Assumptions of Monopoly Market Essay

The monopoly describes an industry by comprising a single firm. In other words, the firm and the industry are one and the same. In the absence of regulation, monopolists can exercise control over the prices they charge for products and services. Of course, in reality, it is often difficult to define industries (whether in terms of product produced or area covered), which often causes problems in defining monopolies. The three main assumptions of monopoly are: †¢ Single firm In a monopoly, there is a single firm which produces all the output of the industry. In other words, the firm and the industry are synonymous. Consequently, the demand curve the monopolist faces is in fact the same as the industry demand curve. †¢ Unique product Unlike perfect competition (where all firms produce identical products), the monopolist produces the only product. In other words, there are no close substitutes being produced by other firms. This means that consumers can only buy output from one firm. For example, traditionally in the UK before the deregulation of the 1980s and 1990s, customers could only buy gas (British Gas), telephony (British Telecommunications) and postal services (Post Office) from a single supplier. †¢ Barriers to entry One of the main reasons why monopolies arise and are sustained, is that barriers to competition exist – more specifically, barriers to entry and exit. Barriers to entry can be defined generally as anything that places a potential entrant at a competitive disadvantage relative to firms already established in the industry. Entry barriers can arise in three ways, namely government regulations (legal barriers), the technical conditions prevailing in the industry (structural barriers) and by the actions of established firms (strategic barriers). Legal barriers come in the form of various acts and regulations. They can arise because of various forms of regulation, which affect either industry structure (the number of firms in an industry) or how firms behave. Examples of legal barriers include registration, certification and licensing of businesses, patents, taxes, tariffs and quotas. Structural barriers arise from the inherent structural and technical characteristics of an industry. In other words, the extent of product differentiation, the size distribution of firms, the availability to firms of economies of scale and scope all determine the extent and nature of barriers to entry in any given industry. Finally, strategic barriers are erected by established firms to deter the entry of new firms. Such barriers include various forms of pricing and non-pricing strategies. Overall, in the case of a pure monopoly, the monopolist is effectively insulated from competition, by barriers to entry. Given that the monopolist faces a downward sloping demand curve and produces a unique product or service, it consequently has complete control over the prices it charges. Reference: http://classof1.com/homework-help/economics-homework-help/

