Alkaloids Case Study Essay

Alkaloids are the most assorted gathering of optional metabolites and more than 5000 mixes are known. They are most usually experienced in the plant realm, yet agents have been confined from most different requests of life forms going from growths to warm blooded creatures. For a considerable length of time, there has been enthusiasm for their pharmacological exercises, and for quite a while chose plant items (containing alkaloids) have been utilized as toxic substances for chasing, murder, willful extermination, an euphoriants, hallucinogenics, and energizers (for example morphine and cocaine) or as prescriptions (for example ephedrine). A significant number of our advanced medications currently contain a similar compound or manufactured analogs, and the pharmacological and toxicological properties of these mixes are in this way of huge intrigue and significance. Very nearly two centuries have slipped by since Serturner detached the primary natural base unmistakably perceived all things considered, a crystalline substance that he got from the opium poppy, Papaver somniferum, and called morphine. The name alkaloid is applied to the individuals from a class of normal results of essential nature, and is gotten from the name â€Å"vegetable alkali† first applied to these substances. They all owe their fundamental nature to an amino nitrogen. It is more troublesome than from the start may should characterize the term alkaloid. The work was instituted in 1818 by Meissner and infers a compound like an antacid, alluding to the fundamental properties of this class of substance. Meyer’s Konversations-Lexikon of 1896 states, â€Å"Alkaloids (plant bases) happen typically in plants and are as often as possible recognized by their wonderful physiological action. They contain carbon, hydrogen and nitrogen and by and large oxygen also; as a r ule they take after the alkalis†. Present day word reference definitions just vary in minor subtleties from those of the more seasoned nontechnical writing. A definition due to Pelletier in 1982 incorporates cyclic nitrogen-containing atoms which are genuine auxiliary metabolites (for example of constrained event and created by living beings. Basic non-cyclic subordinates of smelling salts and basic amines are therefore rejected, and the extra prerequisite, that the nitrogen molecule must have a negative oxidation state, bars nitro and nitroso mixes. With respect to other normal items, no uniform arrangement of classification has so far been formulated for alkaloids. Much of the time the name of the alkaloid has been gotten from the plant name. Subsequently, papaverine was called after the Papaver species from which it was detached. The names cocaine (from Erythoxylum coca) and atropine (from Atropa belladonna) are different models. Every now and again a few alkaloids are gotten from a similar plant, and the names formulated for them will rely upon the motivation of the regular items physicist who disengaged them. Alkaloids as a class have intrigued natural scientific experts mostly because of their physiological activity on the creature life form, and somewhat by virtue of the complex basic and synthetical riddles that they present. The science of the alkaloids is nevertheless a part of the wide science of nitrogenous heterocyclic mixes, yet the strategies by which the structures of individual bases are found from degradative proof and affirmed by absolute blend are run of the mill of the techniques applied for these reasons entire field the science of characteristic items are illustrative of the general major standards of natural science. Auxiliary sorts Alkaloids are generally grouped by the amino acids (or their subordinates) from which they emerge. In this way, the most significant classes are gotten from the accompanying Amino acids: * Ornithine and Lysine * Aromatic amino corrosive phenylalanine and tyrosine * Tryptophan and a moiety of mevalonoid birthplace Likewise various mixes are additionally gotten from: * Anthranilic corrosive * Nicotinic corrosive This characterization notwithstanding, neglects to incorporate the alkaloids got from a polyketide or a terpenoid, with the fuse of a nitrogen molecule, at last from alkali. Models are Conine and batrachotoxin which are regularly known as ‘pseudoalkaloids’. Different mixes secured by Pelletier’s definition additionally exist. Models are the anti-infection cycloserine, mitomycin C, mushroom poison muscimol and the purine alkaloids, for example, caffeine. There is another order of the alkaloids as per the area of the nitrogen molecule in certain auxiliary highlights: 1. Heterocyclic alkaloids 2. Alkaloids with exocyclic nitrogen and aliphatic amines 3. Putrescine, spermidine and spermine alkaloids 4. Peptide alkaloids 5. Terpene and steroidal alkaloids Characterizing the entire scope of alkaloids as per this framework bring about them being splitting them inconsistent as the incredible greater part fall into the heterocyclis gathering and the littlest gathering is the putrescine, spermidine and spermine alkaloids. Event Of the in excess of 5000 alkaloids known, most happen in blooming plants, despite the fact that the dissemination is a long way from uniform. Therefore, albeit 40% of all plant families have in any event one animal categories containing alkaloids, when the 10000 plant genera are thought of, just about 9% of these have been appeared to deliver alkaloids. Expanding quantities of alkaloids have been separated from creatures, creepy crawlies, and microorganisms. Albeit mammalian alkaloids are uncommon, two models are (- )- castoramine (a) from the Canadian beaver; and muscopyridine (b) from the musk deer. Both compound have a job in correspondence as regional marker substances. Creepy crawlies produce an assortment of auxiliary sorts which incorporate the 2,6-dialkylpiperidines of the fire subterranean insect (c), the tricyclic N-oxides of the ladybird (d) and the quinazolines of the European milliped (e). Tese mixes are utilized for safeguard. During the most recent three decades Marine living beings have been researched. Among the alkaloids are the exceedingly intricate Saxitoxin (f) created by a red hued dinoflagellate. The ‘red tides’ contain mass conglomerations of such life forms, and food contamination when he harmful alkaloids are passed along the natural way of life to man. The Japanese puffer fish is exceptionally esteemed as a culinary delicacy, yet it is perilous in light of the fact that its liver and ovaries contain the profoundly poisonous tetrodotoxin. Growths additionally produce alkaloids, and these as well, present possible risks as food contaminants. The ergot alkaloids, for instance, Chanoclavine (g) delivered by the organism Claviceps purpurea, were an incessant soure of hopelessness and demise during the Middle Ages through the sullying of rye bread. A portion of these were neurotoxic while others caused vasocontriction. During the most recent 40 years the greater part of these non plant alkaloids have been confined and their structures clarified. The presentation of current chromatographic and spectroscopic strategies encouraged this. Confinement Work on the constitution of alkaloids is frequently introduced by the issue of their confinement from plant material or from deposits after monetarily significant constituents have been evacuated. The disengagement of every alkaloid is an individual issue there are an assortment of techniques which might be qualified for conventional position. There are not many plants which produce a solitary alkaloid so the principle issue is the detachment of blends. Numerous alkaloids are essential and happen as salts of 2-hydroxybutane-1, 4-dioic corrosive (malic corrosive), or of 1,3,4,5-tetrahydroxycyclohexane (quinic corrosive). They would thus be able to be removed into corrosive arrangement utilizing watery hydrochloric, tartaric, or citrus extracts. Nonpartisan alkaloids, for example, colchicines or piperine, which are in actuality amides, stay in the natural stage, while most different alkaloids are disconnected after basification and extraction into ethyl acetic acid derivation. Steam refining can be utilized likewise be utilized with low sub-atomic weight alkaloids; however perpetually sudsequent sanitization of the rough alkaloid blends is affected by chromatography utilizing silica or alumina, and afterward recrystallisation of the halfway filtered mixes from dissolvable frameworks like watery ethanol, methanol/chloroform, or methanol/CH3)2CO. Structure explanation Traditional period: The traditional period for auxiliary investigations on alkaloids was the nineteenth Century, however this could be reached out to the 1930’s (approach of x-beam crystallography) or even to the 1970’s (appearance of high goals NMR offices and present day techniques for mass spectroscopy. Two case accounts will be talked about, those of morphine and atropine. Opium has been utilized by man for a large number of years, so it isn't suprising that the significant dynamic ingedient, morphine, was the main alkaloid to be detached in unadulterated state (by Serturner in 1805). It was not until 1923 that Sir Robert Robinson set up the stucture of morphine. Concoction proof for the structure is as per the following: Standard indicated that the nitrogen molecule was completely subbed, and that the phenolic hydroxyl was available as it gave a positive FeCl3 test. Two hydoxyls were available as a diacetate and dibenzoate could be shaped. The two mixes contained one olefinic twofold bond as codeine retained one. It was discovered that a decreased phenanthrene with a two-carbon connect containing a tertiary nitrogen iota (with methyl as on substituent) was available, and the structure of morphine and codeine were first proposed in 1923 and 1925 individually by Robinson and Gulland. Combination of morphine was completed in 1956 by Gates. Atropine then again, isn't commonly a characteristic item yet emerges through racemisation of (- )- hyoscyamine (see (a) beneath) and sanitization, and is consequently ( )- hyoscyamine. (- )- hyoscyamine is the most well-known tropane alkaloid. In 1833 atropine was separated from Atropa belladonna. Hydrolysis with warm barium hydroxide arrangement created racemic tropic corrosive and tropine. Degradative examinations and afterward through combination found the structure of tropic corrosive: Comprehensive corruption of tropine, completed by Willstlter somewhere in the range of 1985 and 1901, gave proof to the bicyclic structure of tropine. The most generally u

Faulkners Light in August - Themes :: Light August Essays

Light in August - Themes  1. Bigotry  The Southern worry with racial personality is one of Light in August's focal subjects. At the point when individuals imagine that Joe Christmas has even a hint of dark family line, they treat him totally uniquely in contrast to the manner in which they treat white individuals. A large number of the characters in Light in August appear to be turned by their distraction with race. Joe Christmas, Joanna Burden, Nathaniel Burden, Doc Hines, and, at last, Percy Grimm are among these. In any case, even a considerable lot of the characters who don't share this craziness expect that treating blacks barbarically is worthy. The Jefferson sheriff, Watt Kennedy, appears to be a respectable man, yet he whips a haphazardly picked dark in a cross examination that was pointless in any case.  2. THE SOUTHERN PAST   Two of Light in August's five significant characters live in the shadow of their dead progenitors. In any case, you could decipher their connection to these progenitors in various manners. From one viewpoint, you could highlight an example of decay and state that the present doesn't satisfy the gallant long periods of days of old. Then again, you could state that the issues of the current originate from an inability to shake off the difficult grasp of the past. Here is the manner by which you could contend each perspective.  a. The Heroic Past  Gail Hightower's granddad was a powerful admirer of life, and his dad was a partner of his kindred people. Be that as it may, Hightower bombs the two his better half and his assembly and spends an incredible remainder cut off from others.  Despite the fact that Joanna Burden's ancestors were not initially from the South, their displacement to Jefferson makes them part of the Souths history as well. What's more, as Gail Hightower, Joanna analyzes severely to both her dad and granddad. They were defiant drifters and enthusiastic family men. She invests the vast majority of her energy in her home, feels achy to visit the family at whatever point she leaves Jefferson, and never weds or has kids.  b. The Burdensome Past  Gail Hightower's issues originate from his fixation on his granddad, who was not in any case worth this love. All things considered, he passed on taking chickens. In like manner, Joanna Burden is the survivor of the harsh religion and disparaging bigotry that her dad trained her and that he gained from his dad before him.

