Perfect Competition And Its Characteristics Economics Essay

Perfect Competition And Its Characteristics Economics Essay Firstly, below there I will discuss about the chapter of monopoly, its definition, characteristics and its diagram. Monopoly have separated to four terms it is included one seller and large number of buyers, no close substitute, restriction of entry of new firms and the last is advertising. Monopoly has differentiated into two types of monopoly; it is included of natural monopoly and government-created monopoly. Natural monopoly means that one firm can provide the lowest cost compared to the other two or more firms that could not provide. Government create monopolies is to avoid firms that they want to entrance into a market. In my conclusion, it can let me deeply understanding and learning about what is monopoly. Monopolist is the price marker it is the only seller or producer in the market so that it has the own right and power to contain the price. I will be discussing perfect competition, monopolist competition, oligopoly and the last of monopoly and those of it characteristics in the market. What are the standard to be in those of the perfect and monopolist competition even through oligopoly and monopoly in the market? In my conclusion, I can deeply understand and learned about the fourth of containing perfect competition, monopolist competition, oligopoly and monopoly. Above on, those of the classes also have their own characteristics in the market. Content Page 1.0 Introduction Question 1 1.1 Answer Question 1 1.2 Monopoly and its characteristics 1.3 One seller and large number of buyers 1.4 No close substitution 1.5 Restriction of entry of new firms 1.6 Monopoly Diagram 1.7 Conclusion Question 1 2.0 Introduction Question 2 2.1 Answer Question 2 2.2 Perfect Competition and its characteristics 2.3 Large number of buyers and sellers 2.4 Homogenous or standardized product 2.5 Free of entry and exit 2.6 Role of non-price competition 2.7 Perfect knowledge of the market 2.8 Absence of transport cost 2.9 Monopolist Competition and its characteristics 2.10 Large number of seller and buyers 2.11 Product differentiation 2.12 Easy entry and exit 2.13 Non-price competition 2.14 Selling cost 2.15 Oligopoly and its characteristics 2.16 Few numbers of firms 2.17 Homogenous or differentiated product 2.18 Barriers to entry 2.19 Monopoly and its characteristics 2.20 One seller and large number of buyers 2.21 No close substitute 2.22 Restriction of entry of new firms 2.23 Conclusion Question 2 3.0 References 4.0 Appendices 1.0 Introduction Question 1 Firstly, below there I will discuss about the chapter of monopoly, its definition, characteristics and its diagram. Monopoly have separated to four terms it is included one seller and large number of buyers, no close substitute, restriction of entry of new firms and the last is advertising. Finally, Monopoly has differentiated into two types of monopoly; it is included of natural monopoly and government-created monopoly. Answer Question 1 Monopoly and its characteristics Monopoly is refers to a small firm or is the only producer and seller of a good that has no close substitute. Below here we will start to discuss about the monopoly characteristics. 1.3 One seller and large number of buyers Monopoly appearance or survive in the market when there is only seller of a product. Monopoly industry only firm in the business line to selling a product which has no similar substitute. So normally there is no discrepancy between a firm and an industry in monopoly because there is only one seller in the market. 1.4 No close substitute Monopoly industry would sell a goods or product which has no similar substitute. It means that consumers or buyers could not find any similar substitute for the product in the market. 1.5 Restriction of entry of new firms In a monopoly market, there are rigorous obstacles to the entrance of a new industry or a firm. Obstacles have entrance are physical and legal restraints that stint the entrance of new firms into the industry. A monopolist confronts no emulation because of obstacles of entrance. 1.6 Monopoly Diagram F:Sem3Micro assignmentmonopolyprofits1.gif Above on is the diagram of monopoly and I will explain about it below here. The profit maximizing output may be sold at Price P1 above the average cost AC at output Q1. The industry is producing unusual monopoly profits display by the yellow shaded area. The area of below ATC1 that displays the total cost of producing output Qm. Total cost amounts average overall cost multiplied by the output. 1.7 Conclusion Question 1 In my conclusion, it can let me deeply understanding and learning about what is monopoly. Monopoly in the market that is the only seller and has large number of buyers and selling the products that has no similar substitute and have a higher entrance and exit obstacle. Monopolist is the price marker it is the only seller or producer in the market so that it has the own right and power to contain the price. 