OCR ECONOMICS of Work and Leisure F583 -> 17 June 2011
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Original post by tsr4life
part a - i did the backwards bending labour supply curve, then explained the income and substitution effect...wasn't really sure where to go from there so kind of rambled. anyone know what else you can put?
part b - started talking about how non-pecuniary benefits affect the supply of labour and then other factors that affect it such as: mobility of labour, pecuniary, length of training etc..then summarised by saying that it did affect it but not as much as some other things...still think i didnt do enough for it though
I did question 3 too, did a similar sort of thing as you for part a with the curve and the income/substitution effect. I just sort of stated that it depended on the individual and the value they placed on leisure/work. Didn't really like the whole 'analyse' part.
For part B I again did similar saying on the one hand the non-pecuniary benefits do affect supply but other factors also do such as pecuniary, government intevention to encourage migration or encourage participation in certain occupations'
The question was asking about 'various occupations' so did you give examples and like compare the different occupations?
[QUOTE="Emma292929;32258294"]
Yes your spot on for the 15 marker, only if you wanted higher marks you could have mentioned that people sometimes that have a choice in the matter because they are contracted to work a certain amount of hours.
For the second bit yes thats fine, I put its more to do with pecuniary factors, immobility of labour, length of training and skills and quals needed. But your reasons are also fine as long as explained properly
Oh and its good to mention occupations for examples, so doctors are doctors because of skills and quals needed not purely based on non pecuniary benefits.
Original post by tsr4life
anyone do question 3?
part a - i did the backwards bending labour supply curve, then explained the income and substitution effect...wasn't really sure where to go from there so kind of rambled. anyone know what else you can put?
part b - started talking about how non-pecuniary benefits affect the supply of labour and then other factors that affect it such as: mobility of labour, pecuniary, length of training etc..then summarised by saying that it did affect it but not as much as some other things...still think i didnt do enough for it though
I did question 3 too, did a similar sort of thing as you for part a with the curve and the income/substitution effect. I just sort of stated that it depended on the individual and the value they placed on leisure/work. Didn't really like the whole 'analyse' part.
For part B I again did similar saying on the one hand the non-pecuniary benefits do affect supply but other factors also do such as pecuniary, government intevention to encourage migration or encourage participation in certain occupations'
The question was asking about 'various occupations' so did you give examples and like compare the different occupations?
part a - i did the backwards bending labour supply curve, then explained the income and substitution effect...wasn't really sure where to go from there so kind of rambled. anyone know what else you can put?
part b - started talking about how non-pecuniary benefits affect the supply of labour and then other factors that affect it such as: mobility of labour, pecuniary, length of training etc..then summarised by saying that it did affect it but not as much as some other things...still think i didnt do enough for it though
I did question 3 too, did a similar sort of thing as you for part a with the curve and the income/substitution effect. I just sort of stated that it depended on the individual and the value they placed on leisure/work. Didn't really like the whole 'analyse' part.
For part B I again did similar saying on the one hand the non-pecuniary benefits do affect supply but other factors also do such as pecuniary, government intevention to encourage migration or encourage participation in certain occupations'
The question was asking about 'various occupations' so did you give examples and like compare the different occupations?
Yes your spot on for the 15 marker, only if you wanted higher marks you could have mentioned that people sometimes that have a choice in the matter because they are contracted to work a certain amount of hours.
For the second bit yes thats fine, I put its more to do with pecuniary factors, immobility of labour, length of training and skills and quals needed. But your reasons are also fine as long as explained properly
Oh and its good to mention occupations for examples, so doctors are doctors because of skills and quals needed not purely based on non pecuniary benefits.
(edited 12 years ago)
[QUOTE="Prepare-Yourself;32258419"]
yeah that was my problem, i didnt really add much for part a
yepp included all you said for part b..starting to feel a bit better about the paper! haha
Original post by Emma292929
Yes your spot on for the 15 marker, only if you wanted higher marks you could have mentioned that people sometimes that have a choice in the matter because they are contracted to work a certain amount of hours.
For the second bit yes thats fine, I put its more to do with pecuniary factors, immobility of labour, length of training and skills and quals needed. But your reasons are also fine as long as explained properly
Yes your spot on for the 15 marker, only if you wanted higher marks you could have mentioned that people sometimes that have a choice in the matter because they are contracted to work a certain amount of hours.
