F583 - Economics of Work and Leisure - June 2014 Watch

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gs1996
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#501
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#501
(Original post by NottsYellowJnr)
But surely if it asked about changes in MRP effecting the quantity employed where do you bring supply side factors into that?
MRPL=D
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Ben_S96
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#502
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#502
(Original post by Fas)
for the economies of scale one, i put managerial and technological economies of scale (although spelt technological wrong in the exam...don't ask) how about others?
I put national business expansion, meaning more and more cinema sites into more and more regions across across the country.
I also put that the cinema itself could expand, more screens, more facilities and could even offer more entertainment choices such as live performance, mentioned in the case study.
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Pokims1996
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#503
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#503
(Original post by Fas)
lets hope it right then, otherwise we're both screwed
Yeah! Great minds think alike?
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letsplayray
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#504
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#504
hey peeps that done the monopsony question what did you put for part A?
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John Maddon
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#505
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#505
(Original post by Fas)
for the economies of scale one, i put managerial and technological economies of scale (although spelt technological wrong in the exam...don't ask) how about others?
I did Risk-bearning (More films/ Screens… cross-subsidisation if film makes a loss) and Managerial (Self explanatory)
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NottsYellowJnr
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#506
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#506
(Original post by gs1996)
MRPL=D
I still don't understand how that has any relevance to supply side of labour. I thought the 15 marker was all about the demand of labour.
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Pokims1996
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#507
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#507
(Original post by NottsYellowJnr)
But surely if it asked about changes in MRP effecting the quantity employed where do you bring supply side factors into that?
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 :/
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John Maddon
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#508
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#508
(Original post by letsplayray)
hey peeps that done the monopsony question what did you put for part A?
Drew the standard monopsony diagram and just explained it to as full as I could. I mentioned why MCL exceeded ACL and the point they employed at due to MRP theory. Also mentioning how they faced and upward facing supply of labour and how they determined the wage rate using ACL. There wasn't an awful lot to write but i felt part b for that question was extremely generous. How about you?
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Teygan
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(Original post by Ben_S96)
I Brought in Lorenz curve, Gini coefficient and unemployment for part a and then limitations of reforming the tax and benefits system (politically mainly) NMW and greater spending on training and education for part b. What did you discuss?

Hi, i chose to do the same question as you, but i'm now worried for not putting in inequality measurements for part A because i thought they were irrelevant. I just put in regressive taxes, wage determinations for low wages, and high indirect taxes.
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ItsJustMe17
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#510
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(Original post by NottsYellowJnr)
But surely if it asked about changes in MRP effecting the quantity employed where do you bring supply side factors into that?
(Original post by Pokims1996)
Unfortunately for part a, it was how MRP affects the quantity of labour employed and not the quantity of labour demanded , so knowing OCR they're gunna come down on people who didnt include supply side factors. :/
for part b, MRP theory could be used as a demand-side explaination (MRP=wage), and I wrote a small bit about trade unions at the end.

It wasn't easy by any means, good luck to you
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?!!?
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Fas
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(Original post by John Maddon)
Drew the standard monopsony diagram and just explained it to as full as I could. I mentioned why MCL exceeded ACL and the point they employed at due to MRP theory. Also mentioning how they faced and upward facing supply of labour and how they determined the wage rate using ACL. There wasn't an awful lot to write but i felt part b for that question was extremely generous. How about you?
likewise, mentioned that a monopsonist would employ at the point of profit-maximisation (when MCL=MRP) and due to their market power would provide the lowest wage possible at that level (and showed this on the diagram)

also mentioned that a monopsonist employer could lead to wage differentials and unemployment arising in the labour market. gave an example of a monopsony in one region, and if there wasn't a monopsony in another region, then workers in the region where there was no monopsony would earn higher wages than those workers who were operating under monopsonistic market conditions, thus leading to wage differentials
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NottsYellowJnr
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#512
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(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 :/
Uh oh..... results day will now be squeeky bum...
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John Maddon
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#513
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(Original post by Fas)
likewise, mentioned that a monopsonist would employ at the point of profit-maximisation (when MCL=MRP) and due to their market power would provide the lowest wage possible at that level (and showed this on the diagram)