2.0 Introduction Question 2 I will be discussing perfect competition, monopolist competition, oligopoly and the last of monopoly and those of it characteristics in the market. What are the standard to be in those of the perfect and monopolist competition even through oligopoly and monopoly in the market? I will also discussing those of its characteristics function and effect in the market. 2.1 Answer Question 2 2.2 Perfect Competition and its characteristics Perfect competition is referring to the market in which there are many buyers and sellers, the products are homogeneous and the sellers may readily join and leave from the market. 2.3 Large number of buyers and sellers The amount of a single seller sells in a market is so tiny emulated to the integrated industry. For examples, in an agricultural industry, there are thousands of duck producers in Thailand. Each industry producers have exclusive that containing a tiny of fraction of the overall agricultural firm. Even the industry increases its production; it also does not influence much on the entire firm, so that no one industry or seller can affect the price of the product in the market. 2.4 Homogenous or standardized product The consumers do not distinguish the products of one seller to another seller. For examples, the consumers cannot distinguish the duck sold in the industry A and industry B, so the industry cannot change distinct prices for the equally product in the market. 2.5 Free of entry and exit There is no restraint on enter into a new firms to the industry or leave the firms form the industry. For example, every industry who expect to open up a boutique can manipulate the business if he/ she has the essential elements of the production as the currently industry. Even if any industry worries about deficits it can exit the firm without any rules or restraints. 2.6 Role of non-price competition Selling cost are the expenses for expend to raise the sale of a product or raise the requirement for that product. For examples, we will not see any commercial in the mass media that broadcast about duck or floras specifically without any brand. 2.7 Perfect knowledge of the market Sellers and buyers also need to know the price of charged by others sellers in the market. For example, Phil has all of the information needed to grow Aloe vela. This is the similar information possessed by Becky, Dan, Alicia, and the other great number of aloe vela producers. Phil also knows that the going price of aloe vela is 50 cents. All of the aloe vela buyers know that the going price is fifty cents. 2.8 Absence of transport cost In perfect competition it is supposed that many companies task so occlude to each other that there are no any transport costs. 2.9 Monopolist Competition and its characteristics Monopolist competition is a market construction in which there are major numbers of small sellers betray distinguish products but there are occlude substitute products and it is liable join and leave from the market. Below here I would like to share about monopolist competition characteristics, and its have separate to five terms of specific. 2.10 Large number of seller and buyers In the monopolist competition market there are the major number of industries are retaining. For examples, by the shampoo firms, the prices for a 500ml shampoo scope among brands have included Sunsilk, Pantene, Loreal Professionals and other well industries. 2.11 Product differentiation Product differentiation it means the products of the firm is selling or producing that are deeply not similar. For example, if the foods are sold in open skin, then the fruits are in perfect competition market. But if the same fruits are packaged in a box and labeled as Health fruits, then this product is in monopolistic competition. 2.12 Easy entry and exit Any new industry that would join in an industry must find certain discrimination with the existing brands. For example, if Sunsilk shampoo wants to join into the shampoo firm, this industry must find certain distinct in terminology of diathesis, smell, model or labeling in order to be monopolistic competition. 2.13 Non-price competition Classes of non-price competition fulfills in monopolist competition market are included commercials, promotion, rebates, free gifts, after sales services and many others. For example, the opponent industries contend with each other through commercial by which they alter the buyers wants for their products and fascinate more buyers. 2.14 Selling cost Selling cost can be referring to expenses produce to fascinate buyers towards a special brand. For example, by these ways, the industry attempts to make a beneficial divert in requirement for the product and attempts to capture the market. 2.15 Oligopoly and its characteristics Oligopoly is a market construction in which there are exclusive a few industries selling either demarcated or distinguished products and it limits the entrance into the exit from the market. Oligopoly has a few of the characteristics and it will be discussed below the following. 2.16 Few numbers of firms Inside oligopoly the number of industries is small but size of the industries is large. For example, is premeditating oligopolistic if the top five industries produce half the firms overall yield. 