Makashima
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#101
Any websites for revision, my notes are not helping! Thanks
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Makashima
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#102
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-sorted
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inter empire
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#103
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#103
very useful practise exam for economics
http://www.ebay.co.uk/itm/1816621294...84.m1555.l2649
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Makashima
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#104
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Suppose there is an oligopoly market structure question, worth of 15 marks.
Any thoughts?

How many marks would I get based on this planning and what else to include because I know I am missing something:

-Define oligopoly ie market where it is dominated by few firms

-Characteristics examples with a very brief explanation: high barriers because ... ; products are differentiated ... ;

-because of interdependence they would avoid price war thus would prefer price stability
because ... diagram kinked diagram
then just explain the diagram such why it is elastic then inelastic
no good to raise or decrease price
say where MC=MR is profit max


-also will avoid price war so they do non-price competitions e.g. advertising, develop brand, gain loyalty, discounts etc

(and if it asked to apply on a leisure industry then I would of course)
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humayra.ac
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#105
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#105
looks good more else to me

I think the question would ask anyway for you to mention a leisure industry but even if it does not you should still include talk about one to show you understand and you can apply rather than just memorise text.

Some articles people might find useful

http://www.economist.com/blogs/economist-explains/2015/01/economist-explains-7

http://www.bbc.co.uk/news/business-31537105

(Original post by Makashima)
Suppose there is an oligopoly market structure question, worth of 15 marks.
Any thoughts?

How many marks would I get based on this planning and what else to include because I know I am missing something:

-Define oligopoly ie market where it is dominated by few firms

-Characteristics examples with a very brief explanation: high barriers because ... ; products are differentiated ... ;

-because of interdependence they would avoid price war thus would prefer price stability
because ... diagram kinked diagram
then just explain the diagram such why it is elastic then inelastic
no good to raise or decrease price
say where MC=MR is profit max


-also will avoid price war so they do non-price competitions e.g. advertising, develop brand, gain loyalty, discounts etc

(and if it asked to apply on a leisure industry then I would of course)
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humayra.ac
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#106
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#106
Does anybody have access to or know what the June 2014 questions were on ?
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humayra.ac
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#107
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#107
http://www.bbc.co.uk/iplayer/episode...s-in-it-for-us

if you have time, it is worth watching - brings in some interesting economic concepts like supplier income - all to do with market structure/oligopoly/economies of scale/competition/market share etc...
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Makashima
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#108
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Regulation hasn't been on for quite a while or has it been on before? Hmm do you suppose it will come on :s
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tuck91
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#109
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#109
Does anyone know to what extent we're supposed to know about government policies to correct labour market failure and poverty/inequality. I am 100% certain I won't be doing the essay question on it, and it seems like for the data it's just about thinking on your feet and analysing/evaluating rather than content on what policies involve etc.

Any guidance on this? Would be a huge help, as the rest of the content seems fairly straight forward to just learn and regurgitate.
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gilly07
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#110
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#110
I could definitely do with the June 2014 Questions and/or answers as well, if anyone has them. Anyone got any predictions for questions?
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Makashima
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#111
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(Original post by gilly07)
I could definitely do with the June 2014 Questions and/or answers as well, if anyone has them. Anyone got any predictions for questions?

Last year it was on cinema case study yet they did not ask a market model question ie oligopoly, monopoly or monopolistic competition thus I suppose, well highly likely they would ask it this year? Contestable was on I think but it definitely recently been on so likely no contestable!

Monopoly has been asked before, I think it was the 2012 paper...Idk I forgot...simply a behaviour of it 15 marks

Oh I dont have the paper, but Ive seen it...Anyone has it please send me as well
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gilly07
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#112
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(Original post by Makashima)
Last year it was on cinema case study yet they did not ask a market model question ie oligopoly, monopoly or monopolistic competition thus I suppose, well highly likely they would ask it this year? Contestable was on I think but it definitely recently been on so likely no contestable!

Monopoly has been asked before, I think it was the 2012 paper...Idk I forgot...simply a behaviour of it 15 marks

Oh I dont have the paper, but Ive seen it...Anyone has it please send me as well
What do you rekon the case study could be on this year, I have no idea! So your thinking a market structure question will be 'definitely' a 15 and/or 20 marker? I think monopolistic competition 15 marker? Good, do not like contestable markets!

I was thinking a MRP essay question, as it comes up fairly often??

How have you seen it, online? Do you remember what was on it?
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Makashima
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#113
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(Original post by gilly07)
What do you rekon the case study could be on this year, I have no idea! So your thinking a market structure question will be 'definitely' a 15 and/or 20 marker? I think monopolistic competition 15 marker? Good, do not like contestable markets!

I was thinking a MRP essay question, as it comes up fairly often??

