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F583 - Economics of Work and Leisure - June 2014

Reply 520

thunguyen168

Original post by Kuchkuchhotahai

Definitely without a doubt going to be high grade boundaries, I did Q4 (a) and (b); did anyone else do these questions?

I did q4 too. But it said in the UK, I wonder if we had to put specific info about the UK

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Reply 521

ItsJustMe17

14

Original post by Pokims1996

Quantity employed is the equilibrium between quantity demanded and quantity supplied. Talking about MRP will cover the "quantity demanded" bit but you will need to face this with a supply diagram (which determines quantity supplied) to get quantity employed! If it was only quantity demanded, there wouldnt be much to talk about apart from MRP :/

I did the diagram but what did you talk about? Im so confused now :/

Reply 522

Ben_S96

4

Original post by thunguyen168

I did q4 too. But it said in the UK, I wonder if we had to put specific info about the UK

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Yes, I'd argue that specific info was required about the UK in relation to the poverty,tax and benefit system and alternatives. For example, discussion regarding the political orientation of the government plays a big role in the level of benefits and spending of the money through tax revenue - think UK deficit reduction programme. Is Osborne likely to spend money on regeneration schemes to reduce poverty?

Reply 523

Pokims1996

Original post by ItsJustMe17

Yes can you explain that please??! I've just looked into the OCR book and its says "How many workers a firm seeks to employ is influenced by a number of factors: Demand for the product, productivity, wage rate, complementary labour costs, price of other factors of production." So isnt that just the same thing as the question that they asked?!!?

The number of workers that they SEEK to employ is the demand. The question was about how much they ACTUALLY employ, not how much they SEEK. The amount they seek to employ is demand, the amount that workers can provide is supply. Talking about demand factors is completely relevant don't get me wrong, but I think OCR will be looking for supply factors too. I think the reasons why they asked you to illustrate your answer with diagrams is to illustrate different elasticities of supply.

Reply 524

Pokims1996

Original post by ItsJustMe17

I did the diagram but what did you talk about? Im so confused now :/

I did elasticities of supply using examples! Seriously don't worry, this is my hunch based on the layout of the question!

Reply 525

Pokims1996

Original post by NottsYellowJnr

Uh oh..... results day will now be squeeky bum...

I really wouldn't worry, this is just my hunch with this question, dont take this as a literal mark scheme :rolleyes:

Reply 526

username963570

21

Original post by Pokims1996

The number of workers that they SEEK to employ is the demand. The question was about how much they ACTUALLY employ, not how much they SEEK. The amount they seek to employ is demand, the amount that workers can provide is supply. Talking about demand factors is completely relevant don't get me wrong, but I think OCR will be looking for supply factors too. I think the reasons why they asked you to illustrate your answer with diagrams is to illustrate different elasticities of supply.

Good thing I didn't do this question :tongue:

what did you put for the contest ability one?

Reply 527

zigglr

18

Did anyone do the monopsony question?

Reply 528

ChetB96

Original post by RebelV005

Did I make you proud Dad?

Yes son

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Reply 529

zigglr

18

What did you put for part b? I wrote about trade unions and national minimum wage

Reply 530

kiac

5

What on earth was that contestability question, and how would the newbury cinema in particular calculate their ulc?

Reply 531

Pokims1996

Original post by Fas

Good thing I didn't do this question :tongue:

what did you put for the contest ability one?

It was a bit dodgy - but still my favorite!
I compared the cinema industry with contest. charactaristics e.g low barriers to entry as illustrated by -whatever the case study cinema was called again- . Also the fact that "other" had 20something% market share, and there were 301+ independant cinemas showed that barriers to entry were low. However, on the other hand, there were barriers to entry displayed by big multiplex cinemas like Odeon, Vue, use case study of new Vue mulitplex to illustrate the building of artificial barriers to entry therefore not contestable. Suggested oligopolistic and used the 3 firm concentration ratio of Odeon/cineworld/vue.
Summarised by saying there seems to be a dual-market in which the independant cinemas seem to have contestable features whilst the bigger multiplex cinemas showed more oligopolistic features. The extent to which we can judge it as contestable depends on what part of this dual-market we are discussing

The conclusion felt a bit dodgy but I felt I had to write something to try and grasp those last 1/2 marks :tongue:

Reply 532

John Maddon

Original post by zigglr

What did you put for part b? I wrote about trade unions and national minimum wage

legislation for increased bargaining power for trade unions, nmw, and splitting up monopsonist power

Reply 533

ItsJustMe17

14

Original post by Pokims1996

The number of workers that they SEEK to employ is the demand. The question was about how much they ACTUALLY employ, not how much they SEEK. The amount they seek to employ is demand, the amount that workers can provide is supply. Talking about demand factors is completely relevant don't get me wrong, but I think OCR will be looking for supply factors too. I think the reasons why they asked you to illustrate your answer with diagrams is to illustrate different elasticities of supply.

(( i did talk about elasticity of supply but i didn't use the diagram as per se *SIGH* I could cry right now. Guess that's me not getting into uni :frown:

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Reply 534

Burty66

1

Did you have to do a second diagram for the question 3? I only did one which was the law of diminshing returns, is this right?

Reply 535

Pokims1996

Original post by ItsJustMe17

(( i did talk about elasticity of supply but i didn't use the diagram as per se *SIGH* I could cry right now. Guess that's me not getting into uni :frown:

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Man, dont worry, it was a tricky essay and you'll get good marks for good demand side analysis! This is only my view on the question, could turn out mark scheme is completely different. :smile:

Reply 536

OODST

For question 3a I spoke about what influences changes in Mrp (mr and mp) and then noted how an increase in either will lead to a higher increase jn demand as employing more workers will lead to higher revenue (obviously I wrote more ... Did anyone go along similar lines???

Reply 537

Maximus12383

Original post by ItsJustMe17

(( i did talk about elasticity of supply but i didn't use the diagram as per se *SIGH* I could cry right now. Guess that's me not getting into uni :frown:

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I thought maybe the illustrate your answer with diagrams side may be to tell you that the effect varies with the market e.g. normally higher MRP would lead to higher wages and employment but then if you did a trade union diagram higher mrp could lead to trade unions demanding an increase in the wage rate which may actually result in unemployment? and in a monopsony demand for labour would increase with increased mrp but there'd still be underemployment as they still aren't employing at the competitive wage rate? But I think you are probably right

(edited 9 years ago)

Reply 538

Rheannan

5

Original post by kiac

What on earth was that contestability question, and how would the newbury cinema in particular calculate their ulc?

i have no idea because cinemas have such high barriers to entry so i put that it may be contestable in the smaller individual cinemas but highly unlikely! i put for that the labour cost per amount of seats sold in a film per time period!

Reply 539

feeltofollow

what do people think the chances of the grade boundaries being similar to january 2013 are? i thought the paper was so nice but i think high grade boundaries could cause me big problems haha

F583 - Economics of Work and Leisure - June 2014

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