Minimum Efficient Scale Essay Example | Topics and Well Written Essays - 1250 words

Minimum Efficient Scale - Essay Example The MES is hardly ever a solitary output - more likely it is a range of production levels where standard cost is minimized where the firm achieves regular returns to scale. It varies from industry to industry depending on the type of the cost structure in a particular segment of the market. When the proportion of fixed to variable costs is very elevated, there is huge potential for dropping the average cost of production. The minimum efficient scale may be expressed as a variety of production standards, but its connection with the whole market size or demand will conclude how many competitors can successfully function in the market. If the minimum efficient scale is comparatively diminutive compared to total market size many companies can survive in the same space for example computer software companies. In other industries where the minimum efficient scale is quite large due to high fixed costs, only a few major players dominate the market place for example telecom and other basic materials. There is also likely to be enormous potential to take advantage of technical economies of scale. As a consequence the MES may be a high quantity of entire market demand. There may be an opportunity merely for single business to completely exploit the economies of scale obtainable in the industry. It is presumed for a natural monopoly that the long-run average cost curve falls constantly over a very great range of output. This is illustrated in the diagram below. Companies are able to exploit the market when the range of their minimum efficiency scale is high as this applies a barrier to entry. The higher the barriers to entry, the greater the ability of established firms to raise price above the long run average costs without letting the new firms enter the market this includes foreign competition too. Although production cost barriers are faced by both local and foreign companies, the foreigners face an additional barrier of tariffs levied by the government. As the manufacturers expand their scale of production, average costs decrease to minimum efficient scale that is to the optimal point. As they expand further than that, they become incompetently large, and face increasing average costs. Hence if we assume they increased too far, and finally settled at the minimum efficient scales they have oppressed all Economies of Scale, and Diseconomies of Scale, in manufacturing. Big firms can have lesser per-unit costs due to purchasing at bulk discounts example parts, indemnity, real estate, marketing, etc. and can also bound competition by buying out competitors, setting proprietary industry values. Looking at further examples, an automobile maker can buy millions of tons of steel at one point for use in forming engine blocks and store it for an indefinite period, if this will get a superior price. On the other hand, a florist can't buy millions of tons of matured flowers to put up for sale as they will shrivel before they are sold. This results in disparate interpretations of economies of scales for diverse types of companies. The size of a business may also alter over time, as industry and marketplace circumstances change. If a dealer finds a way to produce

Why is so much expected of soft power these days Essay

Why is so much expected of soft power these days - Essay Example Hard power, which is characterized as coercive in nature, is usually measured by virtue of a state’s military strength.3 Hard power was once the only matrix by which a state’s power was measured. Nowadays, changes particularly with interdependence among the global community, information technologies and the rise of non-state and non-military actors such as corporations and non-governmental organizations have given expression to a more significant source of power: soft power.4 This research study analyzes the rise of soft power today and discusses why so much is expected of soft power these days. This paper is therefore divided into two main parts. The first part of this paper analyzes the theory of soft power and the second part of this paper, analyzes the rise of soft power and identifies why so much is expected of soft power these days. The Theory of Soft Power Joseph Nye, a diplomat and scholar of the 1980s, introduced the theory of soft power.5 Nye (2003) described soft power as: ..the ability to get what you want by attracting and persuading others to adopt your goals. It differs from hard power, the ability to use the carrots and sticks of economic and military might to make other follow your will.6 Soft power is more about using â€Å"credible claims† and less about â€Å"propaganda†.7 Nye explains how credible claims amount to soft power. It comes from the state’s cultural, political and policies’ appeal. When a state’s policies are viewed as â€Å"legitimate† the state’s soft power is exemplified.8 Although the US has used and continues to use the military in its war against terrorism, it has also used and continues to use soft power.9 Soft power in the US counterterrorism strategies include enhanced collection and sharing of intelligence, cooperation with other states and methods for cutting off financing for terrorists activities. The US has also described its war against international te rrorism as a war that uses the US’s influence, working together with its allies in an attempt to perpetuate the idea that terrorism is unlawful and is the kind of conduct that no legitimate state would tolerate or aid.10 The US has also pledge to lend assistance and support to â€Å"moderate and modern government† particularly in Muslim states as a means of ensuring that â€Å"the conditions and ideologies that promote terrorism do not find fertile ground in any nation.†11 The US’s counterterrorism strategy also involves reducing or removing the root causes of terrorism by influencing other states to target those areas vulnerable to terrorists’ influences. The US’s specifically states its intention to use soft power in the war against terrorism by stating that it intends to use: Effective public diplomacy to promote the free flow of information and ideas to kindly the hopes and aspirations of freedom of those in societies ruled by the sponso rs of global terrorism.12 Thus the US counterterrorism policies are not geared toward forcing change and cooperation. The US Counterterrorism policies are aimed at influencing and persuading a change in behaviour and thinking as a means of helping the US achieve its goal of eradicating the threat of terrorism. Aside from the wars in Iraq and Afghanistan, the US counterterrorism strategies can be distinguished from hard power as it is not coercive in nature. Hard power would have been demonstrated by the conscious use of economic and military power as a means of influencing the decisions and options of the enemy. Hard power is distinguished from soft power in significant ways. Hard power contemplates coercive techniques that can either be actual or symbolic. Soft power fosters agreement via policies and other forms of conduct that make

