Strategic Mapping Of A Dubai Based Hospitality Organization - Jebel Essay

Strategic Mapping Of A Dubai Based Hospitality Organization - Jebel Ali International - Essay Example Jebel International Hotel strategies will be analysed using tools for business analysis such as SWOT, five forces model and value chain management. The Dubai Based Hospitality Organisation Jebel Ali Gold Resort & Spa is located in Jebel Ali, 2.5 Km away. It a forty minutes drive from Dubai International Airport and city centre. The hotel is situated in 128 acres piece of land with stunning natural feature. The hotel is housed in a five storey building commonly known as the legend of Dubai. The entrance to the hotel is signified by its famous blue marble that is faceable from a distance meaning one is entering a world class hotel. Within the building are a number of shops and boutiques where the hotel guests do their shopping. Many people prefer to take their family at this hotel or even for business stay. 1 Jebel International hotel is part of Dutco Group of Companies that was established by Yousuf Baker in 1947. The late Sheikh Rashid Bin Saeed Al Maktoum re-constituted the company the same year and it became Limited Liability Company. 2 The management of the hotel ensure that they spot the emerging trend in what their customers look for in a hotel. They ensure they identify a new opportunity for exploitation in order for them to have a large market share in terms of hotel clients. The demographic analysis shows that Jebel Ali Gold Resort & Spa is located in a conducive environment for the purpose of attracting more customers and retaining the current one. This was done after doing a feasibility study in their market and hotel industry at large and offers what their competitors are not offering. This ensures that the hotel made better decisions in terms of marketing and facilities for their hotel. (Jebel Ali International Hotels, 2006) By forecasting on their customers' tastes and preferences, the management of Jebel International Hotel are able to satisfy them by ensuring they offer world class services in their hotel. This competitive advantage ensures that the hotel attracts and retains customers and by the time their competitors adopt their new technology, they have already made enough sales. Jebel International Hotel has strengths for being one of the leading companies in the hospitality industry in the Middle East. This is so because it has created a brand name in the industry thereby it has a strength against it competitors. Strengths also can be seen in the capacity of the Hotel. The hotel is built in a five storey building hence it has a large capacity in terms of accommodating visitors. Since the hotel has a large visitor's capacity, it is able to accommodate more visitors against its competitors. Rarely can one get at their hotels and miss a room to stay. Visitors to the hotel are usually welcomed and escorted to their beautiful rooms. This excellent customer service ensures that customers always come back after being treated well by the employees of the hotel. This kind of strength enables the hotel to always prevail in the market in terms of the number of visitor's visiting the hotel. This increase the sales of the company hence they remunerate their employees fairly. 3 The infrastructure on the other hand are excellent hence are strengths to the Hotel thereby ensure that the hotel

Meaning of life Essay Example for Free

Meaning of life Essay Existentialism as a philosophy is concerned with the meaning of our existence and the non- existence of a spiritual figure to mould our being. This philosophy was created as early the early 1900s, but mid 20th Century Philosophers Albert Camus and Jean Paul Sartre are seen as the fathers the movement. Existentialism can be seen as a major influence on the Theatre of the Absurd as it is uses theatrical effects in order to show the way in which man uses endless and futile ways to distract from the meaninglessness of his existence. Other themes that are evident in absurd plays are that of the devaluation of language and our entrapment in an Absurd existence. Devaluation of Language As characters who speak completely different languages, we are unable to communicate verbally and are forced to using gestures and appropriate sounds. The language barrier causes a lot of frustration and exhaustion and at many times conflict between our two characters because no matter how important or trivial the words that the person is saying- they serve no purpose as neither understands the other. After a short fight, my character begins to rant in her language, leaving Niina’s character confused and unsure of what to do. She then retreats back to her place on the opposite part of the ‘island’ whilst I continue to express my frustration. The space between us symbolises our aloneness at being able to communicate directly with each other. Entrapment in an Absurd Existence As two people who do not understand each other and are stranded on an island there is not much that can be done. As a means to fill our boredom my character started to hum a tune and was slowly but surely joined by my companion with a drum beat that she had added. Niina’s character who is very pessimistic comes to her senses and realises the meaninglessness of the entire exercise. This drives her to attempt to kill herself. An absurd existence is one which is full of meaningless distractions and once a person realises this they come into conflict with their existence and is driven towards two different choices: To free oneself from the meaninglessness- which Niina’s character attempted to do, or to hope for change or for the discovery of meaning like my character. We are adrift in a world devoid of purpose As our characters use diversions to avoid facing the meaninglessness of our lives, like how our two characters play a game to pass the time. But as time goes on, Niina’s character voices her frustration of the situation: that, having already been stranded for some time, we are not likely to be rescued. This presents the question of whether there is a point of living when there is neither future ahead nor purpose for you. This is another contributing reason as to why Niina’s character attempts to kill her self. My character has a different way of viewing this situation as she has held on to her faith to give her purpose. She has also found purpose in trying to keep her companion from killing herself. The island improvisation reflected the strong themes of Existentialism in Absurd Theatre through the staging of the conflict created between our two conflicting characters. Unable to linguistically understand each other, language as a tool of communication becomes useless and we are forced use a small game in order to distract ourselves from the reality of the situation and the meaninglessness of our existence on an island where we have no purpose. -

A Sociological Perspective Of Structural Functionalism

