifted the whole curve inwards. No labels just shifted the curve.
q9: Social cost exceeds private costs.
q10: Air pollution - respiratory problems NHS strain. AND global warming increased flooding.
q11: Info failure causes overproduction etc. L4 (difficult) consumers and producers may not be well informed however choose to consume anyway due to cost advantages and necessity.

I'm pretty sure i did awful!! Hope this helps everyone.
I too mentioned ehaust fumes in essay and neg ext question so bound to lose marks for that.

Reply 163

f_p38

1

Original post by Pato1

Most difficult f581 eveR?

Yes.

Reply 164

MrCoolVille

Will I get any marks for increasing capital goods which decrease consumer goods on the ppc. So a shift along the PPC Curve? I thought this was right?

Reply 165

It was 100% a shift inwards of the PPF as that fuel is used to make both capital and consumer goods

Reply 166

Anyone know the exact definition of 'market mechanism'?

Reply 167

Asif_m96

1

Original post by MrCoolVille

Will I get any marks for increasing capital goods which decrease consumer goods on the ppc. So a shift along the PPC Curve? I thought this was right?

That's what I did.

Reply 168

Original post by roger2636273

Anyone know the exact definition of 'market mechanism'?

This is annoying me too since it's not even specifically in the book! FFS OCR

Reply 169

Asif_m96

1

Original post by roger2636273

Anyone know the exact definition of 'market mechanism'?

I write how a market uses demand and supply market forces to determine price and allocate resources.

Reply 170

when shifting the ppc inwards, did you have to label anything or was it simply a shift of the curve.

Reply 171

Unless they are talking about Free Market Mechanism which is the definition I used

Reply 172

MrCoolVille

Anyone have any ideas for grade boundaries for this paper?

Reply 173

260498

Original post by roger2636273

Answers i put!!
q1: A market without intervention, i.e the price and output of a good will be determined by forces of demand and supply.
q2: Illustrated excess supply with diagram, excess supply will lead to a fall in price and equilibrium will balance out at where demand = supply.
q3: Shifted supply inwards - basic diagram analysis.
q4: %change in q demanded/% change in income
q5: = 4
q6: HARD QUESTION! i calculated PED and YED for each timeframe. Then went on to say that income has the biggest effect on q demanded because price growth remained fairly stable throughout. L4 depends on other demand determinants and also elasticity of supply.
q7: The Maximum quantities of different combinations of output of 2 products given current resources and technology.
q8: Shifted the whole curve inwards. No labels just shifted the curve.
q9: Social cost exceeds private costs.
q10: Air pollution - respiratory problems NHS strain. AND global warming increased flooding.
q11: Info failure causes overproduction etc. L4 (difficult) consumers and producers may not be well informed however choose to consume anyway due to cost advantages and necessity.

I'm pretty sure i did awful!! Hope this helps everyone.
I too mentioned ehaust fumes in essay and neg ext question so bound to lose marks for that.

Do you know the marks?

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Reply 174

260498

Original post by MrCoolVille

Anyone have any ideas for grade boundaries for this paper?

I reckon 42 for an A and 5 inbetween each barrier

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Reply 175

snizzle123

Done this stupid exam 3 times now and it has gotten even more difficult each time.. this was by far the most difficult F581 paper

Some one mentioned that it is domestic fuel, so any one who spoke about cars say good bye to some marks, as i will.

The elasticity question was the hardest in F581 history, it was such a annoying questions.

ifs!

..guys can i get access to the spread sheet aswell pls.

Reply 176