2.17 Homogenous or differentiated product A product sold below oligopoly can be probably a homogeneous or a distinct product. For example, computer or household products implements produced by one firm are similar to another firm. Same as the petroleum sold by Malaysia is unanimous to the petroleum by Middle East countries like Iran, Saudi Arabia and Kuwait. 2.18 Barriers to entry These unusual characteristics also provide assists in distinguishing an oligopolistic market from a monopolistic market, if a new industry be able to join in a monopolistic market and decrease advantage of the large industry. For examples, as a new industry attempt the imaginary telecommunications market deliberated earlier it will have to contend against already subsisting brand names, install a creating unit without certain initial sales or revenue from the business and it will need to come over with innovative production skills to support it in the long run. 2.19 Monopoly and its characteristics Monopoly is refers to a small firm or is the only producer and seller of a good that has no close substitute. 2.20 One seller and large number of buyers Monopoly industry only firm in the business line to selling a product which has no similar substitute. So normally there is no discrepancy between a firm and an industry in monopoly because there is only one seller in the market. Monopolist is a price marker means that there is only a seller and producer and it has the own right and powerful to control over the price in the market. 2.21 No close substitute It means that consumers or buyers could not find any similar substitute for the product in the market. For examples, Indah water it is the only seller of provided consumers or buyers for their water resources in the daily life and it is no similar substitute in the market. 2.22 Restriction of entry of new firms In a monopoly market, there are rigorous obstacles to the entrance of a new industry or a firm. Obstacles have entrance are physical and legal restraints that stint the entrance of new firms into the industry. A monopolist confronts no emulation because of obstacles of entrance. Perfect competition and monopolist competition are distinct to each other in that they depict deeply distinct markets scripts that relate distinct in prices, standard of emulation, number of market players, and classes of products sold. The definition of monopoly is one firm in the marketplace selling a special product. An oligopoly is a small body of an industry includes the market for a unusual product. In the fact, there can be several, or especially many smaller contestants to a monopoly or an oligopoly, but monopolist or oligopoly also contains the extensive share of the market. For example, criterion oil duplicity drove new participants out of the market before its break up. 2.23 Conclusion Question 2 In my conclusion, I can deeply understand and learned about the fourth of containing perfect competition, monopolist competition, oligopoly and monopoly. Above on, those of the classes also have their own characteristics in the market.

Assess the Role of Effective Communication and Interpersonal Interaction Essay

When children are affected by terminal illnesses it is heartbreaking for all involved. A child dying disturbs some of our deepest conventions: Children are symbols of future potential and hope. Therefore their deaths cause us to mourn more deeply than we would for others. Before starting any thinking about how you are going to tell your patient/parent there are a few valuable things that you must remember and these are all to do with being a good communicator. †¢Eye contact – Your eye contact needs to be confident and you need to be able to look at these people straight in the eye when breaking this news. However do not be over bearing or intimidating as you may make the patient/parent feel uneasy and uncomfortable. †¢Body Language – Again your body language must be confident, as if you are confident there is more chance of making the patient/parent more comfortable and to place more trust in you, however if you where showing signs of being nervous or scared to inform them of this news then you will make this ordeal twice as bad for the patient/parent. †¢Speech – Again confidence is key, no shouting or loud voices as this becomes scary however quiet voices are not good either. You need to be clear and calm there can be no room for shakiness or rumbling in your voice. To break the news to a parent/patient we need to make sure that we ourselves are sufficiently informed concerning the patient’s situation and illness. You also must make sure that you are able to break this news in the best way possible for the patient. There are three main steps in which you should follow; 1.Preparing for the consultation You need to firstly ask your receptionist to make an appointment with the patient/parents as they need to hear this from you in a face to face situation. This then gives them the opportunity to ask you questions. You must ensure that it is possible for the patient/parent to bring along a spouse or companion, you also have to ensure that you have all of your time is focused on these people and that there will be no distractions. It should be possible for all mobiles and pagers to be switched off. The last part of this stage is to know your patients illness through and through, their can be no room for error in this situation and everything you say must be the truth. 