A Look At Three Types Of Price Searchers Economics Essay

A Look At Three Types Of Price Searchers Economics Essay A monopoly is a firm producing a commodity for which there is no close substitute. There are usually some forms of barriers of entry. It is difficult to define a pure monopoly as close substitutes are difficult to define. For example, there are no close substitutes for cigarettes, but there are many substitutes for Marlboro. 1.1 Characteristics à ¢Ã¢â€š ¬Ã‚ ¢ Features (a) Only one seller. (b) Restricted entry by barriers. (c) Market information is not free and perfect. à ¢Ã¢â€š ¬Ã‚ ¢ Barriers to entry (a) Legal barriers create legal monopolies. (i) Public franchise: exclusive right to run a business, e.g. TVB. (ii) Government licence: exclusive right to entry into a business, e.g. taxi licence. (iii) Patent: exclusive right to use an invention, e.g. right to produce a drug. (b) Natural barriers create natural monopolies. (i) The average cost falls over a large volume of output before it rises. LRAC would be lower if an industry were under monopoly than if it was shared between two or more competitors. (ii) Control the supply of an essential raw material, e.g. most diamond mines in the world are controlled by De Beers Ltd. (iii) Economies of scale: The large fixed cost of production requires a large output to pull down the average cost, e.g. electricity generated by China Light Power Ltd. 1.2 Output And Price Decisions Definition A single-price monopoly is one that charges the same price for every unit of output it sells. The monopoly must decide how much to produce and what price to charge. It is a price-searcher. Definition A price searcher is a seller with sufficient market power to set its price by adjusting supply. Since there is only one firm in the industry, the demand curve of the firm is also the demand curve of the industry, and the seller faces a downward sloping demand curve. Table 1 illustrates the demand function of a petrol station. The marginal revenue is less than and falls faster than the price charged. The price is also equal to average rev enue (AR). Table 1: Demand and marginal revenue Price (P, $/Litre) Quantity Demanded (Q) Total Revenue (TR = P x Q, $) Marginal Revenue (MR = ΆTR = ΆQ) ($/Extra Litre) 18 0 0 – 16 1 16 16 14 2 28 12 12 3 36 8 10 4 40 4 The monopoly maximises its profit by producing the level of output to MR = MC. Given the total cost as in Table 2, we can find that the best output level to maximise profit is at three litres, where both MC and MR are equal. The price charged is $12. Table 2: Demand and marginal cost Price (P, $/Litre) Quantity Demanded (Q) Total Revenue (TR=P x Q, $) Marginal revenue (MR = ΆTR / ΆQ, $/Extra Litre) Total Cost (TC, $) Marginal Cost ($/Extra Liter) 18 0 0 – 15 – 16 1 16 16 18 3 14 2 28 12 22 4 12 3 36 8 30 8 10 4 40 4 41 11 Graphically, the same conclusion can be derived in Figure 1. Figure 1 A monopoly’s output and price The price is determined by demand curve corresponding to the equilibrium quantity at which the MR equals to MC. The profit or loss is again determined by the ATC with reference to the quantity sold and the price charged. Owing to barriers to entry, economic profits will not be eliminated away in the long run. The only difference between short-run and long-run equilibrium is that in the long run, the firm will produce where MR = LRMC.

Evaluation Report on Oil & Gas Producing nations Essay

Evaluation Report on Oil & Gas Producing nations - Essay Example The trade policies help in enhancing trades for the benefit of economies. Oil and gas industry mainly ties up with the government for the development with the help of monetary and fiscal policies (Mitchell & et. al., 2012). The objectives of Oil and Gas industry is to expand and enhance security of energy and economic, re-distribution of wealth, economic development, which can be achieved by applying the policies of government of Oil or Gas producing nation. With the help of political influence, the government of the Oil or Gas producing nation indulges into commercial practices for increasing the revenues of the nation as well as the economies of scale. For improvement of the Oil or Gas producing nation the government should take the advice of the outsiders for greater expansion (Petroleum Council, 2013). Government are taking relevant advices from the outsiders to seek advice regarding the policies that are implemented by nation. The government implements various taxes and with the help of the advisers, assistance is taken regarding its applicability. The advice from the outsiders can help the government to obtain the new idea as well as strategy of the outsiders and obtain the knowledge of the new technology along with policies relevant. The new idea along with new technology can be beneficial for the economic development of Oil or Gas producing nation. Exploration and development investment is an important concept for the industry and thus considering outsiders view to a certain extent might prove to be effective in this context. Advice from the outsiders can also be helpful for the Oil or Gas producing nation for developing innovative new ideas by incorporating the same for a better market position in the global market based on the trade policies and tax system (European Communities, 2008). With the advice from outsiders, the government of Oil or Gas producing nation can obtain knowledge

