T1 / T3 Essay Frameworks

Question 1

When talking about producers what should the focuses be

Answer 1

Profits
Costs and revenues
Investment

Question 2

Government essay focuses

Answer 2

Tax revenue
Gov spending
macro objectives
equality
Budget deficit

Question 3

Consumer focuses essay

Answer 3

Price
quality
health
income
living standards

Question 4

Go-to points and evaluations for minimum price

Answer 4

P: reduces consumers’ overconsumption

E: Inelastic demand → consumption may not decrease significantly

E: Unintended consequences → black markets will sell below minimum price illegally → funding crime

Question 5

Go-to points and evaluations for maximum price

Answer 5

P: Lower fairer prices increases consumer surplus and equality and stops underconsumption of goods with external benefits.

E: Excess demand → limits access → unfair

Question 6

How should we structure a 20 marker

Answer 6

14 kaa marks
4 K 4 App and 6 analysis

6 evaluation marks

3 Points 3 Evals and a final judgement answering question

Question 7

What 3 points and evals are best for a minimum price alcohol question

Answer 7

P: high price internalises externalities caused by overconsumption

E: Inelastic demand min price will have little effect

P2: Higher minimum price will mean firms can make more profits.

E2: Unintend consequences, black markets for this good

P3: Will reduce overconsumption caused by info gaps, benefiting peoples health

E3: REduces producers sales resulting in decreased profits and job cuts.