Micro Economics - Analysis on the Behavior and Performance of Firms - Free Essay Example

Sample details Pages: 6 Words: 1904 Downloads: 8 Date added: 2017/06/26 Category Economics Essay Type Analytical essay Did you like this example? Micro economics Don’t waste time! Our writers will create an original "Micro Economics Analysis on the Behavior and Performance of Firms" essay for you Create order QUESTION ONE Perfect Competition: Perfect competition is a market place or structure where many companies offer a similar product. As there is free choice of entry and exit and perfect information. Therefore companies will make normal profits and prices will be kept low by pressure of the competition in the market. All companies even the new trader are expected to have equal entree to resources and developments in production technologies achieved by any other company. Features: Number of firms: Number of firms, with perfect competition increasing in the boundary as there can be infinity number of companies in one market selling the similar product. Product Differentiation: Product differentiation is the method of dissimilar a product or service from others to make it more unique and attractive to a target market. As this occurs because buyers notice a difference between products. However as the product becomes more different, which changes the category of each product and putting them into a category will become more difficult, and the product attracts less comparisons with its competition. Control over price As there is acompetition in the market, and each individual has strong assumptions and expectations. Many individual buyers, therefore there is a slight or none control over the price or quantity. Extent of market information There are no barriers to exit for the companies. Companies are free exit the market at their freedom of choice. Freedom of entry: As there is freedom of entry and perfect information, there are no barriers to entry for firms. Firms are free to enter the market at their choice. QUESTION TWO Short Run Long Run QUESTION THREE Monopoly In a monopoly Competitive markets each firm makes their own decisions about the price and output, based on their own product, its market, and itscosts of manufacture.Monopoly competitive is a place where an individual owns all or most of the market for their own individual product or services. Less competition in the market will always result in high price and inferior products. Features Number of firms In monopoly there is only one firm in the market, which has the high market power. Product Differentiation In a monopolistically competitive market there is a significant amount of non-pricecompetition. As a result product differentiation is key for any monopolistically competitive firm, it is a process of unique product or service from others to make it more attractive to a target market. Differentiation happens because consumersnotice a difference. Control over price As a there is only one company in the Market, it means the company has full control over the market, also has own terms and condition. As the company is branded by many firms selling products that are not identical, therefore the company can choose its own price to sell that product. Extent of market information There are barriers to when exiting a monopoly market. As if government believes that the product provided by the monopoly is important for well-being of the public, then the monopoly will not be allowed to leave the market for example Healthcare products. This barrier to exit is always or mostly applied to publicsà ¢Ã¢â€š ¬Ã¢â€ž ¢ everyday services or benefits, such as electricity companies, local telephone companies and etc. These are mostlyconsiderednecessary services that cannot be stopped without permission from a government regulation authority. Freedom of Entry As a monopoly is normally certain of being the only firm in a market because of various barriers to entry. Some of the key barriers to entry are: government license or franchise, resource ownership patents and copyrights high start-up cost QUESTION FOUR Short Run Long Run QUESTION FIVE Market Power In economic science and significantly in industrial organization, market power is that the ability of a firm to fruitfully raise the value of a decent or service over cost. In utterly competitive markets, market participants dont have any market power. Barriers to entry Barriers to entry are designed to block potential entrants from coming into a market productively. They request to shield the monopoly power of existing corporations in associate business and so maintain supernormal (monopoly) profits within the end of the day. Barriers to entry have the impact of creating a market less debatable Product differentiation Product differentiation is that the method of identifying a product or service from others to create it a lot of engaging to a target market. Price Discrimination A monopolize is also ready to interact in a very policy of value discrimination. This happens once a firm charges totally different or special value to different teams of shoppers for a uniform sensible or service, for reasons not related to the prices of production. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s necessary to worry that charging totally different costs for similar merchandise isnt value discrimination. As an example, value discrimination doesnt occur once a rail company charges a better value for a primary category seat. As a result of the value premium over an inferior seat can be explained by variations within the price of providing the service. QUESTION SIX Monopolistic Competition The model of noncompetitive competition describes a standard market structure within which corporations have several competitors, however all sells a rather totally different product Features Numbers of firms There square measure giant numbers of companies commercialism closely connected, however not consistent merchandise. Every firm acts severally and includes a restricted share of the market. So, a private firm has restricted management over the market value. Sizable amount of companies ends up in competition within the market. Product Differentiation Each firm is in an exceedingly position to exercise some extent of monopoly (in spite of enormous range of