Motivation and Tourism

As it is a human right to have a holiday, this report discus the motivating reasons and the appeal factors why people choose their tourist destination. The report will start with definitions of tourism and motivation, followed buy a few theories of motivation, and ending with a conclusion. Theses theories are relating to the push of individual/s to embark on a holiday, and the pull of the tourist destination. Definitions †¢ According to the UK Tourism Society and cited in the BTEC National Travel and Tourism book, by Elise James, Joanne Thirlaway and Ursula Woodhouse. (2007, pg3) Their defection of tourism is as follows. â€Å" The temporary, short-term movement of people to destinations outside the places where they normally live and work, and their activities during their stay at these destinations.† †¢ Motivation as defined in the in the book Tourism: Principles and Practices. By Cooper, Fletcher, Gilbert, Shepherd and Wanhill, 2nd edition. (1998, pg32) Is â€Å" Derives from the word ‘motivate’, which is to course a person to act in a certain way, or to stimulate interest†. Definitions of Tourism and Motivation There’re as many different types of holidays and tourists destinations, as there are people. Personality traits have a lot to account for in the decision making process, of where we choose to go on holiday. Mr Stanley Plog in 1974 (Holloway 6th ed, 2002) developed a theory, which classified the general US public into two desictive groups. †¢ Psycho-centric A tourist that is more concerned with himself or herself, more than often is anxious about the security of travelling. They enjoy a resort or group package style holiday. Would more than likely be a return visitor for the comfort of familiarity. Example of this would be a Packaged style holiday to Spain. Were the tourist has purchased the transport and accommodation as one product. †¢ Allocentric A tourist that seeks excitement, novelty, and mostly likes being out of his or hers comfort zone. They would have no qualms of travelling alone to or from a destination by them selves, or stay outside the resort or hotel environment. Examples of this would be a backpacker, staying at a hostel in Budapest. Not only is it a non-English speaking country, it is also out side of the European Union. Making it more exciting to the true allocentric. As this is only a theory, one cannot just place every body into two boxes. So of course in practice, holidaymakers fall somewhere in between these to extreme examples as mid-centric. Plog’s theories are also discusses in Tourism: Principles and Practices (Cooper et al, 1998 pg35) they suggest his theories are hard to apply inside the tourist industry. â€Å"Tourist will travel with different motivations on different occasions.† They also follow on to suggest, that out of these individuals that gravitate more towards the psycho-centric are of a lower incomes. This in turn would limit the style or type of holiday they would go on. There motivations wouldn't be different just the tourist destination. It would just mean that having a domestic holiday would be more appealing to save money. The family might opt for a low-key holiday like going camping in the Lake District, or to a Butlins seaside resort. Incomes are one of the major factors in deciding where to travel. As we have briefly discussed a budget holiday and Plog’s theories. He would suggest that on the other side of the scale tourists with more expendable funds would certainly have different destinations in mind. But with money comes affordability, witch fashion and trends are a by-product of. Just like keeping up with the latest cloths fashions, is the appeal of some destination. This would be the chase, and not wanting to stereotype here. But for or the young generation there will always be the seduction of the four S’s. This will most definitely appeal to most 18 to 35, which are looking to partake in an atmosphere that is more carefree. Escaping to destinations that are away from the judgement in their local environment. This trend will pull tourist to places like Ibiza, which offers sun, sea, sand and sex. But like all cloths they go out of fashion and tastes change. As Holloway says, â€Å"that all products, including tourism will experience a life cycle of growth, maturity, saturation and eventually decline†. Being young is just one place in the Cycle of Life. It is human nature to evolve, to grow in all areas of life and seek better things. Wells and Gubar (1966) (T:PP 2nded Cooper et al pg 41 1998) cauterised the life cycle of families in the USA, from bachelor to retired stage as seen in the graph. (Figure 3) What was appealing to a young person will certainly change when one has more obligations, to their employer and maybe their family. They theorize that as an individual moves through the life cycle there needs and wants as a tourist will change. The tourist needs are the psychological needs they are not the essential needs of survival. In explaining these need better Abraham Maslow (1966), came up with a hierarchy of needs. (See Figure 1) The graph shows that if more of the Basic and Safety needs are achieved. We’ll then move on to more Social, Esteem, and Self-actualisation needs. These needs are for well being, such as the need to relax, to have fun and to be in love. The need maybe is to escape their daily route, or to have sought better weather. These are like the push factors or the motivators, to take the time to have a holiday. Figure 4 shows a range of other motivators for overseas travels from the UK. As explained in Holloways book (Holloway 6th ed 2002) these Push Factors are the General Motivators that arise out of our individual perception, of what will satisfy our needs. He also talks about general motivators as a broad reason to travel, and is the start of the decision making process. Examples of this would be someone seeks change, maybe from urban environment. They mite looking at going away to the rural setting, perhaps a weekend in the Cotswolds, (See Figure 5) or vice versa. Holloway also follows to say that along with General there is a Specific motivation to travel. The consumer has, in some way got a perception of the destination in mind, will meet their specific needs. The destination in mind might have health befits to the tourist. The attraction to Bath spa might just be, to have a day of relaxation to rest the body in the warm water. The tourist enjoys Broadway musical, so a trip to London’s West end it could be (See Figure 6). Or there is a certain attraction that's pulling yourself or maybe your family. Like a trip to Disneyland, were the attraction is the destination. Places like these are very convenient, as the accommodation is nearby or on site of the attraction. May be it the mode of transport that has your attention, like a train trip on the Glacier Express? What ever the motivation there is a process to explain it, and it is lustrated in this simple flow cart. (See Figure 4) The chart briefly out lines the consumers needs, the attraction of the destination, then ending motivation. Conclusion Just start off by saying that yes it is a human right to travel, and have time off from work. But being a tourist to some people is a luxury they just can’t afford. There is always going to be two most important factors of be coming a tourist, that's time and money. If either one of these two things is lacking, it makes it very difficult to involve in any tourist activity. But in saying that one doesn’t need to travel far to become a tourist in ones own country. Looking back at plogs theory, It would suggest that one is more allocentric domestically, than international. The motivations in relation to travel is very diverse, the push to go on holiday is always going to exist. It’s the biggest industry in the world customer and consumers are only going to increase. The pull of the destination will change as we all move trough our lives. Our life choices, our attitudes, and the perceptions of other destinations will change. Through the media and other people infusions, will shape the type of holidays we choose. The appeal in going to a certain destinations is forever going to up to the individual. And just like the freedom of rest and leisure, we have a freedom of choice.

