Gwendo
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Hey how did people find paper 3? honestly I would have been happy with financial markets since I actually revised for it! I was surprised to see economic development since it came up kind of as an essay question on paper 2.
The mcq's were alright but i found that it was a lot of maths which made me lose time by working out calculations and honestly 2 hours is not enough time.
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MilenaKaterina
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Totally agree. Maths were a pain in particularly the elasticity or index numbers ones. What did you put for the 15M and 25M?
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Gwendo
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(Original post by MilenaKaterina)
Totally agree. Maths were a pain in particularly the elasticity or index numbers ones. What did you put for the 15M and 25M?
The 15 marker I included A LOT of the extract such as developing countries, Venezuela being reliant on oil which is a primary commodity with inelastic supply due to it being volatile blabla.. and that low prices will not increase its supply as much but can actually increase revenue due to inelasticity which can be invested in the economy into healthcare and education and training to improve productivity, lowering costs of production and better efficiency. But then the extract obviously said that it is actually decreasing their revenue therefore debts will increase making it less attractive for FDI. I also mentioned HDI and how developing have a low HDI and added factors such as corruption, infrastructure which will worsen due to the low prices. Also the low prices may result in firms cutting the wages for labour in order to increase their profit which will increase poverty and decrease consumption.

For 25 marker I can't remember much but I mentioned they were an oligopoly and did the oligopoly cartel diagram. I said how due to their market power, they can exploit consumers by charging at a profit max with low output and high prices and explained how they collude and game theory blabla...and evaluated by saying that actually non-OPEC industries may bring prices down (i cant remember sorry) then on to how this will be very bad for importers of oil since their costs of production will go up, reducing consumer surplus and causing cost-push inflation. Also how they can retaliate through protectionism measures. It also depends on elasticity of of demand for import since oil is seen as a necessity by many therefore a tariff may not change demand. Also how a reduction in supply of oil may not be bad since it can be considered a demerit good due to the negative externalities. I think I also mentioned crowding out but I dont remember in what context???

I put LOADS more but I feel brain dead after that exam so can't remember the rest
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MilenaKaterina
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(Original post by Gwendo)
The 15 marker I included A LOT of the extract such as developing countries, Venezuela being reliant on oil which is a primary commodity with inelastic supply due to it being volatile blabla.. and that low prices will not increase its supply as much but can actually increase revenue due to inelasticity which can be invested in the economy into healthcare and education and training to improve productivity, lowering costs of production and better efficiency. But then the extract obviously said that it is actually decreasing their revenue therefore debts will increase making it less attractive for FDI. I also mentioned HDI and how developing have a low HDI and added factors such as corruption, infrastructure which will worsen due to the low prices. Also the low prices may result in firms cutting the wages for labour in order to increase their profit which will increase poverty and decrease consumption.

For 25 marker I can't remember much but I mentioned they were an oligopoly and did the oligopoly cartel diagram. I said how due to their market power, they can exploit consumers by charging at a profit max with low output and high prices and explained how they collude and game theory blabla...and evaluated by saying that actually non-OPEC industries may bring prices down (i cant remember sorry) then on to how this will be very bad for importers of oil since their costs of production will go up, reducing consumer surplus and causing cost-push inflation. Also how they can retaliate through protectionism measures. It also depends on elasticity of of demand for import since oil is seen as a necessity by many therefore a tariff may not change demand. Also how a reduction in supply of oil may not be bad since it can be considered a demerit good due to the negative externalities. I think I also mentioned crowding out but I dont remember in what context???

I put LOADS more but I feel brain dead after that exam so can't remember the rest
Your points sound good.

For the 15M I put negative externalities in consumption increasing if demand increases since prices fell. Gov Rev falling so less spending on public sector and perhaps welfare if they have a welfare and healthcare. I mentioned they were likely to how a lower HDI as well which could reduce their HDI further influence eco development. And then finally about cost push inflation and supply shifting inwards which could mean people don’t have access to resoures as extract said so cost push inflation.

For 25M my brain froze. Only got 2 points down. I put they should continue as helps to Increase revenue, leading to greater abnormal profits and dynamic efficiency but that demand may fall for the goods, but evaluated in saying how oil is imelastic so profits Would be more likely to increase. and a second point being no they shouldn’t continue restricting output as import prices would them fall if ER appreciated, so cost push inflation would fall, but evaluated in saying how maybe these cost benefits may not be passed onto consumers as depends on market structure etc. I did no conclusion either. How many marks do u think that is worth potentially?
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Bigpaddy27
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Gwendo you only need into, 2 points, eval and conclusion. It's hard timing, I've always done 2! Don't worry
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MilenaKaterina
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(Original post by Bigpaddy27)
Gwendo you only need into, 2 points, eval and conclusion. It's hard timing, I've always done 2! Don't worry
Ooh okay thanks. I didn’t do a conclusion tho. I only put 1 ao3 point for each point I made tho. The essay was only about 3 pages where usually my essays are 5 or 6😂
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Gwendo
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(Original post by MilenaKaterina)
Ooh okay thanks. I didn’t do a conclusion tho. I only put 1 ao3 point for each point I made tho. The essay was only about 3 pages where usually my essays are 5 or 6😂
Don't worry as long as you have 2 valid arguments and a conclusion then you're fine
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Gwendo
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(Original post by Bigpaddy27)
Gwendo you only need into, 2 points, eval and conclusion. It's hard timing, I've always done 2! Don't worry
How many marks do you normally achieve when you do your 2 points??
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MilenaKaterina
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(Original post by Gwendo)
How many marks do you normally achieve when you do your 2 points??
I am not sure. I usually always do 3 points and get around 20/25 so with 2 points maybe 15 S I didn’t have a conclusion either😧
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Nanna G
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**** off
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kobespeaking
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Hello, what was the question to the paper 3 25 marker, I want to practice some of the new spec for economics.
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John123hi
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was the questions on externalities, oligopoly efficiency????
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John123hi
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(Original post by Gwendo)
The 15 marker I included A LOT of the extract such as developing countries, Venezuela being reliant on oil which is a primary commodity with inelastic supply due to it being volatile blabla.. and that low prices will not increase its supply as much but can actually increase revenue due to inelasticity which can be invested in the economy into healthcare and education and training to improve productivity, lowering costs of production and better efficiency. But then the extract obviously said that it is actually decreasing their revenue therefore debts will increase making it less attractive for FDI. I also mentioned HDI and how developing have a low HDI and added factors such as corruption, infrastructure which will worsen due to the low prices. Also the low prices may result in firms cutting the wages for labour in order to increase their profit which will increase poverty and decrease consumption.

For 25 marker I can't remember much but I mentioned they were an oligopoly and did the oligopoly cartel diagram. I said how due to their market power, they can exploit consumers by charging at a profit max with low output and high prices and explained how they collude and game theory blabla...and evaluated by saying that actually non-OPEC industries may bring prices down (i cant remember sorry) then on to how this will be very bad for importers of oil since their costs of production will go up, reducing consumer surplus and causing cost-push inflation. Also how they can retaliate through protectionism measures. It also depends on elasticity of of demand for import since oil is seen as a necessity by many therefore a tariff may not change demand. Also how a reduction in supply of oil may not be bad since it can be considered a demerit good due to the negative externalities. I think I also mentioned crowding out but I dont remember in what context???

I put LOADS more but I feel brain dead after that exam so can't remember the rest
what was the 25 mark question?
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