sellers) through product differentiation. Product differentiation refers to differentiating the product on the idea of name, size, colour, shape, etc. the merchandise of a firm is shut, however not good substitute of different firm. Control Over Price A firm underneath noncompetitive competition is neither a price- taker nor a price-maker. However, by manufacturing a singular product or establishing a selected name, every firm has partial management over the worth. The extent of power to manage worth depends upon however powerfully the patronsà ¢Ã¢â€š ¬Ã¢â€ž ¢ area unit hooked up to his whole. Extent of market information Buyers and sellers dont have good data concerning the market conditions. Merchandising prices produce artificial superiority within the minds of the shoppers and it becomes terribly troublesome for a shopper to judge totally different product on the market within the market. As a result, a specific product (although extremely priced) is most well-liked by the shoppers although different less priced product square measure of same quality Freedom of Entry Under noncompetitive competition, companies area unit liberal to enter into or exit from the trade at any time they want. It ensures that there are a unit neither abnormal profits nor any abnormal losses to a firm within the end of the day. However, it should be noted that entry beneath noncompetitive competition isnt as simple and free as beneath excellent competition. QUESTION SEVEN Short Run Long Run QUESTION EIGHT Oligopoly In the market place an Oligopoly has a market structure eith few companies, however those few companies are leading companies in this market structure. This is extremely focused when market is shared with leading companies. Also small firms will try to operate in the same market. Although only a few firms dominate, it is possible that many small firms may also operate in the market. Features: Number of firms In Oligopoly there are few but leading companies in the market. Product Differentiation In this market structure similarproducts are producedwith a few manufacture in the industry. However each manufacture attempts to make slightly different product in order to charge higher price to its consumers. . Control over Price In the market Oligopolistsare price focused and there are many leading companies, so they will use predatory pricing to force rivals out of the market. Which means keeping theirprices artificially low, this can be below the full cost of production. Extent of Market Information As this is market structure is dominated by small number of large firm, as these firms are quite large in size compared to overall size of the market. This creates significant market control, therefore extent of market control is depending on the number and size of the firms. Freedom to entry Oligopolies often maintain their placeof control in a marke, this might be because it is too expensive and also it is hard for possiblecompetitors to enter the market. Therefore there are barriers to entry in an Oligopoly which can stiff them purposely. Æ’Ëœ Economies of large scale production Æ’Ëœ High set-up costs Æ’Ëœ High RD costs Q9. Explain the behaviour of oligopoly in terms of market structure Price to explain stuck other . if one company change their way of selling their products , then it also effect the working of other similar company . Price leadership : in price leadership price of the product is decided by the then alternatively ,the other comparative company have decreased to sell their products. Kinked demand curve model: the kinked demand curve theory is an economic theory regarding oligopoly and monopolistic competition when it was created the idea fundamentally challenged classical economic tenets such as efficient markets and rapidly changing prices ideas that underlie basic supply and demand models. Kinked demand was an initial attempt to explain sticky price Behaviour. Advertising : Yes the company advertise to convince the customer so that they will buy their product. they spend allot of money on advertising. Output: there is competition between the countries if we take the example of OPEC like, in Arab country they sell mortal oil and the world price of oil will remain same. Product Differentation: There is great product differentiation in oligopoly Q11. Using as an example of New Zealandà ¢Ã¢â€š ¬Ã¢â€ž ¢s Pharmaceutical Management Agency (PHARMAC) evaluate and describe how government regulation restrict the market power of firms. A response was required, and in 1993 the Pharmaceutical Management Agency (PHARMAC) was created to actively manage Government disbursal on medicines. PHARMACà ¢Ã¢â€š ¬Ã¢â€ž ¢S objective was to introduce price battle to a market wherever it had not antecedent existed. Pharmacyà ¢Ã¢â€š ¬Ã¢â€ž ¢s role was, in effect, to urge higher price for medicines so the most effective health outcomes may well be achieved from public cash pay on medicines. From Pharmacyà ¢Ã¢â€š ¬Ã¢â€ž ¢s creation, there was potential for value reductions through the introduction of price battle between pharmaceutical corporations. Reference evaluation, a policy wherever grant levels for medication with similar effects are set at an equivalent level, was a big strategy in achieving lower costs. All of those mechanisms facilitate cut back the number we have a tendency to pay money for medicines, generating savings that are ready to be accustomed subsidise a lot of merchandise à ¢Ã¢â€š ¬Ã¢â‚¬Å" increasing New Zealandersà ¢Ã¢â€š ¬Ã¢â€ž ¢ access to medicines. Pharmacyà ¢Ã¢â€š ¬Ã¢â€ž ¢s getting power has tripled since 1993. This implies that we are able to currently subsidise concerning 3 times the number of medicines that would be brought with equivalent cash in 1993. Q12 Ans . In this graph average total cost increased quickly with the increase of quantity and then it started decreasing . Fixed cost remain fixed whether the output increased or decreased. marginal cost and variable cost it increased slowly with the increase of output. And last total cost has rapidly increased with the increase of quantity. Q13. In this graph average cost of products decreased with the increase in the production as the cost of per product was $12 when the production was 1000. But when the production increased from 1000 to 200000 the price declined to $6 per unit.