Business Legal Environmen(230) Essay Example | Topics and Well Written Essays - 750 words

Business Legal Environmen(230) - Essay Example It also develops certainty in the rule of law because the precedents determine outcomes of cases. The doctrine also promotes flexibility in the rule of law by allowing judges to avoid existing precedents and establish new ones. It however also faces disadvantages such as uncertainty because of the wide scope of precedents and judges ability to deviate from a precedent. It also makes the judicial process rigid and it lacks the primary backing of the constitution (Meiners, Ringleb and Edwards, 10). One of the differences between criminal law and civil law is that civil law relates to private rights of members of the society and regulates relationships between private persons, whether natural or artificial, while criminal law relates to public rights against the state and therefore regulates the relationship between the state and citizens. Penalties to offences also define a difference between criminal and civil law. Criminal law induces imprisonment and fine penalties while civil law induces equitable remedies for losses suffered by parties due to civil wrongs (Meiners, Ringleb and Edwards, 108). The Marbury v. Madison involved a conflict in the rule of law that established a dilemma in the applicable law. The primary case involved a suit by Marbury and others who required the Supreme Court to order the secretary of state to deliver their appointment letters. The constitution however failed to stipulate such role for the high court though â€Å"The Judiciary Act of 1789† established the power to issue writ of mandamus. The Supreme Court ruled that the judiciary has the power to determine applicable law in case of such conflicts and this identifies the power of judicial review. The landmark case was important in offering checks on the congress’ legislative power by determining validity of legislated laws (Miller and Jentz, 66). Standing to sue defines the state of having a legal interest in a case before initiating litigation. It provides that a plaintiff

Earnest Hemingway: Would Be King :: Writing Literature Papers

Earnest Hemingway: Would Be King In the period immediately before World War I, there was a revolution in all art forms. The impressionists in France, late in the nineteenth century, had abandoned photographic realism to imply their emotional impressions of a scene. By the time of Picasso and Braqueat the end of the first decade of the twentieth century, painters were analyzing shapes, deconstructing them for component elements, or later, doing away with representationalreality all together. Composers like Igor Stravinski and Charles Ives introduced atonal, dissonant passages into music. Artists did not want to create in the same manner as theirpredecessors; they wanted to extend the range of their art. Beyond the arts, Sigmund Freud demonstrated the existence of the sub-conscious, a theory that would revolutionize the field of psychology. Einstein changed the face of Physics by proposing the theory of relativity and Werner Heisenberg predicted that complete and accurate depictions of phenomena wereimpossible. It was a time of sweeping change; the world if literature was no exception. In poetry, Ezra Pound was reacting against the metronomic beat of Victorian poetry. His credo was "Make it new." He insisted that writers use no superfluous word and avoidabstractions at all cost. T.S. Elliot followed Pound's technique, his voice and the voice of post-war Europe coming through in his masterpiece, The Wasteland. In fiction, James Joyce was insisting on removing the obvious presence of the author. Gertrude Stein was experimenting with sentence structure and word repetitions, trying to immerse her readers in a sense of ongoing present. Sherwood Anderson, like Joyce, wrote stories that did not snap shut at the ending, but developed gradually, aimlessly, their intent being a revelation of character. All these authors defined character less through authorial description and more through what the character said and did. Earnest Hemingway knew and studied with many of the best modernists. Their influence accentuated the spare laconic style he had already developed in high sc hool. The spare unadorned, grammatically simple, declarative sentences, largely devoid of adjective or adverb, also echoed Hemingway's own philosophy. For Hemingway, loss was inevitable: fate, circumstance, something always brought on the end. Love expired, through death or disenchantment, fame always dwindled, youth and vitality crumbled through the years; life itself was nothing more than a unpredictable feast of the senses. His philosophy is both stoic and existential: one should not complain, one should show grace under pressure (Hays, 41) Also, one should care about one's craft because it was the individual's actions which defined the character.

