Product Has No Close Substitutes Economics Essay

Product Has No Close Substitutes Economics Essay Microeconomics is the study of individual economic units where we will use it in our daily lives.We will learn how to manage our money wisely so that we will be able to understand the economic concepts and theories.Besides that,we can also learn basic economics and have a better understanding of the economics of the market place. 2.0 Definition of monopoly According to Hashim, A. (2001) Comprehensive Economics Guide. 2nd ed. Singapore: Oxford University Press Pte Ltd, p.84, Monopoly is an industry composed of a single seller of a product with no substitutes and with high barries to entry.A monopoly power exists when a single firm controls more than 25% of a market. 3.0 Characteristics of monopoly 3.1 One seller and a large number of buyers 3.1.1 A monopoly exists when there is only one seller of a product.For example, The Tenaga Nasional Berhad(TNB) has a monopoly of the electricity supply of Peninsular Malaysia.All houses and shops who get supply from Tenaga Nasional Berhad(TNB) will need to pay their electricity bill. 3.2 Product has no close substitutes 3.2.1 The product sold by a monopolist should be no close substitutes.There are no other electricity supplier in Malaysia.There is only one supplier which is the Tenaga Nasional Berhad (TNB).There is no competition for their product.In Peninsular Malaysia,only Tenaga Nasional Berhad(TNB) supplies electricity to the country. 3.3 Price maker 3.3.1 In a perfect competition,there will be no single firm can influence the price and this is called price taker.The Tenaga Nasional Berhad(TNB) will have the power to decide and control the price in the market since there are no competitors around. 3.4 Restriction on the entry of new firms 3.4.1 In a monopoly market,there will be strict barriers to the entry of new firms and the barriers of entry are natural.A monopolist faces no competition because of barriers to entry. 3.5 Advertising AAdvertising in a monopoly market depends on the products sold.If the product are luxury goods such as imported items then the monopoly will need some advertisement to promote the consumers on the goods.Local public utility such as the electricity by Tenaga Nasional Berhad (TNB) need no advertisement since the consumers know from where to obtain such goods and they are the only corporation who supplies electricity. 4.0 Introduction 5.0 Differentiation of the features of the four market structures Type of market Number of firms Freedom of entry Nature of product Examples Implication of demand curve for firm Perfect Competition Very many Unrestricted Homogeneous (undifferentiated) Cabbages,carrots(these approximate to perfect competition) Horizontal.The firm is a price taker Monopolistic competition Many/ several Unrestricted Differentiated Builders,restaurants Downward sloping,but relatively elastic.The firm has some control over price. Oligopoly Few Restricted 1.Undifferentiated or 2.Differentiated 1.Cement 2. Cars,electrical appliances Downward sloping,relatively inelastic but depends on reactions of rival to a price change Monopoly One Restricted or completely blocked Unique Many prescription of drugs, local water company Downward sloping,more inelastic than oligopoly.The firm has considerable control over price. 5.1 Number of firms 5.1.1 The perfect competition has large number of buyers and sellers.Firms are price taker because the quantity of a single seller sells in a market is so small compared to the overall industry.Besides that,the price is always constant where the seller can only decide the quantity to be sold and not the price of selling of a product.An example of the perfect competition is the duck producers.The price of the duck in the market is still depends on the demand and supply.The sellers can never control the price of the duck in the market even if they have high production,it will not affect much in that industry. 5.1.2 In a monopolistic competition,there are a large number of sellers.The number of firms exist in a monopolistic competition market is less than perfect competition.Due to the size of each firm which is small and hence,no individual firm can influence or control the market price.Therefore,each firm follows an independent price-output policy.The firm that produces toothpaste is in the monopolistic competition where there are many brands of toothpaste in Malaysia such as Darlie,Colgate and Polleney.They can never influence or control the price in of their products in the market. 