A Sociological Perspective Of Structural Functionalism The criminal behaviour of Robert Pickton can be examined through the sociological feminist perspective. There are numerous factors throughout Picktons life that could have served significantly towards his deviant behaviour. The feeling of male dominance could have led the man to express his anger and superiority on the opposite sex. As a result, this unacceptable behaviour raises confliction between the two genders; this exemplifies a feminist theory of female oppression. Throughout his youthful year, Pickton may have encountered neglect from a female figure, which could have played an influence on the behaviourism of this serial killer. For example, hostile affection from a mother may have caused Pickton to bottle up his anger to the point where he used criminal acts as a release in his elder years. These later acts could be a mirror reflection to the actions of his mother therefore causing him to avenge his past experiences by murdering as many other women as possible. Taking a look at the Marxist Feminism theory can also serve in sociologically analyzing the behaviour of Robert Pickton. This theory examines the lack of balance in terms of men and women in an economic outlook. Stereotypical roles and class hierarchies divide the two sexes; for example, women are to take on the housewives roles whereas men are more of the working money makers. Pickton may have based his attacks on a lower class level than he assumed himself to be in. He was a farmer who produced and well as distributed food to others, yet due to the fact that many of the women were prostitutes and drug addicts (CBC News), Pickton clearly picked on this class for a reason. Perhaps he felt that this specific target group was helpless, and had a negative effect on the world. The imbalanced regard to class groups may have numbed Picktons feelings of guilt or awareness to the fact that he was murdering countless women uncontrollably. Robert Picktons choice of targeting a specific group o f women, let alone women in general, goes to show the sociological perspective of feminism in this case. Psychological Perspective: Psychoanalysis Thorough psychological analysis of his thinking process, consisting of both his conscious and unconscious mind, can help with focusing on the psychoanalysis of Picktons behaviour. The Id, according to Freud, is driven solely by impulses. In the case of Pickton, the impulse was sexual, seeing as the women he murdered were all sex workers. It is only fair to assume that he resorted to these specific women for a specific reason, to satisfy his needs. His sexual impulses led to his Id satisfying them. There is also a chance that Pickton was experiencing internal conflict which led to the outcomes of his decided behaviour. The Id has no care for reality, or the needs of anyone else, merely its own satisfaction. To continue the analysis of Picktons behaviour, we must now take a look at his ego. Considering an ego develops through experience, it is possible that Picktons uncontrollable urge to kill women was a result from being neglected in his early years by a motherly figure. Being motivated by unconscious conflicts, Picktons ego weakened as his unresolved mental struggle in regards to hatred of an important motherly figure from his youth may have caused his murderous acts. He may have been battling for acceptance or love and lost, hence why afterwards he probably felt in need of retribution against his mothers rejection. The feeling of betrayal or rejection by a female likely outsourced Picktons jealous rage. Picktons super-ego, alike to his ego, can also be seen as weak. This murderers conscious had to have been aware that his acts were wrong and socially unacceptable; he chose to disregard the difference between right and wrong as still act out in a poor manner. Additionally, Picktons sense of childhood rejection may have caused him to lose trust and view the world as an undependably hopeless place. This mistrust has a direct correlation and affect to his social interaction and his personality. His criminal acts were a mean of expressing the unconscious conflicts that have not been resolved. His superegos failure to develop is largely due to his inability to identify with his parental figure as well as lack of internalization of parental and social norms, values and morals. Without a fully developed superego, Pickton was missing his conscience and had no empathy for others. The ids domination of his superego caused it to weaken and easily influence him toward urging violent criminal beh aviour. Freudians would characterize Picktons behaviour by having a weak ego, absent super-ego and a strong id. Anthropologic Perspective: Sociocultural Anthropology Inside on Robert Picktons social life can give us an anthropological insight in terms of his behaviour. Going back a few years, it seems as though Roberts relationships and social interaction were not fully developed. Being rejected in an attempt to build social interactions could definitely have caused Pickton to feel inferior. As this feeling of rejection continued, it developed into anger which he then chose to release through attacking the initial source of it all, women. Due to the womens clear inability to defend themselves, Pickton matured a sense of superiority which built motivation to continue his attacks. Growing up, Pickton may have been exposed to excessive amounts of media violence which may have played a toll on his later behaviour. Media has become one of the most powerful weapons in the world. Since society as a whole is our means of expression, Pickton probably became a victim of conformity. The battle of conformity may seem impossible to conquer; it is a battle that will murder an individuals qualities, and the only way to triumph it is through conscious awareness of its outcome. It is evident that this man is not intact with his conscious, meaning he is either prone to making bad decisions by disregarding their consequences or he was never given taught any better. Examining Picktons targets, female prostitutes, may correlate with his values, morals and also the economic inequalities of women in the society he grew up in. Seeing as his outlook of women was already poor, prostitution may have been another concern of his. Pickton worked on his farm, meaning he performed physical labour in order to earn his living. On the other hand, prostitution in the view of Pickton may have been a career that earned a living off of pleasure rather than pain; this might have been an unfair and morally unacceptable way to earn a living in the eyes of this murderer. From this, the man may have not felt any sympathy for these women, so he decided to indulge his guilt-free attitude in the killing of a specifically characterized group of targets. Hypothesis for Research of a Serial Killer To understand the reason for a serial killers motives, we must investigate the conscious and unconscious mind by taking a look at the id, ego, and superego. This will help to determine the driving principle of the criminal, the pleasure they were seeking, their ability to differentiate between right and wrong, and the power and development of the id, ego and superego. Feminists would examine the perspective of women and their rights within a society, particularly one dominated by men. Social systems, structures and issues in relevance to women will be put to the grand focus. Structural functionalists regard crime as a necessary and constant part of society. In a given society, the majority of people identify, acknowledge and adhere to a shared set of moral guidelines and rules through legal punishment and public offense. Crime is crucial to society because it sets the legal system and develops a shared set of moral guidelines. A drastic increase in criminal behaviour loses peoples trust and cohesion. Yet, unusual decreases in crime sets the impression that people have no individuality or freedom, as well as do not share moral guidelines to differentiate between right and wrong. Therefore, the stability of a crime rate has a direct relation to the health of a society. We must also take a look at the survival of society and how criminals become outcasts to the structural norms. Ones inability to recognize their place in society, creating an uncertain status, may cause them to deviate from what is acceptable socially. When conducting research on a serial killer, one must explore and gain insight on the psychoanalytic, feminist, and functionalist perspectives. The collaboration of these perspectives will allow for a thorough understanding in terms of a criminals urge for multiple killings.