also mentioned that a monopsonist employer could lead to wage differentials and unemployment arising in the labour market. gave an example of a monopsony in one region, and if there wasn't a monopsony in another region, then workers in the region where there was no monopsony would earn higher wages than those workers who were operating under monopsonistic market conditions, thus leading to wage differentials
agh okay yeah they're good - I was unsure and which direction the question was really answering so I just explained the diagram thoroughly!! The fact that it was analyse Im not entirely sure what is relevant
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Maximus12383
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#514
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#514
For the essay question explaining the effect of an increase in MRP on employment I analysed what would normally happen, what would happen in a trade union and what would happen in a monopsony. Is this a valid thing to do or have I completely missed the point?...
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Fas
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(Original post by John Maddon)
agh okay yeah they're good - I was unsure and which direction the question was really answering so I just explained the diagram thoroughly!! The fact that it was analyse Im not entirely sure what is relevant
well a correctly drawn diagram will have you got us 8/15 at the very least so we've definitely got that much, explaining the diagram will probs take you to 10, which is a pretty decent mark anyway
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Ben_S96
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(Original post by Teygan)
Hi, i chose to do the same question as you, but i'm now worried for not putting in inequality measurements for part A because i thought they were irrelevant. I just put in regressive taxes, wage determinations for low wages, and high indirect taxes.
Wow, I did not think to mention any of those you have mentioned. For part b I discussed a more progressive taxation policy. I would say we have a progressive taxation policy in the UK, 45% of top earners' tax goes to the government. High indirect taxes in the UK? Did you give examples? I discussed measurements because the UK has one of the highest Gini coefficients in Europe, which supported my main argument which was about social and economic inequality in the UK.
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John Maddon
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(Original post by Fas)
well a correctly drawn diagram will have you got us 8/15 at the very least so we've definitely got that much, explaining the diagram will probs take you to 10, which is a pretty decent mark anyway
yeah hopefully - Not sure what 90 UMS will be on this paper though as the boundaries are normally low but this paper was relatively quite easy. How did the rest of the paper go?
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Fas
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(Original post by John Maddon)
yeah hopefully - Not sure what 90 UMS will be on this paper though as the boundaries are normally low but this paper was relatively quite easy. How did the rest of the paper go?
to be fair, been having a think about it and i don't think it was as easy as people say, that choice of essay was quite hard haha, although i'd prepared loads for a monopsony one so i wasn't gonna miss out on that

rest of the paper went fine, thought the 8 marker on contestability was good - what did you put for that? although i think i messed up the 3 marker asking how the Corn exchange could calculate its unit labour costs haha
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John Maddon
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(Original post by Fas)
to be fair, been having a think about it and i don't think it was as easy as people say, that choice of essay was quite hard haha, although i'd prepared loads for a monopsony one so i wasn't gonna miss out on that

rest of the paper went fine, thought the 8 marker on contestability was good - what did you put for that? although i think i messed up the 3 marker asking how the Corn exchange could calculate its unit labour costs haha
Yeah I agree actually I think people will of missed small things out which could constitute quite a few marks ( you never know with OCR and there mark scheme!! ) . I talked about local markets relating to the characteristics of contestable markets (low barriers, hit and run competition[bit iffy] similar costs ) and multiplexes showing none of the contestable market characteristics and more like and oligopoly. (high three firm concentration ratio, high barriers, different costs due to economics of scale ) concluded by local is to an extent contestable… multiplexes reflect and oligopoly.. hopefully the examiner likes my answer haha!! urghh yeah the unit labour cost was awkward i think the key was to talk about what determined the Corn Exchanges output
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Teygan
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#520
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(Original post by Ben_S96)
Wow, I did not think to mention any of those you have mentioned. For part b I discussed a more progressive taxation policy. I would say we have a progressive taxation policy in the UK, 45% of top earners' tax goes to the government. High indirect taxes in the UK? Did you give examples? I discussed measurements because the UK has one of the highest Gini coefficients in Europe, which supported my main argument which was about social and economic inequality in the UK.
i can now see why you would put inequality, nevermind though. for indirect taxes, such as VAT. This basically reduces the amount they can spend since that the extra increase in prices caused by VAT puts a higher burden on the amount they can buy, given their low disposible income.

for B, i talked about how progressive taxes help alleviate poverty. However, i said it may cause disincentive for work for high incomers and the incentive to avoid taxes/evasion (laffer curve). also, increasing means-tested benefits rather than univeral benefits, this will effectively target the poor. i put one alternative which is expenditure on education but i forgot about the NMW.
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