F583 - Economics of Work and Leisure - June 2014 Watch

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Ben_S96
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#621
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(Original post by Bigbangtheory001)
What diagram did you use for the poverty question? I couldn't think of any.
I drew the Lorenz curve in part A and I drew the NMW curve for part B.
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Ben_S96
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Hi all. Just a quick question regarding economies of scale for cinemas. Would the expansion of cinemas nationwide, with more venues across the country be an example of economies of scale? Also, would internal business expansion within cinemas be an example, i.e. more screens, more choice of entertainment and refreshments? With these answers could I gain full 6 marks? Or was it looking for more specific things? Also, for the unit labour costs section I simply took the productivity and wages route and discussed these two factors, which was what I thought 'determined' unit labour costs, am I right or wrong? Thanks.
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Fas
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(Original post by Ben_S96)
Hi all. Just a quick question regarding economies of scale for cinemas. Would the expansion of cinemas nationwide, with more venues across the country be an example of economies of scale? Also, would internal business expansion within cinemas be an example, i.e. more screens, more choice of entertainment and refreshments? With these answers could I gain full 6 marks? Or was it looking for more specific things? Also, for the unit labour costs section I simply took the productivity and wages route and discussed these two factors, which was what I thought 'determined' unit labour costs, am I right or wrong? Thanks.
that internal business expansion thing sounds alright - the more screens/more choice of entertainment technically comes under the term "technological economies of scale" which was one of the things i put haha, and its in the textbook, so you'd defo get three marks for that one (assuming it was explained well)

not sure about the first point. aslong as you said that one particular cinema could build more chains across the country due to getting larger or whatever then you may get some marks for it...although i have honestly no clue whatsoever.
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Ben_S96
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(Original post by Fas)
that internal business expansion thing sounds alright - the more screens/more choice of entertainment technically comes under the term "technological economies of scale" which was one of the things i put haha, and its in the textbook, so you'd defo get three marks for that one (assuming it was explained well)

not sure about the first point. aslong as you said that one particular cinema could build more chains across the country due to getting larger or whatever then you may get some marks for it...although i have honestly no clue whatsoever.
That's a relief! Hopefully I'll get the majority of the marks for that question then. What about what I said for the unit labour costs part? I think my responses to the essays at the end of the paper were much stronger than my section A responses.
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Fas
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(Original post by Ben_S96)
That's a relief! Hopefully I'll get the majority of the marks for that question then. What about what I said for the unit labour costs part? I think my responses to the essays at the end of the paper were much stronger than my section A responses.
i have honestly no idea for the unit labour costs one - i presume you meant the 3 marker on how the Corn exchange could work out its unit labour costs? i did very similiar to you, mentioned how its calculated by total labour costs/output, which effectively becomes productivity/wages, but didn't do much else other than that. i really don't get how theres 3 marks for that question hahaha, i think we'll defo get atleast one mark for mentioning the productivity/wages thing, but dunno about the other two marks. it's perfectly possible you'll get all three
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Ben_S96
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(Original post by Fas)
i have honestly no idea for the unit labour costs one - i presume you meant the 3 marker on how the Corn exchange could work out its unit labour costs? i did very similiar to you, mentioned how its calculated by total labour costs/output, which effectively becomes productivity/wages, but didn't do much else other than that. i really don't get how theres 3 marks for that question hahaha, i think we'll defo get atleast one mark for mentioning the productivity/wages thing, but dunno about the other two marks. it's perfectly possible you'll get all three
That is reassuring. I know, I thought it was a really stupid question...did not understand it. I think I just linked it back saying that Corn Exchange could calculate it using the productivity and wages of their employees...I didn't know what else to put!
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