Books and Authors Recommended by Lorde

Books and Authors Recommended by Lorde With a poet for a mother and a pseudonym that echoes one of the great feminist authors, Ella Yelich-OConnor is as lit as it gets. Lorde, as we more commonly know her, has often cited literature as formative not only in her childhood, but adulthood too. At just twenty-one, Lordes reading tastes are varied and eruditeâ€"shes even referred to herself as a library girl in a Rolling Stone interview. Since the beginning of her career Ive made a note of her reading recommendationsâ€"from reddit, twitter, tumblr, and a plethora of interviewsâ€"and finally transcribed it from print to pixel so we can all become well-read witches like Lorde. Books Rookie Yearbook  by Tavi Gevinson:  Longtime reader of Rookie, Lorde is interviewed in Rookie Yearbook Three, where she shares not only some of her inspirations, but also insight into her songwriting process. Feed by M.T. Anderson: in her Rookie interview, Lorde talks about how she loved Feed as soon as she read it and consequently convinced her high school English Teacher to include it in the curriculum. Lincoln in the Bardo by George Saunders: Recently Lorde has tweeted about George Saunderss experimental novel Lincoln in the Bardo: my favourite page of 2017, from lincoln in the bardo ? pic.twitter.com/Q1cXYT4zGt Lorde (@lorde) October 17, 2017 A Lovers Discourse  by Roland Barthes: Lordes most recent album  Melodrama  comes in the wake of heartbreak, so its no wonder she feels personally attacked by Barthes most famous book. Too Much and Not the Mood by Durga Chew-Bose: a fresh collection of essays from a young author,  Too Much and Not the Mood  muses on identity, race, and femininity with lyrical wisdom. The Hunger Games Trilogy by Suzanne Collins: commissioned to curate the soundtrack for Mockingjay: Part 1, Lorde felt a kinship with Katniss and reread the entire series before creating the soundtrack. Authors Raymond Carver: one of the most influential American short story writers of the 21st century, Carvers stories show the power of minimalism in prose. Roald Dahl: well known for his childrens books, Roald Dahls short stories show the darker side of the author. Audre Lorde: I know Lordes name refers to a feminine form of the regal Lord, but I like to think that the serendipitous homage to self-described “black, lesbian, mother, warrior, poet” Audre Lorde is appreciated. Tobias Wolff: a short story writer, memoirist, and novelist whos interested in class (especially in the literary world) and fiction as a means to tell the truth through lies. Janet Frame: New Zealand author Janet Frame was a prolific writer whose career was overshadowed by public speculation on her mental health. Wells Tower: a contemporary American writer known for his collection of short stories  Everything Ravaged, Everything Burned.  Lorde read this collection when she was 13 and described it as the best collection she has ever read. Claire Vaye Watkins: writer for Granta, novelist, and short story writer Claire Vaye Watkinss writing toes the line between realism and surrealism. Junot Díaz:  Pulitzer Prize winner Junot  Díaz writes about adolescence, love, and betrayal with a poignancy Ive not found anywhere else. Kurt Vonnegut: an author that needs no introduction, Lorde speaks of Vonnegut when praising short fiction:  Short fiction appeals to me because of the necessity of concisenessâ€"that’s what writing songs is about, but times 20. I like people who can build something great and huge with a very limited amount of time or space. It’s difficult to do. Kurt Vonnegut is a good place to start if you haven’t read a lot of short fiction, because he’s fun and his humor is really black. J.D. Salinger: the king of misunderstood teens, Salingers Holden Caulfield has ideas about life and pretense that are echoed in Lordes debut album  Pure Heroine.   James Baldwin: writer and social activist who wrote about race, class, and sexuality well ahead of his time. Eleanor Catton:  Fellow New Zealander Eleanor Catton won the Man Booker Prize just two weeks after Lordes debut album came out, and I dont think theres anything better on the internet than this photo of Lorde and Eleanor reading in bed. Poets In an early interview with Black Magazine, Lorde cites poetry as an influence on her writing style: T.S. Eliot and  Walt Whitman  taught me the importance of using beautiful words occasionally, and  Sylvia Plath  taught me not to shy away from discomfort. Derek Walcott: Lyrics and poetry have so much in common, and Lordes melancholic ballad Liability shares a tone with Love After Love by Derek Walcott. durga sent me this beautiful derek walcott poem today shadows of liability in here i thought. rip pic.twitter.com/0VMsz1AiBX Lorde (@lorde) March 17, 2017 Keep the recommendations coming, Lorde, and if you ever want to start a book clubâ€"Im your girl.

Project Management Paper - 3364 Words

1. A ________________ is a temporary endeavor undertaken to create a unique product, service, or result. a) b) c) d) Program Process Project Portfolio 2. Which of the following is not a potential advantage of using good project management? a) b) c) d) Shorter development times Higher worker morale Lower cost of capital Higher profit margins 3. Which of the following is not an attribute of a project? a) b) c) d) Projects are unique Projects are developed using progressive elaboration Projects have a primary customer or sponsor Projects involve little uncertainty 4. Which of the following is not part of the triple constraint of project management? a) b) c) d) Meeting scope goals Meeting time goals Meeting communications goals Meeting cost†¦show more content†¦Many people use ________________ to have a standard format for preparing various project management documents. a) Methodologies b) Templates c) Project management software d) Standards 23. What is the last step in the four – stage planning process for selecting information technology projects? a) b) c) d) Information technology strategy planning Business area analysis Project planning Resource allocation 24. A new government law requires an organization to report data in anew way. Under which category would a new information system project to provide this data fall? a) b) c) d) Problem Opportunity Directive Regulation 25. A __________________ is a document that formally recognizes the existence of a project and provides direction on the project’s objectives and management. a) b) c) d) Project charter Preliminary scope statement Business case Project management plan 4 IIBM Institute of Business Management Examination Paper – Project Management 26. ICOM model, which is one of the major roles of project manager, stand for a) b) c) d) Integrated Constraint of Mechanism Inputs, Outputs, Constraints Mechanism Inputs, Outputs, Constraints Money None 27. A _______________ often includes sensitive information, so it should not be part of the overall project plan for anyone to see. a) b) c) d) Business case Project charter Personnel chart Stakeholder analysis 28. Which of the following is not a suggestion for performing integrated change control? a) b)Show MoreRelatedProject Management Structure Paper862 Words   |  4 PagesRunning head: PROJECT MANAGEMENT STRUCTURE PAPER Project Management Organizational Structures Paper University of Phoenix MGT 437- Project Management Roy Chuang December 2, 2012 Project Management Organizational Structures Paper A project organization is a framework of rules and regulations that companies use to facilitate the harmony and finishing point of project activities. 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What Pros Arent Saying About Extended Essay Samples and What It Means For You

What Pros Aren't Saying About Extended Essay Samples and What It Means For You Finding the Best Extended Essay Samples Therefore, if there's any reason why you cannot have your extended essay written on time yourself, all you have to do is place your order on our site, and leave the rest to us! If you want, highlight the critical words and phrases in the stimulus to have the ability to look at it from time to time to be sure you adhere to the topic. Have a look at each question carefully and take a small time to work out the topic and what type of answer is going to be expected. Your answers can help you determine any issues, so that you may then find methods to solve them. Doing this will at least give you a sense on how you are able to write about your subject of interest. If you've already decided on the most suitable topic of interest, be certain you include that while placing the purchase. Thus, in the event of trouble, everyone tends to search for the support of a close individual. In order to select the very best question the student should have some knowledge in this issue area. Extended Essay Samples - Dead or Alive? It makes an IB extended essay stick out from the remainder of the academic assignments. Our IB extended essay writing service is a totally free solution that will help you in formulating a proper research question. Extended essays may require a level of technicality. A lengthy essay is a kind of academic writing assignment, which success is dependent upon the structure. Employing extended essay examples are able to help you work out how to condense your essay in case you have exceeded your limit. Extended definition essay example is a kind of essay which supplies a thorough explanation of a term. Since the introduction has to be in tandem with the remainder of your essay, it isn't unusual for writers to finish the introduction once they have written the conclusion. If you don't have a topic we'll offer you an opportunity to select one from a collection of psychology extended essay topics that will be supplied by your writer. Now you have all of you research organized, you're prepared to begin writing your essay. Whether it's a psychology extended essay help which you want or not, speak to us first. To be able to excel in a lengthy essay, the student must strategize to be able to comprehensively compose a topic. Although some students have zero idea how to compose an IB extended essay, everybody can learn how to do it. Many students even search for protracted essay help in the beginning as they don't have any clue on how best to get started writing the essay. Say, by way of example, you're a high school student, and you should compose a 3-page essay. Consult your IB coordinator if you are not certain if you're on a particular timeline. Only seek out help in the region or areas in which you genuinely require help. You've got to narrow down the subject and pick a region that it is simple to address. Really nice and inspirational details on your website!'' If your school isn't one already, learn to turn into an IB World School so as to implement the DP. Although inventing the most suitable questions can be challenging, your supervisor can assist you in the approach. The s upervisor will subsequently specify a run of further internal deadlines and meetings for each student to guarantee the completion of the analysis in a timely fashion. Failing a long program will cost you more cash. It's also advisable to state (in clear terms), the major purpose of your writing, along with the range of the study. You should know about the methods of research so as to create an excellent result. In the event you want a bit more guidance on how to have an A EE. Whichever system you decide on, make sure you follow it consistently.

Effects of Music on the Growth of Mung Beans Free Essays

CHAPTER V SUMMARY, CONCLUSION AND RECOMMENDATIONS This chapter presents the summary of finding the generalization of the conclusion and the recommendation for the further improvement of the study. I. Summary of Findings 1. We will write a custom essay sample on Effects of Music on the Growth of Mung Beans or any similar topic only for you Order Now Music affects the growth of Mung beans. As established in the experiment and based on the data gathered, music has a great effect on the growth of Mung beans. The varying degree of effect is dependent on the type or tempo of music to be played. 2. In general, music helps in the growth of plants. It hastens the growth of plants. As we conducted and observed our experiment, we noticed that classical music helps the Mung beans’ growth. Plants exposed to rock music grew slower than those exposed to classical music; however, they grew faster than those exposed to no music. 3. The growth of the green variety of Mung beans is faster than those of the yellow variety in any of the environment they were subjected to. II. Conclusions 1. Music affects the growth of Mung beans as we observed the set-ups. The different aspects that we have observed where music was involved were the plant’s height and the number of leaves produced. 2. Music helps the Mung beans’ growth and does not hinder their development. 3. Music, more specifically the classic music, has effects on the growth of Mung beans especially on the growth of the green variety. III. Recommendations 1. As we have proven through the data gathered that music hastens the growth of plants, we recommend promoting the use of music in planting and other agricultural activities. This can be done through discussions in the different fora to bring to the awareness of the authorities and the agricultural sector the benefits of music in planting. 2. We recommend that in the utilization of music for plant growing, you should use classical music in order for you to grow your plants faster. 3. We recommend that further study be conducted to validate the findings of this paper. How to cite Effects of Music on the Growth of Mung Beans, Papers

US Airlines Essays - Air Traffic Control, , Term Papers

US Airlines Deregulation of the U.S. airline industry has resulted in ticket prices dropping by a third, on an inflation-adjusted basis. As a result some 1.6 million people fly on 4,000 aircraft every day. Airlines carried 643 million passengers in 1998, a 25% increase over 1993 and the FAA estimates that the nations airline system will have to accommodate 917 million passengers by the year 2008. The growth in air travel threatens to overwhelm the presently inadequate air traffic control system, which has not kept pace with available technology in navigation, communications, and flight surveillance. Much of the equipment used for air traffic control today is based on fifty-year-old technology; for example, analog simplex voice links for communications and ground-based radar for surveillance, and VHF Omnidirectional Range/Distance Measuring Equipment (VOR/DME) for navigation. The lack of system automation imposes heavy workloads on human air traffic controllers and increases the risk of accidents in heavy traffic situations. Capacity limits are being reached in both airports and airspace, with congestion delays in departure and arrival schedules reaching record numbers. Funds to upgrade the air traffic control system are available in the trust fund created to receive the tax applied to airline passenger tickets and the tax on fuel for general aviation. The General Accounting Office says modernizing the air traffic control system will cost at least 17 billion for just the first 5 years of the FAAs 15-year National Airspace System improvement plan. It is the NAS that provides the services and infrastructure for air transportation. Air transportation represents 6% of the Nations gross domestic product, so the NAS is a critical element of our national economy. Given the size of the NAS, the task ahead is enormous. Our NAS includes more than 18,300 airports, 21 air route traffic control centers, over 460 air traffic control towers and 75 flight service stations, and approximately 4,500 air navigation facilities. The NAS spans the country, extends into the oceans, and interfaces with neighboring air traffic control systems for international flights. The NAS relies on approximately 30,000 FAA employees to provide air traffic control, flight service, security, and field maintenance services. More than 616,000 active pilots operating over 280,000 commercial, regional, general aviation and military aircraft use the NAS. On March 11, 1999, the FAA released the NAS Architecture Version 4.0 to the public. Key influences on the architecture include the 1996 White House Commission on Aviation Safety and Security, which recommended that the FAA accelerate modernization of the NAS, and the 1997 National Civil Aviation Review Commission, which recommended funding and performance management methods for implementing NAS modernization. It describes the agencys modernization strategy from 1998 through 2015. Based on the Free Flight operational concept, Version 4.0 contains capabilities, technologies, and systems to enhance the safety of the aviation system and provide users and service providers with more efficient services. Free Flight centers on allowing pilots, whenever practical, to choose the optimum flight profile. This concept of operations is expected to decrease user costs, improve airspace flexibility, and remove flight restrictions. The NAS Architecture is divided into three modernization phases and its implementation is being synchronized with the International Civil Aviation Organization to ensure interoperability and global integration. ?h Phase 1 (1998-2002) focuses on sustaining essential air traffic control services and delivering early user benefits. Free Flight Phase 1 will be implemented. Controller computer workstations will begin major upgrades. Satellite-based navigation systems will be deployed, and air-to-air surveillance will be introduced. The Year 2000 computer problem will hopefully be fixed. ?h Phase 2 (2003-2007) concentrates on deploying the next generation of communications, navigation and surveillance (CNS) equipment and the automation upgrades necessary to accommodate new CNS capabilities. Satellite-based navigation systems will be further augmented in local areas for more precise approaches. New digital radios that maximize the spectrum channels will be installed. As users equip, automatic dependent surveillance ground equipment will be installed to extend air traffic control surveillance services to non-radar areas. Tools from Phase 1 will be deployed throughout the NAS and upgraded as necessary. ?h Phase 3 (2008-2015) completes the required infrastructure and integration of automation advancements with the new CNS technologies, enabling additional Free Flight capabilities throughout the NAS. Two important features will be NAS-wide information sharing among users and service providers and four-dimensional flight profiles that utilize longitudinal and lateral positions and trajectories as a function of time. The goals for modernizing the NAS are based on improving: ?h Safety ?V such as better weather information in the cockpit and on controller displays. ?h Accessibility ?V such as instrument approaches to many more airports. ?h Flexibility ?V such as allowing

Describe and explain the periodic trends of the period 3 elements Na - Ar

Describe and explain the periodic trends of the period 3 elements Na - Ar Properties of the elements of period 3 (Na - Ar) to illustrate the periodic trendsWhat is periodicity?Periodicity is the repeating pattern in which the elements are arranged in the periodic table, these are some of the trends shown from looking at the periodicity of the elements.Atomic radiusAn atom doesn't have a fixed radius. The radius of an atom can only be found by measuring the distance between the nuclei of two touching atoms, and then halving that distance. Atomic radius is measured in nm.The graph shows that atomic radius decreases across a period (from left to right). This is because the number of protons in the nucleus increases so the nuclear charge increases. The force of attraction between the nucleus and the electrons increases so the electrons are drawn more tightly to the nucleus so the size of the atom (and the atomic nucleus) decreases.chart of atomic radius versus atomic number (not c...The atomic radius of Argon cannot be measured because it is a noble gas so doe sn't form bonds.First Ionisation energyThe first ionisation energy is the energy required to remove the most loosely held electron from one mole of gaseous atoms to produce 1 mole of gaseous singly charged positive ions. Ionisation energy is measured in Kjmol.M(g) - M+(g) + e-First ionisation energy increases across a period because going across the period the number of protons in the nucleus increases so the nuclear charge in each element increases therefore the force of attraction between the nucleus and outer electron is increased, and there is a negligible increase in shielding because each successive electron enters the same energy level so more energy is needed to remove the outer electron.Some anomalies occur in this graph and other graphs of first ionisation energy. The Anomaly in this graph...

