Price Determination

Price Determination under Monopoly Monopoly is that market form in which a single producer controls the whole supply of a single commodity which has no close substitute. From this definition there are two points that must be noted: (i) Single Producer:  There must be only one producer who may be anindividual, a partnership firm or a joint stock company. Thus single firmconstitutes the industry. The distinction between firm and industry disappearsunder conditions of monopoly. (ii) No Close Substitute:  The commodity produced by the producer must have no closely competing substitutes, if he is to be called a monopolist.This ensuresthat there is no rival of the monopolist. Therefore, the cross elasticity ofdemand between the product of the monopolist and the product of any otherproducer must be very low. PRICE-OUTPUT  DETERMINATION UNDER  MONOPOLY: A firm under monopoly faces a downward sloping demand curve or average revenuecurve. Further, in monopoly, since average revenue fal ls as more units of output are sold,the marginal revenue is less than the average revenue. In other words, under monopolythe MR curve lies below the AR curve. The Equilibrium level in monopoly is that level of output in which marginal revenueequals marginal cost.The producer will continue producer as long as marginal revenueexceeds the marginal cost. At the point where MR is equal to MC the profit will bemaximum and beyond this point the producer will stop producing. It can be seen from the diagram that up till OM output, marginal revenue is greater thanmarginal cost, but beyond OM the marginal revenue is less than marginal cost. Therefore, the monopolist will be in equilibrium at output OM where marginal revenue isequal to marginal cost and the profits are the greatest. The corresponding price in thediagram is MP’ or OP.It can be seen from the diagram at output OM, while MP’  is the average revenue, ML is the average cost, therefore, P’L is the profit per uni t. Now the total profit is equal to P’L (profit per unit) multiply by OM (total output). In the short run, the monopolist has to keep an eye on the variable cost, otherwise he willstop producing. In the long run, the monopolist can change the size of plant in responseto a change in demand. In the long run, he will make adjustment in the amount of thefactors, fixed and variable, so that MR equals not only to short run MC but also long run  MC

Prestige Telephone Company Essay

PDS continuing to report operating losses due to some issues like delay of Equipment Deliveries, personnel commended higher salary than expected , Difficulties to find customers , Storage space which is used for keeping the equipment was high , high lease and equipment purchase cost , Limitation on service providing cost for parent company and charges which is given to the corporate service by the prestige Telephone Company . After analyzing the exhibits and the relation between the prestige telephone company and prestige data services I would recommend Mr. Rowe that Mr. Rowe should give some privilege to PDS in case of rent charges and the PTS should look over the facilities which provided by corporate services . PTC and PDS should manage their sales department together so it become easy for them to provide service to the clients in case of data maintaining, accounting so the individual cost will be limited. Secondly I would recommend Mr. Rowe regarding service providing hours as after analyzing the total revenue and total hours in report of first quarter there is a huge gap of hours in between these two’s If they plan to work around 550-600 hours in different shifts and maintenance of the computer is done on non-working days and utilize remaining hours for service providing they can increase their revenue hours per month. Regarding improved reporting / accounting format I would be preferring the graphical representation for revenue hours as it is easy to study graphically how many hours been actually utilize for intra company and for commercial purposes and on the other hand the financial report will be presented in percentage format as it will become easy to calculate some important figures and make some plan action upon that. As per the first quarter report on exhibit 1 the PDS showing some positive increment in their revenue hours as we compare month Jan and March this proves the company is efficient to provide good service as its bit difficult to get such a result at initial stages. So after seen such a improvement the company should get some more period of time to improve his performance and meet the revenue hours with total hours . And as the PDS is the parent company they should give some costing privilege in below cases they may overcome some losses in which they are invested in different sections like rent of the storage space and salary issues to the personnel and at other hand as the PDS is not in a public sector so they can increase their service charges and make some profit through it by providing efficient service to the clients .

