Oxford Cambridge and RSA Examinations

Oxford Cambridge and RSA Examinations

GCE

Economics

H460/01: Microeconomics

Advanced GCE

Mark Scheme for Autumn 2021

Oxford Cambridge and RSA Examinations OCR (Oxford Cambridge and RSA) is a leading UK aw arding body, providing a wide range of qualifications to meet the needs of candidates of all ages an d abilities. OCR qual ifications include AS/A Lev els, Diplomas, GCSEs, Cambridge Nationals, Cambridge Technicals, Functional S kills, Key S kills, Entry Level qualifications, NVQs and vocational qualifications i n areas s uch as IT, business, languages, teaching/training, administration and secretarial skills.It is also responsible for developing new s pecifications to meet national requirements and the needs of students and teachers. OCR is a not-f or-profit organisation; any surplus m ade is invested back i nto the establishment to help towards the development of qualifications and support, which keep pace with the changing needs of today’s society.This m ark scheme is pu blished as a n aid to teachers and students, to indicate the requirements of the examination. It shows the basis on which marks w ere awarded by ex aminers. It does not indicate the details of the discussions which took pl ace at an examiners’ meeting before marking commenced.All examiners ar e instructed that alternative correct answers and unexpected approaches in candidates’ scripts must be given marks that fairly reflect the r elevant knowledge and skills

demonstrated.Mark s chemes s hould be read in conjunction with the published question papers and the report on the examination.

© OCR 2021

H460/01 Mark Scheme October 2021

Annotations

Annotation Meaning

Blank Page – this annotation must be used on all blank pages within an answer booklet and on each page of an additional object where there is no candidate response.

Correct – mark awarded

Incorrect Benefit of doubt

AO1 – Knowledge and understanding

AO2 – Apply knowledge and understanding

AO3 - Analyse

AO4 - Evaluation

Not answering question

Noted but no credit given

Too vague

Own figure rule

Confused

Unclear

H460/01 Mark Scheme October 2021

Question Answer Marks Guidance

• a Refer to line11. Calculate, using information from the stimulus

material, the average cost of a seat on an easyJet plane in 2018.Profit = TR – TC Profit per seat = AR – AC AC = AR – Profit per seat

AC = £62 - £6.53

AC = £55.47

2

(AO2*2)

Annotate with

Award 2 marks for an answer of £55.47 (with or without working)

Award 1 mark for evidence of identifying the correct data (£62 and £6.53)

Question Answer Marks Guidance

• b Refer to lines 14-18. Explain, using evidence from the stimulus

material, what is meant by joint demand.Demand for goods is interdependent (1) as someone buying a flight ticket may also purchase hotel accommodation (1).

2

(AO1*1)

(AO2*1)

Annotate with

1 mark for a correct definition of joint demand:

• Demand is interdependent • Goods are demanded together • Reference to complementary goods

• mark for a correct use of a contextual example by

combining any two of the following:

• flights • holiday/hotel accommodation • car hire • (airport) transfers • seat reservation • (check- in) luggage • food on the plane