The Vietnam War and Lyndon B. Johnson essays

The Vietnam War and Lyndon B. Johnson essays On November 22, 1963, President John F. Kennedy was assassinated in Dallas. Lyndon B. Johnson is sworn in as the 36th U.S. President. He is the fourth President coping with the Vietnam War. President Johnson declares he will not "lose Vietnam" during a meeting in Washington. Johnson came to office convinced that the United States had to honor its commitments to South Vietnam and resist the revolution, but originally he was certain that success depended chiefly on the South Vietnamese. In his view, their government had to carry out the program of social and economic reform and development needed to gain the support of the people, and their army had to do the fighting. He felt that the United States could only encourage and assist the development of the political and military programs. In a Department of State Bulletin, August 24, 1964, Johnson said: "I summarized it on June 2 in four simple propositions: America keeps her word. Here as elsewhere, we must and shall honor our commitme nts. The issue is the future of Southeast Asia as a whole. A threat to any nation in that region is a threat to all, and a threat to us. Our purpose is peace. We have no military, political, or territorial ambitions in the area. This is not just a jungle war, but also a struggle for freedom on every front of human activity. Our military and economic assistance to South Vietnam and Laos, in particular, has the purpose of helping these countries to repel aggression and strengthen their independence." (Internet Source) But as time went on, these initial views changed because the political and military situation in South Vietnam had deteriorated and a Vietcong victory seemed likely. As the government viewed it, such a victory not only would give the Communists control of a significant area but also would suggest that the United States could not protect other countries against enemies employing guerrilla tactics and receiving assistance from the outside....

Student Portfolios for Middle and High School Teachers

Student Portfolios for Middle and High School Teachers Definition: Student portfolios are collections of student work that are typically used for an alternative assessment grade in the classroom. Student portfolios can take a couple of forms. Two Forms of Student Portfolios One type of student portfolio contains work that shows the students progression through the course of the school year. For example, writing samples might be taken from the beginning, middle, and end of the school year. This can help show growth and provide teachers, students, and parents with evidence of how the student has progressed. The second type of portfolio involves the student and/or teacher selecting examples of their best work. This type of portfolio can be graded in one of two ways. In many cases, these items are graded normally and then placed in the students portfolio. This portfolio can then be used as evidence of student work for college and scholarship applications among other things. The other way that these types of portfolios can be graded is to wait until the end of a term. In this instance, typically the teacher has published a rubric and students collect their own work for inclusion. Then the teacher grades this work based on the rubric.

The Ability to Perceive a Minor Change in Luminosity Lab Report

The Ability to Perceive a Minor Change in Luminosity - Lab Report Example To perform the CS test (CST), the basic requirements for all four tests were: 1) to have an adequate luminance level required for each test; 2) to have precise test distance; and 3) to perform each test approximately at the same eye sight level as that of test charts. The CST luminance requirement for Pelli-Robson charts was 60–120 cd/m2, while for Vistech6000 and Cambridge plates the adequate luminance levels were 103–240 cd/m2 and 100 cd/m2 respectively. The Lux value required for Cardiff cards CST was equal to that of the gray background cards. For each test the required Lux level was verified by using a Lux meter. The value of precise test distance varies from test to test. For Pelli-Robson CST the required separation was 1 m. For Vistech and Cambridge plates CSTs, the required separation was 3.048 m and 6 m respectively, and within the acuity limit for Cardiff cards CST (Wood and Wood 1995). After having all basic requirements for each test, the test charts/cards w ere hung vertically on a wall one after the other. To determine CS values, corresponding observations were made: first with the right eye (without any correction), starting horizontally on each line of charts/cards and moving from the left hand side to the right hand side, and then from top to bottom for each letter/symbol on the chart /card. The tests were repeated for a plastic in front of an eye pretended to be a cataract. The tests were concluded when two or three letters/symbols were named incorrectly. The corresponding observations for CS were recorded. The CS function (CSF) value obtained for monocular right eye (RE) testing without cataract through Pelli-Robson CST is 1.95 while with cataract it is 1.65 – a quite lower value (fig. 4 and 5) . From Cardiff CST the evaluated contrast (%) values for monocular.

Adrienne Richs Elements Essay Example | Topics and Well Written Essays - 750 words

Adrienne Richs Elements - Essay Example She was also known to receive a variety of awards on her poems. Through the years, Adrienne Rich focused seemingly on â€Å"fairytale† theme poetry writings (Academy of American Poets). However, through the years and within the course of her marriage, Adrienne Rich transitioned into a different focus on her life and poetry. The year 1973 and onwards were Adrienne’s significant years for which she transformed her poetry. These years were known for fighting on Women and Civil rights. She focused on writing poems that implied hatred on how women are treated, and she eventually became a feminist (Academy of American Poets). This paper aims to examine the unique elements of Adrienne Rich’s poem â€Å"Rape† and provide the meaning and effect of each. Adrienne Rich’s â€Å"Rape† Adrienne’s transition to writings and poems focused on feminism, and she had made them pieces of art works in the literary world. â€Å"Rape† was one of the kn own poems of Adrienne Rich pertaining to fight for women’s rights. Collins stated that â€Å"Rape† was made known in 1972, and this was an â€Å"example of the silencing nature of pain.† This was related to violence with regard to men’s predominance. The poem â€Å"Rape† was said to be one of Adrienne’s drive to women’s rights with regard to their abuse, and other crimes that made women victims. Sielke also stated that the poem was the armour to provide anger on â€Å"patriarchal oppression† and â€Å"compulsory heterosexuality† (152). Adrienne Rich used her capabilities to come up with her own ways and means to promote the rights of women. Examining Elements The significant elements of Adrienne Rich’s poem are the unusual use of a second person and the multiple connotations portrayed through her use of diction. The poem is all about a woman who seeks justice after being raped and relays the story to a police offi cer. The poem is said to portray the complications of reporting such case in a â€Å"criminal justice system† that is operated by men (â€Å"Violence against Women,† n. pag.). Second person usage in the poem meant that there is a â€Å"presence of a stereotyping consciousness† (Templeton 48). On the other hand, the use of a second person implies her emphasis on a woman who underwent a dreadful experience of violence such as rape, and the need to seek justice with uncertainty. The use of a second person also serves a motivation and awakening of women to come out in the open and demand justice. These were all clearly identified in almost all of the lines in the poem. One of the lines that clearly describe the main idea of the poem stated â€Å"You have to confess to him, you are guilty of the crime of having been forced† (Rich lines 11-15). The effect of this second person usage would be more personal for the reader. The readers can easily imagine the real complications and the need to fight for their right if this was to happen to them in real life. The multiple connotations that were portrayed through her diction implied her interpretation as to how she sees and describes the justice system when a woman is the victim of such crime. It is said that Adrienne Rich used straightforward messages for complicated meanings (Atwood 1-2, qtd. in â€Å"Adrienne Rich†). This poem did not use poetic verses or style that would be hard to understand, but rather direct, internal, and simple words that can typically relate to any ordinary life. Adrienne Rich was able to state thoughts about a specific scenario that a reader usually has an idea already of what is expected to happen. However, as the reader progresses into the next lines of the poem, it provides more definite meaning other than the one stated. It gives more emphasis on the agony of a

Chateau Lafite Rothschild (China) Essay Example for Free

Chateau Lafite Rothschild (China) Essay Situation in China: China is one of the most important markets in the world, and with a growth of the Chinese economy in the past decades; it has encouraged international suppliercompaniess to enter the Chinese market. Living standards as well as purchasing power parity have improved since the countries openness to a market-oriented economy. Due to this openness foreign companies have attracted the consumption of wine from the middle-class, generating an increase in the last years of wine sales. Wine consumption continues to grow at a rapid rate in the country. The Chinese wine market is a complicated due to its numerous wine producers (local producers) and wine companies entering china to exploit the wine market. China as the most populated country in the world is a commercial paradise for all the enterprises wanting to expand to new markets. By the gain in market share by the introduction of new products to the Chinese market, foreign companies take advantage of a growing market. In the last years the French wine companies have been exporting to china expecting to gain market share in the wine sector taking advantage of one of the world’s fastest growing economy. For French wine export companies, it is important to understand the market, due to the Chinese wine companies and local wine production and how they have been gaining ground in the wine market. Due to the countries emerging economy and the growth in economical aspects the population in china have been entering a new era of consumption of foreign products, and due to this reasons most foreign companies have set up subsidiaries or the most common joint ventures with other Chinese companies to enter the country’s market and gain some ground on the major cities. One of the most important and emerging sectors in the Chinese society are the luxurious products. After the purchasing power of the individuals, luxurious products have acquired more interest and represent an improvement in status of the Chinese population either local or international status. The wine sector represents an important sector for upcoming expenditures for the Chinese population, although the purchase of wine is more business oriented than for personal consumption. The preferred wines for this type of consumption are the high-end French wines (Bordeaux and Burgundy). The market situation is very open nowadays due to the facility of the Chinese consumers o access wines imported from major foreign producing countries as well as local produced wines (France, Italy, USA, Chile and Australia). To have great success in the Chinese wine market the companies have to apply a strong marketing promotion compared to the local mass promotions by Chinese producers. The foreign brands have to apply a strong marketing promotion, but due to lack of resources the advertisements from foreign companies has a limited reach. To improve the image of foreign wine brands, foreign companies must intensify their promotions and advertisements, generate a consumer education by creating events, wine demonstrations and wine-food events, as well as lowering the prices to accommodate them to the population’s purchasing power (different levels of purchasing power). STRENGHTS: †¢ Luxurious and high-end wine. †¢ Renown wine company over the world. †¢ French presence and popularity in the wine market. Bordeaux and Burgundy wines considered one of the best wines in the world. WEAKNESES: †¢ Weak marketing. †¢ High product prices. OPORTUNITIES: †¢ Fastest growing market in the world. 20% growth from 2006-2011 and with a forecasted growth of 54% for 2015. †¢ Most populated country in the world. †¢ Economy has been growing at over twice the world’s average, generating future markets for imported products. †¢ Wine market in china is expected to continue its growth, placing itself in 4th place in the world’s markets. †¢ Elevated purchasing power from the Chinese consumers. Accelerated increase in consumption. THREATS: †¢ Corruption and smuggling from the neighboring countries. †¢ Chinese wine producers awakening. Chinese wine companies have gained the majority of market share in the country. †¢ Growth of china’s vineyards has surpassed the production from three countries combined (Australia, Chile and South Africa).

