microeconomics 25 marker

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kazim323
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#1
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#1
I've got a micro exam in two days and I still don't fully understand how to answer the 25 marker, the main thing I don't get is in micro after you have identified the market failure will the rest of your answer (except the judgement) be about how to correct the market failure?
can anyone help me out im really stressed.
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Cheesybread
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#2
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Not all of it the main paragraphs are but in the conclusion you should criticse the your solutions.
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omar's-not-home
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What I've been specifically taught is,
(This is for "Evaluate" type questions: E.G "Evaluate whether government intervention should be pursued to correct market failure")
Intro (optional, I personally never include an intro or definitions, I find my paragraphs explain concepts well enough.)
Diagram
Paragraphs.
3-4x Analysis paragraphs - explain arguing FOR the question e.g government SHOULD intervene in this market..
3x Evaluation paragraphs - counterargument e.g why the government shouldn't intervene.
Judgement: Depends upon factors + overall MINI conclusion.


This structure has gotten me 20-25/25 consistently for about a year. Everyone has their own writing styles so it might not work for you.
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kazim323
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#4
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#4
thanks for replying, could you tell me how you would start this question and some points that you would talk about.

Use the extracts and your knowledge of economics to assess whether local authorities should continue to provide public libraries.
(Original post by Cheesybread)
Not all of it the main paragraphs are but in the conclusion you should criticse the your solutions.
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Cheesybread
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I would define a public good, and explain why a public library is one. Then talk about advantages and disadvantages., and include externalites. Then conclude.
(Original post by kazim323)
thanks for replying, could you tell me how you would start this question and some points that you would talk about.

Use the extracts and your knowledge of economics to assess whether local authorities should continue to provide public libraries.
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kazim323
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#6
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#6
what about market failure? would that be a reoccuring thing or just a singular paragraph? or would you just not need to mention it?
(Original post by Cheesybread)
I would define a public good, and explain why a public library is one. Then talk about advantages and disadvantages., and include externalites. Then conclude.
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omar's-not-home
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#7
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#7
You would need to include knowledge from the extracts for at least 2 of the paragraphs I'd say, but here are a few points you could mention.


AN:
Public libraries are merit goods, this is because they educate people which may increase occupational mobility, training, improve labour skills, lower NAIRU etc and would be under-consumed. Therefore they should be provided.

Public libraries also, because they are a merit good, the social benefits exceeds the private benefit therefore it is likely that they are either under-provided or there is a missing market, therefore complete market failure.

(Draw positive externality in consumption) - explain diagram e.g by providing local libraries as a quasi public good (as it is non-excludable but may be rival due to limited space), Quantity demanded will increase etc.

An investment in the provision of libraries will lead to employment and possibly a multiplier effect - further employment + GDP gains etc.

EVAL:
Providing public libraries will serve as a large opportunity cost, money which could be spent on other improvements such as on NHS or infrastructure etc.

Providing public libraries may lead to government failure if poor management in intervention, depending on cost-benefit analysis etc. (not very confident on this point, not sure, maybe the extract provides more clarification on counterarguments?)


Judgement:
Whether local authorities should provide public libraries will depend upon how well the investment is managed, whether the public good is demanded or not and furthermore,
(Original post by kazim323)
thanks for replying, could you tell me how you would start this question and some points that you would talk about.

Use the extracts and your knowledge of economics to assess whether local authorities should continue to provide public libraries.
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kazim323
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#8
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#8
wow, seriously thank you, you may have singlehandedly saved my economics grade.
(Original post by omar's-not-home)
You would need to include knowledge from the extracts for at least 2 of the paragraphs I'd say, but here are a few points you could mention.


AN:
Public libraries are merit goods, this is because they educate people which may increase occupational mobility, training, improve labour skills, lower NAIRU etc and would be under-consumed. Therefore they should be provided.

Public libraries also, because they are a merit good, the social benefits exceeds the private benefit therefore it is likely that they are either under-provided or there is a missing market, therefore complete market failure.

(Draw positive externality in consumption) - explain diagram e.g by providing local libraries as a quasi public good (as it is non-excludable but may be rival due to limited space), Quantity demanded will increase etc.

An investment in the provision of libraries will lead to employment and possibly a multiplier effect - further employment + GDP gains etc.

EVAL:
Providing public libraries will serve as a large opportunity cost, money which could be spent on other improvements such as on NHS or infrastructure etc.

Providing public libraries may lead to government failure if poor management in intervention, depending on cost-benefit analysis etc. (not very confident on this point, not sure, maybe the extract provides more clarification on counterarguments?)


Judgement:
Whether local authorities should provide public libraries will depend upon how well the investment is managed, whether the public good is demanded or not and furthermore,
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