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    (Original post by Holdsworth1)
    Hi everyone, I did context 2 on the gender pay gap and the essay 2 on poverty.

    For the first 25 marker I wrote about how trade unions/ the NMW and progressive taxation and benefits could be used to reduce the gao in the economy and how successful each policy was.

    For the second 25 marker I wrote about how the trickle down effect/economic growth could be used by the market forces to reduce poverty, and the NMW/progressive taxation and benefits for government intervention,

    Does this sound about right on the whole? Found the paper fairly good.
    Anyone else do this, and have an opinion on my essays?
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    Anyone do Essay 1? seems like im the only guy that did it out of my classmates so i got no one to talk to about it lol.
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    Hi I did context 1 and essay 3. I also made a complete mess of it. Only got to write half of what I wanted to because of time constraints, I probably missed out by a whole grade because of this. I also completely misunderstood the 9 marker on context one. Anyone think they messed up?
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    (Original post by HK4)
    Hi I did context 1 and essay 3. I also made a complete mess of it. Only got to write half of what I wanted to because of time constraints, I probably missed out by a whole grade because of this. I also completely misunderstood the 9 marker on context one. Anyone think they messed up?
    I also misunderstood the 9 marker lol as did most of my friends that I talked to. It was a little confusing
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    I am really not looking forward to macro, so much to cover and all the revision I did for micro and nothing really came up so I'm hoping macro has better questions haha
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    Hey! Just a question; for the 15 mark question about sugary drinks, do you think it's alright if I talked about behavioural economics and mainly bounded rationality and utility and then added a market failure and consumption diagram?
    Also, did anyone run out of time for the last question or was I the only one??
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    (Original post by Simonbro98)
    Hey! Just a question; for the 15 mark question about sugary drinks, do you think it's alright if I talked about behavioural economics and mainly bounded rationality and utility and then added a market failure and consumption diagram?
    Also, did anyone run out of time for the last question or was I the only one??
    sounds good to me I talked about some things in behav econ too and drew an externality diagram
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    Essay 3

    15 marker
    Explain sugary drinks are a demerit good
    Draw negative externalities diagram
    Points included:
    Bounded self control
    Imperfect information
    Low price
    Habitual nature of drinks
    Comparison to substitutes

    25 marker
    Define points, tax, market failure etc.
    Outline argument

    Tax on consumers
    Lower demand and thus consumption
    Depends on elasticity of demand
    Depends on level of tax
    Government failure
    Manipulation of price mechanism


    Tax on producers
    Less profit incentive
    Fall in supply
    Depends on market type e.g in an oligopoly there is still brand loyalty
    Considered whether it actually solved the issue of consumption

    Behavioural economic policies as alternative
    Nudges
    Choice architecture
    Provision of information
    Argued that it can be seen as manipulative
    Humans are always going to be irrational

    Conclusion
    Tax is dependent on elasticity
    Believe behavioural economics is better if it is balanced between being effective and manipulative


    This is what I put, hope it's ok
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    Anyone write about moral hazard for Essay 3 (15 Marker) - how the costs of consuming sugary drinks (eg. healthcare costs) are incurred by a third party (ie. government/NHS), therefore this encourages the overconsumption as the risk can be taken without risk to consumer...?
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    Quick question I used extra paper and wrote the question number I was continuing to ask I only had to write that at the start of the extra booklet and not on each page?
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    In my 25 marker on sugary foods and drinks I spoke about tax and strengths and weakeness of this like the regressive effects and the effectiveness of the tax being dependent on the elasticity of the food and drink, but then I went on to speak about alternative policy's the government could use like subsidising alternatives and minimum price on healthy food and drink, was I wrong to talk about alternative policy's???
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    (Original post by !:£:&'m)
    In my 25 marker on sugary foods and drinks I spoke about tax and strengths and weakeness of this like the regressive effects and the effectivenI ess of the tax being dependent on the elasticity of the food and drink, but then I went on to speak about alternative policy's the government could use like subsidising alternatives and minimum price on healthy food and drink, was I wrong to talk about alternative policy's???
    I did and everyone at my school did so I sure you are fine, as long as you came to a conclusion about the effectiveness of tax, and wrote 1 or 2 paragraphs on it.
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    (Original post by !:£:&'m)
    In my 25 marker on sugary foods and drinks I spoke about tax and strengths and weakeness of this like the regressive effects and the effectiveness of the tax being dependent on the elasticity of the food and drink, but then I went on to speak about alternative policy's the government could use like subsidising alternatives and minimum price on healthy food and drink, was I wrong to talk about alternative policy's???
    Nope you could talk about alternatives, it's part of evaluating if there's a better option. I mentioned subsidies in small detail because I was running out of time
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    (Original post by Temuchin)
    I did and everyone at my school did so I sure you are fine, as long as you came to a conclusion about the effectiveness of tax, and wrote 1 or 2 paragraphs on it.