Herrmann Last Name Meaning and Family History

Herrmann Last Name Meaning and Family History The German Herrmann is a patronymic surname which means soldier, army man, or warrior derived from the Germanic elements heri, meaning army, and mann, meaning man. Harmon and Hermon are common English variants of this surname. Alternate Surname Spellings:  Herrman, Hermann, Herman Famous People With the Herrmann Surname Bernard Herrmann  - American composer  best known as the author of scores for Orson Welles and Alfred Hitchcock films including Citizen Kane and PsychoAlexander Herrmann  - French magician known as Herrmann the GreatHans Herrmann -  Ã‚  Former Formula One driver from Stuttgart, GermanyEdward Herrmann - American actor, best known for his role as the patriarch, Richard, on Gilmore Girls  Jakob Hermann - Swiss mathematicianWalter Herrmann - German nuclear physicist Where Is the Herrmann Name Most Common? According to Forebears, the  Herrmann surname can be traced back to Brandenburg, and is still most commonly found in Germany, ranking as the countrys 38th most common surname. It is also somewhat common in Switzerland, Austria, and Luxembourg. Data from  WorldNames PublicProfiler  indicates the Herrmann surname is equally prevalent throughout much of Germany, with a slightly higher incidence around Saarland and Sachsen. Surname maps from MyHeritage.de indicate the Hermann  last name is focused in scattered pockets around Germany and is most common in the counties and cities of Berlin, Munich, Hamburg, Region Hannover, Ortenaukreis, Reutlingen, Dresden, Rhein-Neckar-Kreis, Leipzig, and Saarlouis. Family Crest or Coat of Arms Contrary to what you may hear, there is no such thing as a Herrmann family crest or coat of arms for the Herrmann surname.  Coats of arms are granted to individuals, not families, and may rightfully be used only by the uninterrupted male line descendants of the person to whom the coat of arms was originally granted. Genealogy Resources Meanings of Common German Surnames - Uncover the meaning of your last name with this free guide to the meanings and origins of common German surnames.Harmon/Harman/Herman  DNA  Surname Project - Individuals with the Harmon  surname, and variations such as  Herman, Herrmann, Herrman, Harman and Herman, are invited to participate in this group DNA project in an attempt to learn more about their family origins. The website includes information on the project, the research done to date, and instructions on how to participate.HERRMANN  Family Genealogy Forum - This free message board is focused on descendants of Herrmann ancestors around the world. Search or browse the archives for information on your ancestors, or join the group and post your own Herrmann query.FamilySearch - HERRMANN  Genealogy - Explore over 2.4 million results from digitized  historical records and lineage-linked family trees related to the Herrmann surname on this free website hosted by the Church of Je sus Christ of Latter-day Saints. GeneaNet - Herrmann  Records - GeneaNet includes archival records, family trees, and other resources, with a concentration on records and families from France and other European countries. Sources Cottle, Basil.  Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967.Dorward, David.  Scottish Surnames. Collins Celtic (Pocket edition), 1998.Fucilla, Joseph.  Our Italian Surnames. Genealogical Publishing Company, 2003.Hanks, Patrick and Flavia Hodges.  A Dictionary of Surnames. Oxford University Press, 1989.Hanks, Patrick.  Dictionary of American Family Names. Oxford University Press, 2003.Reaney, P.H.  A Dictionary of English Surnames. Oxford University Press, 1997.Smith, Elsdon C.  American Surnames. Genealogical Publishing Company, 1997. https://www.thoughtco.com/surname-meanings-and-origins-s2-1422408

International Marketing Management Research Paper

International Marketing Management - Research Paper Example International Marketing Management The purpose of this paper is to understand the trading simplex between United States and China, the country of choice for this paper. The idea is to define the scenario as it stands i.e. the historical facts and figures with regards to the trading activities between the two countries, and then try to identify the reasons that the said patterns have been ascertained. The process followed for the creation of this research paper was simple; primarily the figures relevant to the trading activities were ascertained and subsequently secondary sources of literature review were perused in order to understand the reasons behind the said patterns. Most of the literature review is secondary and the trading figures are availed from both the people’s republic of China and the USA.From the Figure given below, with either belong to the Chinese or the US, the US runs a trade deficit with the Chinese, however, there is a marked difference between the two figures that are reported by each count ry as the Chinese report a trade surplus of $114 billion in 2005 whereas the United States state that this figure is $201 billion, about 76.32% times higher than the one reported by their Chinese counterparts.There is also a marked disparity between the span of time which has seen the US report a trade deficit against the Chinese as they claim it to be since 1983 whereas the Chinese only report the trade surplus to have originated from 1993 onwards. It is also important to note that not only is the size of the trade deficit that is being run by the U.S. against the Chinese exorbitant, but there is another facet that is equally important in the grander analysis i.e. the inordinate imbalance that lies between the imports from China and the exports to China by the US. Taking 2005 as the base year, the Japanese exported about 0.4 times the amount that they exported to the US while the Canadians and the Mexicans also reported figures of 1.3 times and 1.4 times respectively. As compared t o these, the Chinese exported a whopping 5.8 times the value of goods to the US as compared to the value of goods that they imported making it abundantly clear that the Chinese is not a destination of choice for US exported products. (Lum et al, 2007) Figure 1: U.S. Exports to China From the table 1 given below, it can be seen that from the top twenty exports from the US to the Chinese in 2005, the items rated the top five include (in no specific order) transport equipment, metalliferous ores, general industrial machinery, electrical machinery and oil seeds and fruits. The exports of the oil seeds and fruits and metalliferous ores have expanded over a period of six years, beginning from 1999, by 6 times and 12 times respectively. This clearly indicates that the Chinese requirement for the agricultural commodities as well as the raw materials has expanded in line with that of the need for office machines and general industrial machinery. Over the span of the five years starting from 2000 to 2005, textile fibers has expanded the most amongst all the items exported from the US to China, having supplanted itself by about 969%. China’s top ten imports from all around the world (in no particular order) in 2005 were: organic chemicals, optical and medical instruments, mineral fuels, vehicles, iron ores, copper articles, plastics, iron and steel, machinery, and electrical machinery. (Lum et al, 2007) U.S. Imports from China From the Figure given below, it can be seen that from the list of the top 20 items that are imported by the US from the Chinese, in dollar amount, in no particular order include: Miscellaneous manufactured articles Furniture and bedding Electrical machinery Telecommunications and sound equipment Apparel and accessories Office machines and automatic data processing machines It is a significant fact to note that the value of the US imported item under the umbrella of office and data processing m

Constructing three chapters of proposal Dissertation

Constructing three chapters of proposal - Dissertation Example In 2011, a pipeline fire killed 100 people and seriously injured 120 in Nairobi. In 2010, a Pemex (Petroleos Mexicanos) pumping station in Central Mexico exploded, killing 27 and injuring 50 (Ellingwood, 2010). In 2006, a pipeline explosion in Nigeria killed up to 500 people (BBC News, 2006), but the fatalities in this incident are only second to the Ufa train disaster in Russia in 1989, where train sparks set off a gas leak from an LPG pipeline and killed 645 people (Observer-Reporter, 1989). Oil and gas accidents can have catastrophic results, all the more underscoring the importance of assessing the crisis management systems in this industry, and ascertaining whether or not these are within acceptable standards to ensure the protection of the public. 1.1 Background of the Study One of the more comprehensive and meticulous definitions of â€Å"crisis,† as it is conceived in business crisis management, is that of Fink (1986, quoted in Reid, 2000, p. 2), who states that  "A crisis is any situation that runs the risk of: 1. Escalating in intensity. 2. Falling under close media or government scrutiny. 3. Interfering with the normal operations of business. 4. Jeopardizing with the positive public image presently enjoyed by a company or its officers. 5. Damaging a company’s bottom line in any way.† Fink’s well-crafted enumeration of the attributes of a crisis situation noticeable lacks one element: that of being â€Å"unforeseen† or â€Å"unexpected.† This is a defining trait of a crisis for other authors (Hoff, 2001; Boi, 2005; Laws, Prideaux & Chon, 2007), but apparently not for Fink, whose definition focuses on the impacts rather than the causes of the crisis situation. In many instances, crises are so characterised not because they are unforeseen. Rather, they are foreseen (or at least foreseeable), but are historically and statistically deemed so unlikely to happen that precautionary and preventive measures against them are overlooked (Loveridge, 2009; Daft & Marcic, 2011). Warranting the necessity for the enhancement of crisis planning, prevention, assessment, and mitigation for the oil and gas industry are the deleterious effects of the 2010 BP oil spill in the Gulf of Mexico (Casale, 2010). Despite the serious harm to the environment and to livelihoods in the affected area, the potential closure of large oil and gas companies or the shutdown of their pipelines is a risk which major oil producers could not be take because of their critical role in the world economy (Omolara & Olayide, 2011; Kamal, 2012). The matter of oil and gas crisis management to ensure continuity, therefore, becomes an important area of study. Unfortunately, there are few academic studies which have addressed this area. Lee Clarke of Rutgers University underscored the fact that all most oil and gas companies have to rely on currently are what he calls â€Å"symbolic planning† and â€Å"fantasy documents† upon which crisis strategies are built (Morse, 2004). 1.2 Statement of the Problem In defining the research problem, it became apparent to this researcher that the threat of impending crises (i.e., crises that are unlikely, but may eventually happen) confront all organisations in varied ways. Consequently, all organizations need some