Movie: Disaster At Hillsborough :: essays research papers

Movie: Disaster at Hillsborough Summary The movie "Disaster at Hillsborough" showed the complexity of a stampede. From the build-up of people outside the gate, to the disaster that ended in the death of 95 people. The film started out outside the stadium where 95 people died at a soccer game. The stadium was not equipped for the masses of people to show up all at the same place at the same time. According to the officer interviewed there was no plan in case of an emergency and no problems anticipated. The atmosphere outside the gates was pleasant and people were looking forward to a good game. The stampede started when the people in the rear realized that the game was to start before they were going to get in. The stampede could possibly been averted if the kickoff were delayed but the man "in charge" refused to delay. Just as at the "Who" concert the people in the rear of the line were in an acquisitive panic to get into the stadium. This pressure was recognized by the police in the front of the line and due to poor communication nothing could be done to stop it. A large gate "gate C" was finally opened to let off the pressure in front. This is when the true disaster occurred. People funneled straight onto the already full pens and created the stampede which killed the 95 people. People in the rear were in an acquisitive panic and the people in the front who were getting crushed were in a fearful panic. The emergency gates would open but the police, not realizing the situation, kept people in and closed the gates. Critique This example could not be anymore perfect to show a stampede and panic. All four components were met. (1) Partial entrapment; the reality is complete entrapment. As at the Who concert the only avenue of escape was blocked by the police. (2) Perceived threat; this comes from both ends of the panic. The people at the rear were threatened by the fact that they would miss the kickoff of the game or even not be able to get into the game. The people at the front were facing the threat of being crushed. (3) The partial breakdown of escape routs is obvious from the front. The gates to get out were blocked by the police and there was a high fence blocking everyone on all sides except the tunnel which was blocked by people trying to get into the pens. (4) Front to rear communications breakdown occurred when the people at the fence realized the

Accounting: Costs and Learning Objective

econonmMicroeconomics Review Quiz Test 2 1. When is marginal utility equal to zero? A. When TU is zero. B. When MU is at its maximum. C. When TU is at its maximum. D. When MU is at its minimum. The following table shows Mia's $ marginal utility for litres of soya milk: 2. Refer to the above table to answer this question. Suppose that Mia has a budget of $7 and the price of a litre of soya milk is $1, what is the maximum quantity that Mia might purchase? A. 0. B. 4 litres. C. 5 litres. D. 6 litres. E. Cannot be determined. 3. What is the correct formula for MCS (marginal consumer surplus)?A. $MU-price. B. Price-$MU. C. $TU-price. D. TU/price. E. TU/quantity. 4. What is the term for the difference between the consumer's evaluation of a product and the price which is paid for it? A. Price discrimination. B. Price elasticity of demand. C. Consumer indifference. D. Consumer surplus. 5. Refer to Table 5. 13 to answer this question. With the consumption of what quantity is marginal utility equal to zero. A. 1. B. 5. C. 7. D. 8. 6. You have just spent two hours studying microeconomics and this has made you very hungry. You have $10 to spend on a snack and decide to go to Taco Bell.Putting your newly acquired economics knowledge to use, you have developed the following table to assist with your purchase decision: (a) Fill in the missing values in the table above. (b) If you bought 6 tacos and 2 burritos are you maximizing your utility? Explain. Below are some financial data for the Do Drop In convenience store. The owners have put $40,000 into the business and they worked a total of 80 hours during the week. Savings accounts are currently paying 5. 2% interest and the going wage rate is $8 per hour. 7. Refer to the information above to answer this question.What is the week's economic profit for the Do Drop In? A. -$320. B. -$40. C. $280. D. $320. E. $1,050. 8. Which of the following statements about the marginal product of labour is correct? A. It may either rise or fal l as more labour is used. B. It always rises as more labour is used. C. It always falls as more labour is used. D. There is no relationship between marginal product and labour. 9. What causes marginal cost to increase? A. The advantages of the division of labour. B. The fact that ATC increases. C. Raising marginal product. D. The law of diminishing returns. 0. Which of the following statements regarding average fixed costs is correct? A. They are constant since fixed costs are fixed. B. They are equal to average variable cost less average total cost. C. When graphed, they are a horizontal line. D. When graphed, they are a straight line which comes out of the origin. E. They fall continuously as output increases. 11. Which of the following is a variable cost? A. The leasehold cost of a building. B. Insurance on the factory's physical plant. C. Raw materials. D. The cost of a marketing research report. 