The 2020/21 Economics A-level Study Group
Welcome to the A-level Economics Study Group for 2020/21
Economics is a really interesting subject so we thought we'd have a thread for all the students taking it, Year 12 and 13.
Here you can get help with any economics questions you have, chat about the invisible hand, share interesting graphs (we love a supply and demand curve, don't we?), how you're revising and anything else you can think of!
Here are some resources we've gathered- if you've got any suggestions please let me know!
Specifications
Other resources
This thread is for anything economics, but to start off discussion, try answering some of these questions:
Which exam board are you doing?
Why did you pick economics?
Are you being entered in for any exams this year?
What's been your favourite topic so far?
What's been challenging in economics so far?
What do you want to study at uni?
Good luck everyone
Hi guys,
I do AQA econ
i picked economics because I find it highly interesting, the idea of finding out ways to best use resources and to solve market failures appeals to me.
my favourite topic so far has been inequality and market failure.
the topic i find most challenging is definitely theory of the firm i find those graphs so hard to remember
at university i want to study economics, my plans are to continue until a masters degree, not quite sure about doing a PHD in econ!
I do AQA econ
i picked economics because I find it highly interesting, the idea of finding out ways to best use resources and to solve market failures appeals to me.
my favourite topic so far has been inequality and market failure.
the topic i find most challenging is definitely theory of the firm i find those graphs so hard to remember
at university i want to study economics, my plans are to continue until a masters degree, not quite sure about doing a PHD in econ!
Original post by d.akpan003
Hi guys,
I do AQA econ
i picked economics because I find it highly interesting, the idea of finding out ways to best use resources and to solve market failures appeals to me.
my favourite topic so far has been inequality and market failure.
the topic i find most challenging is definitely theory of the firm i find those graphs so hard to remember
at university i want to study economics, my plans are to continue until a masters degree, not quite sure about doing a PHD in econ!
I do AQA econ
i picked economics because I find it highly interesting, the idea of finding out ways to best use resources and to solve market failures appeals to me.
my favourite topic so far has been inequality and market failure.
the topic i find most challenging is definitely theory of the firm i find those graphs so hard to remember
at university i want to study economics, my plans are to continue until a masters degree, not quite sure about doing a PHD in econ!
hi there
that's an awesome reason to study econ! i find the market failure stuff really interesting too because i'm interested in sustainability (and its intersection with economics) and market failure is important for looking at causes of problems with climate change etc.
i agree with you about the theory of the firm graphs- i've found though that at uni you learn more of the reasoning behind the graphs so it's a bit easier to remember.
best of luck with your uni applications and a-levels
Hi I do AQA Economics and i cant crack the evaluation on 25 markers do you know any resources for model answers
Original post by omar200329
Hi I do AQA Economics and i cant crack the evaluation on 25 markers do you know any resources for model answers
i do aqa too and there are some model answers on tutor2u. also i would recommend using the phrase 'however, this depends upon...' and try add some nuance to your arguments to show the examiner that you realise econ isn't black and white and that the real world tends to diverge from economic theory. hope that helps
Original post by lucydales
Hey everyone, does anyone know what are the topics of A level paper 2 AQA 2020 economics?
have you found out what the context questions are?
Original post by lucydales
I've got the QP of p1,p2,p3....so ur asking for p3 or p2?
I need p1 and p2. Please could you tell me the questions for section B of paper 1 and the context questions for paper 2?
Hi anyone doing the Edexcel AS level mock in economics? I’m look for 2020 papers to practice. Thanks.
Hi, can anybody help solve this question please?Product Z has Price Elasticity of Demand of -0.625. It has a price of £10, and the producer wants to increase sales from 200,000 units to 300,000 units. What price do they need to charge to achieve this sales target? Show your calculations.
Thanks
Thanks
Original post by economapillar
Hi, can anybody help solve this question please?Product Z has Price Elasticity of Demand of -0.625. It has a price of £10, and the producer wants to increase sales from 200,000 units to 300,000 units. What price do they need to charge to achieve this sales target? Show your calculations.
Thanks
Thanks
Using the PED formula. Calculate the change in quantity demanded of the good that is desired. You know the PED value. Sub in to find the change in price. You want to increase sales, therefore price must decrease. You know the change in price and use this to calculate the final price
I understand that if PED = (-)0.625, this means price and quantity are inversely related. So an increase in quantity (to 300,000 units) would require a fall in price. -0.625 is also inelastic.
I've also tried to backwork the PED equation to get this: % change in demand (50) / % change in price (-80) = PED (-0.625). But I'm not sure how I should be using the -0.625 here or if I really understand what the question is getting at.
If it's just a question of meeting the original sales revenue (200,000 x £10 = £2 million). Then 2m / 300,000 = £6.66666, so to achieve at least £2m, 300,000 would have to be sold at £6.67. But that doesn't factor in the -0.625 PED, so I think I'm lost!
I've also tried to backwork the PED equation to get this: % change in demand (50) / % change in price (-80) = PED (-0.625). But I'm not sure how I should be using the -0.625 here or if I really understand what the question is getting at.
If it's just a question of meeting the original sales revenue (200,000 x £10 = £2 million). Then 2m / 300,000 = £6.66666, so to achieve at least £2m, 300,000 would have to be sold at £6.67. But that doesn't factor in the -0.625 PED, so I think I'm lost!
