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F583 - Economics of Work and Leisure - June 2014

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could anyone be willing to make a plan like global economy thread but to answer a 20 mark essay for this please? e.g. a question about leisure industries linking with something else maybe. The global economy helped me a lot so thanks to everyone that contributed :biggrin:
Can someone explain the MRP theory to me please and tell me how it determines wages? I still don't get it :P

thanks
Original post by Annaaaaaaaa
Can someone explain to me the pecuniary and non-pecuniary factors? Thank you :smile:


Pecuniary factors are the financial related reasons which would affect the supply of labour, such as the wage rate, the opportunity to work overtime, bonuses and commissions.
Non-pecuniary are the non financial reasons, there are many but some include of status, flexibility of work hours, location of job, job security, pleasantness of a job etc
Guys does monopolistic competition have a high or low concentration ratio?:confused:

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It has a low concentration ratio, as it it is a competitive market structure (plenty of firms) therefore no one firm has a dominant market share. In uncompetitive market structures such as an oligopoly or monopoly the market concentration ratio would he high
Original post by shona_x.
Can someone explain the MRP theory to me please and tell me how it determines wages? I still don't get it :P

thanks


MRP = MP*MR, the theory states that the quantity of labour demanded is determined where the MCL (marginal cost of labour) meets the MRP curve, this is also the point where wages are demanded. As firms employ where MC=MR and they are profit maximisers.

http://husainomics.files.wordpress.com/2013/02/wage.png
Original post by letsplayray
It has a low concentration ratio, as it it is a competitive market structure (plenty of firms) therefore no one firm has a dominant market share. In uncompetitive market structures such as an oligopoly or monopoly the market concentration ratio would he high


Ah thanks! Yh always got confused which was round it was. Kept thinking it was high because there were many firms :tongue:
Thanks for clearing tht up though!
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How do you answer this question : "State and explain two reasons why unit labour costs may change" (6)
What diagram would you draw for a question on diminshing returns?
Original post by Annaaaaaaaa
How do you answer this question : "State and explain two reasons why unit labour costs may change" (6)


unit labour costs are calculated by (wages/productivity)

so one reason is a change in the wage rate. a second reason is a change in productivity. then just explain those two.
Original post by Annaaaaaaaa
How do you answer this question : "State and explain two reasons why unit labour costs may change" (6)


First reason is if there is a change in wages
Second reason is if there is a change in productivity

To answer you'd probably just say what happens to unit labour costs if wage costs/ productivity goes up and then what happens if they go down and then say why i.e. increased productivity means workers can produce more output at the same price
Reply 131
Avatar for Niia
Niia
Hi guys, could anyone please tell me what the three east topics are?

That is, I know there is always a part a and b that are related, and these are divided into the three main topics- leisure markets, labour markets and another one?

Unless I am completely wrong, in which case is there no set pattern?

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Original post by Shepherd_9
First reason is if there is a change in wages
Second reason is if there is a change in productivity

To answer you'd probably just say what happens to unit labour costs if wage costs/ productivity goes up and then what happens if they go down and then say why i.e. increased productivity means workers can produce more output at the same price


Thank you. I knew they were the key influences but I didn't know how to elaborate on it lol

Do you mind telling me what diagram should I use to answer this question "Discuss the extent to which the ease of factor of substitution may influence the price elasticity of demand of labour" 20
Original post by ItsJustMe17
Guys does monopolistic competition have a high or low concentration ratio?:confused:

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Pretty sure it's low... There are a lot of firms and there's no firms that dominate that market :smile:
Original post by letsplayray
MRP = MP*MR, the theory states that the quantity of labour demanded is determined where the MCL (marginal cost of labour) meets the MRP curve, this is also the point where wages are demanded. As firms employ where MC=MR and they are profit maximisers.

http://husainomics.files.wordpress.com/2013/02/wage.png


Thanks! So the workers aren't paid the extra revenue they bring to the firm?
Hi does anyone have any model 20 or 15 mark essays i could have a look at??
Reply 136
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karrlt
Original post by KateEmma23
Hi does anyone have any model 20 or 15 mark essays i could have a look at??


Is that for any topic in particular?


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Original post by Annaaaaaaaa
Thank you. I knew they were the key influences but I didn't know how to elaborate on it lol

Do you mind telling me what diagram should I use to answer this question "Discuss the extent to which the ease of factor of substitution may influence the price elasticity of demand of labour" 20


I'm not sure about that, maybe just a supply and demand diagram showing different elasticities of demand- more elastic when factor substitution is easy etc. Don't take my word on that one though
Reply 138
Avatar for Waloo
Waloo
'It is assumed that the higher proportion of LT unemployed in jobless total, the higher NAIRU.' Could someone possibly explain this please?
Original post by Shepherd_9
I'm not sure about that, maybe just a supply and demand diagram showing different elasticities of demand- more elastic when factor substitution is easy etc. Don't take my word on that one though


Thank you very much :smile:

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