A Believer s Relationship With God - 1141 Words

A believer’s relationship with God is the first and foremost of all ties they have. It determines their other relationships with their fellow human beings. If humans gain a proper understanding of their sound relationship with God and maintain the prescribed relationship, they will grow into obedient servants of his Lord, valuable members of their family, sincere citizens of their state and loving, and caring human beings concerned with the welfare of all humankind. Dynamic living religions always provide a balance between having a right relationship with God and a right relationship with people. For Christians a relationship with God is important. It is as a human relationship, loving and caring, accepting and understanding, mindful of the needs of another, and obedient to the divine. For Muslims, the relationship with Allah is an acknowledgement of his authority and divine nature, accepting the elevation of Muhammad to prophet hood as an action of the divine and obedience to the Laws of Islam (Shariah). Allah’s love is dependent upon the love of the person for Allah. A Muslim’s relationship with God is central to their belief. In Islam, Allah is beyond human comprehension but is also very close. In other words, there is a sense of both awe and intimacy in the relationship with the divine. Because God is considered to be beyond human comprehension, Muslims do not depict God. There are, however, numerous verses from the Qur’an and hadith that illustrate the closeness ofShow MoreRelatedMan s Understanding Of The World915 Words   |  4 Pagesperspective of the world around him. The Christian agrees that man’s understanding and view the universe is constantly changing. God has not created this universe to be dynamic so that man’s experiences shape the universe around him. However, the Christian lives in a universe which God allows him to explore, and as the Christian explores it he gains a better appreciation for his God. For example, through the use of cellular biology the Christian has gained a better understanding of l ife’s complexity. HeRead MoreEssential Elements Of The Christian Worldview Are Faith,1589 Words   |  7 Pagesworldview are Faith, Love, Forgiveness and Living in Christ. These key elements are fundamental to Christ’s teachings and also reflect my own worldview. These four elements are an integral part of a Christian believer’s life and defines our relationship with God. The fourth element, Living in Christ, is comprised of many sub-elements like praise, prayer, and bearing witness. These sub-elements could be described as fruits of a Christian’s believer’s daily life. Too much of the Christian worldview’sRead MoreThomas Langford s Central Doctrines Of The Christian Faith960 Words   |  4 PagesThomas Langford describes central doctrines of the Christian faith with one of them being that we confess that the reign (kingdom) of God is both a present and future reality. In the Old Testament, God s kingdom is portrayed as a place where the Lord rules over all. Many of the prophets talked of a time where peace and justice under God would never end (Isaiah 2:4, Daniel 7:14, Zechariah 14:9). In the New Testament, Jesus talked frequently about the kingdom in ways that show it is here now,Read MoreA Spiritual Leader Of A Congregation1048 Words   |  5 Pageswill identify the writer s personal theological, philosophical, and theoretical model for working in a local ministry community, along with a plan for providing ministry as a pastor in a local congregation. The writer will begin by defining the words theological, philosophical, and theoretical to obtain a better understanding of the models to apply them in the local ministry community. Theological model according to Howard Stone, is a belief, conception, or study of God. (8) Stone also mentionsRead MoreThe Psalms Function As A School Of Prayer896 Words   |  4 PagesIntroduction For almost two thousand years, the Psalms were essential to the devotional practice of the Christian church, teaching the believer to pray in response to the living God, a confession of praise and glory to the Almighty God. Thus, when the contemporary church thus that she is joining a large group of people that for nearly thirty centuries based their prayers and worship in those ancients words. In Eugene H. Peterson’s view, there is no other place where can be seen such a deeply andRead MoreThe Christian Community At Large Talks About Unity753 Words   |  4 Pagestwo people who have no spiritual influence in each others lives because they belong to different social sets. And these are just the superficial matters--we haven t even considered divisions over Scriptural interpretations, or sin, or damaged relationships. The Christian community at large talks about unity. We (mostly) have a good sense of humor about light-hearted jibes across denominations and the stereotypes associated therewith. But how many of us reach out and develop friendships outside ofRead MoreSignificance Of Christ s Resurrection Essay1630 Words   |  7 Pagescourse of human history as regarding to the communion between man and God the Father. A necessary step in the reconciliation process between man’s sinful nature and God as a just judge. So it is not whether it is one or another, historical or theological. Whether the audience is believer or non-believer. A proper, biblical understanding of Christ’s resurrection serves as a foundational truth for those who root genuine faith in God. Moreover, it is also the same faith that believes in the work thatRead MoreJesus Relationship On The Law And The Christian Believer s Relationship1328 Words   |  6 Pages1. Explain Jesus relationship to the law and the Christian believer s relationship to the law. Jesus is the fulfiller of the law, meaning that he came to carry out God’s promises in the covenant as well as the prophet’s prediction of the coming messiah. Jesus fulfilled the law of the Ten Commandments by never sinning even when tempted forty days and forty nights. It is important to note that he did not discipline himself in all of the Jewish laws like working on the Sabbath or eating certainRead MoreKolbergs Stages of Moral Development1588 Words   |  7 PagesTHE SOVEREIGNY OF GOD AND HUMAN RESPONSIBILITY Augustine s understanding of the relationship between the sovereignty of God and human responsibility is more biblical than Cassian s view. Augustine s school of theology totally relies on God as the grace giver, however Cassian s school relies on man s merit before receiving grace. This debate has been going on since the early church and still affects the church today. Many people have different opinions and interpretations of how the BibleRead MoreBeing A Single Heterosexual Male And Longtime Member Of Alcoholics Anonymous1660 Words   |  7 Pagesgenerally best for members of AA to not date other members of the program, because instead of just dealing with one s own addiction, when a member of Alcoholics Anonymous is dating another member of the program, they are also taking on another person s addiction problems. That theory ties - in with the un - official rule of not being in a relationship while in the first year of one s sobriety. What I wonder about, as I approach 11 yea rs of sobriety, is which scenario is better for members of Alcoholics

