The protection of consumer welfare

The protection of consumer welfare Introduction The protection of consumer welfare is a critical government initiative. There are notable economic challenges associated with low income families. Therefore, policymakers must consider the implementation of workable economic strategies. This is vital in creating price and demand equilibriums (Arnold 2010, pp. 10).Advertising We will write a custom essay sample on The protection of consumer welfare specifically for you for only $16.05 $11/page Learn More In a typical economy, various consumers depict diverse preferences for various goods. It is vital to comprehend how policies have implications on the prevalent market trends. It is necessary to analyze the consumer behavior and preferences within specific economies. This paper presents a practical approach to policy implication on the purchasing trend within the market. The paper applies a hypothetical approach, with the analysis of the preference trend of goods X and Z. The Household Preferences over the Two Goods with Similar Policy Implications on the Household Items In Terms Of the Utility and Level of Consumption of the Two Goods Convex indifference curves are extensively used in the analysis of economic policies. In this scenario, the assumptions on the hypothetical goods are indicated. Good X is measured along the horizontal axis. On the other hand, good Z is measured along the vertical axis of the convex curve. The two policy options can be analyzed from the convex curve. The concept of â€Å"diminishing marginal utility† dictates the nature of the convex curve to be applied in the analysis (Fakhrul Islam Jabbar 2010, pp. 26). In establishing the appropriate household preference for the two goods, the rule of â€Å"diminishing marginal utility† may be applicable. The first policy advocates for the provision of the household with a voucher. The voucher is exchangeable for a specific quantity of the good X. Observably, the second proposition advocates f or the offering a supplement based on the income. This is to be sufficiently applied in buying the good of similar amount.Advertising Looking for essay on consumer law? Let's see if we can help you! Get your first paper with 15% OFF Learn More A normal household consumption preference is applicable for the realization of equal policy effect (Mceachern 2012, pp. 34). This relates to the utility and level of the consumption of the two goods. Given the two goods, X and Z, the household is able to define its preference. Consequently, the household can arrange these preferences in an order. In this context, the preferences remain complete. The policies provide an equal stance and significance. The graph below indicates the action of normal household preference necessary for the equal action of both policies. (From Gilbert 2004) The Household Preferences over the Two Goods with Potentially Different Policy Implications on the Household Items In Terms Of the Utilit y and Level of Consumption of the Two Goods To achieve this aim, the transitivity preference of the household is applicable. An important assumption can be drawn from this association. The disparity indicates that there is more preference for a particular good (Schotter 2009, PP. 45). Therefore, it can be deduced that if X is preferred to Z, it is true that the household has a spatial preference. The transitivity preference condition is eminent in this association. The disparities on the impact of these two policies emanates from the differences in preference for the two goods, X and Z. When the household depicts a higher level of preference for a particular good, the other is likely to be diminished. Alternatively, the less preferred good may be supplied in fewer quantities in the market. The law of â€Å"diminishing marginal utility† may be applicable in explaining the variances in customer preferences (Feldman Serrano 2006, pp. 46).Advertising We will write a cust om essay sample on The protection of consumer welfare specifically for you for only $16.05 $11/page Learn More Consequently, these have a potential impact on policy formulation. Policy makers recognize the importance of engaging public participation processes. There is a potential indication from a positive policy on the utility or consumption level of a specific good. The basic implication is that most consumers prefer to utilize goods that have most preferred qualities. It is assumed that the household may be satisfied with any policy advocating for a particular good or product. The graph below indicates the state of preference in which the consumers are better off. (From Gilbert 2004) Explanation of the Possibility of Occurrence of a Substitute Effect Associated With Either of the Above Policies Most markets are likely to experience a substitute effect. The impacts of substitute effects are always noticed in the demand of various goods. The effects of any trans formation within the price encourage the clients to choose a particular good. These clients are more likely to purchase a specific good. This trend may be due to its reduction in price. A consequent rise or increase in the price of goods is likely to cause a shift in the pattern of purchase (Mceachern 2009, pp. 59). There is bound to be an occurrence of a substitute effect within any market. Therefore, within any typical economy, the consumers are more likely to buy goods that retail at very low prices. The interaction of substitution and income effect may also play an important role in the development of substitution. The income of the household may shift. This is due to eminent economic factors within the entire market.Advertising Looking for essay