Corellis Mandolin by Louis de Bernieres Essay - 2332 Words

Corellis Mandolin by Louis de Bernieres Carlo was fighting for Italy, while Mandras was in the Greek army. Both of the characters experienced a lot during the war. Nevertheless everything Mandras and Carlo fought on opposite sides. What does it say about the novels moral scheme, that the sufferings of ordinary people on both sides are recounted in detail? Consider these two characters but also other â€Å"moral† issues raised in the novel so far. Mandras and Carlo fought on opposite sides. Their experiences and feelings through out the war are recounted to the readers in a lot of details. And even though they were â€Å"enemies†, their stories are very similar, as if the author is talking about the same man. This style of†¦show more content†¦I would not desert him [†¦] he would make me an inspired hero. I would have someone to impress, someone whose admiration would give me that which I cannot give myself; esteem, and honour.† (p. 29). He wants to join the army because he is a homosexual and he wants to be able to love and be loved, or the least to be able to impress someone and get his admiration. At the same time Mandras also wants to join the army, and his reasons come from love as well. He wants to go to war, because this way he feels he will be able to do something important, and thus by the end of it, he would be good enough to marry Pelagia. â€Å"I will never be a man until I’ve done something important, something great, something I can live with, something to be esteemed [†¦] no man is a man until he has been a soldier.† (p. 80). As we can see from the quote, Mandras basically wants to gain the same things by joining the army: esteem and honour. He wants to impress people by his actions and show that his life is not pointless, that he risked himself in order to defend his country and its people. The next similarity between the characters is what they have found out about the war, their disappointment and despair. Both of them realised that war is not at all as what they thought it would be. After Carlo and his friend Francesco had their first atrocity, they no longer felt excited by the war. â€Å"We felt no triumph. We felt exhausted andShow MoreRelated Louis de Bernià ¨res Novel Captain Corellis Mandolin Essay1001 Words   |  5 PagesLouis de Bernià ¨res Novel Captain Corellis Mandolin Already from the first chapter the author introduces us to one of the most important characters of the book, Dr. Iannis. There are several factors that help the writer to present him to the readers. The most important ones are language (including the narrative style) and classical allusions. The diction in this chapter is very difficult and contains a lot of medical terminology. This shows us that Dr. Iannis is a very educated manRead MoreCaptain Corelli3725 Words   |  15 PagesCAPTAIN CORELLI’S MANDOLIN TEACHERS’ NOTES This study guide is aimed primarily at students of English Literature, who are studying Louis de Bernià ¨res’s novel Captain Corelli’s Mandolin in the second year of Advanced GCSE studies but will be useful for any students wishing to look at the way in which a novel is adapted for the screen. The guide focuses on the following areas: From novel to screen: Narrative adaptation Characters Representation of nationalities Representation of war Music LanguageRead More Captain Corelli’s Mandolin Essay873 Words   |  4 Pages Captain Corelli’s Mandolin S U M M A R Y It is 1941, and a young Italian officer, Captain Antonio Corelli,arrives on the beautiful Greek island of Cephallonia as part of an occupying force. He is billeted in the house of the local doctor, Iannis and his daughter Pelagia. He quickly wins the heart of Pelagia through his humour and his sensitivity, not to mention his stunning ability on the mandolin. But Pelagia is engaged to Mandras, a local fisherman who is away fighting with the Greek armyRead MoreEssay on Louis de Bernieress Captain Corelli’s Mandolin1053 Words   |  5 PagesLouis de Bernieress Captain Corelli’s Mandolin Louis de Bernieres uses three principal techniques to portray the effects of war so powerfully in his book. These techniques are the powerful narrative, strong pictorial language, and black humour. Above all, the message is conveyed in the narrative, especially when Louis De Bernieres graphically describes the war’s impact on the soldiers who are fighting for their country. At first, the soldiers are united in their fight against the enemyRead MoreThe Two Sides to Every Greek: Hellene vs. Romoi1844 Words   |  8 PagesLouis De Bernieress novel, Corellis Mandolin, is a story about time and change. The story itself explores many aspects of life such as love, betrayal, chaos, tradition, history and numerous other elements that are often warped over time. De Bernieres notes that he tried to be as true to history as possible. But beneath the layers of time, change and history there is another element of Greek culture that parallels the stories within the novel. There is a continuous theme of the conflicting forces

