Annotations Annotation Meaning Tick Cross Unclear Analysis Application Benefit of the doubt BP Blank page Evaluation Knowledge Level one Level two Level three Not answered question Noted but no credit given. Off page comment Own figure rule Too vague Highlighting is also available to highlight any particular points on the script. BP to be inserted on every blank page ‘SEEN’ to be inserted in every question space where NR is the mark. 12. Subject Specific Marking Instructions Levels of response / Level descriptors Knowledge and understanding Application Analysis Evaluation Good Good knowledge and understanding of the theory stated or referred to in the question. All of the terms/theoretical concepts are explicitly or implicitly understood. Good application of knowledge to a given scenario. The terms/theoretical concepts are used/adapted/changed in the context of the given scenario. There is good understanding of all the relevant elements of the scenario. Good analysis of the effect of xxxx. There is correct analysis in the form of developed links. These links are developed through a chain of reasoning which addresses the question. Any relevant diagram(s) are predominantly correct and linked to the analysis. Good evaluation with a fully supported judgement that is developed from a weighing up arguments/both sides/comparing alternatives. Reasonable Reasonable knowledge and understanding of the theory stated or referred to in the question. Most of the terms/theoretical concepts are explicitly or implicitly understood. Reasonable application of knowledge to a given scenario. The terms/theoretical concepts are used/adapted/changed in the context of the given scenario. There is understanding of some the relevant elements of the scenario. Reasonable analysis of the effect on xxxx. There is correct analysis largely in the form of single effects. These address the question but are not developed into a clear chain of reasoning. The relevant diagram(s), if present, may be improperly labelled or not linked to the analysis. Reasonable evaluation of xxx considering arguments/both sides/comparing alternatives. There may be a judgement but this will not be fully supported. Limited Limited knowledge and understanding of the theory stated or referred to in the question. Some of the terms/theoretical concepts are explicitly or implicitly understood. Limited application of knowledge to a given scenario. There is an attempt to use/adapt/change the terms/theoretical concepts in the context. Limited analysis of the effect on xxxx. There is an attempt at analysis which may include a single effect that has some link to the question. Diagrams (if present) are unlikely to be correct and not linked to the analysis. Limited evaluation of xxx that may include an incomplete consideration of arguments/both sides/comparing alternatives with unsupported statements. Section A Question Key AO Quantitative skills 1 A 1a 2 B 1b 3 A 1b 4 C 2 Yes 5 D 1a 6 C 2 Yes 7 B 1b 8 B 1b 9 C 1a 10 B 1b 11 B 2 12 B 1b 13 A 1b 14 A 2 15 C 2 Yes 16 C 1b 17 A 1b 18 B 2 19 D 2 Yes 20 C 1b Section B Question Answer Mark Guidance 21 (a) State what is meant by ‘the equilibrium price and quantity’. Answers may include: • Where the quantity demanded exactly matches (is equal to) the quantity supplied • Where there is no pressure for price or quantity to change • Where the market clears ARA 2 AO1a Give 2 marks for a precise answer, as shown. Give 1 mark for a less precise answer such as: • ‘where supply and demand cross/meet’ • ‘where price stays the same’ • ‘where quantity stays the same’ 21 (b) Draw a diagram showing equilibrium price and quantity. P S p D 0 q Q 2 AO1b Give 2 marks for a clear diagram showing a supply and demand curve with an equilibrium point indicated (in some way) where the two lines cross Give 1 mark for a correct diagram with no equilibrium indicated No reward for a diagram which confuses supply and demand curves OR does not label both of them. Question Answer Mark Guidance 21 (c) Using a diagram, analyse the consequences of a movement along the demand curve for Plumwith Holidays. Answers may include: • An increase in supply is a movement along the demand curve • An increase in supply will lead to a fall in price, but an increase in quantity demanded • Change in quantity demanded will move in the opposite direction to price. • If demand is price elastic the increase in supply will lead to a larger rise in demand than the fall in price increasing revenue and possibly profits. • Consumers will be able to afford more/longer holidays P S p S 1 p 1 D 0 q q 1 Q 6 1xAO1a 2xAO2 3xAO3a All level descriptors describe the TOP of the level – please read guidance at the beginning of the mark scheme regarding best fit approach. Level 3 (5-6 marks) (AO1a – 1 mark, AO2 – 2 marks, AO3a – 3 marks = 6 marks) Reasonable knowledge and understanding. All of the terms/theoretical concepts are explicitly or implicitly understood. Reasonable application of the likely impact of an increase in supply on price, quantity and revenue/profits. The terms/theoretical concepts are used/adapted/changed in the context of the given scenario. There is understanding of some of the relevant elements of the scenario. Good analysis of the likely impact of an increase in supply on price, quantity and revenue/profits. There is correct analysis in the form of developed links. These links are developed through a chain of reasoning which addresses the question. The diagram is predominantly correct and linked to the analysis. Level 2 (3-4 marks) (AO1a – 1 mark, AO2 – 1 mark, AO3a – 2 marks = 4 marks) Reasonable knowledge and understanding. Most of the terms/theoretical concepts are explicitly or implicitly understood. Limited application of knowledge to the likely impact of an increase in supply on price, quantity and revenue/profits. There is an attempt to use/adapt/change the terms/theoretical concepts in the context. Reasonable analysis of the likely impact of an increase in supply on price, quantity and revenue/profits. There is correct analysis, largely in the form of single effects. These address the question but are not developed into a clear chain of reasoning. The relevant diagram(s), if present, may be improperly labelled or not linked to the analysis. Level 1 (1-2 marks) (AO1a – 1 mark, AO2 – 0 marks, AO3a – 1 mark = 2 marks)