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Monday, January 27, 2020

Supply And Demand And Their Determinants Economics Essay

Supply And Demand And Their Determinants Economics Essay Buyers are called demanders, and Sellers and called suppliers. In this chapter we are particularly interested in using a large number of independent buyers and sellers. The Product Market involves goods and services, and the Factor Market involves the factors of production (land, labor, capital, entrepreneurial ability). DEMAND IS A SCHEDULE that shows the amounts of a product consumers are willing and/or able to buy at each price using a series of possible prices during a specific time frame. The schedule shows how many units buyers (demanders) are willing and able to buy at the possible prices. The market price depends on the intersection of demand and supply. The (General) Law of Demand uses the assumption of ceteris paribus (other things being equal). This implies that as price increases, the corresponding quantity demanded falls. In other words, there is an inverse relationship between price and quantity demanded. The ceteris paribus assumption refers to constant prices of related goods, income, tastes, and all other things besides price. We will briefly touch upon the Marginal Rate of Substitution (MRS). This concept is related to the Income Effect and the Substitution Effect. The Income Effect is when a lower price increases the purchasing power of money income enabling one to buy more at a lower price or less at a higher price, when incomes are unchanged. The Substitution Effect is when lower prices give incentive to substitute the lower priced good for now relatively higher priced goods. The Marginal Rate of Substitution is the rate, at the margin, at which a consumer is prepared to substitute one good or service for another and remain equally satisfied (have the same total Utility); and is equal to the slope of an indifference curve (Managerial Economics). The demand curve shows an inverse relationship between price and quantity demanded. It has a downward slope indicating a lower quantity at a higher price; or a higher quantity at a lower price. Quantity is on the horizontal axis and price is on the vertical axis. Market demand is the horizontal sum of individual demands. The transition from an individual demand schedule to a market demand schedule is done by summing individual quantities at various price levels. The market curve is the horizontal sum of individual curves. What other things affect demand (other that price)? Note that changes in the determinants of demand shift the location of the demand curve to the right or left. The determinants of demand are referred to as demand shifters. A change in a determinant of demand will change the demand schedule. A shift in the location of the demand curve is called a change in demand. Determinants of Demand 1. Tastes favorable changes increase demand, unfavorable changes decrease demand. 2. Population More buyers increase demand, fewer buyers decrease demand. 3. Income more income increases demand, less income decreases demand for normal goods. (An inferior good is when demand varies inversely with income). 4. Prices of related goods Substitute goods (can be used in place of each other). This implies that the price of the substitute and demand for the other good are directly related, e.g., if the price of Coors beer rises then the demand for Budweiser will also rise. Complementary goods (can be used together, such as tennis balls and rackets, or college tuition and books). When goods are complements, there is an inverse relationship between price of one good and the demand for the other (e.g., if tuition rises, then students take fewer courses such that book demand will be lower). 5. Expectations consumers views about the future prices, product availability, and income can shift the demand curve. A change in the quantity demanded denotes movement from one point to another on a fixed demand curve. That is, it denotes movement from one price-quantity relationship to another. Usually, the cause of a change in quantity demanded is a change in the price of a product under consideration. SUPPLY Quantity Supplied and its relationship to price which is normally referred to as Supply are developed into a SCHEDULE that shows amounts of a product a supplier is willing and able to produce and sell at each specific price in a series of possible prices during a specific time frame. The supply schedule shows those quantities that can be offered at various prices or answers the question, At what price will be required to induce various quantities to be offered? The general Law of Supply means that producers will produce and sell more of their product at a high price than at a low price. There is a direct relationship between price and quantity supplied. Given product costs, a higher price implies greater profits and thus an incentive to increase the quantity supplied. A change in any of the determinants of supply can cause a change in supply, and a shift in the supply curve. These determinants of supply are called supply shifters. An increase in supply involves a rightward shift, where a decrease in supply involves a leftward shift. Note also that any movement along a fixed supply curve is referred to as a Change in Quantity Supplied. Determinants of Supply 1. Resource Prices, i.e., the prices of the Factors of Production a rise in resource prices (of materials, labor, or other inputs) will cause a decrease in supply or a leftward shift in the supply curve; a decrease in resource prices will cause an increase in supply or a rightward shift in the supply curve. 2. Technology a technological improvement means more efficient production and lower costs so an increase in supply or a rightward shift in the supply curve. 3. Taxes Subsidies a business tax is treated as a cost so decreases supply; a subsidy lowers cost of production so increases supply. 4. Prices of other related goods If the price of a substitute goods rise, producers can shift production towards the higher priced good causing a decrease in supply of the original good. If a raw material has a by-product, an increase in supply of one good implies a corresponding increase in supply of the by-product. 5. Expectations Expectations about the future price of a product can cause producers to increase or decrease current supply. Inventories become important, e.g., the supply of gasoline as compared with heating oil. Number of Suppliers Generally the larger the number of suppliers the greater the supply. Weather conditions- Generally favorable conditions increase supply and unfavorable conditions decrease supply. STATIC ANALYSIS Static analysis is a sub-field of positive economic analysis that answers the questions about states of the economies, not about the process of change. One way of looking at economic phenomena is to examine the state of the economy under consideration by comparing one state with another. This is termed comparative statics. By the state of a given economy one would appear to mean its average performance over a fairly long period, short-run fluctuations being canceled out. A static model exhibits an unchanging economy. The static equilibrium model is a methodology that attempts to balance economic forces. In a static economy (in which wants are unchanging and resources are unchanging), the state of equilibrium is where all the individuals or business firms in it are choosing those quantities that they prefer to produce or to consume. Labor and capital (as well as other factors of production) are taken to be constant in a static economy. In other words, static theory can be treated as if it were in equilibrium, i.e., the quantities produced and consumed will be near their equilibrium quantities. By treating economic phenomena in this way, we can gain insights into the structure of the economy. Static equilibrium shows equilibrium at a point in time.