Tattos Free Essays

English 105 Instructor Jim Higuera Tattoos A tattoo is a mark (a person or a part of the body) with an indelible design by inserting pigment into punctures in the skin. There is so many opinion and arguments upon tattoos. Yes tattoo is permanent life can change, and so can your tastes. We will write a custom essay sample on Tattos or any similar topic only for you Order Now The thing is, most of those things can be changed, but a tattoo can’t. Yes I do have tattoos but each tattoo has a special meaning I wouldn’t get a pointless thing tag on me for life it has everyone gets a certain tattoo for they own personal reasons. I love my tattoos ( I have 6 myself) but before you get any, you need to think about the fact that getting a tattoo is a big deal. It might come out looking terrible, you might hate it, you might be allergic to the ink they use, your parents may never speak to you again, you may become unemployable (depending on what you get where) YOU WILL HAVE IT FOREVER. Unless you can afford laser removal which, I understand, is very expensive. There are lots of good reasons for getting a tattoo. There are also a lot of bad ones. For example you want to piss off your parents, you want to look tough, All your friends have them and you feel left out. You want to profess your undying love to your significant other with ink on your skin. You want to be cool. You’re drunk. Your friend needs someone to practice on etcetera. I have seen so many bad tattoos so bad they make me cringe when I think about them. I know a guy who went somewhere â€Å"cheap† to get it done he went to a guy who did tattoos at his house and he ended up with a tattoo that is crooked and not dark enough. The point is its so embarrassing and a waste of money. My point is, getting a tattoo which doesn’t suck isn’t that easy. The proliferation of ugly tattoos on the shoulders of the great unwashed is proof of that. These days tattoos are more common than ever. Tattoos have grown in popularity quite a bit over the years, giving people the ability to stand out and display their individuality. Both men and women both have them on display – some with them covering the whole body! The choice is totally up to you, of course, as you can get a tattoo in virtually any size you want. Most of the general public who get tattoos get them for the symbolic value. Of course, some get them as part of a trend, but such people usually end up regretting their tattoo later on in life. Tattoos are great for showing off, though this depends a lot on the pattern of course. There are a variety of motifs and colors to take your pick from, which adds to the positive benefits you can get from your tattoo. You can check out the many different designs at your tattoo parlor or through magazines, or over the Internet. The Internet in particular can yield an intense supply of tattoo patterns, as there are literally thousands to look at. You can also look at pictures of those who have been tattooed already, so as to get an idea as to what a particular style will look like, once it has been finished. Why do we get a tattoo when we know that although tattoos can be removed by lasers, surgery and other methods, they are altogether permanent. Many people have very distinctive reasons for these lifelong marks and some even have stories attached to every one One plain reason for a typical tattoo is just for looks. The tattoo may be one that resembles another seen on a public figure. It may also be a background detail that is merely pleasing to the eye. Maybe the tattoo has bright colors or neat shapes. Aesthetics are one typical reason for many tattoos. Another rationalization why one might get a tattoo is as a memorial. Friends and family who may have passed away are often memorialized with tattoos. These memorial tattoos are also often created in the memory of a particular public figure or celebrity. These might be designed with flowers, crosses and other shapes and dates of birth, names and death dates. They might embody specific sayings that were important to the deceased. They may also involve complicated tattoos that have been copied from an actual photograph. These might be designed with flowers, crosses and other shapes and dates of birth, names and death dates. They might embody specific sayings that were important to the deceased. They may also involve complicated tattoos that have been copied from an actual photograph. Very many individuals will get tattoos designed to commemorate specific events experienced during their lifetimes. Achievements, difficult times and other unique events are usually displayed as a lifetime reminder of a significant time in one’s life. Tattoos also represent spiritual status for some cultures. They can also sometimes be a symbol for social ranking. Some social groups are known for particular tattoos which would require a member to display the same. Others are known for having tattoos in general, the designs being unimportant. Expressing individuality and