Price Makers and Price Takers - 952 Words

Market Structure o Perfect (pure) competition Price–taking firms each with no influence over the ruling market price (see diagram below) Free entry and exist of businesses in the long run – drives down profits towards a normal profit equilibrium level Each supplier produces homogeneous products – each a perfect substitute – hence the perfectly elastic demand curve for the individual supplier Key factor - interdependent nature of pricing decisions between rival firms Each firm must consider strategic behaviour of other â€Å"players† in the market Objective might be protecting market share or increasing market share Game theory can help to model different types of behaviour (both price and non- price competition) Kinked demand curve†¦show more content†¦When demand is strong and rising (e.g. during the upturn phase of the economic cycle), a business will have more â€Å"pricing power† than when demand is much weaker and falling (e.g. during a recession). Often a market may be affected by a demand-side â€Å"shock† which takes away the pricing power of suppliers. The airline industry in the wake of the terrorist attacks in 2001 could be considered as an example of this. Summary of the main factors affecting a firm’s pricing power Category Costs Competitors Influence on Pricing Policy In order to make a profit, a business should ensure that its products are priced above their average cost. In the short-term, it may be acceptable to price below AC if this price exceeds marginal cost – so that the sale still produces a positive contribution to fixed costs. If the business is a monopolist, then it has price-setting power. At the other extreme, if a firm operates under conditions of perfect competition, it has no choice and must accept the market price. The reality is usually somewhere in between. In such cases the chosen price needs to be considered relative to those of close competitors and with one eye to the likely reaction of rival firms when a business changes its pricing strategy.Show MoreRelatedWalmart, The Giant Utopia, By Sam Walton Essay981 Words   |  4 Pages Walmart, the giant utopia, the place where a lot of people usually do their shopping for the low prices and the variety of products was founded by Sam Walton. Walton was an entrepreneur a very different and innovative vision than with what was the norm at the time. He started his own company and made it into the leader in discount retailing that it is today. In fact, Walmart is considered to be the biggest company in the U.S. and it has stores worldwide. A lot of controversy orbits this huge companyRead MoreManagerial Economics Chapter 9 Essay1641 Words   |  7 Pagesmarkets, prices are determined by The interaction of market demand and supply because firms and consumers are price takers. Price taker Buyer or seller that is unable to affect the market price. A buyer or seller that takes the market price as given When are firms likely to be price takers? A firm is likely to be a price taker when†¦.. it sells a product that is exactly the same as every other firm. It represents a small fraction of the total market. Consumers are usually price takers when theyRead MoreThe Various Shades Of Monopolies And Perfect Competition1003 Words   |  5 Pagescontrol the prices for its goods or services, or in other words, they represent the market. They indeed have detrimental effects on consumer and social welfare, which is why most do not agree with them. This paper is an attempt to address the various points of monopolies in a society of competition. Keywords: Monopoly, Perfect Competition, Price maker, Barriers â€Æ' The Various Shades of Monopolies and Perfect Competition The perfectly competitive firm is considered the price taker, whereas theRead MorePerfect Competition1463 Words   |  6 Pagespower  to set the price of a homogeneous product. Because the conditions for perfect competition are strict, there are few if any perfectly competitive markets. Still, buyers and sellers in some  auction-type markets, say for  commodities  or some financial assets, may approximate the concept. Perfect competition serves as a benchmark against which to measure real-life and  imperfectly competitive  markets. Generally, a perfectly competitive market exists when every participant is a price taker, and no participantRead MorePure Monopoly in a Competitive World Essay996 Words   |  4 PagesIn the business world, the perfectly competitive firm is considered the price taker, whereas the monopolistic firm is the price maker, meaning they have control over the price. Pure monopoly does exist in today’s business world; we all have had the opportunity to have personal dealings with such companies. This assignment will discuss the various degrees of â€Å"monopolies† and attempt to provide accurate examples, allowing me to share my understanding of the competitive business market. In a competitiveRead MoreMarket Structures and Competitive Strategies1193 Words   |  5 PagesMarket Structures and Competitive Strategies ECO/365 Market Structures and Competitive Strategies Introduction There are many other soft drink makers but Coca Cola has been renowned to be one of the world’s top best soft drink makers and is among the best brands ever for a lot of years. It has the gain of a marketplace leader spot in drinks dealing with Pepsi in the subsequent spot. Coca cola functions in an oligopoly marketplace foundation where there are just scarcely any market playersRead More1.0 INTRODUCTION 1.1 COMPANY BACKGROUND The 1.2 INTRODUCTION TO ASSIGNMENT The 1.3 COMPANY600 Words   |  3 Pagescontrol of the price that it sets out in the market which makes the company the price maker. As a monopoly, it charges its customers based on what the company thinks are a reasonable price. Even though the government tends to ensure that prices are at a reasonable price, the company still makes the final decision as to how much to charge for the services it provide. This explains the reason why TM is said to be in control of the pricing system as competitors do not affect its decision on price. 3.3 COMPETITIONRead MoreLegal Laws Of The U. S. Drug Patent Laws864 Words   |  4 Pagestotally different types of competition. A flawlessly competitive market has several different representatives selling the exact same products. These representatives are considered to be price takers in reference to the competition. Price takers are firms that have no market power. They simply have to take the market price as given (Lumen, 2017). A monopoly starts when a single company sells a product that cannot be reproduced. Microsoft is a perfect example of a company that is seen as a monopoly dueRead MoreExplicit Costs and Implicit Costs Concepts1545 Words   |  7 Pagesequilibrium price of the market or the total quantity supplied in the market. Thus, a firm operating in a competitive market has no incentive to supply at a price lower than market equilibrium price, as it can sell all it wants to supply at equilibrium. At the same time, the firm cannot sell at price higher than the mar ket price, because it will not be able to find buyers at that price. Because of the limited scope of economies of scale available to the firm, it is called a price taker. If a firmRead MoreExplicit Costs And Implicit Costs Concepts1564 Words   |  7 Pagesequilibrium price of the market or the total quantity supplied in the market. Thus, a firm operating in a competitive market has no incentive to supply at a price lower than market equilibrium price, as it can sell all it wants to supply at equilibrium. At the same time, the firm cannot sell at price higher than the market price, because it will not be able to find buyers at that price. Because of the limited scope of economies of scale available to the firm, it is called a price taker. If a firm