The extended analysis about Aren't You Happy for Me Essay

The extended analysis about Aren't You Happy for Me - Essay Example Another writer that considers the twists and turns of existence is Nuruddin Farah. Like ‘Aren’t You Happy for Me?’, Farah’s ‘My Father, the Englishman, and I’ considers the complexities of life and familial relations. Specifically this story traces a child’s remembrance of interacting with an Englishman at a treating signing occasion. This essay examines the specific narrative, symbolic, and metaphorical techniques Bausch implements in creating meaning in ‘Aren’t You Happy for Me?’ and the literary techniques Farah implements in ‘My Father, the Englishman, and I’. While Bausch explicates the story in a clear way, the narrative is structured as to heighten the meaning. One of the overarching recognitions, in these regards, is the way Bausch constructs the story in a suspenseful way. Perhaps the most prominent means that Bausch constructs the story to gain suspense is by having the daughter gradually reveal more information about her situation. In this way, the story begins with the daughter teaching her father to pronounce someone’s name. This way the reader immediately begins to question what is occurring in the story. This method is implemented as a major plot device throughout much of the text. Another means of expanding suspense throughout the story is through the daughter, Melanie, gradually informing her father of the full extent of her sensational situation. In this way, she begins by informing her father that she is getting engaged. Following this revelation she indicates that she is also pregnant. The final revelation, however, is that the man she is marrying and having a child with is actually sixty-three years old. Melanie states, â€Å"She took a breath. "Dad, William's sixty - he's - he's sixty - sixty-three years old" (Bausch). In this way Bausch situates the information that is revealed in a progressive way as a means of heightening the tension and suspense thr oughout the story. While the development of suspense is a major narrative technique, Bausch also particularly cognizant of the way that information is revealed to different characters, as well as the reader. Indeed, the story remains strongly linked to the means that the information is revealed to particular characters. One of the most prominent concerns in terms of the way information is revealed is the way that the mother is away from the events on the phone. During the early portions of the story she is only referenced in the garden outside. Bausch writes, â€Å"Outside the window, his wife, with no notion of what she was about to be hit with, looked through the patterns of shade in the blinds and, seeing him, waved† (Bausch). In this instance, Bausch not only indicates the wife is unaware of the events, but uses her ignorance as a means of creating an ironic statement; this may also function as criticism of the patriarchal household, where women actively assume a subordin ate role. An additional concern is the recognition that the reader remains ignorant of the daughter’s new in the same way that the father remains ignorant. Namely, at the same time Melanie reveals information to the father the reader discovers this information. Ultimately then Bausch’s use of suspense thoroughly allows the reader to experience the father’s state of surprise. While the narrative elements of suspense and information are highly important in the text, Bausch also pays particular attention to other means of

Compliment Responses between Male and Female Essay

Compliment Responses between Male and Female - Essay Example This essay stresses that analysis of compliment response, which was in a contractive nature between the Kuiti speakers both the male and the female was used to identify the compliment response pattern between the three groups. The table below gives out a sample of the participation where S stands for situation, and then P stands for participation, R for rejection and lastly A for acceptance. Furthermore, the participants were assigned special numbers. Therefore, the numbers that accompanies this abbreviation represents their assigned codes. Also in the same way, the code might represent types of strategies at the level of micro representation and situations. This paper makes a conclusion that this research study demonstrated the compliment response strategies that both the male and Female Arabians usually use. It should be noted that the universal model portrayed in the study above concerning the compliment response is of positive outlook. This is because, different gender and origin portrays a different set of protocols. However, although not represented above, it should be noted that age is another important factor when it comes to response made to compliments. The finding in this research explains that the cross-linguistic compliment response patterns portray a different phenomenon at both the micro and macro levels. Notably, the three groups followed a certain preference order of rejection, evasion, and acceptance.

FEA program Assignment Example | Topics and Well Written Essays - 1250 words - 4

FEA program - Assignment Example In the past, primitive models were used to come up with models with some having to exemplify on and model using hands. In as much as this is relatively good, the time spent and the accuracy of these models varied tremendously leading to errors. However, with an increase in technological aspects of the engineering environment, it is imperative to connote the ease in simulation that is made possible by improved technology. Many simulation programs exist depending on the field of application. For example, when dealing with simulation of circuits a program like Circuit Maker or in animation, Autodesk are just a few examples. In this assignment, the learner utilizes Ansys Workbench as the Computer Aided Engineering simulation program. The main reason for utilization of this software program is such that it will be possible to show divergent aspects of a simulation including loading, constraints, and cosmos to analysis and component performance. The beauty of this exemplification is in the fact that all the simulation is done in the context of engineering thus it becomes possible to understand various aspects of a component. All these elements and considerations tend to rely on finite element methods. It is good to note that when dealing with finite elements, a complex problem is subdivided into smaller actual problems such that the complexity of the problem is consistently eliminated by dealing with the problem in piecemeal form. History suggests that the source of finite simulation approach is in the fact that ancient scientists found it hard to deal with complex elasticity as well as structural analysis challenges that are inherent in the world of civil engineering as well as aeronautic engineering (Mori, Osakada & Takaoka 1996). To be able to solve these challenges, engineers came up with a five-step process that allows them to break the challenge into manageable pieces that are easier to deal with at every stage. The first aspect that has to

