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AQA A-level Economics 7136 - Paper 1 (Markets and market failure) - 20th May 2019

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we are talking about context A

Yh same it said give percentage increase on price of sand I did that then factored in the change in inflation by minusing the inflation growth

Reply 581

adamdubs

I made a Paper 2 thread if anyone is looking for one

https://www.thestudentroom.co.uk/showthread.php?t=5957204&p=83331462#post83331462

Reply 582

smhedfkuwj

I don't remember that it asked for a real increase, just the nominal?

Original post by lucasggg

Yh same it said give percentage increase on price of sand I did that then factored in the change in inflation by minusing the inflation growth

Reply 583

Jadebonner

Hi, who did context 2, essay 3? what did you put for the first context 25 and 9 marker?

Reply 584

Kelvinafon123

I got that

Original post by JusWantGL

Please tell me i am not the only one who got 13.6% for question 1 context A. it was the construction cost of sand from january 2014 to january 2018. and the numbers were from 110 to 125. so percentage change is 125-110/110. then times that be 100, and round it you get 13.6%. am i mistaken?

Reply 585

srasul

who did Essay 3 in Section B the 25 marker?

Reply 586

lucasggg

It didn’t say either that’s why I was confused it just said price of sand so I made it real but don’t know will I lose marks for that ?

Original post by smhedfkuwj

I don't remember that it asked for a real increase, just the nominal?

Reply 587

Rturan

Did anyone of you get £0.73 for context 2 question 1???

Reply 588

smhedfkuwj

I dont know, I would only do it if it explicitly said that a growth in real prices needs to be calculated. seems to be a lot of disagreement with the calculation question though so who knows

Original post by lucasggg

It didn’t say either that’s why I was confused it just said price of sand so I made it real but don’t know will I lose marks for that ?

Reply 589

Rturan

And for essay 3 25 marker did you lot compare NMW in a monopsony and in perfect comp. labour market?

Reply 590

Jonahmo

i got 14.9%??

Original post by sabina552

i got 14%

Reply 591

Dsk10911

Original post by Rturan

Did anyone of you get £0.73 for context 2 question 1???

most people I know personally got that. Think its right.

Reply 592

lucasggg

Original post by smhedfkuwj

I dont know, I would only do it if it explicitly said that a growth in real prices needs to be calculated. seems to be a lot of disagreement with the calculation question though so who knows

Would growth in real terms be calculated by change in nominal price minus the change in inflation

Reply 593

smhedfkuwj

yes

Original post by lucasggg

Would growth in real terms be calculated by change in nominal price minus the change in inflation

Reply 594

Kpnuts2000

Yeah I talked about a tax, education and training and NMW

Original post by Jonah’s

Last set of questions in section B about national minimum wage, 25 marker anyone talk about government training and increase mrpl. I talked about perfect labour market and impact in firms productivity with unemployment. Also how gov can have more income tax and how low earners have high mpc so will create a more regressive distribution of income so more inequality and stuff in economy.

****ed it up I think what’s do you think honestly?! Ahaha

Reply 595

Suuxhdbs

What I did is I started off with the obvious, monopoly diagram stating that it shows that a set of firms all follow this mc=mr i.e. profit max, evaluated it by saying that nowadays markets are more contestable and competition will create contestability and then drew that diagram. Part 2 I done about hit and run firms, how this shows that firms sometimes only enter markets when profits are available then leave when they dry out I.e. profit max could be the only objective, evaluated that by saying that is unlikely in the short run as it takes time and money to enter most markets, making it unrealistic... part 3 spoke about monopolist competition and firms like snapchat that make a loss in short run because they know they need to have enough brand loyalty, reputation and repeat customers to be able to benefit in the long run through advertisements and stuff. Evaluated then concluded by adding a point about companies like Tesla who could charge unrealistic prices but instead are more focused on innovation e.g. electric cars

Original post by Sven_778

for those who did essay 2 in section B, what did you write about?

I drew a perfectly competitive firm diagram, showing 2 prices, one above AVC and one below AVC. Then, I basically just followed up saying that P1 which is greater than AVC leads to ....loss which can be sustained in S/R as cost of FoP is covered, continue operations into the L/R blah blah blah.
Then said P2 can't be sustained as AR<AVC so FoP cannot be maintained and so the firm should shutdown in S/R.

From what i've heard is that you needed to talk about 2 different types of profit maximising firms, is this true?