Economics f583 june 2013 work and leisure exam!

Thanks for this.

Can you please explain net advantage to me?

Word of advice, try not to focus so much on the leisure markets ( cinema, broadcasting, travel and sports). My teacher who used to mark these papers outlined 6 key areas that may come up,

1. Monopsony - how it leads to LMF - TU intervention = Bilateral monopoly.
2. Discrimination - again the extent to which this results in labour market failure
3. Elasticity of supply - How it determines wages
4. Types of Flexibility
5. Definitions: Economic inactivity, Net Advantage, Regulation, Labour Market Failure.
6. Govt Intervention to reduce poverty

He said he'd put money on Discrimination coming up in Section B.

Thanks it would be awesome if those came up!

What do you mean by types of flexibility?
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Occupational, contractual , geographical and wage flexibility.

Which exam board are those predictions for?

What's the difference between pecuniary and non pecuniary?

Word of advice, try not to focus so much on the leisure markets ( cinema, broadcasting, travel and sports). My teacher who used to mark these papers outlined 6 key areas that may come up,

1. Monopsony - how it leads to LMF - TU intervention = Bilateral monopoly.
2. Discrimination - again the extent to which this results in labour market failure
3. Elasticity of supply - How it determines wages
4. Types of Flexibility
5. Definitions: Economic inactivity, Net Advantage, Regulation, Labour Market Failure.
6. Govt Intervention to reduce poverty

He said he'd put money on Discrimination coming up in Section B.

Word of advice, try not to focus so much on the leisure markets ( cinema, broadcasting, travel and sports). My teacher who used to mark these papers outlined 6 key areas that may come up,

1. Monopsony - how it leads to LMF - TU intervention = Bilateral monopoly.
2. Discrimination - again the extent to which this results in labour market failure
3. Elasticity of supply - How it determines wages
4. Types of Flexibility
5. Definitions: Economic inactivity, Net Advantage, Regulation, Labour Market Failure.
6. Govt Intervention to reduce poverty

He said he'd put money on Discrimination coming up in Section B.

Just finished the exam and really don't know how it went. I'm quite worried about the last question 4 (b). The question was something like;
Discuss the extent to which the Marginal Revenue Product determines wages in a contemporary real world mark.

I started with definition

The explained the theory a bit like saying when MRP=MCL this is the quantity of labor employed. Then I applied that to doctors..and did a diagram where both MRP=MCL cross and hence thats the wage rate.

Then I put many however...like talking about monopoly supplier (doctors) since all workers part of BMA trade union. and how they bargain for wage rate above...
and then i said that same amount waiters how monopsony employers bargain for wage rate below equiblirbium

and talked a little about national minimum wage..

but the things i'm a bit confused about...is in the real world MRPoductivity theory has no real influence on wage rates righht?

I just found that really awkward because all my points where based on the fact MRPoductivity theory does not in real world work?

What would you think about about that question? It's just really strange because how can you get a balanced discussion when all the points are saying like no it does not determine wages. I did though explain/analyse the theory anyway as in a perfectly competitive market?

I chose that one and regretted it after lol
I started with mrp = mrp x price
explained all of mrp and why it isn't applicable to the real world but why it's still relevant
then I put in the real world wages are also determined by supply and wrote all about labour supply, then I wrote about exceptions like min wage, union influence, discrimination and concluded


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I did question 2, something like:
a) Discuss the behaviour of monopoly firms.
b) Comment on the extent to which competition can create efficiency.

Did anyone else do this?

I did question 4. It was ridiculously hard.

how did u find the rest of the paper.

The rest was fine. Weird how they focused it all on income inequality though.

I did question 2, something like:
a) Discuss the behaviour of monopoly firms.
b) Comment on the extent to which competition can create efficiency.

Did anyone else do this?