How have you seen it, online? Do you remember what was on it?
Well I think a market model question might come up since it was about cinemas industry last yr yet they did not ask about an example of a market model but please dont take it definite

Actually supply of labour hasnt been on more longer than MRP so maybe supply more likely than demand but who knows? I am not sure as I havent really attempt the past papers yet so i dont remember the questions precisely

My teacher gave us a quick view on the powerpoint, hopefully she will give us the paper.

If assuming theres no repeat then the next case study prob not on leisure market industry, either like labour related, poverty etc

Actually theres no regulation question, but it is in the spec...maybe it might come up ? :s

so hard to predict man
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Makashima
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#114
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Elasticity of demand for labour? Help and can you elaborate the examples? Thnx
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swashat09
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#115
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hi it would be really greateful if could you please answer this qestion in detail. am really stuck on this one . plus points if can anyone tell me the diagram. thanks a lot. have a good easter.

1. anylse using digarms, how chnages in marginal revenue product explain the quantity of labour that will be employed. (15)
2. anaylse the main causes of poverty in the uk (15)

thanks a lot
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rd1234567
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#116
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#116
hi if possible can someone please send me last years f583 paper and markscheme as i am selfteaching
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JJBinn
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#117
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(Original post by Makashima)
Elasticity of demand for labour? Help and can you elaborate the examples? Thnx
I think there's 3 main important factors affecting the elasticity of demand for labour. Say the question was a 15 marker asking you to analyse factors determining it:

Define: The responsiveness of the demand for labour as a result in a change in the price of labour (wage rate).

Factors:

1: The price elasticity of demand for the product the labour is producing. Basic explanation is that if the product produced has an inelastic PED, any changes in the price of labour can be passed on by the firm to the consumer, as increasing the price of the product won't effect demand so much if the PED is inelastic. Therefore, sales and revenue will not be effected much for a firm producing an inelastic PED product if their costs of production increase so they will not be inclined to change greatly the number of workers they employ, hence an inelastic demand for labour. This is the opposite for elastic.

2: Ease of factor substitution - if labour is easily substituted for capital ie machinery can replace workers then the demand for labour will be elastic. As any increase in the wage rate will see firms switch their production to machinery rather than labour and the demand for labour will fall significantly. Again, it's the opposite for inelastic - workers could not be substituted easily for capital.

3: Proportion of wage costs in total costs (I hope this is self explanatory because I'm tired and can't be bothered to type it out )

Hope this helped, ask if you want any elaboration
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anorris13
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#118
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#118
What do you need for an A*? Is it average 80% and get 90% on F585?
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Makashima
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#119
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Demand supply hasnt beeeeeeeeeeeeeeeeen on for a quite while...
Also market models too, monopoly and oligopoly been on before, but not monopolistic competition
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Commentator
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#120
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(Original post by swashat09)
hi it would be really greateful if could you please answer this qestion in detail. am really stuck on this one . plus points if can anyone tell me the diagram. thanks a lot. have a good easter.

1. anylse using digarms, how chnages in marginal revenue product explain the quantity of labour that will be employed. (15)
2. anaylse the main causes of poverty in the uk (15)

thanks a lot
I've made an attempt at your first question. I suggest you look at the mark scheme for January 2011 question 3b which is similar but is about wages not quantity of labour.
Your second question I am also stuck on so could attempt it.

Analyse using diagrams, how changes in marginal revenue product explain the quantity of labour that will be employed. (15)

MRP is the amount of extra revenue a firm earns from the extra output an extra unit of labour produces. It is calculated using MPP, the amount of extra output an extra unit of labour produces, times by price.

MRP theory is a theory about how wages are determined by workers productivity (MRP). The amount of labour a firm employs will depend on the wage they have to pay which is determined by the position of the MRP curve. A firm will keep employing a factor of production until the wage is equal to its MRP. This therefore mean that the amount of labour employed will be up to the point to where MRP and supply cross. Anything above this will mean that MRP is greater than wages and is employing to few workers.

Diagram showing a shift in MRP.

The shape of this curve is affected by different factors that effect their position and elasticity. If there were a change in the price of the good they were producing this would increase MRP and cause a right shift. This will increase the amount of labour from Q1 to Q2 and increase wages from W1 to W2.

Another way the curve could be shifted is by fall in the productivity of labour due to diminishing capital stocks. If a firm doesn’t invest in more capital its machinery will start to wear out and the productivity of the workers will suffer. This will cause a left shift of the MRP curve and cause the amount of labour demanded to fall.

The elasticity of the curve will also affect the amount of labour demanded. Things that affect this are total percentage of final cost, availability of labour, time to make substitutes and demand for the final product. An example is if cost of labour are a high percentage then any change in the wage rate is going to cause big changes to the amount of labour of demanded as the curve becomes more inelastic.
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