F583 - Economics of Work and Leisure - June 2014 Watch

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dowen123
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#261
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#261
(Original post by Kuchkuchhotahai)
I'm leaving the calculations till tomorrow evening (last minute bit of cramming) Although I'll try get back to you today with all the relevant calculations needed..
thanks
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Shepherd_9
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#262
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(Original post by Fas)
thanks a lot, that was very helpful!

although, what is that 'n' shaped curve thing?
It's just a curve to show total profit. When MR>MC then the curve is increasing and when MC=MR is the top of the curve and then when MC>MR the curve starts to decline. (looks an n shape)
Don't think you need to know it, just a nice extra for essays!
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Fas
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(Original post by Shepherd_9)
It's just a curve to show total profit. When MR>MC then the curve is increasing and when MC=MR is the top of the curve and then when MC>MR the curve starts to decline. (looks an n shape)
Don't think you need to know it, just a nice extra for essays!
oh hang on i think i know what you mean!

haha ah right ok, thats good then
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hazman18
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#264
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can anyone please share an essay plan for "to what extent is a leisure market of your choice contestable (20 Marks)"

I have a few ideas but just wondering if anyone has any other ideas
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sarbear282
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I feel like I know market failure and corrections to them more than anything else on this topic what are the chances that a market failure question will come up as a section b question/s?
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Kuchkuchhotahai
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#266
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#266
"Comment on whether increased competition in the cinema industry would benefit consumer?'' [5]

I've got my analysis point but what about the evaluative point i.e. why is increased competition NOT good for consumers?

Edit: I've come up with a point.

"Increased competition may lead to businesses in the Cinema industry (Oligopolistic Market structure) going into a price war, where they will be trying to price and supply products not in the interest of consumers. There may be excess supply of a particular screening of a film whereas consumers may instead want to watch another film. Consumer choice is not maximized."
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Shepherd_9
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What is an example of a question in which you would have to talk about the backward bending supply curve of labour?
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Kuchkuchhotahai
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#268
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#268
(Original post by Shepherd_9)
What is an example of a question in which you would have to talk about the backward bending supply curve of labour?
Income and substitution effect of a wage rise - so you can use it to describe 'reasons' for shortages/increases in supply for Labour to particular industries & to some extent be used to describe productivity levels of workers too.
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Shepherd_9
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(Original post by Kuchkuchhotahai)
Income and substitution effect of a wage rise - so you can use it to describe 'reasons' for shortages/increases in supply for Labour to particular industries & to some extent be used to describe productivity levels of workers too.
Is it a cause of labour market failure then if it could cause labour shortages?
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Fas
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#270
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(Original post by Shepherd_9)
What is an example of a question in which you would have to talk about the backward bending supply curve of labour?
"Analyse the choice between work and leisure for a worker in the short run"
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Shepherd_9
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#271
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#271
(Original post by Kuchkuchhotahai)
"Comment on whether increased competition in the cinema industry would benefit consumer?'' [5]

I've got my analysis point but what about the evaluative point i.e. why is increased competition NOT good for consumers?

Edit: I've come up with a point.

"Increased competition may lead to businesses in the Cinema industry (Oligopolistic Market structure) going into a price war, where they will be trying to price and supply products not in the interest of consumers. There may be excess supply of a particular screening of a film whereas consumers may instead want to watch another film. Consumer choice is not maximized."
You could also say that if firms are facing increasing competition then the quality of products may decline in order to cut costs
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Kuchkuchhotahai
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#272
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(Original post by Shepherd_9)
Is it a cause of labour market failure then if it could cause labour shortages?
Yes exactly, its a key diagram to include with such a question and basically what Fas said too. It's a very useful tool for extra marks just using that diagram


(Original post by Shepherd_9)
You could also say that if firms are facing increasing competition then the quality of products may decline in order to cut costs
Thanks, a very valid point!
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Mrgp
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#273
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Analyse, using examples, the factors which determine the elasticity of supply of labour to an occupation [15]




Discuss the extent to which migration may be considered to have a positive impact on labour
occupation markets. [20]

i would be very grateful if someone could write a plan for these two questions
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thunguyen168
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#274
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(Original post by Mrgp)

Analyse, using examples, the factors which determine the elasticity of supply of labour to an occupation [15]

L1/2: definition of PES, some examples of the factors and brief discussion of how they affect PES.

L3: Analyse 3 factors:

Qualifications: high qualifications => PES inelastic. Give an example: doctors, brain surgeons

Length of training: Again you can use doctor or lawyer. Supply will be inelastic, but in the long run will be more elastic.

The immobility of labour: Geographical, occupational. People will be less likely to move to a remote area for employment => inelastic.
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Honeyecon
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#275
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#275
Can someone outline the structures for 20m and 15m please
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ASKid
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#276
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#276
How can an oligopoly, monopoly, be contestable? They have sunk costs, high barriers to entry and exit etc.? Explain please
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vonny101
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#277
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#277
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?
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tsimms
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(Original post by ASKid)
How can an oligopoly, monopoly, be contestable? They have sunk costs, high barriers to entry and exit etc.? Explain please
The book I've got gives the example of an airline firm and a monopoly diagram.

If a business currently has the monopoly of a specific route and rival firms realise it is profitable then they could easily change the route of one of their existing planes (therefore there would be no sunk costs as they can easily return to the previous route and low barriers to entry as they already have the planes).

In this case, the monopoly may choose not to make supernormal profit and instead operate where AR=AC in order to avoid hit-and-run competition.
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Shepherd_9
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#279
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#279
How does MRP determine wages..? Surely MRP just determines the quantity of people that should be employed at a given wage?
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thunguyen168
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(Original post by Shepherd_9)
How does MRP determine wages..? Surely MRP just determines the quantity of people that should be employed at a given wage?
According to the MRP curve, firms will hire worker as long as MRP=MLC. If MRP is high then MLC (wage) will be high too.

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