From The Reconstruction Era Through 1929 American Changed

From the Reconstruction Era through 1929 American changed drastically, economically, socially, and politically. The development of America’s society, economics, and politics is what defined America as a country. Of the three major ways that America developed from the Reconstruction era through 1929, the greatest catalyst for change was the economic developments because the rise and fall of the economy influenced both social and political developments. The development of America’s economy from the Reconstruction Era through 1929 greatly affected the lifestyle of Americans on both the governmental and civilian level. The Civil War greatly affected the economy of America, care of wounded soldiers cost over of 1/5 of their annual budget (pg.†¦show more content†¦561) Rockefeller, the owner of Standard Oil, tried to bypass those laws by organizing the Standard Oil Trust, giving him the legal power to manage other companies’ money (pg. 561). Large businesses s uch as Standard Oil could gain influence in politics through means such as bribery therefore, bringing corrupt influences into the government. The developments on American’s society greatly fluctuated as women and African Americans fought for equal rights. Black men and women have fought for rights in America since the beginning of slavery throughout the country. Once the Civil War ended parts of the government stepped in to help. The Freedmen’s Bureau was one of the first federal organizations which held out a hand. â€Å"It was the first federal experiment in providing assistance directly to the people rather than to states.† (Shi and Tindall, pg. 515) The Freedmen’s Bureau set schools for African Americans throughout former confederate states. Soon after the birth of the Freedmen’s Bureau, black men gained the right to vote through the Fifteenth Amendment. Even through the federal assistance African Americans still were not close to equality. Th e African Methodist Episcopal was the first institution which former slaves could control, the black ministers were seen as social and political leaders as well as preachers (pg. 523) The first real sign of freedomShow MoreRelatedThe Federal Government Has Changed Over Time1020 Words   |  5 PagesThe federal government role in America from the late 1800s during Reconstruction, up to the early 1900s during the Great Depression, often expanded and contracted in response to the demands of the American public. During this time frame, the nation underwent major changes and faced many challenges in order to get where we are today. As a country, our priorities shifted from being concerned about encounters right in front of us, to encouraging and pursuing a better future for everyone. After yearsRead MoreThe Great Depression : The Crash, Burn, And Reparation Of The American Economy1053 Words   |  5 PagesBurn, and Reparation of the American Economy Imagine that you received a huge bonus from your occupation that compensates almost $50,000 a year. You go to your bank to cash your paycheck, only to have the bank clerk disclose that they do not have your money. The financial institution went belly up, losing all the money within it because of external sources. This paper discusses the reason behind the Great Depression and distinct policies generated to mend the American financial system that beganRead MoreWorld War I, The Great Depression And Its Aftermath1004 Words   |  5 PagesUnited States history evolved and differed from period to period. It began with times of slavery and reconstruction, and proceeded with transformation in the Gilded Age. This then led to the Progressive Era, World War I, the Great Depression and its aftermath, as well as World War II. As one can see, history seems to fluctuate from times of peace and order to times of chaos and turmoil. A process of trial and error explains both how and why the U.S. ch anged the way it did. In other words, these periodsRead MoreFederal National Mortgage Association ( Freddie Mac )1034 Words   |  5 Pageserosion of the prerequisites of market discipline by GSEs creates moral hazard. According Tony Fiennes (2016), market discipline is the way in which market participants influence a financial institution to act in the best interest of shareholders, through monitoring its risk profile and financial position (Fiennes,1). Fiennes (2013) states that three conditions must be present for market discipline to exist and be effective. Market participants must have access to relevant information and have incentivesRead MoreThe Ku Klux Klan During World War I1551 Words   |  7 Pagesnationalism among Americans, creating a gateway for the second generation of the Ku Klux Klan. Before the war, immigration to the United States skyrocketed, angering many Americans. Most newcomers were from countries in Southern and Eastern Europe, like Italy, Russia, and Austria-Hungary. Rising feelings of nationalism, even before the United States joined World War I, conflicted with the immigrants’ arrivals, inspiring some to rise up and protest against the newcomers. Many Americans were afraidRead MoreAp Exam Essays1660 Words   |  7 PagesEngland colonies from 1630 through the 1660s? 2. Analyze the political, diplomatic, and military reasons for the United States victory in the Revolutionary War. Confine your answer to the period 1775–1783. 3. Analyze the ways in which controversy over the extension of slavery into western territories contributed to the coming of the Civil War. Confine your answer to the period 1845–1861. 4. Analyze the roles that women played in Progressive Era reforms from the 1880s through 1920. Focus yourRead MoreLessons Learnt From the Great Depression and Progressive Era1386 Words   |  6 PagesLessons from the Great Depression Progressive Era Lessons from the Great Depression Progressive Era The Progressive Era in American history began slightly before the turn of the 20th century and continued into the second decade of the 20th century, ending around the beginning of World War I. The Great Depression of 20th century American occurred in 1929 and the more intense short-term effects lasted up and through World War II. The paper will scrutinize specific events of this period providingRead MorePoverty Of Sharecroppers And Unemployed Industrial Workers1772 Words   |  8 Pageshas been a big issue over the past century or so and continues to be a problem to this day in the United States. Due to the Civil War, rural areas and industrial areas were affected by poverty. The poverty of rural sharecroppers in 1877 was different from the poverty of unemployed industrial workers in 1939. Even though both situations were dealing with a form of poverty, both were two completely different situations. There were several major events that happened that caused poverty of rural sharecro ppersRead MoreThe Kkk And The Klux Klan1370 Words   |  6 PagesThere was a time when the Ku Klux Klan took over the Republican Party and dominated Colorado politics. In the 1920s, from Maine to California, in the cities and in rural communities, large numbers of men and women joined the KKK (Fleming). The KKK was and still are part of the Colorado history, for one could still find the Klan in Colorado, for the KKK ran the state Colorado from1924 to 1932 until it was disempowered by Franklin Delano Roosevelt.. After the election of 1924, the governor ClarenceRead MoreThe Evolution Of Poverty During The Civil War1654 Words   |  7 PagesEvolution of Poverty in America Poverty is a hardship that has existed in every milestone of American history. War impacted the economy of the country after the Civil War. The twentieth century would see wars, natural disasters, and economical depressions that contributed to the developing culture of poverty. Poverty in any time period is a shattering experience. While being poor during the Reconstruction, the Great Depression, and the Civil Rights movement were each devastating, the nature of poverty

Contemporary Hospitality Management and Entrepreneurship

Question: Discuss about the Contemporary Hospitality Management and Entrepreneurship. Answer: Competitors of Moxy Milan Malpensa Airport: Moxy Hotels (Marriott Group), are the trend hotels that provides cutting edge services and customer experience at a relatively cheaper rates. It provides perfect solution to the tourists or travellers who want to experience the luxury of five star hotels at a cheaper rate. Through, do it yourself (DIY) model, Moxy Hotels provides best solution to budget travellers, backpackers, business executives as well as teenagers (Aleshaiwy et al., 2015). Competitors of Moxy Milan airport hotel includes Crowne Plaza Milan It is one of the closest hotels form the Malpensa Airport, located just 2.0 kms from the Malpensa airport. The hotel provides high quality standards in contemporary design, ideal for both business and leisure travels. The upscale rooms with unpretentious decor provide a relaxing environment. The Wi-Fi is available in all the rooms, combined with multiple electric outputs, coffeemakers and mini bars. In addition, there is full service bar facility at the hotel as well as 24/7 dinning services. (Crowne Plaza Milan City, 2016). Novotel Milano Malpensa Airport The hotel is located at 10 minutes drive from the Malpensa Airport. The hotel superfast free Wi-Fi, paying shuttle services, as well as indoor and outdoor activity areas for children and adults. In addition, the hotel provides 24 hour dinning service facility to the guests. Novotel Milano has been positioning itself as preferred hotels for millennials. Moxy hotels since its inception are targeting millennials as their primary customers. The hotel is designed in such a manner to compete with trend and traditional economy hotels. By making the prices affordable, Novotel Milano hotel competes directly with the Moxy Hotels (Novotel Milano Malpensa Airport, 2016) Sheraton Milan Malpensa Airport The hotel is located at 3 km from the Malpensa airport. The hotel provides leisure and luxury type of experiences to their customers. Sheraton Milan Malpensa hotel has been targeting non-business and leisure group of customers as their primary customers. It is important to note that Moxy Milan has been targeting the same customer types. The hotel provides playful living rooms, free Wi-Fi, plenty of electric outputs for customers to connect their gadgets, and other recreational facilities (Wang Chung, 2015). There is full service bar and 24/7 open self-service cafeteria. The services provided in the hotel are top notch and customer friendly (Sheraton Milan Malpensa Airport Hotel and Conference Centre, 2016). References Aleshaiwy, Y. S. M., Chen-McCain, S. L., Hadgis, N. J., Lolli, J. C. (2015). Generation Y's Perception of Service Quality in the Hotel Industry. Crowne Plaza Milan City. (2016). IHG. Retrieved 27 August 2016, from https://www.ihg.com/crowneplaza/hotels/us/en/milan/milcc/hoteldetail Novotel Milano Malpensa Airport. (2016). novotel.com. Retrieved 27 August 2016, from https://www.novotel.com/gb/hotel-3458-novotel-milano-malpensa-airport/index.shtml Sheraton Milan Malpensa Airport Hotel Conference Centre. (2016). Sheraton Milan Malpensa Airport Hotel Conference Centre | Official Website | Best Rates, Guaranteed.. Retrieved 27 August 2016, from https://www.sheratonmilanmalpensa.com/ Wang, Y. C., Chung, Y. (2015). Hotel brand portfolio strategy.International Journal of Contemporary Hospitality Management,27(4), 561-584.

