economics paper 2

[hamza budhani]

What were the points about China, and lesser inflation pressure?

Yea that waz a point in why would economy stabilize in 2013

 

[kaka g]

Yes I mentioned it in that particular question.

 

[xmariam3x]

Anyone did q2 sectionb v2?

yep

 

[xmariam3x]

due to elastic demand a small change in the price would increase revenue as demand would increase hence export earnings for meat rose

Yeah but that cant be the only point .

 

[xmariam3x]

Even i got -2.5

I made a silly mistake. I calculated it correctly but in the end forget to conclude that "demand is elastic" :/ 1 mark gone probably

 

[happyperson]

I made a silly mistake. I calculated it correctly but in the end forget to conclude that "demand is elastic" :/ 1 mark gone probably

The question didn't ask to conclude so, did it? Do you remember it?
It was of 2 marks and i think one mark was for formula while other for worked answer.

 

[xmariam3x]

The question didn't ask to conclude so, did it? Do you remember it?
It was of 2 marks and i think one mark was for formula while other for worked answer.

I dont remember it well but my friend said the question asked "what is the price elasticity of demand.." so that means we had to write its elastic too, hope not though! :/

 

[happyperson]

Guys in section b question no. 3 b I have only discussed yed.how many marks will I lose?

I also attempted the same question. In part b i discussed elastic and inelastic demand and also linked it to XED and YED (which the question asked).
The question asked about how change in demand factors would help firms to predict revenue and we had to discuss about the significance of XED and YED and have to tell which is more important in doing so (i hope i recalled correctly). So discussing PED is fine to some extent as it is also important for firms but if you did not discuss even a single thing regarding XED or YED than probably you'll loose marks (i guess around 6 or so, i don't want to discourage but i think it had to be discussed). However, if you included graphs and gave a good evaluation than you can gain good marks.

 

[xmariam3x]

Guys, when there is a maximum price limit, in what different ways can the shortage be cleared?
I know gov will ration, but can we also say that , private producers increase production/supply of their good to clear shortage?
Please clear it

 

[happyperson]

I dont remember it well but my friend said the question asked "what is the price elasticity of demand.." so that means we had to write its elastic too, hope not though! :/

No i don't think we had to, just 2 marks man! relax

 

[xmariam3x]

No i don't think we had to, just 2 marks man! relax

hehe

 

[Sarah Paul]

I made a silly mistake. I calculated it correctly but in the end forget to conclude that "demand is elastic" :/ 1 mark gone probably

yah we need nt write wether its elastic or not since it was only fr 2 marks

 

[Muhtasim Ali]

I

I also attempted the same question. In part b i discussed elastic and inelastic demand and also linked it to XED and YED (which the question asked).
The question asked about how change in demand factors would help firms to predict revenue and we had to discuss about the significance of XED and YED and have to tell which is more important in doing so (i hope i recalled correctly). So discussing PED is fine to some extent as it is also important for firms but if you did not discuss even a single thing regarding XED or YED than probably you'll loose marks (i guess around 6 or so, i don't want to discourage but i think it had to be discussed). However, if you included graphs and gave a good evaluation than you can gain good marks.

I think u didnt see my question properly..i didnt write about ped..i have just discussed about yed

 

[happyperson]

I

I think u didnt see my question properly..i didnt write about ped..i have just discussed about yed

oops i caught it wrong, if you discussed that, it means you considered one aspect of the question and if you have given a valid evaluation and conclusion for that so you can gain a maximum of 7-8 marks and if you have given relevance of elasticities too than around 8-9. However, i can't tell it perfectly as marks depend really on how you access the question, and also on clear expression so if you think what you wrote was perfect so you'll loose just those 4 marks of not discussing the other side of the question, I saw in one of the ms that when there are 2 sides in the question, 8 marks are for each side and 4 for evaluation. Still, i would say this is not a hard and fast rule so pray you get even better. Good luck

 

[FGS2012]

yes!!! it was easy!!

Did anyone attempt Q2 from section b?

 

[hellblender]

I made a silly mistake. I calculated it correctly but in the end forget to conclude that "demand is elastic" :/ 1 mark gone probably

I don't think the question asked for that, i'm pretty sure during the exam i was wondering why i was 2 marks and then i thought it must be so because 1 is for the correct formula and the 2nd is for the answer it self.


Pretty certain they didnt ask for an evaluation or a conclusion stating whether it is 'elastic' or 'inelastic'.

 

[:: A^]

yah we need nt write wether its elastic or not since it was only fr 2 marks

Really? From what i heard, they give 1 mark for sign and 1 for the figure..

 

[happyperson]

Really? From what i heard, they give 1 mark for sign and 1 for the figure..

I don't consider that sign is necessary as in the book of Susan grant it was written somewhere in the elasticity chapter that sign is obvious so it's not necessary to put it in ped.

 

[:: A^]

I don't consider that sign is necessary as in the book of Susan grant it was written somewhere in the elasticity chapter that sign is obvious so it's not necessary to put it in ped.

Every marking scheme is different.. So lets see how it goes

 

[FGS2012]

Guys, when there is a maximum price limit, in what different ways can the shortage be cleared?
I know gov will ration, but can we also say that , private producers increase production/supply of their good to clear shortage?
Please clear it

by introduction of Police or punishment to stop black marketing.,, making multiple spots for the citizens to collect food at cheaper rate to avoid over crowding etc...
secondly by showing contraction in demand and extension in supply.... btw these were not important we had to talk more about max price's adv and disadv...!