12.What is the sum of total variable costs and total fixed costs? A. It is equal to the sum of average product and marginal product. B. It is the sum of all marginal costs. C. It is total cost. D. It is AVC times the quantity of output. 13. Can a firm earn an economic loss and an accounting profit at the same time? Explain. 14. What is meant by the term economic capacity? A. An output level where the firm is physically unable to increase output. B. The output level where average variable cost is at a minimum. C. The output level where average total cost is at a minimum. D. Total fixed costs are at a minimum. 5. Which of the following statements is correct if a firm's capacity output increases from 300 to 600 and its total costs rise from $40,000 to $78,000? A. The firm is experiencing constant returns to scale. B. The firm is experiencing decreasing returns to scale. C. The firm is experiencing increasing returns to scale. D. The firm's long-run average cost must have decreased but its short-run average cost could have either decreased or increased. 16. The existe nce of both economies of scale and diseconomies of scale would have what effect on the LRAC curve? A. It would make it upward-sloping. B.It would make it downward-sloping. C. It would give it an inverse U shape. D. It would give it a U shape. E. It would make it horizontal. 17. All of the following, except one, are examples of pecuniary economies of scale. Which is the exception? A. A lower interest rate paid on money borrowed. B. The ability to sell the by-products of production. C. The ability to use specialized inputs such as a robotics assembly line. D. The ability to obtain lower prices by buying in bulk. 18. What is the shape of the LRAC curve for a firm enjoying diseconomies of scale? 19. Which of the following refers to the perfectly competitive firm?A. It is a price-maker. B. It is a price-taker. C. It might be either a price-maker or a price-taker. D. It is neither a price-maker nor a price-taker. 20. What is the term for the extra revenue derived from the sale of one more unit? A. Average revenue. B. Marginal revenue. C. Net revenue. D. Total revenue. 21. What is average revenue? A. The price multiplied by the quantity sold. B. The total revenue divided by the price. C. The extra revenue derived from the sale of one more unit. D. It is equal to the price in perfectly competitive markets. 22. What is break-even output? A.The output at which the total revenue just covers a firm's total fixed cost. B. The output at which the total revenue just covers a firm's total variable cost. C. The output at which the total revenue just covers a firm's fixed and variable costs including normal profits. D. The output at which the firm is making zero normal profits. 23. Which of the following is the correct sequence of events following a decrease in demand for a product in a perfectly competitive market? A. A decrease in the price and in the total profits of the representative firm which causes new firms to enter the industry. B.A decrease in the price and in the to tal profits of the representative firm which causes firms to leave the industry. C. A decrease in the price but an increase in the total profits of the representative firm which causes new firms to enter the industry. D. An increase in the price but a decrease in the total profits of the representative firm which causes firms to leave the industry. 24. How is average revenue defined? A. It is the extra revenue derived from the sale of one more unit. B. It is the total revenue divided by the number of units sold. C. It is marginal revenue divided by the number of units sold. D.It is the sum of the marginal revenue of all units sold. 25. Which of the following markets provide the best example of a perfect competition? A. Automobile manufacturing. B. Restaurants. C. Oil refining. D. Wheat farming. 26. Explain why a perfectly competitive firm faces a horizontal demand curve? 27. Explain why average revenue is equal to marginal revenue for a perfectly competitive firm? 28. The supply cur ve for a perfectly competitive firm is that portion of its marginal cost curve that lies above its average variable cost curve. Explain why? Micro Review Quiz Test 2 Key 1. (p. 143)  When is marginal utility equal to zero?A. When TU is zero. B. When MU is at its maximum. C. When TU is at its maximum. D. When MU is at its minimum. Difficulty: Easy Learning Objective: 05-01 Explain the law of diminishing marginal utility. Sayre – Chapter 05 #11 Source: Text Topic: Law of Diminishing Marginal Utility Type: Comprehension Type: Pickup The following table shows Mia's $ marginal utility for litres of soya milk: Sayre – Chapter 05 2. (p. 151)  Refer to the above table to answer this question. Suppose that Mia has a budget of $7 and the price of a litre of soya milk is $1, what is the maximum quantity that Mia might purchase? A. 0. B. litres. C. 5 litres. D. 6 litres. E. Cannot be determined. Difficulty: Easy Learning Objective: 05-04 Provide a theoretical rationale for dow nward-sloping demand curves. Sayre – Chapter 05 #54 Source: Text Topic: Marginal Utility and Demand Type: Computation Type: Pickup 3. (p. 154)  What is the correct formula for MCS (marginal consumer surplus)? A. $MU-price. B. Price-$MU. C. $TU-price. D. TU/price. E. TU/quantity. Difficulty: Easy Learning Objective: 05-05 Understand why consumers generally value a product more than the price they pay. Sayre – Chapter 05 #62 Source: Text Topic: Consumer Surplus Type: DefinitionType: Pickup 4. (p. 154)  What is the term for the difference between the consumer's evaluation of a product and the price which is paid for it? A. Price discrimination. B. Price elasticity of demand. C. Consumer indifference. D. Consumer surplus. Difficulty: Easy Learning Objective: 05-05 Understand why consumers generally value a product more than the price they pay. Sayre – Chapter 05 #63 Source: Text Topic: Consumer Surplus Type: Definition Type: Pickup Sayre – Chapter 05 5. ( p. 162)  Refer to Table 5. 