The Nutcracker free essay sample

My mom, a very busy woman, always finds the time to organize charity events for the troops. Although time consuming and stressful, she always gathers materials to make these care-packages for the soldiers in Iraq. Also, she would always try to make me go to these charity events at my local recreation center, although it was completely against my wishes. I was uninterested and unwilling to spend hours packing and taping boxes together, especially when I could be hanging out with my friends. I tried as hard as I could to get out of the event but my mom was persistent and forced me to go. Expecting to have a bad time, I arrived with a bad attitude. However, upon arrival, I was overwhelmed by the happy, positive atmosphere created by the other volunteers. Once we had met, I suddenly became excited to work with them. They were so proud of what they were doing and I couldn’t blame them. We will write a custom essay sample on The Nutcracker or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I finally realized how my mom felt when she created the packages and I was eager to start making them myself. My mom saw that these soldiers give up so much, while receiving little in return. They give up their lives to let us live the perfect lives we take for granted every day. Most of them even have to go for days without showering, while people here reluctantly bathe and don’t appreciate the fact that they have the opportunity to do so. They also sleep on the open ground with the possibility of air rifle attacks, while we complain about a bug flying in our warm bedrooms. And on top of all that, the soldiers are thousands of miles away from home risking their lives for people they don’t even know. My mom helped me to realize how important these soldiers really are and how important it is for us to help them in return. After spending a couple hours with my mom and other volunteers, I felt accomplished as an American. It’s our duty to help others, especially t hose who do so much themselves. Although the work was tedious, as expected, I felt great doing it. I packed away supplies into the boxes that I had thought were necessities, but soon realized were not. I couldn’t help but think it must be so hard living without them, and the soldiers usually have to. It was so upsetting to think about that, especially because it really made me look back at my own life. I have a great family, we live in a nice house, and I have such wonderful friends. So, to say the least, I live a charmed life. But after going with my mom to the soldier event, I broke out of the ignorant shell I had been living in for nearly fourteen years. Without my mom there to show me what should be important in my life, I never would have had that drastic realization within myself. Within two years I went from a bored fourteen year old girl, to a helpful, caring sixteen year old. Since that day, my mom has helped me to assemble my own charity events for multiple differe nt organizations, including a local homeless shelter. Many times I even received letters of thanks from those we donated to. They were so grateful for the donations, which made me feel so special, needed, and important. That feeling can’t be put into words but it is exactly why I will continue to do such work. Whether it is for the troops, the homeless or any other charity, I have a strong desire to volunteer: all because of my mom.

Essay on The Truly Staggering Cost Of Inventing New Drugs

Essay on The Truly Staggering Cost Of Inventing New Drugs Essay on The Truly Staggering Cost Of Inventing New Drugs Essay on The Truly Staggering Cost Of Inventing New DrugsToday the drug issue is rather complicated. Drugs have always been a social problem. The use of illegal drugs makes other social problems worse. There are many reasons that can be applied to classify drugs as illegal (Mooney et al., 2012).   Many drugs are considered to be illegal because they share addictive qualities that can cause damage to human health. Besides, drugs can be legal in one country, but illegal in another country. The major reasons to this difference in drug distribution include political reasons, e.g. legalization of drugs, or procedural reasons, e.g. â€Å"approved by another federal regulatory body but not yet approved by the FDA† (Welborn, 2005, p. 10). At the same time, prescription drugs can be legal in the U.S., but taken illegally by individuals because of the difference in price or some other reasons, e.g. â€Å"no legal prescription obtained, or a drug prescribed for someone else† (We lborn, 2005, p. 10). Illegal drugs make other social problems worse, including such problems as the increased crime rate, overcrowded prisons, increased unemployment rate, the spread of AIDS and other health problems, decrease in the U.S. economy and inability to continue the invention of new effective drugs.There are many social problems caused by the use of illegal drugs. In the U.S. social problems are focused on violation of the established social norms, rules and regulations. The use of illegal drugs leads to the increased drug-related gang violence, which is connected with illegal cocaine and marihuana distribution.   The increased crime rate affects the society in general and each society member in particular. Although in some states marihuana is legally used for medical purposes, there are many cases which require special consideration as they lead to harmful actions (Mooney, 2012).The problem of overcrowded prisons is one more consequence of the use of illegal drugs in th e U.S. Those citizens who are involved in illegal distribution of drugs become criminals. There are many causes that lead to this social problem. According to researchers, â€Å"the arrest of street drug sellers puts pressure and expense on the already crowded prisons†(Parviz-Babalavi, 2010, p. 62). If drug sellers are arrested, they lose nothing. There are no laws that would fine these people, therefore, overcrowded prisons has become a serious social problem that affects budget and makes no revenue for the U.S. government.Another serious social problem caused by the distribution of illegal drugs in the U.S. is unemployment. As a rule, drug users are unemployed. They produce nothing and contribute nothing to the development of the U.S. society. The U.S. government is dealing with this social problem through the application of various social programs aimed at providing training and education courses for the unemployed (Mooney et al., 2012).Besides, the use of illegal drugs ma kes such social problem as the spread of AIDS worse. In many cases, the use of illegal drugs is associated with the spread of infectious diseases, including sexually transmitted diseases (Mooney et al., 2012; Welborn, 2005). In addition, the use of illegal drugs makes various family issues worse. For example, â€Å"conviction of a drug offense can lead to a parent being in prison, eviction from public housing, deportation and permanent exclusion from public assistance† (Mooney et al., 2012, p. 92).Finally, the use of illegal prescription drugs in the U.S. may lead to decrease in the U.S. economy. If the U.S. citizens continue to buy lower-priced prescription drugs in Canada, Mexico and other countries, there would be a considerable decrease in the U.S. economy (Herper, 2013). According to researchers, the cost of drug manufacturing is rather low, but the cost of new drugs development is rather high (Herper, 2013). One of the reasons of the high cost of prescription drugs in t he U.S. is that higher prices allow the U.S. pharmaceutical specialist to invent new effective drugs. According to researchers, â€Å"a single clinical trial can cost $100 million at the high end, and the combined cost of manufacturing and clinical testing for some drugs has added up to $1 billion† (Herper, 2013). This fact means that the use of illegal prescription drugs may lead to the decline in invention of new effective drugs.ConclusionThus, it is necessary to conclude that the use of illegal drugs can be viewed as a serious social problem that can make other social problems worse. The U. S. Government should take the proper actions to reduce the negative effects of illegal drugs on the U.S. society in general and on each member of society in particular. The classification of dugs as illegal involves various reasons, therefore, it would be better to place emphasis on each reason and find the proper solutions to eliminate the negative effects of illegal drug use in the U. S.

Chemical Change Definition in Chemistry

Chemical Change Definition in Chemistry A chemical change, also known as a chemical reaction, is a process where one or more substances are altered into one or more new and different substances. In other words, a chemical change is a chemical reaction involving the rearrangement of atoms. While a physical change can often be reversed, a chemically change typically cannot be, except through more chemical reactions. When a chemical change occurs, there is also a change in the energy of the system. A chemical change that gives off heat is called an exothermic reaction. One that absorbs heat is called an endothermic reaction. Key Takeaways: Chemical Change A chemical change occurs when one substance is transformed into one or more new products via a chemical reaction.In a chemical change, the number and type of atoms remains constant, but their arrangement is altered.Most chemical changes are not reversible, except via another chemical reaction. Examples of Chemical Changes Any chemical reaction is an example of a chemical change. Examples include: Combining baking soda and vinegar (which bubbles off carbon dioxide gas)Combining any acid with any baseCooking an eggBurning a candleRusting ironAdding heat to hydrogen and oxygen (produces water)Digesting foodPouring peroxide on a wound In comparison, any change that does not form new products is a physical change rather than a chemical change. Examples include breaking a glass, cracking open an egg, and mixing sand and water. How to Recognize a Chemical Change Chemical changes may be identified by: Temperature Change - Because there is an energy change in a chemical reaction, there is often a measurable temperature change.Light - Some chemical reactions produce light.Bubbles - Some chemical changes produce gases, which can be seen as bubbles in a liquid solution.Precipitate Formation - Some chemical reactions produce solid particles that may remain suspended in a solution or fall out as a precipitate.Color Change - A color change is a good indicator that a chemical reaction has occurred. Reactions involving transition metals are particularly likely to produce colors.Odor Change - A reaction may release a volatile chemical that produces a characteristic scent.Irreversible - Chemical changes are often difficult or impossible to reverse.Change in Composition - When combustion occurs, for example, ash may be produced. When food rots, its appearance visible changes. Note a chemical change may occur without any of these indicators being observed. For example, the rusting of iron produces heat and a color change, but it takes a long time for the change to be evident, even though the process is ongoing. Types of Chemical Changes Chemists recognize three categories of chemical changes: inorganic chemical changes, organic chemical changes, and biochemical change. Inorganic chemical changes are chemical reactions that dont generally involve the element carbon. Examples of inorganic changes including mixing acids and bases, oxidation (including combustion), and redox reactions. Organic chemical changes are those the involve organic compounds (containing carbon and hydrogen). Examples include crude oil cracking, polymerization, methylation, and halogenation. Biochemical changes are organic chemical changes that occur in living organisms. These reactions are controlled by enzymes and hormones. Examples of biochemical changes include fermentation, the Krebs cycle, nitrogen fixation, photosynthesis, and digestion.