on consumer law? Let's see if we can help you! Get your first paper with 15% OFF Learn More Basically, substitution effect refers to the transformation on the consumption trend. Substitution effect may entail the alteration in the utilization patterns. This occurs as a result of a change notable within relative prices of goods within the market. This trend can be noticed in the action of various customers or clients. This is always as a result of the eminent trends within the general market. There is an evident possibility of occurrence of a substitute for both of the products under context (Mceachern 2012, pp. 78). This can be due to several factors. There are several factors that might lead to the emergence of this pattern. In the present era, various elements play a significant role in consumer behavior and preference. Therefore, there is a high possibility of occurrence of a substitute effect. An Explanation Whether the Policies May Succeed At Both of the Goals Ideally, it is notable that these two policies are not likely to succeed at both of these goals. The competin g demand and supply are important factors within the general market. Ideally, there are many elements that determine the market equilibrium (Schotter 2009, PP. 71). It is imperative to note that the diverse factors associated with market patterns are critical. The variances observed in the household preference are critical. Particularly, this is in the determination of the success of the two policies. Market conditions within any economy are susceptible to both external and internal factors. These factors interact to alleviate the possibility of existence of a perfect market . Therefore, there is bound to be a state of disparity in the action of these two policies. The customer preferences are more likely to rule the market demand and supply trends. Apart from these, there are other external factors that may lead to the development of notable disparities. These include weather conditions, tastes, and prevailing fashion within a particular economy. Income is an important factor in th e determination of prevailing market trends. Generally, high or increased rate of income raises the demand schedule. Consequently, these have a positive impact on the level of supply. The equilibrium point denotes the critical point within any market. However, even in equilibrium states, customers have the capacity to identify themselves with trendy and valuable products. There are other approaches that might be applied. Introduction of new products with lower market prices is possible. This approach is likely to shift the focus of demand within the market (Mceachern 2012, pp. 112). Apart from this, there is a potential shift in the consumer interests within the general market. The introduction of the third good is likely to help in the shift in the basic centre of interest. The preference includes one of the vital factors that dictate the prevailing market conditions. The graph below indicates the likelihood of occurrence of a substitute effect between the two goods. Consequently, this has significant impact on the policies. (From Gilbert 2004) Calculation of the Firm’s Cost Minimizing Input Combination and the Corresponding Level of Minimum Cost It is supposed that the company is presently experiencing the conditions of a short-run. The firm also has a fixed level of K at 25 units. Therefore, the calculation of the firm’s minimizing input combination and the corresponding level of minimum cost is as follows: Production function = Q = K0.5L0.5 Q = K0.5L0.5  = (8 X 0.5) X (4 X 0.5)  = 2 X 4  = 8 Cost function TC = FC + VC FC = Q FC = K0.5 X L0.5 FC = 8 x 0.5 X 4 x 0.5  = 8 TC 8 + 24  = 32 Cost minimization MC = MR (where MC represent marginal cost and MR represent marginal revenue) MC = change in TC/ change in Q TC = C X Q 25X4X8 = C X Q Q = 800 – C Q = (800 – C) C TC = 800C – C^2 MR = MC 800 – C^2 = 32 800 – 32 = 2C 768/2 = 2C/2 C = 384 (minimum cost) Q = 384 / 8  = 48 units (minimum units) Ca lculation of the Input Combination the Firm Will Use In The Long Run and the Corresponding Level of Minimum Cost Production function = Q = K0.5L0.5 Maximum units = 100 Labour cost =$ 8 Capital cost = $ 4 Total cost = 84 = 32 x 100 units  = $3200 Total produce under the cost function Q = K0.5 X L0.5  = 8 Minimum cost per unit = 3200/8  =$400 An Explanation Whether the Firm Can Experience Economies of Scale In The Long Run The firm may not experience superior economies of scale in the long run. Basically, this is due to the observable differences within the unit cost variations (Schotter 2009, PP. 115). Important lessons can be drawn from the various outcomes of the calculations. As shown, the minimum cost in the short run is $384. On the other hand, it is notable that the long run cost is $400. The obvious variances in these costs depict important lessons. Generally, there is an inferior match between the expenditure and the income. List of References Arnold, A 2010, Economic s, South-Western Cengage Learning, Australia. Fakhrul Islam, M Jabbar, A 2010, Consumer preferences and demand for livestock products in urban Bangladesh, International Livestock Research Institute, Nairobi, Kenya. Feldman, M Serrano, R 2006, Welfare economics and social choice theory, Springer, New York, NY. Gilbert, S 200, Microeconomic Theory, viewed on owlnet.rice.edu/~econ370/gilbert/notes/preferences.pdf Mceachern, A 2009, Microeconomics: a contemporary introduction, Thomson/South-Western, Mason, OH. Mceachern, A 2012, Economics: a contemporary introduction, South-Western Cengage Learning, Mason, OH. Schotter, A 2009, Microeconomics: a modern approach, South-Western Cengage Learning, Mason, OH.

