Perfect competition Essay Example for Free

Perfect competition Essay A profit maximiser increases output until MC=MR at Q1. The intersection of MC with MR gives the profit maximising level of output. The intersection of MC with MR gives the profit maximising level of output. To find the market price one must project up from Q1 to the demand curve and across the vertical price axis, P1. Consumers are willing to pay P1 for Q1. Unit costs are only P2 so the firm is making an abnormal profit of (P1-P2)*Q1. The four key characteristics of monopoly are: (1) a single firm selling all output in a market, (2) a unique product, (3) restrictions on entry into and exit out of the industry, and more often than not (4) specialized information about production techniques unavailable to other potential producers. These four characteristics mean that a monopoly has extensive (boarding on complete) market control. Monopoly controls the selling side of the market. If anyone seeks to acquire the production sold by the monopoly, then they must buy from the monopoly. This means that the demand curve facing the monopoly is the market demand curve. They are one and the same. The characteristics of monopoly are in direct contrast to those of perfect competition. A perfectly competitive industry has a large number of relatively small firms, each producing identical products. Firms can freely move into and out of the industry and share the same information about prices and production techniques. Single supplier: The essence of a monopoly is a market controlled by a single seller. The most important aspect of being a single seller is that the monopoly seller IS the market. The market demand for a good IS the demand for the output produced by the monopoly. This makes monopoly a price maker, rather than a price taker. Unique Product: To be the only seller of a product, however, a monopoly must have a unique product. There are no close substitutes. A monopoly is an ONLY seller of a UNIQUE product. Barriers to Entry and Exit : A monopoly is generally assured of being the ONLY firm in a market because of assorted barriers to entry. Some of the key barriers to entry are: (1) government license or franchise, (2) resource ownership, (3) patents and copyrights, (4) high start-up cost, and (5) decreasing average total cost. A monopoly might also face barriers to exiting a market. If government deems that the product provided by the monopoly is essential for well-being of the public, then the monopoly might be prevented from leaving the market; Specialized Information Monopoly is commonly characterized by control of information or production technology not available to others. This specialized information often comes in the form of legally-established patents, copyrights, or trademarks. It could be a secret recipe or formula. Perhaps it is a unique method of production. While these create legal barriers to entry they also indicate that information is not perfectly shared by all. Natural Monopoly Sometimes markets become monopolies simply because it is more cost effective to have one firm serving an entire market than it is to have a number of smaller firms competing with one another. Firms whose economies of scale are virtually unlimited are known as natural monopolies, and the goods they produce are referred to as club goods. These firms come to be monopolies because their size and position makes it impossible for new entrants to compete on price. Natural monopolies are usually found in industries with high fixed costs and low marginal costs of operation, such as cable television, telephone, and internet providers. Legal Monopoly Sometimes a government will pass laws reserving a specific trade, product or service for government agencies. For example, many times a government agency will be in charge of running water. The legal barriers that are put up prevent other companies from competing with the government. Technological monopoly occurs when the good or service the company provides is has legal protection in the form of a patent or copyright. For example, if a company develops and patents a drug to cure brain cancer, that company has a legal monopoly over that drug.? Arguments for monopoly : The beneficial effects of economies of scale, economies of scope, and cost complementaries on price and output may outweigh the negative effects of market power. Encourage innovation.

A Speech Given By Frederick Do -- essays research papers

FREDERICK DOUGLASS’S POWERS OF APPEAL After his escape from slavery, Frederick Douglass chose to promote the abolition of slavery by speaking about the actions and effects that result from that institution. In an excerpt from a July 5, 1852 speech at Rochester, New York, Douglass asks the question: What to the slave is the Fourth of July? This question is a bold one, and it demands attention. The effectiveness of his oration is derived from the personal appeals in which he engages the listener. At once in this speech, Douglass appeals to his listeners’ religious tendencies. He asks his audience, “am I, therefore, called upon to bring our humble offering to the national altar…'; (441). Religious appeal is so important because the majority of his audience is Christian, and he implies that Christianity, in its ostensible purity, allows the mishandling of human life to the degree of slavery. By relating Christianity directly to slavery, his listeners must question the validity of their Christian doctrines in relation to the institution of slavery. In doing so, they must eliminate their acceptance of one of these traditions; the odds are that Christianity holds a much more loyal following than slavery, in which case slavery will be given up as a practice. Douglass also quotes from Psalms 137:1-6, and the ludicrous concept that slaveholders expect their slaves to be joyous in their state of bondage is the essential meaning of the passage he chooses as it relates to the comparable situation of the Babylonians’ captives (442). His persuasive appeal in this case is the notion that any pious Christian would have sympathy for the lamenting captives and contempt for the captors in the Psalms passage. If this assumption is correct, then the same pious Christians surely should realize the situation of the slaves on this day and every other. Additionally, in asking this question, he asserts immediately that the meaning of the Fourth of July is entirely different from that of the free, white American. Douglass concedes that the whites of America had reason to rejoice: “the rich inheritance of justice, liberty, prosperity, and independence'; (441). However, he also illustrates that there are just as many reasons for slaves to scorn the traditional meaning of the Fourth of July. Furthermore, these reasons are as ... ...w, with all of the activity and thinking life requires, the slave’s manhood can be questioned (443). For the white man listening to this argument, it is required that he empathizes with the situation of the slave, because in actuality there is much in common between the free and the enslaved. This is precisely Douglass’s point; bondage is the only hindrance of slaves’ abilities to lead a fulfilling life. Douglass’s appeals to his audience are specifically directed toward white, Christian males. He is fully aware at all times he must show that he can relate with them. As Christians, how should they have felt had they been denied their right to practice religion and believe in their god? What would they do if the country they so loved chained them to a life of servitude? Finally, what would all the work to support a family and desire for self-improvement have accomplished if it only benefited a master, but not a wife and children? Douglass deliberately addresses those aspects of life that mean the most to his audience because in doing so he is sure to gain the listeners’ full attention and consideration of the immorality of slavery.

