OCR ECONOMICS of Work and Leisure F583 -> 17 June 2011

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Reply 20

kateibbo

Original post by ashk9999

Is it possible you could scan it and post it on here, please :smile:

It has my answers on it but I can type the questions up if that would help?

Reply 21

ashk9999

Original post by kateibbo

It has my answers on it but I can type the questions up if that would help?

Yes please, that would be great, i cant seem to find the paper anywhere!

Reply 22

carbondummy

Original post by ajayhp

Diminsihing returns only happens in the SR, and Diseconomies of Scale in the LR, Basically talk about how output decrease with employing more labour - MPL decreases. So firms only employ people up to a point where MRP=MCL. Dis-economies of scale means that firms have become so big that they are not producing at min of AC and there could be X-inefficiency causing this

thanks but sorry I still don't get how that applies to leisure markets? MPL is Marginal revenue product of labour? I thought that was MRP? Sorry, my brain's everywhere.. i'm actually losing it.

Reply 23

ajayhp

Original post by carbondummy

thanks but sorry I still don't get how that applies to leisure markets? MPL is Marginal revenue product of labour? I thought that was MRP? Sorry, my brain's everywhere.. i'm actually losing it.

MPL is marginal physical labour, a profit maximizing firm will employ where mrp=mcl not below due to diminishing returns. Firms will want to keep costs low.... i dunna

Reply 24

Scottishsiv

Original post by kateibbo

It has my answers on it but I can type the questions up if that would help?

Do you mind if I ask how you did question 2b? I know on the face of it, it is a quite easy question, but would you incorporate the ideas of why they would maximise profits via drawing a monopoly diagram, oligopoly diagram and perfect competition diagram? (From what I understand, perfect competition is not required for this examination, but I have learned it just in case) Other people have been saying that you should only base it around the individual groups in an organisation and the dominance factor of a particular group.

For people whom have not got the paper:

Discuss the extent to which firms in the leisure industry always seek to maximise profits. (20)

Reply 25

kateibbo

Original post by ashk9999

Yes please, that would be great, i cant seem to find the paper anywhere!

January 2011

Section A
1ai) Explain what is meant by the derived demand for labour
ii) State and explain 2 possible reasons which could account for the fall in employment in manufacturing

b) Distinguish between the actual and potential labour force

c) Explain what is meant by the term 'participation rate'

Using the information in Fig 1:
di) describe the main changes in the labour supply between 1971 and 2007
Amount of women supplied increased, amount of men fell therefore supply only increased a little overall
ii) comment on the causes of these changes in the labour supply

e) Using the information in Fig 2, discuss the extent to which the changes in the age profile of the labour supply are likely to benefit the UK economy
basically younger and older workers increased, middle aged fallen

Section B
2a) Analyse how the concepts of diminishing returns and diseconomies of scale can be applied to leisure markets
b) Discuss the extent to which firms in the leisure industry always seek to maximise profits

3a) Using examples from the labour market, analyse the difference between transfer earnings and economic rent
b) Discuss the extent to which MRP is the main determinant of wages

4a) Analyse two policies which have been used by the UK government to improve labour market flexibility
b) Discuss how successful such intervention has been in the UK economy

Reply 26

Scottishsiv

Original post by carbondummy

thanks but sorry I still don't get how that applies to leisure markets? MPL is Marginal revenue product of labour? I thought that was MRP? Sorry, my brain's everywhere.. i'm actually losing it.

Leave the L out, just MP will do fine. MP X MR = MRP.

MRP, Revenue made per extra unit of labour hired
MP production by that extra unit of labour
MR revenue made per extra unit of produced

correct me if I am wrong guys, but I think that is the explanation :biggrin:

Reply 27

kateibbo

Original post by Scottishsiv

Well I personally wouldn't have chosen to do this question as I don't think I'd be able to write enough to get the marks.

However if I was to attempt it I would talk about it through a monopoly diagram since they often aim to profit maximise. Then again the leisure industry mostly consists of oligopolies (example cinema). Clearly I can't help too much with this question as it's not my strong area in W&L, sorry :frown:

I hope there's someone on here who can help more

Reply 28

anradu

Original post by kateibbo

So what does everyone think will be in the exam. Labour Market Flexibility is a definite no if it came up in january.
My bet: section a) based on the digitisation within the broadcasting industry
section 2/3/4) trade unions + typical oligopoly

and one that hasen't turned up in a while is inequality!

Reply 29

revisionnightmare

Original post by anradu

I'm resitting this (I'm on a gap year) to try and get my grade up, having done the paper twice before (royally messed up evaluating my answers the first time and was incredibly ill for the entirety of my A2s last summer) - although I didn't do it in Jan (was in Australia).

Having seen the past 3 papers, my guess would be (section b) on NMW making an appearance as that hasn't been done since Jan 2010. Trade Unions were done last summer (have the paper in front of me), with an Oligopoly / market barriers question as well, as was demand for labour.

section a) in jan 2010 was on camp sites and contestable markets - i have an example of an A* booklet from a kid in my year (as nearly all of us missed the boat by a mile) and it read like an 11 year olds english SATs paper. Not only that he confused contestable markets with perfect competition, so half of an 8 mark question was built around there being a large number of firms in the market. He still managed 6 marks - unbelievable scenes.

section a) in june 2010 was all about unit labour costs and productivity (so I'd rule this one out slightly). The first 17 marks are practically given to you.

then in January it's what was said above: demand/supply of labour for A and what was said for B.

I think the best bet would be monopolistic competition, NMW, trade unions and maybe contestable markets? for B. It's interesting to note that a part B topic in 2010 was used for part A in 2011, so I wouldn't rule out anything but demand/supply for labour - this has been done too death over the past 2 papers.

Last summers paper by the way was incredibly easy. I managed a C sweating all over the desk and hallucinating, I don't think I even got onto part B of Section B. I'm sure nobody has anything to be worried about.

(edited 12 years ago)

Reply 30

ajayhp

so nervous, hopefully inequality turns up and wage deter. I hate market structures

Reply 31

wondars

Anyone got any notes they can upload

Reply 32

uxa595

****ting it about the data responce, the essay should be good, we have a choice of 3 Q's.

Reply 33

nik2111

hi i am also retaking to help secure a good grade, i think we have 3 questions to choose from 3 topics so im guessing 1 on labour/wages 1 on market stuctures and 1 on market failure. i feel that revisen hard for labour/wages is best and market structures as not all 3 questions is guna be on market failiure. also have evaultion points ready for wage determination such as monoposny, and goverment intervention in deciding wages . and have evaultion points for market structures ready short run long run effcient or not. and then revise all 3 sections for the short marks such as trade union power

not nice at all

thought it was quite hard. 1st section was alright, however, last Q's weren't as nice as previous. Did Q4 - struggled for evaluative points on part b

Reply 36

ajayhp

i did q2, section A was okay, for the profit maximising q, i said how it might not be prim. obj. as survival for new firms and growth maximiastion for building stadiums and sales maximisation followed due to an increase in attendence.

Reply 37

ajayhp

Hoping that grade boundaries are low

Reply 38

ArunChopra

what have the grade boudndries been like in the past?

and for question 4 what evaluative points did you right about?

Reply 39

sam smith

Yeah, I put that they looked to be utility maximisers as if the big 4 couldn't turn a profit (with inelastic demand) then clearly profit maximisation is not objective