F583 - Economics of Work and Leisure - June 2014 Watch

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thunguyen168
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#581
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#581
(Original post by Kuchkuchhotahai)
Well yes, according to previous mark scheme to get in the top band of answers we had to "apply" our theories. I just spoke about relative poverty for most of it haha.
What did you speak about. I wrote the relative poverty in the UK is defined as anyone whose disposable income is under 60% average disposable income of the population. What else could we say that is UK related?

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Kuchkuchhotahai
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#582
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(Original post by thunguyen168)
What did you speak about. I wrote the relative poverty in the UK is defined as anyone whose disposable income is under 60% average disposable income of the population. What else could we say that is UK related?

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I talked about regional pay difference, differentiated tax systems and I can't remember more haha.. Now for the BIG C3, C4 D=
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Pokims1996
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#583
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(Original post by Zebra 109)
I think the reason they asked you for different diagrams is because they wanted you to show the MC=MRP diagram in a firm as well as ASL=MRP in an industry. I would be very very surprised if they wanted supply factors becuase the second question was when they wanted you to bring in the notion of supply . But whatever its not negative marking
Yeah, i didn't really mean supply factors like trade unions or something, just considering elasticites of supply!
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thunguyen168
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Hey, in section B, I wrote my answer for b) on the page before the "star your answer for b) here". Because I completely forgot and when I saw the line I had already written over a page. Do you think that's fine? My teacher said it was fine but I'm not sure

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Fas
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#585
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(Original post by thunguyen168)
Hey, in section B, I wrote my answer for b) on the page before the "star your answer for b) here". Because I completely forgot and when I saw the line I had already written over a page. Do you think that's fine? My teacher said it was fine but I'm not sure

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yeah its fine haha, that won't make any difference at all
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Shepherd_9
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(Original post by Luke.95)
for the people that did monopsonist essay, for part B I said because the government control the power of trade unions then the existence of trade unions was a type a government inervention (for my AO3) then talked about how this could cause other labour mark failures for my AO4, do you think this would be acceptable or could you only talk about trade unions as being another method?? :/
That's exactly what I did, pretty sure that'd be alright!
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Anasim
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(Original post by ItsJustMe17)
What are the factors though ? Lol

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MRP = Demand. So I thought the question was basically asking demand for labour; I included
Wage rate
Productivity
Demand for product
Compliments and substitute
And complementary factors..
Is that wrong? :'(

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Anasim
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#588
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(Original post by LFR)
I did exactly the same as you, I thought it was a simple question of factors that affect MRP and how shifting MRP affects the quantity of labour? don't see what elasticities of supply would have to do with it


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Mrp = demand.
So I wrote about factors that influence mrp, ie wage rate. Productivity, complimentary factors, demand, compliments vs substitutes. Is that wrong?

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Pokims1996
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#589
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Tell me if I'm wrong, but question a) I think was:

Analyse, using diagrams, how a change in marginal revenue product will have an impact on the quantity of labour employed.

It may just be me, but I didn't interpret that as a "Discuss the factors that affect marginal revenue product"..?
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Shepherd_9
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#590
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#590
I started doing one question then changed my mind so ended up doing two part a's and I forgot to cross one out, they won't penalise me for that will they??
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Rheannan
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(Original post by Bigbangtheory001)
What diagram did you use for the poverty question? I couldn't think of any.
i didn't use any! i could have put an as/ad diagram in for the taxes etc in part (b) but thats not even on this unit! and it's not synoptic so you don't have to like link it to anything else so i didn't know if it would gain marks if i put it in!
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Rheannan
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#592
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(Original post by thunguyen168)
What did you speak about. I wrote the relative poverty in the UK is defined as anyone whose disposable income is under 60% average disposable income of the population. What else could we say that is UK related?