13 to answer this question. With the consumption of what quantity is marginal utility equal to zero.A. 1. B. 5. C. 7. D. 8. Difficulty: Easy Learning Objective: 05-02 Derive a consumers purchasing rule that ensures satisfaction is maximized. Sayre – Chapter 05 #91 Source: Study Guide Topic: Optimal Purchasing Rule Type: Computation Type: Pickup 6. (p. 145-148)  You have just spent two hours studying microeconomics and this has made you very hungry. You have $10 to spend on a snack and decide to go to Taco Bell. Putting your newly acquired economics knowledge to use, you have developed the following table to assist with your purchase decision: (a) Fill in the missing values in the table above. b) If you bought 6 tacos and 2 burritos are you maximizing your utility? Explain. (a) The completed table: (b) By purchasing 6 tacos and 2 burritos you are not maximizing your utility. At this level of consumption you have put yourself into the following po sition: MU/P for tacos = -6 ; 9 = MU/P for burritos. You can use the rational choice rule to reallocate your $10 and increase your total utility. Rather than the above allocation, you should purchase each item until your MU/P is the same for both munchies. Doing so will result in the purchase of 4 double Decker tacos and 3 chicken burrito Supremes.To see why this is the case, think about each purchase individually, and pick the item that will give you the highest MU/P. Reasoning in this way, you would make the following decisions: First dollar spent on a taco Second through fourth dollars spent on one taco and one burrito Fifth dollar spent on a taco Sixth and seventh dollars spent on a burrito Eighth through tenth dollars spent on one taco and one burrito After this allocation, the MU/P for each item is the same (and equal to 4). Difficulty: Difficult Learning Objective: 05-02 Derive a consumers purchasing rule that ensures satisfaction is maximized.Sayre – Chapter 05 #130 S ource: Text Topic: Optimal Purchasing Rule Type: Computation Type: Pickup Below are some financial data for the Do Drop In convenience store. The owners have put $40,000 into the business and they worked a total of 80 hours during the week. Savings accounts are currently paying 5. 2% interest and the going wage rate is $8 per hour. Sayre – Chapter 06 7. (p. 182)  Refer to the information above to answer this question. What is the week's economic profit for the Do Drop In? A. -$320. B. -$40. C. $280. D. $320. E. $1,050. Difficulty: EasyLearning Objective: 06-01 Understand how and why economists measure costs differently from how accountants do and distinguish between the accountants and economists views of profits. Sayre – Chapter 06 #10 Source: Text Topic: Explicit and Implicit Costs Type: Computation Type: Pickup 8. (p. 185)  Which of the following statements about the marginal product of labour is correct? A. It may either rise or fall as more labour is used. B. It always rises as more labour is used. C. It always falls as more labour is used. D. There is no relationship between marginal product and labour.Difficulty: Easy Learning Objective: 06-02 Understand the crucial relationship between productivity and costs. Sayre – Chapter 06 #23 Source: Text Topic: Theory of Production Type: Comprehension Type: Pickup 9. (p. 194)  What causes marginal cost to increase? A. The advantages of the division of labour. B. The fact that ATC increases. C. Raising marginal product. D. The law of diminishing returns. Difficulty: Easy Learning Objective: 06-04 List and graph the seven specific cost definitions used by economists. Sayre – Chapter 06 #75 Source: Text Topic: Total Costs and Average Total CostsType: Comprehension Type: Pickup 10. (p. 193)  Which of the following statements regarding average fixed costs is correct? A. They are constant since fixed costs are fixed. B. They are equal to average variable cost less average total cost . C. When graphed, they are a horizontal line. D. When graphed, they are a straight line which comes out of the origin. E. They fall continuously as output increases. Difficulty: Easy Learning Objective: 06-04 List and graph the seven specific cost definitions used by economists. Sayre – Chapter 06 #84 Source: Text Topic: Total Costs and Average Total CostsType: Comprehension Type: Pickup 11. (p. 190)  Which of the following is a variable cost? A. The leasehold cost of a building. B. Insurance on the factory's physical plant. C. Raw materials. D. The cost of a marketing research report. Difficulty: Easy Learning Objective: 06-03 Understand the important difference between fixed costs and variable costs. Sayre – Chapter 06 #86 Source: Text Topic: Marginal and Variable Costs Type: Computation Type: Pickup 12. (p. 202)  What is the sum of total variable costs and total fixed costs? A. It is equal to the sum of average product and marginal product.B. It