F583 - Economics of Work and Leisure - June 2014 Watch

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May-o2q
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#381
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#381
(Original post by nitin0896)
If they ask then...

NAIRU - Non-accelerating inflation rate of unemployment.
In the diagram the LF should actually be ALF (Aggregate labour force) and ASL is the aggregate supply of labour. NAIRU is also know as equilibrium unemployment (whereas disequilibrium unemployment is cyclical where there is a lack of AD). As the wage rate rises, the gap between the ASL and ALF narrows because more people are willing to work at a high wage rate.
NAIRU is basically consistent with the level of unemployment at which there is no upward pressure of the wage rate and inflation (non acceleration inflation rate of unemp, get it?)

Make sure you know about eq. and diseq. unemployment because it can come up as a 15 marker, or atleast im hoping it will.

Also equilibrium unemployment is unemployment that exists when the labour market is in equilibrium (so im guessing it suggests that its not too harmful)
Thank you so much, is it possible to draw the ADL ASL and ALF as a straight line? I mean not in the curvy shape, is it okay to draw it like normal D and S?


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dowen123
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#382
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(Original post by nitin0896)
If they ask then...

NAIRU - Non-accelerating inflation rate of unemployment.
In the diagram the LF should actually be ALF (Aggregate labour force) and ASL is the aggregate supply of labour. NAIRU is also know as equilibrium unemployment (whereas disequilibrium unemployment is cyclical where there is a lack of AD). As the wage rate rises, the gap between the ASL and ALF narrows because more people are willing to work at a high wage rate.
NAIRU is basically consistent with the level of unemployment at which there is no upward pressure of the wage rate and inflation (non acceleration inflation rate of unemp, get it?)

Make sure you know about eq. and diseq. unemployment because it can come up as a 15 marker, or atleast im hoping it will.

Also equilibrium unemployment is unemployment that exists when the labour market is in equilibrium (so im guessing it suggests that its not too harmful)
What do you mean by eq. and diseq. unemployment?
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nitin0896
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#383
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#383
(Original post by May-o2q)
Thank you so much, is it possible to draw the ADL ASL and ALF as a straight line? I mean not in the curvy shape, is it okay to draw it like normal D and S?


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Yeah ofcourse, make sure they narrow at the top so u have that little extra something to talk about.
eq. is equilibrium and diseq. is disequilibrium
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Fas
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#384
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#384
(Original post by Mrgp)
for a question regarding whether a leisure market of your choice is an oligopoly? would you draw the kinked demand graph? (is it a bit irrelevant?). i know you could draw the monopolistic competition graph as an alternative to a oligopoly.
you could draw it if you wanted, however it's irrelevant in regards to answering the question
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letsplayray
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#385
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(Original post by Fas)
a shift to the right in the MRP curve means that each additional worker the firm employs will generate a larger revenue for the firm. Hence because of this, demand for labour will rise (hence why D=MRP) and labour will be held in higher value, thus to encourage labour to come work in the firm, the wage rate will rise, and if you draw a LM diagram showing the interaction of the demand for labour and supply of labour you'll see this.

Also remember though supply cannot change for this to happen. if the supply of labour increases then the wage rate won't increase by as much as expected.
Okay gotcha thanks!
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tsimms
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#386
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#386
(Original post by feeltofollow)
what textbook is everyone using for their information/revision? and also how much detail is it recommended to know the examples of leisure markets in? i'm pretty weak with the examples
I've been using Labour Markets: The Economics of Work and Leisure.

I'd say you need examples for questions like regulation and market structures etc
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amirarshad
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#387
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#387
Do transfer earnings consist of the quasi and non pecuniary benefits required to keep the factor of production in occupation, or is solely monetary earnings?
Also, how would you define Transfer earnings in terms of opportunity cost
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Nash96
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#388
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#388
(Original post by amirarshad)
Do transfer earnings consist of the quasi and non pecuniary benefits required to keep the factor of production in occupation, or is solely monetary earnings?
Also, how would you define Transfer earnings in terms of opportunity cost
Transfer earnings is the amount a worker could earn in their next best alternative occupation, or the amount that must be paid to ensure a worker stays in their current occupation. Its just money.

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feeltofollow
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#389
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(Original post by tsimms)
I've been using Labour Markets: The Economics of Work and Leisure.

I'd say you need examples for questions like regulation and market structures etc
ah cool i have economics in context but i'm unsure how useful it is. and thanks, we never fully focused on examples they were just sort of mentioned from time to time so i don't know much about them haha
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tsimms
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#390
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(Original post by feeltofollow)
ah cool i have economics in context but i'm unsure how useful it is. and thanks, we never fully focused on examples they were just sort of mentioned from time to time so i don't know much about them haha
If it comes up in data response then you are unlikely to need any knowledge of any industries, and if a question comes up on it in Section B then you could just avoid it
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Nash96
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#391
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#391
What is the definition of profit maximisation?

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ErzaScarlet
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#392
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#392
(Original post by Nash96)
What is the definition of profit maximisation?

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Profit maximisation is where firms aim to make the most profit that they possibly can. They may choose not do this for reasons like morality.
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feeltofollow
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#393
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#393
(Original post by Nash96)
What is the definition of profit maximisation?

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where firms produce the largest profit possible by choosing the output at which marginal costs and marginal revenue are equal
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Nash96
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#394
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#394
(Original post by feeltofollow)
where firms produce the largest profit possible by choosing the output at which marginal costs and marginal revenue are equal
Ah yes so simple, thanks!

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Snuf6
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#395
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For the essay questions, A and B are usually on the same sort of subject. If, for example, (a) is something to do with elasticity of demand for labour and you define it. If part (b) is also about elasticity of demand for labour should we define it again, or is that a waste of time?
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MagentaGirl
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#396
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#396
(Original post by TheGuy1)
Can someone please give me examples of Leisure Industries please? And labour markets as well?
Television Broadcasting
Spectator Sports
Cinema
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sarbear282
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#397
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#397
"Analyse how, in theory, wages are determined in a competitive market" [15]
"Discuss the extent to which the competitive labour market model is useful and relevant in explaining wage determination within contemporary real world labour markets" [20]

this may sound so stupid but what is a competitive labour market?
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HillyH1995
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#398
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#398
(Original post by Nash96)
What is the definition of profit maximisation?

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don't answer it like the other people have told you to. you have to say it's when MC=MR and then draw the diagram of a monopolist and label the point of profit max (would be a 5 marker)
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HillyH1995
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(Original post by Snuf6)
For the essay questions, A and B are usually on the same sort of subject. If, for example, (a) is something to do with elasticity of demand for labour and you define it. If part (b) is also about elasticity of demand for labour should we define it again, or is that a waste of time?
you have to repeat yourself. asked my teacher this today. imagine you never wrote the part A.
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Zebra Stripe
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#400
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#400
What is equilibrium unemployment?
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