Political Science 10 Term Paper Example | Topics and Well Written Essays - 1000 words

Political Science 10 - Term Paper Example The aim of this paper is to understand and evaluate whether, in American politics, Paul Frymer’s theory relates to or explains Larry Bartels’ observations about the poor, per se, considered as one of the â€Å"captured groups.† In Uneasy Alliances, Frymer challenged how people, especially the Americans, view alliances, different races or groups, politics and its parties, and the American politics itself. All over the world, in politics, it is a standard principle to appeal to all kinds of groups in order to win an office. Frymer showed the opposite. He showed that all groups, majority and most especially the minority, are treated poorly and not equally. Politicians spend much of their time, efforts, and resources on white voters, thus damaging or disabling the African-American group. As the Republicans and Democrats try to appeal to White voters, they however, distance themselves from the group of Black voters. Black voters are then ignored and often left with bleak alternatives. The African-American group is a dominant example of a ‘â€Å"captured group.† Frymer strongly discussed America’s political system in which having only two parties is the one to blame for the inequality of the treatment of groups in the country. Just as the former president Bill Clinton did, he disassociated himself from the African-American voters so that he could win the Oval Office. Frymer juxtaposed the Black voter’s position with that of other social groups: lesbians, gays, and the Christians. They, too, have been â€Å"captured† and ignored. In his research and findings, Bartels focuses on the data and representation of the U.S. senators between the late 80s and early 90s – how they respond according to the income distribution of their constituents. Bartels aimed to deliver a distinctive study of how politicians, especially senators during the specified period and/or year, made policies

PACS Controller and Image Archive Server Essay Example | Topics and Well Written Essays - 6250 words

PACS Controller and Image Archive Server - Essay Example In fact, the total hospital image management system has been revolutionised with the advent of these systems that began with the use of DICOM image communication software in the clinical radiodiagnostics3. With different providers coming forward and providing these archiving and management systems, the systems across hospitals are becoming increasingly computerised with use of digital optical archives. Although these are expected to ease the image and data acquisition, there could be mechanical troubles on acquisition devices, problems with the schemes of image transmission, problems with retrieval of images, and difficulty in displaying images4. These problems have been reported to be encountered in the early phase of implementation of these systems in some hospitals, currently, the providers like Agfa and Fujifilm provide advanced systems, and these new generation systems are comparatively easier to use. They have been able to accomplish these with the use of improved hardware and software. Despite these, these systems are not free from criticisms since many users have encountered problems with digitizer on one hand and on the other, use of this new and novel system was bugged with paucity of operating processes due to lack of experience5. The greatest advantage was perceived to be the capability to access every archived radiologic image which had been impossible with the traditional flat plate radiographic image acquisition systems due mainly to inability to integrate images with the future investigations6. It has been strongly criticised, however, that the complicated image display system would need improvement since still now, the radiologists regard the conventional image viewing system to be the best. This indicates need for further research into this area to be able to develop and implement systems which are worth wider acceptability7. The important thing to consider is that a PACS would be involved in integration of image and data acquisition, storage, and display subsystems across various digital networks. To begin with most systems utilised DICOM standards in image communication, format, and management. Therefore when different manufacturers developed PACS components, it had to be compatible with the existing standardized DICOM services such as image storage, query, retrieval, and printing8. Essentially PACS systems would ensure a seamless dataflow across networks where compatibility with DICOM systems and necessary image conversions would be one of major requirements for these systems to be implemented. This system was dealt with differently by various PAC systems from different providers through compatibility with different applications, some of which are "diagnostic, review, analysis, and interactive teaching, as well as desktop workstations for surgical simulation, radiation therapy planning and other applic ations9." Therefore, briefly, the system has been designed to work in the following fashion. The radiologists use diagnostic workstations to make a primary diagnosis. This can be

Positive and Negative Associations Essay Example for Free

Positive and Negative Associations Essay Cognitive social psychology describes the â€Å"self† as a dynamic, flexible, and complex set of self-conceptions, emotions, images and memories that are stored in the long-term memory. Some of the self-related material in working memory is associated with the transient conditions of the present time frame. These self-conceptions serve the important function of guiding behavior, affection, and perception. Core self-conceptions are enduring and stable self-conceptions tend to endure over time, and are activated across situations which mean they influence a person in giving meaning to circumstances and choice on how to behave. The perspective about the self in the memory has been referred to as the self-structure where it is proposed that the self-related memory representations are not neutral, but rather carry with them an emotional quality or evaluation tone known as valence (Zephyr 91). Because self-evaluation is based on the prevailing norms and expectations of the cultural milieu, the meaning of the valence component of the core-descriptions is likely to show cultural specificity in which the positive and negative associations are mutually based. Positive and negative associations Cultures have been described in terms of interpersonal values they socialize in their members. Culture is the patterns of social institutions, relationships, and expectations that guide the development of culturally competent individuals. The social values and practices are the major basics in the cultural construction of the positive and negative social associations in a society’s culture. The Haitian culture has been overtly portrayed on racial terms by many white writers something that African American writers have been deconstructing to dispel these negative associations. On the positive associations, anybody who is Haitian upholds highly about his/her self-conceptions will regard everything with self-esteem and more so respect his/her culture; trying to paint a positive image of it. Zephyr (118) points out that Haitians are to some extent positive about their culture and that is the reason why they would like very much to change the negative perceptions the world has. Their music has transcended class boundaries expressing the greatness of the people’s culture and their nation at large. People who talk well of themselves usually have that attitude that keeps their cultural boundaries open to constructive criticism for the better. Superstitions which have for a long time dwarfed development and people’s association are being negated for a society that embraces change. Haitians have changed the African American negativism by whites which has brought new light on the racial issues as a people with equal dignity and who are supposed to be respected. Haiti had remained in the dark and students and other groups have drummed up support in peeling away the darkness and letting people learn more about the place and its people. The United States initially viewed Haiti as a threat to its existence but now that has changed with the view of Haiti as a nation that contributes to its well-being. The historical slave revolution of Haiti is very much part of its proud history. Haiti is considered as a beacon of hope for its model of self-emancipation. This much inspired Negroes in slave plantation to rise and strive for their liberties which were held at ransom by the slave masters. It also strikes positively that Haitians fought bravely against French troops which points to the strong urge among the people to resist oppression from the white masters. Their culture has been without intrusion for many years which has accounted for the people’s strong will of independence leading to self-conceptions that glorifies their lives. The positive self-descriptions of the Haitian people therefore fits within their cultural frame because of the image as a free people from the chains of colonization which are to blame in many African countries for denigrating indigenous cultures, leading to many Africans neglecting their butchered cultural values (Zephyr 89). The critique of the cultural practices of Haitians has provided culturally relevant psychiatric practice very important in the cultural mindset of the Haitians. However, the Haitian culture has not been without negative self-descriptions that are to account for the stereotypes which have influenced the society in a great way. Gender issues, like in every other patriarchal society in the world rears the ugly muzzle to the world view. Also, the Voodoo culture has had negative effects on the socio-economic and political advancement of Haitians. Zephyr (108) reminds us that the belief in cultural practices that hinder development due to inhibiting beliefs that changes will be a bad omen to the society are to blame for the situation of Haitians. The negative stereotypes are of bad influence on the self-conceptions and description which are normally based on the cultural milieu of the people. The voodoo belief has bad influence on the economic bearing in that some practices deny people the opportunity to enterprise in what can economically uplift their living standards. With this culture bearing impact on the mindset of people, ignorance and backwardness set in which make the associations with other people very difficult as these have moved from the perspective of stereotype to beliefs that oppress the people. Like any other society, oppression of women is evident on gender lines, with boy-girl privileges at stake, where education for the male child is done at the expense of the girl who might be a better achiever than the boy. But the Haiti society is changing to adapt to changes that have affected all societies in the world. Neglecting the oppressive beliefs has been a step towards building that global society that embraces change negating the ignorance of many indigenous societies of the past. With these changes, the perspective or the view of the world on Haiti has still remained negative with efforts made by the Haitian society not recognized (Zephyr 122). These degenerative views on Haiti need to change and the world to view the big picture of a changing society for there is no society without blemish. In conclusion, the positive and the negative associations in any society are embedded in the cultural frame of that society, and there is no way one can define such a society without meeting such associations. Whether positive or negative associations, they can be understood on the cognitive social psychology in terms of the self-conceptions defined by the larger cultural milieu. Societies due to globalization influence are changing and so should be our perceptions on particular societies like the Haitians. Works Cited Zephyr, Flore. The Haitian Americans. Westport, Conn: Greenwood Press, 2004.