For the second bit yes thats fine, I put its more to do with pecuniary factors, immobility of labour, length of training and skills and quals needed. But your reasons are also fine as long as explained properly
yeah that was my problem, i didnt really add much for part a
yepp included all you said for part b..starting to feel a bit better about the paper! haha
[QUOTE="tsr4life;32258530"]
I didn't really understand the whole analyse part either but I think we would have got a fare few marks explaining the whole income substitution effect because that was really the main subject with the question. Although I agree with the comment above it would have been better to include something about how in the short run some people cannot change the number of hours work if they are contracteed
For question one I put that normal profit was the level of profit a firm needs to generate for it to remain in operation or something along those lines. Abnormal profits as a level of profit generated above normal profits. So that would be where MR exceeds MC.
Original post by Emma292929
ahh no i didnt, i just spoke about the occupations generally..i gave some examples of like geographical mobility affecting the supply of labour though. i can never tell how these exams go..i hate it!!
i realise now i didn't really anyalyse part a...how many marks do you reckon that's worth? sounds like we did similarly on part a
also what did you do for q1? i wrote what i did earlier in the thread
ahh no i didnt, i just spoke about the occupations generally..i gave some examples of like geographical mobility affecting the supply of labour though. i can never tell how these exams go..i hate it!!
i realise now i didn't really anyalyse part a...how many marks do you reckon that's worth? sounds like we did similarly on part a
also what did you do for q1? i wrote what i did earlier in the thread
I didn't really understand the whole analyse part either but I think we would have got a fare few marks explaining the whole income substitution effect because that was really the main subject with the question. Although I agree with the comment above it would have been better to include something about how in the short run some people cannot change the number of hours work if they are contracteed
For question one I put that normal profit was the level of profit a firm needs to generate for it to remain in operation or something along those lines. Abnormal profits as a level of profit generated above normal profits. So that would be where MR exceeds MC.
Original post by Iram0105
anyone do question 4 on labour market failure????
Yeah - cant understand why you wouldnt do it (but thats just me) - plenty to talk about
Part A I just threw the monopsony and trade union diagram at it. Then did analysis from there. I am a little worried there was not much evaluation but for 15 markers analysis is where the marks are.
Part B : Could have gone on forever. I talked about consequences of unemployment -> inflation, GDP, gov expenditure, poverty a fair bit and the adverse effect on the product market. Higher costs and less competitive markets.
For evaluation I discussed things like the amount of capital, proportion of production that is labour, size of benefits, monetarist theories of phillips curve.
Hopefully improve from my abomination of a D in my practice paper lol.
MR exceeds MC.
MR = MC
TR exceeds TC.
[QUOTE="tsr4life;32258577"]
Did you write about non-pecuniary benefits (job security, flexibility, holidays etc) for the first bit? I couldn't really think of anything else.
And I wouldn't worry even section A was good although people who don't like football (like myself) would be put off, their not expecting an in depth evaluation of players and teams etc.
Unlike one guy in my class put Man Utd are a monopoly because they have Rooney and its more competitive because City and Tottenham qualified for Europe.
Original post by Prepare-Yourself
yeah that was my problem, i didnt really add much for part a
yepp included all you said for part b..starting to feel a bit better about the paper! haha
yeah that was my problem, i didnt really add much for part a
yepp included all you said for part b..starting to feel a bit better about the paper! haha
Did you write about non-pecuniary benefits (job security, flexibility, holidays etc) for the first bit? I couldn't really think of anything else.
And I wouldn't worry even section A was good although people who don't like football (like myself) would be put off, their not expecting an in depth evaluation of players and teams etc.
Unlike one guy in my class put Man Utd are a monopoly because they have Rooney and its more competitive because City and Tottenham qualified for Europe.
Original post by Scottishsiv
But that question was to do with productivity though. I wrote about stuff like methods that they use to increase productivity may have a resultant effect on unit labour costs. I don't know, all I know is I have failed 
I kind of did the same except i kept on taking about how the different methods of increasing labour productivity (wage increase, increased motivation and job satisfaction and training)are important as they increase international competitivness. Thinking about it now i think we were meant to talking about how increasing labour productivity is important as it increases quantity and quality of goods making them more internationally competitve - :/
I started define international competitiveness. Two factors that make it up; price and non price and what makes them up .
