Edexcel Economics A Paper 1: Markets and business behaviour 9EC0 01 - 06 Jun 2017

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mathcon
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Edexcel Economics A Paper 1: Markets and Business Behaviour (9ECO 01)

6th June 2017 - PM - 2h 00m





Specification:

Click for specification

Past Papers for old spec Unit 1 and Unit 3:

Unit 1
Unit 3

Sample Assessment Material:

2015 A-Level Economics A SAM

Useful Resources:

Econplusdal
Crash Course Economics
Tutor2u
Economics Help
Khan Academy

Key Economics News Websites:

The Economist
The Guardian
BBC


Hi guys, the time is finally here for the first Economics exam for the new 2015 spec. There's a lot of new things to expect with the 25 marker and the combination of AS/A2 in one paper being a few of them.

In order to get top grades in Economics, up-to-date knowledge is key. Do as many past papers as you can in order to get into a rhythm and used to answering under exam conditions. I would advise to start off with doing one past paper from Unit 1 and Unit 3 each with all resources not under timed conditions without looking at the mark scheme. Start then by doing it under exam conditions. Get through the Unit 1 and Unit 3 papers first and leave the sample assessment till the end to do under proper exam conditions as it is the only paper which mirrors the real format of the new spec.



Good luck with your revision and exams!!!

:awesome:

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im_a_supernova
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This is really helpful thanks for making this
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ultralightbeam
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Can someone please help me with this question for economics? I have tried to look up the mark scheme but cannot find it.

A firm which prints greeting cards records its short run costs. It observes that the average cost pre card decreases as more are produced, although the marginal cost is rising. It follows that
a - there are economies of scale
b - the law of diminishing returns has not yet set in
c - the fixed costs are zero
d - marginal costs rise whenever average costs fall
e - marginal costs are below average costs

thanks for the help!
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mathcon
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(Original post by ultralightbeam)
Can someone please help me with this question for economics? I have tried to look up the mark scheme but cannot find it.

A firm which prints greeting cards records its short run costs. It observes that the average cost pre card decreases as more are produced, although the marginal cost is rising. It follows that
a - there are economies of scale
b - the law of diminishing returns has not yet set in
c - the fixed costs are zero
d - marginal costs rise whenever average costs fall
e - marginal costs are below average costs

thanks for the help!
I think it's E, mainly because whenever ATC if falling, MC < ATC and similarly when MC > ATC, ATC is rising. Therefore, if you go through a process of rejection, you can see immediately that it is not D working on the above principle. It can't be B since law of diminishing returns sets in at the lowest MC, i.e. before it sets in MC is falling and then rising after it takes place. It can't be C since it doesn't explain why average costs are falling at the same time MC is rising. It can't be A since the firm records short-run costs and economies of scale occur in the long run after taking into account LRATC.

Hope this helps.
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soccermom39
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(Original post by ultralightbeam)
Can someone please help me with this question for economics? I have tried to look up the mark scheme but cannot find it.

A firm which prints greeting cards records its short run costs. It observes that the average cost pre card decreases as more are produced, although the marginal cost is rising. It follows that
a - there are economies of scale
b - the law of diminishing returns has not yet set in
c - the fixed costs are zero
d - marginal costs rise whenever average costs fall
e - marginal costs are below average costs

thanks for the help!
It's E I've done this question before, and I picked E although apparently it was B but then my lecturer said it was E. Though if that's simply his opinion perhaps he's wrong nevertheless I would say E
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nickg15b
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specification:

Click for specification

Website

Technocratnotes - recommend getting their app
Tutor2u
Economics Help
Uplearn - best economics website tbh for new spec

Videos

Econplusdal - videos are top class
Pajholden

Further reading

The Economist
Bloomberg

Old Pastpapers Unit 1 and Unit 3:

Unit 1
Unit 3

Sample Assessment Material:

2015 A-Level Economics A SAM
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nickg15b
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These Notes are an absolute god send they absolutely help me make a turnaround in my mocks.

https://technocratnotes.com/wp-conte...-2-Paper-1.pdf
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GCSE DEMOLISHER
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(Original post by ultralightbeam)
Can someone please help me with this question for economics? I have tried to look up the mark scheme but cannot find it.

A firm which prints greeting cards records its short run costs. It observes that the average cost pre card decreases as more are produced, although the marginal cost is rising. It follows that
a - there are economies of scale
b - the law of diminishing returns has not yet set in
c - the fixed costs are zero
d - marginal costs rise whenever average costs fall
e - marginal costs are below average costs

thanks for the help!
I think the answer is A. Economises of scale suggests that when you produce a larger amount of a good, the production cost comparatively lowers.
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soccermom39
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(Original post by GCSE DEMOLISHER)
I think the answer is A. Economises of scale suggests that when you produce a larger amount of a good, the production cost comparatively lowers.
Economies of scale are in the long run, it's not A
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Fox Corner
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Hiya! This exam thread is great - I've added it to the Exam Thread Directory 2017

If you see any other exam threads threads that aren't in the directory yet - let me know by either tagging me in, or linking it in the directory and I can add it in! You can also find discussions for your other exams there.

If any of your other exams aren't on there yet - feel free to make the exam thread for it yourself :excited:

Good luck in your exams :eek3:
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Movementmoments
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Is it possible for 20 mark questions to be in this paper?
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keynes24
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(Original post by Movementmoments)
Is it possible for 20 mark questions to be in this paper?
No, that's for the AS papers only.
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LoDMR
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Hey, are there any ideas on how to link theme 1 and 3 concepts in a 25 marker?
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keynes24
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(Original post by LoDMR)
Hey, are there any ideas on how to link theme 1 and 3 concepts in a 25 marker?
It depends on the question and the topic. There are different ways as the paper is synoptic. For example benefits from a rise in competition could be assessed in terms on consumer surplus (theme 1) and/or an individual firm diagram (theme 3)
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LoDMR
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(Original post by keynes24)
It depends on the question and the topic. There are different ways as the paper is synoptic. For example benefits from a rise in competition could be assessed in terms on consumer surplus (theme 1) and/or an individual firm diagram (theme 3)
Much appreciated
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Xphoenix
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Will be interesting to see where they'll head with the new spec... Wide range of topics which could be asked
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GCSE DEMOLISHER
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(Original post by Xphoenix)
Will be interesting to see where they'll head with the new spec... Wide range of topics which could be asked
True, but here's a great video to help.

Micro: https://youtu.be/ht6WZ3-pGVo
Macro: https://youtu.be/7jBF024bRtc
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Xphoenix
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(Original post by GCSE DEMOLISHER)
True, but here's a great video to help.

Micro: https://youtu.be/ht6WZ3-pGVo
Macro: https://youtu.be/7jBF024bRtc
Yeah watched both, but meant if they're gonna focus on the new additions/modifications to the spec or go for one which incorporates current day econ but maybe not incorporate the new spec additions as much. Depends on when the papers were written I suppose...
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ellenmcmenzie
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likely 25 markers?! plss i'm so unprepared!
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Eman0161
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Does anyone know if 25 markers are meant to be answered with 2 points evaluated or 3/4 less developed points with evaluations? My 2 teachers are telling my class different things.
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