A monopoly from start to finish Essay Example for Free

A monopoly from start to finish Essay During out studies this term we have learned a lot about a Monopolistic way a company is able to maneuver in the business market and I would like to refresh your mind by offering a clear definition. A Monopoly is a situation in which an entity, either an individual or an industry or organization, is the sole supplier of a particular good or service. As such, this supplier has no competition from other suppliers and is able to control the market value of the commodity. Some monopolies are government-enforced or controlled, while others form naturally or through company merger. According to our focus of this paper, we are asking about the long-run competitive equilibrium of the Wonks Company that was earning a normal rate of return and were competing in a monopolistically competitive market structure. One of the questions we must answer regarding this change in business structure is how the company’s shift to a monopoly will benefit the stakeholders involved. One of the stakeholders who may be involved is the government. Monopolies sanctioned by the government are called legal monopolies. These are considered coercive monopolies, meaning that other companies are forbidden by law to compete against them. Governments also maintain some control over monopolies through competition laws, which prevent monopolies from engaging in unscrupulous or anti-competitive practices (http://www. reference. com/motif/Society/advantages-disadvantages-of-monopolies). The second question is how a Monopoly will affect other businesses and after research it is quite obvious from the definition of a monopoly that other companies do not have to worry about competition from other companies in the same market. Consumers are affected by this change because they must either purchase the product or service from the monopoly or do without it. When a company transitions from a monopolistically competitive firm to a monopoly, there will be changes with regard to prices and output from both of these market structures. So, let’s take a closer look at how prices are affected when a firm becomes a monopoly. A common practice among some monopolies is price discrimination, in which the monopolist charges some segments of the population more than others for the same product or service, based on a higher need or a wealthier consumer base. This would usually be called price fixing which is an agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand. When the monopoly is able to prevent buyers from reselling their product, they may be able to price discriminate to accentuate the effects of monopoly power. In my opinion the most important group that is affected by a Monopoly are the consumers. Monopolies can impact consumer prices in two obviously different ways, they can cause prices to drop so low that it forces companies out of business or it an cause prices to skyrocket making it difficult for consumers to purchase a product, neither being a good option for the consumer. If one business is the only provider of a product or service, the consumer is forced to pay whatever the price they demand. This can also lead to the company providing a low quality product or service without fear of losing business (Home, 2009). Since monopolies are the only provider, they can set pretty much any price they choose, regardless of demand, because they know the consumer has no choice. Is this sort of thing fair to consumers? Of course not, but it is how big business is able to stay on top of the market. For example, most people find that Apple products have an outrageous price tag, but I have come to learn that the quality of their products is outstanding and I estimate that Apple will continue to rise in popularity for years to come. It has also come to my attention that because Monopolies try to monitor the price of products they may resort to price discrimination. Price discrimination is sometimes defined as the practice of a firm selling a homogeneous commodity at the same time to different purchasers at different prices . Of course, I believe it is important to understand what and how price discrimination occurs. â€Å"Price discrimination exists when two similar products which have the same marginal cost to produce are sold by a firm at different prices. This sort of practice is highly controversial in terms of its impact on both consumers and rivals† (Price Discrimination, 2006, p. 1). There are many ways to accomplish these sort of conditions because the transactions surely need not be simultaneous; indeed, there is temporal discrimination, such as between Sunday rates and week, day rates, matinee and evening prices, peak rates and off-peak rates, season and off-season prices. To sell different qualities or products with different marginal cost at the same price, or to buy different qualities or factors of different efficiency at the same price, is also discriminatory. Based on all of this useful information we must also answer the question regarding which market structure is more beneficial for Wonks to operate in and will this market structure benefit consumers? In my opinion it is based on the level of quality and service of the products and how much consumers are willing to pay for the products they want to purchase. In a monopolistic competitive market the consumer may choose to purchase a substitute product for a lower price, but only if the consumer values price over value. Of course with a monopoly there may be only a few companies offering a substitute product. If one company’s product becomes too high in price, the consumer will eventually look for another brand that offers similar use. According to economist, the monopolistic competitor’s demand curve is less elastic than a pure competitor and more elastic than a pure monopolist. Monopolistic competitors have excess capacity which means that fewer companies operating at capacity could supply the industry output. It is my opinion that Wonks might operate more beneficially as a Monopoly than at a Monopolistic Competitive firm because they will not have as much competition to deal with and they can corner the market with value and price. Resources: 1. McChesney, F. S. , Shughart II, W. F. , Haddock, D. D. (2004). ON THE INTERNAL CONTRADICTIONS OF THE LAW OF ONE PRICE. Economic Inquiry, 42(4), 706-716. doi:10. 1093/ei/cbh091 2. Mainwaring, L. L. (1977). MONOPOLY POWER, INCOME DISTRIBUTION AND PRICE DETERMINATION. Kyklos, 30(4), 674. 3. https://www. fcsknowledgecenter. com/uploads/2011_Row_Crops_Industry_Perspective. pdf 4. http://academic. udayton. edu/lawrenceulrich/Stakeholder%20Theory. pdf 5. http://www. answers. com/topic/mergers-and-acquisitions 6. http://www. helium. com/items/1405663-what-is-a-monopoly-what-do-monopolies-do-how-is-the-economy-affected-by-monopolies 7. Case, K. E. , Fair, R. C. , and Oster, S. E. (2009) Principles of Microeconomics (9th ed). Upper Saddle River, New Jersey: Pearson Prentice Hall.