Reviewing The Tragical History Of Doctor Faustus English Literature Essay

Reviewing The Tragical History Of Doctor Faustus English Literature Essay My third chapter proposes a threefold analysis of the major characters in The Tragical History of Doctor Faustus and The Master and Margarita. First, by comparing Faustus and Margarita, I show how their individual features as well as their relationships with the other characters are marked by elements of feminism, psychoanalysis, Renaissance humanism, affective geography, and role-play. Then, I put forth a parallel between Woland and Mephostophilis meant to reveal that-in both literary works-the devils embody a necessary evil that actually reinforces divinity. Last but not least, an insight into some of the most significant supernatural episodes of these books shall demonstrate that magical realism and Bakhtins theory of carnival laughter offer readers the Faustian myth with a twist. Margarita and Doctor Faustus Starting from the premise that man is created as Gods reflection, in a twofold embodiment of the masculine and the feminine principle (Sergei Bulgakov 150), one might easily assume that both The Tragical History of Doctor Faustus and The Master and Margarita underline the harmonious union between male and female elements-hence Bulgakovs title of his novel and also its dual structure; yet instead, nothing could be farther from the actual ponder of masculine over feminine aspects in both books. In this sense, feminist critics and theoreticians base their approach to either of these two literary works on issues of gender-segregated societies, appellatives, transgender identity, androgyny, and linguistically codified male discourses. Both Marlowes England and Bulgakovs Stalinist Russia are worlds segregated in terms of gender. Eve Kosofsky Sedgwick explains: male friendship, mentorship, admiring identification, bureaucratic subordination, and heterosexual rivalry (quoted in Chedgzoy 247) are all forms of homosocial connections that pervade both Marlowes play and Bulgakovs novel. Thus, Faustus aspirations are foreshadowed at the beginning of the play when he fantasizes about exotic sites, colonial exploitation (attributed to men exclusively), and violent ambitions: Ay, these are those that Faustus most desires. / O, what a world of profit and delight, / Of power, of honour, of omnipotence (Marlowe 52). Faustus deems knowledge the way to gain power. His is not a singular view; rather, it represents the exponent of Marlowes epoch according to historians: during those times, this segregation extends even to theatres where actresses are not admitted and universities where men alone are granted access. Bulgakovs work o f fiction account for a role reversal, although the circumstances are somewhat similar. Margarita-the female Faustus of the twentieth century and therefore the one who assumes a anti-hegemonic role-is swept off her feet by the Master, a God-like figure who is not satisfied with writing about Yeshua (hence the identification with the latter that confers him divine authority) but carries his artistic mission further, which acquires metaphysical connotations. The Master remains unnamed and thus represents a universal symbol of Bulgakovs literary times. He is the exponent of one of the major Moscow literary associations, called Massolit (Bulgakov 11) that rarely if ever includes women writers among its members. Even if this is the case, women are belittled twice: first rejected as writers or second fiercely censored by the state. Feminists seek to rebel against such a misogynistic structure of masculinity; they find the key figures to do that in exactly the same female characters who are initially submissive and oppressed. Both Margarita and Helen of Troy disrupt the authoritative discourse of masculinity. On the one hand, the second part of Bulgakovs novel casts away the Master and brings into focus the beautiful Margarita: She was beautiful and intelligent. () many women would have given anything to exchange their lives for the life of Margarita Nikolaevna (Bulgakov 166). She is now the active protagonist, whereas the Master is the passive one. She is willing to sacrifice body and soul in the name of love, acknowledging her role entirely. On the other hand, Marlowes tragedy depicts Helen as the demolisher of masculine power; her name Helen may be read as made up of the core Hel (referring to hell and destruction) and the particle -en. That is why Helens image is associated with the downfall of Troy but also of Faustus and Wittenberg here. Furthermore, an equally significant element that brings about the subversion of masculine authority is love. Both Faustus and the Master single-mindedly surrender to their mistresses, although this aspect is more obvious at Marlowe. In Bulgakovs book, the Master owes Margarita his salvation and recuperation, whereas in Marlowes tragedy, the play of significances has a greater depth. Doctor Faustus and Helen engage in an androgynous role-play: he plays Semele and Paris: I will be Paris, and for love of thee / Instead of Troy shall Wittenberg be sackd, / () When he appeard to hapless Semele (Marlowe 106), while Helen assumes the prototype of feminine beauty but also the role of Jupiter: Brighter art thou than flaming Jupiter (106). A few lines afterwards, by being associated with Eve, Faustus becomes aware of his sin but he is also left with an undermined masculinity: that tempted Eve may be saved, but not Faustus (108). In The Tragical History of Doctor Faustus and The Master and Margarita alike, even episodic characters or those of lesser importance see women only as a medium of power, as objects rather than agents. Hence Valdes ironic observation: Sometimes like women or unwedded maids, / Shadowing more beauty in their airy brows / Than in the white breasts of the queen of love (Marlowe 54) or Robins declamatory fantasy: Ay, there be of us here that have waded as deep into / matters as other men (73). Mephostophilis himself turns the concept of marriage into an antisocial act because he offers Faustus a devil disguised as woman instead of a wife. Bulgakovs text describes the meeting between Azazello and Margarita on which occasion the former reckons that women are superficial beings: saying ironically: Difficult folk, these women! (174). Another character, Hella-Wolands maidservant-is analogised to Helen of Troy through her name (note the particle Hell): she represents the feminine side of Hell. Twentieth century feminists fight against such patriarchal empowerment. This is the case of Helene Cixous who upholds the idea that gender relations are inscribed in the language we use. Consequently, Cixous turns the invisibility of women back against men, who become the other of the other and hence are cancelled out (Hedges 106). Following in the same line, Luce Irigaray argues that man obliterate differences between them and women as a result of their belief that women represent their reflected opposites; therefore, womens otherness is denied (Hedges 105-6). Additionally, the two protagonists of these literary works are linked by features of humanism. Doctor Faustus definitely embodies the exponent of the perfectible man of the Renaissance whose intellectual curiosity, aspiration for power, and nationalism are expressed rhetorically in the first person singular: Ill have them (à ¢Ã¢â€š ¬Ã‚ ¦) / Ill levy (à ¢Ã¢â€š ¬Ã‚ ¦) / Ill make (à ¢Ã¢â€š ¬Ã‚ ¦) (Marlowe 53). In this respect, Faustus is an overreacher according to Harry Levin as he reaches out to the unconscious, to supernatural forces that might help him remedy the intellectual bases of his age which he perceives as faulty (quoted in Mitchell 55). Although he aims to gain fame through his powers and he aspires to be more than a man, he is permanently haunted by an uneasy consciousness; hence the opposition between the Good and the Bad Angels but also the Seven Deadly Sins that reveal the scholars inner flaws. Margarita too is a representative of twentieth century humanism. She does not seek to gain power through knowledge but through love. Similarly, her being an overreacher is evident in the desire to explore new environments and her acceptance to obey occult forces. Marlowes Faustus and Bulgakovs Margarita are both folk protagonists since they are considered dissidents of their times, in spite the fact that their endeavours target very distinct goals. Paul de Man describes this type of character as the one whose path is strewn with those parts of himself that he had to abandon in the process of his own becoming (398). Faustus symbolizes the opposition brought about by the protestant belief that every individual is responsible for his / her own salvation or damnation. Margarita denotes the opposition against the rigid moral and social rules dictated by the communist regime. The scholars unorthodox practices and his extended travels shed light on the ultimate results which he bargains for: knowledge, fame, and control over other cultures, whereas Margaritas is a more limited aim-she is not at all domineering (although she is appointed queen for a night) but looks for affective fulfillment. However, these central characters are brought together by the development of all their individual possibilities, so that, by being put to test in the world, they might penetrate, come to know, and dominate reality (Lukacs quoted in Hedges 92). Faustus and Margaritas personalities extend to more than their individual scope, they represent a literary reaction to the ardent issues of their times. Moreover, these protagonists are depicted as torn between their affective and their intellectual make-up all throughout the texts. Obviously, the combo of emotion and reason is much more stringent in Faustus case: the oscillation between enjoying life and attaining knowledge reveals that for the scholar, the body is more important than the soul, as he himself puts it: This word damnation terrifies not him (Marlowe 58). Nevertheless, Faustus existence stands not under the sign of eros, (like Margaritas does) but of thanatos (Hermand quoted in Hedges 94)-since his quest leads to death whereas Margaritas grants her access to atemporal bliss. Ultimately, the construction of Marlowes and Bulgakovs central characters is informed by the setting where they are portrayed. Garrett A. Sullivan, Jr. speaks about an affective geography (231)-for instance Faustus study or the Master and Margaritas rented apartment-that shapes the protagonists identity. He further explains that the notion of geography is defined as a conceptual structure through which social and spatial relations are simultaneously materialised and represented (Sullivan 236). In these two literary works, there exists a cyclic sequence of broadness and enclosure. We find Faustus alone in his study both at the beginning and in the end of the play, although he travels extensively during the twenty-four years of the pact, while Margarita swings between the remoteness of her Masters apartment-A completely private little apartment, plus a front hall with a sink in it, little windows just level with the paved walk leading from the gate (Bulgakov 109)-Moscows expansiveness, and the seclusion of their eternal refuge. Thus, the relationship space-identity acquires new dimensions; locations become part of the characters emotional make-up: The axis mundi passes through [Faustuss] Wittenberg study and the Muscovite abode; on it lie Heaven and Hell (Kott quoted in Sullivan 240). Overall, Marlowes play and Bulgakovs prose present two multidimensional characters who-if carefully analysed-are more similar than different in terms of questioning patriarchal discourses through feminist techniques, in terms of revealing humanistic features, and in terms of attaching emotional connotations to their setting or background. The Evil Suite The archetype of the dichotomy good-evil permeates human discourses as well as literary creations since the beginning of time. Evil has forever been opposed to and traditionally vanquished by good forces, regardless of the culture adopting this model. Nonetheless, The Tragical History of Doctor Faustus as well as The Master and Margarita put forth an innovative perspective: not only does evil stem from good, but it also reinforces divine laws and teaches moral lessons. Both Christopher Marlowe and Mikhail Bulgakov deal with metaphysical issues in their works, issues that question the relationship between Heaven and Hell and Gods intervention in humans lives at the same time. In this context, Wolands emergence in Moscow and Mephostophilis in Faustus study foreshadow the obvious religious themes whose manifold interpretations are disclosed in these two works. Wolands mission is to point to the moral collapse of the Stalinist 1930s Moscow through the use of satire and supernatural whereas Mephostophilis task is more limited in scope because it refers to a single individual, Doctor Faustus. However, both demons appear as God-sent messengers swinging between Heaven, earth, and Hell. In Marlowes tragedy but also in Bulgakovs novel, the forces of good and evil are not in competition but coexist on more or less equal terms (225) as Laura D. Weeks tells us in her article Hebraic Antecedents in The Master and Margarita: Woland and Company Revisited. The black magic professor, Woland seems inseparably united with God even from the very beginning of the novel, when the motto taken from Goethe exposes this timeless link: I am part of that power which eternally wills evil and eternally works good (Bulgakov 11). The same may be said about Mephostophilis who-when asked about his origins-replies: FAU. Was not that Lucifer an angel once? / MEPH. Yes, Faustus, and most dearly lovd of God. () FAU. And what are you that live with Lucifer? / MEPH. Unhappy spirits that fell with Lucifer (Marlowe 59). Thus, Woland appears as an intricate and profound character while Mephosto is less thoughtful and more servile. Additionally, having the status of Gods opposites, the two devils actually strengthen His goodness and prove once more that they are His envoys. In Bulgakovs novel, Woland claims to have been an incognito observer of Yeshuas trial; it is paradoxical how-by recounting this first installment to Berlioz and Ivan Homeless-Woland in fact reasserts Gods existence: Theres no need