Fast Food and Subway

News that Subway has passed McDonald's as the world's biggest fast-food chain is hardly a surprise to Australians, given the sandwich chain has 1,254 stores in Australia, compared to just over 780 McDonald's stores. But the rapid and unrelenting growth of Subway in Australia and overseas does raise an important question for the franchise sector: Are franchisees now favouring smaller and cheaper franchise options? Franchising expert and SmartCompany blogger Jason Gherke, of consultancy Franchise Advice, says Subway and McDonald's have pursued very different growth strategies.Where Subway uses relatively low entry prices and smaller store formats (which mean lower rents) to attract franchises, McDonald's has a strategy of owning the land that a franchisee can build a store on, with the exception, of course, of stores in shopping centres or other retail precincts. â€Å"There is a much more significant capital investment required from both the franchisor and the franchisee under the Mc Donald's model,† Gherke says.The rate at which both chains grow is directly related to that. Whereas McDonald's would need up to five years of lead time to scout store locations, get planning approvals and build a store, it could take only months to get a Subway store planned, established and up and running. The trend towards smaller store formats is one Gherke says is also evident in the pizza sector, where Pizza Hut has moved away from a dine-in concept to a pure take-away concept.Rivals such as Eagle Boys have also modified their franchise offering to include â€Å"express† outlets which can be opened in small spaces within petrol stations and airports, for example. However, McDonald's is unlikely to be too worried about being in second place to Subway – Gherke says its slower growth means that McDonald's franchises remains much sort after, and very expensive. â€Å"I wouldn't hazard a guess at what a franchise would sell for these days, if you could actually get your hands on one. â€Å"And while other fast food operators are reducing the size of their stores, McDonalds has concentrated on changing its menu (particularly to include healthier options) and changing its store formats (with the inclusion of McCafe outlets in most stores). â€Å"I can't say that I've noticed a down-sizing of their outlets. McDonalds have modified their menu and their offer rather than their footprint. † And of course, store numbers aren't the only thing that counts in the battle for the stomachs of consumers. According to IBISWorld, McDonalds has a 19. 5% share of Australia's fast-food market, compared with Subway's share of just 2%.

Look at Macbeth’s Monologue in Act III Scene I, what do we learn about Macbeth? Essay

In Macbeth’s monologue in Act III Scene I, we learn a lot about Macbeth’s insecurities. He tells us that he does not feel safe on the throne because of the witches’ prediction that Banquo’s children will be kings. He fears Banquo because Banquo is brave, and he represents good and he would not approve of how Macbeth obtained the crown, we can see Banquo’s suspicions earlier in this scene when he fears that Macbeth has â€Å"played’st most foully† for the crown. He says that Banquo is clever and as long as Banquo is around, Macbeth will live in fear of him. Macbeth then talks about how the witches have predicted that Macbeth will have no children and his crown is â€Å"fruitless†, and he has a â€Å"barren sceptre† meaning that he will not pass on his crown to anyone in his family. He then says that he only murdered Duncan for Banquo’s children, as they will be the next kings, and it was only for them he gave his soul to the devil and only for them he has become a more evil and treacherous man. He then asks for fate to be kind. This is a clear change in Macbeth’s character here, earlier in the play he was described as â€Å"disdaining fortune† in battle, which means that he did not worry about fate or fortune, he just fought bravely against the odds, but now we see that Macbeth has come to rely on fortune and beg for it to be kind to him. In this monologue Macbeth reveals that he is probably going to kill Banquo and Fleance, Banquo’s son. Earlier in the scene he asked how Banquo was going to get to the banquet at Macbeth’s palace and if Fleance would be going with him. He wants to kill Banquo to stop himself going mad with fear of the witches’ prediction about Banquo â€Å"having kings†. He realises that this may mean that one of Banquo’s children may kill him to become king. He wants to kill Banquo and Fleance, as that will stop Banquo’s line of descendants as Fleance is Banquo’s only son and then Macbeth will be safe in the crown. We can also see that Macbeth is a very insecure person and is especially insecure as a king. He will go to any lengths to make sure that he remains king, even murdering his best friend and his best friend’s son. There are some hints I this passage that Macbeth is going slightly mad. He says that he ahs â€Å"filed his mind†, which means that has corrupted his mind or has gone a bit crazy, by killing Duncan. In this monologue we see some of Macbeth darkest and deepest thoughts. He has changed from the brave, loyal and honourable man that we first were introduced to him as by the dying captain to a man that is willing to murder innocent men for power, and a man that is haunted by predictions made by some old women.

British legal system Case Study Example | Topics and Well Written Essays - 2250 words