Cattell and Eysenck

Usually when we talk about someone's personality, we are talking about what makes that person different from other people, perhaps even unique. â€Å"The Cattell and Eysenck constructs and theories should be seen, not as mutually contradictory, but as complementary and mutually supportive. † The Late Hans Eysenck (1984). Cattell and the theory of Personality. Mult. Behav. Res, 19, 323-336. This eight page report discusses the work and models created by Hans Eysenck (1916-1997) and Raymond Cattell (1905-1998). Each developed specific theories regarding human personality. Eysenck’s is best expressed in the Eysenck Personality Inventory (EPI) while Cattell’s 16PF or Sixteen Personality Factor Questionnaire serves as the best representation of his work on personality. Raymond Bernard Cattell (20 March 1905 – 2 February 1998) was a British and American psychologist known for his exploration of a wide variety of substantive areas in psychology. These areas included: the basic dimensions of personality and temperament, a range of cognitive abilities, the dynamic dimensions of motivation and emotion, the clinical dimensions of personality, patterns of group and social behavior, applications of personality research to psychotherapy and learning theory, predictors of creativity and achievement, and many scientific research methods for exploring and measuring these areas. Cattell was famously productive throughout his 92 years, authoring and co-authoring over 50 books and 500 articles, and over 30 standardized tests. According to a widely-cited ranking, he was the 16th most influential and eminent psychologist of the 20th century. Cattell and Eysenck 3 Raymond Cattell and Hans Eyseneck, so prominent were these two men, that their work is now enshrined in the Cattellian and Eysenckian Schools of Psychology, respectively. Cattell's scholarly training began at an early age when he was awarded admission to King's College at Cambridge University where he graduated with a Bachelor of Science in Chemistry in 1926 (Lamb, 1997). According to personal accounts, Cattell's socialist attitudes, paired with interests developed after attending a Cyril Burt lecture in the same year, turned his attention to the study of psychology, still regarded as a philosophy (Horn, 2001). Following the completion of his doctorate studies of psychology in 1929 Cattell lectured at the University at Exeter where, in 1930, he made his first contribution to the science of psychology with the Cattell Intelligence Tests (scales 1, 2, and 3). During fellowship studies in 1932, he turned his attention to the measurement of personality focusing of the understanding of economic, social and moral problems and how objective psychological research on moral decision could aid such problems (Lamb, 1997). Cattell's most renowned contribution to the science of psychology also pertains to the study of personality. Cattell's 16 Personality Factor Model aims to construct a common taxonomy of traits using a lexical approach to narrow natural language to standard applicable personality adjectives. Though his theory has never been replicated, his contributions to factor analysis have been exceedingly valuable to the study of psychology. In order to apply factor analysis to personality, Cattell believed it necessary to sample the widest possible range of variables. He specified three kinds of data for comprehensive sampling, to capture the full range of personality dimensions: Cattell and Eysenck 4 Objective, life data (or L-data), which involves collecting data from the individual’s natural, everyday life behaviors, measuring their characteristic behavior patterns in the real world. This could range from number of traffic accidents or number of parties attended each month, to grade point average in school or number of illnesses or divorces. Experimental data (or T-data) which involves reactions to standardized experimental situations created in a lab where a subject’s behavior can be objectively observed and measured. Questionnaire data (or Q-data), which involves responses based on introspection by the individual about their own behavior and feelings. He found that this kind of direct questioning often measured subtle internal states and viewpoints that might be hard to see or measure in external behavior. In order for a personality dimension to be called â€Å"fundamental and unitary,† Cattell believed that it needed to be found in factor analyses of data from all three of these domains. Thus, Cattell constructed personality measures of a wide range of traits in each medium. He then repeatedly performed factor analyses on the data. With the help of many colleagues, Cattell's factor-analytic studies continued over several decades, eventually producing 16 fundamental factors underlying human personality. He decided to name these traits with letters (A, B, C, D, E†¦), like vitamins, in order to avoid misnaming these newly discovered dimensions, or inviting confusion with existing vocabulary and concepts. Factor-analytic studies by many researchers in diverse cultures around the world have re-validated the number and meaning of these Cattell and Eysenck 5 traits. This international confirmation and validation established Cattell’s 16 factors as objective and scientific. Cattell set about developing tests to measure these traits across