Women and Sports Essay -- Womens Softball

It has taken many years for women to gain a semblance of equality in sports. Throughout history, women have been both excluded from playing sports and discriminated against in sports. Men’s sports have always dominated the college athletic field, but women were finally given a fighting chance after Title IX was passed. Title IX, among other things, requires scholarships to be equally proportioned between men and women’s sports. Although this was a huge gain for women, gender inequality still exists in sports today. An example of this persisting inequality can be seen when looking at men’s baseball and women’s softball. In college, baseball and softball are both major NCAA sports. It is widely accepted throughout today’s society that baseball is a man’s sport, and softball is a woman’s sport. Very few people question why the two sexes are separated into two different sports, or wonder why women play softball instead of baseball . Fewer people know that women have been essentially excluded from playing baseball for a long time. This paper will focus on why softball has not changed the way women’s basketball has, why women continue to play softball, the possibilities and dynamics of women playing baseball with and without men, and the most discriminating aspect of women being banned from playing professional baseball. Basketball was created as a sport in 1891 by James Naismith, and it quickly became popular among both men and women. It initially started with the same rules for each gender, but according to Patricia Cain in her article, â€Å"Women, Race, and Sports: Life Before Title IX,† the rules quickly changed for women. Cain (2001) states that, â€Å"Almost immediately, however, some educators began changing the rules of basket... ...New York: A. S. Barnes and Company. Ring, Jennifer (2012). American women play hardball in venezuela: Team USA battles invisibility at home, is celebrated abroad, and faces gunfire at the Women’s World Cup. Spring 2012 Baseball Research Journal, 41(1). Retrieved from http://sabr.org/research/american-women-play-hardball-venezuela Ring, Jennifer (2009). Stolen bases: Why american girls don’t play baseball. Chicago Il: University of Illinois Press. Shattuck, Debra (2011). â€Å"Women’s baseball in the 1860s: Reestablishing a historical memory.† Nine,19(2), 1-26. Retrieved from http://muse.jhu.edu/journals/nine/vo19 /19.2.shattuck.html Women’s Sports Foundation (2011). Baseball and softball: Should girls and women have to choose? Retrieved from http://www.womenandsportsfoundation.org/en/home/advocate/foundation-positions/equity-issues/baseball_and_softball

