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Exam Technique Tutoring : https://forms.gle/owj1pwyGHyqTSjFZ9 Economics Group Chat : https://beacons.ai/udoecon About this video : This video is a full exam technique + walkthrough for the Edexcel A Level Economics Paper 1 (Micro) 2021 exam, where we go through the paper step-by-step and explain how to approach each question, how to use the extracts and data effectively, build clear chains of analysis and evaluation, and structure high-scoring answers across the paper. The aim of the video is to show how to approach the full paper under exam conditions, including calculations, diagrams, and extended essays, while consistently applying economic theory to the context. Questions in the video: Section A 1(a) Which one of the following best describes the two statements above? (1) 1(b) Explain the likely impact of migration on the wage level of engineers in Poland. (4) 2(a) Draw a supply and demand diagram to show why the price of cobalt fell between June 2018 and June 2019. (4) 2(b) Between June 2018 and June 2019 the price of cobalt fell by: (1) 3(a) Complete the third-degree price discrimination diagram below. Draw the impact on each sub-market by showing the price and profit. (4) 3(b) Which one of the following is necessary for a firm to be able to practise price discrimination? (1) 4(a) Calculate the total revenue from ticket sales for ‘It’s a Wonderful Life’, assuming it is shown only five times, all at full capacity. (2) 4(b) Calculate the value of the government subsidy necessary for this production to cover all of its costs. (2) 4(c) Which one of the following conditions is necessary for revenue maximisation to occur? (1) 5(a) Draw diagrams showing the equilibrium positions for both the lemon market and a typical firm in the long run. (4) 5(b) Which one of the following will exist in the short run if Chiara makes a loss? (1) Section B 6(a) Explain the likely impact of diminishing marginal productivity of labour on cabin crew staffing levels. (5) 6(b) Examine the likely impact of reducing airline emissions on the social optimum position. (8) 6(c) Assess whether Thomas Cook’s failure was caused by the principal-agent problem. (10) 6(d) Discuss the proposed government subsidy to prevent Thomas Cook from reaching its shut-down point. (12) 6(e) Discuss the decision by Jet2 to increase its package holiday prices. (15) Section C 7. Evaluate the disadvantages of a significant increase in the national living wage on a specific labour market. (25) Timestamps: 00:00 - Section A 00:16:53 - Section B 01:03:04 - Section C Topics covered: Positive vs normative statements, labour markets, migration, supply and demand, price changes, price discrimination, revenue maximisation, costs and subsidies, perfect competition, diminishing marginal productivity, externalities, principal-agent problem, government intervention, price strategies, national living wage, market concentration, evaluation and exam technique 
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