The Keys to Entrepreneurship Essay -- GCSE Business Marketing Coursewo

The Keys to Entrepreneurship What makes a successful entrepreneur? What can one do to put oneself in a position to succeed on their own? Jay Goltz, for example, is an extremely successful entrepreneur who started his business from the ground up. In the summer of 1978, Jay Goltz founded the Artist’s Frame Service. His business started by using his father’s basement as his office, but eventually moved to an old factory district in Chicago. Today, Goltz’s business in the largest retail, custom picture framing facility in the United States, with over 120 employees and more than $9 million in sales. This success has led Goltz to earn several awards, including being inducted into the Entrepreneurship Hall of Fame. What did Goltz do or possess to make his business venture so successful? Perhaps if one asks the right questions the answers will reveal themselves. Why do entrepreneurs like Jay Goltz succeed when so many others fail? Can a person develop the personality traits to become a suc cessful entrepreneur, and how would one attempt to do that? How important is a business plan when getting started in a business like Goltz’s Artist’s Frame Service? By examining Jay Goltz, and how he started his business, one should be able to identify the attributes that are required to be successful in entrepreneurship. Jay Goltz succeeded in business, I believe, because he was much more prepared than the average person was. Along with possessing key personality traits, Mr. Golt...

Definition Essay

Workplace discrimination is one type Of this phenomenon; treating employees unfair at work that usually based on their nationality, sex, or race. But, What really is workplace discrimination? It's not just a normal denial of a person rights or their work achievements. It's more than that; it's a worst denial that might cause the person to be stress, scare, or even death. An employee can get discrimination in every single day at work from their co- workers or by their boss. You might ask why didn't he/she say anything?It's cause they' were scared. Scared to lose their job, scared of not having health insurance, or scared of not having money to take care their children. And because they were not stand up for their rights, discrimination keep happening which result into severe psychological consequences. Workplace discrimination can become a threatening form, which will not only result in the victim's mind but also their physical body. A good example to illustrate discrimination in the workplace is the study from Lei Alai and Linda C. Babcock.They both did a study on workplace coordination to Asian Americans. They did an experiment that had about 100 participants that they will go to an interview for a junior partner to head one of the satellite offices in the Midwest. This interview will based mostly on social skills, but not limited to first impression, identify candidate's race, and dimension of competence. The result was clearly, it showed that Asian candidates are less consider than the White candidate because of their lacking on social skills as well as their first impression. After the study, Alai andBabcock concluded that lack of social skill is one of many barriers that hold Asian American less likely to move forward in their career. A personal experience about workplace discrimination that I had faced was my very first job at Sweet-frog Frozen Yogurt. I got an interview with the manager and I clearly see in his facial expression that he did not want to h ire me because of my lacking experience. He even told me that the end of the interview that the Store just only hire people with great experience in customer service and asked me to give him times to think about my application. T the job at his store but couldn't be in the front to interact with the customers. The manager kept telling me to work in the back, such as cutting fruit, making yogurt, washing dishes, and cleaning the floor. At first, I thought it might be because the manager wants to test me out my willingness for the job and that's why he wants me to do the hard job first. After 3 months, all of my co-workers got raised, except me. Even a girl who came in the same time with me got raised. Asked him about it and all he said because they're all work hard with the customer but you're not.I was mad but still tried be professional after the discussion with the manager. The next day, gave him 2 weeks notice of resignation with the reason of school schedule conflict. Clearly th at didn't get treat fairly at the workplace and it's just not fair that raising salary based on how many time an employee interact with customers. Workplace discrimination is a nightmare to everyone because of its effect on the victim's mind. Dealing with it might get more stress but if dealing with it in the right way will make a lot of differences at the workplace and the victim life s well.Some of the great strategy to deal with workplace discrimination is stand firm under verbal attacks, remain confident about your own abilities, stay calm in all situations, and communicate with someone about the problem. We, unfortunately, do not live in a world with all perfect people. Many people still facing unequal opportune ties and rights in everyday at their workplace and can not tell anyone about it. Employees can be discriminated because of certain features they posses, such as their skin color, race, sex, religion, and disability. Definition Essay Having a chance or dream is how an American life Starts Out, believing you can do something with your own life, getting the job you always wanted, and having equal rights. Overcoming obstacles is a great way to have believe in yourself and going out into this country that gives you a chance no matter how poor there's always some type of help for you because of all the public facilities that exist in this free country. This quote explains it, â€Å"But now I can say that I am a Japanese-American. It means I have a place here in this country, too† (Growing up Asian in America).This girl overcame the problem that was going on in World War 2 when all Japanese were being put in concentration camps by the U. S. Government because of Pearl Harbor. After it all ended she was actually proud to be Japanese-American because she had rights and a chance to get somewhere in life after all the down falls during the war where everything was taken for all Japanese. She still had hope and was i nfluenced by America, to a dream that can be possible. Following it no matter what color or race your are, all you have to do is have a dream, but go out there and make that dream become true.Every person has this chance to go out there and make it to the top, work hard for it and you have to be the one who has to make it possible. Getting to where you want to be with a successful job isn't easy. It takes lots of determination to get there and be one of a kind. That's the goal of every person out there but It's not as easy as people say because there's different advantages and disadvantages depending who you are or where you're from. But being the American that your are it should have a positive outlook to get there.For example this quote, † Who is to say, then, if there is any right path o the top, or even to say what the top consists of right to Fail). So how are we sure that it possible to get to the top, there's no one to tell you that and that's why you have to take actio n in life and beat the competition to get the job that you want. There arena any more secure jobs out there in this country they will take the best they can get so you have to be prepared because I also think the white person has an advantage against a minority. It always been a question of what equal rights mean in every situation and race always conflicts with this as well. The laws, the indulgent laws, protect hem as they arrive, stamping on them the symbol of adoption; they receive ample rewards for their labors; these accumulated rewards procure them lands; those lands confer on them the title of freemen; and to that title every benefit is affixed which men can possibly require†(What is an America). Looking at this quote I can tell that minorities are coming into this country from Europe and the law is protecting them to be here and work in lands and then reward them with land of their own. Definition Essay The dictionary defines risk as â€Å"a situation involving exposure to danger†. From experiences when speaking with others; particularly those in their forties and above, many tell me that if they were able to go back and change one thing they'd have taken more risks. Risks aren't easy to take. Advances in brain imaging technology now show that t humans are wired to avoid risk. That is to say that people find it easier to accept the status quo, keep our mouths shut and our heads down rather than take a chance make a change, ND speak up.Daniel Keenan wrote in Thinking Fast and Slow, † when assessing risk, potential losses tend to loom larger than potential gains† Therefore effectively hindering a person's d session on whether or not to take that risk. Risks have their benefits and consequences. Although its true that risks can lead to serious consequences in most cases the potential gains outweigh the losses. Personally believe in the saying â€Å"no venture, no ga in. † Only when we take the risks, do we realize our full potential.This saying speaks true to me in that as a young child remember being dead holy scared of swimming. Knowing that one day I still tried and learned how to swim and I've been swimming ever since, swimming was a risk that I took knowing that I could drown, but ye t if I never took that risk I would have never realized how it could be. Risks must be weighted, or in other words the risks being taken must be â€Å"cal elated risks†. Only a fool would try to fly an airplane without any rudimentary training and consciousness of the dangers involved.Flying an airplane is a extremely risky endeavor . But if they were to fly they have to be brave enough to take risks of knowing the co uniqueness of that act.. In a similar situation Jon Krause writes about the life and adventures of a young man by the name of Christopher Mishandles in his book Into the Wild. In the book Kerr Quaker follows Chris as he journeys into the Alaskan wilderness to live life of solitude but is h peepholes unprepared.As he heads into the wild a man offers him a ride and notices ho w liquefied he was for his journey and offers him supplies but Chris turns his offer down. Chi iris is then found dead later that year in a bus he used for shelter. To conclude risks do have their faults but in most cases the benefits outweigh those consequences, and a person would lose more opportunities in the long run if they were to take no risks rather than take calculated risks and lose some.