for any points of view, the strange professor replied, he simply existed, thats all' (Bulgakov 18). Likewise, Mephostophilis reconfirms the divine authority when he admits his origins and confesses the sin of having Conspird against our God with Lucifer (my emphasis, Marlowe 59). Moreover, both Woland and Mephostophilis have immense powers, yet they are aware these are limited in comparison to Gods. For instance, when Margarita asks that Frieda be forgiven, Satan admits: Each department must look after its own affairs. I dont deny our possibilities are rather great, () But there is simply no sense in doing what ought to be done by another as I just put it department (Bulgakov 216). Mephosto similarly gives away his limitations when he refuses to tell Faustus who has created the world: Now tell me who made the world. / MEPH. I will not (Marlowe 69) or during all the episodes when he urges the scholar to renew his bond for fear Faustus might be forgiven by God. However, in their attempt to attest Gods existence, both Marlowes and Bulgakovs demons actually want to reinstate theirs. Wolands and Mephostophilis is a peculiar status since they seem to embody both good and evil. On the occasion of the Great Ball when Woland is willing to grant Margarita a wish, the power of mercy surfaces: I am talking about mercy, Woland explained his words, (à ¢Ã¢â€š ¬Ã‚ ¦) It sometimes creeps, quite unexpectedly and perfidiously, through the narrowest cracks. And so I am talking about rags' (Bulgakov 216). Mephostophilis does not mention mercy but regret and despair when he contemplates his everlasting doom in Hell: Thinkst thou that I, who saw the face of God / And tasted the eternal joys of heaven, / Am not tormented with ten thousand hells / In being deprivd of everlasting bliss? (Marlowe 59) or when he advises the scholar: O Faustus, leave these frivolous demands, / Which strike a terror to my fainting soul (ibidem). Under these circumstances, there arise questions about the ambiguous, opposites-marked personalities of Woland and Mephosto; Radha Balasubramanian further explains: the two literary works complicate the matter further by concentrating on the nature of the Devil, raising questions as to who the Devil is, and how he came out being angelic. He is a wanderer, without a name and without a home? Does he also resemble God? Are they the same? Do devils exist as a contrast to God? Are they two sides of the same coin? (1995: 41) Therefore, besides the dominant feature of demonism, The Tragical History of Doctor Faustus and The Master and Margarita endow their devils characters with versatile attributes. The demons incorporate multiple valid truths (Emerson 179), acting as coordinators and bridging the different plans of the two books. In so doing, Woland and Mephosto bring about a multiplicity of perspectives and remind the reader of Mikhail Bakhtins heteroglossia, although Marlowes devil is less distant than Bulgakovs: Except when he is the mouthpiece for an installment of Christs Passion, Woland is a taciturn man. This is appropriate. He shows rather than tells (Emerson 179). Another equally significant aspect is related to the parallel that the two authors draw between devils and religion. Hence, the satire of the Stalinist Moscows society is acquired through a review of the Yershalaim narrative. The same may be averred about a satire of Catholicism at Marlowe through a post-Reformation approach. Whereas the parallel between Wolands visit in Moscow and Yeshuas Passions in Yershalaim indicates time condensation-Moscows literary time became a mythical time that can be structurally correlated with the mythical dimension in the Yershalaim chapters (Balasubramanian, 2001: 90)-there is no such analogy or time contraction in Marlowes tragedy. Instead, the dramaturge describes the meeting between Faustus, Mephosto, and the Pope as the only occasion when the Pope is punished by the devil. In this way, Catholicism is downplayed as the Pope is mocked for failing to exorcize the troublesome ghost (Marlowe 83). Here, religious dissidence is also backed up by newly em ergent ideas of predestination and original sin as advocated by the Elizabethan church. By opposition, the sole religious dispute occurs in the incipit of Bulgakovs novel between Ivan Homeless, Berlioz, and Woland. Furthermore, there are additional thought-provoking implications that seem to pervade only Bulgakovs novel but not Marlowes play. For instance, certain scholars question the source and the narrator of the novel at the same time, attributing these alternatively to Bulgakov, the Master, the Devil, or God (Balasubramanian, 1995: 44). It is evident that endowing Woland with the premise of authorship is an idea reminiscent of Bulgakov himself who has originally planned his novel as a Gospel According to the Devil' (Emerson 178). In this respect, Christs story is defamiliarized by transposing narrative points of view from the apostles to the devil (Balasubramanian, 1995: 44)-the habitual Christian perception is disrupted and the gospel acquires novel undertones. In general, good and evil are the inseparable components of the human nature differentiated only by mans free will. There is no preeminence of evil over good, although there can be no good without evil: Kindly consider the question: what would your good do if evil did not exist, and what would the earth look like if shadows disappeared from it? (Bulgakov 274). By this account, both Woland and Mephostophilis appear as the most reliable source of knowledge in these two literary works but equally as troubled allies of God. Supernatural Encounters At the beginning of the nineteenth century, E. T. A. Hoffmann-a leading representative of German Romanticism-uses the fantasy genre with macabre undertones in combination with realism. A century later, the theoretician Mikhail Bakhtin defines his work as a Menippean satire, fundamentally satirical or mocking in nature and seeking to ridicule different intellectual attitudes and philosophical postures (Cuddon 504). The two literary works herein under scrutiny draw on the category of supernatural and on comedy to give the Faustian myth a twist, although humour serves distinct purposes in The Tragical History of Doctor Faustus and The Master and Margarita. The use of humour and farce in the two books is treated differently by critics. On the one hand, in Marlowes play, the comic scenes have not received that much critical consideration over the years. One reason for this aspect might be the fact that there is still ardent debate nowadays over the authorship of these comic scenes: There is almost unanimous agreement that the scenes of clownage (à ¢Ã¢â€š ¬Ã‚ ¦) and the comic scenes at the papal, imperial, and ducal courts (Jump 22) are not Marlowes but someone elses-hence the variation in length and style between the A-version (1604) and the B-version of the text (1616). Regardless of their origin, humourous scenes do permeate Marlowes play. On the other hand, Bulgakovs comedy episodes have been the focus of much more critical interpretation due to the conviction that, in this case, Bulgakov himself is the author of these scenes. Bulgakovs fiction does not employ humour and pranks only for the sake of comic relief but also to underscore a deeper connotation: the Stalinist Moscows small-mindedness, gluttony, and moral degradation. Certain commentators such as Marie-Hà ©là ¨ne Besnault in Belief and Spectacle at Early Performances of Doctor Faustus (2009) separate humourous episodes into low-comedy and clowning scenes (19). The former category occur in Vatican and at Charles-the German Emperors-court, have Faustus as protagonist, depict people pertaining to the social elite, and are further divided into sub-scenes with a larger number of characters (Besnault 19-20): dukes, attendants, cardinals, and others. The most relevant instances of low-comedy scenes centre on the moments when Faustus and Mephosto steal the Popes food or beat up the friars: POPE. How now! Who snatchd the meat from me? / POPE. My wine gone too? Ye lubbers, look about (Marlowe 82). By opposition, the protagonists of the clowning scenes are Robin, Dick, the horse-courser and their suite (in fact, all of them embodying archetypes of clowns), although the main topic of discussion remains Faustus. Besides, these episodes have a less intricate course of events as well as an equally uncomplicated spatial and temporal frame. Examples that best illustrate this case present Faustus tricking the horse-courser or Robin and Dick being changed to animals: For apish deeds transformed to an ape. / MEPH. And so thou shalt: be thou transformed to a dog, and carry him upon thy back. Away, be gone! (Marlowe 85). Similarly to Marlowes low-comedy that parallels the major events of the play, Bulgakovs novel contains buffoonery scenes meant to counterpoint the main plot. For instance, Natashas metamorphosis into a witch parallels Margaritas: Completely naked, her dishevelled hair flying in the air, she flew astride a fat hog, who was clutching a briefcase in his front hoofs, while his hind hoofs desperately threshed the air (Bulgakov 185). Then, there is also the correspondence between Behemoths noble-like manners and Wolands aristocratic personality: There was now a white bow-tie on the cats neck, and a pair of ladies mother-of-pearl opera glasses hung from a strap on his neck. Whats more, the cats whiskers were gilded (Bulgakov 195). Both Marlowes tragedy and Bulgakovs narrative dwell on the connection between belief and disbelief when presenting supernatural occurrences. T. S. Coleridges willing suspension of disbelief (Biographia Literaria, 1817) justifies the emergence of supernatural, seemingly inexplicable actions in a literary work. Thus, despite being taken aback by multiple extraordinary, uncanny events, the readers of these two books are willing to believe and acknowledge such scenes as literary conventions. Berliozs severed head as predicted by Woland, Behemoth traveling by tram with a paid ticket, Faustus invocation of Alexander the Great, or Wagners summoning devils are all examples that illustrate the abovementioned hypothesis. Unlike Bulgakovs fiction however, Marlowes play draws on an extra element which reinforces the suspension of disbelief (ibidem), namely the fact that the comic scenes seem open to further editing, alterations, or adjustments according to the taste of the audience who watches t he performance of the play onstage. Additionally, magical realism informs The Tragical History of Doctor Faustus and The Master and Margarita alike. In The Penguin Dictionary of Literary Terms and Literary Theory (1998), J. A. Cuddon enumerates some of the key aspects which characterize this literary trend: Some of the characteristic features of this kind of fiction are the mingling and juxtaposition of the realistic and the fantastic or bizarre, skillful time shifts, convoluted and even labyrinthine narratives and plots, miscellaneous use of dreams, myths and fairy stories, expressionistic and even surrealistic description, arcane erudition, the element of surprise or abrupt shock, the horrific and the inexplicable. (488) In the two literary works analysed here magical realism establishes a link between the books reality and a mythological, distant past. In this way, supernatural episodes are bordered by easily recognisable locations and characters that offer readers a dose of certainty. Behemoth alludes to Charles Perraults story The Booted Cat (1697) when he claims: A cat is not supposed to wear trousers, Messire, the cat replied with great dignity. Youre not going to tell me to wear boots, too, are you?' (Bulgakov 195). Koroviev himself hints at various titles as he walks pass the Griboedov House: and a sweet awe creeps into ones heart at the thought that in this house there is now ripening the future author of a Don Quixote or a Faust, or, devil take me, a Dead Souls. Eh?' (268). Furthermore, humour at Marlowe and Bulgakov is not exclusively employed for purposes of comic relief during moments charged with narrative or dramatic tension. Rather, it also mocks, it satirizes individual and social flaws, being marked by ironic undertones. In Bulgakovs novel, the fascination with the folkloric, the demonic and the grotesque (Jones 27) actually indicates a satire of the Stalinist society that has discarded individual reliability and awareness. In this situation, the mockery seems to be directed especially towards people of the artistic sphere: writers, critics, or theatre employees. By comparison, in Marlowes dramatic work readers come across entertaining episodes fraught by sinister underpinnings-for example, Robin and Dicks metamorphoses in animals parody the degradation of the human nature, its reduction to primeval instincts. Moreover, Mikhail Bakhtins theory of carnival laughter may be applied to both Marlowes play and Bulgakovs narrative. In the article entitled Carnival and Comedy: On Bakhtins Misreading of Boccaccio, Adrian Stevens explains that For Bakhtin, carnival is a manifestation of folk laughter; it embodies a folk based culture defined by its antipathy to the official and hierarchical structures of everyday, noncarnival life (1). Bakhtin believes that carnivals influence the various types of comic works in literature by deferring daily constraints and thus liberating humans and also by bringing opposites together. In Bulgakovs and Marlowes books comic scenes unite masters and servants (Faustus and Mephosto-Wagner and his suite; Margarita-Natasha; Woland-his retinue), the righteous and the sinful (Yeshua-Woland; Pope-Mephosto; Good Angel-Bad Angel) but equally the wise and the fool (Faustus-Benvolio; the Master-Ivan Homeless). On the whole, the third chapter of my paper has shown how the personalities of the protagonists in The Tragical History of Doctor Faustus and The Master and Margarita are shaped by elements of feminism, humanism, and affective geography. Afterwards, I have compared the evil entourages in these two works only to reveal that Woland and Mephostophilis are an integrant part of goodness. Finally, by contrasting the supernatural and the comic episodes in Marlowes play and in Bulgakovs novel, I have exposed the fact that humour may acquire deeper implications besides the visible comic relief at the surface.