British legal system - Case Study Example This reflective report will provide an analysis of some of the most famous historical cases within the Old Bailey Courthouse, and choose a key issue based upon what I have witnessed and provide an analysis of discrimination and diversity in the criminal court as it pertains to my visit. London's Central Criminal Court is responsible for handling the most important criminal cases from the Greater London area as well as sensational legal matters which warrant special attention from other parts of Britain. The Old Bailey presently occupies the site of the Main Roman West Gate in the ancient city of London. Dating back to the 12th century, the present location initially housed both a court and a prison and was destroyed in the 1666 Great London Fire. The present structure was largely built at the end of the Victorian era and replayed the unpopular Newgate prison during the reign of his majesty King Edward VII. In 2007, London's Central Criminal Court celebrated its 100 year anniversary. The immense Old Bailey has 18 courtrooms and tries approximately 1,500 cases per year making it one of the most active and prolific courthouses in the country. Trying serious murderers, accused terrorists and a plethora of high-profile defendants, the Old Bailey's Senior Judge, His Hono ur Judge Peter Beaumont QC is the Recorder of London ands highest authority at the Court (City of London, 2007; Murphy, 1999). What are the roles and functions of the court Old Bailey within the UK system' The Old Bailey Courthouse is an iconic structure which plays an important role in the British system. Accordingly, most prominent cases in the London area make their way to the Old Bailey and this is the place in which UK justice is meted out. Criminals, violent offenders, embezzlers and a whole host of other presumed offenders have faced justice at the Old Bailey and this building remains an important and often publicized institution of the British justice system. Accordingly, in media and tabloid reports, when a case is in front of the judges at the Old Bailey there is increased media attention and publicity since the trial is likely of a great magnitude and importance. Historically speaking, a variety of high-profile cases have been judged at the Old Bailey including the case against Oscar Wilde in which he made his famous 'Love that dare not speak its name" speech while in the dock at the Old Bailey; t he Lord Haw Haw treason case after World War II; the trial of the Kray Brothers were tried at the Old Bailey as well as that of the Yorkshire Ripper. Recent prominent cases include the case of Fatima Miah, who was acquitted of violently shaking her newborn causing death and the shocking case of Baby P in which a two-year old boy was raped and killed. These are just some of the most sensational cases to land in the dock at the Old Bailey. The Old Bailey is the personification of the strength and importance of Her Majesty's Courts Services (HMCS), the judiciary, the police forces and the City of London. It is the representation of the British Justice System and an important building for the people of the United Kingdom. We now turn to an exploration of an important issue in our analysis, discrimination and racism within the UK Justice System (Murphy, 1999. Issue Analysis The promotion of equality and inclusion as well as the value of diversity in practice are at the helm of

Ming Dynasty Essay Example | Topics and Well Written Essays - 250 words

Ming Dynasty - Essay Example The essay "Ming Dynasty" analyzes the period of the rise of Ming dynasty which controlled China between 1368 and 1644. It was founded by the emperor whose aim was to see the success of dynasty after the fall of the previous empire. Ming dynasty was a prosperous period and respected cultural values. Ming dynasty was a period of cultural revival, expansion, and economic revival. Zhu Yuanzang reign made several changes, which include cutting taxes, and ensuring the government was cooperative. He also reorganized the administration. This period also saw the rise of military prowess. The number of the army improved significantly. During the reign of Emperor Chengzu who was a known sailor he improved foreign relation whenever he landed. His voyage saw an improved relationship with countries far away from China. In the final period of this dynasty saw improved trade activities. The dynasty usually traded in agricultural produce. This saw an improved income hence the economy became stable an d could sustain itself. There was also the revival of agriculture by Emperor Hongwu. This led to a production of surplus agricultural commodities. The excess produce was then sold to areas that he voyaged and this provided income to the dynasty. The progress the dynasty was faced with various challenges such as drought that affected agriculture. This led to various rebellions that saw the fall of the dynasty. This period had potential to improve China greatly. The failures at the end saw the decline of that progress to the level it started.

The Dell Theory of Conflict Prevention Essay Example | Topics and Well Written Essays - 750 words - 1

The Dell Theory of Conflict Prevention - Essay Example Trade among countries plays a fundamental role in building their economical power. With mutual collaboration in terms of trade, different nations satisfy one another’s needs. In fact, many nations depend upon trade and will suffer from severe economic decline if the trade ended. Once this happens, economic decline will soon be followed by cultural and social decline, and such a nation may collapse as a whole. Role of trade in maintaining the solidarity and integrity of a nation can not be denied. Yet, Friedman’s assertion that trade partners can never fight with each other seems quite exaggerated and abstract, and history provides evidence for this. Although Friedman has referred to the case of India and Pakistan, and China and Taiwan in an attempt to support his argument with facts from the history, yet a careful analysis of the very cases suggests that there were several other reasons that kept India and Pakistan from fighting with each other that were much more stron ger than the maintenance of trade. India and Pakistan did not fight with each other in the start of 21st century because India had realized that Pakistan is also accoutered with nuclear power. Had she started the war, Pakistan would have paid her in the same coin, and the consequences would have been as unfavorable for India herself, as for Pakistan. To say that India did not start a war with Pakistan at that time because she feared she would loose her trade partners is indeed, incomplete truth. Similar reasons can be sorted out for the case of China and Taiwan. Corporate bodies have opened their franchises almost all over the world. Same holds true for embassies. All countries have conventionally maintained their embassies in conflicting countries. The safety of embassies has never been on stake despite that fact that a lot of countries have indulged in war with one another in the past. On the other hand, William Duiker is skeptical about the unity among individual nations on the