Then how to increase productivity, supply side policy education and training. This will increase productity lower unit labour cost. Also lower inflation another factor of price competitiveness. This will improve firms competivness
also other macro effects of using supply side policys. Lead to higher employment and economic growth longterm. Diagram as well.
However Supply side policy cost a lot of money, may not work, take a long time to see effects. opptunity cost.
Could improve non price competivness e.g. design, quality and transport of goods.
wages may increase counter the increase productivity. Unit labour cost may rise.
Operating full and spare capacity in the economy may have no effect on inflation.
exchange rate may appreciate or the govemnet could use exchange rate policy to increase firm exports.
Overall a increase in productivity is a good thing and has lot of knock on effect on the economy also will help improve a firms competivness
what do people think ?
Then how to increase productivity, supply side policy education and training. This will increase productity lower unit labour cost. Also lower inflation another factor of price competitiveness. This will improve firms competivness
also other macro effects of using supply side policys. Lead to higher employment and economic growth longterm. Diagram as well.
However Supply side policy cost a lot of money, may not work, take a long time to see effects. opptunity cost.
Could improve non price competivness e.g. design, quality and transport of goods.
wages may increase counter the increase productivity. Unit labour cost may rise.
Operating full and spare capacity in the economy may have no effect on inflation.
exchange rate may appreciate or the govemnet could use exchange rate policy to increase firm exports.
Overall a increase in productivity is a good thing and has lot of knock on effect on the economy also will help improve a firms competivness
what do people think ?
Original post by Littleone27
I kind of did the same except i kept on taking about how the different methods of increasing labour productivity (wage increase, increased motivation and job satisfaction and training)are important as they increase international competitivness. Thinking about it now i think we were meant to talking about how increasing labour productivity is important as it increases quantity and quality of goods making them more internationally competitve - :/
Original post by chazlarrr
I started define international competitiveness. Two factors that make it up; price and non price and what makes them up .
Then how to increase productivity, supply side policy education and training. This will increase productity lower unit labour cost. Also lower inflation another factor of price competitiveness. This will improve firms competivness
also other macro effects of using supply side policys. Lead to higher employment and economic growth longterm. Diagram as well.
However Supply side policy cost a lot of money, may not work, take a long time to see effects. opptunity cost.
Could improve non price competivness e.g. design, quality and transport of goods.
wages may increase counter the increase productivity. Unit labour cost may rise.
Operating full and spare capacity in the economy may have no effect on inflation.
exchange rate may appreciate or the govemnet could use exchange rate policy to increase firm exports.
Overall a increase in productivity is a good thing and has lot of knock on effect on the economy also will help improve a firms competivness
what do people think ?
Then how to increase productivity, supply side policy education and training. This will increase productity lower unit labour cost. Also lower inflation another factor of price competitiveness. This will improve firms competivness
also other macro effects of using supply side policys. Lead to higher employment and economic growth longterm. Diagram as well.
However Supply side policy cost a lot of money, may not work, take a long time to see effects. opptunity cost.
Could improve non price competivness e.g. design, quality and transport of goods.
wages may increase counter the increase productivity. Unit labour cost may rise.
Operating full and spare capacity in the economy may have no effect on inflation.
exchange rate may appreciate or the govemnet could use exchange rate policy to increase firm exports.
Overall a increase in productivity is a good thing and has lot of knock on effect on the economy also will help improve a firms competivness
what do people think ?
What do you think you guys got? Although I say I have failed, I'm not really that sure. After reading your answers I'm feeling slightly more confident, although I have absolutely no idea what marks I'm going to get. This is all really depressing
Original post by turn and fall
MR = MC
TR exceeds TC.
TR exceeds TC.
Sorry I meant AR exceeds AC
Original post by Scottishsiv
What do you think you guys got? Although I say I have failed, I'm not really that sure. After reading your answers I'm feeling slightly more confident, although I have absolutely no idea what marks I'm going to get. This is all really depressing
Yer thing is section A screwed me over too but judging by the grade boundaries like 42/60 is normally an A (but dont hold me to that)-- im thinking that ive probably got a C although I'd hope to at least get a B :/ I have a feeling that with qu2 they could give us some credit for methods but they're looking for the importance of improving labour productivity ---- which I think you've probably done - it all depends on how everyone else found it - everything will be ok (i hope) dont mull on it though we've got global to get through yet!
yer i agree though- judging by what all three of us have put there is some common ground which could mean potential marks?