Strategic Planning Process

Strategic Planning – Week 1 Keyla (Bolin, Niu) Keiser University MKT531 Marketing Management Dr. Jeff Ritter 03/09/13 Strategic Planning Process Strategic planning is refers to the development of the organization’s long- term goals and put forward into practice (Peter, 2013).Strategic planning system is the strategy, objectives, environmental factors, it is a process about the internal conditions and various elements integration and used to guide the rational allocation of limited resources enterprise for a certain period of time, in order to reach the goal of the management activities Some big enterprise have particular plan for next fifth years. Strategic planning can be separate to three steps, the first step is to determine the objective goals, during the enterprise development, it should be meet all kinds of challenges that successful achieve the goal.The second step is to formulate the planning, after manger determine the goal, manager should consider what measure s can be successfully to process the project, this is what I understannd about strategic planning. According to the requirements of the strategic planning, the characteristic about strategic planning can be summarizing by these points (Aldehayyat, & Twaissi, 2011): 1. Strategic planning system set broke through the traditional thinking mode which is not planning at present project, but the goals are for enterprise future direction of planning and financial.It pays much more attention to how to adjust business environment and innovation. 2. The settings of strategic planning are often led by very few top management leader directly control. It doesn’t like short-term business plan by a wide range of many people to participate in. 3. The strategic planning system is focus on the changing the external environment and innovation about enterprise, it involved the possibility of market opportunity which is hard to control and requires the enterprise have random and rapid response. 4 .The strategic planning plan can be set with external environment, business industry structure, customer and competitor’s information; however, the enterprise manager can understand the company’s internal standards through this process. 5. Strategic planning is a big change plan which is enough to change the enterprise future direction. It is combined with the strategic business goals and strategic key points that will make the enterprise get comprehensive change. The famous managerialist Drucker thinks that the enterprise of top managers’ first priority is to formulate and implement strategy.Through the company's mission, he thought, to reflect on the basic task of the management, is to put forward such a question: our company is what kind of business? It should reach to what kind of business? To this end, enterprises should develop their strategic target, strategic and plan, make decisions for the future. Clearly, this is actually the strategic planning proces s. From western developed countries the large enterprise, the management strategy is the framework of the strategic plan system.Is not normative system, of course, also can produce excellent strategy? But, regardless of the manner, the formulation of strategic planning system is intertwined in the processes for management activities, and the strategic management plays an important guiding role. It makes enterprises at all levels of staff have been involved in the process. I. e. , the enterprise employees should participate in the formulation or implementation of the strategic planning system, it's just them to participate in different degree of prevention is.Each employee in the enterprise bear the plan the worker roles at the same time, also has the characters such as organizer and commander. In this sense, the enterprise strategic planning system plays a sustained and coordinated the important role of strategic management and daily business activities, also prompted enterprise emp loyees to form a strong cohesion and a sense of belonging (Robinson, & Pearce, 1988). The effective decision system of corporate strategic planning must start with a strong organization.Enterprises in determining the strategic planning system, the corresponding processes must be designed so that the audit in the enterprise between various departments, as well as the correlation between their activities and planning, influence each other and mutual dependence. Generally speaking, due to the historical development of each enterprise, decision-making habits, thinking mode of different leaders, led to its approach in formulating strategic planning system is also ifferent. The strategic planning system of the scientific program should be determined based on the each company’s actual situation. Enterprise brand, family brand (brand) category and product brand constitute the brand level, different levels of brand both relate to each other, and influence each other (Kraus, & Schwarz, 2006). For example General motors, the enterprise brand, Chevrolet is general motors' family brand (brand) category, and sail (sail) is the product brand.Gm gives customers the brand association is a U. S. auto giant, a global fortune 500 companies, has a good reputation, and so on; The Chevrolet brand is one of the largest brands, gm's global sales volume since introduced the first product in 1912, total sales has more than 100 million vehicles, market coverage to 70 countries, has a record of sales of a new car every 40 seconds. Chevrolet 2004 global sales of more than 3. million units, in the global sales of every 16 a new car is a Chevrolet, Chevrolet brand to the customer's brand association is a reliable, pragmatic, intelligent and friendly, full of vitality; And sail (sail) brand, convey the differentiation characteristics of the product. The three levels of brand together, can put enough brand messages to customers, and make customer to sail (sail) this has just set up soon products produce good brand association and brand identity. References Robinson, R. B. ; Pearce, j. A. (1988). Planned Patterns of Strategic Behavior and Their Relationship to Busi- ness-Unit Performance.Strategic Management Journal, 9, 43-60. Peter, J. , ; Donnelly, J. (2013). Marketing Management Knowledge and Skills. New York, NY: McGraw-Hill. Aldehayyat, j. S. ; Twaissi, N. (2011). Strategic Planning and Corporate Performance Relationship in Small Business Firms: Evidence from a Middle East Country Context. International Journal of Business and Management, 6 (8), 255-263. Kraus, S. , Harms, R. , ; Schwarz, E. j. (2006). Strategic Planning in Smaller Enterprises: New Empirical Findings. Management Research News, 29 (6), 334-344.