Analysis Of The Hay Wain By John Constable - 751 Words

The piece by John Constable, caught my attention with its complexity and darkness. The artwork appears to have been painted with oil due to the ability to capture the colors, although they are not rich. When painting with oil, the artist can show off interesting brush strokes and create beautiful softness. The horse carriage in the river brought a sense of wonder upon viewing the piece. What happened, why are they in the river? The home alongside of the water, and the dog along the shore made me curious as well. There is evidently history in this piece and a story to tell. A2. Aspect of Interest The aspect that grabbed my interest the most is the horse and carriage in the water. The title of the piece, â€Å"The Hay Wain†, is obviously†¦show more content†¦Prior to the 19th century, most of the world’s economies had been largely based on agriculture. Farming was a laborious enterprise, and resulted in the vast majority of people to reside in the rural communities. The economy shifted, and industrialization basically remade every aspect of society. During the industrial revolution, new efficiencies caused people to migrate to the cities, otherwise they were faced with unemployment. Those that relocated, experienced urban culture, leisure and middle-class status. The transition was horrific for the poor - miserable housing, unclean water, and minimal heal care. According to some art historians, Constable was responding to shifts. As the cities grew, those who had become rich from the industrial boom, began to look to the countryside as a dream, a plac e where the water and air was pure, a place of one’s childhood. Constable’s art was intended for the wealthy urban elite, permitting them to escape the evils of modern urban life through his landscapes. B4. Relevance of the Work Constable’s â€Å"The Hay Wain† provides the modern world with the same escape though art as it did during its originality. He paints an image of fresh air, billowy clouds, shapely trees and humble times. In the current period, we are so drawn to the screen, failing in finding the beauty of nature. It isn’t necessarily true that artwork has lost its place, it is that the