5.1.3 In an oligopoly,the number of firms is small but the size of the firms is large.The market share of each firm is large enough to dominate the market.A few firms control the overall industry of an oligopoly.For example the petroleum companies namely Shell,BHP,Caltex.They are large firms who have market shares which able to dominate the market. 5.1.4 Under monopoly,there is only one seller of a product and large number of buyers exist.A monopolist is a price maker since there is only one seller and no competitor and it has the power to control the price in the market.One of the examples of a monopoly is the Tenaga Nasional Berhad (TNB) where their company supplies electricity for the whole Peninsular Malaysia. 5.2 Freedom of Entry 5.2.1 There is unrestricted freedom of entry and exit of the firms from the industry in the perfect competition and the monopolistic competition.A firm can easily enter the market and exit the market anytime they wish to.No restriction is imposed.If any firm who wish to open a fruit farms and operate the business if he/she has the necessary factors of production ( land,labour and capital) he/she can always starts the business even there is a lot of fruit farms exist. 5.2.2 In an oligopoly market,there are various barriers to entry.Although similar to a monopoly,the firms in an oligopoly will restrict new firms to enter the market.The types of barriers to entry are economies of scale,forces to merge,ownership of patents and copyrights to name a few.This can be illustrated briefly by the petroleum industry in Malaysia where Mobil,Shell,Petronas and Caltex which already exist in the market and they control the market.The chances for a new firm to be formed in the petroleum industry in Malaysia is very low due to the huge capital investment that they need to have a position in the market. 5.2.3 Under the monopoly market,there will be restricted freedom of entry and there are legal restrictions that restrict the entry of new firms into the industry.Hence there will be no competitors and competition for firms who are in the monopoly market.Telekom Malaysia (TM) is a good example of a monopoly since there is only one home telephone service in Malaysia which is Telekom Malaysia (TM) and not any other firms. 5.3 Nature of product 5.3.1 The firms in a perfect competition must sell homogenous products.In the perfect competition structure,buyers cannot differentiate products in terms of quality,packaging,colour and design since they are identical.Furthermore,the firm cannot charge a different price for the same product which exist in the market.A classic example of this is the telecommunication service provider in Malaysia which are Digi,Maxis and Celcom.They provide customers with the same product in the market but buyers cannot differentiate their products no matter how, since they are all the same. 5.3.2 The monopolistic competition market sells differentiated products which are not identical.Each firms will have their own method to differentiate their products from other sellers to get more customers or consumers.Their products can be different in terms of the design,advertising,branding,and labelling.For example,when a perfume is nicely packaged in a box and labelled as à ¢Ã¢â€š ¬Ã‹Å" best perfumeà ¢Ã¢â€š ¬Ã¢â€ž ¢ then this product is in monopolistic competition. 5.3.3 Products in the oligopoly may be differentiated or undifferentiated.In Malaysia,the example of oligopoly market are petroleum and automobiles where petroleum is identical while cars are differentiated products. 5.3.4 Under monopoly market,the products produced has no close substitutes or unique.Tenaga Nasional Berhad (TNB) is one of the example of monopoly who is the electricity supplier from local public utility which has no close substitutes but if the buyers can find any other way to get electricity then this product is no more in monopoly and monopoly cannot exist if there is a competition or any substitute product. 5.4 Implication of demand curve for firm 5.4.1 The demand curve for firm