Samenvatting Managerial Economics

chapter 1. introduction to managerial economics 1. what is managerial economics? Managerial economics = the science of directing scarce resources to manage effectively > each needs to understand how they can influence the demand through price and advertising, what is the best organizational architecture and how to compete Differences between ‘new’ and ‘old’ economy * Network effects in demand = the benefit provided to any user depends on the total number of other users * Scalability = the degree to which the scale and scope of business can be increased without a corresponding increase in costs Public good = one person’s consumption does not reduce the quantity available to others Branches Managerial economics: * Competitive markets * Market power * Imperfect markets 2. preliminaries scope (omvang) Microeconomics = the study of individual economic behavior where resources are costly > how consumers respond to changes in prices and income, †¦ Manag erial economics more limited scope = it is the application of microeconomics to managerial issues Macroeconomics = focuses on aggregate economic variables considers economic aggregates directly rather than as the aggregation of individual consumers and businesses methodology Fundamental premise = individuals share common motivations that lead them to behave systematically in making economic choices > a person who faces the same choices at two different times will behave in the same way at both times > it is systematic so it can be studied Economic model = a concise description of behavior and outcomes = abstraction Models are constructed by inductive reasoning > afterwards, the model should be tested arginal vis-a-vis average Marginal value = the change in the variable associated with a unit increase in a driver Average value = total value of the variable divided by the total quantity of a driver > relation between the marginal and average values depends on whether the average value is decreasing, constant or increasing with respect to the driver Stocks and flows Stock = quantity at a specific point in time Flow = the change in a stock over some period of time > measured in units per time period other things equal = an approach to simplify the problem by analyzing each change separately, holding other things equal . timing Two types of models * Static models = describe behavior at a single point of time, disregard differences in the sequences of actions and payments > model of competitive markets, analysis of organizational architecture * Dynamic models = focus on the timing and sequence of actions and payments = receipts and expenditures often occur at different times discounting Investments = using resources at some times in order to receive benefits at other times > discount future values to that they can be compared with the present Net present value the sum of the discounted values of a series of inflows and outflows over time = represents the current val uation of a flow of dollars time Internal rate of return = alternative for the net present value without using the discount rate 4. organization organizational boundaries Vertical boundaries = delineates activities closer to or further from the end user Horizontal boundaries = defined by its scale and scope of operations * Scale = rate of production or delivery of a good or service * Scope = refers to the range of different items produced or delivered individual behavior businesses are managed by individuals and their interests may diverge from those of the organization > managers are subject to bounded rationality Standard assumption = people make decisions rationally = individuals choose the alternative that gives them the greatest difference between value and cost > their behavior will follow some predictable patterns based on what they judge to be in their best interest People do not always behave rationally > reason: bounded rationality = people have limited cognitive bilities and cannot fully exercise self-control = people adopt simplified rules for decision-making * Separate accounting for different categories of benefits and cost * Lack self-control = addictive behavior and difficulty postponing immediate gratification for longer-term benefits. * More sensitive to loss than to gain = risk averse * Decisions may depend on how choices are framed Two implications: * Individuals will be relatively sluggish in responding to changes in business and economic conditions * Role for managerial economics is larger . markets Market = consists of the buyers and sellers that communicate with one another for voluntary exchange > not limited to any physical structure of particular location * Markets for consumer products = buyers are households and sellers are businesses * Markets for industrial products = buyers and sellers are businesses * Markets for human resources = buyers are businesses and sellers are households Industry = businesses engaged in the production o f delivery of the same or similar items competitive markets = markets with many buyers and many sellers Buyers provide the demand and sellers provide the supply demand-supply model = describes the systematic effect of changes in prices and other economic variables on buyers and sellers >describes the interaction of these choices market power Key variables: * Prices * Scale of operations * Input mix = determined by market forces Market power = ability of a buyer or seller to influence market conditions A business with market power must determine its horizontal boundaries = depends on how its costs vary with the scale and scope of operations Four key tools in managing demand: 1. Price 2. Advertising 3.Policy toward competitors 4. R&D expenditure Imperfect markets Imperfect Market = when one party directly conveys a benefit or cost to others and where one party has better information than others > managers need to resolve the imperfection 6. global integration Price in one local market will be independent of prices in other local markets > some markets are global because the costs of communication and trade are relatively low = the prince in one place will move together with the prices elsewhere > whether a market is local or global, same managerial economics principles ommunications costs and trade = with developments in technology and deregulation Transport: * air transport liberalization * containerization of surface transport. Telecommunications: * de-regulation. * scale economies in bandwidth. Growth of cross-border trade and investment: * falling trade barriers. * falling financial barriers. * falling communications cost managers have to pay increasing attention to markets in other places outsoarcing = the purchase of services or supplies from external sources > external sources could be within the same country or foreign E-commerce Limitations: * Payments system Trade barriers * Shipment costs part 1: competitive markets chapter 2. demand 2. individual dem and Individual demand curve = a graph that shows the quantity that the buyer will purchase at every possible price construction = other things equal, how many would you buy at a price of – – ? > important to keep other things equal there the decision may depend on other factors * Vertical axis is the price * Horizontal axis is the quantity Two views: * For every possible price, demand curve shows the quantity demanded * For each unit of item, demand curve shows the maximum price that the buyer is willing to pay slope at a lower price, buyers are willing to buy a larger quantity Marginal benefit = the benefit provided by an additional unit of the item Diminishing marginal benefit = each additional unit of consumption or usage provides less benefit than the preceding unit > the price that an individual is willing to pay will decrease with the quantity purchased preferences Two implications: * The demand curve will change with changes in the consumer’s preferences * Different consumers may have different preferences and hence different demand curves 3. emand and income Demand curve does not explicitly display the effect of changes in income and other factors that affect demand income changes = effect of a change in income on the demand curve is very different from that of a change in price > if income drops = demand curve shifts to the left * Change in price = movement along the demand curve * Change in income or any factor other than the price = shift in the entire demand curve normal vis-a-vis inferior products Normal product = positively related to changes in the buyer’s income Inferior product negatively related to changes in the buyer’s income >demand falls as the buyer’s income increases Broad categories of products = tend to be normal Particular products within the categories = may be inferior 4. other factors in demand = prices of related products, advertising, durability, season, weather and location complements and substitutes Complements = if an increase in the price of one causes the demand for the other to fall Substitutes = if an increase in the price of one causes the demand for the other to increaseShift to the left: * Increase in the price of a complement * Fall in the price of a substitute Shift to the right * Increase in the price of a substitute * Fall in the price of a complement advertising Informative advertising = communicates information to potential buyers and sellers Persuasive advertising = aims to influence consumer choice An increase in advertising expenditure will increase demand > each additional dollar spent on advertising has a relatively smaller effect on demand = diminishing marginal productEffect of advertising on demand depends on the medium durable goods = provide a stream of services over an extended period of time > buyers have discretion over the timing of purchase Three significant factors for demand: 1. Expectations about future prices and incomes 2. Inter est rates = many buyers need to finance their purchase of durable goods > if interest rates are low the demand for durables will be higher 3. Price of used models = substitutes of a new model 5. market demand Market demand curve graph that shows the quantity that all buyers will purchase at every possible price = analysis is essentially similar to that for an individual demand curve construction = interview all the potential consumers and ask each person the quantity that he er she would buy at every possible price = horizontal summation of the individual demand curves = slopes downwards since the individual demand curves slope downwards other factors = buyers’ income, price of related products, advertising > changes in these factors will shift the entire market demand curveTwo ways of measuring income of country: * The gross national product (GNP) = GDP + net income from foreign sources * The gross domestic product (GDP) = measure the total amount produced in a country for a given year Macro factors: * Income = average, distribution * Demographic = population, age structure, urban-rural * Cultural-social income distribution = the more uneven the distribution of income, the more important it is to consider the actual distribution of in income and not merely the average income when estimating the market demand 6. buyer surplus benefit Marginal benefit maximum amount of money that the buyer is willing to pay for the unit Total benefit = benefit yielded by all the units that the buyer purchases benefit vias-a-vis price Buyer surplus = difference between a buyer’s total benefit from some quantity of purchase and the actual expenditure > a buyer must get some surplus, otherwise he or she will not buy = maximum that a seller can charge is the buyer’s total benefit price changes Gains from a pricecut: * Lower price on the quantity that she would have purchased at the original price = infra marginal units She can buy more = marginal units > extent depends on the buyer’s response to the price reduction = the greater the increase in purchase, the larger the buyer’s gain from the price reduction = when you have to calculate how much you gain from a price cut, always look at the demand curve and see how much you buy at the old price and how much at the new price and calculate the buyers surplus package deals and two-part pricing Package deals = charge buyer just a little less than her/his total benefit = leave buyer with almost zero surplusTwo-art pricing = pricing scheme comprising a fixed payment and a charge based on usage = enables to soak up most of the consumer’s buyer surplus Market buyer surplus = sum of individual buyer surpluses 7. business demand inputs Businesses do not purchase goods and services for their own sake > use them as inputs in the production of other goods and services = use inputs to produce outputs for sale to consumers or other businesses * finished/semi-finished components â€⠀œ. * raw materials and energy. * labor and other services. capital. Demand Demand for inputs depend on: * quantity of final output = shift of the entire demand curve * prices of complements or substitutes in production Marginal benefit = the increase in revenue arising from an additional unit of the input > diminishing marginal benefit = downward sloping demand curve for inputs chapter 3. elasticity 1. introduction Elesticity of demand = measures the responsiveness of demand to changes in an underlying factor (price, income, advertising) Own-price elasticity of demand measures the responsiveness of the quantity demanded to changes in the price of the item 2. own-price elasticity = percentage by which the quantity demanded will change if the price of the item rises by 1% Percentage change in quantity demanded Percentage change in price construction Two ways of deriving: * arc approach = we collect records of a price change and the corresponding change in quantity demanded > own-pric e elasticity as the ratio of the proportionate change in quantity demanded to the proportionate change in price can also be calculated by changing p0 by the average price ((old price + new price)/2) and by changing q0 by the average quantity ((old quantity + new quantity)/2) * point approach = can be derived from the coefficient of price in the equation = calculates the elasticity at a specific point on the demand curve – arc approach: elasticity between two points properties Characteristics: * It’s a negative number * A pure number, independent of units of measure * Ranges from 0 to negative infinity Price elastic if a 1% increase in price leads to more than a 1% drop in quantity demand = if a price increase causes a proportionately larger drop in quantity demanded Price inelastic = if a 1% price increase causes less than 1% drop in quantity demand intuitive factors Availability of direct or indirect substitutes = the fewer substitutes that are available, the less ela stic will be the demand > Demand for a product category will be relatively less elastic than demand for specific products within the category = there are fewer substitutes for the category than for specific products Buyer’s prior commitments Learning * Complementary purchases (spare parts, upgrades, †¦) * Taste = demand less elastic Benefits/costs of economizing = buyers have limited time to spend on searching for better prices > they focus attention on items that account for