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A-level Edexcel Economics B Paper 2 23/05/19

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Original post by Tr0picalgaming
The left shift shouldn’t have been included but you’ll get some marks for the vertical quota line and correct labelling of axis and stuff and ofc for explanation.


how many marks do you think Id get? For my messed up diagram??
I’ve had an 8 marker where it says with an appropriate diagram and I didn’t draw it and got 6 still for explanation so shouldn’t count for too much. If u included explanations like the ones I gave on the last page you’ll be fine but was defo after supply impacts not demand.
Original post by lukehake1
how many marks do you think Id get? For my messed up diagram??
Original post by Tr0picalgaming
I’ve had an 8 marker where it says with an appropriate diagram and I didn’t draw it and got 6 still for explanation so shouldn’t count for too much. If u included explanations like the ones I gave on the last page you’ll be fine but was defo after supply impacts not demand.


ok, cool. So I can get 7 or 8 marks??

I said that the quotas would increase costs for the firm, and then increase prices. Due to increased prices people would prefer local products instead and the market for local prices would see an increase in demand.
Hmm I reread the question many times and it was asking for impacts on INDIAN producers and consumers so don’t think quotas increasing cost for the firm would be relevant as L’Oréal isn’t Indian.
The point about local producers seeing an increase in demand is true as less substitutes available from foreign competition eg L’Oréal.
Original post by lukehake1
ok, cool. So I can get 7 or 8 marks??

I said that the quotas would increase costs for the firm, and then increase prices. Due to increased prices people would prefer local products instead and the market for local prices would see an increase in demand.
Original post by Tr0picalgaming
Hmm I reread the question many times and it was asking for impacts on INDIAN producers and consumers so don’t think quotas increasing cost for the firm would be relevant as L’Oréal isn’t Indian.
The point about local producers seeing an increase in demand is true as less substitutes available from foreign competition eg L’Oréal.


thats exactly what I said. So how many marks would I get?
**** knows I’m a student not an examiner I realistically could be completely wrong 😂

12 markers are marked 4 marks for AO objective so 4 marks for knowledge/economical terms 4 marks for applying it to the data, 4 marks for analysis and 4 marks for evaluation so try and remember 😂 You probably needed 2-3 points with analysis and an evaluation for top marks.
Original post by lukehake1
thats exactly what I said. So how many marks would I get?
Reply 26
Avatar for Kaynath04
Kaynath04
OP
10
Original post by JR5559
Lol me too! I'm really worried about the quota diagram cause I think i drew it wrong, how's it meant to look?


Tbh I just drew a normal supply and demand but I’m pretty sure I got it wrong lmao
Original post by Kaynath04
Tbh I just drew a normal supply and demand but I’m pretty sure I got it wrong lmao


I did the same lol
What did people put for the niche market question? Think it was about why there is a growth in niche more than mass markets? I wrote about E-commerce and the long tail as that’s in theme 2, but other people said rising incomes in the USA? Don’t think this one went as well as paper 1 tbh, but hopefully there’ll be some variation in answers they accept??
(edited 4 years ago)
Original post by Annabelleleconte
What did people put for the niche market question? Think it was about why there is a growth in niche more than mass markets? I wrote about E-commerce and the long tail as that’s in theme 2, but other people said rising incomes in the USA? Don’t think this one went as well as paper 1 tbh, but hopefully there’ll be some variation in answers they accept??


I said that people from the US use make up to a large extent already. And the only markets that will grow are niche markets because the mass market has no more growth opportunity. I also said that the US is modern and has a high standard of living. Almost everyone buys skincare products wether they are rich or not. Its a must have thing in the US being promoted by celebrities
Reply 30
Avatar for Kaynath04
Kaynath04
OP
10
Original post by lukehake1
I did the same lol


I got a little less anxious after you said that oof
Original post by JR5559
I swear there’s a separate diagram for quotas that we’re meant to know though? It has a vertical line of supply or something, people in my class drew something like that instead of shifting demand?


There is, quotas are a determinant of supply as they increase cost.
Using the diagram to illustrate the increase in production costs and therefore a disincentive to supply. Supply will shift left however you also need to discuss the impact on the domestic market; producers and consumers.
Original post by lukehake1
how many marks do you think Id get? For my messed up diagram??
there is a specific diagram for quotas and the impact is the higher price for imported goods for consumers
Original post by lukehake1
I know. But it just didnt make sense. Its basics bro. People will rush towards local products hence demand for that increases. Thats what the question asked..
think they might be looking for the restricted amount of substitutes making indian cosmetics more competitive domestically but prices for indian consumers will be higher and also domestic producers may not benefit from global competition so may be less internationally competitive
Original post by lukehake1
ok, cool. So I can get 7 or 8 marks??

I said that the quotas would increase costs for the firm, and then increase prices. Due to increased prices people would prefer local products instead and the market for local prices would see an increase in demand.
Reply 35
Avatar for Dcoates
Dcoates
3
I think he has a point though to be fair because you can better illustrate what you describe using the following graph linked below imo. Artificial scarcity is created in imported goods so supply of domestic goods will grow and shift to meet the surplus of demand that can no longer be satisfied by imports....https://www.economicshelp.org/blog/glossary/effect-of-import-quotas/I drew this but since it isn't in the textbook maybe it won't be creditworthy but then those textbooks aren't written by Pearson so idk
First 20 marker:biggrin:idn’t anyone draw impact of a pigovian (indirect tax) for the coffee question? Question on pricing strategy:biggrin:id anyone talk about ethno, geo and polycentric approaches and how these influence pricing strategy in emerging markets?
I drew an inward shift in the supply curve as there would be fewer firms in the market and so, domestic producers will have an incentive to increase their prices. However, after thinking about the question after the exam, quotas are a form of trade barriers. Any type of barrier, whether it be tariffs or domestic subsidies, they have a purpose of increasing supply for local producers. Nevertheless, we should not forget that, as there is far fewer competition from importing businesses, domestic producers could reap the benefits of lower competition and increase their prices. In the case of the question stated about the EFFECTS ON INDIAN CONSUMERS AND PRODUCERS, prices are likely to fall for producers and consumers and supply may increase. But I do believe an argument for the increase in prices could still be made as stated in the textbooks.

Please do not forget that there is still one more paper remaining which could improve the grade you get overall. Do not give up hope and work your best as it is all we can do. Stop being realistic, become an optimist!
(edited 4 years ago)
Original post by JR5559
Lol me too! I'm really worried about the quota diagram cause I think i drew it wrong, how's it meant to look?

I drew the quota diagram. It’s basically just a normal supply and demand diagram, but you draw a straight line down before market equilibrium which shows how quantity will decrease from that of Q1 to Q2 (shift to the left), however price will increase. It has the same axis labels etc as a supply and demand diagram too.
(edited 4 years ago)
I drew a tax diagram yeah. Quite a nice point diagram to refer too, to give some extra application marks :smile:
Original post by sachapannell
First 20 marker:biggrin:idn’t anyone draw impact of a pigovian (indirect tax) for the coffee question? Question on pricing strategy:biggrin:id anyone talk about ethno, geo and polycentric approaches and how these influence pricing strategy in emerging markets?

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