Samenvatting Managerial Economics

chapter 1. introduction to managerial economics 1. what is managerial economics? Managerial economics = the science of directing scarce resources to manage effectively > each needs to understand how they can influence the demand through price and advertising, what is the best organizational architecture and how to compete Differences between ‘new’ and ‘old’ economy * Network effects in demand = the benefit provided to any user depends on the total number of other users * Scalability = the degree to which the scale and scope of business can be increased without a corresponding increase in costs Public good = one person’s consumption does not reduce the quantity available to others Branches Managerial economics: * Competitive markets * Market power * Imperfect markets 2. preliminaries scope (omvang) Microeconomics = the study of individual economic behavior where resources are costly > how consumers respond to changes in prices and income, †¦ Manag erial economics more limited scope = it is the application of microeconomics to managerial issues Macroeconomics = focuses on aggregate economic variables considers economic aggregates directly rather than as the aggregation of individual consumers and businesses methodology Fundamental premise = individuals share common motivations that lead them to behave systematically in making economic choices > a person who faces the same choices at two different times will behave in the same way at both times > it is systematic so it can be studied Economic model = a concise description of behavior and outcomes = abstraction Models are constructed by inductive reasoning > afterwards, the model should be tested arginal vis-a-vis average Marginal value = the change in the variable associated with a unit increase in a driver Average value = total value of the variable divided by the total quantity of a driver > relation between the marginal and average values depends on whether the average value is decreasing, constant or increasing with respect to the driver Stocks and flows Stock = quantity at a specific point in time Flow = the change in a stock over some period of time > measured in units per time period other things equal = an approach to simplify the problem by analyzing each change separately, holding other things equal . timing Two types of models * Static models = describe behavior at a single point of time, disregard differences in the sequences of actions and payments > model of competitive markets, analysis of organizational architecture * Dynamic models = focus on the timing and sequence of actions and payments = receipts and expenditures often occur at different times discounting Investments = using resources at some times in order to receive benefits at other times > discount future values to that they can be compared with the present Net present value the sum of the discounted values of a series of inflows and outflows over time = represents the current val uation of a flow of dollars time Internal rate of return = alternative for the net present value without using the discount rate 4. organization organizational boundaries Vertical boundaries = delineates activities closer to or further from the end user Horizontal boundaries = defined by its scale and scope of operations * Scale = rate of production or delivery of a good or service * Scope = refers to the range of different items produced or delivered individual behavior businesses are managed by individuals and their interests may diverge from those of the organization > managers are subject to bounded rationality Standard assumption = people make decisions rationally = individuals choose the alternative that gives them the greatest difference between value and cost > their behavior will follow some predictable patterns based on what they judge to be in their best interest People do not always behave rationally > reason: bounded rationality = people have limited cognitive bilities and cannot fully exercise self-control = people adopt simplified rules for decision-making * Separate accounting for different categories of benefits and cost * Lack self-control = addictive behavior and difficulty postponing immediate gratification for longer-term benefits. * More sensitive to loss than to gain = risk averse * Decisions may depend on how choices are framed Two implications: * Individuals will be relatively sluggish in responding to changes in business and economic conditions * Role for managerial economics is larger . markets Market = consists of the buyers and sellers that communicate with one another for voluntary exchange > not limited to any physical structure of particular location * Markets for consumer products = buyers are households and sellers are businesses * Markets for industrial products = buyers and sellers are businesses * Markets for human resources = buyers are businesses and sellers are households Industry = businesses engaged in the production o f delivery of the same or similar items competitive markets = markets with many buyers and many sellers Buyers provide the demand and sellers provide the supply demand-supply model = describes the systematic effect of changes in prices and other economic variables on buyers and sellers >describes the interaction of these choices market power Key variables: * Prices * Scale of operations * Input mix = determined by market forces Market power = ability of a buyer or seller to influence market conditions A business with market power must determine its horizontal boundaries = depends on how its costs vary with the scale and scope of operations Four key tools in managing demand: 1. Price 2. Advertising 3.Policy toward competitors 4. R&D expenditure Imperfect markets Imperfect Market = when one party directly conveys a benefit or cost to others and where one party has better information than others > managers need to resolve the imperfection 6. global integration Price in one local market will be independent of prices in other local markets > some markets are global because the costs of communication and trade are relatively low = the prince in one place will move together with the prices elsewhere > whether a market is local or global, same managerial economics principles ommunications costs and trade = with developments in technology and deregulation Transport: * air transport liberalization * containerization of surface transport. Telecommunications: * de-regulation. * scale economies in bandwidth. Growth of cross-border trade and investment: * falling trade barriers. * falling financial barriers. * falling communications cost managers have to pay increasing attention to markets in other places outsoarcing = the purchase of services or supplies from external sources > external sources could be within the same country or foreign E-commerce Limitations: * Payments system Trade barriers * Shipment costs part 1: competitive markets chapter 2. demand 2. individual dem and Individual demand curve = a graph that shows the quantity that the buyer will purchase at every possible price construction = other things equal, how many would you buy at a price of – – ? > important to keep other things equal there the decision may depend on other factors * Vertical axis is the price * Horizontal axis is the quantity Two views: * For every possible price, demand curve shows the quantity demanded * For each unit of item, demand curve shows the maximum price that the buyer is willing to pay slope at a lower price, buyers are willing to buy a larger quantity Marginal benefit = the benefit provided by an additional unit of the item Diminishing marginal benefit = each additional unit of consumption or usage provides less benefit than the preceding unit > the price that an individual is willing to pay will decrease with the quantity purchased preferences Two implications: * The demand curve will change with changes in the consumer’s preferences * Different consumers may have different preferences and hence different demand curves 3. emand and income Demand curve does not explicitly display the effect of changes in income and other factors that affect demand income changes = effect of a change in income on the demand curve is very different from that of a change in price > if income drops = demand curve shifts to the left * Change in price = movement along the demand curve * Change in income or any factor other than the price = shift in the entire demand curve normal vis-a-vis inferior products Normal product = positively related to changes in the buyer’s income Inferior product negatively related to changes in the buyer’s income >demand falls as the buyer’s income increases Broad categories of products = tend to be normal Particular products within the categories = may be inferior 4. other factors in demand = prices of related products, advertising, durability, season, weather and location complements and substitutes Complements = if an increase in the price of one causes the demand for the other to fall Substitutes = if an increase in the price of one causes the demand for the other to increaseShift to the left: * Increase in the price of a complement * Fall in the price of a substitute Shift to the right * Increase in the price of a substitute * Fall in the price of a complement advertising Informative advertising = communicates information to potential buyers and sellers Persuasive advertising = aims to influence consumer choice An increase in advertising expenditure will increase demand > each additional dollar spent on advertising has a relatively smaller effect on demand = diminishing marginal productEffect of advertising on demand depends on the medium durable goods = provide a stream of services over an extended period of time > buyers have discretion over the timing of purchase Three significant factors for demand: 1. Expectations about future prices and incomes 2. Inter est rates = many buyers need to finance their purchase of durable goods > if interest rates are low the demand for durables will be higher 3. Price of used models = substitutes of a new model 5. market demand Market demand curve graph that shows the quantity that all buyers will purchase at every possible price = analysis is essentially similar to that for an individual demand curve construction = interview all the potential consumers and ask each person the quantity that he er she would buy at every possible price = horizontal summation of the individual demand curves = slopes downwards since the individual demand curves slope downwards other factors = buyers’ income, price of related products, advertising > changes in these factors will shift the entire market demand curveTwo ways of measuring income of country: * The gross national product (GNP) = GDP + net income from foreign sources * The gross domestic product (GDP) = measure the total amount produced in a country for a given year Macro factors: * Income = average, distribution * Demographic = population, age structure, urban-rural * Cultural-social income distribution = the more uneven the distribution of income, the more important it is to consider the actual distribution of in income and not merely the average income when estimating the market demand 6. buyer surplus benefit Marginal benefit maximum amount of money that the buyer is willing to pay for the unit Total benefit = benefit yielded by all the units that the buyer purchases benefit vias-a-vis price Buyer surplus = difference between a buyer’s total benefit from some quantity of purchase and the actual expenditure > a buyer must get some surplus, otherwise he or she will not buy = maximum that a seller can charge is the buyer’s total benefit price changes Gains from a pricecut: * Lower price on the quantity that she would have purchased at the original price = infra marginal units She can buy more = marginal units > extent depends on the buyer’s response to the price reduction = the greater the increase in purchase, the larger the buyer’s gain from the price reduction = when you have to calculate how much you gain from a price cut, always look at the demand curve and see how much you buy at the old price and how much at the new price and calculate the buyers surplus package deals and two-part pricing Package deals = charge buyer just a little less than her/his total benefit = leave buyer with almost zero surplusTwo-art pricing = pricing scheme comprising a fixed payment and a charge based on usage = enables to soak up most of the consumer’s buyer surplus Market buyer surplus = sum of individual buyer surpluses 7. business demand inputs Businesses do not purchase goods and services for their own sake > use them as inputs in the production of other goods and services = use inputs to produce outputs for sale to consumers or other businesses * finished/semi-finished components â€⠀œ. * raw materials and energy. * labor and other services. capital. Demand Demand for inputs depend on: * quantity of final output = shift of the entire demand curve * prices of complements or substitutes in production Marginal benefit = the increase in revenue arising from an additional unit of the input > diminishing marginal benefit = downward sloping demand curve for inputs chapter 3. elasticity 1. introduction Elesticity of demand = measures the responsiveness of demand to changes in an underlying factor (price, income, advertising) Own-price elasticity of demand measures the responsiveness of the quantity demanded to changes in the price of the item 2. own-price elasticity = percentage by which the quantity demanded will change if the price of the item rises by 1% Percentage change in quantity demanded Percentage change in price construction Two ways of deriving: * arc approach = we collect records of a price change and the corresponding change in quantity demanded > own-pric e elasticity as the ratio of the proportionate change in quantity demanded to the proportionate change in price can also be calculated by changing p0 by the average price ((old price + new price)/2) and by changing q0 by the average quantity ((old quantity + new quantity)/2) * point approach = can be derived from the coefficient of price in the equation = calculates the elasticity at a specific point on the demand curve – arc approach: elasticity between two points properties Characteristics: * It’s a negative number * A pure number, independent of units of measure * Ranges from 0 to negative infinity Price elastic if a 1% increase in price leads to more than a 1% drop in quantity demand = if a price increase causes a proportionately larger drop in quantity demanded Price inelastic = if a 1% price increase causes less than 1% drop in quantity demand intuitive factors Availability of direct or indirect substitutes = the fewer substitutes that are available, the less ela stic will be the demand > Demand for a product category will be relatively less elastic than demand for specific products within the category = there are fewer substitutes for the category than for specific products Buyer’s prior commitments Learning * Complementary purchases (spare parts, upgrades, †¦) * Taste = demand less elastic Benefits/costs of economizing = buyers have limited time to spend on searching for better prices > they focus attention on items that account for relatively larger expenditures > separation of buyer and payee elasticity and slope Own price elasticity = describes the shape of only one portion of the demand curve > a change in price, by moving from one part of a demand curve to another part, may lead to a change in own-price elasticity Straight line demand curve demand becomes more elastic at higher prices > incase of other shapes, demand may become less elastic at higher prices Steeper demand curve means demand less elastic = but elasticity is not the same as the slope > slope stays the same, the own-price elasticity varies throughout the length causes by the changes in price and quantity Own-price elasticity can also vary with changes in any of the other factors that affect demand = in that case, demand curve will shift > own-price elasticity may also change 3. forecasting quantity demanded and expenditure expenditure change in price will affect expenditure through the price itself as well as through the related effect on quantity demanded Change in quantity demanded = price elasticity x change in price If demand elastic, price increase leads to * proportionately greater reduction in purchases. * lower expenditure. If demand inelastic, price increase leads to * proportionately smaller reduction in purchases. * higher expenditure. accuracy Discrepancy = the own-price elasticity may vary along a demand curve > the forecast using the own-price elasticity will not be as precise as a forecast directly from the demand curve . other elasticities income elasticity = measures the sensitivity of demand to changes in buyers’ income = percentage by which the demand will change if the buyer’s income rises by 1 % Percentage change in demand percentage change in income = varies with changes in the price and any other factor that affects demand * Depending on whether the product is normal or inferior, income elasticity can be positive or negative * Demand for necessities tends to be relatively less income elastic than the demand for discretionary items cross-price elasticity measures the sensitivity of demand to changes in the prices of related products = percentage by which the demand will change if the price of the other item rises by 1%, other things equal Substitutes = an increase in the price of one will increase the demand for the other = cross-price elasticity positive Complements = an increase in the price of one will reduce the demand for the other = cross-price elasticity negative advertis ing elasticity measures the sensitivity of demand to changes in the sellers’ advertising expenditure = percentage by which the demand will change if the sellers’ advertising expenditure rises by 1%, other things equal > price of the item must remain unchanged > has a much stronger effect on the sales of an individual seller than on the market demand = advertising elasticity of the demand faced by an individual seller tends to be larger than the advertising elasticity of the market demand forecasting the effects of multiple factorsOnly way to discern the net effect of factors pushing in different directions = use the elasticities with respect to each of the variables Percentage change in demand due to changes in multiple factors is the sum of the percentage changes due to each separate factor 5. adjustment time The short run = a time horizon within which a buyer cannot adjust at least one item of consumption or usage The long run = a time horizon long enough for buyers to adjust all items of consumption of usage nondurables the longer the time that buyers have to adjust, the bigger will be the response to a price change > demand for such items will be more elastic in the long run than in the short run Alcohol and tabacco = demand relatively inelastic > discouraging new people from taking up smoking and drinking = demand relatively more elastic in the long run durables = a countervailing effect leads demand to be relatively more elastic in the short run > especially strong for changes in income = drop in income will cause demand to fall more sharply in the short run than in the long runDifference between short- and long-run elasticities = depends on a balance between the need for time to adjust and the replacement frequency effect 6. estimating elasticities data Two sources of data: * Records of pas experiences * Surveys and experiments specifically designed to discover buyers’ preferences > test market Collection in two ways: * Focus on a p articular group of buyers and observe how their demand changes as the factors affecting demand vary over time = time series Compare the quantities purchased in markets with different values of the factors affecting demand = cross section specification To obtain accurate estimates of elasticities = specify all the factors that have a significant effect on demand > specify the mathematical relationship between demand and the various factors Dependent variable = whose changes are to be explained Independent variable = a factor affecting the dependent variable = linear equation in which the dependent variable is equal to a constant plus the weighted