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F583 - Economics of Work and Leisure - June 2014

Do you think there is any chance of an efficiency question to come up on Section B this year?

again, doubt it, as one of the section B questions last year was "Discuss the extent to which competition creates efficiency"

Reply 321

username963570

21

i honestly think one of the section B questions will be on labour market failure, and it'll either be about Government measures to reduce labour market failure (such as the NMW) or a question based on monopsonies/trade unions!

Reply 322

letsplayray

11

Is anyone else predicting labour market flexibility as a theme for the extract, as i do not think it has come up before? - i Don't think the world cup will come up tbh

Reply 323

nitin0896

1

Original post by Fas

you sure that wasn't TV broadcasting? because i remember a past paper which the first question asked to work out a concentration ratio, but that was TV broadcasting.

it has, let me find the paper.

Yeah my bad, should be cinema admissions this year then!

Reply 324

amirarshad

what are two distinct forms of bargaining and which diagrams would you use when talking about the impact of them

Reply 325

nitin0896

1

Original post by letsplayray

Is anyone else predicting labour market flexibility as a theme for the extract, as i do not think it has come up before? - i Don't think the world cup will come up tbh

Labour marker flexibility came up last year june 2013 as a 15/20 marker, it could come up in the extract but it depends

Reply 326

nitin0896

1

Original post by Fas

i honestly think one of the section B questions will be on labour market failure, and it'll either be about Government measures to reduce labour market failure (such as the NMW) or a question based on monopsonies/trade unions!

Minimum wage has come up before but maybe others like training, education etc. But definitely on labour marker failure!

Reply 327

Qwerty Pies

Is the National Minimum Wage diagram essentially the same as the trade union diagram, with respect to their effects on unemployment? Or am I missing a subtle difference? Thanks.

Reply 328

tsimms

1

Does anyone know the formulae for possible calculations that could come up?

Reply 329

vonny101

Original post by Fas

a simply LM diagram will suffice (so the interaction of ADL and ASL, showing an outward shift in ASL)

could you explain:
what a LM diagram is?
and what is ADL and ASL?

am i just getting confused or have i really never heard of them? :frown:

Reply 330

ThePrawn

Are there any diagrams for a competitive market structure?

Reply 331

vonny101

Original post by vonny101

What does it mean chose the leisure industry of your choice?

I know what the leisure industry is but what is an example of a specific leisure markets?

Last but not least, what is an example of a monopoly in the leisure market?

bump please :frown:

Reply 332

Rheannan

5

has a bilateral monopsony ever come up? if i just learn the idea of it will that be ok? just realised my diagram to learn is not the best and to be honest... its really hard!!

Reply 333

Shepherd_9

What diagram do you draw to show how government measures achieve labour market flexibility?
Do you just show supply becoming more elastic?

Reply 334

Shepherd_9

Original post by Rheannan

has a bilateral monopsony ever come up? if i just learn the idea of it will that be ok? just realised my diagram to learn is not the best and to be honest... its really hard!!

Never specifically come up but it's a good thing to use in your essays if Labour Market Failure came up

Reply 335

letsplayray

11

Original post by vonny101

bump please :frown:

There are plenty - you could talk about the premiership(manchester united) - although it is more of an oligopoly, package holidays(thomson), Tv market (BskyB) - however in reality no market is a perfect monopoly so its best to match characteristics between any of the aforementioned markets to that of a monopoly(high barriers to entry/exit, strong brand loyalty etc.) , and then explain how it may be closer to an oligopoly or monopolistically competitive market.

Reply 336

username963570

21

Original post by Qwerty Pies

Is the National Minimum Wage diagram essentially the same as the trade union diagram, with respect to their effects on unemployment? Or am I missing a subtle difference? Thanks.

yeah, pretty much.

you could also draw a diagram showing an outward shift in demand for labour which would increase employment, due to the introduction of the NMW (as part of evaluation) because an increase in the NMW will give workers more disposable income, boosting their demand for goods and services, hence the demand for firms goods and services goes up, since demand for labour is derived from this demand, that means demand for labour will go up :smile:

Reply 337

tsimms

1

My dream paper tomorrow...

Section A

Case study on the cinema industry and oligopolies.

Section B

(a) Analyse, using a diagram, the behaviour of a monopsony. [15]

(b) Discuss the extent to which a monopsony is the main determinant of wages. [20]

Reply 338

dowen123

1

Original post by tsimms

My dream paper tomorrow...

Section A

Case study on the cinema industry and oligopolies.

Section B

(a) Analyse, using a diagram, the behaviour of a monopsony. [15]

(b) Discuss the extent to which a monopsony is the main determinant of wages. [20]

for the question (b) how would you structure this please?

Reply 339

May-o2q

14

Hello guys, could you please state what are the graph that we need to learn for tomorrow's exam? I could think of monopoly curve, linked demand curve, monopolistic curve, supply of labour in SR and LR, profit maximisation curve, is that all?

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F583 - Economics of Work and Leisure - June 2014

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