Sunday, January 19, 2020

Compare and Contrast Sudanic and Mongolian Empires

While the West African Sudanic Empire and Mongols were similar because they both had great centers of trade, such as Timbuktu and the Silk Road, and had a flourishing economy, the Sudanic Empire was greatly influenced by Islam whereas the Mongols accepted many different faiths and the Mongol Empire rose though war and conquest through violence, while the Sudanic Empire rose through more peaceful strategies. The Mongols and the Sudanic empires both had successful economies. The Mongols conquered China in 1220 and established control there.This control enabled them to have ownership of the Silk Road, which brought in plenty of cash due to the demand for Chinese products such as porcelain, silk, etc. The Mongols also took taxes and tributes from their subjects, which provided them with money for their military campaigns. The Sudanic Empire had control of the trans-Saharan trade, which included centers of trade such as Timbuktu. Under Sunni Ali, the empire reached high levels in trade an d economic success. While the Sudanic Empire was greatly influenced by Islam, the Mongols did not follow any one religion.Through trade and interaction, the religion of Islam was spread to the Sudanic Empire. Because it was accepted by many rulers, much of the population converted to Islam. The religion became so popular that, in the 1500s, the trading city of Timbuktu had a prominent Islamic university &180 schools that taught the Quran. The Mongol Empire had a polytheistic religion in the beginning, but had no governing organized religion system. Through interaction, many Mongols converted to faiths such as Islam and Christianity because they were stationed in areas where those religions were popular, such as Persia and Baghdad.There was never any extremely popular faith that the Mongos followed. Although the Sudanic and Mongol empires had different faiths, they were both tolerant to other religions. The Sudanic Empire continued to let the African polytheistic religions practice t heir faith and the Mongols did not disturb the religions of the places they conquered but rather assimilated to them. The Mongol Empire rose though war and conquest through violence, while the Sudanic Empire rose through more peaceful strategies.The Mongols were known for their great skill on the battlefield. It was through this skill that they conquered their subjects. Killing and looting was the Mongolian past time and was a fun experience for them. Under Genghis Khan, the Mongols massacred and devastated civilizations. The Sudanic Empire was much less destructive, compared to the Mongols. There was some violence for example when the Mali Empire replaced the Ghanaians, but it was not as large scale as the Mongols massacring Baghdad.

