Autumn 2021 Edexcel Economics Exam

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Imwaytoolit
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#1
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#1
How did everyone find Paper 1? I struggled with the 8 marker in terms of the diagram. I did the negative production externality but was unsure how it’d look like. So I did shift in MPC to account for the marginal social costs.

With 10 marker i talked about the divorce of ownership problem where it’s shareholders vs managers and managers exploited their position.

15 marker i said they raised prices as theres less competition from thomas cook. evaluated that they might have to abandon this strategy because other firms might offer lower prices on holiday deals.

then i said they were trying to profit maximise because of brexit uncertainty and given the market conditions itd be best for them to earn some supernormal profit now.

25 marker on NLW.

Overall the paper kinda knocked my confidence in micro. i hope paper 2 is better...
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14yetia
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#2
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#2
I feel like this is the hardest micro paper I’ve ever did. All the data response question and 25 mark are really tricky to answer. Kind run out of time in the end
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Imwaytoolit
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#3
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#3
(Original post by 14yetia)
I feel like this is the hardest micro paper I’ve ever did. All the data response question and 25 mark are really tricky to answer. Kind run out of time in the end
Did you attempt the 8 marker? Another person thought it was a consumption externality.

Also can i ask what you did for the positive/normative statements on polish labour?
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14yetia
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#4
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#4
I did over production on fuel. So using efficiency fuel means deadweight loss can be eliminated. I also talked about this rise cost of production, so price increase lead to demand decrease.

I think I put both positive? I’m literally rushing through section A, cos I did section B and C first. So I only got 10 mins left for section A.
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14yetia
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#5
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#5
(Original post by Imwaytoolit)
Did you attempt the 8 marker? Another person thought it was a consumption externality.

Also can i ask what you did for the positive/normative statements on polish labour?
Just wondering, what did you put with disadvantages of rise in NLW?
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Imwaytoolit
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#6
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#6
(Original post by 14yetia)
I did over production on fuel. So using efficiency fuel means deadweight loss can be eliminated. I also talked about this rise cost of production, so price increase lead to demand decrease.

I think I put both positive? I’m literally rushing through section A, cos I did section B and C first. So I only got 10 mins left for section A.
OMG PHEW i did both positive. this other kid said it was normative and positive and i was freaking out over that
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Imwaytoolit
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#7
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#7
(Original post by 14yetia)
Just wondering, what did you put with disadvantages of rise in NLW?
I talked about 1) unemployment 2) changes from full time contracts to zero hour contracts in the gig economy which reduces job security/sick leave etc and said there are numerous studies showing that people have often been underpaid

my evaluation was that economist alan kreuger has argued that it’s not often the case and that empirical data matters more than theory. social care workers have often bonded with the people they’re with therefore less likely to be unemployed

second evaluation was trade unions protecting full time people from being dismissed. however i said it’s not that effective because trade union power has decreased so it’s still a disadvantage

overall i said that there might be some unemployment but workers can be more productive as wirh low wages they’re unmotivated to work anyway
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Morganpatkins
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#8
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#8
Seems Thomas was cooking up some ******** in the boardroom from the looks of Extract C, fat cats. 🙄
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14yetia
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#9
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#9
(Original post by Imwaytoolit)
I talked about 1) unemployment 2) changes from full time contracts to zero hour contracts in the gig economy which reduces job security/sick leave etc and said there are numerous studies showing that people have often been underpaid

my evaluation was that economist alan kreuger has argued that it’s not often the case and that empirical data matters more than theory. social care workers have often bonded with the people they’re with therefore less likely to be unemployed

second evaluation was trade unions protecting full time people from being dismissed. however i said it’s not that effective because trade union power has decreased so it’s still a disadvantage