is the sum of a ll marginal costs. C. It is total cost. D. It is AVC times the quantity of output. Difficulty: Easy Learning Objective: 06-04 List and graph the seven specific cost definitions used by economists. Sayre – Chapter 06 #119 Source: Study Guide Topic: Total Costs and Average Total Costs Type: Definition Type: Pickup 13. (p. 182-183)  Can a firm earn an economic loss and an accounting profit at the same time? Explain. Accounting profit is equal to total revenue less explicit cost and economic profits is equal to total revenue less implicit cost and explicit cost.Suppose the firm is earning an accounting profit. If implicit cost is greater than accounting profit, there will be an economic loss. Difficulty: Easy Learning Objective: 06-05 Explain the meaning of increasing productivity and cutting costs. Sayre – Chapter 06 #158 Source: Text Topic: Explicit and Implicit Costs Type: Comprehension Type: Pickup 14. (p. 210)  What is meant by the term economic capacity? A. An ou tput level where the firm is physically unable to increase output. B. The output level where average variable cost is at a minimum. C. The output level where average total cost is at a minimum.D. Total fixed costs are at a minimum. Difficulty: Easy Learning Objective: 07-02 Understand why medium-sized firms are sometimes just as efficient as big firms. Sayre – Chapter 07 #3 Source: Text Topic: Constant Returns to Scale Type: Definition Type: Pickup 15. (p. 213)  Which of the following statements is correct if a firm's capacity output increases from 300 to 600 and its total costs rise from $40,000 to $78,000? A. The firm is experiencing constant returns to scale. B. The firm is experiencing decreasing returns to scale. C. The firm is experiencing increasing returns to scale. D.The firm's long-run average cost must have decreased but its short-run average cost could have either decreased or increased. Difficulty: Easy Learning Objective: 07-03 Understand why big firms sometim es enjoy great cost advantages. Sayre – Chapter 07 #17 Source: Text Topic: Economies of Scale Type: Definition Type: Pickup 16. (p. 218)  The existence of both economies of scale and diseconomies of scale would have what effect on the LRAC curve? A. It would make it upward-sloping. B. It would make it downward-sloping. C. It would give it an inverse U shape. D. It would give it a U shape. E.It would make it horizontal. Difficulty: Easy Learning Objective: 07-06 Explain what is meant by the right size of firm. Sayre – Chapter 07 #46 Source: Text Topic: What is the Right Size of Firm? Type: Comprehension Type: Pickup 17. (p. 224)  All of the following, except one, are examples of pecuniary economies of scale. Which is the exception? A. A lower interest rate paid on money borrowed. B. The ability to sell the by-products of production. C. The ability to use specialized inputs such as a robotics assembly line. D. The ability to obtain lower prices by buying in bulk. Dif ficulty: EasyLearning Objective: 07-03 Understand why big firms sometimes enjoy great cost advantages. Sayre – Chapter 07 #75 Source: Study Guide Topic: Economies of Scale Type: Comprehension Type: Pickup 18. (p. 215)  What is the shape of the LRAC curve for a firm enjoying diseconomies of scale? The long-run average cost curve is upward-sloping when the firm is experiencing diseconomies of scale; an increase in output will lead to an increase in the average cost. Difficulty: Easy Learning Objective: 07-04 Understand why firms can sometimes be too big. Sayre – Chapter 07 #120 Source: Text Topic: Why Firms can be too BigType: Comprehension Type: Pickup 19. (p. 232)  Which of the following refers to the perfectly competitive firm? A. It is a price-maker. B. It is a price-taker. C. It might be either a price-maker or a price-taker. D. It is neither a price-maker nor a price-taker. Difficulty: Easy Learning Objective: 08-02 Explain what is meant by perfect competition and the market system. Sayre – Chapter 08 #6 Source: Text Topic: Perfect Competition and the Market System Type: Definition Type: Pickup 20. (p. 239)  What is the term for the extra revenue derived from the sale of one more unit? A. Average revenue. B. Marginal revenue.C. Net revenue. D. Total revenue. Difficulty: Easy Learning Objective: 08-03 Use two approaches to explain how a firm might maximize its profits. Sayre – Chapter 08 #12 Source: Text Topic: The Competitive Industry and Firm Type: Definition Type: Pickup 21. (p. 238)  What is average revenue? A. The price multiplied by the quantity sold. B. The total revenue divided by the price. C. The extra revenue derived from the sale of one more unit. D. It is equal to the price in perfectly competitive markets. Difficulty: Easy Learning Objective: 08-03 Use two approaches to explain how a firm might maximize its profits.Sayre – Chapter 08 #13 Source: Text Topic: The Competitive Industry and Firm Type: Defi nition Type: Pickup 22. (p. 239)  What is break-even output? A. The output at which the total revenue just covers a firm's total fixed cost. B. The output at which the total revenue just covers a firm's total variable cost. C. The output at which the total revenue just covers a firm's fixed and variable costs including normal profits. D. The output at which the firm is making zero normal profits. Difficulty: Easy Learning Objective: 08-03 Use two approaches to explain how a firm might maximize its profits. Sayre – Chapter 08 #26Source: Text Topic: The Competitive Industry and Firm Type: Definition Type: Pickup 23. (p. 254)  Which of the following is the correct sequence of events following a decrease in demand for a product in a perfectly competitive market? A. A decrease in the price and in the total profits of the representative firm which causes new firms to enter the industry. B. A decrease in the price and in the total profits of the representative firm which causes firms to leave the industry. C. A decrease in the price but an increase in the total profits of the representative firm which causes new firms to enter the industry. D.An increase in the price but a decrease in the total profits of the representative firm which causes firms to leave the industry. Difficulty: Easy Learning Objective: 08-06 Explain the effect of a change in market demand or market supply on both the industry and the firm. Sayre – Chapter 08 #100 Source: Text Topic: The Industry Demand and Supply Type: Comprehension Type: Pickup 24. (p. 260)  How is average revenue defined? A. It is the extra revenue derived from the sale of one more unit. B. It is the total revenue divided by the number of units sold. C. It is marginal revenue divided by the number of units sold.D. It is the sum of the marginal revenue of all units sold. Difficulty: Easy Learning Objective: 08-03 Use two approaches to explain how a firm might maximize its profits. Sayre – Chapter 08 #1 06 Source: Study Guide Topic: The Competitive Industry and Firm Type: Definition Type: Pickup 25. (p. 261)  Which of the following markets provide the best example of a perfect competition? A. Automobile manufacturing. B. Restaurants. C. Oil refining. D. Wheat farming. Difficulty: Easy Learning Objective: 08-02 Explain what is meant by perfect competition and the market system.Sayre – Chapter 08 #111 Source: Study Guide Topic: Perfect Competition Type: Comprehension Type: Pickup 26. (p. 237)  Explain why a perfectly competitive firm faces a horizontal demand curve? In a perfectly competitive market, the individual firm has no control over price. Furthermore, the individual firm only produces a tiny fraction of the total market supply. If the individual firm sells at a higher price, nobody will buy it; nor would the firm sell it at a lower price. Therefore there is only one price: the market price, at which the firm can produce as much or as little as it wishes.Difficulty: Moderate Learning Objective: 08-03 Use two approaches to explain how a firm might maximize its profits. Sayre – Chapter 08 #170 Source: Text Topic: The Competitive Industry and Firm Type: Comprehension Type: Pickup 27. (p. 239)  Explain why average revenue is equal to marginal revenue for a perfectly competitive firm? A perfectly competitive firm faces a perfectly elastic demand curve. It may sell as many units as it wishes at the prevailing market price, thus the revenue from the incremental sale (MR) and the revenue per unit (AR) is equal to the price.Difficulty: Moderate Learning Objective: 08-03 Use two approaches to explain how a firm might maximize its profits. Sayre – Chapter 08 #171 Source: Text Topic: The Competitive Industry and Firm Type: Comprehension Type: Pickup 28. (p. 248)  The supply curve for a perfectly competitive firm is that portion of its marginal cost curve that lies above its average variable cost curve. Explain why? If the price is below average variable cost, the firm could not cover all of its variable cost. It would therefore shut down and produce nothing.If the price is equal or greater to the average variable cost, the firm will cover all of its variable cost, thus the firm will operate. Difficulty: Moderate Learning Objective: 08-05 Explain how a firms supply curve is derived. Sayre – Chapter 08 #173 Source: Text Topic: The Firms Supply curve Type: Comprehension Type: Pickup Micro Review Quiz Test 2 Summary Category| #  of  Questions| Difficulty:  Difficult| 1| Difficulty:  Easy| 24| Difficulty:  Moderate| 3| Learning  Objective:  05-01  Explain  the  law  of  diminishing  marginal  utility. 1| Learning  Objective:  05-02  Derive  a  consumers  purchasing  rule  that  ensures  satisfaction  is  maximized. | 1| Learning  Objective:  05-02  Derive  a  consumers  purchasing  rule  that  ensures  satisfaction  is  maximized. | 1| Le arning  Objective:  05-04  Provide  a  theoretical  rationale  for  downward-sloping  demand  curves. | 1| Learning  Objective:  05-05  Understand  why  consumers  generally  value  a  product  more  than  the  price  they  pay. | 2| Learning  Objective:  06-01  Understand  how  and  why  economists  measure  costs  differently  from  how  accountants  do  and  distinguish  between  the  accountants  and  economists  views  of  profits. 1| Learning  Objective:  06-02  Understand  the  crucial  relationship  between  productivity  and  costs. | 1| Learning  Objective:  06-03  Understand  the  important  difference  between  fixed  costs  and  variable  costs. | 1| Learning  Objective:  06-04  List  and  graph  the  seven  specific  cost  definitions  used  by  economists. | 3| Learning  Objective:  06-05  Explain   the  meaning  of  increasing  productivity  and cutting  costs. | 1| Learning  Objective:  07-02  Understand  why  medium-sized  firms  are  sometimes  just  as  efficient  as  big  firms. | 1| Learning  Objective:  07-03  Understand  why  big  firms  sometimes  enjoy  great  cost  advantages. 