F583 - Economics of Work and Leisure - June 2014 Watch

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Fas
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#461
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#461
(Original post by RebelV005)
What did people write fr implications of Unit Labour Costs?
I said decrease profits so lower I
But productivity may rise because of increase in wages so actually more profit

extent- Cause of increase. if it is occurring because of NI increase then no effect on productivity.
Increase in unit labour costs would lead to an increase in costs of production, which may lead to a fall in output for the cinema harming their profit maximisation capability and it may force them to set price higher to protect their profit margins which may lead to a fall in demand for cinema products (that last party is iffy😡)

For the comment I basically mentioned how wage costs were a small proportion of total costs for a cinema and the majority of their costs were fixed costs such as rent etc, hence an increase in their ULC's may have very little effect on output and their profit maximisation capability may not be harmed.
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ASKid
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#462
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#462
What did u guys put for 1a the calculation and 1c how to calculate unit labour cost ?
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ChetB96
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#463
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#463
(Original post by RebelV005)
What did people write fr implications of Unit Labour Costs?
I said decrease profits so lower I
But productivity may rise because of increase in wages so actually more profit

extent- Cause of increase. if it is occurring because of NI increase then no effect on productivity.
Aw


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RebelV005
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#464
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#464
Did I make you proud Dad?
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ItsJustMe17
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#465
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(Original post by Pokims1996)
Yes, this and the Global Economy papers haven't shown too many suprises so happy days I assume you did q3 aswell?
(Original post by tsimms)
I thought that was a good question as well, OCR have been so kind this year. Glad it went well for you too!
I did this essay too! What did you guys write for the MRP essay and then the 20 mark (wage determinant)??
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ItsJustMe17
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#466
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#466
(Original post by ASKid)
What did u guys put for 1a the calculation and 1c how to calculate unit labour cost ?
My calculator was being all funky rounding all my answers up! So for 1999 I got 60% (even though it was 50-something with a decimal) and 2010 80% (even though it was like 70-something percent with a decimal) but my calculator kept rounding my numbers up. Hope i still get a mark though :/ What do you guys think???:confused:
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ItsJustMe17
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The rest of the paper seemed to be quite good though. LOL guys how do you calculate unit labour costs? I think i wrote the wrong thing...awkward
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Inevitable
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#468
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(Original post by tsimms)
Nearly psychic...
It's really not hard to predict what will come up in economics papers if you've gone through all the past-papers.
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RebelV005
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#469
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(Original post by Fas)
Increase in unit labour costs would lead to an increase in costs of production, which may lead to a fall in output for the cinema harming their profit maximisation capability and it may force them to set price higher to protect their profit margins which may lead to a fall in demand for cinema products (that last party is iffy������)

For the comment I basically mentioned how wage costs were a small proportion of total costs for a cinema and the majority of their costs were fixed costs such as rent etc, hence an increase in their ULC's may have very little effect on output and their profit maximisation capability may not be harmed.
Yeah I mentioned the proportion of total cost + the customers for the corn exchange are loyal so price inelastic in demand.

Did u suggest any advantages?
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Kuchkuchhotahai
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#470
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Definitely without a doubt going to be high grade boundaries, I did Q4 (a) and (b); did anyone else do these questions?
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HarryP95
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#471
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Choice of essays I thought was a bit nasty... Had to be pretty ballsy to do the monopsony one with the horrible diagram etc!

Data response I liked, no definitions which was great !

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ItsJustMe17
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(Original post by RebelV005)
Yeah I mentioned the proportion of total cost + the customers for the corn exchange are loyal so price inelastic in demand.

Did u suggest any advantages?
Yeah I did, dont know if this is entirely correct though. I said if an increase in unit labour costs is caused by an increase in wages then it may not be entirely bad for the cinema. This is because an increase in wages actually increases the disposable income of the workers who can then spend their wages on leisure like going to the cinema which in turn will increase the demand for the cinemas services, etc. Any thoughts?:confused:
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Ben_S96
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#473
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(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?
Yes, I did.
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RebelV005
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#474
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(Original post by ItsJustMe17)
Yeah I did, dont know if this is entirely correct though. I said if an increase in unit labour costs is caused by an increase in wages then it may not be entirely bad for the cinema. This is because an increase in wages actually increases the disposable income of the workers who can then spend their wages on leisure like going to the cinema which in turn will increase the demand for the cinemas services, etc. Any thoughts?:confused:
after the increase in wages I said that this may motivate workers and therefore their productivity may compensate or exceed the increase in wages so it may actually help customer service and in turn profits.

This was more of a business style answer
(PS-I don't study Business)
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faithiskey
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#475
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(Original post by Fas)
That was pretty good I thought! I did the essay on monopsony, what about others? How did we find it?
Hi fas i did the eassay on monopsony but i couldnt remember the monopsony diagram so i drew this instead... does it still apply seeing as i explained the whole thing

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ItsJustMe17
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#476
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#476
(Original post by RebelV005)
after the increase in wages I said that this may motivate workers and therefore their productivity may compensate or exceed the increase in wages so it may actually help customer service and in turn profits.

This was more of a business style answer
(PS-I don't study Business)
Hahaha, sounds about right though! What essay question did you do?
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Kuchkuchhotahai
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#477
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(Original post by Ben_S96)
Yes, I did.
Noice, did you basically copy and paste memorised answers from June 13 section A?

I basically went hawk on poverty the night before! I expect to drop marks for the 15 marker though, only got in 3 points?
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Pokims1996
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#478
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(Original post by Fas)
Increase in unit labour costs would lead to an increase in costs of production, which may lead to a fall in output for the cinema harming their profit maximisation capability and it may force them to set price higher to protect their profit margins which may lead to a fall in demand for cinema products (that last party is iffy������)

For the comment I basically mentioned how wage costs were a small proportion of total costs for a cinema and the majority of their costs were fixed costs such as rent etc, hence an increase in their ULC's may have very little effect on output and their profit maximisation capability may not be harmed.
I wrote this too! Almost phrase for phrase :rolleyes:
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RebelV005
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#479
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(Original post by Kuchkuchhotahai)
Noice, did you basically copy and paste memorised answers from June 13 section A?

I basically went hawk on poverty the night before! I expect to drop marks for the 15 marker though, only got in 3 points?
LOL yh my progressive taxation answer was basically the June 13 MS although I expanded on it etc.

Did u talk about an alternative policy?
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Pokims1996
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#480
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(Original post by ItsJustMe17)
I did this essay too! What did you guys write for the MRP essay and then the 20 mark (wage determinant)??
For the first one i basically explained MRP and also said that supply factors need to be considered and based an evaluative point off of elasticities

For the second one i did something quite similar to this but concentrating on wage determination/disparities instead of quantity of labour employed!

What about you?
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