Coming to Age in Eudora Welty’s The Little Store :: Eudora Welty The Little Store

Coming to Age in Eudora Welty’s The Little Store Eudora Welty is one of the leading American writers of the twentieth century. In her work â€Å"The Little Store,† Welty recollects from her memories of growing up. She humbly admitted that she lived a â€Å"sheltered life† growing up in the South as a woman. From this perspective, Eudora writes her short story as a means to tell her passage into adulthood. Growing up in the capital of Mississippi, Eudora lives only a few blocks from the capitol. She remembers from many different trips to the Little Store various moments of her childhood and compiles them into one trip. She encourages the reader by bringing realism to the work through the use of sensory writing. During each leg of her travel, some object creates a tangent in her mind of other memories. Although the story begins from a child’s perspective, there are hints of maturity arriving. The maturity provides â€Å"facts of life and death† (Welty 82) to Eudora. Eudora is very talented with the use of sensory imagery. She describes her mother and household in terms of foods that have strong tastes, such as blackberries and lemons, which have distinctive aromas. When Eudora arrives at the store later in the work, she is overwhelmed by her grandiose surroundings. She knows she can have whatever she would like, from sodas, to fireworks, to sweets galore. She is enticed to the point where the readers become involved by thinking of what it is they would choose themselves. She uses senses to pull the reader into her story and it makes the story more realistic. However, in the end, this is a fact of life for Eudora: she cannot always have everything she wants. She must choose wisely or face the consequences. After pulling the reader into the story, Eudora makes an attempt to relate to her audience. She would â€Å"bet that nickel that would be left over that all over the country †¦ the neighborhood grocery played a similar part in growing up† (79). Coming to Age in Eudora Welty’s The Little Store :: Eudora Welty The Little Store Coming to Age in Eudora Welty’s The Little Store Eudora Welty is one of the leading American writers of the twentieth century. In her work â€Å"The Little Store,† Welty recollects from her memories of growing up. She humbly admitted that she lived a â€Å"sheltered life† growing up in the South as a woman. From this perspective, Eudora writes her short story as a means to tell her passage into adulthood. Growing up in the capital of Mississippi, Eudora lives only a few blocks from the capitol. She remembers from many different trips to the Little Store various moments of her childhood and compiles them into one trip. She encourages the reader by bringing realism to the work through the use of sensory writing. During each leg of her travel, some object creates a tangent in her mind of other memories. Although the story begins from a child’s perspective, there are hints of maturity arriving. The maturity provides â€Å"facts of life and death† (Welty 82) to Eudora. Eudora is very talented with the use of sensory imagery. She describes her mother and household in terms of foods that have strong tastes, such as blackberries and lemons, which have distinctive aromas. When Eudora arrives at the store later in the work, she is overwhelmed by her grandiose surroundings. She knows she can have whatever she would like, from sodas, to fireworks, to sweets galore. She is enticed to the point where the readers become involved by thinking of what it is they would choose themselves. She uses senses to pull the reader into her story and it makes the story more realistic. However, in the end, this is a fact of life for Eudora: she cannot always have everything she wants. She must choose wisely or face the consequences. After pulling the reader into the story, Eudora makes an attempt to relate to her audience. She would â€Å"bet that nickel that would be left over that all over the country †¦ the neighborhood grocery played a similar part in growing up† (79).