Sop for Canada Student (Study Permit) Visa

STATEMENT OF PURPOSE I have always aspired to choose a career in a field that really stimulates me and holds a natural appeal to me. Today as I stand at the pathway of learning, I have with out hesitation chosen the field that excites me the most and draw the best of my abilities. The very quest to resolve the basic underlying principle of programming has been a source of tremendous inspiration and has promoted me to choose computers as my undergraduate and postgraduate. MY INTEREST:My inspiration to pursue a career in computer science was kindled by my high grades in Master of computer science and further due to my desire for challenging career. Computers was always been a compelling interest to me. Not only because of the depth of research that is possible in the fields, this being a developing field and I am aware that there is a large scope for improvement and vast exposure. I wish to pursue higher grades in my higher studies in this field. EDUCATIONAL BACKGROUND:I was very fortu nate to have my foundation of my education in SBOA, where my aptitude for mathematics & science developed and was very keenly interested in these subjects. After completing my higher secondary schoolSBOAone of the leading colleges that produced excellent teaching staff & toppers. After completing my Intermediate educations I studied B. A from KARACHI UNIVERSITY (KARACHI). After B. A I completed MSC (database designing , software engineering and business process are my interesting subject ) from Preston university karachi.In 2006 I started my MS computer science (selected subjects data warehouse , database designing , software engineering and business process reengineering) from SVCE my thesis on business intelligence in education sector. During the few years of my studies, I was exposed to fundamental aspects and potentials of my Software engineering. Which helped me gain a firm grasp of fundamentals as well as developed a special liking for the Computer basics and its applications? WORKING EXPRERIENCE: For the past five years I have been working as a system analysis cum computer programmer at the SVCE.I am working on the design and development of a † university system†. This long period has given me invaluable practical experience. It has given me the confidence to pursue a PhD degree and also kindled a desire to do research. WHY YOUR UNIVERSITY: I have learnt from your dept brochure and various other sources about the extensive research being under taken, especially in my areas of interest under the guidance of your eminent faculty and state of art at your esteemed university. Ten years from now I see myself leading an active research been engaged in works of advanced research.Given a chance to pursue RESEARCH study at your university. I am confident of my ability to measure up to your standards. I hope my application will be received forwardly and assure you that my interest and dedication will be reflected in my course work. An assistantship wi ll certainly go a long way in motivating me further and strengthening my determination to realize my career objectives. My sole aim for coming to your country is to complete my MGMTscience that will enhance my career opportunities when I return to Pakistan.

Make a Glowing Ice Sphere Using Ice

Make a Glowing Ice Sphere Using Ice There are a few different ways you can make a non-toxic glowing ice sphere. You can even make a glowing crystal ball that you can float in a bowl of punch to drink. Glowing Ice Sphere Materials The most important item for this project is a mold that you can use to make a sphere of ice. You can use a plastic snap-together ball, meant for making your own holiday ornaments or you can fill any hemisphere containers to put together two halves of a sphere. Look for ice cube trays that make rounded ice, small bowls, large measuring spoons, melon ballers, etc. Plastic and metal containers work well; dont use any container made from thin glass, since it may shatter when you are freezing the ice. How to Make Water Glow for the Ice You have a few different ways to make your ice glow. Tonic Water - BlueTonic water glows blue when it is exposed to a black light due to the fluorescence of quinine, the ingredient which gives tonic water its characteristic flavor. You can freeze tonic water and float your ice sphere in a punchbowl. This type of glowing ice is completely safe to eat or drink. Highlighter Water - Any ColorIf you squeeze the ink from a non-toxic fluorescent highlighter pen into water and pour it into a mold, you can get an icy sphere that glows brightly under a black light. Although the ice is non-toxic, it isnt good to eat or drink. Use highlighter ink when you want a wide selection of colors or want brightly glowing ice. Glowing Ice - Greenish YellowIf you mix a little non-toxic glowing paint into some water and make an ice sphere, you will have an ice ball that glows in the dark for an extended period of time. This type of ice makes a great snowball. Shave the ice or slush it up in a blender, pack it into a snowball shape, expose it to a bright light , then turn out the lights and have a snowball fight in the dark. Watch a YouTube video tutorial showing how to make a glowing ice ball and see what they look like.

Some Advice about Advise

Some Advice about Advise Some Advice about â€Å"Advise† Some Advice about â€Å"Advise† By Maeve Maddox Two comments on writing sites jumped out at me recently: Whereas other kinds of writing you could slide a bit, although that is not adviced or recommended. and Very smart advise. Also always check with the publisher for submission guidelines as they all can be a little diferent but they all want perfection to their rules. I know that it’s easy to write comments in a hurry and then see, too late, that you’ve misspelled something or written an ungrammatical sentence and can’t go back to correct it. I have a lot of experience in doing just that. However, it’s not just in rapidly-written comments that advice and advise are mixed up. ESL speakers and writers must find the words easy to confuse. This from the Norway Post: Swine Flu: Mass vaccination adviced As expected the Norwegian Health authorities on Friday announced that they advice all Norwegians to be vaccinated against the swine flu Many bloggers and forum commentators, possibly native English speakers, suffer from the same confusion: nature Viewer discretion advicedegh (headline over unpleasant photo) Why heart patients are adviced for morning work (headline on medical advice site) Post Tooth Extraction Care as adviced to my patients (headline on the blog of a dental surgeon) Why are people adviced to eat seasonal fruits and vegetables? (Answers.com wiki question) We Adviced a New Mum How to Cope With a New Baby and the New Role of Motherhood (Articlesbase headline) Advice and advise are pronounced differently. The c in advice has the sound /s/. The s in advise has the sound /z/. Both words have numerous meanings, but the usual ones are: Advice: a noun meaning â€Å"opinion given or offered as to action.† Advise: a verb meaning â€Å"to counsel, caution, or warn.† The past tense form of the verb advise is advised. Tip for keeping them straight: The word advice never changes its form. You can talk about â€Å"different pieces of advice† but never â€Å"advices.† If you catch yourself trying to add any kind of ending to advice, you’re about to commit an error. Examples of use: Take my advice and stay home when it snows. I am advising you for your own good. He advised her to stay home. She failed to heed his advice. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Misused Words category, check our popular posts, or choose a related post below:Wether, Weather, WhetherBody Parts as Tools of MeasurementI wish I were...

