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F583 - Economics of Work and Leisure - June 2014

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Reply 100
Avatar for karrlt
karrlt
Original post by OODST
Also I understand changes in mr/mp lead to a shift in Mrp but what factors cause changes in mr/mp?


Marginal revenue/price (MR) is influenced by the demand for or supply of, and therefore price of the final product produced. If the value of a worker's output increases, then the marginal revenue will rise.

Marginal physical product (MPP) of labour is determined by productivity of workers. If workers become more productive and therefore produce more units of output in a given input time period, then the marginal product to the firm increases.

Therefore MPP and MR rise and MRP shifts outwards.

Hope that helps :smile:


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Original post by Pro Crastination


cheers
Reply 102
Avatar for Nash96
Nash96
2
Is perfect competition and contestable markets the same thing?

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Reply 103
Avatar for Waloo
Waloo
Original post by Nash96
I get it like that, but the textbook says a firm can have HIGHER unit labour costs than another firm but still have lower total costs...I just don't get how this is possible


Its possible if labour costs only account for a small % of total costs than the other firm.
Original post by Nash96
Is perfect competition and contestable markets the same thing?

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No. Contestable market is a theory that shows how firms' behaviour is determined not by the current competition but potential competition.

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Reply 105
Avatar for Nash96
Nash96
2
Original post by thunguyen168
No. Contestable market is a theory that shows how firms' behaviour is determined not by the current competition but potential competition.

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Ahh ok cheers :biggrin:

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Does anyone have basic plans for the 15 and 20 markers that would work for any question?
Will it be similar to the global economy where?

For the 15 marker would it be:
knowledge
1 point for
2 points against
however/depends on
conclusion/judgement

For the 20 marker would it be:
knowledge
2 points for
2 points against
however/depends on
conclusion/judgement
Reply 107
Avatar for Nash96
Nash96
2
Original post by sarbear282
Does anyone have basic plans for the 15 and 20 markers that would work for any question?
Will it be similar to the global economy where?

For the 15 marker would it be:
knowledge
1 point for
2 points against
however/depends on
conclusion/judgement

For the 20 marker would it be:
knowledge
2 points for
2 points against
however/depends on
conclusion/judgement


For the 15 marker you usually just have to analyse a topic/concept in a lot of detail, I don't think there's much evaluation required at all (someone correct me if I'm wrong) and the 20 marker is usually just a for/against sort if thing so 2/3 points for each side :smile:

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Reply 108
Avatar for karrlt
karrlt
Original post by Nash96
For the 15 marker you usually just have to analyse a topic/concept in a lot of detail, I don't think there's much evaluation required at all (someone correct me if I'm wrong) and the 20 marker is usually just a for/against sort if thing so 2/3 points for each side :smile:

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Yes, I think that's right. You usually need a diagram in the 15 marker to access the majority of marks.


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Original post by Nash96
For the 15 marker you usually just have to analyse a topic/concept in a lot of detail, I don't think there's much evaluation required at all (someone correct me if I'm wrong) and the 20 marker is usually just a for/against sort if thing so 2/3 points for each side :smile:

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OK thank you!!
Original post by sarbear282
Does anyone have basic plans for the 15 and 20 markers that would work for any question?
Will it be similar to the global economy where?

For the 15 marker would it be:
knowledge
1 point for
2 points against
however/depends on
conclusion/judgement

For the 20 marker would it be:
knowledge
2 points for
2 points against
however/depends on
conclusion/judgement


don't evaluate in the 15 marker, you won't get any marks for it. the 15 marker is quite simply just about analysing something in as much detail as possible (only needs 1-1.5 pages) and no evaluation is wanted for it :smile: although almost definitely try and get a diagram into it and link back to the diagram, you'll get 10/15 almost guaranteed if you can correctly analyse a diagram
Original post by Fas
don't evaluate in the 15 marker, you won't get any marks for it. the 15 marker is quite simply just about analysing something in as much detail as possible (only needs 1-1.5 pages) and no evaluation is wanted for it :smile: although almost definitely try and get a diagram into it and link back to the diagram, you'll get 10/15 almost guaranteed if you can correctly analyse a diagram


Thank you so much for clearing that up for me! I would have completely messed up other wise :s-smilie: for 15 marks do you skill need to do depends on factors?
What about the 20 marker?
(edited 9 years ago)
Hey guys,

can someone help me and give me an example of a monopoly in the leisure industry?
and also reasons to why cinema markets do not show oligopolistic behaviour?
Original post by shona_x.
Hey guys,

can someone help me and give me an example of a monopoly in the leisure industry?
and also reasons to why cinema markets do not show oligopolistic behaviour?

Im not sure about your first question but in regards to your second, um im sure the cinema industry does? It depends on the submarket you're looking at however. So at the higher end its dominated by a few firms like Vue , Cineworld, Odeon, IMAX which is definitely oligopolistic behaviour because it is operating at a 3-5 firm concentration ratio. However towards the lower end you could say it can act monopolistically competitive in the sense that there can be a large number of locally run cinemas. Hope this helped & guys correct me if you think im wrong anywhere :smile:


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(edited 9 years ago)
Reply 114
Avatar for karrlt
karrlt
Original post by ItsJustMe17
Im not sure about your first question but in regards to your second, um im sure the cinema industry does? It depends on the submarket you're looking at however. So at the higher end its dominated by a few firms like Vue , Cineworld, Odeon, IMAX which is definitely oligopolistic behaviour because it is operating at a 3-5 firm concentration ratio. However towards the lower end you could say it can act monopolistically competitive in the sense that there can be a large number of locally run cinemas. Hope this helped & guys correct me if you think im wrong anywhere :smile:




That's right I think! It may be worth talking about non-price competition, price stability, interdependence and high barriers at the higher end, but price-competition, low barriers and sunk costs causing normal profits in the LR at the lower end of the cinema market.

Hope that helps :smile:



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Original post by karrlt
That's right I think! It may be worth talking about non-price competition, price stability, interdependence and high barriers at the higher end, but price-competition, low barriers and sunk costs causing normal profits in the LR at the lower end of the cinema market.

Hope that helps :smile:



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Yeah you're totally right all that needs to be added in :tongue: just wanted to make sure they knew how it could behave like an oligopoly but thanks for your input cos its totally worth making sure that that's all included! :biggrin:

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i don't suppose anyone's got an online document or something detailing the key features of each leisure industry? :tongue:
Original post by ItsJustMe17
Im not sure about your first question but in regards to your second, um im sure the cinema industry does? It depends on the submarket you're looking at however. So at the higher end its dominated by a few firms like Vue , Cineworld, Odeon, IMAX which is definitely oligopolistic behaviour because it is operating at a 3-5 firm concentration ratio. However towards the lower end you could say it can act monopolistically competitive in the sense that there can be a large number of locally run cinemas. Hope this helped & guys correct me if you think im wrong anywhere :smile:


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Yeah it does but for a discuss question it requires two sides of the argument and couldn't think of anything for the reasons why it may not be an oligopoly.

thanks so much, makes much more sense now
Original post by sarbear282
Thank you so much for clearing that up for me! I would have completely messed up other wise :s-smilie: for 15 marks do you skill need to do depends on factors?
What about the 20 marker?


nah you don't, it literally is just a case of analysing.

20 marker is your basic essay, introduction, argument for, diagram to support, argument against, conclusion.
Can someone explain to me the pecuniary and non-pecuniary factors? Thank you :smile:

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