Synonym
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what do you reckon could possibly come up as the essay questions ?
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Fox Corner
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(Original post by Synonym)
what do you reckon could possibly come up as the essay questions ?
Hi! I moved this to the Economics forum for you
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Chrstina
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Hi! What do you think about the essay questions
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MadHannah23
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My teacher thinks possibly market failure
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Zdaus
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#5
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My Teacher also said Market Failure
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Bigbosshead
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A question was as follows:A 20% rise in incomes brings a 25% in the bookings at hotels in Blackpool.

This means:


Hotels in Blackpool are inferior goods-
Hotels in Blackpool are a normal good
Hotels in Blackpool have income elastic demand
Hotels in Blackpool are a luxury product.

Surely the answer is part d.) as the income price elasticity of demand (responsiveness of the quantity demanded of the good or service following a change in real income) is >1?
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Bigbosshead
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BUMP
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keynes24
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#8
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(Original post by Bigbosshead)
BUMP
you have to be more patient. Classifying goods as luxury is a bit subjective, if it is YED>1 I would go for demand being income elastic.
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JMEisjames
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Market Failure will defiently come up as otherwise there is very little to talk about
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harryleavey
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(Original post by keynes24)
you have to be more patient. Classifying goods as luxury is a bit subjective, if it is YED>1 I would go for demand being income elastic.
Technically any good with a positive YED, which is above 1, is considered a luxury good.
I think the last 2 choices are correct.
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keynes24
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(Original post by harryleavey)
Technically any good with a positive YED, which is above 1, is considered a luxury good.
I think the last 2 choices are correct.
it is subjective, the more accurate choice (in my view at least) is YED>1 elastic
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kesheman
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my teacher predicted that trade-able permits would come up, what has everyone else's teachers said??
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harryleavey
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(Original post by kesheman)
my teacher predicted that trade-able permits would come up, what has everyone else's teachers said??
My teachers predicted government failure.
Reason: "Edexcel examiners/question makers are mostly private school teachers - so heavily criticise the government and their intervention"
- Not my words, my teachers!
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kesheman
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(Original post by harryleavey)
My teachers predicted government failure.Reason: "Edexcel examiners/question makers are mostly private school teachers - so heavily criticise the government and their intervention"- Not my words, my teachers!
So what could be a potential market failure questions?
Jan09-uni fees, cig consumption
June09-housing, ricemarket
Jan10-oil prices, road congestion and building
June10-agriculture, carbon emission tradeable markets
jan11- sugar prices, NMW
June11- copper prices, NHS healthcare
Jan12- beef prices, house prices
June12-unis fees, cotton prices
Jan13- fish regulation, coal prices
June13-cocoa prices, heathrow expansion
June14-cig consumption, rtidal barrage production
June15-housing, crossrail proudction

these show just a rough idea of the case studies which came up in the previous years, which topic would be most likely to turn up again?
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harryleavey
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(Original post by kesheman)
So what could be a potential market failure questions?
Jan09-uni fees, cig consumption
June09-housing, ricemarket
Jan10-oil prices, road congestion and building
June10-agriculture, carbon emission tradeable markets
jan11- sugar prices, NMW
June11- copper prices, NHS healthcare
Jan12- beef prices, house prices
June12-unis fees, cotton prices
Jan13- fish regulation, coal prices
June13-cocoa prices, heathrow expansion
June14-cig consumption, rtidal barrage production
June15-housing, crossrail proudction
these show just a rough idea of the case studies which came up in the previous years, which topic would be most likely to turn up again?
-ve and +ve Externalities apply to most of these
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Lemauricien
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U know the sugar tax is being introduced so they might put that in it would be interesting
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harryleavey
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(Original post by Lemauricien)
U know the sugar tax is being introduced so they might put that in it would be interesting
Yeah I thought that too
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TeeEff
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(Original post by Bigbosshead)
A question was as follows:A 20% rise in incomes brings a 25% in the bookings at hotels in Blackpool.

This means:


Hotels in Blackpool are inferior goods-
Hotels in Blackpool are a normal good
Hotels in Blackpool have income elastic demand
Hotels in Blackpool are a luxury product.

Surely the answer is part d.) as the income price elasticity of demand (responsiveness of the quantity demanded of the good or service following a change in real income) is >1?
As far as I can tell, the last three answers are all technically correct. A normal good is anything with a positive YED whilst an income elastic good has YED>1 and is the same as a luxury product (i.e. The distinction of a luxury good IS that it has income elastic demand). A luxury good is a normal good (whilst a normal good is not necessarily a luxury good).

Sounds like a poorly designed question to be honest.
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harryleavey
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(Original post by The Financier)
As far as I can tell, the last three answers are all technically correct. A normal good is anything with a positive YED whilst an income elastic good has YED>1 and is the same as a luxury product (i.e. The distinction of a luxury good IS that it has income elastic demand). A luxury good is a normal good (whilst a normal good is not necessarily a luxury good).

Sounds like a poorly designed question to be honest.
Agreed. Bigbosshead was this a past paper question?
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ciarapricex
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my teacher has predicted either market or government failure to come up as both of them have been fairly consistent over the years. does anyone have any example questions on market failure or government failure please?
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