Personal Narrative - Mother Ireland :: Example Personal Narratives

Mother Ireland My family is proud to boast a long and rich history mothered by the Emerald Isle of Erin, which is Gaelic for Ireland. My family's clan was first called the O'Neills, and we inhabited the outskirts of a small village which now goes by the name of County Cork. We were minstrels, actors and musicians in the courts of our family's home for many generations. An interesting piece of recent history about my family is that we are closely related to the Kennedys on my father's side. My grandmother was one of the Davises, who in some way were related intimately to the Fitzgeralds, who were John F. Kennedy's mother's close family. And not too many people know this, but one of the young Kennedy ladies had the good fortune of marrying the famous Mr. Arnold Schwartzenagger. I wish to go even farther back, though, to the era of the Medieval Renaissance on the Isle, when my family owned their own lands and estate, and the head of our family was known as one of the first rulers of Ireland. Our family's castle and lands remain standing to this day, but are inhabited by no one for failure to pay twenty million dollars in back taxes over the past three hundred years. So now our family's castle sits as a tourist attraction on the coast of Erin, as a reminder of the rich and time-honored beauty it has brought and will always bring to the Island. Our family owes its debt of gratitude to one young man. The rule who was living in our family's castle at the time had two sons. At the time, having two sons meant that the ruler would have to entrust his lands and properties to one of them when he died. Since the ruler could not decide whom to entrust the castle to, he told them to have boat race around the shores of Roan Innish ("Isle of the Seals, a small island off the coast of Ireland). So it was determined that whoever was first to touch the shoreline on the other side of the island would inherit all of his father's wealth. Well, the race was long and hard, and the younger son grew so tired that he could not row one second longer even though he was so close to the shoreline.