Interest Rates Affects on the Is-Lm Model Essay

Assignment 4 5. According to the IS-LM model, what happens to the interest rate, income, consumption and invest under the following circumstances. a. The central bank increases money supply. An increase in the money supple shifts the LM curve downward. The equilibrium moves from point A to point B. Income rises from Y1 to Y2 and the interest rate falls from r1 to r2. Therefore this increase in money supply causes a decrease in interest rate, an increase in income, an increase in consumption and an increase in investment. LM Income, output, Y b. Government increases government purchases An increase in government purchases result in a shift in the IS curve to the right. The equilibrium moves from point A to point B. Income rises from Y1 to Y2 and interest rate rises from r1 to r2. This increase in government purchases therefore causes interest rate to rise and income also rises. Consumption will also increase but the increase in government purchases will cause investment to decrease. interest rate, r LM IS2 IS1 Income, output, Y c. The government increases taxes. An increase in taxes shifts the IS curve to the left. The equilibrium moves from point A to point B. Income falls from Y1 to Y2 and the interest rate from r ¬1 to r 2. Therefore increase in taxes will bring about a decrease in interest rate, cause income to also decrease which will decrease consumption also but will result in an increase in investment. interest rate, r LM IS1 IS2 Income, output, Y d. The government increase government purchases and taxes equally 6. Consider the following economy of Hicksonia. a. The consumption function is given by C= 200 + 0. 75 (Y – T) The investment function is I= 200-25r Government purchases and taxes are both 100.

Bill Rights

The Theory that the Fourteenth Amendment incorporates the Bill of Rights established the foundation for the Warren Court’s criminal procedure revolution. The U. S. Supreme Court has incorporated many of the protections and prohibitions in the Bill of Rights. These protections are available to criminal offenders. In this paper, I will discuss which protections do not apply to the states. And the differences between the two laws: procedural and substantive. As you continue on reading, you know about, which protection is considered procedural and substantive.The protection against â€Å"ex post facto† laws means that the State cannot pass a law after a person has committed a crime and then prosecute the person for the first crime. You can only be prosecuted under the laws that in effect at the time of the crime. The protection against â€Å"Bills of attainder† prevents the State from passing a law meant to punish a certain person without judicial process. The Fourth Amendment provides general protection against arbitrary search and seizure of person(s) and property. However, there are many exceptions to the Fourth Amendment that includes a warrant.It still, does not provide broad protection of the general public from inappropriate police conduct. The Fifth Amendment provides a handful amount of protection. The protection against â€Å"double jeopardy† (which means being tried more than once for the same offense) comes from this amendment. The right to remain silent came from a defendant’s Fifth Amendment right not to be compelled to be witness against himself. This Amendment provides a broad right to due process of law. The most important Amendment is the Sixth.This Amendment gives criminal defendants the right to assistance of counsel, the right to compel witnesses to appear at trial, the right to cross-examine witnesses at trial, the right to trial by jury, and the right to be informed of the nature of charges that have been fi led against them. The right to speedy a trial allows the defendant’s trial to be waived and prevents the state from incarcerating a defendant. Procedural law comprises the set of rules that govern the proceedings of the court in criminal lawsuits as well as civil and administrative proceedings.The court needs to conform to standards setup by procedural law, during proceedings. These rules ensure fair practice and consistency in the â€Å"due process†. Substantive law is a statutory law that deals with the legal relationship between people or the people and the state. Therefore, substantive law defines the rights and duties of the people, but procedural law lays down the rules with the help of which they are enforced (Procedural Law vs. Substantive Law, 2013). Procedural law is exactly what the name implies. It sets out the procedure for how a criminal case would proceed.Every state has their own set of procedures which is usually written in a set of rules called a â₠¬Å"code of criminal procedure†. Substantive law deals with the â€Å"substance† of your charges. Every charge is comprised of elements. Elements are the specific acts needed to complete a crime. This law requires that the prosecutor prove every element of the crime in order for someone to be convicted of the crime. I believe that the Fourth Amendment is procedural because it takes procedures to be able to search and seizure a person(s) and their property.You just can’t go in and search with a reason and a warrant. To obtain a warrant you have to have a reason and steps to receive it. The Fifth Amendment is substantive because it deals with the structure and facts of the case. It defines the rights and duties of the defendant. The Sixth Amendment has the most procedural rights. It enable the right to a speedy a trial, impartial jury, informed of nature and cause of accusation, confront opposing witnesses compulsory process for obtaining favorable witnesses and rig ht to counsel. In conclusion, the U. S.Supreme Court has, through the due process clause of the 14th Amendment, incorporated many of the protections and prohibitions contains in the Bill of Rights. While reading this paper, you now know the protections that are available to criminal offenders through the bill of rights that do not currently apply to the states. You also read about the differences between procedural and substantive protections for the criminal offenders in the Bill of Rights. Included in this paper, you read about which protections were procedural and substantive in the Bill of Rights.