Friday, January 10, 2020

Civil engineering design Construction and Maintance Essay

The work of civil engineers is visible across the environment we live in. The main purpose of this essay is to assist students have a better understanding of the civil engineering as a scientific field. In this essay I will make an analysis of civil engineering meaning and the specifics of civil engineering in all aspects. I will specifically examine civil engineering at Michigan State University and the courses required in this major. I will also make an analysis of how writing is important in the civil engineering field. The contribution of civil engineers to the society will also be included. The different career paths a student can pursue when majoring in civil engineering and the salary of civil engineers will be reviewed last. But before going into that, I am going to give you background information of what made me interested in majoring in civil engineering. Background Information, Why I Chose Civil Engineering as my Major? I believe that the best way every student should consider while choosing their major is making a choice of what they love. This is what I exactly did. When I was young, I marveled at how the buildings stood majestically. The thought of buildings designs and the dynamics involved in the construction really fascinated me. While I grew up I realized all this was a civil engineers’ work. Since middle school the idea of studying civil engineering in college stuck in my mind. The more literature I reviewed about civil engineering, the more I loved it. The thought of planning and designing on paper and then seeing the results is very rewarding to me. The History of Civil Engineering Engineering is one of life’s aspects that have existed since the origin of humans. Thousands of years ago, humans hunted and gathered for food. There was no urgency to build shelter as they were always on the move. Later on, people began to get acquainted new ways of getting food. They learned how to plant fruits and vegetables and how to domesticate animals. As a result, they did not need to move all the time and they needed homes. They started by building tents but gradually they learned how to use the available natural resources like stone, wood, and vegetable fiber to build stronger and more convenient homesCITATION Fon01 p 21 l 1033 (Font, Criswell and Grigg 21). They also began to build roads and bridges to make it easy to move from place to place. In modern day, houses, buildings, bridges and other structures construction occurs from the skills passed by our ancestors where they constructed stable buildings (Salvadori 11). Theses skills that are needed to build safe str uctures are the skills of civil engineers. What Does Civil Engineering Mean? The word Engineering by itself means the art of putting the scientific knowledge in practice and using it in practical life. The engineer thus uses his scientific knowledge to design, build, and maintain engines, machines or public works. While the word Civil is relates to ordinary citizens and their concerns. Civil engineering therefore refers to the science that applies scientific knowledge to serve the civic life in the daily functions through infrastructure. The Civil Engineering is the art and science of designing the infrastructure of the modern civil societies, the process of planning and design in addition to the establishment of various facilities and facilities that serve people is a civil engineering generally. These facilities include highways that connect cities to each other, and airports, and sewage treatment that protects our environmentCITATION Kos94 p 21 l 1033 ( Kostival and Mason 21). Civil Engineering Requirement at MSU There are 128 credits that a student needs to complete to receive a degree of Bachelor in Civil engineering at MSU. Students majoring in civil engineering must first complete the university requirement courses. After completing the university requirement there are six courses that a student must complete to apply to the college of engineering. These six core courses are EGR102, EGR100, MTH132, MTH133, CEM141, and PHY183. Completing these courses is not the only requirement to make application to the college of engineering; a student must also obtain a minimum required GPA of 3.2 and above. After that comes the major requirement, and there are 66 credits that will be obtained from these courses. After completing all of the major requirements, a student must complete 18 credits of the major tracks. There are seven tracks of civil engineering at MSU which are as follows; environmental track, geotechnical track, pavements track, structures track, transportation track, water resources track, and general track. For each track there are different required courses. Students must earn 18 credits from these tracks, 9 credits must be obtained from one track and the additional 9 credits must include courses from three different tracks (â€Å"Undergraduate degree – Civil Engineering†). The Importance of Writing in Civil Engineering I believe that writing is the basis for every course, and it’s important throughout college life. It helps in communicating our best knowledge in the respective fields we choose. Writing is quite a challenging task especially for international student; this is reason why it is important to enroll in prewriting classes as it improves writing skills. In the pursuit of our majors writing of research papers and case studies is mandatory. In addition to this, some exams sat in college entail questions that we must answer by writing short paragraphs. Writing classes is thus build the foundation of writing strategies that will help in the course of our majors. Why Civil Engineering is Important in our Lives? Civil engineering is an important part of our life, and the work of civil engineers is present in almost all aspects of our life. The electricity that we