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i put that absolute poverty is very rare in the uk and any poverty is mostly relative as uk is well developed and an medc, unlike other countries eg sudan, somalia, kenya. i also put that relative is a highly debated idea and i actually wrote 'how can you be on the bread line and be able to afford bread' ha!
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OODST
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#593
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(Original post by Pokims1996)
Tell me if I'm wrong, but question a) I think was:

Analyse, using diagrams, how a change in marginal revenue product will have an impact on the quantity of labour employed.

It may just be me, but I didn't interpret that as a "Discuss the factors that affect marginal revenue product"..?
I thought we had to discuss the factors which could bring about a change in the mrp curve (e.g. Change in mr/mp) and then used my last paragraph to say what the change means, (e.g increase in mp leading to an increase in Mrp meaning more revenue per worker and higher demand for labour) I didn't think we had to discuss the other factors

but thinking about it now it may have been a good idea to show a change in the wage rate (mcl)
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ItsJustMe17
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(Original post by Pokims1996)
Tell me if I'm wrong, but question a) I think was:

Analyse, using diagrams, how a change in marginal revenue product will have an impact on the quantity of labour employed.

It may just be me, but I didn't interpret that as a "Discuss the factors that affect marginal revenue product"..?
YES neither did I!! I interpreted it as basically having to analyse how Mrp affects the quantity of labour employed and then had to suggest others factors that affected the employment of labour also. What about you? This has been worrying me since everyone else went on a different tangent..

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Bigbangtheory001
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(Original post by Rheannan)
i didn't use any! i could have put an as/ad diagram in for the taxes etc in part (b) but thats not even on this unit! and it's not synoptic so you don't have to like link it to anything else so i didn't know if it would gain marks if i put it in!
That's what I thought as well! In the end decide to against a AD/AS one...spent a good 10 m wracking my brain deciding what one I should use though.
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ItsJustMe17
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(Original post by Anasim)
Mrp = demand.
So I wrote about factors that influence mrp, ie wage rate. Productivity, complimentary factors, demand, compliments vs substitutes. Is that wrong?

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But those are the factors that effect quantity demanded for labour so i don't think so. I talked about some of those too

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Pokims1996
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#597
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(Original post by OODST)
I thought we had to discuss the factors which could bring about a change in the mrp curve (e.g. Change in mr/mp) and then used my last paragraph to say what the change means, (e.g increase in mp leading to an increase in Mrp meaning more revenue per worker and higher demand for labour) I didn't think we had to discuss the other factors

but thinking about it now it may have been a good idea to show a change in the wage rate (mcl)
Discussing how changes in MRP are caused is completely relevant but I just think the question asked a little bit more than that
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Pokims1996
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(Original post by ItsJustMe17)
YES neither did I!! I interpreted it as basically having to analyse how Mrp affects the quantity of labour employed and then had to suggest others factors that affected the employment of labour also. What about you? This has been worrying me since everyone else went on a different tangent..

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Yes, this is what I thought. I used elasticites of supply. If there is an inelastic supply curve (e.g for a surgeon), then an increase in MRP is going to cause less of an increase in quantity employed than if the supply of labour was elastic.
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ItsJustMe17
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(Original post by Pokims1996)
Yes, this is what I thought. I used elasticites of supply. If there is an inelastic supply curve (e.g for a surgeon), then an increase in MRP is going to cause less of an increase in quantity employed than if the supply of labour was elastic.
Yeah i talked about elasticities but not explicitly as its own factor. Others i talked about were derived demand and the wage rate. But now im so worried i didn't do it well enough. Btw you know for B what were your demand side factors? I had no idea what this meant so i hope what i wrote was right...

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Pokims1996
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(Original post by ItsJustMe17)
Yeah i talked about elasticities but not explicitly as its own factor. Others i talked about were derived demand and the wage rate. But now im so worried i didn't do it well enough. Btw you know for B what were your demand side factors? I had no idea what this meant so i hope what i wrote was right...

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I'm sure you've done fine, you've seemed to include all the important points. And I used MRP as my major (and only) demand side factor. Using MRP Theory , MRP=W
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