F583 - Economics of Work and Leisure - June 2014 Watch

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YAAM
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#161
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#161
Can anyone explain contestable market to me ? is it just the same as competitive market ?
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Nash96
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#162
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Its a market where there is perfect competition, so now barriers to entry/exit etc and also a key thing is that there is always the threat of potential competition so even if there is only one firm they will not profit maximise or anything like that because there is always the chance that a rival firm could enter the market

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Nash96
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#163
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(Original post by YAAM)
Can anyone explain contestable market to me ? is it just the same as competitive market ?
Its a market where there is perfect competition, so now barriers to entry/exit etc and also a key thing is that there is always the threat of potential competition so even if there is only one firm they will not profit maximise or anything like that because there is always the chance that a rival firm could enter the market
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YAAM
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(Original post by Niia)
I always do 3 well developed points for L3 and evaluate them, so 3 for L4 as well.
the judgement being separate to that, I get about 16/17 out of 20 with this.
hope it helps
Thank you . but for the question like "Discuss the extent to which government intervention can reduce labour market failure caused by the immobility of labour", do you give 3 different examples of intervention and evaluate each of them?
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YAAM
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(Original post by Nash96)
Its a market where there is perfect competition, so now barriers to entry/exit etc and also a key thing is that there is always the threat of potential competition so even if there is only one firm they will not profit maximise or anything like that because there is always the chance that a rival firm could enter the market
Thanks its clear now
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50spence
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#166
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What would you guys say the biggest wage determinant factor is? Usually seen in questions such as 'Discuss the extent to which the elasticity of demand for labour is the main determinant of wages in an occupation'
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karrlt
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(Original post by 50spence)
What would you guys say the biggest wage determinant factor is? Usually seen in questions such as 'Discuss the extent to which the elasticity of demand for labour is the main determinant of wages in an occupation'
I usually conclude with the fact that qualifications/skills/training periods act as a barrier to entering a profession, which has the main determining influence on supply of labour. I feel that this is most important in describing why e.g. lawyers get paid more than e.g. waiters... as the demand side doesn't really account for this (IMO!)


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dowen123
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#168
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#168
Can someone be willing to make a 20/15 marker plans for questions that might show up
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YAAM
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#169
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For the 15 marker the mark scheme says "for a 7+ mark candidates must offer a clear real world application to the UK labour market". What does that mean and what I have to say in each case?
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May-o2q
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#170
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How's everyone preparation for this exam?


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wolalala
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#171
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#171
Are there any topics that come up for the essay choices every year?
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Annaaaaaaaa
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#172
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#172
What are the characteristics of a monopoly?
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Kuchkuchhotahai
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#173
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Do we need to know in depth about price discrimination? i.e. 1st, 2nd and 3rd degree?

Can someone confirm this with me, thanks.
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Kuchkuchhotahai
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#174
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#174
Make sure everyone's aware of how to do the calculations!
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dowen123
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#175
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(Original post by Kuchkuchhotahai)
Make sure everyone's aware of how to do the calculations!
What calculations!? :O and how?
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thunguyen168
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(Original post by Kuchkuchhotahai)
Do we need to know in depth about price discrimination? i.e. 1st, 2nd and 3rd degree?

Can someone confirm this with me, thanks.
What is 1st 2nd 3rd degree????
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NottsYellowJnr
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#177
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(Original post by thunguyen168)
What is 1st 2nd 3rd degree????
1st degree - this where the firm sells each unit at the maximum each consumer is willing to pay. This means that it is better for society as there is no weight loss and it increases profits for the firm. However, there is no consumer surplus. It is very very rare, pretty much non existent, and example would probes be selling art work.

2nd degree - blocks of output are sold for different prices. Ir. The first 200 may be sold for £10 then the next 300 for £5. I think this is used in selling tickets on trains and planes. (I may be wrong).

3rd Degree - this is most common and is where firms sell at different prices depending on the consumer price elasticity of demand. Eg. Students PED is more elastic so they will be sold the product at a lower price. This is used at for example when you buy a football ticket at a football game.
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thunguyen168
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(Original post by NottsYellowJnr)
1st degree - this where the firm sells each unit at the maximum each consumer is willing to pay. This means that it is better for society as there is no weight loss and it increases profits for the firm. However, there is no consumer surplus. It is very very rare, pretty much non existent, and example would probes be selling art work.

2nd degree - blocks of output are sold for different prices. Ir. The first 200 may be sold for £10 then the next 300 for £5. I think this is used in selling tickets on trains and planes. (I may be wrong).

3rd Degree - this is most common and is where firms sell at different prices depending on the consumer price elasticity of demand. Eg. Students PED is more elastic so they will be sold the product at a lower price. This is used at for example when you buy a football ticket at a football game.
Thanks!

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Kuchkuchhotahai
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#179
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#179
(Original post by dowen123)
What calculations!? :O and how?
Participation ratio, Female participation ratio etc..

(Original post by thunguyen168)
What is 1st 2nd 3rd degree????
Sorry I never replied in time, but what the other person said. Its useful to discuss in monopoly/oligopoly questions for evaluation purposes... I've never seen it come up in a past paper though.
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Kuchkuchhotahai
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#180
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#180
Anyone up for another Skype session today? I know its late but still lol.
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