use everyday is provided by the constructions of the dams and power stations that require civil engineers. The clean water that we drink everyday is provided by the water and sewage treatment plants, which again require civil engineers. The roads that we drive everyday are also civil engineers’ work (â€Å"What is Civil Engineering†). The buildings that we live or work in are civil engineers’ work. Civil engineering helps improve the lives of millions of people everyday. Moreover, civil engineering gives shape and recognition to each society. For example, Many people when they hear of India, the picture that pops up in their heads is the picture of Taj Mahal, when they hear of Paris, they imagine the Eiffel Tower, and when they hear of London, they immediately think of Big Ben. The same happens when they hear of any other country or city; people tend to imagine the picture of the best-known landmarks or attractions in there. All these landmarks were built and designed by the help of civil engineers The importance of specialization of civil engineering can be realized through its definition. It’s a one the engineering disciplines that humans cannot live without it. The human need for homes to live in and be safe and protected from the summer heat and the winter cold. Humans need safety and the means of transportation to move between cities without noticing the long distance. Dams are a one of the examples that show us the importance of civil engineering of human beings. The importance of water resources and quality of human beings is the factor shows us how important is civil engineering for the community. Whenever the number of people in the community increases and there was a problem of limited spaces, this problem will not be solved without the presence of civil engineers. The civil engineer is the person who designs the foundations of safe buildings, builds the safe and economical towers; he is the one who ensures the presence of clean water and high quality of cities . The Different Career Paths of Civil Engineering There are a number of sub-disciplines of civil engineering. As I mentioned above there are six sub-disciplines of civil engineering at Michigan State University. There are many different branches from Engineering major. First, Environmental engineering, which interests on dealing with every aspect on the environment.   For example, environmental engineers work on constructing the water supplies that would protect the environment from water pollution and the consequences related to that such as where the waste of water would go as well as the solid waste and so on. Another branch is Geotechnical engineering. This deals with building the roads, tunnels, dams, and slopes using the rocks and the soil as the raw materials. Also, there is Structural Engineering, which is more in structuring buildings and bridges using other materials such as concrete and steel as the raw materials. Pavement Engineering is another one that is for the design and analysis of the asphalt and concrete pavemen ts. Also, Transportation Engineering, and this deals with the transit systems, designing highways, and constructing airports (â€Å"The Bachelor of Science in Civil Engineering Degree†). When a student enters the workplace as civil engineer, he must go on to become certified as a professional Engineer (PE). â€Å"A civil engineer without this certification is limited in their authority. The PE license allows them the authority to sign off on all projects within their professional specialty† (â€Å"Becoming a Civil Engineer†). Salary of civil engineers The starting salary of civil engineering is relatively less than the other engineering disciplines such as computer engineering, mechanical engineering, and so on. However, the chances of getting a job is higher because civil engineers are always in demand as civil engineer’s job is important for the function of a society. Even with bad economy the society does not stop functioning, for example having bad economy does not mean that you drink poisoned water. Another reason that makes civil engineers always in demand is that the job of civil engineers cannot be outsourced, for example, you can’t build a bridge in china and ship it to the U.S. In comparison, other engineering disciplines’ job can be outsourced, for example, you can build a car or a computer in china and ship it to the U.S. (Buch). Conclusion Civil engineering is a worthwhile major and it places the individual on a career path that is definitely worth pursuing. It’s a major that give satisfaction to a person because he knows that he is helping the society and the people. Our modern life nowadays depends upon civil engineering. References BIBLIOGRAPHY Kostival, L M and John Michael Mason. Civil Engineering Careers: A User’s Guide for Awareness, Retention, and Curriculum Programs, Issue 347, Part 2. Transportation Research Board, 1994. Font, Darrell G, Marvin E Criswell and Neil S Grigg. Civil Engineering Practice in the Twenty-First Century: Knowledge and Skills for Design and Management. ASCE Publications, 2001. â€Å"Becoming a Civil Engineer.† Civil Engineering Careers. N.p., n.d. Web. 26 Oct. 2014. . Buch, Neeraj. â€Å"Civil Engineering.† Personal interview. 3 Nov. 2014. â€Å"Civil Engineering.† Wikipedia. N.p., n.d. Web. 26 Oct. 2014. . â€Å"History of Engineering.† Civil Engineering. N.p., n.d. Web. 26 Oct. 2014. . Salvadori, Mario. The Art of Construction Projects and Principles for Beginning Engineers & Architects. Chicago: Chicago Review, 2000. Print. â€Å"The Bachelor of Science in Civil Engineering Degree.† Michigan State University, Civil and Environmental Engineering. N.p., n.d. Web. 26 Oct. 2014. . â€Å"Undergraduate Degree – Civil Engineering.† Michigan State University, Office of the Registrar. N.p., n.d. Web. 26 Oct. 2014. . â€Å"What is Civil Engineering.† Civil Engineering. N.p., n.d. Web. 26 Oct. 2014. . â€Å" Source document