America\\s Entry into WWI Essays - International Relations Theory

Woodrow Wilson was known for keeping America out of war during his first year of presidency. This gained America?s support and allowed him into getting reelected in 1916. Throughout his second term, the war in Europe showed no signs of compromise and due to threats by Germany, the United States could no longer remain neutral. In this paper, I will argue that President Woodrow Wilson made an argument for America to join the war by characterizing the German government as evil and America as peacemakers. His vision for the future of America was cohesive, which established a clear plan that eliminated the ambiguity of America?s entry into war. Through his discourse of repetitive words, he simplified his plans for the war against Germany to amplify American support. With his choice of rhetorical strategies, he persuaded Americans to join the war in Europe. President Wilson adopted a policy of neutrality and isolation during his first term. As a president seeking re-election in 1916, he had to keep the United States neutral and help bring the war to a conclusion. Many Americans supported isolation because the United States was not threatened by the war and merchants were still able to export over seas. The British and the Germans saw the threat Americans were imposing by being able to export. On May 7th, 1915, Germany sunk the Lusitania that had American passengers on board. After the submarine warfare, Wilson was still determined to continue the United States on a neutral course. Over time, several factors enforced Wilson to change his mind on remaining neutral. Germany threatened America?s peace by sending an encoded telegram to Mexico, known as The Zimmerman note. It stated that if Mexico invaded the United States they would get back some of their land. This produced a growing realization that the Germans would not exercise restraint but were relentlessly motivated upon sinking American boats without warning. These events were the substantial evidence Wilson needed to gain America?s support for his decision to join the Allied Powers. Wilson?s War Message on April 2, 1917 was presented to congress and America for declaration of war on Germany. Congress complied with Wilson?s request and the United States entered World War One on April 6, 1917. After a brief period of ?armed neutrality,? Wilson ended the ambiguity surrounding American policy. He went before Congress to call for a declaration of war. Wilson used dramatic simplification by characterizing the German government as an enemy and America as peaceful. This simplification allowed Americans to easily understand why Wilson wanted to enter the war. He stated, ?It is war against all nations. American ships have been sunk, American lives taken, in ways which it has stirred us very deeply to learn of, but the ships and people of other neutral and friendly nations have been sunk and overwhelmed in the waters in the same way. There has been no discrimination. The challenge is to all mankind.? This amplified that Germany was the enemy, not only to America but also to the world. It also provided reasoning for why staying neutral would not be conducive to America?s fundamental belief on liberty. He made it clear that we were going to fight the German government by arguing that autocracies represent a threat to the peace and justice of America?s democracy. Furthermore, he explained, ?Neutrality is no longer feasible or desirable where the peace of the world is involved and the freedom of its peoples, and the menace to that peace and freedom lies in the existence of autocratic governments.? This idea that the war was between autocracy and democracy, strengthen the enemy image of Germany because autocracy government does not fit America?s ideal government system. By demonstrating America as the peacemakers, it successfully established that America was the hero, and Germany was the ?menace.? By contrasting Germany and America as evil versus good, he offered America no other alternatives other than to join the war. Wilson needed to gain America?s support after being neutral for three years. He did this by creating a clear plan for America?s future, ?Let us be very clear, and make vey clear to all the world what our motives and our objects are.? Wilson constructed