Case study analysis Essay Example | Topics and Well Written Essays - 1000 words

Case study analysis - Essay Example In this case, it is counter-productive for a company to internationalise a product without fundamentally seeking to acquire a large market segment of the local market. Despite these factors, a strategic analysis is crucial in the process of internationalising a product. To internationalise a product, an effective strategic analysis will involve the identification of the strengths that make the product a good option for new markets. Such strengths include the competitive advantage of the product over its competitors. Consequently, the competitive advantage determines whether the company will modify its product in order to be accepted in the new markets. In addition, the company may decide to introduce a new product for the new market or the company may decide to venture into the new international markets with the same product (Czinkota and Ronkainen 2007). In line with this, it is essential to point out that a good product does not require modification in order for the company to intr oduce it to new markets. As an alternative internationalisation of a good product should involve its introduction into the new market in its original form since it has the competitive advantages related to superior quality and a powerful brand name. The specific capability of a firm to produce a quality product is crucial in determining the internationalisation of a product. In this regard, efficiency in production and distribution systems determines whether the product will be offered to the customer when required (Lessard 2003). Case in point, investing in innovative technology was a crucial factor that helped Auer meet its customers’ demands since the company was able to offer its customers products when required due to continuous production. However, it is evident that the company failed to meet the demands of its customers once the distribution channels were affected. In this regard, the investing in effective distribution channels and innovative technology ensure that t he company will be able to meet the demand of its customers by offering the products on time. A good product for internationalisation should be a differentiated product. By differentiation, a company should offer new customers a product that is unique in order for the customer to easily adopt the new product in place of the one that they were consuming. In this regard, it is challenging for a customer to adopt a new product without experiencing uniqueness of the product. In line with this, a company that internationalises a product should ensure that the product is distinct from its competitors since an inferior product cannot replace a superior product in an international market. Lessard (2003) identifies these factors as responsiveness to the demands of the local customers by ensuring that the product was in line with the tastes and preferences of the customer. Without responding to the tastes and preferences of the local customer, it is challenging to internationalise a product t o new markets. A good product provides avenues for strategic partnership between various companies engaged in the international mar

Opera property management system an evaluation report Assignment

Opera property management system an evaluation report - Assignment Example In the past few years information technology has brought a number of changes to almost all the industries. However, it has a serious impact on the hospitality industry. In fact, a large number of people from hospitality industry now consider that the implementation of latest and modern IT tools is necessary not simply to maintain and run hospitality-related functions but also to set up a bridge with potential customers. In this scenario, these varying IT trends in hotel industry force all kinds of hospitality firms to effectively take advantage of any innovative technology that can offer their firm’s substantial excellence in forms of superior customer satisfaction and employee competence. Up till now a large number of researches and studies have been carried out by various researchers to find out the positive effects of IT tools and systems on the hospitality industry. For instance, carried out a research in order to determine the impact of information technology supported sy stems in Australia, which demonstrated that the implementation of information and management systems can play a significant role in increasing the capability of hospitality industries.... The selection of a property management system heavily depends on the nature and size of the hospitality firm. This paper presents a critical review of an information system that is particularly designed for managing and dealing with property related operations. In this paper I am going to review a modern property management system known as Opera Property Management System. This paper will discuss different aspects of Opera Property Management System. Property Management System Before going into the depth of this property management system there is need to understand the importance of using these IT systems in the hospitality industry. As Opera Property Management System focuses on Wi-Fi usage so we will also discuss the use of Wi-Fi technology in the hospitality industry. In their research, (Pandey, 2010) discuss the importance of information technology for the hospitality industry. According to their viewpoint from dealing with guests and customers and developing and presenting food menus to keeping track of their employees, IT tools and systems have not only completely changed but also restructured the way the hospitality firms carry out their tasks in this information technology based era. In fact, the hospitality sector for all time thrash about to find out more ground-breaking tools and applications with the passage of time as they make changes to the format of the hotel and restaurant business (Pandey, 2010). In addition, a large number of researches and studies have concluded that IT tools and applications have turned out to be a key driver of economical growth for the hospitality industry in the past few years. In this scenario, extensive availability of easy to use and state-of-the-art tools and software applications for

Smoking Research Proposal Example | Topics and Well Written Essays - 1000 words

Smoking - Research Proposal Example This stage is called metastasis. On the contrary, in some cases cancer cells do not display uncontrolled growth, they are non-invasive and do not spread, such stage of cancer only forms benign tumors (Alberts et al, 2007). Numerous factors are responsible for the proliferation of cancer, these could be environmental factors- tobacco and alcohol consumption; obesity- sedentary life style and higher intake of calorific fast food may lead to the trigger of cancer genes (Bassen- Engguist, 2011), pollution, obnoxious agents with carbon particles including polycyclic aromatic hydrocarbons from the industries releases toxic chemicals may act as carcinogens; heredity factors, radiation hazards, by viruses, food items, pesticides and other organophosphorous compounds and cosmetic agents may act as carcinogenic agents (Irigaray, 2007). The present research proposal is to highlight the significance of smoking in treating cancer. Treatment of cancer involves chemotherapy and radiotherapy. However, studies reveal that investigative studies presents neurobiological, pharmacological implications of marijuana and its therapeutic propositions for HIV wasting, glaucoma and cancer chemotherapy ("American College of Physicians", 2008). However, an impediment to pursue research is attributed to the intricacies exhibited by the federal approval methodology, insufficient availability of research-level marijuana and disagreements over its legalization. Essentially, it is necessary for the physicians to realize the therapeutic implications of marijuana and encourage abusers co-operation in the management and cure of numerous disease conditions that are hard to cure because of extreme pain and the association of the underprivileged ("American College of Physicians", 2008). Marijuana, commonly identified as cannabis, comprises about 60 compounds unanimously described as cannabinoids. The foremost chemical component accountable for psychoactive