Good Storms Coming Relevance And Implications Of The...

Better Storms Coming: The Relevance and Implications of the Philippine War against Illegal Drugs of the Duterte Administration Duterte s policy is counterproductive and doing the opposite: it is slaughtering people, it is making the retail (drug) market violent—as a result of state actions, extrajudicial killings and vigilante killings. – Vanda Felbab-Brown, urban violence and internal conflict expert at Brookings Institution Perhaps, Felbab-Brown pointed out something striking from the Philippine president s strategy of confronting drug criminality in the country as opposed to other conducts of war on illegal drugs in different nations. Conflicting issues beget from the on-going offensives taken by the Duterte administration that it took the attention of the world, especially the spate of extrajudicial killings in the Philippines. So much that Duterte would uphold his banner campaign, what could be the ground in which the president, as well as the Filipino people stoo d in advancing this campaign against illegal drugs? Moreover, besides observable outcomes of the current narcotics war, what are the implications it will accentuate within the context of the country? This essay would prove the relevance of the war on illicit drugs and further provide for its possible moral and political outcomes in the country. The present administration s war against illegal drugs poses relevance to the Filipino society. One of the biggest and pressing issues confronted by theShow MoreRelatedOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pages Agricultural and Pastoral Societies in Ancient and Classical History Jack Metzgar, Striking Steel: Solidarity Remembered Janis Appier, Policing Women: The Sexual Politics of Law Enforcement and the LAPD Allen Hunter, ed., Rethinking the Cold War Eric Foner, ed., The New American History. Revised and Expanded Edition E SSAYS ON _ T WENTIETH- C ENTURY H ISTORY Edited by Michael Adas for the American Historical Association TEMPLE UNIVERSITY PRESS PHILADELPHIA TempleRead MoreFundamentals of Hrm263904 Words   |  1056 PagesEmployee Rights 7 Motivating Knowledge Workers 7 Paying Employees Market Value 8 Communications 8 Decentralized Work Sites 8 Skill Levels 8 A Legal Concern 8 Employee Involvement 20 How Organizations Involve Employees 20 Employee Involvement Implications for HRM 20 Other HRM Challenges 21 Recession 21 Off Shoring 21 Mergers 22 A Look at Ethics 22 Summary 23 Demonstrating Comprehension: Questions for Review 24 Key Terms 24 HRM Workshop 25 Linking Concepts to Practice: Discussion Questions 25 DevelopingRead MoreLogical Reasoning189930 Words   |  760 Pagesreasoning has been enjoyable for me, but special thanks go to my children, Joshua, 8, and Justine, 3, for comic relief during the months of writing. This book is dedicated to them. For the 2012 edition: This book is dedicated to my wife Hellan whose good advice has improved the book in many ways. vi Table of Contents Preface.........................................................................................................................................................iii CopyrightRead MoreDeveloping Management Skills404131 Words   |  1617 PagesANALYSIS 519 Cases Involving Building Effective Teams 519 The Tallahassee Democrat’s ELITE Team 519 The Cash Register Incident 521 SKILL PRACTICE 523 Exercises in Building Effective Teams 523 Team Diagnosis and Team Development Exercise 523 Winning the War on Talent 524 Team Performance Exercise 527 SKILL APPLICATION 529 Activities for Building Effective Teams 529 Suggested Assignments 529 Application Plan and Evaluation 530 xiv CONTENTS SCORING KEYS AND COMPARISON DATA Team Development BehaviorsRead MoreManagement Course: Mba−10 General Management215330 Words   |  862 PagesMANAGEMENT FOR BUSINESS GROWTH IN A DEMANDING ECONOMY 7 growth, the immense potential of human resource effectiveness, and the speed of action required for success in today’s demanding competitive climate. Furthermore, the competitive climate is not a war of so-called Old Economy versus New Economy concepts. Instead, the competitive climate involves the convergence of the management models that have been proved to work best in both throughout today’s marketplace. Business leaders need to understand that