Now that a level physics 34 practical is coming up and confidiential instructions are out does anyone have any tips and tricks for the given experiment? like any skills you should know or any uncertainities u can remember or any limitations and errors for the bubbles question? please help
As someone who has solved over 100+ questions of economics i will be discussing the paper completely if any of you feel that u might get demotivated after reading please stop reading now and focus on other subjects. This is 100% student made and if any of you disagree with anything please let me know.
Q1) PED was -2.1 (sign is optional due to law of demand however a mark may get cut depending on the examiners meeting)
Q2) The ped suggests that the demand is elastic meaning that consumers are responsive to price changes however it is unlikely as nickel is a raw material.
Q3) Subsidy (supply shift to the right) (diagram only no definition required) A subsidy will cause the cost of production to fall leading to a fall in price from p1 to p2 and a rise in quantity from q1 to q2. However the extent of this would be depandant on the size of subsidy and how effectively its used.
Q4) Here we couldve mentioned factors such as inflation employment rise in output economic growth, for our against argument we couldve said subsidy might limit the effect of inflation and an increase in aggregate demand may be low if individuals fear a potential recession in such cases employment may not rise as much. Conclusion was that it is dependant on the size of subsidy whether inflation will happen and also on the confidience of the individuals within the economy.
Q5) This was the trickiest question so far and im unsure if i did it right but u had to explain the advantages of comparative advantage that how itll benefit and for ur other side u had to explain how they should also invest in other industries. The conclusion was comparative advantage should not be the only determining factor
Q2A) here we had to explain the difference between merit and public by examples obv the characterstics however you had to link it with examples for example if u say street light is a public good you have to explain how similarly u had to explain how education and healthcare is a merit good and not just state an example.
Analysis for this question required how information failure can increase consumption, how it cant. Lastly the evaluation required an alternative policy which was mandatory for the full two evaluation marks.
Q2B) here u had to explain the characterstics and how they may be provided in a command economy, mixed economy, and why theyre not provided in a market economy but could be provided if they could be made excludable and non rival or if firms wanted to increase welfare and mention how it is unlikely due to free rider problem and profit move but could happen.
Q4A) here u simply had to mention how economic growth is measured in real gdp as it measures increase in real output you had to mention nominal gdp could rise simply due to a rise in price without an increase in output and therefore real gdp is used.
Analysis mentioned how increase in quantity can cause economic growth, how quality can cause economic growth and also how it could be caused by factors affecting aggregate demand.
Q4B) here you simply had to explain the pros and cons of economic growth and for your evaluation you had to mention developed vs developing argument or if its sustainable or if its inclusive enough to be beneficial for all economies. Types of economy DID NOT mean planned market etc as it is a micro concept.
Feel free to respond to this i wanna know how u guys felt and if ur demotivated after reading this just know it was only made by a student though i do believe i have enough experience as i had studied economics from two cambridge certified examiners. Thankyou.