Case Analysis: Ski-Right Essay

I. Background of the Case The case begins with Bob Guthrie, a retired physician and an avid skier, who realized that there was a need for a special ski helmet following the recent incidents that lead to serious head injuries for skiers. There were existing ski helmets in the market, but Bob believed that he had a chance to make helmets more appealing to the people, by adding new features. Bob took this idea as something that could not only be an outlet for his creativity, but as a way for him to make some money. He set out with the goal of making helmets that were attractive, safe and fun to wear. With this in mind, Bob came up with several ideas for his new helmet, which he named ‘Ski Right’. Bob wanted his helmets to be attractive, so they had to come in several colors and feature the latest fashion trends and designs. But aside from this, they also had to be fun and useful. To achieve this, Bob thought of putting a built in AM/FM radio and cellphone to the helmets, with controls in a pad on the skier’s leg or arm. Before proceeding to build the helmet, Bob thought of the possibilities of success and failure in his venture. He figured that there was a 20 percent chance that there will be an excellent market for his product, a 40 percent chance that the market will be good, a 30 percent chance that the market will just be average and a 10 percent chance that the market will be poor. With this in mind, he continued his plans. Bob found several companies that could help him build his helmets. Progressive Products agreed to be a partner in developing Ski Right and would share in the profits and losses. Bob also discovered Leadville Barts, who specializes in bike helmets. They could be of great help in the production of the helmets itself. Bob was also talking to Talrad TR, a radio company in Florida, who had experience in making military radios. They could assist in putting the AM/FM radios in the Ski Right. Finally, Bob was meeting up with Celestial Cellular, who could develop the cellphones. Bob Guthrie now has to take into consideration all this information in making the decision of how to make and launch his new product, with the intention of making the most money he can as possible and avoiding failure. II. Problem Statement Bob’s problem now is deciding which combination of partners would result in the best profits for his new product, Ski Right. His first option is to partner up with Progressive Products in developing the helmets. He also has the option to ask Leadville Barts to make the helmets, which will then be taken by Progressive Products for finishing. His third option is to contract Talrad TR to make the radios for the helmets, which will then be brought to Leadville Barts and Progressive Products. Bob’s fourth choice is to work with Celestial Cellular to make the cellphones which will be passed to Progressive Products for the rest of production and distribution. His final option is to forget about Progressive Products completely, contract the three other companies and hire some friends to assemble and market Ski Right. Other than choosing which of the options would be the best recommendation for Bob, the case also calls for us to compute the expected opportunity loss that Bob would have if he chose one option over another. The group also has to determine what the value of perfect information is, which represents the maximum that Bob should pay in order to get perfect information. The group will also identify if Bob was logical in his approach to setting up his business and making decisions. III. Model Development The objective of this study is to identify what would be the most profitable course of action for Mr. Bob Guthrie. Another objective is to identify the opportunity loss in this situation as well as the value of perfect information. In all of the options available to him, Mr. Guthrie calculated the possible profits or losses he would have for every possible state of the market. He also determined the probabilities of each of the states of market given. The information is shown in the table below. In order to meet the given objectives, the group will apply the method of Decision Making Under Risk due to Mr. Guthrie being aware of the probabilities of all outcomes. There is also a need to identify the possible amount of losses Mr. Guthrie may incur which means that gaining a perfect or accurate forecast would be beneficial to better clarify what is the best decision to take. V. Conclusion After applying the method of Decision Making Under Risk, based on the decision table used to sort out and categorize the information given, the group was able to analyze and interpret the results, and found out he best decision Mr. Guthrie could choose for the new product he’s about to make. After determining the EMV for each alternative, option 2 which EMV for $2,600, came out as the highest among the other EMVs. Next, the group was able to identify the possible amount of losses Mr. Guthrie may incur. After getting all the opportunity loss for each alternative, the one with the lowest value of EOL which is $14,300 is determine. The result is once again, option 2. This was made sure by getting the EVwPI and subtracting it to the maximum EMV, thus giving us the EVPI of $14,300 which is equal to the EOL we determined earlier. According to the option 2 which is getting Leadville Barts to make the helmets, and Progressive Products to finish them, LB had extensive experience in making bicycle helmets which gives Mr. Guthrie a higher chance of assurance in getting the job done right, especially that he considers the quality of the helmets to be produced. On the other hand, he’s facing a greater risk since he’s handing out to job to two different companies.

Selection of Quotes by Seretse Khama

I think that the trouble we now face in the world is caused mainly by the refusal to try and see another man’s point of view, to try and persuade by example — and the refusal to meet a rather passionate desire to impose your own will upon others, either by force or other means.Seretse Khama, first president of Botswana, from a speech given in Blantyre in July 1967. It should now be our intention to try to retrieve what we can of our past. We should write our own history books to prove that we did have a past, and that it was a past that was just as worth writing and learning about as any other. We must do this for the simple reason that a nation without a past is a lost nation, and a people without a past is a people without a soul.Seretse Khama, first president of Botswana, speech at the University of Botswana, Lesotho and Swaziland, 15 May 1970, as quoted in the Botswana Daily News, 19 May 1970. Botswana is a poor country and at present is unable to stand on its own feet and develop its recourses without assistance from its friends.Seretse Khama, first president of Botswana, from his first public speech as president, 6 October 1966. We are convinced that there is justification for all the races that have been brought together in this part of Africa, by the circumstances of history, to live together in peace and harmony, for they have no other home but Southern Africa. Here we will have to learn how to share aspirations and hopes as one people, united by a common belief in the unity of the human race. Here rests our past, our present, and, most importantly of all, our future.Seretse Khama, first president of Botswana, speech at the national stadium on the 10th anniversary of independence in 1976. As quoted in Thomas Tlou, Neil Parsons and Willie Hendersons Seretse Khama 1921-80, Macmillan 1995. [W]e Batswana are not desperate beggars...Seretse Khama, first president of Botswana, from his first public speech as president, 6 October 1966. [D]emocracy, like a little plant, does not grow or develop on its own. If must be nursed and nurtured if it is to grow and flourish. It must be believed in and practiced if it is to be appreciated. And it must be fought for and defended if it is to survive.Seretse Khama, first president of Botswana, speech given at the opening of the fifth session of Botswanas third National Assembly in November 1978. Lefatshe ke kereke yame. Go dira molemo tumelo yame.The world is my church. To do good my religionInscription to be found on Seretse Khamas grave.

