OCR F583 Economics - Work and Leisure

OP

Original post by Pride

I don't understand what you mean by that. Opportunity cost is the value of the next best alternative foregone. Do you mean it's the opportunity cost of working? Even then, that confuses me.

I can't remember, I think I made more sense in the exam!

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Reply 44

OP

Original post by hasan.sajid

Internal and external, for external I talked about transport etc, I used spectator sports, I talked about the different objectives and tried to tie it all together. Talked about how they aim for success, which increases their buying power etc.

I used airlines instead, with internal being say the benefits of more planes and external I talked about the addition of a runway to an airport.

What does everyone think they got? And what do you think the grade boundaries be?

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Reply 45

Original post by Benn_95

I used airlines instead, with internal being say the benefits of more planes and external I talked about the addition of a runway to an airport.

What does everyone think they got? And what do you think the grade boundaries be?

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Part B was a blessing. The 8 mark discuss wasn't very nice, I'd say it was a normal paper, but they question was a bit odd. I think I did well enough for an A, no idea about A*!

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Reply 46

OP

Original post by JOR2010

Part B was a blessing. The 8 mark discuss wasn't very nice, I'd say it was a normal paper, but they question was a bit odd. I think I did well enough for an A, no idea about A*!

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That 8 marker was lovely! And yes part B was a blessing. Personally I think grade boundaries will be about average!

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Reply 47

physicshelp123

definition i put.... work is the time spent in the production of goods/services in which suitable compensation is paid, leisure time is the free time which can be used in the partacing of leisure activities in which no compensation is paid. the main difference being work time you are paid for.
and i done question 4 am i the only one? :P

Reply 48

Original post by Benn_95

That 8 marker was lovely! And yes part B was a blessing. Personally I think grade boundaries will be about average!

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I kept looking for evidence in the sources but there wasn't a great deal. Haha. What did you put for contestable characteristics?

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Reply 49

OP

Original post by JOR2010

I kept looking for evidence in the sources but there wasn't a great deal. Haha. What did you put for contestable characteristics?

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Well I put how the Big Pit firm was not profit maximisers because they did not charge for entry, and said what it could be (forgotten what that was). And then the B&B I talked about they are currently aiming for survival but when they are enjoying success maybe just to have a source of income.

For the contestable one, I put about barriers to entry (as in they are low). And that new firms and incumbent firms face the same costs. I really struggled on this one, think I may have gotten about 3/6 at most. :frown:

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Reply 50

dontbtz

2

I did the Oligopoly essay question on Cinema and did not use 1 diagram and I'm confident that I didn't need to. Did anybody else do this? I suppose you could have possibly done the kinked demand curve or some average cost curves for the economies of scale part but they show nothing and don't exactly help analysis.

Reply 51

OP

Original post by dontbtz

I did the Oligopoly essay question on Cinema and did not use 1 diagram and I'm confident that I didn't need to. Did anybody else do this? I suppose you could have possibly done the kinked demand curve or some average cost curves for the economies of scale part but they show nothing and don't exactly help analysis.

I used both. Just as a slight illustration

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Reply 52

Original post by Benn_95

Well I put how the Big Pit firm was not profit maximisers because they did not charge for entry, and said what it could be (forgotten what that was). And then the B&B I talked about they are currently aiming for survival but when they are enjoying success maybe just to have a source of income.

For the contestable one, I put about barriers to entry (as in they are low). And that new firms and incumbent firms face the same costs. I really struggled on this one, think I may have gotten about 3/6 at most. :frown:

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Yeah I did similar. I put that the B&B was profit satisficing, as an acceptable level of profit to them may be very low indeed, that they're just trying to survive.

Yeah, for contestability I put that new firms and incumbents face the same costs. The other one I put was that they were making normal profits, due to the hit and run competition characteristic of a contestable market (several B&Bs had closed down, I put because there were no more supernormal profits to be made). Either way, I think the contestability question and the objective questions will polarise. The boundaries are usually quite generous, it can be as low as 42/60 for an A, 47 for an A*, 52 for 100 UMS. Wait and see!

Reply 53

Original post by dontbtz

I did the Oligopoly essay question on Cinema and did not use 1 diagram and I'm confident that I didn't need to. Did anybody else do this? I suppose you could have possibly done the kinked demand curve or some average cost curves for the economies of scale part but they show nothing and don't exactly help analysis.

I don't think you had to use the kinked demand curve, it's just another way of showing L3 analysis. Using economic terms is enough, as long as you mentioned concentration ratio, barriers to entry, interdependence or something you'll be fine!

Reply 54

Tommmmmmmmm

I thought the first question was abit weird, and we didnt really cover much tourism in class but that was all okay. The essay questions were perfect though, question 3 was exactly what I wanted :smile:

Reply 55

Stokesyb

Original post by Benn_95

That very first question threw me -

Distinguish between work and leisure.

What did everyone put?

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I put: Work is an activity that brings no satisfaction, and the only benefit gained from it is income. Leisure is an activity that brings satisfaction, but no income. Workers must choose between work and leisure.

Reply 56

Original post by Tommmmmmmmm

I thought the first question was abit weird, and we didnt really cover much tourism in class but that was all okay. The essay questions were perfect though, question 3 was exactly what I wanted :smile:

Exactly the same feeling here. We didn't cover tourism at all really! :/ Was the question about contestability asking for referrals to the case study or not? Or was it just explain?

Reply 57

Stokesyb

Original post by FuLLuPMepOrtION

-3,840,000 people?

0.8 x 39 million= 31.2million
0.84 x 33 million = 27.72 million

31.2 - 27.72 = 3.48 million :biggrin:

!

Reply 58

SonnyBeatle

Did anyone else do question 4- I interpreted 2Segmented markets" to mean how the labour market segments due to geographical immobility, occupational immobility, inadequate information (ie a firm that advertises a post only in The Economist will not see non readers apply for the vacancy) and that one of the consequences is wage differentiation. Is this correct or have I just shot myself in the foot? I read through a textbook and I never saw the term "segmented markets" being mentioned.

(edited 11 years ago)

Reply 59