2022 Micro Report

• What is the largest awarding body in the UK?

  Pearson
• What types of qualifications does Pearson provide?

  Academic, vocational, and occupational qualifications
• Where can you find more information about Pearson qualifications?

  www.edexcel.com or www.btec.co.uk
• What is ResultsPlus?

  Free online service for exam result analysis
• How can ResultsPlus help teachers?

  Identify topics where students need improvement
• How long has Pearson been involved in education?

  Over 150 years
• In how many countries does Pearson operate?

  70 countries
• What is the focus of the June 2022 exam report?

  Analysis of the GCE Economics A 9EC0 01 exam
• What was the nature of the June 2022 exam compared to previous years?

  Return to Summer full series
• What was provided to students to guide them in the exam?

  Advanced Information by Pearson Edexcel
• What was a notable challenge in Section A of the exam?

  Q2(c) on PED and XED
• What skill do candidates need to improve according to Section A results?

  Confidence in quantitative skills
• What type of errors were noted in Q2(a) and Q2(b)?

  Computational errors
• What knowledge gaps were identified in Q3(a) and Q4(a)?

  Negative externalities and game theory models
• What did nearly all candidates achieve full marks for in Q1(b)?

  Drawing a supply and demand diagram
• What was the challenge in Q6(b) regarding price elasticity?

  Understanding price inelastic supply and demand
• How should candidates apply their answers in Q6(d)?

  To the coffee shops scenario
• What was the common confusion in Q6(e)?

  Contestability with competitiveness
• Which questions did most candidates choose in Section C?

  Q7 and Q8
• What was noted about candidates' knowledge in Q7 and Q8?

  Impressive depth and breadth of knowledge
• What was the issue with answers related to Tesla and labor shortages?

  Lacked a theoretical approach
• What should candidates ensure when drawing diagrams?

  Lines and axes are correctly labelled
• What is the importance of showing workings in calculations?

  Helps pick up marks for errors
• What is crucial for the pay-off matrix in game theory?

  It must logically represent firms' actions

  
• What was a common response awarded in Question 4(a)?

  3 marks for collusion analysis
• What should candidates double-check in their game theory models?

  Ensure it makes sense logically
• What are the key components of a successful economics exam response?

  • Clear and accurate diagrams
  • Correct calculations with workings shown
  • Application of theory to scenarios
  • Understanding of key concepts and terms
• What are the common pitfalls in economics exam responses?

  • Confusing similar concepts (e.g., contestability vs. competitiveness)
  • Failing to label diagrams correctly
  • Not showing workings in calculations
  • Lack of theoretical backing in topical answers
• What is the main focus of rational behaviour in economics?

  Maximizing financial gain
• Why did Tyson and Pilgrim gain financially by colluding?

  They set higher prices together

  
• What financial gain did Pilgrim achieve by under-cutting Tyson's price?

  $400 million
• What was the outcome for Tyson when he retaliated against Pilgrim's price cut?

  Tyson earned $50 million, less than $100 million
• What are the key concepts of economies of scale?

  • Purchasing economies of scale lower average costs
  • Technical economies of scale involve technology
  • Rationalisation refers to workforce reduction
• What is a common misunderstanding about technical economies of scale?

  Confusing them with technological economies
• What is the impact of a merger on worker numbers?

  It may lead to rationalisation
• What is a concern regulators have about mergers?

  Higher prices and loss of consumer surplus
• What is the expected approach for calculating the concentration ratio?

  Numerical answer or definition allowed
• What was the concentration ratio calculated by candidates?

  52.96%
• What should candidates do to secure marks in calculation questions?

  Show workings for clarity
• What happens to demand when incomes rise and supply is price inelastic?

  Demand increases, causing price rise