SEMESTER 1, 2020/21
Module code: FE6003
Module title: Economics of Human Resources
Module leader:
Assessment type: Coursework
Deadline: 3.00pm on Friday 11 December 2020 in Week 9
Submission Submit online via Turnitin in WebLearn not later than 3pm
Arrangements: on due date
Instructions:
Answer ONE question. Each question carries 100 marks.
Each answer should be a maximum of 700 and minimum of 600 words.
Show the number of words for each question at the end of each answer.
Include references in the text and bibliography using the Harvard style
referencing. Bibliography and appendices are not included in the word count.
By submitting your coursework, you confirm that the work submitted is solely
your own work, that you acknowledged all material and sources used in
completion of this coursework, and that you have not copied in part or whole or
otherwise plagiarised the work of other students and/or persons.
Assessment criteria:
Content: accuracy, relevance, focus and coverage
Structure and use of relevant graphs and data
Clear explanation of graphs presented
Quality of argument: evidence of understanding, logic and analysis.
Quality of communication: language and clarity, use of academic English; and
referencing.
Reading and research: demonstration of independent reading and use of a range of
sources
A list of references should be furnished in the form of an appendix. The Harvard
referencing system should be used, and references should be shown both within the
text as well as at the end of the essay.
© London Metropolitan University
Answer ONE question. Each question carries 100 marks.
Each answer should be a maximum of 700 and minimum of 600 words
1. Answer parts (a), (b) and (c)
- Explain how a worker decides how many hours of work to supply using indifference curve analysis, appropriate graph and algebra. State all the assumptions made and explain the equilibrium condition and your graph carefully.
- Examine the impact of a fall in the wage rate on supply of hours of work. Carefully explain the income and substitution effects of this wage fall on hours of work using appropriate graphs to illustrate your answer. Derive and show a backward bending labour supply curve using a graph.
- Examine the evidence on labour supply elasticity in the UK.
- Explain how hours of work supplied by a worker may change as a result of a welfare programme where a worker can get non-labour cash grant of £1000 and 40% reduction in wage rate for every hour worked. Illustrate your answer using an appropriate graph clearly showing the income and substitution effects.
(700 words, 100 marks)
2. Answer parts (a), (b) and (c)
- Explain how a firm chooses its optimal combination of inputs and hence the cost minimising equilibrium position, using appropriate algebra and graph. State the assumptions and explain your graph of isoquant and isocost and equilibrium condition carefully.
- Examine the impact of a fall in the wage rate on equilibrium output and employment level of a profit maximising firm. Use appropriate graphs and clearly explain the substitution and scale effects.
- Explain labour demand elasticity and recent evidence on its short run and long run values in the UK labour market.
(700 words, 100 marks)
Assessment Learning Outcome:
On successful completion of this assessment students will be able to:
Demonstrate a broad knowledge and a systematic understanding of labour market and human resources economics covering theory and application with regards to factors influencing labour supply and demand.
Written, problem solving, quantitative, analytical and reflection skills are developed and assessed.
Notes on writing the answers:
1. Essays should not exceed 700 words – learning to be concise is part of your training. (Long introductions and/or summaries tend make essays repetitious and boring – keep these sections brief). On the other hand, an essay of less than 600 words probably contains insufficient material to answer the question adequately.
2. Answer the question. Do not just write down anything you know about the topic.
3. Use a logical structure, with a very coherent argument of your own. While lecture notes and recommended reading will obviously play an important part in preparation, simply summarising or, much worse, copying mindlessly, is not acceptable.
4. Don’t spend too long setting the scene; move quickly to the main analysis and argument. Provide brief introduction and conclusion.
5. Your essay should concentrate on analysis rather than narrative. A good essay is strong on argument and maintains an analytical approach throughout. Use real world examples here appropriate.
6. Your analysis as well as written communication skills are important. Poor spelling, grammar and punctuation and presentation impede clear communication.
7. You must provide references throughout your essay and also a full bibliography referencing all sources that you have consulted in the preparation of your essay. If you use internet sources the full reference must be provided with date accessed not just the link/shortcut. Make sure that all your graphs and tables have sources clearly stated.
8. You can use the library website for doing your Harvard style referencing.
9. Remember that plagiarism is a serious offence. See the section on plagiarism in the Undergraduate Student Handbook.
10. Check your similarity score on Turnitin and reduce the similarity before your final submission. Use quotation marks correctly.
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