relatively larger expenditures > separation of buyer and payee elasticity and slope Own price elasticity = describes the shape of only one portion of the demand curve > a change in price, by moving from one part of a demand curve to another part, may lead to a change in own-price elasticity Straight line demand curve demand becomes more elastic at higher prices > incase of other shapes, demand may become less elastic at higher prices Steeper demand curve means demand less elastic = but elasticity is not the same as the slope > slope stays the same, the own-price elasticity varies throughout the length causes by the changes in price and quantity Own-price elasticity can also vary with changes in any of the other factors that affect demand = in that case, demand curve will shift > own-price elasticity may also change 3. forecasting quantity demanded and expenditure expenditure change in price will affect expenditure through the price itself as well as through the related effect on quantity demanded Change in quantity demanded = price elasticity x change in price If demand elastic, price increase leads to * proportionately greater reduction in purchases. * lower expenditure. If demand inelastic, price increase leads to * proportionately smaller reduction in purchases. * higher expenditure. accuracy Discrepancy = the own-price elasticity may vary along a demand curve > the forecast using the own-price elasticity will not be as precise as a forecast directly from the demand curve . other elasticities income elasticity = measures the sensitivity of demand to changes in buyers’ income = percentage by which the demand will change if the buyer’s income rises by 1 % Percentage change in demand percentage change in income = varies with changes in the price and any other factor that affects demand * Depending on whether the product is normal or inferior, income elasticity can be positive or negative * Demand for necessities tends to be relatively less income elastic than the demand for discretionary items cross-price elasticity measures the sensitivity of demand to changes in the prices of related products = percentage by which the demand will change if the price of the other item rises by 1%, other things equal Substitutes = an increase in the price of one will increase the demand for the other = cross-price elasticity positive Complements = an increase in the price of one will reduce the demand for the other = cross-price elasticity negative advertis ing elasticity measures the sensitivity of demand to changes in the sellers’ advertising expenditure = percentage by which the demand will change if the sellers’ advertising expenditure rises by 1%, other things equal > price of the item must remain unchanged > has a much stronger effect on the sales of an individual seller than on the market demand = advertising elasticity of the demand faced by an individual seller tends to be larger than the advertising elasticity of the market demand forecasting the effects of multiple factorsOnly way to discern the net effect of factors pushing in different directions = use the elasticities with respect to each of the variables Percentage change in demand due to changes in multiple factors is the sum of the percentage changes due to each separate factor 5. adjustment time The short run = a time horizon within which a buyer cannot adjust at least one item of consumption or usage The long run = a time horizon long enough for buyers to adjust all items of consumption of usage nondurables the longer the time that buyers have to adjust, the bigger will be the response to a price change > demand for such items will be more elastic in the long run than in the short run Alcohol and tabacco = demand relatively inelastic > discouraging new people from taking up smoking and drinking = demand relatively more elastic in the long run durables = a countervailing effect leads demand to be relatively more elastic in the short run > especially strong for changes in income = drop in income will cause demand to fall more sharply in the short run than in the long runDifference between short- and long-run elasticities = depends on a balance between the need for time to adjust and the replacement frequency effect 6. estimating elasticities data Two sources of data: * Records of pas experiences * Surveys and experiments specifically designed to discover buyers’ preferences > test market Collection in two ways: * Focus on a p articular group of buyers and observe how their demand changes as the factors affecting demand vary over time = time series Compare the quantities purchased in markets with different values of the factors affecting demand = cross section specification To obtain accurate estimates of elasticities = specify all the factors that have a significant effect on demand > specify the mathematical relationship between demand and the various factors Dependent variable = whose changes are to be explained Independent variable = a factor affecting the dependent variable = linear equation in which the dependent variable is equal to a constant plus the weighted sum of the independent variables ultiple regression = can estimate the separate effect of each independent variable on the dependent variable = aims to determine values for the constant and the coefficients Residual = the actual value of the dependent variable minus the predicted value Method of least squares = based on the view that positiv e residuals are as bad as negative residuals while large residuals are disproportionately bad > seeks a set of estimates for the constant and the coefficients to minimize the sum of the squares of the residuals since equally large positive and negative residuals have identical squares, the method treats them identically statistical significance F statistic = measures the overall significance of the independent variables > assumption that there are is no relationship between the dependent variable and the set of independent variables > ranges from 0 to infinity R? = uses the squared residuals to measure the extent to which the independent variables account for the variation of the dependent variable > ranges from 0 to 1 1 means that all the residuals are exactly 0 T-statistic = used to evaluate the significance of a particular independent variable = estimated value of the coefficient divided by the standard error > ranges from negative to positive infinity P value = measures the like lihood that estimated coefficient could be the result of chance under the assumption that the true coefficient is zero = gives the probability that random sampling errors could produce a coefficient as large as found by the least-squares multiple regression model chapter 4. supply . short-run costs Two key decisions: * Continue in operation * Rate at which to operate = depend on the length of the time horizon Short run = time horizon in which a seller cannot adjust at least one input > business must work within the constraints of past commitments Long run = time horizon long enough for the seller to adjust all inputs Difference between both depends on the circumstances fixed vis-a-vis variable costs Fixed cost = cost of inputs that do not change with the production rate > the height of the total cost curve at the zero production rate Variable cost cost of inputs that change with the production rate > to distinguish between fixed and variable costs, a business must analyze how each c ategory of expense varies with changes in the scale of operation Total cost = the sum of fixed cost and variable cost C = F + V Marginal cost = the change in total cost due to the production of an additional unit Average cost = total cost divided by the production rate = unit cost Cq = Fq + Vq > continues to fall with increases in the production rate until it reaches a minimum, thereafter it increases with the production rate the average cost is the average fixed cost plus the average variable cost > if the production rate is higher the fixed cost will be spread over more units Marginal product = increase in output arising from an additional unit of an input > diminishing = the average variable cost will increase with the production rate Where the average variable cost is increasing the relationship between the average cost and the production rate depends on the balance between the declining average fixed cost and the increasing average cost Diminishing marginal product causes margi nal and average cost to rise echnology Two implications: * The curves will change with adjustments in the seller’s technology * Different sellers may have different technologies and hence different cost curves 3. short-run individual supply Assumptions * profit maximization * Business is so small relative to the market that it can sell as much as it would like at the going market price production rate Total revenue = price multiplied by sales Marginal revenue = the change in total revenue arising from selling an additional unit To maximize profit, a business should produce at that rate where its marginal revenue equals its marginal costMarginal revenue is represented by the slope of the total revenue line * Wherever the marginal revenue exceeds the marginal cost, the profit can be raised by increasing production * Wherever the marginal revenue is less than the marginal cost, Luna can raise profit by reducing production break even To decide whether to continue production, the business needs to compare the profit from continuing in production with the profit of shutting down Fixed cost = sunk cost = it has been committed and cannot be avoided > even if the business shuts down, it must still pay the fixed cost F Business should continue production whenR – V – F > – F = R > V P > V/q > R = p x q = short-run break even condition > a business maximizes profit by producing at the rate where the marginal cost equals the price, provided that the price covers the average variable cost individual supply curve Individual supply curve = a graph showing the quantity that one seller will supply at every possible price > for every possible price, a business should produce at the rate that balances it marginal cost with the price Slopes upward = if the seller is to expand production, then it will incur a higher marginal cost Input demandChange in input price: * Shift in marginal cost * Change in profit-maximizing production 4. long-run individual su pply = contracts expire and investments wear out > all inputs become avoidable long-run costs = long-run average cost curve is lower and has a gentler slope > in the long run, the seller has more flexibility in adjusting inputs to changes in the production rate = it can produce at a relatively lower cost than in the short run, when one or more inputs cannot be changed production rate = a rate where its marginal cost equals the price of its output reak even = in the long run, a business should continue in production if the maximum profit from continuing in production is at least as large as the profit from shutting down All costs are avoidable = it the business shuts down, it will incur no costs and so its profit from shutting down is nothing R > C P > C/q = business should continue in production so long as total revenue covers total cost individual supply curve = that part of its long-run marginal cost curve, which lies above its long-run average cost curve Two views: * For every po ssible price, it shows the production rate For each unit of item, it shows the minimum price that the seller is willing to accept 5. market supply Market supply curve = a graph showing the quantity that the market will supply at every possible price = sum of the quantities supplied by each individual seller short run Market supply curve = begins with the seller that has the lowest average variable cost Change in an input price will affect the seller’s marginal cost at all production levels > shift the entire market supply curve * Increase in price of an input will shift the market supply up * Reduction in price of an input will shift the market supply down long run every business will have completely flexibility in deciding on inputs and production > freedom of entry and exit is the key difference between the short run and long run Sellers that cannot cover their total costs will leave the industry until all the remaining sellers break even > an industry where businesses van make profits will attract new entrants = market supply will rise and pushes down the market price hence the profit will drop Quantity supplied will adjust in two ways when there’s a change in price: * All existing sellers will adjust their quantities supplied along their individual supply curves * Some sellers may enter or leave the market Graph = slope is more gentler and may be flat 6. seller surplus price vis-a-vis marginal cost Seller surplus difference between a seller’s revenue from some quantity of production and the minimum amount necessary to induce the seller to produce that quantity > short-run seller surplus can also be defined as the difference between the seller’s revenue and the variable cost Short-run seller surplus = total revenue less variable cost Long-run seller surplus = total revenue less total cost purchasing = a buyer can apply the concept of seller surplus to reduce the cost of its purchases market seller surplus = sum of the individual seller surpluses = difference between the market revenue from some production rate and the minimum amount necessary for the market to produce that quantity 7. elasticity of supply measures the responsiveness of supply to changes in underlying factors such as the price of the item and inputs price elasticity = measures the responsiveness of the quantity supplied to changes in the price of the item = percentage by which the quantity supplied will change if the price of the item rises by 1%, other things equal Percentage change in quantity supplied Percentage change in price properties * Pure number * Positive number intuitive factors Intuitive factors: * Capacity utilization > a seller that has consiverable excess capacity will step up production in response to even a small increase in price = individual supply will be relatively elastic * Adjustment time long-run supply is relatively more elastic than the short-run supply chapter 5. competitive markets 2. perfect competition Five con ditions: 1. The product is homogeneous 2. There are many buyers, each of whom purchases a quantity that is small relative to the market 3. There many sellers, each of whom supplies a quantity that is small relative to the market 4. New buyers and sellers can enter freely, and existing buyers and sellers can exit freely 5. All buyers and sellers have symmetric information about market conditions homogeneous product = the product is always the same > competition is stronger many small buyers = no buyer can get a lower price than others > all buyers face the same price all buyers compete on the same level playing field When some buyers have market power it is not possible to construct a market demand curve many small sellers = no seller has market power > no seller can get a higher price than other free entry and exit = no technological, legal or regulatory barriers constrain entry or exit > the market price cannot stay above a seller’s average