different age ranges, such as The 16 Personality Factor Questionnaire for adults, the Adolescent Personality Questionnaire, and the Children’s Personality Questionnaire. These tests have now been translated into many languages and validated across different cultures. Hans Eysenck was born in Germany on March 4, 1916. His parents were actors who divorced when he was only two, and so Hans was raised by his grandmother. He left there when he was 18 years old, when the Nazis came to power. As an active Jewish sympathizer, his life was in danger. In England, he continued his education, and received his Ph. D. in Psychology from the University of London in 1940. During World War II, he served as a psychologist at an emergency hospital, where he did research on the reliability of psychiatric diagnoses. The results led him to a life-long antagonism to main-stream clinical psychology. After the war, he taught at the University of London, as well as serving as the director of the psychology department of the Institute of Psychiatry, associated with Bethlehem Royal Hospital. He has written 75 books and some 700 articles, making him one of the most prolific writers in psychology. Eysenck retired in 1983 and continued to write until his death on September 4, 1997. This aspect of personality is called individual differences. For some theories, it is the central issue. These theories often spend considerable attention on things like types and traits and tests with which we can categorize or compare people: Some people are neurotic, others are not; some people are more introverted, others more extroverted; and Cattell and Eysenck 6 so on. However, personality theorists are just as interested in the commonalities among people. What, for example, do the neurotic person and the healthy person have in common? Or what is the common structure in people that expresses itself as introversion in some and extroversion in others? If you place people on some dimension – such as healthy-neurotic or introversion-extroversion – you are saying that the dimension is something everyone can be placed on. Whether they are neurotic or not, all people have a capacity for health and ill-health; and whether introverted or extroverted, all are â€Å"verted† one way or the other. Another way of saying this is that personality theorists are interested in the structure of the individual, the psychological structure in particular. How are people â€Å"put together;† how do they â€Å"work;† how do they â€Å"fall apart. † Some theorists go a step further and say they are looking for the essence of being a person. Or they say they are looking for what it means to be an individual human being. The field of personality psychology stretches from a fairly simple empirical search for differences between people to a rather philosophical search for the meaning of life! Perhaps it is just pride, but personality psychologists like to think of their field as a sort of umbrella for all the rest of psychology. Critics of the psychology of individual differences have often claimed naively that the use of factor analysis in test construction has â€Å"only lead to confusion–since Eysenck found three factors, while Cattell found 16 factors† within the personality domain. Yet these ill-informed critics failed to understand that Eysenck and Cattell were talking about personality measurement at different levels within the hierarchical trait model. Cattell and Eysenck 7 Ray concentrated on primary factors, while Hans focused on broader secondary dimensions. Indeed, at the second-order 16PF level, the degree of communality between the Eysenckian and Cattellian factors was striking! It might be nice to start off with a definition of theories of personality. First, theory: a theory is a model of reality that helps us to understand, explain, predict, and control that reality. In the study of personality, these models are usually verbal. Every now and then, someone comes up with a graphic model, with symbolic illustrations, or a mathematical model, or even a computer model. But words are the basic form. Different approaches focus on different aspects of theory. Eysenck’s theory is based primarily on physiology and genetics. Although he is a behaviorist who considers learned habits of great importance, he considers personality differences as growing out of our genetic inheritance. He is, therefore, primarily interested in what is usually called temperament. Eysenck is also primarily a research psychologist. His methods involve a statistical technique called factor analysis. This technique extracts a number of â€Å"dimensions† from large masses of data. For example, if you give long lists of adjectives to a large number of people for them to rate themselves on, you have prime raw material for factor analysis. Imagine, for example, a test that included words like â€Å"shy,† â€Å"introverted,† â€Å"outgoing,† â€Å"wild,† and so on. Obviously, shy people are likely to rate themselves high on the first two words, and low on the second two. Outgoing people are likely to do the reverse. Factor analysis extracts dimensions – factors – such as shy outgoing from the mass of information. The Cattell and Eysenck 8 researcher then examines the data and gives the factor a name such as â€Å"introversion-extraversion. † There are other techniques that will find the â€Å"best fit† of