A Review of Things Fall Apart

Things Fall Apart, by Chinua Achebe, is the story of tribal Africa both before and during the colonial period.The story follows the main character, Okonkwo, through his life as a highly respected man in his tribe, an accident that forced him away, his anger at the white man moving in and changing things, and his untimely death at his own hand. Things Fall Apart is a moving tale that speaks of the normalcy of tribal life before the arrival of the white man, and the falling apart of society as it was known due to the introduction of Christianity and the white man’s law.Chinua Achebe’s purpose in writing this story was to present the colonial period in Africa through the eyes of the people it really affected. Achebe uses the first and second portions of his novel to explain what everyday life was like in a fictional section of Africa before the white man came (Achebe, 1959).Through his writing, the reader learns much about the way these people lived. Every part of their so ciety, from cooking to house building to tribal ranks, is covered in detail, but it is told through the eyes of people who would have really lived that way.Achebe seems to wish for his readers to see that there was more to African tribes than what little was told about them in history books. He pulls the reader in and makes them a part of the tribe by explaining everything in minute detail. It almost feels as if one is in the camps as they read.The controversy that Achebe focuses on is the ruin of tribal society by the arrival of the white man, the Christian religion, and the white man’s law. The tribes had their own ways of dealing with problems and the breaking of their laws, but the white men moved in and changed all of that. They built courts and prisons so they could carry out their own kind of justice (Achebe, 1959).The tribal religions were ancient, but Christianity was introduced and made many villagers turn away from the gods that their families had followed for life times (Achebe 1959). Achebe’s opinion of these actions appears to be less than accommodating.From the way that he writes, it seems that he sympathized greatly with the people who were undergoing such change. One gets the impression that Achebe believes that the tribes would have been better off left alone. His presentation of the information is split into three sections, and each section deals with a different part of the main character, Okonkwo, life falling apart.The first section is a description of his happy life in his tribe, the second part deals with his banishment to his mother’s family land, and the third deals with his encounters with the white man and his desperate bids to change things back to the way they were (Achebe, 1959).It is made very clear that things have been so changed that they will never be â€Å"normal† again, and that seems to be the reason for the three point process. Life changes before the reader’s eyes, just as it changes be fore the characters eyes.   In this way the reader feels the loss of the tightly woven society bit by bit, and that seems to be what Achebe hopes to accomplish.Things Fall Apart is a fictional work, and so it does not have a basis in outside printed sources, or at least none that Achebe lists. This book is based on a reality that has been passed down for generations, and no doubt Achebe used some old stories and songs to base his story upon. However, the purpose of this book is not to focus on any one area. Instead, it is meant to represent all of Africa and all of what was lost during colonization.Narrowing the scope to a place and people that existed in reality would lessen the scope of the book. Perhaps that is why Achebe did not choose to use printed sources as his guide. Melding the bits of knowledge that he had about the whole colonization process into one book gives the reader pieces of every tribe, not just one in particular.Things Fall Apart has many chapters, but three m ajor sections. The first section tells the reader all about everyday life in the tribes. The reader learns how important it is to be seen as â€Å"manly,† and how necessary it is to stay in the good graces of the gods (Achebe, 1959). Also covered in this section are descriptions of the diet of the tribe, the clothing they wore, and the buildings in which they lived (Achebe, 1959).Tribal lore is also introduced, such as the thought that twin babies were evil and must be left to die, and the idea of the obanje child, an infant born again and again to the same woman, only to die at a young age every time (Achebe,, 1959). The reader also learns of the tribal forms of punishment, particularly the rule that accidental murders lead to a banishment of seven years to the motherland of the convicted (Achebe, 1959).This rule is particularly important to the rest of the story, because it is the first step in the downfall of Okonkwo. Achebe’s argument in this portion of the story s eems to be that although tribal life could be hard and cruel to outside eyes, it was nearly perfect for the people who lived it.Everyone in the villages knew their place and their contribution to the tribe as a whole, and as long as everyone did their part and kept to the rules that had been in effect for hundreds of years, life ran smoothly.Achebe paints a picture of a society that might not make a lot of sense to outsiders, but worked out just fine for the people within it. The underlying argument is, â€Å"Why force change on something that works?†

Arrays in Mathematics

Arrays in Mathematics In  math, an array refers to a set of numbers or objects that will follow a specific pattern. An array is an orderly arrangement (often in rows, columns or a matrix) that is most commonly used as a visual tool for demonstrating  multiplication and division. There are many everyday examples of arrays that help with understanding the utility of these tools for quick data analysis and simple multiplication or division of large groups of objects. Consider a box of chocolates or a crate of oranges that have an arrangement of 12 across and 8 down rather than count each one, a person could multiply 12 x 8 to determine the boxes each contain 96 chocolates or oranges. Examples such as these aid in young students understanding of how multiplication and division work on a practical level, which is why arrays are most helpful when teaching young learners to multiply and divide shares of real objects like fruits or candies. These visual tools allow students to grasp how observing patterns of fast adding can help them count larger quantities of these items or divide larger quantities of items equally amongst their peers. Describing Arrays in Multiplication When using arrays to explain multiplication, teachers often refer to the arrays by the factors being multiplied. For example, an array of 36 apples arranged in six columns of six rows of apples would be described as a 6 by 6  array. These arrays help students, primarily in third through fifth grades, understand the computation process by breaking the factors into tangible pieces and describing the concept that multiplication relies on such patterns to aid in quickly adding large sums multiple times. In the six by six array, for instance, students are able to understand that if each column represents a group of six apples and there are six rows of these groups, they will have 36 apples in total, which can quickly be determined not by individually counting the apples or by adding 6 6 6 6 6 6 but by simply multiplying the number of items in each group by the number of groups represented in the array. Describing Arrays in Division In division, arrays can also be used as a handy tool to visually describe how large groups of objects can be divided equally into smaller groups. Using the above example of 36 apples, teachers can ask students to divide the large sum into equal-sized groups to form an array as a guide to the  division of apples. If asked to divide the apples equally between 12 students, for example, the class would produce a 12 by 3 array, demonstrating that each student would receive three apples if the 36 were divided equally among the 12 individuals. Conversely, if students were asked to divide the apples between three people, they would produce a 3 by 12 array, which demonstrates the Commutative Property of Multiplication that the order of factors in multiplication does not affect the product of multiplying these factors. Understanding this core concept of the interplay between multiplication and division will help students form a fundamental understanding of mathematics as a whole, allowing for quicker and more complex computations as they continue into algebra and later applied mathematics in geometry and statistics.

