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

ajayhp
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#41
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#41
yep said that utility maximisation, for example Roman Abramovich

(Original post by 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
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ajayhp
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#42
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#42
jan 2010

Raw
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F583
UMS
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sam smith
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#43
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(Original post by ArunChopra)
and for question 4 what evaluative points did you right about?
Just that possibly geographical immobility may lead to localised u/e so not wide spread consequences. However, I crushed that by then going on to say that it would require significant gov expenditure to deal with this issue so it would have wide spread effects.

Also, for TU's I put that strike action only lasts a few days (weeks at most) so it would only have effect for a couple of days usually max. As a result, not significant wide spread consequences. But then crushed that as I gave example of Greece and what is likely to happen on June 30th here.

Overall, I agreed that it would have widespread consequences.
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ajayhp
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#44
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#44
whats peoples prediction on grade boundaries
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Elponchis_LOL
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#45
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#45
thought it was ok!, hardest question was if prem teams profit maximise! but you prob would get 2 marks for saying no they dont as it states in case study owners see it as a hobby and will be happy with normal profits. so its only out of 5.

wage cost changes: improvement in productivity link to MRP? and Migration increase supply so reduce wage rates? that right or?

Comparing wages, was it prem has rise in 37% (cant remember exact figure) whereas wages has increased by 1000% for championship but premiership still pays out over 3 times as much. that all you had to say?

Question 2 was very nice! linked in with macroeconomics so was quite easy to evaluate
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turn and fall
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Comparing wages, was it prem has rise in 37% (cant remember exact figure) whereas wages has increased by 1000% for championship but premiership still pays out over 3 times as much. that all you had to say?
1000%!!!!!!
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Elponchis_LOL
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#47
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(Original post by turn and fall)
1000%!!!!!!
well yeah, it went from 31million to 291 million, thats 1000% increease or 10x as much as previously (unless my maths is terribly wrong or read question wrong) and then premiership spent 1bn on wages
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turn and fall
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(Original post by Elponchis_LOL)
well yeah, it went from 31million to 291 million, thats 1000% increease or 10x as much as previously (unless my maths is terribly wrong or read question wrong)
Misread

Wages had increased by 31million to 291million. So wages went from 260 to 291.

So 31/(260) = 12%
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Elponchis_LOL
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****kkkk ahaha, thought it was a bit much! blah! this sucks
hate posting on here, always end up making silly mistakes and pisses me of! grr
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ajayhp
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#50
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#50
for wage costs put inflation and trade union pushing wages which may be above productivity levels and did q2
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1.2.3.
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#51
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#51
section A was horrible
purposely didn't revise football/package holidays etc, was gutted when it came up :/

section b was ok though, the part a's were nice, b's let it down a bit, hoping for low grade boundaries!
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turn and fall
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(Original post by ajayhp)
for wage costs put inflation and trade union pushing wages which may be above productivity levels and did q2
im worried i misinterpreted the question. Was it changes in wages or changes in total wage costs?
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Scottishsiv
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#53
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(Original post by ajayhp)
for wage costs put inflation and trade union pushing wages which may be above productivity levels and did q2
What did you write for q2?
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ajayhp
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#54
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#54
inflation, PED, labour productivity increases and decreases and increases and decreases in wage and non-price competitiveness

(Original post by Scottishsiv)
What did you write for q2?
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MC armani
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#55
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for the wage cost increases question, i put union pressure and govt raising the minimum wage. would that have been ok?

i heard that you were meant to do just shifts in demand and supply.
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ajayhp
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#56
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(Original post by turn and fall)
im worried i misinterpreted the question. Was it changes in wages or changes in total wage costs?
wage costs
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Scottishsiv
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#57
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(Original post by ajayhp)
inflation, PED, labour productivity increases and decreases and increases and decreases in wage and non-price competitiveness
But that question was to do with productivity though. I wrote about stuff like methods that they use to increase productivity may have a resultant effect on unit labour costs. I don't know, all I know is I have failed :mad:
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Iram0105
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#58
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anyone do question 4 on labour market failure????
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tsr4life
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#59
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#59
anyone do question 3?

part a - i did the backwards bending labour supply curve, then explained the income and substitution effect...wasn't really sure where to go from there so kind of rambled. anyone know what else you can put?

part b - started talking about how non-pecuniary benefits affect the supply of labour and then other factors that affect it such as: mobility of labour, pecuniary, length of training etc..then summarised by saying that it did affect it but not as much as some other things...still think i didnt do enough for it though


also q1 was a bit of a weird one..it asked for the difference between normal and abnormal profit..what did people put???

i just said normal was achieved when AC=AR as AC includes normal profit and that abnormal profit was achieved when AC<AR as it includes the normal profit and extra...is that right?
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tsr4life
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(Original post by MC armani)
for the wage cost increases question, i put union pressure and govt raising the minimum wage. would that have been ok?

i heard that you were meant to do just shifts in demand and supply.
it must have been, i mean after all they do increase wages..i put inflation, but also the fact that in the case of footballers there's high demand and low supply driving up the wages..u reckon thats good?
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