2.Communication This is a key step and must be followed to the best of your ability. Ensure that you have structure to the consultation. You must remember that the patient/parent may not be in employment within the health sector, so therefore you must use language that is appropriate, however do not treat or underestimate how much your patient/parent may know. You may want to prepare them with â€Å"Am sorry, but this isn’t good news† just so that there are no false hopes. Know how much the patient/parent knows about the illness and possibly break it up into stages; diagnosis, implications, treatment. Patients will change in the amount of honesty they want and may appreciate some ambiguity if the prognosis is very poor; an individual assessment will need to be made. Honesty includes being honest about what you do not know too. Judge how the patient/parent is taking this information do they need to know more right now or could it be left for another day. Always ensure th ey are comfortable and that you have as much time as possible for them. 3.Conclude Consultation You need to be positive with the patient/parent at this time, but not over the top. A follow up appointment should be made and make sure they know that you are there for them whenever they have any questions. Try to leave on a positive note, as if the see you are positive it may indeed give them more courage. All families are different and talking to the parents first about the situation that they are in is the best thing that you can do. Obviously you wouldn’t go straight to the child. The family and you should talk through options and ways that everyone in the family can get through this horrid ordeal, you will be able to give suggestions in which is the best route to go down but ultimately the family will decide. However they are going to need your full support and you are going to need to call on a lot of resources. There are many resources you could get in contact with and a child and adult psychologist will most certainly be needed. Suggest all groups and councillors that help families deal with this trauma as they are going to need a lot of help. Communication Theory I myself would use this particular communication theory as it is based on a one to one and I honestly believe that this type of news can only be broke to someone in this type of situation. However it all depends on what you think is best for the patient/parent. Michael Argyle is widely known as one of the best social psychologist of the twentieth century. Michael Argyle believes in the communication cycle, he believes that it is just as important as driving a car and that everybody should learn it. The theory behind this thinking is that Argyle believes to be able to drive a car you have to change your methods to match the conditions of what is happening on the road. Argyle believes that when driving a car you need to be constantly watching your surroundings and figuring out how to respond to and when to respond and then repeating this cycle until your journey is over. Argyle believes that almost the same cycle is needed in communication.

Historical context: book of lamentations Essay

Mourn, grieve, dirge, and wail are some words related to lamentation. There are deep emotions involved in lamentation. The author of the Book of Lamentations had experienced real, actual events that caused bereft of hope to his soul. Believed to author the Book of Lamentations, prophet Jeremiah had not only vividly narrated what happened to Jerusalem but also detailed the very reasons Jerusalem had to suffer its fate. (Easton’s Bible Dictionary) The Book of Lamentations has five poems. The first poem compared Jerusalem before and after the destruction. The once great nation was ruined and desolated. Weeping and wailing was heard. Hopelessness was evident. Jeremiah declared that such destruction happened because the people of Israel had sinned and rebelled against the Almighty God. The Lord, being a just God, had caused the fall of Jerusalem. (Easton’s Bible Dictionary) The second poem showed God’s wrath over the rebellious people of Israel. The Israelites had experienced the power of God’s anger. He became an enemy and in His anger, God had allowed the people of Israel suffer too much. This poem also tells us the worst condition of those who left in Jerusalem. (Easton’s Bible Dictionary) Having hope and asking the Lord’s forgiveness are depicted in the third poem. Jeremiah was pleading to the Lord to extend His help once again to His people. On the fourth poem, Jeremiah had stressed that everything that happened and everything the people had experienced were because of their uncountable and grievous sins. In the last poem, Jeremiah prayed to God. He begged to God to look at His people again. He begged to God to restore His loving relationship with His children. (Easton’s Bible Dictionary) 2 Chronicles 36. 