confounding factor or lurking variable

confounding factor or lurking variable Confounding variable, also known as confounding factor or lurking variable can be defined as an undesirable variable that has an influence on the relationship between the variables of an experiment. Although they are not the variable of actual interest (i.e. the independent variable), they can influence the outcome of an experiment and they are considered to be undesirable as they could add error to an experiment. A proper designed experiment should aim to decrease or control the influence of such confounding variables in order to avoid type 1 error; an error that raises a false positive conclusion that the independent variables have a casual relationship with the dependent variable. The relationship between the two observed variables is called a spurious relationship, hence a confounding variable is a threat to the validity of inferences made about cause and effect, i.e. the internal validity because the observed effect should be attributed to the independent variable rather than to the confounding variable. An example can be illustrated by the relationship between ice cream sales and drowning deaths. When these variables are entered into a statistical analysis, they may show a positive and potentially statistically significant correlation. However, it is a mistake to infer a causal relationship (i.e., ice cream causes drowning) because an important confounding variable which causes both ice cream sales and an increase in drowning deaths has not been accounted for: i.e. summertime. Although there is a body of literature of criteria for causality, Pearl claimed that confounding variables cannot be defined in terms of statistical notions alone; some causal assumptions are sometimes necessary. For example, when causal assumptions are being defined in the form of causal graphs, a simple criterion called backdoor will identify sets of confounding variables. Types of confounding variables Confounding variables may also be categorized according to their source: the choice of measurement instrument, situational characteristics, or inter-individual differences. Solution There are several ways to combat confounding variables in an experimental design by excluding or controlling it. Here is the following: Case control studies: by assigning the same confounding variables to both the experimental and control group can control for such confounder, for example, if the cause of multiple infarct dementia is being studied, age and sex could be the confounding variables, therefore these factors should be matched paired between the two participant groups. In addition, randomization is also another solution as having all confounding variables (whether known or unknown) will be equally distributed across all groups. Cohort studies: this is done by admitting a specific group of participants into the sampling population, for example a specific age range that may affect multiple infarct dementia, therefore only a certain group is chosen for the study design such as male aged 45-50 years old. This would limit the degree of matching between the groups and also cohorts can be comparable in regard to the possible confounding variable. Stratification: in the example of multiple infarct dementia study, physical activity is hypothesized to be a variable that can prevent this dementia from happening. With age as a possible confounder. The sampling data will then be stratified by age group so that the association between physical activity and dementia can be analyzed per age group. If different age group yields different risk ratios (this can be analyzed by statistical tools called Mantel-Haenszel methods), then age is seen as a confounding variable. Despite solutions for the controlling and limiting confounding variables, these strategies have limitations too. For example if a participant in the case-control study is a 47year old African-American from Alaska, avid tennis player, vegetarian, working as an engineer and suffer from multiple infarct dementia. Proper matching would require a person of the same characteristics but with the sole difference of being healthy. This is extremely difficult to achieve and there is a risk of over- or undermatching of the study population. Additionally, in a cohort study, too many people may be excluded with this criteria, and in stratification, single strata can get too narrow and contain only a small, non-significant number of samples. Randomization One of the most common reasons for the existence of confounding variable is when the experimental design does not randomly assign participants to groups or some types of individual difference such as ability, extroversion, height and weight. For example, studies involving a comparison between men and women are inherently plagued with confounding variables since the social environment for males and females is very different to start with. However, this does not mean that there is no value in gender comparison studies or other studies that does not employ random assignment but it implies that results interpretation should be done cautiously. In sum, random assignment is a useful and powerful tool in experimental design. Although it does not minimize the overall amount of extraneous variable in an experiment, it aims to equalize the error that may occur as a result of extraneous variable, therefore it can greatly decrease systematic error: error that varies within the independent variab le. Multivariate analyses Another method for controlling confounding variable is by the use of covariates in multivariate analyses. However, this only gives little information about the strength of the confounding variable compared to stratification methods. Furthermore, confounding variables are not always known or measurable which means residual confounding (term for incompletely controlled confounding) may appear. In an experimental design, covariate adjustment can help to reduce the noise in an outcome variation whilst enabling the manipulation effect to be performed. In sum, successful randomization can minimize confounding variables by bother measured and unmeasured factors, whereas statistical control addresses only confounding variables that have been measured and can introduce more confounding variables and other biases through inappropriate control. Mismeasurement and mis-specification Although it is important to spot confounding variables in a study there is often a risk of having a statistically controlled but imperfectly measured factor that may confound an association of the variables. This is termed residual confounding which describes the mismeasurement and an example is given to illustrate this. In a study example, it was found that people with higher rate of vacation is correlated with lower risk of mortality. Several explanations can account for this as vacation mitigates stress, diminishes anger and encourage more exercise. On the other hand, healthier people might be more likely to travel so vacation may not be a genuine causal factor but only a marker of initial health status that naturally predicts longevity. Consequently, vacation may remain to be a significant predictor even after adjusting for baseline health status as the covariate. It is therefore easy to construct a series of potential confounders but many would lack plausibility. For example, pe ople with more friends may have more vacations and friend was indeed the predictor variable instead, low-stress working environment and wide range of food (I.e. completeness of diet) may all attribute to prolong life too. However, because plausibility is a highly subjective factor for considering whether enough potential founders are included. To identify confounders Priori knowledge of the likely causal pathways are required. The major drawback of this is that observational studies imply that the strength of any causal inference will depend on the biologic plausibility of the putative factor, and the implausibility of uncontrolled potential confounders. In addition, observations contain some judgmental component which varies from experimenters. For example, vacation may prolong longevity because sick people tend to travel less, to deal with this. Measurements of participants initial health may be used as an adjustment but this however cannot be assessed without error. Moreover, hea lth can be measured in so many different ways and not all can be included and controlled for. This raises more and more questions such as: can the use of initial stress test be used to capture aspects of health confounded by vacation? Is body mass index relevant? Consequently, even if the optimal measure of confounder is used it is measured with error and adjustment for it may not eliminate the effects of vacations. From the statistical analysis perspective, poorly measured confounding variables causes more problems as its effect may not be linear, by assuming linearity on the outcome as specified by the model by entering confounding variables as a covariate in standard regression models may not fully adjust for the confounder effects are not linear on that scale. Mediators and confounders There is a common conflict that different causal explanations can be possible when adjustment is used to reduce or eliminate the predictive power of the independent variable. For example, a confounding variable may sometimes be a marker of some causal factors but it is not directly involved in the causal chain from one variable to another and there is a problem of over-adjustment. Considering an example on the hypothesis that high blood pressure (BP) reaction to stress causes Hypertension. To test this hypothesis, a longitudinal study should be conducted where BP reactivity and resting BP levels of a large group of participants should be measured. Result findings should report that excessive reactivity to be the risk factor for later hypertension but the problem is reactivity may just be a marker for elevated BP resting level and it is not important per se. consistent with this problem, those participants with higher resting BP may correlate with high BP reactivity scores. To control for the current confounding variable, the initial resting BP levels should be adjusted by regression analysis which llustrates whether BP reactivity is attributed to any predictive information beside just the initial resting BP level. This may show that reactivity is no longer a very predictive factor and most of the variation in the follow-up BP levels may be accounted for by the initial resting levels. However, this does not mean that reactivity is not causally related to future BP status, i.e. if increased reactivity preceded initial increase in resting BP level, it could also be responsible in part for the initial increase in resting BP level. This is a situation whereby a single variable may have both confounding and mediating roles simultaneously. The example of vacation and mortality is used to illustrate this: assuming that people who go on more vacations are less likely to die over a 5-year longitudinal study, including a factor: initial health status in the regression mod el could eliminate this association. Alternatively, if people in poor health take fewer vacations then this elimination may reflect the removal of a confounding variable by health status. However, if the participants tendencies to go on vacation are constant over the 5 year period then health status will reflect the cumulative health impact of a lifetimes vacation habits. This shows that health status will contribute partly as a mediator of vacationing effects. This confusion between a mediator and a confounder will be less apparent if the risk factor is not stable over time. For example if the participant has only just started having vacations, then these will not be reflected in the initial health status and may have higher opportunity to predict subsequent health with initial health status as a covariate in the analysis. However, if these changes become out of control, it can create a quasi-experimental design. For example, if people take vacations due to change in their company policy rather than the reason of making friends or have spare time, and other group have less vacation for the same reason. Then in this case, it is possible to assess the effect of vacation independently of initial health status. In sum, indiscriminate adjustment of covariates may result in erroneous conclusions and many socialdemographic variables can be mediated by other factors such as low income, unfulfilling jobs, no friends etc. moreover, there may also be other intermediate variables like self-determinations and release of stress hormones that may affect the results. Considering the wide range of variables listed, any inaccurate measures of them may lead to a reduction or elimination of predictive power. Moreover, by controlling a mediator may produce further confounding variables, which will then increase or decrease the associations of the independent and dependent measures. Furthermore, it may even create a new spurious association when in fact no effect is present. In sum, despite the number of limitations discussed in this critical review, they have an important role in behavioural research as randomized trials are sometimes found to be impractical and unethical. In spite of the hazardous statistical control of confounding variables will gain insight into special cautions in drawing conclusions and writing research in the future.

Christopher Columbus vs. Alvez Nunez Cabeza de Vaca Essay -- American

Christopher Columbus and Alvez Nunez Cabeza de Vaca were both explorers for Spain, but under different rulers and different times. The more famous, Christopher Columbus, came before de Vaca’s time. Columbus sailed a series of four voyages between 1492 and 1504 in search for a route to Asia which led accidentally to his discovery of new land inhabited with Indians. Christopher sailed under the Spanish monarchs, Ferdinand and Isabella for his journey to the â€Å"Indies,† whom he was loyal to by claiming everything in their name. De Vaca , followed in Christopher’s footsteps and journeyed to Hispanionola for Spain’s emperor, Charlves V, the grandson of Ferdinand and Isabella. Both, Columbus and de Vaca composed a series of letters addressing the main issue of their journey to the new land, but both were expressed in a different manner, included different material, and were motivated to write for dissimilar reasons. Columbus’ and de Vaca’s purposes to compose letters are quite divergent. Christopher Columbus’ main objective in his Letter to Ferdinand and Isabella Regarding the Fourth Voyage, was to list his unnoticed accomplishments, justly sufferings, and devotion in order for the monarchs to save him. He had his heart set on Ferdinand and Isabella’s pity to obtain their permission to go to Rome and other places of pilgrimage. In Columbus’ â€Å"Letter to Ferdinand and Isabella Regarding the Fourth Voyage,† Columbus had the intention to please his majesty by claiming his â€Å"[pure devot...

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