sum of the independent variables ultiple regression = can estimate the separate effect of each independent variable on the dependent variable = aims to determine values for the constant and the coefficients Residual = the actual value of the dependent variable minus the predicted value Method of least squares = based on the view that positiv e residuals are as bad as negative residuals while large residuals are disproportionately bad > seeks a set of estimates for the constant and the coefficients to minimize the sum of the squares of the residuals since equally large positive and negative residuals have identical squares, the method treats them identically statistical significance F statistic = measures the overall significance of the independent variables > assumption that there are is no relationship between the dependent variable and the set of independent variables > ranges from 0 to infinity R? = uses the squared residuals to measure the extent to which the independent variables account for the variation of the dependent variable > ranges from 0 to 1 1 means that all the residuals are exactly 0 T-statistic = used to evaluate the significance of a particular independent variable = estimated value of the coefficient divided by the standard error > ranges from negative to positive infinity P value = measures the like lihood that estimated coefficient could be the result of chance under the assumption that the true coefficient is zero = gives the probability that random sampling errors could produce a coefficient as large as found by the least-squares multiple regression model chapter 4. supply . short-run costs Two key decisions: * Continue in operation * Rate at which to operate = depend on the length of the time horizon Short run = time horizon in which a seller cannot adjust at least one input > business must work within the constraints of past commitments Long run = time horizon long enough for the seller to adjust all inputs Difference between both depends on the circumstances fixed vis-a-vis variable costs Fixed cost = cost of inputs that do not change with the production rate > the height of the total cost curve at the zero production rate Variable cost cost of inputs that change with the production rate > to distinguish between fixed and variable costs, a business must analyze how each c ategory of expense varies with changes in the scale of operation Total cost = the sum of fixed cost and variable cost C = F + V Marginal cost = the change in total cost due to the production of an additional unit Average cost = total cost divided by the production rate = unit cost Cq = Fq + Vq > continues to fall with increases in the production rate until it reaches a minimum, thereafter it increases with the production rate the average cost is the average fixed cost plus the average variable cost > if the production rate is higher the fixed cost will be spread over more units Marginal product = increase in output arising from an additional unit of an input > diminishing = the average variable cost will increase with the production rate Where the average variable cost is increasing the relationship between the average cost and the production rate depends on the balance between the declining average fixed cost and the increasing average cost Diminishing marginal product causes margi nal and average cost to rise echnology Two implications: * The curves will change with adjustments in the seller’s technology * Different sellers may have different technologies and hence different cost curves 3. short-run individual supply Assumptions * profit maximization * Business is so small relative to the market that it can sell as much as it would like at the going market price production rate Total revenue = price multiplied by sales Marginal revenue = the change in total revenue arising from selling an additional unit To maximize profit, a business should produce at that rate where its marginal revenue equals its marginal costMarginal revenue is represented by the slope of the total revenue line * Wherever the marginal revenue exceeds the marginal cost, the profit can be raised by increasing production * Wherever the marginal revenue is less than the marginal cost, Luna can raise profit by reducing production break even To decide whether to continue production, the business needs to compare the profit from continuing in production with the profit of shutting down Fixed cost = sunk cost = it has been committed and cannot be avoided > even if the business shuts down, it must still pay the fixed cost F Business should continue production whenR – V – F > – F = R > V P > V/q > R = p x q = short-run break even condition > a business maximizes profit by producing at the rate where the marginal cost equals the price, provided that the price covers the average variable cost individual supply curve Individual supply curve = a graph showing the quantity that one seller will supply at every possible price > for every possible price, a business should produce at the rate that balances it marginal cost with the price Slopes upward = if the seller is to expand production, then it will incur a higher marginal cost Input demandChange in input price: * Shift in marginal cost * Change in profit-maximizing production 4. long-run individual su pply = contracts expire and investments wear out > all inputs become avoidable long-run costs = long-run average cost curve is lower and has a gentler slope > in the long run, the seller has more flexibility in adjusting inputs to changes in the production rate = it can produce at a relatively lower cost than in the short run, when one or more inputs cannot be changed production rate = a rate where its marginal cost equals the price of its output reak even = in the long run, a business should continue in production if the maximum profit from continuing in production is at least as large as the profit from shutting down All costs are avoidable = it the business shuts down, it will incur no costs and so its profit from shutting down is nothing R > C P > C/q = business should continue in production so long as total revenue covers total cost individual supply curve = that part of its long-run marginal cost curve, which lies above its long-run average cost curve Two views: * For every po ssible price, it shows the production rate For each unit of item, it shows the minimum price that the seller is willing to accept 5. market supply Market supply curve = a graph showing the quantity that the market will supply at every possible price = sum of the quantities supplied by each individual seller short run Market supply curve = begins with the seller that has the lowest average variable cost Change in an input price will affect the seller’s marginal cost at all production levels > shift the entire market supply curve * Increase in price of an input will shift the market supply up * Reduction in price of an input will shift the market supply down long run every business will have completely flexibility in deciding on inputs and production > freedom of entry and exit is the key difference between the short run and long run Sellers that cannot cover their total costs will leave the industry until all the remaining sellers break even > an industry where businesses van make profits will attract new entrants = market supply will rise and pushes down the market price hence the profit will drop Quantity supplied will adjust in two ways when there’s a change in price: * All existing sellers will adjust their quantities supplied along their individual supply curves * Some sellers may enter or leave the market Graph = slope is more gentler and may be flat 6. seller surplus price vis-a-vis marginal cost Seller surplus difference between a seller’s revenue from some quantity of production and the minimum amount necessary to induce the seller to produce that quantity > short-run seller surplus can also be defined as the difference between the seller’s revenue and the variable cost Short-run seller surplus = total revenue less variable cost Long-run seller surplus = total revenue less total cost purchasing = a buyer can apply the concept of seller surplus to reduce the cost of its purchases market seller surplus = sum of the individual seller surpluses = difference between the market revenue from some production rate and the minimum amount necessary for the market to produce that quantity 7. elasticity of supply measures the responsiveness of supply to changes in underlying factors such as the price of the item and inputs price elasticity = measures the responsiveness of the quantity supplied to changes in the price of the item = percentage by which the quantity supplied will change if the price of the item rises by 1%, other things equal Percentage change in quantity supplied Percentage change in price properties * Pure number * Positive number intuitive factors Intuitive factors: * Capacity utilization > a seller that has consiverable excess capacity will step up production in response to even a small increase in price = individual supply will be relatively elastic * Adjustment time long-run supply is relatively more elastic than the short-run supply chapter 5. competitive markets 2. perfect competition Five con ditions: 1. The product is homogeneous 2. There are many buyers, each of whom purchases a quantity that is small relative to the market 3. There many sellers, each of whom supplies a quantity that is small relative to the market 4. New buyers and sellers can enter freely, and existing buyers and sellers can exit freely 5. All buyers and sellers have symmetric information about market conditions homogeneous product = the product is always the same > competition is stronger many small buyers = no buyer can get a lower price than others > all buyers face the same price all buyers compete on the same level playing field When some buyers have market power it is not possible to construct a market demand curve many small sellers = no seller has market power > no seller can get a higher price than other free entry and exit = no technological, legal or regulatory barriers constrain entry or exit > the market price cannot stay above a seller’s average cost for very long > degree of com petition also depends on barriers to exit = it must consider the exit cost when deciding whether to enter the market symmetric information = no seller can enjoy the privilege of secret information 3. market equilibrium the price at which the quantity demanded equals the quantity supplied > when market out of equilibrium, market forces pushes price towards equilibrium demand and supply At the market equilibrium, there is no tendency for price, purchases or sales to change excess supply Not in equilibrium = market price will tend to change in such a way as to restore equilibrium Excess supply = the amount by which the quantity supplied exceeds the quantity demanded > suppliers would compete to clear their extra capacity and the market price would drop back toward the equilibrium excess demand = the amount by which the quantity demanded exceeds the quantity supplied > when the price is below the equilibrium level buyers would compete for the limited capacity significance of equilibrium Two reasons: * If a market is not in equilibrium, either buyers or sellers will push the market toward equilibrium * By comparing equilibria we can address a wide range of questions > when prices are quite flexible, the market will adjust to the new equilibrium fairly quickly, so comparing equilibria is a fairly accurate method of analysis Neither buyers nor sellers may face rationing 4. supply shift equilibrium change When price of input falls >entire supply curve shifts down = at every possible sellers want to supply more price elasticitiesDownward or upward shift in the supply curve will change the equilibrium price by no more than the amount of the supply shift > change in equilibrium price depends on the price elasticities of demand and supply Inelastic demand = buyers are completely insensitive to the price > when supply curve shifts, the buyers do not change their behavior = they continue to purchase exactly the same quantity Elastic demand = buyers are extremely sensitive t o price > equilibrium price does not change at all If the demand is more elastic then the change in the equilibrium price result from a shift in supply will be smaller Inelastic supply = sellers are completely insensitive to the price > if their costs change they will not change the quantity supplied Elastic supply if the cost of an input changes, the marginal cost changes by the same amount at all production levels common misconception = if sellers’ costs fall by some amount, then the market price will fall by the same amount Overlooks the impact of: * The shift in supply on buyers = if they are very sensitive to price, the shift in supply would result in no change to the equilibrium price * The price sensitivity of sellers = if sellers are insensitive to price, then the drop in cost will not induce them to sell more Price change * Smaller if demand is more elastic than supply * Bigger if supply is more elastic than demand 5. demand shiftDemand shifts down (left) > new equil ibrium with lower price and lower quantity Demand shifts up (right) > new equilibrium with higher price and higher quantity 6. adjustment time short-run equilibrium = point where its short-run marginal cost equals the marketprice long-run equilibrium = the point where its long-run marginal cost equals the market price demand increase Short-run equilibrium = the extent to which a seller expands its operations depends on the slope of its short-run marginal cost curve > if steep then the price increase will not lead the seller to expand operations by very much Long-run equilibrium = there is enough time for all costs to become avoidable, for new sellers to enter the market and for existing sellers to leaveThe increase in demand raises the market price and hence each seller’s profit = will attract new sellers to enter the market Although the price is higher than in the original equilibrium, higher input prices result in higher marginal and average cost curves > in the new long-ru n equilibrium, each individual seller just breaks even demand reduction Extent of cutback depends on two factors: * Extent of sunk costs = in an industry involving substantial sunk costs, the reduction in demand will translate into a relatively large drop in price and a small reduction in quantity * Slope of the seller’s short-run marginal cost curve in the new long-run equilibrium there will be a smaller number of sellers and each will exactly break even with average total costs equal to the market price price and quantity over time Two general points: * In response to shifts in demand = market price will be more volatile in the short run than the long run * In response to shifts in demand = there is a greater change in the market quantity over the long run than in the hort run In industries with substantial sunk costs the adjustment of production will be concentrated in the long run In industries where costs are minor the adjustment to shifts in demand will be relatively sm oother > the market price will be relatively less volatile chapter 6. conomic efficiency 2. conditions for economic efficiency Economically efficient = if no reallocation of resources can make one person better off without making another person worse off > persons may be human beings or businesses sufficient conditions Three sufficient conditions based on users’ benefits and supplier’s costs 1. All users achieve the same marginal benefit 2. All suppliers operate at the same marginal cost 3. Every user’s marginal benefit is equal to every supplier’s marginal cost Equal marginal benefit If not equal: * Provide more to user with higher marginal benefit * Take away from user with lower marginal benefit society as a whole would be better off Equal marginal cost If not equal: * Supplier with lower marginal cost should produce more * Supplier with higher marginal cost should produce less Marginal benefit equals marginal cost If not equal: * If MO > MC , produce more of the item * If MO < MC, produce less of the item philosophical basis Technical efficiency = providing an item at the minimum possible cost > does not imply that scarce resources are being well used The concept of economic efficiency extends beyond technical efficiency Economic efficiency assesses resource allocations in terms of each individual user’s evaluation of the benefit internal organization production will be efficient if all users achieve the same marginal benefit, all suppliers operate at the same marginal cost and every user’s marginal benefit balances every supplier’s marginal cost 3. adam smith’s invisible hand Invisible hand = market price guides buyers and sellers, acting independently and selfishly to channel scarce resources into economically efficient uses competitive market = satisfies all three requirements for economic efficiency market system = an economic system in which resources are allocated through the independent decisio ns of buyers and sellers, guided by freely moving prices Price performs two roles: * It communicates all the necessary information It provides a concrete incentive for each buyer to purchase the quantity that balances marginal benefit with the market price > it provides a concrete incentive for every seller to supply the quantity that balances marginal cost with the market price 4. decentralized management internal market Transfer price = price charged for the sale of an item within an organization > should set it equal to market price = by decentralizing the management is establishing an internal market that is integrated with the external market implementation Two general rules: * If there is a competitive market for the item, the transfer price should be set equal to the market price * Producing units should be allowed to sell the product outside buyers and consuming units should be allowed to buy the product from external sources Outsoarcing = purchase of services or supplies fr om external sourcesAny organization that used resources or products for which there are competitive markets can apply decentralization to achieve internal economic efficiency 5 incidence = both pricing methods have exactly the same impact on the manufacturer and customer freight inclusive pricing Cost and freight = a price that includes freight Ex-works pricing = does not include the freight cost > entire supply supply curve will shift down = with ex-works demand, the buyers will now have to pay the freight cost > price is lower = total price is equal if you increase the price with the freight cost Price and sales are the same whether the sellers do or do not include the freight cost in their prices incidence the change in the price for a buyer or seller resulting from a shift in demand or supply > whether manufacturers set prices that do or do not include the feight cost, the incidence is the same = the incidence does not depend on which side initially pays the freight cost > depen ds only on the price elasticities of demand and supply taxes = government depend on tax revenues to support public services such as national defense, †¦ > some are levied on consumers, others on businesses buyer’s vis-a-vis seller’s price Seller’s price = buyer’s price – tax Buyer’s price = price that buyers pay Seller’s price = price that sellers receive > p156 tax incidence buyer’s price will rise by less than the amount of the tax and the seller’s price will drop by less than the amount of the tax > tax is generally shared between buyers and sellers according to their relatively price elasticities * Less sensitive = will bear the relatively larger portion of the tax part II market power chapter 7. costs 2. economies of scale = analyze how costs depend on the scale or rate of production > decision on scale also depends on market demand and competition Fixed cost = cost of inputs that do not change with the product ion rate Variable cost = cost of inputs that change with the production rate marginal and average costsMarginal cost = rate of change of the variable cost > if average variable cost remains constant, then the marginal cost will be the same Economies of scale = increasing returns to scale = a business for which the average cost decreases with the scale of