Hi - I find some inconsistencies in solution of Assignment X2. 1. In the marking schedule, terms like SRA, SPP and SHS have been included as jargons / unnecessarily complex language. However, the model solution includes all these three terms without defining these or mentioning the full forms (except for SRA). And then the second question even justifies why these are used. Are these acceptable? 2. The marking schedule describes "gross profit" as unnecessarily complex language, but goes on to use both 'gross profits' and 'profit margin' in the report without explaining it. 3. Own price elasticity of demand for all the three products is negative indicating as the prices are increases the quantity demanded would fall. However, the solution mentions as the prices for F4L-Health and F4L-Home are increases, the revenue will increase. Isn't it contradictory? 4. Lastly, there are some repetitions in the solution. The description of F4L-Retirement and F4L-Home are mentioned in Overview section and then some points mentioned again in later sections, is this acceptable? Please can someone share views on the above points. Thanks.
Hi, I may be wrong, but the specimen solutions are usually solutions you would be expected to be able to produce in the exam if you were to pass. They are not "perfect answers". If you marked the specimen solution with the marking schedule provided, what would it score? If we expect it to score 100%, then you're spot on. But (I think) we only expect it to score a good pass at best. Cheers Pete
I doubt if it's true, I thought the solutions shouldn't contain any statements which are not expected from students, at least this is what I have seen in other subjects. Thanks anyways. Does anyone else has any other insights into the query above?
Hi The ActEd solutions are not meant to be perfect, but we do try to avoid deliberately contradicting our own advice! 1. SRA is defined (not simply used without explanation). As explained in Q2 (iii), we might expect the audience to understand the other terms (eg we could assume that most people would understand "NHS" in the context of UK healthcare?) 2. The marking schedule identifies these terms as "may be jargon", we took a judgement call that for this audience they would be readily understood. 3. No these are not contradictory. Demand may fall but may be more than offset by increases in prices (as per the income elasticity figures quoted). Eg a 10% fall in demand alongside a 15% increase in price will result in an net increase in income) 4. Yes. The overview briefly states some key facts that are then explored in more detail later. It is restating/emphasising rather than blatantly repeating information.
