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2001 Economics Paper 1 Marking Scheme

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1K views11 pages

2001 Economics Paper 1 Marking Scheme

Uploaded by

api-3700944
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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AREA FOR TEACHERS’ USE ONLY Alternative answers are acceptable so long as they are well reasoned. Section A 1. = stimulus to mechanization + practice makes perfect + saves time in learning the job ~ saves time in moving around jobs = choose the best person to do the job - any other relevant point {Mark the FIRST THREE points only.] Unit Price D, with substitutes Dy with no substiutes Quantity (@) Indicate inthe graph demand curve shifts to the left fixed postage charge, Le. P, L, = decrease in total revenue (b) Indicate inthe graph : Ly = new loss in total revenue G= new gain in total revenue 200L-CEAICON L3 ARNGEH FOR TEACHERS’ USE ONLY Marks 1@, max:3 . ARAMEH FOR TEACHERS’ USE ONLY E Alternative answers are acceptable so long as they are well reasoned. Marks 3. (The data show that) machinery is a fixed factor and 1 ‘when the variable factor, labour, is added successively to machinery, . 1 [Labour (units) | Machinery (units) MP (units) 10 3 : S 1 3 30 2 I 3 100 13 | 3 150 4 5 130 2 the marginal product eventually diminishes. 2 the data illustrate the law of diminishing marginal retums. 1 4. = price competition ~ different products : different services, e.g. some shops sell cans of Coca-Cola 24 hours a day = different costs erent rents pid by diferent shops; discounted cost due to bulk purchase atthe | 96) mag 4 wholesale level, et. imperfect information : imperfect information about the prices of the product sold in other shops; imperfect information about the availability of other nearby shops selling the product, etc. {Mark the FIRST TWO points only.) 2WOLCEAICON Ft ARASH FOR TEACHERS’ USE ONLY ARAME FOR TEACHERS’ USE ONLY Alternative answers are acceptable so long as they are well reasoned. Marks = (on divisibility) Banknotes can be divided into different denominations without a change in value, Diamond if divided into smaller units will have a fall in total value, = (on homogeneity) Banknotes with the same face value issued by the same bank share uniform physical characteristics => homogeneous in value Diamonds do not have uniform physical characteristics => heterogeneous in value 2@*, max:4 = (on homogeneity) The value of a banknote is more easily recognized (because of uniform physical characteristics) The value of a diamond is not easily recognized (because diamonds do not have uniform physical characteristics). ~ any other relevant point ‘no comparison : zero marks 2OOL-CEECON 11S FUERSVeH SEE © FOR TEACHERS’ USE ONLY

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