15-19 tells us the fall of Jerusalem. Israel and Judah both sinned greatly to the Lord, so in 587 BC, God had allowed Nebuchadnezzar to take over Jerusalem (Lamentations, J. W. Rogerson and J. D. W. Dunn). The temple and the wall of Jerusalem were set on fire. All articles and treasures from the temple and from the king and his officials were carried to Babylon. Many were put to death by the sword. Those who were not killed were exiled to Babylon and became slaves. (The Holy Bible, New International Version, NIV) The emotions of the author of the Book of Lamentations were so intense. If we were living in those time and we saw the killings by sword, the great fire, the wailing and weeping, we could explain the anguish in Jeremiah’s heart as he wrote the poems. Jeremiah had seen Jerusalem before its fall. The city was busy. Yet after its fall, Jeremiah described it as a place of desolation. The priests who were highly respected also experienced hardships (Lamentations 1. 4 and 2. 20b). Since the city was destroyed, there was no food (Lamentations 2. 12 and 2. 19) and proper shelter (Lamentations 2. 10). Such situations led some women to cook their children just to survive (Lamentations 4. 10). The Israelites were God’s chosen people. God had brought them out of Egypt to the promise land. God made them powerful. In fact, God was the one fighting for them in order to conquer the promise land. But in spite of the many signs of wonders God had showed to them, the Israelites kept sinning against the Lord. The Holy Bible gives us the account of the many events in the lives of the Israelites. The fear of the Lord had spread through many nations. The sins of the Israelites were too great that God’s presence could not withstand. Because of His love to His people he sent messages calling them to repent, return, and obey God (2 Chronicles 36. 15). But they did not listen. They became overconfident that the Lord won’t leave them. The Book of Lamentations is not just an account of the fall of Jerusalem. It’s more on what had caused the fall. God was in control. He allowed the miseries in order to correct His children.

The Energy Management Problem For A Mg Incorporating A Dr...

5. Conclusion In this paper, the energy management problem for a MG incorporating a DR program was studied. The DR program is a game theory based DR program (GTDR) and the grid-connected operational mode for a MG is studied. The objective is to minimize the fuel cost of conventional generators and the transaction cost for trading transferable power and simultaneously maximize the grid operator DR s profit in a stochastic manner. The optimization model has a daily scheduling interval and concludes optimal power generation schedule for the conventional generators, the optimal customer power curtailed, optimal customer incentive and optimal power to be transferred between the main grid and MG. GAMS is used to solve the developed model, and†¦show more content†¦Appl Energy (2014)130:384–95. [5] Morais H, Kadar P, Faria P, Vale ZA, Khodr H. Optimal scheduling of arenewable micro-grid in an isolated load area using mixed-integer linearprogramming. Renew Energy (2010)35(1):151–6. [6] Marzband M, Sumper A, Ruiz-à lvarez A, Domà ­nguez-Garcà ­a JL, Tomoiaga˘ B. Experimental evaluation of a real time energy management system for standalone microgrids in day-ahead markets. Appl Energy (2013)106:365–76. [7] R. Lasseter, A. Abbas, C. Marnay, J. Stevens, J. Dagle, R. Guttromson, S. Meliopoulos, R. Yinger, and J. Eto, The CERTS Microgrid Concept, CEC Consultant Report P500-03-089F. Sacramento, CA: California Energy Commission, Oct. 2003. [8] Cheng M, Ying Z. The state of the art of wind energy conversion systems and technologies: a review. Energy Convers Manage (2014)88:332–47. [9] Aissou S, Rekioua D, Mezzai N, Rekioua T, Bacha S. Modeling and control of hybrid photovoltaic wind power system with battery storage. Energy Convers Manage (2015)89:615–25. [10] H. Mahmood, D. Michaelson, and J. Jiang, A power management strategy for PV/battery hybrid systems in islanded microgrids, IEEE J. Emerg. Select. Topics Power Electron, vol. 2, no. 4, pp. 870–882, Dec. 2014 [11] C. Marnay, H. Asano, S. Papathanassiou, and G. Strbac, Policymaking for microgrids, IEEE Power Energy Mag., vol. 6, no. 3, pp. 66–77, (2008). [12] Brenna, M., Foiadelli, F.,Show MoreRelatedMgs Case Study748 Words   |  3 Pagesso-called MGs, which integrate distributed generation (DG) for local demand – has been proposed to increase manageability and reduce transportation losses [1]. MG can be either connected to other MGs or the main grid for energy exchange or run in island mode as circumstances or economics dictate [2, 3]. The generating units in MGs can either be conventional generators or renewable energy sources (RESs) such as wind turbine (WT) [4] and photovoltaic (PV) systems [5]. 1.1. 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