Globalisation Friendly Policies of China Essay Example | Topics and Well Written Essays - 3000 words

Globalisation Friendly Policies of China - Essay Example The economic part of globalization is the key because with the whole world becoming a kind of global village, barriers between the countries are broken with integration happening mainly in the economic aspects. So, Globalisation has made an impact and developing majority of the countries all over the world including China. That is, countries like China are following many ‘globalisation friendly’ policies, thereby developing themselves, and to show they are developing, they, in turn, are impacting other countries through that development. When one closely looks at the annals of many countries, it will be clear that for a nation to develop and reach the top echelons, particularly in the aspect of giving its people the needed facilities and also to achieve superiority over other nations, its economy should be very strong and still growing. This economic strength will elevate the country in other aspects of military strength, space power, sports, etc, etc, thereby impacting other countries. As any country’s economy cannot exist like an island insulated from any impacts, its growth or lack of growth will surely have an impact on many countries both in the positive as well as in the negative direction. So, this paper will examine how China has developed optimally through ‘globalisation friendly’ policies, and how that development is visible in the way the Chinese economy and its people have developed, and also how this development of China is turning out to be an economic challenge to the United States and Europe. For a long time, China mainly depended on agriculture for its economic generation as well as for the livelihood of its people. However, after the onset of globalization, China started to focus on industrial growth.  

Final exam Essay Example | Topics and Well Written Essays - 2500 words

Final exam - Essay Example The chain can be single layered Advantages of inter-organisational system in supply chain management For this kind of system the advantages are many. Like in the case of electronic data interchange (EDI) system. Each and every department of the system comes to know about the development Challenges of inter-organisational system in supply chain management Managing different motives and interests: If the objectives of the links of the chains are different from each other, then it becomes difficult to co-ordinate the process. If the objective of one organisation is to cost minimisation and play in volume and the other one’s policy is no compromise with quality and serving the niche market. Then it becomes complicated. Difficulty due to geographic differences: If the links of the chain are scattered across the globe the logistics becomes tough. There are cases where one component of raw material is ready and another component is not then the work gets stalled Answer-2 Digital econ omy is economy driven by digital technologies. It is basically Internet economy or ecommerce. In this system, internet or online channels are being used to do business and getting payment. Different kind of transactions takes place. It can be Business to Consumer (B2C), Business to Business (B2B) or Government to Consumer (G2C). Online retail businesses are the examples of B2C model. Organizations like e-Bay or Amazon .com are following the model. Here retail consumers buy goods and services online and make the payment too in online through cards or bank transfer. In the case of B2B the transaction takes place between two business entities. Metal junction is the example of it. When a sovereign makes payment may be salary, pension or other to the consumers directly, that comes under G2C. Due to many reasons the growth of digital economy is taking place. 1990 onwards companies shifted to e commerce Multi-channel: To develop the business, organization wants to tap maximum possible chan nels. Apart from conventional ways of doing business, they are trying a new avenue. Low cost virtual market: Online market is not the actual market rather a virtual market. It is being loved by the younger generation. As it does not require maintaining the establishment or infrastructure of the shop or the market it requires less cost compared to actual physical market. Accuracy and Quick Response: In the online business intermediaries have a role to play. Neither business owner nor end buyers like to go through intermediaries. As direct communication is taking place, accuracy and quick response is ensured. That saves cost from both ends. Online Banking and International and Multiple-Currency Banking: Online banking has revolutionised the system of online transaction. When the system came where international multiple currency transaction took place it became the whole process further easier. Debit card and credit card have become part regular life. Even today no good organisation is there who does not have a digital wing. For some it is an online selling unit or for some it is only a website .However, Digital economy is the future of the world. As the number of internet user is increasing day by day it is expected that the online business will surpass the physical business volume soon. Answer -3 Client department is one of the most vital departments among organizations. Hardly any organization can survive without servicing their clients. Business always runs with the help of repeat customer.