    Few that's reassuring thankyou!
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    (Original post by Remaine)
    How did people answer the 25 marker for Context 1 - I am semi worried. This is what I did, see if you can impart wisdom, I would just like to know if I was on the right lines:

    - I said there is a market failure in the allocative inefficiency of the firm
    - then drew a diagram to show the point of allocative efficiency, the welfare loss caused by the monopoly from restricting output/ increasing prices, and pointed out the consumer surplus lost in favour of company profits; indication of exploitation of consumers
    - talked about how privatisation reduces x-inefficiency, and forces firms to be efficient
    - talked about how PFIs enable less tax in the short run, and how they enable the construction of good facilities as the gov do not have to pay it back immediately
    - then said that the PFIs result in higher taxes for future generations, privatisation can result in privatised monopolies which can be expensive to regulate, and how the PFIs lead to higher costs in the long run as the gov will eventually have to pay it back
    - Evaluation being that it is good in a short run but bad in the long run
    - mentioned deregulation as something you can use with privatisation - and then deaded that idea by mentioning the disadvantages; firms have no incentive to be productively efficient again

    Was this on the right lines?
    If anyone can impart wisdom, that would be gr8
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    (Original post by Temuchin)
    Essay 3

    15 marker
    Explain sugary drinks are a demerit good
    Draw negative externalities diagram
    Points included:
    Bounded self control
    Imperfect information
    Low price
    Habitual nature of drinks
    Comparison to substitutes

    25 marker
    Define points, tax, market failure etc.
    Outline argument

    Tax on consumers
    Lower demand and thus consumption
    Depends on elasticity of demand
    Depends on level of tax
    Government failure
    Manipulation of price mechanism


    Tax on producers
    Less profit incentive
    Fall in supply
    Depends on market type e.g in an oligopoly there is still brand loyalty
    Considered whether it actually solved the issue of consumption

    Behavioural economic policies as alternative
    Nudges
    Choice architecture
    Provision of information
    Argued that it can be seen as manipulative
    Humans are always going to be irrational

    Conclusion
    Tax is dependent on elasticity
    Believe behavioural economics is better if it is balanced between being effective and manipulative


    This is what I put, hope it's ok
    That is similar to what I wrote, I mainly focussed on Choice Architecture, nudges and herding behavior for the behavioral economics side.
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    (Original post by RimaB)
    That is similar to what I wrote, I mainly focussed on Choice Architecture, nudges and herding behavior for the behavioral economics side.
    Nice to hear, hope it pays off
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    It's done guys... Time to rectify our mistakes in paper 2/3!
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    Will I loose marks for not talking about behavioural economics in the 15 markers of why sugary drinks are over consumed ?

    I spoke about:

    Consumers imperfect info
    Firms ignoring externalities and thus produce at the quantity where the mpb is equal to the mpc due to increased demand
    Addictive nature of sugary drinks and other demerit goods means that even if prices are increased to try and reduce demand due to the inelastic demand consumers are still likely to over consume.

    Also added a point on policies aimed at reducing this issue with over consumption
    defined all key terms
    Facts- NHS costs for obesity 16.1 billion. PED sugary drinks and other addictive products in region of 0.3-0.6.
    Diagram- demerit good i.e MPB greater than MSB
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    Any grade boundary predictions?


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