Economics a level eduqas paper 1

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PDunne8
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#1
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#1
How did everyone find eduqas paper 1? I thought it was quite difficult.
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AstronomerGirl
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#2
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yes a little. some of the mcqs were confusing and most of the SAQs were 8 marks!
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Rcrvvshhsbs
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Do someone still remember the terms of trade combined with elasticity MCQ question?
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fluous
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man that payoff matrix mixed with elasticities mcq threw me off a bit. I kinda expected there to be quite a few 8 markers though because the 2020 paper was literally just 8 markers and the mcqs. Not looking forward to the next two papers though...
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PDunne8
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(Original post by fluous)
man that payoff matrix mixed with elasticities mcq threw me off a bit. I kinda expected there to be quite a few 8 markers though because the 2020 paper was literally just 8 markers and the mcqs. Not looking forward to the next two papers though...
I felt like the whole paper was really difficult in comparison to other past papers. Despite revising every topic a lot, most of the 8 markets seemed hard apart from the last one about indirect taxes on the meat industry.
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fluous
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(Original post by PDunne8)
I felt like the whole paper was really difficult in comparison to other past papers. Despite revising every topic a lot, most of the 8 markets seemed hard apart from the last one about indirect taxes on the meat industry.
I rushed the last one a little bit because I was on the azerbaijan question for a tad too long :/
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PDunne8
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What diagram did you use for the sainsburys question? I used a kinked demand curve because the supermarket industry is an oligopoly but im not sure if its right.
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fluous
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#8
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(Original post by PDunne8)
What diagram did you use for the sainsburys question? I used a kinked demand curve because the supermarket industry is an oligopoly but im not sure if its right.
what was the sainsbury's question again? literally can't remember even though it was yesterday.
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PDunne8
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#9
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It was something like, what would happen to sainsuburys market share if they switched to an objective of either sales maximisation or revenue maximisation. Can’t remember if it was sales or revenue.
(Original post by fluous)
what was the sainsbury's question again? literally can't remember even though it was yesterday.
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fluous
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(Original post by PDunne8)
It was something like, what would happen to sainsuburys market share if they switched to an objective of either sales maximisation or revenue maximisation. Can’t remember if it was sales or revenue.
Oh that one! I drew a costs and revenue diagram and showed the change from profit maximisation to sales maximisation. Now that I'm thinking about it, a kinked demand curve might have been useful to draw because going to sales maximisation does lower the price to an extent. Oof hopefully I didn't miss any marks for that.
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Peter_.
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(Original post by fluous)
Oh that one! I drew a costs and revenue diagram and showed the change from profit maximisation to sales maximisation. Now that I'm thinking about it, a kinked demand curve might have been useful to draw because going to sales maximisation does lower the price to an extent. Oof hopefully I didn't miss any marks for that.
They said to draw a cost revenue diagram not a kin ked demand curve... furthermore the kinked demand curve doesn't show lower prices and higher output at sales maximisation
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Peter_.
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#12
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#12
For the Azerbaijan question did people make a point about how interest rates affect the economy and evaluated it by saying that actually oil prices affected it more.
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Peter_.
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(Original post by Jamiez123)Hey, for the sainsbury's question was the market a monopoly or an oligopoly? I spent ages thinking about it, I appreciate there were a few firms with more than 10% but I thought when one firm had more than 25% in the UK it was considered a monoply? So I said it was a monopoly for that reason. I'm not sure I was probably wrong haha, what do you guys think?


Oligopoly g
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willm_45
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#14
It was a monopoly as Tesco are the main monopoly in the supermarket chain
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willm_45
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#15
(Original post by Peter_.)
They said to draw a cost revenue diagram not a kin ked demand curve... furthermore the kinked demand curve doesn't show lower prices and higher output at sales maximisation
I drew the cost and revenue diagram of a monopoly then labelled where profit max was then where sales max was to show the change. Overall said they will gain market share as a higher % of supermarket shoppers will change to Sainsburys since the lower prices compared to Tesco will increase demand for Sainsburys goods as they are substitutes.
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