personality are often the reasons for getting a tattoo. If an individual likes butterflies, they might get a single tattoo or multiple tattoos flaunting butterflies. If someone else enjoys a particular field in which they worked, they may have tattoos representing what they do for a living. There are other ways to pore over expressing individuality around tattoos, however. Numerous tattoos are designed to reflect heritage. Ancient designs that are associated with the history of some cultures are routinely displayed on those who are of a particular culture’s descent. As an example, someone of Irish descent may choose a tattoo depicting the Claddaugh background while another of Egyptian descent might lean towards one similar to their ancient ancestors. On the other hand, very many people choose designs from other cultures just for aesthetics Regardless of where you crave having your tattoo applied on the body or where you get the procedure done, it’s important to understand why you really love the tattoo. Unlike many other forms of body art tattoos are enduring. So why do we get a tattoo done? Having a tattoo created for the right reasons, and reasons that are truly important to you will help to increase the joy of the design for many years to come. How to cite Tattos, Papers

I Wont Back Down free essay sample

It’s funny how a person remembers certain details of their life more clearly than others. For instance, I remember the exact song I was listening to the moment when I realized that I was never going home again. I was in the backseat of my new family’s minivan, somewhere in between Phillips, Wisconsin, and New Hope, Minnesota. We were on our way back from spending the weekend on vacation, something I had never done until the summer everything changed. The song I was listening to was Tom Petty’s â€Å"I won’t back down.† That song used to give me courage and strength when I needed it most. Lately though, it’s just a song. I no longer need Tom Petty to keep this world from dragging me down. I was lucky that we had left Wisconsin late because by then, the sky was completely black save for the speckling of stars and the distant moon. We will write a custom essay sample on I Wont Back Down or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page No one could see how my eyes had begun to water. It was still hard on me to think about all that had happened within the walls of the past few months. It was the last day of August but the weekend weather had felt more like November. Just months earlier, in April, I had left the home where I’d grown up, for good. I grew up with my mother and father in North Minneapolis. My two older brothers lived with us for the first four years of my life, then decided that they would rather live with their stepparents. I never found out the exact reason why they left, but I have a strange feeling that theirs is similar to my own. I cannot blame them. When I was twelve, my brother John died of alcohol poisoning. His death has had, and will always continue to have, a profound effect on my life. What I choose to remember of my childhood is haunting. My father is an alcoholic who also abuses drugs. He was violent and terrifying. My mother chose to respond to our desperate situation by doing nothing at all. However, I try not to blame her. She supported the three of us on her own for sixteen years. Nowadays, she only has to support the two of them. When I was sixteen, I decided that I could no longer live with my parents. I left everything I’ve ever known: my pets, my bed, my neighbors, and most of my possessions behind, in order to attempt to get away from my past. My junior year of high school was the breaking point. I had found myself in a position where I could no longer function, as a student or as a person. I skipped school because I was tired from lack of sleep due to a bad night with my father, my grades were slipping, and I was emotionally depleted. Unless you have had the unfortunate opportunity to live with someone who does not care for himself or those around him, and takes it out on his own family, you cannot possibly imagine just how hard it was for me to go home each night. I’m seventeen years old now. I haven’t spoken with my father really in months. I see my mother once in a while. I’ve lived in two other homes since I left my first. Where I am now is where I plan to stay. For the first time in seventeen years, I feel as though I am part of a family, even if it is not my own. I’m no longer afraid of going home. I can sleep through the entire night without worrying. I joke and laugh and smile. I’m happy. My parents may be the reason I’m not living at home, but they are no excuse for not living. I will always have bad memories. I will always have regrets. I will always have an abusive alcoholic for a father. But in place of all of that, I have something else: I have a second chance. I have a future. And I have the strength, just as a blonde-haired musician once said; â€Å"You can stand me up at the gates of hell, but I won’t back down.†