Unequal Charges for International Students - MyAssignmenthelp.com

Question: Discuss about theUnequal Charges for International Students. Answer: Critique of the Global Issue One of the Global issues where shared responsibility for common good is not being realized is Unequal Charges for international students in Australia, undoubtedly is an serious issue, Australia is very expensive for the International students for education purposes, because the international students are paying are higher amount as compared to the national students. This is not fair, students in the same universities should be charged the same amount of tuition fees (Jiang 2014). For international students it becomes a burden to manage the high fees, they have a high person maintenance as well because they are staying away from their home. The annual fees for International students for bachelors degree is AU$ 15,000, US$ 11,750 to AU$ 33,000, US $ 25,800. For masters degree AU$ 20,000 to $37,000 for doctoral degree it costs from AU$ 14,000 to AU $37,000, the students visas in Australia costs up to AU $535 (Day Nakata and Martin 2015). It has been observed that the International students studying in Australia pay upto 400 percent more than the Australian students, that is a huge gap in the fee structure of Australian students and International students. The reason according to Peter Osburne has nothing to do with the taxes rather it is an issue of national privilege, which is very biased decision and very unfair for the international students, the students from all around the globe pursue their education in Australia because Australia is ranked fifth in the world when it comes to global education. (Chapman and Ryan 2005). It is the responsibility of the authorities of the Institutions to make sure that those international who seek to pursue studies in Australia, should be treated equally, they should be not made to feel that they are outsiders. This can create differences among the students which will not good for the institutions to maintain harmony in the institutions. Ways to Address the Challenge Students from all around the world want to pursue higher education from Australia, students from some of the developing countries like Asia and students ftrom African countries might find the expenses and the fee structure too high to be maintained if they choose to study in the Australian Universities. Education strives to give equal opportunities to all the students, fee structure should be a hindrance to the students education, two students pursuing the same course should not be made to pay different charges. It stops some of brilliant and talented students from pursuing education in Australia. Whereas, those already studying find it difficult to manage their their expenses and hence forced to opt for employment while studying. It does not allow the students to concentrate properly on their studies, which could affect their results. What needs to be done here is that the government should intervene in the unfair treatment of International students, they should pass a law that clearly instructs the institutions to regulate a fair fee structure that does not differentiate between the Australian students and International students, since it is not legally wrong, but ethically it is very wrong. Government Intervention might help resolve the grievances of the International students who are paying a higher tuition fees. The Institutions should also consider that the international students already have their personal expenses, on summing up their all expenses that is a huge liability on the students. It is the duty of the institutions to lighten up their burden. Another thing that the Institutions can do is provide some concessions for the students so that they it can lighten up the financial burden on students (Kaiser et al. 2014). The authorities should also offer more scholarships to the international students who a re exceptionally good in the studies (Gale and Parker 2013). Government should make policies that would help the students who are not able to pay such high tuition fees. The countries from where the students belong, their home countries should help the students by offering student loans to those who are planning to study abroad. Financial barrier should not hinder the students education, they have equal rights to pursue education wherever they want to, without being discriminated (Marklein 2015). The most important thing that should be done is a strict order should be passed on the Institutions which make the education system a business, changes needs to be made for the in the laws that would restrict the Institutions from implementing two different types of fee structure in the same university (Meuleman et al 2014). The Colleges should provide accommodation facilities for the international students, this could help the students by reducing the expenses on accommodation. Cheap Hostel facilities for the International students within the college premises could help to a great extent in reducing their food and accommodation costs (Marginson 2015). Those students who desire to work while pursuing should also be given an opportunity to get an employment in the institutions, provided their studies should not be hampered. The government should also revise the student visa charges, so that it is not too much for the students to pay. It is the shared responsibility of the Government of the Australia and the authorities of the Universities, to think for the common good of all the students, irrespective of their nationality that aspire to study in Australian universities. If they open doors for international students, they should avoid discriminating the students based on their nationality. They should consider that once the students take admission in their institutions they become the part of the institution so they should not be treated differently. All institutions have the rule of treating the students equally, maintaining two types of fee structure is nothing but discrimination. Moreover Educational Institutions should not be treated as business, if it is has objective of providing education to students irrespective of the nationality. They should make sure that international students get equal opportunities for studies and education, just like the Australian students. A uniform fee structure should be formulated and implemented by the authorities of the Universities, the gap in the fee structure creates a huge gap among the national students and international students. For every institution maintaining a cultural diversity is very important, that can only be done if the fee structure is not biased and beneficial for Australian students where as a burden to the International students (Harmon 2015). But none of it can be done without the Government implementing effective regulations in this regard, the Australian students should also realize that this discriminating fee structure is very unfair for International students, they have other expenses as well as they are staying away from their country and they stay on student visa. They should come forward and stand for the international students so that the authorities take this matter very seriously. Raising voice against this serious issue, in a very peaceful manner perhaps will draw the attention of the authorities and the Government bodies. The different NGOs working for the cause of education should also come and stand for the international students, so that they can create pressure on the management of various Institutions to stop this practice. Which very discouraging for the International Students, moreover it would one day make Australia less preferred as the destination for pursuing education if the students choose to study in Universities of other countries and not Australia (Gale and Parker 2013). References Chapman, B. and Ryan, C., 2005. The access implications of income-contingent charges for higher education: lessons from Australia.Economics of Education Review,24(5), pp.491-512. Day, A., Nakata, V., Nakata, M. and Martin, G., 2015. Indigenous students' persistence in higher education in Australia: contextualising models of change from psychology to understand and aid students' practices at a cultural interface.Higher Education Research Development,34(3), pp.501-512. Gale, T. and Parker, S., 2013. Widening participation in Australia in higher education. Harmon, G., 2015. Australia as an higher education exporter.International Higher Education, (42). Hazelkorn, E., 2015.Rankings and the reshaping of higher education: The battle for world-class excellence. Springer. Jiang, K., 2014. International student flows between Asia, Australia, and Russia: a network analysis.Journal of Contemporary Eastern Asia,13(1), pp.83-98. Kaiser, F., Maassen, P., Meek, L., van Vught, F., de Weert, E. and Goedegebuure, L. eds., 2014.Higher education policy: An international comparative perspective. Elsevier. Marginson, S., 2015. International education in Australia: The roller coaster.International Higher Education, (68), pp.11-13. Marklein, M.B., 2015. Legal Implications of International Students.Journal of Mason Graduate Research,2(1), pp.13-29. Meuleman, A.M., Garrett, R., Wrench, A. and King, S., 2015. Some people might say I'm thriving but: non-traditional students' experiences of university.International Journal of Inclusive Education,19(5), pp.503-517.