cost for very long > degree of com petition also depends on barriers to exit = it must consider the exit cost when deciding whether to enter the market symmetric information = no seller can enjoy the privilege of secret information 3. market equilibrium the price at which the quantity demanded equals the quantity supplied > when market out of equilibrium, market forces pushes price towards equilibrium demand and supply At the market equilibrium, there is no tendency for price, purchases or sales to change excess supply Not in equilibrium = market price will tend to change in such a way as to restore equilibrium Excess supply = the amount by which the quantity supplied exceeds the quantity demanded > suppliers would compete to clear their extra capacity and the market price would drop back toward the equilibrium excess demand = the amount by which the quantity demanded exceeds the quantity supplied > when the price is below the equilibrium level buyers would compete for the limited capacity significance of equilibrium Two reasons: * If a market is not in equilibrium, either buyers or sellers will push the market toward equilibrium * By comparing equilibria we can address a wide range of questions > when prices are quite flexible, the market will adjust to the new equilibrium fairly quickly, so comparing equilibria is a fairly accurate method of analysis Neither buyers nor sellers may face rationing 4. supply shift equilibrium change When price of input falls >entire supply curve shifts down = at every possible sellers want to supply more price elasticitiesDownward or upward shift in the supply curve will change the equilibrium price by no more than the amount of the supply shift > change in equilibrium price depends on the price elasticities of demand and supply Inelastic demand = buyers are completely insensitive to the price > when supply curve shifts, the buyers do not change their behavior = they continue to purchase exactly the same quantity Elastic demand = buyers are extremely sensitive t o price > equilibrium price does not change at all If the demand is more elastic then the change in the equilibrium price result from a shift in supply will be smaller Inelastic supply = sellers are completely insensitive to the price > if their costs change they will not change the quantity supplied Elastic supply if the cost of an input changes, the marginal cost changes by the same amount at all production levels common misconception = if sellers’ costs fall by some amount, then the market price will fall by the same amount Overlooks the impact of: * The shift in supply on buyers = if they are very sensitive to price, the shift in supply would result in no change to the equilibrium price * The price sensitivity of sellers = if sellers are insensitive to price, then the drop in cost will not induce them to sell more Price change * Smaller if demand is more elastic than supply * Bigger if supply is more elastic than demand 5. demand shiftDemand shifts down (left) > new equil ibrium with lower price and lower quantity Demand shifts up (right) > new equilibrium with higher price and higher quantity 6. adjustment time short-run equilibrium = point where its short-run marginal cost equals the marketprice long-run equilibrium = the point where its long-run marginal cost equals the market price demand increase Short-run equilibrium = the extent to which a seller expands its operations depends on the slope of its short-run marginal cost curve > if steep then the price increase will not lead the seller to expand operations by very much Long-run equilibrium = there is enough time for all costs to become avoidable, for new sellers to enter the market and for existing sellers to leaveThe increase in demand raises the market price and hence each seller’s profit = will attract new sellers to enter the market Although the price is higher than in the original equilibrium, higher input prices result in higher marginal and average cost curves > in the new long-ru n equilibrium, each individual seller just breaks even demand reduction Extent of cutback depends on two factors: * Extent of sunk costs = in an industry involving substantial sunk costs, the reduction in demand will translate into a relatively large drop in price and a small reduction in quantity * Slope of the seller’s short-run marginal cost curve in the new long-run equilibrium there will be a smaller number of sellers and each will exactly break even with average total costs equal to the market price price and quantity over time Two general points: * In response to shifts in demand = market price will be more volatile in the short run than the long run * In response to shifts in demand = there is a greater change in the market quantity over the long run than in the hort run In industries with substantial sunk costs the adjustment of production will be concentrated in the long run In industries where costs are minor the adjustment to shifts in demand will be relatively sm oother > the market price will be relatively less volatile chapter 6. conomic efficiency 2. conditions for economic efficiency Economically efficient = if no reallocation of resources can make one person better off without making another person worse off > persons may be human beings or businesses sufficient conditions Three sufficient conditions based on users’ benefits and supplier’s costs 1. All users achieve the same marginal benefit 2. All suppliers operate at the same marginal cost 3. Every user’s marginal benefit is equal to every supplier’s marginal cost Equal marginal benefit If not equal: * Provide more to user with higher marginal benefit * Take away from user with lower marginal benefit society as a whole would be better off Equal marginal cost If not equal: * Supplier with lower marginal cost should produce more * Supplier with higher marginal cost should produce less Marginal benefit equals marginal cost If not equal: * If MO > MC , produce more of the item * If MO < MC, produce less of the item philosophical basis Technical efficiency = providing an item at the minimum possible cost > does not imply that scarce resources are being well used The concept of economic efficiency extends beyond technical efficiency Economic efficiency assesses resource allocations in terms of each individual user’s evaluation of the benefit internal organization production will be efficient if all users achieve the same marginal benefit, all suppliers operate at the same marginal cost and every user’s marginal benefit balances every supplier’s marginal cost 3. adam smith’s invisible hand Invisible hand = market price guides buyers and sellers, acting independently and selfishly to channel scarce resources into economically efficient uses competitive market = satisfies all three requirements for economic efficiency market system = an economic system in which resources are allocated through the independent decisio ns of buyers and sellers, guided by freely moving prices Price performs two roles: * It communicates all the necessary information It provides a concrete incentive for each buyer to purchase the quantity that balances marginal benefit with the market price > it provides a concrete incentive for every seller to supply the quantity that balances marginal cost with the market price 4. decentralized management internal market Transfer price = price charged for the sale of an item within an organization > should set it equal to market price = by decentralizing the management is establishing an internal market that is integrated with the external market implementation Two general rules: * If there is a competitive market for the item, the transfer price should be set equal to the market price * Producing units should be allowed to sell the product outside buyers and consuming units should be allowed to buy the product from external sources Outsoarcing = purchase of services or supplies fr om external sourcesAny organization that used resources or products for which there are competitive markets can apply decentralization to achieve internal economic efficiency 5 incidence = both pricing methods have exactly the same impact on the manufacturer and customer freight inclusive pricing Cost and freight = a price that includes freight Ex-works pricing = does not include the freight cost > entire supply supply curve will shift down = with ex-works demand, the buyers will now have to pay the freight cost > price is lower = total price is equal if you increase the price with the freight cost Price and sales are the same whether the sellers do or do not include the freight cost in their prices incidence the change in the price for a buyer or seller resulting from a shift in demand or supply > whether manufacturers set prices that do or do not include the feight cost, the incidence is the same = the incidence does not depend on which side initially pays the freight cost > depen ds only on the price elasticities of demand and supply taxes = government depend on tax revenues to support public services such as national defense, †¦ > some are levied on consumers, others on businesses buyer’s vis-a-vis seller’s price Seller’s price = buyer’s price – tax Buyer’s price = price that buyers pay Seller’s price = price that sellers receive > p156 tax incidence buyer’s price will rise by less than the amount of the tax and the seller’s price will drop by less than the amount of the tax > tax is generally shared between buyers and sellers according to their relatively price elasticities * Less sensitive = will bear the relatively larger portion of the tax part II market power chapter 7. costs 2. economies of scale = analyze how costs depend on the scale or rate of production > decision on scale also depends on market demand and competition Fixed cost = cost of inputs that do not change with the product ion rate Variable cost = cost of inputs that change with the production rate marginal and average costsMarginal cost = rate of change of the variable cost > if average variable cost remains constant, then the marginal cost will be the same Economies of scale = increasing returns to scale = a business for which the average cost decreases with the scale of production > marginal cost will be lower than the average cost = since the marginal unit of production costs less than the average, any increase in production will reduce the average intuitive factors Two possible sources: * Substantial fixed inputs = at a larger scale, the cost of the fixed inputs will be spread over more units of production business with a strong element of composition, design or invention * If the average variable cost falls with the scale of production = whether the average variable cost increases or falls depends on the particular technology of the business diseconomies of scale = a business where the average c ost increases with the scale of production If: * Fixed cost is not substantial * And variable cost rises more than proportionately with the scale of production strategic implications If economies of scope: * Large scale * Market concentrated, few suppliers * Monopoly and oligopoly If diseconomies of scope * Small scale * Market fragmented * Perfect competition 3. economies of scope if the total cost of production is lower when two products are produced together than when they are produced separately Diseconomies of scope = if the total cost of production is higher when two products are produced together joint cost = cost of inputs that do not change with the scope of production strategic implications Example: telecommunication and broadcasting Produce/deliver multiple products * Product mix * Brand extension Core competence = a generalized expertise in the design, production and marketing of products based on common or closely related technologies = joint cost diseconomies of scope = if the total cost of production is higher when the two items are produced together than when they are produced separately arise where the joint costs are not significant and making one product increases the cost of making the other in the same facility 4. experience curve Accumulated experience = matters in industries characterized by relatively short production runs and a relatively substantial input of human resources As engineers and workers gain experience in production, they become more proficient individually and as a team > they devise new ways to reduce cost, including better tools and more cost-effective procedures Experience curve = shows how the unit cost of production falls with cumulative production over time > Distinguish from economies of scope within one production period Conditions: Relatively large human resources input per unit of production * Relatively small production runs 5. opportunity cost = it is necessary to look beyond the conventional accounting statem ents Relevance = key principle = managers should consider only relevant costs and ignore others alternative courses of action = to evaluate a business > conventional income statement does not present the revenues and costs of the alternative courses of action = costs are actually higher because of the opportunity cost opportunity cost defined Opportunity cost = net revenue from the best alternative course of action uncovering relevant costs Two ways to uncover relevant costs: Consider the alternative courses of action * Use the concept of opportunity cost = both approaches lead to the same business decision Alternative courses of action and opportunity cists change with the circumstances and hence are more difficult to measure and verify opportunity cost of capital A business that is partly financed by debs will appear to be less profitable than an otherwise identical business that is completely financed by equity > equity capital is not costless! = it has an opportunity cost Econom ic value added = net operation profit after tax subject to adjustments for accounting conventions less a charge for the cost of capital they are less likely to be biased in favor of capitalintensive activities A complete measure of business e performance should take account of the opportunity cost of equity capital 6. transfer pricing Transfer price = transfer price of an internally produced input should be set equal to its marginal cost perfectly competitive market Transfer price = market price full capacity = marginal cost of the input is not well defined > transfer price should be set equal to the opportunity cost of the input which is the marginal benefit that the input provides to the current user = compare marginal benefit across internal users 7. sunk costs a cost that has been committed and so cannot be avoided > not relevant to business decisions alternative courses of action Depend on: * Prior commitments * Planning horizon Continue | Cancel | Cont. margin | $280,000 | $0 | Advert agency | $50,000 | $50,000 | Magazine | $250,000 | $50,000 | Profit | ($20,000) | ($100,000) | Continue | Cont. margin | $280,000 | Advert agency | $0 | Magazine | $200,000 | Profit | $80,000 | = only avoidable costs strategic implications = managers should ignore sunk costs and consider only avoidable costs > sunk costs are not relevant for pricing, investment, or any other business decision Two ways of dealing with sunk costs: Explicitly consider the alternative