Panic!

Perhaps a little late for this - but I've been reviewing lots of past questions and I'm slightly confused with differentiating a demand curve for a non-giffen inferior good and the curve for minus unity price elasticity of demand (april 2006 q28) the curves drawn in the revision books look pretty similar to me.

 

Yeah I noticed this too. I would personally not try to draw them similarily if it was asked again this year - I hope it is as it's easy marks.

I think the minus unit price elasticity one is pretty straightforward and the demand curve for an inferior good should be a quite steep straight line.

This is what was done in the 107 april 2000 paper question 27.

 

CT7 - Multiple Choice

Question.

On the multiple choice questions, are the 1.5 marks awarded just for stating the right answer, or is some explanation required?

Hopefully it is possible to get 39 marks by writing a total of just 26 letters.

 

Probably sensible to stick down the question numbers too

Seriously though, just the letters are needed. In fact, I heard on tutorial that the markers don't like it if you write down workings (more for them to read through!)

 

Anyone know what the marking policy is if you write down incorrect working but choose the correct answer?

I'd hope that you still get the marks - maybe you went back to review it but didn't change the working.

 

Your workings are irrelevant; your answer is either right or wrong and that's it.

I used to do my workings on the scrap paper to avoid clutter on my script!