Alexander Nevsky - Prince of Novgorod and Kiev

Alexander Nevsky - Prince of Novgorod and Kiev The son of an important Russian leader, Alexander Nevsky was elected prince of Novgorod on his own merits. He succeeded in driving invading Swedes from Russian territory and fending off the Teutonic Knights. However, he agreed to pay tribute to the Mongols rather than fight them, a decision for which he has been criticized.  Eventually, he became Grand Prince and worked to restore Russian prosperity and establish Russian sovereignty. After his death, Russia disintegrated into feudal principalities. Also Known As Prince of Novgorod and Kiev; Grand Prince of Vladimir; also spelled Aleksandr Nevski and, in Cyrillic, Ð Ã »Ã µÃ ºÃ' Ã °Ã ½Ã ´Ã'€ Ð Ã µÃ ²Ã' Ã ºÃ ¸Ã ¹ Alexander Nevsky was noted for Stopping the advance of the Swedes and the Teutonic Knights into Russia Occupations Roles in Society Military LeaderPrinceSaint Places of Residence and Influence Russia Important Dates Born:  c. 1220Victorious in battle on the ice:  April 5, 1242Died:  Nov. 14, 1263 Biography Prince of Novgorod and Kiev and Grand Prince of Vladimir, Alexander Nevsky is best known for stopping the advance of the Swedes and the Teutonic Knights into Russia. At the same time, he paid tribute to the Mongols instead of attempting to fight them off, a position that has been attacked as cowardly but which may have been simply a matter of understanding his limits. The son of Yaroslav II Vsevolodovich, grand prince of Vladimir and foremost Russian leader, Alexander was elected prince of Novgorod (primarily a military post) in 1236. In 1239 he married Alexandra, the daughter of the Prince of Polotsk. For some time the Novgorodians had moved into Finnish territory, which was controlled by the Swedes. To punish them for this encroachment and to bar Russias access to the sea, the Swedes invaded Russia in 1240. Alexander scored a significant victory against them at the confluence of the Rivers Izhora and Neva, whereby he got his honorific, Nevsky. However, several months later he was expelled from Novgorod for interfering in city affairs. Not long afterward, Pope Gregory IX began urging the Teutonic Knights to Christianize the Baltic region, even though there were Christians already there. In the face of this threat, Alexander was invited to return to Novgorod and, after several confrontations, he defeated the knights in a famous battle on the frozen channel between Lakes Chud and Pskov in April 1242. Alexander eventually stopped the eastward expansion of both the Swedes and Germans. But another serious problem prevailed in the east. Mongol armies were conquering portions of Russia, which was not politically unified. Alexanders father agreed to serve the new Mongol rulers, but he died in September 1246. This left the throne of the Grand Prince vacant, and both Alexander and his younger brother Andrew appealed to Khan Batu of the Mongol Golden Horde. Batu sent them to the Great Khan, who violated Russian custom by selecting Andrew as Grand Prince, probably because Alexander was favored by Batu, who was out of favor with the Great Khan. Alexander settled for being made the prince of Kiev. Andrew began to conspire with other Russian princes and western nations against the Mongol overlords. Alexander took the opportunity to denounce his brother to Batus son Sartak. Sartak sent an army to depose Andrew, and Alexander was installed as Grand Prince in his place. As Grand Prince, Alexander worked to restore Russian prosperity by building fortifications and churches and passing laws. He continued to control Novgorod through his son Vasily. This altered the tradition of rule from one based on a process of invitation to institutional sovereignty. In 1255 Novgorod expelled Vasily, and Alexander put together an army and got Vasily back on the throne. In 1257 a rebellion broke out in Novgorod in response to an impending census and taxation. Alexander helped forced the city to submit, probably fearing that the Mongols would punish all of Russia for Novgorods actions. More uprisings broke out in 1262 against the Muslim tax farmers of the Golden Horde, and Alexander succeeded in averting reprisals by journeying to Saray on the Volga and speaking to the Khan there. He also obtained an exemption for Russians from a draft. On the way home, Alexander Nevsky died in Gorodets. After his death, Russia disintegrated into feuding principalities but his son Daniel would found the house of Moscow, which would eventually reunite northern Russian lands. Alexander Nevsky was supported by the Russian Orthodox Church, which made him a saint in 1547.