courses of action * Remove all sunk costs from the income statement = both approaches lead to the same business decision > it is easier to consider the alternative courses of action explicitly when multiple alternatives commitments and the planning horizon To identify sunk costs consider: * Past commitments * Planning horizon The longer the planning horizon, the more time there will be for past commitments to unwind and hence the greater will be management’s freedom of action Short-run planning horizon = so me sunk costs Long-run horizon = no sunk cost Sunk vis-a-vis fixed costs Fixed cost two different senses: A cost that cannot be avoided once incurred * A cost of inputs that do not change with the production rate = two types of costs have very different implications for business decisions Not all sunk costs are fixed = cost op public service employees is sunk, once they secure tenure. However, government could have hired only temporary workers (no sunk costs) 8. statistical methods multipple regression = to investigate the extent of fixed costs and economies of scale forecasting = to forecast the dependent variable when the independent variables take different values Other applications Investigate the presence of joint costs across two products hapter 8. Monopoly 1. Introduction Monopoly = if there is only one seller in a market Monopsony = if there is only one buyer in a market 2. sources of market power = the barriers that deter or prevent entry by other competing sellers/buyers m onopoly Unique resource = access to unique physical, natural or human resources Intellectual property = property over inventions or expressions Patent = gives the owner an exclusive right to the invention for a specified period of time Copyright = establishes property in published expressions, including computer software and engineering drawings Economies of scale and scope Product differentiation differentiating itself from competitors > through product design, distribution, and advertising and promotion Regulation = government may decide to award an exclusive franchise to one provider > government hopes to avoid duplication and reduce the cost of the service monopsy = same factors as a monopoly Additional reason for presence = existence of a monopoly > a seller that has a monopoly over some good or service is also likely to have market power over the inputs into that item 3. Monopoly pricing Monopoly has to consider how its sales will affect the market price Given the market deman d curve a monopoly can Set the price and let the market determine how much it will buy * Decide how much to sell and let he market determine the price at which it is willing to buy that quantity Monopoly is choosing a combination of price and sales off the demand curve > a monopoly can set either the price or sales but not both revenue Inframarginal units = those other than the marginal unit Marginal revenue from selling an additional unit will be less than the price of that unit = marginal revenue is the price of the marginal unit minus the loss of revenue on the inframarginal units > difference between the price and the marginal revenue depends on the price elasticity * Demand elastic = seller need not reduce the price very much to increase sales > marginal revenue will be close to the price * Demand inelastic seller must reduce the price substantially to increase sales > marginal revenue will be much lower than price Marginal revenue can be negative = if the loss of revenue on th e inframarginal units exceeds the fain on the marginal unit Profit maximizing price Profit maximizing scale of operation = the scale at which the marginal revenue balances the marginal cost Contribution margin = total revenue less the variable cost > a seller maximizes profit by operating at a scale where the sale of an additional unit will result in no change to the contribution margin economic inefficiency Marginal benefit exceeds the marginal cost 4. demand and cost changes Change in demand: * New marginal revenue * Original marginal cost = new profit-maximizing sales and price arginal cost change = change in price is less than change in marginal cost When there is a change in either demand or cost, the extent to which a monopoly should adjust its price depends on the shapes of both it marginal revenue and marginal cost curves > it should adjust the price until its marginal revenue equals its marginal cost fixed cost change = profit-maximizing price and scale do not depend in any way on the fixed cost > changes in the fixed cost will not affect the marginal cost curve If the fixed cost is so large that the total cost exceeds total revenue, then the monopoly will prefer to shut down 5. advertising Promotion the set of marketing activities that a business undertakes to communicate with its customers and sell its products > advertising, sales promotion and public relations benefit of advertising Advertising can cause: * Shifting out the demand curve * Demand to be less elastic Benefit of advertising = change in the contribution margin Net benefit = the change in the contribution margin less the advertising expenditure > advertise up to the point that the increase in contribution margin from an additional dollar of advertising is exactly 1 $ = more appropriate to consider the effect of advertising on the contribution margin generated by the product dvertising-sales ratio Incremental margin = price less the marginal cost = increase in the contribution margin fro m selling an additional unit, holding the price constant Incremental marginal percentage = ratio of the price less the marginal cost to the price > measures the production of benefit by each dollar of advertising Advertising-sales ratio = incremental margin multiplied by the advertising elasticity of demand = says how much of the revenue should be invested in advertising 6. research and development = principles are the same as for advertising and promotion Benefit : * Shifting out the demand curve * Causing it to be less elasticNet benefit from R&D = change in the contribution margin less the R&D expenditure R&D-sales ratio = incremental margin percentage multiplied by the R&D elasticity of demand project evaluation = decisions on individual R&D projects should account for the timing of costs and benefits > p 212 7. Market structure effects of competition General points: * A monopoly restricts production below the competitive level and it can set a relatively higher price extracting larger profit * Profit of a monopoly exceeds what would be the combined profit of all the sellers if the same market were perfectly competitive potential competition Perfectly contestable a market in which sellers can entry and exit at no cost > monopoly cannot raise price substantially above its long-run average cost > depends on the extent of barriers to entry and exit lerner index = incremental margin percentage > can be used to compare the degree of monopoly power in markets with different prices > captures the impact of potential competition (P – MC) / P Perfectly competitive market = lerner index equals 0 Monopoly = bigger than 0 Problem = it will not detect the power that a monopoly does not exercise 8. monopsy = buyer with market power restricts purchases to depress the price Trades off: * Marginal expenditure * Marginal benefit Marginal expenditure = change in expenditure resulting from an increase in purchases by one unit maximizing net benefit a monopsy will maxim ize its net benefit by purchasing the quantity at which its marginal benefit equals its marginal expenditure A monopsony restricts purchases to get a lower price and increase its net benefit above the competitive level chapter 9. Pricing 2. uniform pricing = policies where the seller charges the same price for every unit of the product price elasticity = percentage by which the quantity demanded will change if the price of the item rises by 1% Demand inelastic > sales fall less than proportionately with the increase in price = total revenue will increase profit maximizing price Incremental margin percentage = – 1/price elasticity of demand demand and cost changesPricing rule shows how a seller should adjust its price when there are changes in the price elasticity of demand or marginal cost > a seller should not necessarily adjust the price by the same amount as a change in marginal cost common misconceptions * Contribution margin percentage = revenue less variable cost divide d by revenue > accounting systems often assume that costs are proportional = marginal cost is the same as the average variable cost = contribution margin percentage equals the incremental margin percentage * the belief that the profit maximizing price depends only on the elasticity = ignores costs * set the price by marking up average cost > problems: * in economies of scale, the average cost depends on the production scale > the need of an assumption about the scale sales and production scale depend on the price * it gives no guidance as to the appropriate mark-up on average cost Shortcomings: * leaves buyers with a lot of buyer’s surplus * does not sell to every potential buyer 3. complete price discrimination price discrimination = selling down the market demand curve = pricing policy under which a seller sets prices to earn different incremental margins on various units of the same or a similar product Complete price discrimination = a pricing policy where the seller pric es each unit at the buyer’s benefit and sells a quantity such that the marginal benefit equals the marginal cost > it charges every buyer the maximum that he or she is willing to pay for each unit comparison with uniform pricing resolves the two shortcomings of uniform pricing * no buyer’s surplus * economically efficient quantity information = to implement complete price discrimination, the seller must know each potential buyer’s individual demand curve > not enough to know the market demand curve or the price elasticity of the individual demand curves 4. direct segment discrimination Segment = significant cohesive group of buyers within a large market homogenous segments Direct segment discrimination = the policy of setting different incremental margins to each identifiable segment heterogeneous segments Not enough information: * apply uniform pricing within each segment prices are such that the incremental margin percentage for each segment equals the recipro cal of the absolute value of the segment’s price elasticity of demand * apply indirect segment discrimination within each segment implementation Conditions: * To implement direct segment discrimination, the seller must identify and be able to use some identifiable and fixed buyer characteristic that segments the market > otherwise buyer might switch segments * Seller must be able to prevent buyers from reselling the product among themselves = price discrimination is relatively more widespread in services than goods and is especially common in personal services Policy of direct segment discrimination prices should be set to derive a relatively lower incremental margin percentage from the segment with the more elastic demand and a relatively higher incremental margin percentage from the segment with the less elastic demand 5. location Seller can discriminate on the basis of the buyer’s location on two ways: * Free on board (FOB) = a common price to all buyers that does n ot include delivery > the differences among the prices at various locations are exactly the differences in the costs of delivery to those locations * Ignores the differences between the price elasticities of demand in the various markets * Cost including freight = delivered pricing = set prices that include delivery the difference in the prices between the two market will simply be the result of the different incremental margin percentage and the different marginal costs of supplying the two markets A lower margin does not necessarily mean a lower price because there is a transportation cost restricitng resale = if the difference between the prices of a product between two markets exceeds the transportation cost, consumers might buy the item in one market and ship it to the other > gray market = parallel importing 6. indirect segment discrimination = when seller may know that specific segments have different demand curves but cannot find a fixed characteristic with which to discrimi nate directly Indirect Segment discrimination policy of structuring a choice for buyers so as to earn different incremental margins from each segment > voorbeeld p 244-245 implementation Two conditions: * Seller must have control over some variable to which buyers in the various segments are differentially sensitive * Buyers must not be able to circumvent the discriminating variable = seller cannot prevent buyers from reselling the product 7. bundling = combination of two or more products into one package with a single price pure bundling = a pricing policy that offers only a bundle and does not allow the alternative of buying the individual products = more profitable than uniform pricing but less than direct segment discrimination mixed bundling offers buyers a structured choice between the budle and the individual products = form of indirect segment discrimination implementation Three conditions to be effective: * Where there is substantial disparity among the segments in their be nefits from the separate products * Where the benefits of the segments are negatively correlated in the sense that a product that is more beneficial to one segment provides relatively little benefit to another * Where the marginal cost of providing the product is low = when provision of the product involves a substantial marginal cost, a seller should consider mixed bundling 8. selecting the pricing policy Direct discrimination works through buyer attributesIndirect segment discrimination works through product attributes > products under indirect discrimination may provide less benefit than those with direct segmentation > indirect discrimination may involve relatively higher costs > indirect discrimination relies on the various segments voluntarily identifying themselves through the structured choice cannibalization = when the sales of one product reduce the demand for another product with a higher incremental margin > seller cannot discriminate directly and must rely on a structur ed choice of products to discriminate indirectly but discriminating variable does not perfectly separate the buyer segmentsWays to mitigate cannibalization: * Product design * By controlling availability chapter 10. strategic thinking 1. introduction Strategy = a plan for action in a situation where the parties actively consider the interactions with one another in making decisions Game theory = a set of ideas and principles to guide strategic thinking * Simultaneous actions = strategic form * Sequential actions = extensive form 2. nash equilibrium = a framework for strategic decisions that must be taken simultaneously A strategy is dominated = if it generates worse consequences than some other strategy regardless of the other parties’ choice Game in strategic form a tabular representation of a strategic situation, showing one party’s strategies along the rows, the other party’s strategies along the