Thursday, January 2, 2020

Love and friendship in George Orwells 1984 - Free Essay Example

Sample details Pages: 3 Words: 833 Downloads: 3 Date added: 2019/10/10 Did you like this example? The stories written by George Orwell feature several critical themes. Orwell wrote several books which held stories of interest to the life of people during his days and the prospects of the future. His narrations dealt with the issues that affected society during his time and what he considered would be the case in the future. Don’t waste time! Our writers will create an original "Love and friendship in George Orwell\s 1984" essay for you Create order Most of his books, therefore, became good for the audiences who read them in later days and have interested readers to this day. However, perhaps the most interesting of his books is the one called 1984. In this book, several themes appear although perhaps the most imperative are the way the government controls love and friendship. The government of Oceania controlled love and friendship amongst its citizens. The story of 1984 presents a government which attempted to hold the lives of its citizens at ransom and which insists the life of these people maintain an allegiance to the big brother only. This meant that the people could only concentrate on loving and dedicating themselves to the big brother alone. This paper will analyze the themes of love and friendship in the book 1984. Similarly, this study will examine the way that the government ensured that these two subjects were controlled. Finally, this study will give examples of how the ruling party ensured the elimination of love for the benefit of the government through giving examples. Friendship in Oceania The big brother and the inner party of Oceania tried to ensure a state of complete friendlessness. In the book 1984, the author displays a state where all the activities are centered on trying to please the big brother. All the jobs are made to create the will of the inner party and the big brother without the inclusion of the friendliness of normal society. This can be seen from the instances in which Winston moves around town with several screens and cameras pointed at him. The importance of a society which does work without any happiness or communication with other workers shows just how well the inner party eliminated friendship.   Therefore, friendship in Oceania was virtually nonexistent as everyone was concentrating on their jobs and their association with the big brother. The inner party also eliminated association in the workplaces and communities. This fact can be seen when first Julia and Winston meet. Winston sees Julia as a spy to the inner party who might give him up because of his thoughts against them. Julia also sees him as a traitor who might give her up. These images show how well the government of Oceania had eliminated friendship as every individual considered the other to be a spy. The inner party, as an agent of the big brother, therefore controlled friendship in Oceania completely. Through such actions as the time when Obrien betrays the two lovers to the inner party, the reader can realize that Oceania is full of traitors and liars and lacks true friends who can tell the truth. Similarly, when Winston betrays Julia by shouting that Obrien should hurt Julia and not him, the level to which the governance controls friendship becomes evident. Therefore, it is easy to determine that the big brother and the inner party successfully managed friendship in Oceania and virtually destroyed it. Love in Oceania The nation of Oceania lives in love of the big brother rather than love of each other. Every ting in Oceania is controlled to maintain the dedication to the inner party and the big brother. This strategy involves limiting love between couples and married people to retain the love for the big brother. From these systems, sex is also reduced to the bare minimum and treated as a useless formality for making children rather than a thing of love. This makes the people of this nation fret upon sex as they view it as unimportant.   By this system, the government controls love in Oceania by limiting the attachment that should come from sex to couples and makes the people direct their love to the state only. Through the story such as that of Julia and Winston, 1984 shows how love is controlled in Oceania. Julia and Winston fall in love but they are betrayed, and they face torture by the betrayer to divert their love to the big brother. This is not unlike his earlier marriage which failed because the government refused sex and intimacy. However, in a twist of fate, the government agent Obrien is able to change his view due to the torture which makes Winston lose love for Julia. This experience shows how the government insists on diverting the love to one direction only. In conclusion, the themes of love and friendship appear severally in the book called 1984. Showing how the government of that nation refuses these two important things and denies the citizens their rights, this book becomes important to society of today. It serves an important point to show that certain notions such as complete dedication to the government can eliminate the importance of life itself.