Operating system Assignment Example | Topics and Well Written Essays - 500 words - 1

Operating system - Assignment Example The program responsible for this task is known as traffic controller. Modern operating systems use a graphical user interface, or GUI. A GUI allows one to use the mouse to click icons, buttons, and menus, and everything will be displayed on the screen in combination of graphics and text. Traditionally, computers had a command-line interface, which meant users had to type every single command to the computer and the computer would only display text. (Anonymous, 2010) I. Mac OS X.It was created by Apple and it comes preloaded on all new Macintosh computers, or Macs. All of the recent versions are known as OS X  and the specific versions include  Yosemite 2014, Mavericks 2013, Mountain Lion 2012, Lion  2011 and Snow  Leopard 2009. Apple also offers a version called Mac OS X Server, which is designed to be run on servers. (Anonymous, 2010) II. Microsoft Windows. Microsoft created the Windows operating system in the mid-1980s.The different versions of Windows are  Windows 8 (2012), Windows 7  (2009), and Windows Vista  (2007). Windows comes preloaded  on most new PCs, which helps to make it the most popular operating system in the world. (Anonymous, 2010) III. Linux. This OS can be modified and distributed by anyone around the world. This is different from proprietary software  like Windows, which can only be modified by the company that owns it (Microsoft). The most popular versions include Ubuntu, Mint, and Fedora. (Anonymous, 2010) Normally, the operating systems of mobile phones are designed specifically for mobile devices. Operating systems for these mobile devices are usually not fully featured like those of desktop and laptop computers. However, one can still do a lot of things with them, like watching movies, browsing the Web, managing your calendar and playing games. Examples of these mobile operating systems include Apple iOS, Windows Phone, and Google Android. (Anonymous,

Interview Essay Example | Topics and Well Written Essays - 1500 words

Interview - Essay Example All three of them were from different places. John was from Arizona while William was from Sydney and Martin from London. A number of topics such as their early life, school life, interests, hobbies, jobs, experiences etc were discussed with them. Their answers have changed my perception about the senior citizens. They are the role models for the younger generation. Early life A peep into the early life of these senior citizens was a refreshing experience. They always used to live together with the entire family which gives an excellent image of their lifestyle. Their parents had always thought them to value the relations. Young children along with their grandparents and parents made up for the perfect family. Stories of children playing together with each other, fighting for toys were a refreshing feeling. All the vacations to the farm, the celebrations, birthday parties with all the brothers and sisters are enough to prove the bonding which they had with each other. The best part o f their life has been the way their bonding has been carried out for years. They never miss out on any opportunity to meet on occasions. This bonding has been carried out over the years and has been passed on to their children as well. Interview with them also gave insights about their first home. Though they were not able to recollect all the information as to where their first house was, most of them said that their first home was somewhere near the valley. They played with their friends, brothers and sisters in the lawn which was a part of their first home. The most exciting part of their life was that most of them used to play with the cattle while they took them for grazing. I am a part of a generation which expects students to create advanced gadgets. But after knowing about the life of these senior citizens, I have realized that I have missed out something in life. John was born in the state of Arizona, during the Second World War. Though it was the time of war where thousand s of soldiers and sailors were sunk by the Japanese warplanes, their families always stayed together. They explained how their parents made sure that their children were not affected by the war and gave them all the values to be a good citizen. This picture of their family tells us the sense of bonding they had with each other. The love, bonding and care has been carried out over the years and something which everyone should learn from them. A lot was learnt about these senior citizens and their early life. It changed my thinking about the bonding between the brothers and sisters. My perception on them was that everyone during their growing up had forgotten each other and got along with life. They have proved my view on them wrong. Even after years, they have maintained the same love and bonding with each other. It is a lesson for most of us in the younger generation who are in the race to win and succeed. It has changed my perspective towards life. Everyone should grow like them. H appiness is not about just achieving ones personal goals; it is about being lovable towards the ones who care for you. Though they have not grown with the most advanced of technologies around, they have experienced the smallest of happiness in life. Living, sharing and creating happiness with their loved ones has enriched their life. It is the path which they have left for us and we