PED
PED = -0.625
PED = (percentage change QD)/(%change price)
-0.625= 50/ (%change in price)
Using the above work out % change in price.
Key term is percentage change in price. You have worked out it’s -80.
Percentage change = (final -original/ original) x100
Sub in original price and % change in price to work out the final price (what your looking for)
Original post by economapillar
I understand that if PED = (-)0.625, this means price and quantity are inversely related. So an increase in quantity (to 300,000 units) would require a fall in price. -0.625 is also inelastic.
I've also tried to backwork the PED equation to get this: % change in demand (50) / % change in price (-80) = PED (-0.625). But I'm not sure how I should be using the -0.625 here or if I really understand what the question is getting at.
If it's just a question of meeting the original sales revenue (200,000 x £10 = £2 million). Then 2m / 300,000 = £6.66666, so to achieve at least £2m, 300,000 would have to be sold at £6.67. But that doesn't factor in the -0.625 PED, so I think I'm lost!
I've also tried to backwork the PED equation to get this: % change in demand (50) / % change in price (-80) = PED (-0.625). But I'm not sure how I should be using the -0.625 here or if I really understand what the question is getting at.
If it's just a question of meeting the original sales revenue (200,000 x £10 = £2 million). Then 2m / 300,000 = £6.66666, so to achieve at least £2m, 300,000 would have to be sold at £6.67. But that doesn't factor in the -0.625 PED, so I think I'm lost!
PED = -0.625
PED = (percentage change QD)/(%change price)
-0.625= 50/ (%change in price)
Using the above work out % change in price.
Key term is percentage change in price. You have worked out it’s -80.
Percentage change = (final -original/ original) x100
Sub in original price and % change in price to work out the final price (what your looking for)
Original post by killak434
PED
PED = -0.625
PED = (percentage change QD)/(%change price)
-0.625= 50/ (%change in price)
Using the above work out % change in price.
Key term is percentage change in price. You have worked out it’s -80.
Percentage change = (final -original/ original) x100
Sub in original price and % change in price to work out the final price (what your looking for)
PED = -0.625
PED = (percentage change QD)/(%change price)
-0.625= 50/ (%change in price)
Using the above work out % change in price.
Key term is percentage change in price. You have worked out it’s -80.
Percentage change = (final -original/ original) x100
Sub in original price and % change in price to work out the final price (what your looking for)
Thank you for your help so far but I'm still struggling to get my head around what price they need to charge to achieve this sales target.
If Percentage change is -80. Then £10 will be dropped to £2? That seems too low. Or is it £8 to meet the 300,000 sales target?
Original post by economapillar
Thank you for your help so far but I'm still struggling to get my head around what price they need to charge to achieve this sales target.
If Percentage change is -80. Then £10 will be dropped to £2? That seems too low. Or is it £8 to meet the 300,000 sales target?
If Percentage change is -80. Then £10 will be dropped to £2? That seems too low. Or is it £8 to meet the 300,000 sales target?
Remember, the product is PRICE INELASTIC, in terms of demand. Price changes more than demand. Therefore to produce that large of an increase in demand, the price must be dropped massively.
Again. -80= ((final - original )/original )x100
-0.8=final -original /original
-0.8= final - 10/10
Work through that to produce the £2.
Remember like i said if you have worked through the formula’s correctly, eg check your working to see you haven’t made any careless errors, do not question your answer - economics ALEVEL maths is basic and purely formula’s.
Original post by Chloe234
Does anyone know how to structure a 25 marker?
First of all, you need to define any hard keywords given in the question then you need to give real-life examples of the topic the question asks about, like for example if it's about whether evaluating competitive markets, you would mention something that supports competitive markets and something else that doesn't support competitive markets. And always evaluate through the essay, it's better than leaving it to later, which plays a big role in getting high marks. You can give few points on why competitive markets are good then you could go mention the consequence of every point you mention so that it balances out. Like for every point a paragraph related to it. Then in the conclusion, it's so important to give your opinion on whether you agree or not, and WHY. When stating that you agree or not, rewrite the question within what you are about to say. Then you should like go over what you mentioned earlier in an essay but in small phrases. And lastly, try to include some graphs for every real-life example, say you mentioned something about services, you would put the price of services and quantity of services on the graph (the graphs are like reflections of what you are saying but in a clearer way). So drawing graphs(like 3 or 4) throughout your essay really reflects your wide knowledge of the subject.Thats what I really did to get a 22/25 marker. Good luck!
Quick Reply
Related discussions
- Career/higher education route help
- A Level Law Study Group 2020-21
- A-level Exam Discussions 2024
- Resitting A Levels while in university
- Is University of kent going to crSH AND BURN AFTER MORE ROUNDS OF REDUNDANCIES
- epp at Warwick
- Other than Birkbeck, what other universities have slightly older demographic?
- LSE Application 2024
- Enrollment eligibility
- Graduating with undergraduate degree at 24. Bad for career?
- would i be disadvantaged doing an economics degree not having studied A Level maths
- Access course and one A level
- Economics - LSE/UCL/ Imperial
- Do I need A-Level maths to study economics at uni?
- Warwick 2020 Applicants
- HNC or Foundation
- Student finance for second degree??
- do I still have a chance at a Russel group uni?
- Student Finance ineligible, dubious reasons , re-evaluation and appeals
- Feeling Lost - Universities