Standardized Testing Is Not Be Completely Honest, I Do Not...

Standardize Testing Being completely honest, I do not know much about standardized test. I remember having to take them as a student in elementary and junior high. I knew that I would not be receiving a letter grade on these tests. I remember never stressing about taking the test. To be honest if I did not understand the question I was the kid that just made a design on the answer sheet. I absolutely was not aware of the reasoning or purpose of tests. As a parent, I see my kids stress out about taking the standardize test. As a parent this concerns me. I don t know about you, I don t want my kiddo stressing out about a standardize test. I need to know about these test. How did they come about, what is the purpose, does standardize test benefit students, teachers or schools and are they truly beneficial to my child s education. Standardize test is a result from that No Child Left Behind Act (NCLB). The NCLB became a law in 2002 by President George W. Bush. The reason for NCLB was a growing concern that the American education system was no longer internationally competitive ­Ã‚ ­ - significantly increased the federal role in holding schools responsible for the academic progress of all students. (Klein, 2015). NCLB purpose is to ensure that all children have a fair, equal, and significant opportunity to obtain a high-quality education and reach, at a minimum, proficiency on challenging State academic achievement standards and state academic assessments. This purposeShow MoreRelatedStandardized Testing Is Not Be Completely Honest I Do Not Know About Standardized Test1151 Words   |  5 PagesStandardize Testing Being completely honest I do not know much about standardized test. I remember having to take them as a student in elementary and junior high. I knew that I would not be receiving a letter grade on these test. I remember never stressing about taking the test. 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Brave New World Exploration And Extension - 1347 Words

Danielle Newman Camille Hensley Coach Hansen British Literature August 7, 2015 Brave New World Exploration and Extension Aldous Huxley was born in Surrey, England on July 26, 1894. He came from a family already intertwined with a love of writing and philosophy. His grandfather was already credited with introducing Charles Darwin’s theory of evolution to the public. Huxley’s mother was the niece of Matthew Arnold, a poet who focused on commonly debated moral themes in his works. Needless to say, Huxley’s family inspired him to write on these topics and had a significant impact on his dreams, opinions, and imagination. A major part of Huxley’s education were visits to Lady Ottoline Morell’s meetings, attended by several famous political figures, artists, scientists. Here he met some of the 19th century’s most impactful literary figures, which also influenced his writings. As for cultural legacy, Huxley was very respected during the time he was alive and after he passed, and he was known as a â€Å"new-age† thinker . With a total of 47 books written, Hux ley was well known by many and changed the way people looked at the world around them. Unfortunately, he died on the same day as the assassination of John F. Kennedy, so the event was overlooked. The Model-T in Brave New World is an allusion to the first American car model. Many of the ideas in the book are based off of the formation of new technology. The Model-T was was a significant part in the technology industry and helpedShow MoreRelatedThe Island Of Dr. Moreau, Wells And Aldous Huxley s Brave New World1492 Words   |  6 Pageslaws holds the danger to eliminate individuality and ultimately requires humans to assimilate to a new standard without error and within the bounds of scientific advancement. In H.G. 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The Day She Left Me Home Alone Free Essays