(edited 12 years ago)
so for wage cost changes
Migration and productivity are right or not right ha?
Migration and productivity are right or not right ha?
for q2
I put affets on PED, non-price factors, how labour productivity will effect cost adn the relevance to PED and Inflation?
I put affets on PED, non-price factors, how labour productivity will effect cost adn the relevance to PED and Inflation?
Original post by Littleone27
Yer thing is section A screwed me over too but judging by the grade boundaries like 42/60 is normally an A (but dont hold me to that)-- im thinking that ive probably got a C although I'd hope to at least get a B :/ I have a feeling that with qu2 they could give us some credit for methods but they're looking for the importance of improving labour productivity ---- which I think you've probably done - it all depends on how everyone else found it - everything will be ok (i hope) dont mull on it though we've got global to get through yet!
yer i agree though- judging by what all three of us have put there is some common ground which could mean potential marks?
yer i agree though- judging by what all three of us have put there is some common ground which could mean potential marks?
Original post by chazlarrr
I started define international competitiveness. Two factors that make it up; price and non price and what makes them up .
Then how to increase productivity, supply side policy education and training. This will increase productity lower unit labour cost. Also lower inflation another factor of price competitiveness. This will improve firms competivness
also other macro effects of using supply side policys. Lead to higher employment and economic growth longterm. Diagram as well.
However Supply side policy cost a lot of money, may not work, take a long time to see effects. opptunity cost.
Could improve non price competivness e.g. design, quality and transport of goods.
wages may increase counter the increase productivity. Unit labour cost may rise.
Operating full and spare capacity in the economy may have no effect on inflation.
exchange rate may appreciate or the govemnet could use exchange rate policy to increase firm exports.
Overall a increase in productivity is a good thing and has lot of knock on effect on the economy also will help improve a firms competivness
what do people think ?
Then how to increase productivity, supply side policy education and training. This will increase productity lower unit labour cost. Also lower inflation another factor of price competitiveness. This will improve firms competivness
also other macro effects of using supply side policys. Lead to higher employment and economic growth longterm. Diagram as well.
However Supply side policy cost a lot of money, may not work, take a long time to see effects. opptunity cost.
Could improve non price competivness e.g. design, quality and transport of goods.
wages may increase counter the increase productivity. Unit labour cost may rise.
Operating full and spare capacity in the economy may have no effect on inflation.
exchange rate may appreciate or the govemnet could use exchange rate policy to increase firm exports.
Overall a increase in productivity is a good thing and has lot of knock on effect on the economy also will help improve a firms competivness
what do people think ?
it said for a firm tho
Original post by ajayhp
for q2
I put affets on PED, non-price factors, how labour productivity will effect cost adn the relevance to PED and Inflation?
I put affets on PED, non-price factors, how labour productivity will effect cost adn the relevance to PED and Inflation?
im really not amazing at economics sorry! but i just remember re-reading that question every 5 mins to make sure i was writing something relevant - i think that's a good answer though especially as you link it back to labour productivity but i reckon people would seriously fall down linking it back to international competitivness especially if you're like me and tend to go off on a tangent and fail to link it back to the question but looking at your previous comments you seem to be on fire with the economics questions so im sure you've done fine! its people like me who'll be grasping at straws by nailing the definitions hahah AH IM ****ED!
Yes. Forgot to metion. after i explianed what happens when productivity increase. Unit labour costs should fall. this will mean the firms price competivness should improve and the firms goods will be cheaper than other relative firms meaning consumers are more than likely will buy their goods as they are cheaper.
Also OCR like to see knowlege you bring from other units
Also OCR like to see knowlege you bring from other units
Original post by tsr4life
it must have been, i mean after all they do increase wages..i put inflation, but also the fact that in the case of footballers there's high demand and low supply driving up the wages..u reckon thats good?
Well I can't see how they could reject our answers; we've answered the question correctly. However, I've seen similar questions on past papers and was surprised to find out that the mark scheme simply expected basic AS supply and demand analysis. I hope that this question wasn't one of those otherwise we could have lost 6 marks...
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