How Are Dreams Presented in of Mice and Men? Essay

During the 1930’s in America, at the time of the Great Depression, John Steinbeck, an ordinary migrant worker wrote perhaps the shortest but well known novel – Of Mice And Men. I think Steinbeck was influenced by the poem â€Å"To A Mouse†, because the novel and poem are slightly alike. They both have dreams and determination but in the end, both are destroyed. In the novel, Steinbeck shows us that dreams are futile. You only have the dream because you are being optimistic and having a dream might make life seem easier for you. But if your dream is destroyed, then life seems difficult and meaningless. George and Lennie’s dream to own a ranch during the Great Depression seemed like a typical, futile American Dream of the migrant workers. â€Å"Guys like us, that work on ranches, are the loneliest guys in the world. They ain’t got nothing to look ahead to. With us ain’t like that. We got a future.† But the closer Lennie and George came to achieving their dream, everything was suddenly lost – â€Å"the beak swallowed the little snake while its’ tail waved frantically†. This sentence shows us that things will suddenly change and the outcome of plans are not going to be what they were expected to be. The setting of the last and first chapters of the novel are exactly the same, but the sentence â€Å"the beak swallowed the little snake while its’ tail waved frantically† is seen as a warning by the reader that something unexpected is going to occur. â€Å"Suddenly Lennie appeared out of the brush, and he came as silently as a creeping bear moves.† This sentence indicates a change of Lennie’s behavior, which is shown using anthropomorphism, makes us think that something is going to happen and the tension starts to rise because Lennie usually moves and is described as a â€Å"calm, big bear†. Lennie’s actions make the read er imagine Lennie as being big, cute, cuddly and harmless – â€Å"he walked heavily, dragging his feet a little, the way a bear drags his paws†. Steinbeck set the last chapter in the late afternoon when â€Å"already the sun had left the valley to go climbing up the slopes of the Gabilan mountains, and the hilltops were rosy in the sun†. He set the chapter at that particular time of the day because the day is coming to an end at that point, neither in the evening nor night because the day would have come to an end by then. He is telling us that as the day ends, the dream ends as well due to the death of Lennie by George’s love for Lennie. The dream of Curley’s wife was to be in the movies. â€Å"If I’d went, I wouldn’t be livin’ like this, you bet†. The reason Curley’s wife does not fulfill her dream to become an actress was because she met a producer who said â€Å"he was gonna put me in the movies. Says I was a natural†. He takes an advantage of her naivety and tricks her by convincing her that â€Å"he was gonna write to me about it†. But never did – â€Å"I never got that letter†. Because of her anger on her mother who she thought stole the letter – â€Å"I always thought my ol’ lady stole it. I ast her if she stole it, to o, an’ she says no†- and despondency she married Curley without even loving him just to revenge on her mother – â€Å"So I married Curley. Well, I ain’t told this to nobody before. Maybe I oughtn’ to. I don’ like Curley. He ain’t a nice fella†. Steinbeck tells the reader through this novel that women were treated as personal possessions and as providers for mans needs during those times. Throughout the novel, all women characters are presented as either a possession or provider. For example: even thought Lennie’s aunt Clara isn’t present in the novel as a character, she is described as a provider for Lennie’s needs – â€Å"That was your own Aunt Clara. An’ she stopped givin’ ‘em to ya. Your Aunt Clara give you a rubber mouse and you wouldn’t have nothing to do with it†- supports my point. Another example is seen with Curley’s wife who is shown as a personal possession to Curley – â€Å"’Any you guys seen my wife?’ he demanded†. Steinbeck tells the reader via this sentence that Curley is not looking after his wife as he should be and does not spend time with her considering that she is the onl y women on the ranch surrounded by men who see her as â€Å"jail bait†. Curley’s wife only seeks company, but as she is a young, flirtatious and beautiful woman – â€Å"She had full, rouged lips and wide-spaced eyes, heavily made up. Her finger nails were red† – the men fear her as they think she will get them in trouble. Also in the sentence – â€Å"Her finger nails were red†- the finger nails are red colour and red is seen as danger, meaning that it is dangerous to get involved with Curley’s wife. The quotes – â€Å"What’s the matter with me? Ain’t I got a right to talk to nobody? Whatta they think I am, anyways? I don’t know why I can’t talk to you. I ain’t doing no harm to you† and â€Å"Well, George says you’ll get us in a mess.† And â€Å"What kinda harm am I doin’ to you?† support my point. The sentence â€Å"Seems like they ain’t none of them cares how I gotta live† tells the reader that no one cared about wo men at those times. And also the fact that Curley’s wife does not have a name, but is only referred to as â€Å"Curley’s wife† and that Slim’s dog is given a name – â€Å"Lulu† – shows the reader that dogs were treated better than women at those times. The failure of Curley’s wife’s dream leads to her death, which also takes place in late afternoon, as the days ends so does her life. John Steinbeck tells us through this cyclical novel that dreams are futile. The closer the characters got to achieving their dreams, they suddenly lost them unexpectedly. â€Å"The beak swallowed the little snake while its’ tail waved frantically† tells the reader that the death of the snake was sudden and unexpected in the same setting as the first chapter. The dream was first mentioned in the same place and at the same time in the first chapter and it is mentioned again at the same time and place in the last chapter. By making the same setting in the first and last chapter cyclical and mentioning the dream in both chapters, Steinbeck tells us that as the day ends, the dream ends. And that whatever happened in between was futile. Therefore, John Steinbeck tells us that everyone had the American Dream to make life worth living, but society would let only few achieve it during the Great Depression of the 1930’s America.

terrorism position paper essays

terrorism position paper essays Measures To Eliminate International Terrorism Terrorism has been an international nuisance for an extremely long time. Terrorism has been used to express political and religious beliefs, in retaliation for certain wrongdoing, and in other cases for the specific purposes of intimidating and injuring people. Nearly all nations are and have been effected by terrorism in one way or another. Some nations have been victimized others have actually been sponsors and the majority has seen their citizens stricken with the that they cannot be protected by their government from terrorism. Seeing as how one of the United Nations many goals is to protect innocent citizens, the United Nations has made many attempts to lesson, if not eradicate, the problems posed by international terrorism. One of the most important measures taken by the United Nations took place in 1994 with the passing of the Declaration on Measures to Eliminate International Terrorism. Another measure, equally important and even more recent, took place in 1997 when the General Assembly adopted Resolution52/164, The International Convention for the Suppression of Terrorist Bombings. Both of these measures planned strong action while keeping in mind the sovereignty of the nations involved and along with the passing of Security Council resolution 1269 which unequivocally condemns all acts, methods and practices of terrorism as criminal and unjustifiable regardless of their motivation, have taken great strides in the fight In our over forty years as a United Nations member, including two stints as a non-permanent member of the Security Council, Austria has made attempts to aide in the eradication of international terrorism. In our nations opinion, terrorism is unacceptable and actions must be taken in order to protect current, as well as, future generations. However, these actions mus ...