The day she left me home alone. Realizing when ones childhood is beginning to fade is not an event that can be targeted at an exact time in an individual’s life. Childhood begins to vanish differently for people based on culture, age, and life experiences. We will write a custom essay sample on The Day She Left Me Home Alone or any similar topic only for you Order Now My childhood started to end when I was 7 years old; the day she left me home alone. My mother had just become a single mother running from an abusive relationship with my father and had to begin life anew. My strong dependency on my mother and the illusion of being an only child, due to me being the youngest of several older brothers and sisters, made the thought of â€Å"growing up† a nightmare. Realization of my soon approaching adulthood became evident, as I had to face the difficulties of being distant from my mother, learning to connect socially with peers, taking on more self-responsibility, and the building of self-confidence. These trials and tribulations would help to lead me to a higher level of maturity and a true realization of life. Although what I endured forcefully was difficult, the most challenging would be my distancing from my mother the security that linked me to my youth. Severing the bond between a mother and child is a tough task at any given stage of life. This was especially difficult for my mother as I was her only girl and youngest child. Being a single mother and working two jobs created excessive hardship for my mother. Her constant struggle with taking me to her place of work left her with no other choice than to leave me at home. This was the first time that I had to truly cope with being away from her and it was an immense strain on my emotional state. My next challenge ensued when I had to begin spending time with my father. Several years after my parent’s separation my father later remarried became a new man, giving the judicial system the opinion that I should see my father more often. My pursuit into the new world known as my father’s house, otherwise known to me as â€Å"hell†, forced me to spend countless weekends and summers with my new family, my step siblings and step mother. This unfamiliar change was the cause of my strong desire to remain sheltered beneath my mother’s wing but instead nature would drive me towards a more self-reliant road. Be that as it may, I would not change overnight. I still struggled to be away from my mother when it came time for school. Most children struggle with the concept of going to school. Leaving ones comfort zone and journeying into a strange new territory is of great significance in an individual’s life. Most children learn to adapt with in the first year or so. I however, was the exception to the rule. Attending public education was an adjustment of epic proportions in my young life. I struggled with the issue for several years. Every year school started I wished to be expunged from existence. My problem was not with the other children; I worked well with others. Rather my issue was with the thought of being away from my mother. Although I got along smashingly with the other children, I did not converse very much. My close relationship with my mother led me to believe she and only she was someone I could truly convey my ideas with. I also did not speak with others because their tales of their lives at home seemed somewhat abnormal to me. Tales of brothers and sisters, close families and a home consisting of a mother and a father seemed unusual. Although I had brothers and sisters, we were distant. I knew of my father, but he and my mother did not live under the same roof. Another issue I had to face was my abnormal mother. What made her abnormal was the fact that she was a single, hard working mother. This indifference from my peers and societies opinions gave me the impression that I was an outcast. Eventually I would come to realize that I was not the only person in the world under such circumstances. Learning to open up to others caused me to realize that I wasn’t alone. Interacting with other children like myself helped me to be more social and gain greater connections with my peers. I then had the ability to deal with others, but still lacked in dealing with myself. Responsibility is an inherited trait. It is not cast upon an individual in one particular place or time. At certain stages of life, responsibility starts to become more important and has a greater affect on a person’s growth and development. From the time I could talk, my mom began teaching me the importance of responsibility. Nevertheless, my first true test came when I was left alone at home. While my mother was away, she entrusted me with the task of preparing my own food. Learning to cook for myself gave me more confidence and helped me to be less dependent on my mother. As my mother became aware of my newly responsible personality, she decided to entrust me with greater responsibilities. After moving, my mother did not want to switch me from the school I was attending so I remained there until the end of that school year. In the beginning, she rode the public bus and walked down the neighborhood to get me. After noticing that I could reside at home alone and care for myself my mother decided that I could handle walking down the neighborhood to meet her at the bus. Being with my peers was hard, dealing with my stepsiblings was an ordeal, and being at home alone was unimaginable. Nonetheless, the most unbearable of them all was walking alone; surrounded by strangers and an unfamiliar environment made me uneasy. Eventually, I came to realize that it was a part of life, part of being responsible and that I was growing up. It hit me like a ton of bricks. I was finally learning to deal with my several issues. The responsibilities laid upon me helped me to be more understanding of life and the ways of the world. My self-dependence began to grow as well as my self-confidence. Growing out of childhood and into adulthood does not instantly occur; many people experience several events that transpire before they reach adulthood. In spite of that, there are always significant moments that have to pin point the beginning of one’s journey. For me this consisted of being left to fend for myself at home, learning to adapt socially with individuals amongst me and beginning to deal with real life responsibilities. These several adversities strengthened my confidence, stability, and self-reliance, as well as my outlook on the world and others. My childhood and my attachment to my mother where far from severed relatively the experience had opened to door to a new path of life, helping me to grow further from my old mind frame. How to cite The Day She Left Me Home Alone, Essay examples