overall i said that there might be some unemployment but workers can be more productive as wirh low wages they’re unmotivated to work anyway
Oh wow that’s so good! I didn’t have enough time to finish 25 marker… Anyway this paper is a disaster to me🤬I hope the next one will be easier
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Imwaytoolit
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#10
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#10
(Original post by Morganpatkins)
Seems Thomas was cooking up some ******** in the boardroom from the looks of Extract C, fat cats. 🙄
thomas cook directors really said money 😩😩😩😍😍😍🥵🥵
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Imwaytoolit
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#11
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#11
(Original post by 14yetia)
Oh wow that’s so good! I didn’t have enough time to finish 25 marker… Anyway this paper is a disaster to me🤬I hope the next one will be easier
same although the points were made i feel like i didn’t phrase it correctly. i hope this paper was like a booster for us to revise harder for other papers. Good luck to you! i hope we get the grades we all deserve
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benking1507
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#12
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#12
What paper was this for?
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Jamal billy
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#13
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#13
Do you remember any of the questions. If so please respond. And is there a question paper available?
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Jamal billy
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#14
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#14
(Original post by 14yetia)
I feel like this is the hardest micro paper I’ve ever did. All the data response question and 25 mark are really tricky to answer. Kind run out of time in the end
Do you remember any of the questions. If so please respond. And is there a question paper available?
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Jamal billy
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#15
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#15
(Original post by Imwaytoolit)
How did everyone find Paper 1? I struggled with the 8 marker in terms of the diagram. I did the negative production externality but was unsure how it’d look like. So I did shift in MPC to account for the marginal social costs.

With 10 marker i talked about the divorce of ownership problem where it’s shareholders vs managers and managers exploited their position.

15 marker i said they raised prices as theres less competition from thomas cook. evaluated that they might have to abandon this strategy because other firms might offer lower prices on holiday deals.

then i said they were trying to profit maximise because of brexit uncertainty and given the market conditions itd be best for them to earn some supernormal profit now.

25 marker on NLW.

Overall the paper kinda knocked my confidence in micro. i hope paper 2 is better...
Do you remember any of the questions. If so please respond. And is there a question paper available?
0
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Jamal billy
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#16
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#16
(Original post by 14yetia)
Oh wow that’s so good! I didn’t have enough time to finish 25 marker… Anyway this paper is a disaster to me🤬I hope the next one will be easier
Do you remember any of the questions. If so please respond. And is there a question paper available?
1
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Jamal billy
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#17
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#17
(Original post by Imwaytoolit)
thomas cook directors really said money 😩😩😩😍😍😍🥵🥵
Do you remember any of the questions. If so please respond. And is there a question paper available?
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Imwaytoolit
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#18
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#18
(Original post by Jamal billy)
Do you remember any of the questions. If so please respond. And is there a question paper available?
it’s unreleased so no
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ASHLEIGHSIDNEY
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#19
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#19
(Original post by Imwaytoolit)
I talked about 1) unemployment 2) changes from full time contracts to zero hour contracts in the gig economy which reduces job security/sick leave etc and said there are numerous studies showing that people have often been underpaid

my evaluation was that economist alan kreuger has argued that it’s not often the case and that empirical data matters more than theory. social care workers have often bonded with the people they’re with therefore less likely to be unemployed

second evaluation was trade unions protecting full time people from being dismissed. however i said it’s not that effective because trade union power has decreased so it’s still a disadvantage

overall i said that there might be some unemployment but workers can be more productive as wirh low wages they’re unmotivated to work anyway
(Original post by Imwaytoolit)
How did everyone find Paper 1? I struggled with the 8 marker in terms of the diagram. I did the negative production externality but was unsure how it’d look like. So I did shift in MPC to account for the marginal social costs.

With 10 marker i talked about the divorce of ownership problem where it’s shareholders vs managers and managers exploited their position.

15 marker i said they raised prices as theres less competition from thomas cook. evaluated that they might have to abandon this strategy because other firms might offer lower prices on holiday deals.

then i said they were trying to profit maximise because of brexit uncertainty and given the market conditions itd be best for them to earn some supernormal profit now.

25 marker on NLW.

Overall the paper kinda knocked my confidence in micro. i hope paper 2 is better...
worst paper of our lives
- me and my friend
made me reconsider my choices
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Imwaytoolit
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#20
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#20
(Original post by ASHLEIGHSIDNEY)
worst paper of our lives
- me and my friend
made me reconsider my choices
How were the other papers for you? I’m sure you guys have your results now
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