Failure of the League of Nations Essay Example | Topics and Well Written Essays - 500 words

Failure of the League of Nations - Essay Example The research illustrates that Great Britain, France, Italy, Japan, and later Germany and Russia – all great powers in their own right - joined the League of Nations and the United States, on the other hand, was the only major power not to join the League in spite of having been instrumental in creating it in the first place. This dichotomy i.e. the failure of the United States to join the League of Nations, in spite of being its staunchest advocate, could thus be ascribed to its inability to reconcile domestic political compulsions with its international obligations. Was this domestic compulsion a clash between the ‘realists’ and the ‘idealists’? This is the main theme that the research paper will seek to examine. The idealist view of international relations envisaged the creation of, â€Å"international institutions to replace the anarchical and war-prone balance-of-power system. The realist view,  on the other hand, viewed the state as the most i mportant player, subservient to no other (external) authority. The idealist view was endorsed by president Wilson who in his, â€Å"celebrated Fourteen Points speech, delivered before Congress in 1918, proposed the creation of the League of Nations†¦Ã¢â‚¬ . Although the League of Nations came into being in 1919, Congress refused to ratify the United States’ entry into the league. This challenge to President Wilson’s worldview was spearheaded by a group of Senators led by Senators Henry Cabot Lodge, William E. Borah, and Hiram Johnson. Part of the realist view was that the US should revert to its policy of ‘isolation’ that had been in vogue pre-World War I in keeping with the Monroe Doctrine. This was at odds with the League’s charter, which enjoined that, â€Å"the international community had not only the right but a duty to intervene in international conflicts†¦Ã¢â‚¬ .

DIURETICS DRUGS Essay Example | Topics and Well Written Essays - 500 words

DIURETICS DRUGS - Essay Example Other classes of diuretics include the calcium-sparing diuretics, osmotic diuretics, low-ceiling diuretics among others. Just as vasodilators are, diuretics are also used to cure diseases such as diabetes and high blood pressure, among other respiratory diseases. These drugs aid the maintenance of the right blood pressure, and also increase the release of toxins from the body system. These diuretic drugs also improve the cardiac output and increase the pressure in the pulmonary capillaries. For diabetes patients, mostly, practitioners prefer to administer ultra-filtration therapy, claiming its effectiveness over diuretics. Before taking diuretic drugs, a patient ought to tell the doctor if he or she is taking other medications to avoid mixing drugs (diabetes and heart conditions) present a high risk in the event of drug contamination. Every diuretic drug comes with a medication guide that helps a patient to follow procedural treatment to hypertension or diabetes (Breidthardt et al, 2013). Diuretics therapy, for instance when administered to heart failure patients, has diverse functions that pose physiological effects to the body. The cardinal component in diuretic therapy provides a sodium balance in heart failure management. Other effects include improving dyspnea, general functioning of the cardiac system and also enhance exercise tolerance. Also, such diuretics reduce filling pressures in the cardiac system and also enhance decongestion in the pulmonary tubes (Blijderveen et al, 2014). This section relates to blood pressure (hypertension). Diuretics can either be administered as first generation or second subsequent generation. Studies indicate that when diuretics are given to hypertension patients as first generation medication, the outcome is outstanding and the patients experience significant reduction of pressure, hence reduced