MKTG Essay Example | Topics and Well Written Essays - 250 words - 2

MKTG - Essay Example Using posters, banners, carry bags and even consumer goods to promote one’s product and services has become common. Sponsorship of events like sports events, cultural festivals and carnivals have become highly attractive propositions for big and small business. But in the recent times, the companies have started using mobiles phones as their media of advertisement. The huge database of mobile phone users offers the companies with wide options to send messages regarding products to the prospective customers. While mobile advertisement might be a big nuisance value for the mobile users, it nevertheless provides the firms with huge opportunities to exploit new market. The companies like Suzuki, Vodafone, AIG etc are using this media to promote their products and services. Indeed, the new approach and innovative ideas of promoting products have increasingly transformed alternative media into highly accessible and effective tools of advertising. (words: 242)

Stephen Crane The Open Boat Speech or Presentation

Stephen Crane The Open Boat - Speech or Presentation Example The second, third, fourth and fifth paragraph introduces the reader to the cook, oiler, correspondent and captain, the crew members who are the primary and almost only characters of the story. Told objectively by an ominous narrator, it sets out through the innermost thoughts of the characters in relation to their surrounding and their fight for redemption. The beginning of the story gives off the danger the men are in as they are marooned in a dingy for a vessel as they continue to sail the hostile waters hoping that rescuers will find them soon. Even though the situation is such, there is still no sign of uncontrollable panic or trepidation amongst the men though there is that tinge of helplessness as they continue on with a plan to look for a refuge house or a lighthouse or any other boat that will save them. In part III, there remains a sense of brotherhood among them in the darkest of times which none of them was able to articulate. â€Å"They were a captain, an oiler, a cook, and a correspondent, and they were friends, friends in a more curiously iron-bound degree than may be common† (Crane 730). They shared in near-death an intimacy they would have never known in another circumstance. The first sign of infallible hope was a sight of land, described again in vivid colors, â€Å"From a black line it became a line of black and a line of white, trees and sand† (Crane 731).

Starbucks coffee and dunkin donuts Case Study Example | Topics and Well Written Essays - 500 words

Starbucks coffee and dunkin donuts - Case Study Example Opportunities: Due to its global recognition, Starbucks has the opportunity to expand their international market in order to reimburse for any diminish in the US market share. They als have a great opportunity of product diversification The company has a strong branding strategy that makes their presence felt wherever they are located. In addition, to protect them from negative trend cycles, they are in the process of diversifying their specialties into baking and fresh fruit juice. The company is also an American based company, which, since its founding in 1950 has developed to be one of the principal coffee products chain in the world over with a total of 15,000 outlets in 37 different countries. Over time the chain has developed to include and serve over 1,000 items on their menu. The company’s primary competition over coffee sales is Starbucks coffee company. Strengths: The Company has a very strong name that has been established worldwide. This has created a strong brand loyalty among the customers. In addition, the business has a wide assortment of pastry from which the customers can chose from. Further, the quality services provided to customers and their retention strategies are a key strongpoint. Opportunity: The Company has a huge opportunity to increase its revenue and customer base through effective online marketing. There is also great room for expansion into newer economies and regions of the world which they have not tapped into. In addition, there’s an opportunity to diversify by introducing low calorie snacks. The company’s strategy is sort of a different approach from the norm. Instead of putting emphasis on the product and the menu, the firms aim to achieve full customer satisfaction by provision of quality service and the introduction of strategies that facilitate customer