Researching Your Revolutionary War Soldier Ancestors

Researching Your Revolutionary War Soldier Ancestors The Revolutionary War lasted for eight long years, beginning with the battle between British troops and local Massachusetts militia at Lexington and Concord, Massachusetts, on 19 April 1775, and ending with the signing of the Treaty of Paris in 1783. If your family tree in America stretches back to this time period, it is likely you can claim descendancy from at least one ancestor who had some type of service related to the Revolutionary War effort. Did my Ancestor Serve in the American Revolution? Boys as young as 16 were allowed to serve, so any male ancestors who were between the ages of 16 and 50 between 1776 and 1783 are potential candidates. Those who didnt serve directly in a military capacity may have helped in other ways - by providing goods, supplies or non-military service to the cause. Women also participated in the American Revolution, some even accompanying their husbands to battle. If you have an ancestor you believe may have served in the American Revolution in a military capacity, then an easy way to start is by checking the following indexes to major Revolutionary War record groups: DAR Genealogical Research System - Compiled by the National Society Daughters of the American Revolution, this free collection of genealogical databases contains data for both men and women who provided service to the patriots cause between 1774 and 1783, including an ancestor database created from verified membership and supplemental applications. Because this index was created from lineages identified and verified by DAR, it does not include every individual who served. The index generally provides birth and death data for each individual, as well as information on spouse, rank, area of service, and the state where the patriot lived or served. For those who did not serve in a military capacity, the type of civil or patriotic service is indicated. Soldiers who received a revolutionary war pension will be noted with the abbreviation PNSR (CPNS if the soldiers children received the pension or WPNS if the soldiers widow received the pension).Index to Revolutionary War Service Records - This four volume set (Waynesboro, TN: National Historical Publishing Co., 1995) by Virgil White includes abstracts of military service records from National Archives group 93, including each soldiers name, unit and rank. A simliar index was created by Ancestry, Inc. in 1999 and is available online to subscribers - U.S. Revolutionary War Rolls, 1775-1783. Even better, you can search and view the actual Revolutionary War Service Records online at Fold3.com. American Genealogical-Biographical Index (AGBI) - This large index, sometimes referred to as the Rider Index after its original creator, Fremont Rider, includes the names of people who have appeared in more than 800 published volumes of family histories and other genealogical works. This includes several volumes of published Revolutionary War Records, such as Historical Register of Virginians in the Revolution, Soldiers, Sailors, 1775-1783 and Muster and Payrolls of the Revolutionary War, 1775-1783 from the collection of the New York Historical Society. Godfrey Memorial Library in Middletown, Connecticut, pubishes this index and will answer AGBI search requests for a small fee. The AGBI is also available as an online database at subscription site, Ancestry.com.Pierces Register - Originally produced as a government document in 1915 and later published by Genealogical Publishing Company in 1973, this work provides an index to Revolutionary War claim records, including the veterans name , certificate number, military unit and the amount of the claim. Abstract of Graves of Revolutionary Patriots - The U.S. government places tombstones on the graves of identified Revolutionary War soldiers, and this book by Patricia Law Hatcher (Dallas: Pioneer Heritage Press, 1987-88) provides an alphabetical list of these Revolutionary War soldiers, along with the name and location of the cemetery where they are buried or memorialized. Where Can I Find the Records? Records related to the American Revolution are available in many different locations, including repositories at the national, state, county and town-level. The National Archives in Washington D.C. is the largest repository, with compiled military service records, pension records and bounty land records. State archives or the states Office of the Adjutant General may include records for individuals who served with the state militia, rather than the continental army, as well as records for bounty land issued by the state. A fire in the War Department in November 1800 destroyed most of the earliest service and pension records. A fire in August 1814 in the Treasury Department destroyed more records. Over the years, many of these records have been reconstructed. Libraries with a genealogical or historical section will often have numerous published works on the American Revolution, including military unit histories and county histories. A good place to learn about available Revolutionary War records is James Neagles U.S. Military Records: A Guide to Federal and State Sources, Colonial America to the Present. Next Is He Really My Ancestor? Did My Ancestor Serve in the American Revolution Is This Really My Ancestor? The most difficult part of searching for an ancestors Revolutionary War service is to establish a link between your specific ancestor and the names which appear on various lists, rolls and registers. Names are not unique, so how can you be sure that the Robert Owens who served from North Carolina is actually your Robert Owens? Before delving into Revolutionary War records, take the time to learn everything you can about your Revolutionary War ancestor, including their state and county of residence, approximate age, names of relatives, wife and neighbors, or any other identifying information. A check of the 1790 U.S. census, or earlier state censuses such as the 1787 state census of Virginia, can also help determine if there are other men with the same name living in the same area. Revolutionary War Service Records Most original Revolutionary War military service records no longer survive. To replace these missing records, the U.S. government used substitute records including muster rolls, records books and ledgers, personal accounts, hospital records, pay lists, clothing returns, receipts for pay or bounty, and other records to create a compiled service record for each individual (Record Group 93, National Archives). A card was created for each soldier and placed in an envelope along with any original documents found that related to his service. These files are arranged by state, military unit, then alphabetically by the soldiers name. Compiled military service records seldom provide genealogical information about the solider or his family, but usually  include his military unit, muster (attendance) rolls, and his date and place of enlistment. Some military service records are more complete than others, and may include details such as age, physical description, occupation, marital status, or place of birth. Compiled military service records from the Revolutionary War can be ordered online through the National Archives, or by mail using NATF Form 86 (which you can download online). If your ancestor served in the state militia or volunteer regiment, records of his military service may be found at the state archives, state historical society or state adjutant generals office. Some of these state and local Revolutionary War collections are online, including Pennsylvania Revolutionary War Military Abstract Card File Indexes and the Kentucky Secretary of State Revolutionary War Warrants index. Do a search for â€Å"revolutionary war† your state in your favorite search engine to find available records and documents. Revolutionary War Service Records Online: Fold3.com, in cooperation with the National Archives, offers subscription-based online access to the Compiled Service Records of soldiers who served in the American Army during the Revolutionary War. Revolutionary War Pension Records Starting with the Revolutionary War, various acts of Congress authorized the granting of pensions for military service, disability, and to widows and surviving children. Revolutionary War pensions were granted based on service to the United States between 1776 and 1783. Pension application files are generally the most genealogically rich of any Revolutionary War records, often providing details such as date and place of birth and a list of minor children, along with supporting documents such as birth records, marriage certificates, pages from family Bibles, discharge papers and affidavits or depositions from neighbors, friends, fellow servicemen and family members. Unfortunately, a fire in the War Department in 1800 destroyed almost all pension applications made prior to that time. There are, however, a few surviving pension lists prior to 1800 in published Congressional reports. The National Archives has microfilmed surviving Revolutionary War pension records, and these are included in National Archives publications M804 and M805. M804 is the more complete of the two, and includes about 80,000 files of applications for Revolutionary War Pension and Bound Land Warrant Application files from 1800-1906. Publication M805 includes details from the same 80,000 files, but instead of the entire file it includes only the supposedly most significant genealogical documents. M805 is much more widely available due to its greatly decreased size , but if you find your ancestor listed, it is worth also checking the full file in M804. NARA Publications M804 and M805 can be found at the National Archives in Washington, D.C. and in most regional branches. The Family History Library in Salt Lake City also has the complete set. Many libraries with genealogical collections will have M804. A search of Revolutionary War Pension Records can also be made through the National Archives either through their online order service or through postal mail on NATF Form 85. There is a fee associated with this service, and turn-around time can be weeks to months. Revolutionary War Pension Records Online: Online, HeritageQuest offers an index as well as digitized copies of the original, hand-written records taken from NARA microfilm M805. Check with your local or state library to see if they offer remote access to the HeritageQuest database.   Alternatively, subscribers to Fold3.com can access digitized copies of the full Revolutionary War pension records found in NARA microfilm M804. Fold3 also has digitized an index and records of Final Payment Vouchers for Military Pensions, 1818-1864, final and last pension payments to over 65,000 veterans or their widows of the Revolutionary War and some later wars. A Century of Lawmaking for a New Nation - This special collection in the free online American Memory exhibit of the Library of Congress includes some very interesting Revolutionary War pension petitions and other sources for information on Revolutionary-era individuals. Follow the links to American State Papers and the U.S. Serial Set.US GenWeb Revolutionary War Pensions ProjectBrowse volunteer-submitted transcripts, extracts and abstracts of pension files from the Revolutionary War. Loyalists (Royalists, Tories) A discussion of American Revolution research wouldnt be complete without referencing the other side of the war. You may have ancestors who were Loyalists, or Tories - colonists who remained loyal subjects of the British crown and actively worked to promote the interest of Great Britain during the American Revolution. After the war ended, many of these Loyalists were driven from their homes by local officials or neighbors, moving on to resettle in Canada, England, Jamaica and other British-held regions. Learn more in How to Research Loyalist Ancestors. Source Neagles, James C. U.S. Military Records: A Guide to Federal State Sources, Colonial America to the Present. Hardcover, First Edition edition, Ancestry Publishing, March 1, 1994.

Phase 4 Individual Project Assignment Example | Topics and Well Written Essays - 1000 words - 1

Phase 4 Individual Project - Assignment Example In cases where the producing the duplicates is burdensome or exists as a public record, producing an original copy is not a must. Another exemption applies when the parties to a trial admit to the existence of the evidence through a written record. Judges have the power to determine whether a piece of evidence satisfy the rules guiding the use of duplicates as outlined in rules number 1001 to 1008, and 1004 to 1008. Judges derive these powers by virtue of rule number 1008. However there is an exception to these rules which allows the jury to look into the evidence to determine whether an original copy of the duplicate ever existed or the evidence in question is an original copy. The jury also reviews whether the unoriginal duplicate represents correctly the facts and opinion’s contained in the original copy. These rules are implemented by the United States court system for the purpose of proving the content of a written document, photography and recording. The rationale in the application of these rules is to ensure that the best available evidence is used in a trial (Garland, 2006). This is to avoid inaccuracies that arise in the following scenarios, In the case Olmstead v. United States of America, there are restrictions in the use of wiretapping as evidence in a trial court. This case occurred in 1928, and involved the legality of producing wire tapped private conversation as pieces of evidence by United States law enforcement officers. The use of these pieces of evidence was examined according to the provisions of the Fourth and Fifth Amendment of the American constitution. These sections outline the rights of the defendants in a trial. The Supreme Court was of the opinion that use of such evidence does not violate the provisions of the Fourth and Fifth Amendment concerning the rights of the defendants. The decision of the Supreme