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F583 - Economics of Work and Leisure - June 2014

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According to the MRP curve, firms will hire worker as long as MRP=MLC. If MRP is high then MLC (wage) will be high too.

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That's so simple, I just really confused myself! Thanks

Reply 281

thunguyen168

Original post by Shepherd_9

That's so simple, I just really confused myself! Thanks

Don't worry. I have just known that today :smile:

)

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Reply 282

username963570

Original post by Mrgp

Analyse, using examples, the factors which determine the elasticity of supply of labour to an occupation [15]

Discuss the extent to which migration may be considered to have a positive impact on labour occupation markets. [20]

i would be very grateful if someone could write a plan for these two questions

what the hells a labour occupation market?

Reply 283

Nash96

Anyone know about the concentration ratios of the different leisure markets? Can't find anything online :/

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Reply 284

ASKid

Im actually so unprepared for this exam, i dunno anything -.-

Reply 285

amirarshad

Which diagrams would you use when writing about policies which would increase labour market flexibility??

Reply 286

GB1996

Can someone please tell me answer plans for 5, 6 and 8 markers? So, how much is analysis and how much is evaluation for comment on/discuss? Also, do we still actually get credit for defining things?

Thanks for any answers

:smile:

Reply 287

username1448492

Can someone please give me examples of Leisure Industries please? And labour markets as well?

Reply 288

username963570

Original post by GB1996

the 5 marker will usually be a comment question. For this you get 2 marks for analysis, 2 marks for an appropriate comment and the 5th mark for a judgement.

6 marker - never seen one of those.

8 marker - this will be a "Discuss the extent to which" type however not detailed enough for an essay. 3 marks for analysis, 3 marks for evaluation and 2 marks for judgement. i should add though that a complete lack of a judgement would only get you 5/8, not 6/8.

Reply 289

username963570

Original post by amirarshad

Which diagrams would you use when writing about policies which would increase labour market flexibility??

a simply LM diagram will suffice (so the interaction of ADL and ASL, showing an outward shift in ASL)

Reply 290

username963570

Original post by TheGuy1

Can someone please give me examples of Leisure Industries please? And labour markets as well?

Holidays and Travel - so you've got air travel, package holidays, camping holidays (OCR practically bum off this one)

Cinema Industry - so Cineworld, Odeon, Vue etc.

Spectator Sports - mainly the football market to be honest.

TV Broadcasting - this one is ****ing fantastic.

Reply 291

username963570

Original post by Nash96

Anyone know about the concentration ratios of the different leisure markets? Can't find anything online :/

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i think Cineworld, Odeon and Vue hold a 62.8% concentration ratio in the cinema market :smile:

BBC, ITV and Channel 4 have a 45% ratio in TV broadcasting too. they're the only ones i know im afraid :/

Reply 292

username1448492

Original post by Fas

Thanks! You know examples of labour markets?

Reply 293

Nash96

Original post by Fas

i think Cineworld, Odeon and Vue hold a 62.8% concentration ratio in the cinema market :smile:

BBC, ITV and Channel 4 have a 45% ratio in TV broadcasting too. they're the only ones i know im afraid :/

Cheers! Its more than I knew :P

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Reply 294

username963570

Original post by TheGuy1

Thanks! You know examples of labour markets?

examples of labour markets are purely just the demand and supply of labour to a particular occupation - so literally every job going is a 'labour market' in itself :smile:

So the market for footballers, brain surgeons, waitresses etc are good ones to talk about because they're more at the extreme ends of the spectrum :smile:

Reply 295

dowen123

Original post by ASKid

Im actually so unprepared for this exam, i dunno anything -.-

Ditto

Reply 296

dowen123

I'm placing my bets on a 15 or 20 marker question about monopsony - labour market failure.. :eek:

Reply 297

May-o2q

What is allocative efficiency? From unit 1 I know that it happens when consumer satisfaction is maximised but where is that point on a monopolistic diagram? And productive efficiency is it where MC intersects AC? Any response will be much appreciated, thank you!!

EDIT: got the answer now, allocative efficiency happens when P=MC and productive efficiency is happen at the lowest point of AC.

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(edited 9 years ago)

Reply 298

amirarshad

Original post by Fas

a simply LM diagram will suffice (so the interaction of ADL and ASL, showing an outward shift in ASL)

I'm still slightly confused though, so if you were to speak about better training to increase flexibility, you'd show the outward shift in the S curve and then?

Reply 299

username963570

Original post by amirarshad

I'm still slightly confused though, so if you were to speak about better training to increase flexibility, you'd show the outward shift in the S curve and then?

well there's a multitude of methods that the Government can use to improve labour market flexibility - cutting marginal income tax rates, cutting JSA, reducing employment legislation and education and training. All these methods have their own way of improving flexibility (which im too tired to go through right now haha) but the common theme is that these methods will encourage workers to work more and thus increase their supply of labour to the area's where labour shortages are occurring (in theory), hence improving labour market flexibility (however with employment legislation, reducing employment legislation will increase firms demand for labour, it won't affect the supply)

So basically the diagram im talking about is the interaction of the Aggregate Demand for Labour (ADL) and the Aggregate Supply of Labour (ASL), and you'd show the ASL line moving outwards to indicate the increase in the supply of labour which has helped to improve labour market flexibility (numerical/temporal/locational/functional/wage) as firms now have access to a larger pool of workers, and unemployment will in theory decrease, as labour shortages should no longer occur, and the labour market will now have a better response to changing market conditions.

hopefully that helps, but if there's anything you don't understand just let me know and i'll try and explain it :smile:

so in your analysis you're basically analysing how these measures by the government to improve labour market flexibility will improve the different components of labour market flexibility - so numerical/functional/temporal/wage/locational flexibility :smile:

(edited 9 years ago)