the data to various possible dimensions, and others still that will find â€Å"higher level† dimensions – factors that organize the factors, like big headings organize little headings. Eysenck's original research found two main dimensions of temperament: neuroticism and extraversion introversion. Neuroticism is the name Eysenck gave to a dimension that ranges from normal, fairly calm and collected people to one’s that tend to be quite â€Å"nervous. † His research showed that these nervous people tended to suffer more frequently from a variety of â€Å"nervous disorders† we call neuroses, hence the name of the dimension. But understand that he was not saying that people who score high on the neuroticism scale are necessarily neurotics – only that they are more susceptible to neurotic problems. His second dimension is extraversion-introversion. By this he means something very similar to what Jung meant by the same terms, and something very similar to our common-sense understanding of them: Shy, quiet people â€Å"versus† out-going, even loud people. This dimension, too, is found in everyone, but the physiological explanation is a bit more complex. Eysenck hypothesized that extraversion-introversion is a matter of the balance of â€Å"inhibition† and â€Å"excitation† in the brain itself. These are ideas that Pavlov came up with to explain some of the differences he found in the reactions of his various dogs to stress. Excitation is the brain waking itself up, getting into an alert, learning state. Inhibition is the brain calming itself down, either in the usual sense of relaxing and going to sleep, or in the sense of protecting itself in the case of overwhelming stimulation. Cattell and Eysenck 9 To bring to a close, although Cattell contributed much to personality research through the use of factor analysis his theory is greatly criticized. The most apparent criticism of Cattell's 16 Personality Factor Model is the fact that despite many attempts his theory has never been entirely replicated. In 1971, Howarth and Brown's factor analysis of the 16 Personality Factor Model found 10 factors that failed to relate to items present in the model. Howarth and Brown concluded, â€Å"that the 16 PF does not measure the factors which it purports to measure at a primary level (Eysenck & Eysenck, 1987) Studies conducted by Sell et al. (1970) and by Eysenck and Eysenck (1969) also failed to verify the 16 Personality Factor Model's primary level (Noller, Law, Comrey, 1987). Also, the reliability of Cattell's self-report data has also been questioned by researchers (Schuerger, Zarrella, & Hotz, 1989). Cattell and colleagues responded to the critics by maintaining the stance that the reason the studies were not successful at replicating the primary structure of the 16 Personality Factor model was because the studies were not conducted according to Cattell's methodology. However, using Cattell's exact methodology, Kline and Barrett (1983), only were able to verify four of sixteen primary factors (Noller, Law & Comrey, 1987). In response to Eysenck's criticism, Cattell, himself, published the results of his own factor analysis of the 16 Personality Factor Model, which also failed to verify the hypothesized primary factors (Eysenck, 1987). Despite all the criticism of Cattell's hypothesis, his empirical findings lead the way for investigation and later discovery of the ‘Big Five' dimensions of personality. Fiske (1949) and Tupes and Christal (1961) simplified Cattell's variables to five recurrent Cattell and Eysenck 10 factors known as extraversion or surgency, agreeableness, consciousness, motional stability and intellect or openness (Pervin & John, 1999). Cattell's Sixteen Personality Factor Model has been greatly criticized by many researchers, mainly because of the inability of replication. More than likely, during Cattell's factor analysis errors in computation occurred resulting in skewed data, thus the inability to replicate. Since, computer programs for factor analysis did not exist during Ca ttell's time and calculations were done by hand it is not surprising that some errors occurred. However, through investigation into to the validity of Cattell's model researchers did discover the Big Five Factors, which have been monumental in understanding personality, as we know it today. In summary, Humanists and Existentialists tend to focus on the understanding part. They believe that much of what we are is way too complex and embedded in history and culture to â€Å"predict and control. † Besides, they suggest, redacting and controlling people is, to a considerable extent, unethical. Behaviorists and Freudians, on the other hand, prefer to discuss prediction and control. If an idea is useful, if it works, go with it! Understanding, to them, is secondary. Another definition says that a theory is a guide to action: We figure that the future will be something like the past. We figure that certain sequences and patterns of events that have occurred frequently before are likely to occur again. So we look to the first events of a sequence, or the most vivid parts of a pattern, to serve as our landmarks and warning signals. A theory is a little like a map: It isn't the same as the countryside it describes; it certainly doesn't give you every detail; it may not even be terribly accurate. But it does provide a guide to action.