Soldiers Letter free essay sample

Dear Maggie, Its inevitable that this must be hard on you, considering you dont support my decision to Join the war, but Ill have you know that this dreadful place has me missing you all that much more. The fact that you are trying to understand, while being a French Canadian, really shows what an Inspirational women you truly are. My passionate tie to Brutal persuaded me to Join the war, and there was no way I could pass up the opportunity to show my appreciation for our mother country.Training camp in Vale Carrier was nothing I was prepared for. The British had high expectations or us Canadian Soldiers, expectations that we werent able to live up to while entering the training camp. None of us had much training or experience, this forced Britain to crack the whip and become very strict. Our training was very unusual and unexpected; we seemed to do a lot of aerobic-like exercises that took all of us by surprise. We will write a custom essay sample on Soldiers Letter or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page We have Just conquered Vim Ridge. This is the first battle that we have been able to act together.It Is truly a defining moment for our country, we are finally able to rise from the shadows of Britain and realize the greatness we are capable of achieving. We were given a new Canadian Corps meander named Sir William Bang; he has done a miraculous Job helping us capture this difficult position by carefully planning and rehearsing the attack. Although there was nearly ten thousand men killed and wounded, it was worth is to capture the land where there is no such thing as a surprise attack. There is no way to describe to you what its like here.I wake up from nightmares relieved that its over, until I finally realize that reality is much worse. There is no feeling insurmountable to those Vive faced. The only thing keeping me going is the thought of home. Youd expect the battle field to be where the real horror is, UT there is nothing comparable to the conditions in the trenches. The ground and walls are filled with mud which makes maneuvering a very difficult task. Whenever the trenches begin to collapse, they are filled with the bodies of fallen soldiers to help stable the walls. Can you imagine that, using the dead bodies of your fellow soldiers as support to climb up trench walls? That Is Just the beginning, not only Is there dead bodies, and the smell of blood constant in the trenches, but the walls also carry various diseases and are clustered with rats. Sleep is almost non-existent, the hooting of machine guns never stops and the war continues day in and day out. Good food is rare, we are often fed canned beef, and hard biscuits that you had to let soak in water. I miss the warmth of our home, and the taste of your home cooked meals.I miss sleeping in my own bed, and my safe and stable job, but most of all, I miss you. This war is nothing like the government perceived it to be. I expected appreciation from the British, and especially from the government back home, but thats the last thing we were treated with. These unselfish, brave men are facing death, and a proper burial Isnt even available to them. The memories from this war will never leave me, and the nightmares will be forever unavoidable. This war will have an everlasting negative effect on my life, and it is nowhere near the end.When Im not in battle, I cant isnt a second that goes by, that I dont regret Joining this war. I always consider the idea that I might benefit from speaking to one of the other soldiers, but then I remember that each man faces a balance of disappoint of their own. I will forever regret my decision of leaving the both of you to spend my time here, but as long as I know I have you to come home to, I will never give quitting a thought. The new technology introduced into the war has made victories much more difficult. The Germans introduced this new invention called Chlorine Gas during the Second Battle of Hypes either suffocating, choking, blinding, burning, or killing their enemies. The only way to avoid these gas attacks are to hold a towel covered in urine over your face. Large automobile type machines called tanks were also invented by the British during the Battle of Some. Also airplanes were introduced, first used only for scouting and targeting enemies, but later on used to drop bombs. Technological advances have increased the death and injury rates by thousands.I cant imagine what it must be like for everyone back home, there isnt one person who hasnt made a sacrifice, or devoted countless amounts of time and money to provide for us fighting overseas. I cant even begin to express my appreciation for everyones hard work taking over our Jobs in the factories, while managing to maintain everything at home. Bring up our daughter to be Just like you, that way we are assured a successful child. Let her know Im one of many who were prepared to do their duty at all costs, and having to pay the great sacrifice while my heart aches or the both of you, Just makes this Journey so much more difficult.I love you, Forever and Always, -or Lilly: So live your life that the fear of death can never enter your heart. Trouble no one about their religion; respect others in their view, and Demand that they respect yours. Love your life, perfect your life, Beautify all things in your life. Seek to make your life long and Its purpose in the service of your people. Prepare a noble death song for the day when you go over the great divide. Always give a word or a sign of salute when meeting or passing a friend, Even a stranger, when in a lonely place. Show respect to all people and Bow to none.