production > marginal cost will be lower than the average cost = since the marginal unit of production costs less than the average, any increase in production will reduce the average intuitive factors Two possible sources: * Substantial fixed inputs = at a larger scale, the cost of the fixed inputs will be spread over more units of production business with a strong element of composition, design or invention * If the average variable cost falls with the scale of production = whether the average variable cost increases or falls depends on the particular technology of the business diseconomies of scale = a business where the average c ost increases with the scale of production If: * Fixed cost is not substantial * And variable cost rises more than proportionately with the scale of production strategic implications If economies of scope: * Large scale * Market concentrated, few suppliers * Monopoly and oligopoly If diseconomies of scope * Small scale * Market fragmented * Perfect competition 3. economies of scope if the total cost of production is lower when two products are produced together than when they are produced separately Diseconomies of scope = if the total cost of production is higher when two products are produced together joint cost = cost of inputs that do not change with the scope of production strategic implications Example: telecommunication and broadcasting Produce/deliver multiple products * Product mix * Brand extension Core competence = a generalized expertise in the design, production and marketing of products based on common or closely related technologies = joint cost diseconomies of scope = if the total cost of production is higher when the two items are produced together than when they are produced separately arise where the joint costs are not significant and making one product increases the cost of making the other in the same facility 4. experience curve Accumulated experience = matters in industries characterized by relatively short production runs and a relatively substantial input of human resources As engineers and workers gain experience in production, they become more proficient individually and as a team > they devise new ways to reduce cost, including better tools and more cost-effective procedures Experience curve = shows how the unit cost of production falls with cumulative production over time > Distinguish from economies of scope within one production period Conditions: Relatively large human resources input per unit of production * Relatively small production runs 5. opportunity cost = it is necessary to look beyond the conventional accounting statem ents Relevance = key principle = managers should consider only relevant costs and ignore others alternative courses of action = to evaluate a business > conventional income statement does not present the revenues and costs of the alternative courses of action = costs are actually higher because of the opportunity cost opportunity cost defined Opportunity cost = net revenue from the best alternative course of action uncovering relevant costs Two ways to uncover relevant costs: Consider the alternative courses of action * Use the concept of opportunity cost = both approaches lead to the same business decision Alternative courses of action and opportunity cists change with the circumstances and hence are more difficult to measure and verify opportunity cost of capital A business that is partly financed by debs will appear to be less profitable than an otherwise identical business that is completely financed by equity > equity capital is not costless! = it has an opportunity cost Econom ic value added = net operation profit after tax subject to adjustments for accounting conventions less a charge for the cost of capital they are less likely to be biased in favor of capitalintensive activities A complete measure of business e performance should take account of the opportunity cost of equity capital 6. transfer pricing Transfer price = transfer price of an internally produced input should be set equal to its marginal cost perfectly competitive market Transfer price = market price full capacity = marginal cost of the input is not well defined > transfer price should be set equal to the opportunity cost of the input which is the marginal benefit that the input provides to the current user = compare marginal benefit across internal users 7. sunk costs a cost that has been committed and so cannot be avoided > not relevant to business decisions alternative courses of action Depend on: * Prior commitments * Planning horizon Continue | Cancel | Cont. margin | $280,000 | $0 | Advert agency | $50,000 | $50,000 | Magazine | $250,000 | $50,000 | Profit | ($20,000) | ($100,000) | Continue | Cont. margin | $280,000 | Advert agency | $0 | Magazine | $200,000 | Profit | $80,000 | = only avoidable costs strategic implications = managers should ignore sunk costs and consider only avoidable costs > sunk costs are not relevant for pricing, investment, or any other business decision Two ways of dealing with sunk costs: Explicitly consider the alternative courses of action * Remove all sunk costs from the income statement = both approaches lead to the same business decision > it is easier to consider the alternative courses of action explicitly when multiple alternatives commitments and the planning horizon To identify sunk costs consider: * Past commitments * Planning horizon The longer the planning horizon, the more time there will be for past commitments to unwind and hence the greater will be management’s freedom of action Short-run planning horizon = so me sunk costs Long-run horizon = no sunk cost Sunk vis-a-vis fixed costs Fixed cost two different senses: A cost that cannot be avoided once incurred * A cost of inputs that do not change with the production rate = two types of costs have very different implications for business decisions Not all sunk costs are fixed = cost op public service employees is sunk, once they secure tenure. However, government could have hired only temporary workers (no sunk costs) 8. statistical methods multipple regression = to investigate the extent of fixed costs and economies of scale forecasting = to forecast the dependent variable when the independent variables take different values Other applications Investigate the presence of joint costs across two products hapter 8. Monopoly 1. Introduction Monopoly = if there is only one seller in a market Monopsony = if there is only one buyer in a market 2. sources of market power = the barriers that deter or prevent entry by other competing sellers/buyers m onopoly Unique resource = access to unique physical, natural or human resources Intellectual property = property over inventions or expressions Patent = gives the owner an exclusive right to the invention for a specified period of time Copyright = establishes property in published expressions, including computer software and engineering drawings Economies of scale and scope Product differentiation differentiating itself from competitors > through product design, distribution, and advertising and promotion Regulation = government may decide to award an exclusive franchise to one provider > government hopes to avoid duplication and reduce the cost of the service monopsy = same factors as a monopoly Additional reason for presence = existence of a monopoly > a seller that has a monopoly over some good or service is also likely to have market power over the inputs into that item 3. Monopoly pricing Monopoly has to consider how its sales will affect the market price Given the market deman d curve a monopoly can Set the price and let the market determine how much it will buy * Decide how much to sell and let he market determine the price at which it is willing to buy that quantity Monopoly is choosing a combination of price and sales off the demand curve > a monopoly can set either the price or sales but not both revenue Inframarginal units = those other than the marginal unit Marginal revenue from selling an additional unit will be less than the price of that unit = marginal revenue is the price of the marginal unit minus the loss of revenue on the inframarginal units > difference between the price and the marginal revenue depends on the price elasticity * Demand elastic = seller need not reduce the price very much to increase sales > marginal revenue will be close to the price * Demand inelastic seller must reduce the price substantially to increase sales > marginal revenue will be much lower than price Marginal revenue can be negative = if the loss of revenue on th e inframarginal units exceeds the fain on the marginal unit Profit maximizing price Profit maximizing scale of operation = the scale at which the marginal revenue balances the marginal cost Contribution margin = total revenue less the variable cost > a seller maximizes profit by operating at a scale where the sale of an additional unit will result in no change to the contribution margin economic inefficiency Marginal benefit exceeds the marginal cost 4. demand and cost changes Change in demand: * New marginal revenue * Original marginal cost = new profit-maximizing sales and price arginal cost change = change in price is less than change in marginal cost When there is a change in either demand or cost, the extent to which a monopoly should adjust its price depends on the shapes of both it marginal revenue and marginal cost curves > it should adjust the price until its marginal revenue equals its marginal cost fixed cost change = profit-maximizing price and scale do not depend in any way on the fixed cost > changes in the fixed cost will not affect the marginal cost curve If the fixed cost is so large that the total cost exceeds total revenue, then the monopoly will prefer to shut down 5. advertising Promotion the set of marketing activities that a business undertakes to communicate with its customers and sell its products > advertising, sales promotion and public relations benefit of advertising Advertising can cause: * Shifting out the demand curve * Demand to be less elastic Benefit of advertising = change in the contribution margin Net benefit = the change in the contribution margin less the advertising expenditure > advertise up to the point that the increase in contribution margin from an additional dollar of advertising is exactly 1 $ = more appropriate to consider the effect of advertising on the contribution margin generated by the product dvertising-sales ratio Incremental margin = price less the marginal cost = increase in the contribution margin fro m selling an additional unit, holding the price constant Incremental marginal percentage = ratio of the price less the marginal cost to the price > measures the production of benefit by each dollar of advertising Advertising-sales ratio = incremental margin multiplied by the advertising elasticity of demand = says how much of the revenue should be invested in advertising 6. research and development = principles are the same as for advertising and promotion Benefit : * Shifting out the demand curve * Causing it to be less elasticNet benefit from R&D = change in the contribution margin less the R&D expenditure R&D-sales ratio = incremental margin percentage multiplied by the R&D elasticity of demand project evaluation = decisions on individual R&D projects should account for the timing of costs and benefits > p 212 7. Market structure effects of competition General points: * A monopoly restricts production below the competitive level and it can set a relatively higher price extracting larger profit * Profit of a monopoly exceeds what would be the combined profit of all the sellers if the same market were perfectly competitive potential competition Perfectly contestable a market in which sellers can entry and exit at no cost > monopoly cannot raise price substantially above its long-run average cost > depends on the extent of barriers to entry and exit lerner index = incremental margin percentage > can be used to compare the degree of monopoly power in markets with different prices > captures the impact of potential competition (P – MC) / P Perfectly competitive market = lerner index equals 0 Monopoly = bigger than 0 Problem = it will not detect the power that a monopoly does not exercise 8. monopsy = buyer with market power restricts purchases to depress the price Trades off: * Marginal expenditure * Marginal benefit Marginal expenditure = change in expenditure resulting from an increase in purchases by one unit maximizing net benefit a monopsy will maxim ize its net benefit by purchasing the quantity at which its marginal benefit equals its marginal expenditure A monopsony restricts purchases to get a lower price and increase its net benefit above the competitive level chapter 9. Pricing 2. uniform pricing = policies where the seller charges the same price for every unit of the product price elasticity = percentage by which the quantity demanded will change if the price of the item rises by 1% Demand inelastic > sales fall less than proportionately with the increase in price = total revenue will increase profit maximizing price Incremental margin percentage = – 1/price elasticity of demand demand and cost changesPricing rule shows how a seller should adjust its price when there are changes in the price elasticity of demand or marginal cost > a seller should not necessarily adjust the price by the same amount as a change in marginal cost common misconceptions * Contribution margin percentage = revenue less variable cost divide d by revenue > accounting systems often assume that costs are proportional = marginal cost is the same as the average variable cost = contribution margin percentage equals the incremental margin percentage * the belief that the profit maximizing price depends only on the elasticity = ignores costs * set the price by marking up average cost > problems: * in economies of scale, the average cost depends on the production scale > the need of an assumption about the scale sales and production scale depend on the price * it gives no guidance as to the appropriate mark-up on average cost Shortcomings: * leaves buyers with a lot of buyer’s surplus * does not sell to every potential buyer 3. complete price discrimination price discrimination = selling down the market demand curve = pricing policy under which a seller sets prices to earn different incremental margins on various units of the same or a similar product Complete price discrimination = a pricing policy where the seller pric es each unit at the buyer’s benefit and sells a quantity such that the marginal benefit equals the marginal cost > it charges every buyer the maximum that he or she is willing to pay for each unit comparison with uniform pricing resolves the two shortcomings of uniform pricing * no buyer’s surplus * economically efficient quantity information = to implement complete price discrimination, the seller must know each potential buyer’s individual demand curve > not enough to know the market demand curve or the price elasticity of the individual demand curves 4. direct segment discrimination Segment = significant cohesive group of buyers within a large market homogenous segments Direct segment discrimination = the policy of setting different incremental margins to each identifiable segment heterogeneous segments Not enough information: * apply uniform pricing within each segment prices are such that the incremental margin percentage for each segment equals the recipro cal of the absolute value of the segment’s price elasticity of demand * apply indirect segment discrimination within each segment implementation Conditions: * To implement direct segment discrimination, the seller must identify and be able to use some identifiable and fixed buyer characteristic that segments the market > otherwise buyer might switch segments * Seller must be able to prevent buyers from reselling the product among themselves = price discrimination is relatively more widespread in services than goods and is especially common in personal services Policy of direct segment discrimination prices should be set to derive a relatively lower incremental margin percentage from the segment with the more elastic demand and a relatively higher incremental margin percentage from the segment with the less elastic demand 5. location Seller can discriminate on the basis of the buyer’s location on two ways: * Free on board (FOB) = a common price to all buyers that does n ot include delivery > the differences among the prices at various locations are exactly the differences in the costs of delivery to those locations * Ignores the differences between the price elasticities of demand in the various markets * Cost including freight = delivered pricing = set prices that include delivery the difference in the prices between the two market will simply be the result of the different incremental margin percentage and the different marginal costs of supplying the two markets A lower margin does not necessarily mean a lower price because there is a transportation cost restricitng resale = if the difference between the prices of a product between two markets exceeds the transportation cost, consumers might buy the item in one market and ship it to the other > gray market = parallel importing 6. indirect segment discrimination = when seller may know that specific segments have different demand curves but cannot find a fixed characteristic with which to discrimi nate directly Indirect Segment discrimination policy of structuring a choice for buyers so as to earn different incremental margins from each segment > voorbeeld p 244-245 implementation Two conditions: * Seller must have control over some variable to which buyers in the various segments are differentially sensitive * Buyers must not be able to circumvent the discriminating variable = seller cannot prevent buyers from reselling the product 7. bundling = combination of two or more products into one package with a single price pure bundling = a pricing policy that offers only a bundle and does not allow the alternative of buying the individual products = more profitable than uniform pricing but less than direct segment discrimination mixed bundling offers buyers a structured choice between the budle and the individual products = form of indirect segment discrimination implementation Three conditions to be effective: * Where there is substantial disparity among the segments in their be nefits from the separate products * Where the benefits of the segments are negatively correlated in the sense that a product that is more beneficial to one segment provides relatively little benefit to another * Where the marginal cost of providing the product is low = when provision of the product involves a substantial marginal cost, a seller should consider mixed bundling 8. selecting the pricing policy Direct discrimination works through buyer attributesIndirect segment discrimination works through product attributes > products under indirect discrimination may provide less benefit than those with direct segmentation > indirect discrimination may involve relatively higher costs > indirect discrimination relies on the various segments voluntarily identifying themselves through the structured choice cannibalization = when the sales of one product reduce the demand for another product with a higher incremental margin > seller cannot discriminate directly and must rely on a structur ed choice of products to discriminate indirectly but discriminating variable does not perfectly separate the buyer segmentsWays to mitigate cannibalization: * Product design * By controlling availability chapter 10. strategic thinking 1. introduction Strategy = a plan for action in a situation where the parties actively consider the interactions with one another in making decisions Game theory = a set of ideas and principles to guide strategic thinking * Simultaneous actions = strategic form * Sequential actions = extensive form 2. nash equilibrium = a framework for strategic decisions that must be taken simultaneously A strategy is dominated = if it generates worse consequences than some other strategy regardless of the other parties’ choice Game in strategic form a tabular representation of a strategic situation, showing one party’s strategies along the rows, the other party’s strategies along the