The official marking scheme is crucial because it reveals how examiners award marks. It goes beyond just a final answer, often rewarding partial understanding and a logical approach. For example, in the HKDSE (the exam that replaced the HKCEE), examiners appreciate when students:
The is a masterpiece of microeconomic testing. It forces students to integrate algebra, geometry, and policy analysis. Mastery of this single question equips you to handle price controls, elasticity, and welfare economics in any exam. Practice drawing the graph step by step, label all surpluses, and always double-check which quantity determines actual market outcome. For HKDSE candidates, this question remains highly recommended revision material.
Quantity demanded = 10 tonnes, quantity supplied = 20 tonnes. This creates an excess supply (surplus) of 10 tonnes.
is the correct choice because it aligns with the standard economic definition of opportunity cost or choice under scarcity. hkcee 2010 econ paper 2 q2
: The cost is entirely determined by the unique preferences and expectations of the decision-maker at the exact moment the choice is made. Common Variations of Question 2 in Past Papers
I can provide a precise solution and explain exactly why the correct option wins. Share public link
: Scarcity is not a shortage. A shortage is a temporary market imbalance where quantity demanded exceeds quantity supplied due to a fixed price. Scarcity is relative and universal; even billionaires experience scarcity because time and energy are finite. The official marking scheme is crucial because it
: Opportunity cost is not just about the money paid; it includes the value of the time and the next best alternative. Even if two people pay the same price for a ticket, their opportunity costs differ if their next best way to spend that time has different values.
Price floors above equilibrium create surpluses, inefficiency, and may require costly government purchase schemes. However, they can stabilize producer income in volatile agricultural markets.
Including costs already paid in the past (e.g., historical training fees). It forces students to integrate algebra, geometry, and
Have questions or want to see a graphical illustration? Leave a comment below or email your economics tutor. Happy studying!
: The opportunity cost is only the value of the highest-valued option forgone . It is never the sum of all other options.
Workers do not need to switch between different tasks (e.g., moving from the dressing room to the cash register). This saves time previously lost to switching tools or locations. (Alternative: Selection according to ability) CSEC June 2010 - Economics - Paper 02 | PDF - Scribd
If Option C changes, the opportunity cost of choosing Option A because Option C was never the next-best alternative. Typical Student Blind Spots