Business Ethics Research Paper - 2018 Words

Insider Trading By Jennifer Miller Instructor Margie Andrist Business Ethics The purpose of this paper is to review the phenomenon of illegal insider trading in the United States financial securities markets. The analysis section of this paper (a) defines illegal insider trading, (b) explains the enforcement of laws and regulations concerning illegal insider trading, (c) review the pattern of illegal insider trading from 1996 through 2005, and (d) compares the problem of illegal insider trading in the United States with the problem in other countries. Consider this: Imagine a boardroom of corporate executives, along with their lawyers, accountants, and investment bankers, plotting to take over a public company. The date†¦show more content†¦In actuality, the requirement of disclosure is, in itself, a form of protection. Disclosure required by most regulatory authorities in developed economies may be classified into two categories: (a) disclosure related to operations in the securities markets; and (b) disclosure required by publicly held companies subject to the jurisdiction of the regulatory authority. Disclosure related to the direct operations of securities markets concerns the relationships of security brokers and representatives to the corporate entities issuing the securities traded. Disclosure required by publicly held corporations subject to the jurisdiction of the regulatory authority includes almost all of what is generally considered to be the public disclosure requirements for corporations. These disclosure requirements include information pertaining to, â€Å"(a) the relationship between the management of a corporation and its auditors; (b) the nature of relationships between a corporation and any of its shareholders; (c) institutional investment relationships; (d) proxy requirements; (e) board and committee composition; (f) compensation for the board of directors; and (g) management compensation† (Securities Exchange Act of 1934 Title 12). Shareholder rights and proxy disclosure requirements resulted from the belief that the management of a public corporation can effectively frustrate shareholders’ efforts to participate in the management ofShow MoreRelatedCritique Of - Applying Ethical Theories: Interpreting and Responding to Student Plagiarism, Journal of Business Ethics1310 Words   |  6 Pages Manchester Metropolitan University Business School Research Methods Assessment 1: Critical Writing (15%) Granitz, N. and D. 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Essay about Slaughtering for the Humanness of Horses

Slaughtering for the Humanness of Horses The closing of slaughterhouses in the United States for horses has resulted in inhumane treatment and gross neglect for thousands of horses. Congressmen, lobbyists, activists, actors, and every day people have petitioned for these death traps to be destroyed, all for the benefit of the horse. The horse, who cannot speak, can only react to his surroundings. The ones to be benefited are the people who see this as cruel, and inhumane; to give them a clear conscious, because they feel endeared to this animal. I, too, am endeared to this animal, but understand that the horse has been put in, an all too often, precarious situation, that even death, cannot come quick enough. Without slaughter†¦show more content†¦One horse rescue farm received calls on 230 horses from April 2008 to August 2009 (Lewis, 2009). That’s an increase of over 1800 percent from the previous year, when slaughterhouses closed. Horse rescue farms rely on donations, whether in the form of food, labor, or money, to make ends meet. â€Å"It’s always a struggle,† (Myers), who owns Sunshine Acres rescue ranch, said. â€Å"It’s expensive to keep horses, and there aren’t enough donations coming in. Most of the horses I get are underweight and have health problems, which requires more feed.†(Lewis, 2009, p. 4A) Others have horses that are geriatric or have medical issues. They are kept out of compassion, as not many would want the financial burden of a horse that is unusable. These horses are even more difficult to find new homes for and in some instances their quality of life has already passed. Other people refuse to try to make arrangements for them when they experience a financial hardship and just quit feeding them. â€Å"They’re emaciated. Some of them, their eyes are glazed over,† said Holly Simpson, (Zaborney, 2010, p. 1) of Arabian Rescue Midwest, who visited 30 plus horses after they were seized by the Humane Society. One horse was already dead and six others had to be euthanized at the sight, as their state of