2| Learning  Objective:  07-04  Understand  why  firms  can  sometimes  be  too  big. | 1| Learning  Objective:  07-06  Explain  what  is  meant  by  the  right  size  of  firm. | 1| Learning  Objective:  08-02  Explain  what  is  meant  by  perfect  competition  and  the  market  system. | 2| Learning  Objective:  08-03  Use  two  approaches  to  explain  how  a  firm  might  maximize  its  profits. | 6| Learning  Objective:  08-05  Explain  how  a  firms  supply  curve  is  derived. | 1| Learning  Objective:à ‚  08-06  Explain  the  effect  of  a  change  in  market  demand  or  market  supply  on  both  the  industry  and  the  firm. | 1| Sayre  Ã¢â‚¬â€œÃ‚  Chapter  05| 8|Sayre  Ã¢â‚¬â€œÃ‚  Chapter  06| 8| Sayre  Ã¢â‚¬â€œÃ‚  Chapter  07| 5| Sayre  Ã¢â‚¬â€œÃ‚  Chapter  08| 10| Source:  Study  Guide| 5| Source:  Text| 23| Topic:  Constant  Returns  to  Scale| 1| Topic:  Consumer  Surplus| 2| Topic:  Economies  of  Scale| 2| Topic:  Explicit  and  Implicit  Costs| 2| Topic:  Law  of  Diminishing  Marginal  Utility| 1| Topic:  Marginal  and  Variable  Costs| 1| Topic:  Marginal  Utility  and  Demand| 1| Topic:  Optimal  Purchasing  Rule| 2| Topic:  Perfect  Competition| 1| Topic:  Perfect  Competition  and  the  Market  System| 1| Topic:  The  Competitive  Industry  and  Firm| 6| Topic:  The  Firms  Supply  curve| 1|

Free Essays on Stephen Hawkings Affects On The Science Community

Professor Stephen Hawking’s Affects on the Scientific Community Professor Stephen Hawking is a theoretical physicist who specializes in the study of black holes while also working in the areas of general relativity, thermodynamics, and quantum mechanics. He also holds the holds the chair of Lucasian professor of mathematics at Cambridge University. Hawking was born on January 8, 1942 in Oxford, England. At age eight Hawking moved from Oxford to St. Albans, which is located about 20 miles north from England. Hawking described St. Albans as, â€Å"a somewhat stodgy place compared with Highgate or Harpended. My parents made hardly any friends there†¦ But it also reflected a different kind of population†¦Ã¢â‚¬  (Childhood 7) At age 17 Hawking attended University College in Oxford, he intended to study in the field of mathematics but the college didn’t offer it, so instead, he studied physics, and after three years received a first class honors degree in Natural Science. After Oxford Hawking moved on to study cosmology at Cambridge University, under the supervision of Denis Sciama. After receiving his Ph.D. he became a Research Fellow, and later a Professorial Fellow at Gonville and Caius College. In 1973, Hawking then went to the Department of Applied Mathematics and Theoretical Physics, and since 1979 has held the post of Lucasian Professor of Mathematics. With this said, how has Hawking’s work affected people’s views on the universe? When Hawking was 21 he was diagnosed with amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease, it is a, â€Å"fatal disease of the motor neurons (nerve cells) that control the skeletal muscles of the body. The disease characteristically produces a wasting away of the muscles that have lost their nerve supply, resulting in weakening and paralysis. There are also signs of spasticity, or stiffness, of the muscles and exaggerated reflexes. Eventually, ALS results in total paralysis an... Free Essays on Stephen Hawking's Affects On The Science Community Free Essays on Stephen Hawking's Affects On The Science Community Professor Stephen Hawking’s Affects on the Scientific Community Professor Stephen Hawking is a theoretical physicist who specializes in the study of black holes while also working in the areas of general relativity, thermodynamics, and quantum mechanics. He also holds the holds the chair of Lucasian professor of mathematics at Cambridge University. Hawking was born on January 8, 1942 in Oxford, England. At age eight Hawking moved from Oxford to St. Albans, which is located about 20 miles north from England. Hawking described St. Albans as, â€Å"a somewhat stodgy place compared with Highgate or Harpended. My parents made hardly any friends there†¦ But it also reflected a different kind of population†¦Ã¢â‚¬  (Childhood 7) At age 17 Hawking attended University College in Oxford, he intended to study in the field of mathematics but the college didn’t offer it, so instead, he studied physics, and after three years received a first class honors degree in Natural Science. After Oxford Hawking moved on to study cosmology at Cambridge University, under the supervision of Denis Sciama. After receiving his Ph.D. he became a Research Fellow, and later a Professorial Fellow at Gonville and Caius College. In 1973, Hawking then went to the Department of Applied Mathematics and Theoretical Physics, and since 1979 has held the post of Lucasian Professor of Mathematics. With this said, how has Hawking’s work affected people’s views on the universe? When Hawking was 21 he was diagnosed with amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease, it is a, â€Å"fatal disease of the motor neurons (nerve cells) that control the skeletal muscles of the body. The disease characteristically produces a wasting away of the muscles that have lost their nerve supply, resulting in weakening and paralysis. There are also signs of spasticity, or stiffness, of the muscles and exaggerated reflexes. Eventually, ALS results in total paralysis an...