The Role of Women in Religion :: Religion Religious Females Gender Essays

The Role of Women in Religion   Ã‚  Ã‚  Ã‚  Ã‚  The role of women in religious scripture dictates an inferior position in society. Beginning with the creation of Adam and then Eve, as his helpmate. Her purpose was that Adam would not be lonely. This origin provides the ground work for inequality of genders on the basis of religious scripture. The roles prescribed determined that women should be in a subordinate position to man. The female role and relationship with God is defined by the various books of the Old and New Testaments, the reported actions of Jesus Christ, and finally the Qur'an.   Ã‚  Ã‚  Ã‚  Ã‚  Initially, Old Testament describes women as the corrupter of man. However, through interpreting the action of Jesus Christ, we see that he holds women in equal roles as men, to include mention of female apostles. The New Testament does not promote equality but does mention the acts of Jesus. Finally, the Qur'an places women in a subservient role allowing men to keep their under control, by any means. Interpretations of the Gods word under the disguise of organized religion are the product of the gender discrimination of the time and continue to paint women as lesser creatures in the eyes of God.   Ã‚  Ã‚  Ã‚  Ã‚  The books of the Old Testament, and variations, are recognized by the Jewish, Christian, and Muslim faiths. Each paint women as the temptress responsible for the mistakes of men. Women were the cause of the first punishment given to mankind. Eve persuaded Adam to eat the forbidden fruit, from the tree of knowledge. For this act, inspired by woman, mankind was forever punished and expelled from paradise.   Ã‚  Ã‚  Ã‚  Ã‚  There are many examples of woman’s negative influence in the Old Testament. In Genesis 19:30-36, Lot's two daughters made their father drunk with wine on two successive nights. Each daughter committed incest with her father, and became pregnant.8 This is illogical, if Lot was so drunk he probably could not have performed physically and it occurred over two separate nights. He could have been unwitting the first night but not the second. Again in Judges 16, Delilah seduced Sampson in order to find out the secret of his great strength. This ultimately led to Samson's death.8 1 Kings 11 describes how Solomon's many foreign wives and concubines convinced him to worship other gods and build Pagan temples. This led to his downfall.8 The moral to these stories seem to be that women are responsible for the mistakes and men are easily corruptible by women.

Business proposal “Airasia” Essay

The company selected for this business proposal is AirAsia Berhad (hereafter referred as AirAsia) and both the business and financial performance of AirAsia would be analysed from 1st January 2009 to 31st December 2011. â€Å"The company was incorporated in 2001, as a private limited liability company both incorporated and domiciled in Malaysia. AirAsia was converted into a public limited liability company on 8th June 2004 and became listed on the Main Board of Bursa Malaysia Securities Berhad on 22 November 2004. The principal activity of AirAsia is providing Air Transportation Services†. The vision of AirAsia has been â€Å"to be the largest low cost airline in Asia and serving the 3 billion people who are currently underserved with poor connectivity and high fares†. AirAsia’s mission is to create a globally recognized brand in the ASEAN (Association of Southeast Asian Nations) and sustain profitability growth with the highest quality services and technological advancements. The philosophy of AirAsia is to make flying possible for everyone. Since 2001, AirAsia had swiftly broken travel norms across the globe, where it is a leading low-cost carrier that does not need further introduction in ASEAN. With the tagline â€Å"Now everyone can fly†, AirAsia ferried 135 million guests as at 31 December 2011. Furthermore during the past decade AirAsia established successful ventures with Thai AirAsia, Indonesia AirAsia, AirAsia Philippines, AirAsia Japan and AirAsia X (primarily focused on long-haul segment), allowing AirAsia to take low-cost flying to a further level with a route network that spans over 20 countries.Reasons for doing this business proposal Prior knowledge The main reason for selecting this topic is to apply prior knowledge obtained from the business and financial modules previously covered in the ACCA syllabus. Moreover, financial analysis is crucial in interpreting results disclosed in the financial statements. Availability of information Also availability of annual reports and other business sources provided me with adequate information to analyse the performance of AirAsia that further encouraged in choosing this topic. The annual reports were readily available from the company website and no time was wasted on extraction of it. Reasons  for choosing AirAsiaExtensive growth of AirAsiaIn January 2002, AirAsia had only two airplanes that had been flying to six destinations within Malaysia. During the past decade AirAsia had significantly expanded to fly over 80 destinations with a fleet of 97 aircrafts as at 31 December 2011. Hence I was motivated to find out how AirAsia managed to achieve successful growth and a healthy bottom line. Famous in South East Asia (SEA) AirAsia is one of the largest and most popular low cost airlines in SEA, which had facilitated travelling at affordable prices; which is the main reason behind passengers preferring AirAsia for both domestic and international flights. Moreover the destinations flown by AirAsia covers more hubs compared to other airlines and passengers are presented with bundled travel package options, which include air ticket, hotel accommodation, travel services. In addition, AirAsia was chosen as the â€Å"World’s Best Low-Cost Airline† awarded by Skytrax World Airline for four consecutive years (from year 2009 to 2012). Moreover, in the year 2009 and 2011, AirAsia was awarded with â€Å"Best Asian Low-Cost Carrier† award by TTG Travel Awards. Project objectives and research questionsProject objectives To analyse and evaluate the financial performance of AirAsia over a 3 year period by comparing its performance against Tiger Airways Holdings Limited using relevant financial rat ios. To analyse and evaluate the business performance of AirAsia over a 3 year period using the remaining three perspectives of the Balance Scorecard technique To assess, with reasons whether AirAsia is a worthwhile investment opportunity Research questionsHow did AirAsia financially perform in comparison with its competitor Tiger Airways? How does AirAsia’s financial performance impact on its shareholders? How was AirAsia’s business performance within the 3 years? How does AirAsia manage to sustain its ‘no-frills’ strategy and position amidst the increasing competition? Sources of informationPrimary data sourcesPrimary data refers to new data collected by a researcher relating to the issues of the study. The methods used to collect primary data involve questionnaires, observations, surveys and interviews. The researcher who collects the data is referred as primary user(s). Primary data would not be used in this project as it is time consuming to collect such data and respective information is readily available. Therefore information available  from secondary sources will be used to meet the project objectives and research questions defined earlier. Secondary data sourcesSecondary data refers to data gathered by someone else and already used for their (primary users’) purpose. The pe rson undertaking the research is referred as the secondary user, who would undertake desk or library research for the said project. The main sources of secondary data used for project are: Textbooks Textbooks were used as the main source of information as they were complied by people who have vast knowledge in the subject area and tend to be more reliable and accurate compared to other sources. The main types of textbooks referred in this project for financial analysis are ACCA BPP study materials and academic reference books such as â€Å"Accounting Principles† by Weygandt, Kimmel and Kieso and â€Å"Financial and managerial accounting† by Horngren, Harrison and Oliver. To analyse the company’s business performance, â€Å"Alignment: using the balanced scorecard to create corporation synergies† by Kaplan, Roberts and Norton had been referred to. Electronic sources E-sources were used due to convenience and effectiveness. The main e-source used was AirAsia’s website to abstract the annual reports and all information regarding the company. Additionally, Internet had been used for further reading to enhance academic knowledge and obtain relevant newspaper articles and other information about the company.

English Essay- Much Ado About Nothing - 2270 Words

English essay, Much Ado About Nothing In this play, Shakespeare pairs of Hero with Claudio and Beatrice with Benedick. Using quotes from the play, discuss why Beatrice would never marry Claudio and why Benedick would not find Hero to be as suitable as a wife for him as Beatrice. In this essay, I am going to look at the characters of Benedick, Beatrice, Claudio and Hero and go into detail on what they are like and how they view love. I will also look at why Beatrice and Benedick have a relationship and why Claudio and Hero also have a relationship but then specifically looking at why Beatrice would not marry Hero and also why Benedick would not marry Hero. From the beginning of the play, it is made very obvious that Benedick and Beatrice†¦show more content†¦He doesn’t just love her for looks but for her personality also. Claudio on the other hand is very different. He is a young, brave man but he is also very immature. He falls in love with Hero the first time he sees her as soon as he returns back from war. Claudio is too immature at first to know what love really is as he bases his love on looks, ignorance and wealth. He has to make sure his bride is rich before he marries her, which makes us wonder whether at this point, he really was in love. Hero and Claudio’s relationship is very different to Benedick and Beatrice’s relationship. In Hero and Claudio’s relationship, they base theirs on first impressions, ignorance and wealth as Claudio perceives Hero as the most ‘beautiful creature in the world’ and from this intends to marry her. At this point he doesn’t actually know any thing about her personality or what she is like to be with. This then shows how immature and young he is and that he is not actually ready to be in love. Claudio and Hero are both very young and innocent. Claudio and Hero are a prime example of the Elizabethan norm in marriage. Claudio is seen to be the shrewd, hard headed fortune hunter whereas Hero is the modest maiden of conduct books and marriage manuals and willingly and gladly submits to marriage. Claudio is more concerned with advancement in army than he is in love. He sees his marriage to Hero to be anShow MoreRelated Movie Essays - Narrative Holes in Films of Shakespeares Plays2130 Words   |  9 PagesNarrative Holes in Films of Shakespeares Plays My subject in this essay in playtexts and in films of those playtexts. Drama offers the storyteller a simple choice about how to communicate each element of the story to the audience: show it, or have a character describe it. 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