Removal of Imperfections in the Market Impact

Removal of Imperfections in the Market Impact Assignment question The removal of imperfections in the market leads to an increase in efficiency in the allocation of resources. Discuss whether you agree with this view. (25 Marks) Explain what is meant by normal and abnormal profit and when such profits might occur (12 marks) Discuss the three reasons as to why people demand money, according to the liquidity preference theory. (13 marks) Table of Contents (Jump to) Assignment question List of figures QUESTION 1: The removal of imperfections in the market leads to an increase in efficiency in the allocation of resources. Discuss whether you agree with this view. QUESTION 2: Explain what is meant by normal and abnormal profit and when such profits might occur. QUESTION 3: Discuss the three reasons as to why people demand money, according to liquidity preference theory. References List of figures Figure 1: A perfect competition diagram. Figure 2: Normal profit in a perfect competition and in monopoly market. Figure 3: Abnormal profit in a perfect competition and a monopoly market. Figure 4: Combination of Transactionary , precautionary , speculative demand forming the liquidity preference graph QUESTION 1: The removal of imperfections in the market leads to an increase in efficiency in the allocation of resources. Discuss whether you agree with this view. Efficiency is about how effectively the resources such as time and materials are used to produce an end result. In economic terms, it is concerned with the relationship between scarce inputs and outputs. Different forms of efficiency need to be considered. Allocative efficiency is achieved upon good resource allocation; when no one can be made better off without making someone else worse off. It occurs when the value the consumer puts on a good or service is the same as the cost of the resources used in producing it. The main condition required for allocative efficiency in a given market is that the market price is equal to the marginal cost of supply.Total economic welfare is capitalized in this stance.[1] Productive efficiency strikes in the lead of the lowest production cost against a minimal wastage of resources. A minimal long run unit cost of production leads to productive efficiency also. Dynamic efficiency focuses on changes in the options undertaken in a market together with the quality/performance of products ought to be bought. Economists often link dynamic efficiency with the pace of innovation in a market. In figure 1, at the output Ot, where the Marginal cost (MC) = Marginal revenue (MR) for the firm, the allocative efficiency exists since the firm’s price (P) isthe marginal revenue (that is, it is able to sell any amount at the unchanged price where each extra unit sold at that price provides the marginal revenue), so MC = P. In fact, at that point more equalities subsist, for instance when MC = P= MR = AR. This means clearly to make use of the least resources possible. In turn, the minimum average cost = the bottom of the AC curve. Hence, this proves that both productive and allocative efficiency are potential occurrences in the long run only under perfect competition.[2] Inequity may still prevails in a country despite encompassing allocative efficiencyandproductive efficiency. This negates the odds perfection. Figure 1: A perfect competition diagram. In Figure 2, Imperfect competitions like monopolistic competition, monopoly and oligopoly, when producing profit maximising output, that is where MR=MC, the firm is not at its productive efficient output. That is, there is no productive efficiency since AC is not minimum. Neither is there allocative efficiency since MC is below price. Figure 2: An imperfect competition diagram The market economy and market system (price mechanism) will normally lead to efficiency in terms of lowest cost, minimum price, innovation and quality products (reliable). Efficiency should increase and markets shall boom their performance with the elimination of imperfections. However, removing all imperfections is virtually impossible due to the existence of market failures. The Market mechanism and the price mechanism do not apportion resources efficiently. Unfortunately for markets to achieve efficiency, a few conditions must be satisfied: the market must be competitive with no benefits or costs external to the market and the market buyers and sellers must be aware of all the information concerning prices and alternatives. This is however impractical to achieve and leads to market failure.[3] Market failure is a situation in the free Market system that foils the most efficient allocation of economic resources; For example when a market having being left on its own has failed to allocate resources efficiently in the case of freely-functioning markets operating without government intervention. Therefore, economic efficiency welfare cannot be maximized. This leads to a loss of economic efficiency. The government policy interventions are able to potentially remedy the problem and increase economic efficiency in case of market failure. This can also cause an inefficient allocation of resources. Market failure is a situationwhere the free market fails to pull off an optimum allocation ofresources which is possibly the outcome of market imperfections, externalities and public goods and merit goods.[4]  Market imperfection describes a situation in which the market behaviourdiffers from what it would be under perfect competition. A monopoly oran oligopoly may control the market and prevent other firms fromentering the market, restricting supply, the monopoly and oligopoly firm may be able to fix higher prices than they would be under a freemarket.In imperfect competition, there is likely to be market failure since firms who dominate their markets will attempt to charge high prices in order to make greater profit. An externality exists if a benefit is not included in the demand price or a cost is not included in the supply price. As such, market equilibrium does not achieve an efficient allocation. Positive externalities exist where a society acquires more than the producer. The latter thus produces less than the optimal social amount. Examples are health and education. Examples of negative externalities are smoking and alcohol consumption. Government interventions are vital to adjust or counteract market failure scenarios caused by negative externalities. The government opts to tax those producing in excess. Legal help also is sought in some instances. Despite that market failures can be fixed, Governments are also imperfect since their interventions are also occasionally unable to warranty a remedy or provide an efficient allocation of resources. [5] Even when the market appears to be working perfectly, we can have a problem with some goods. These are the public goods which are collectively consumed and the market may simply not supply them (e.g. street lighting) and the merit goods which areprovided by the market but in smaller amounts than are needed for the good of the state. Health and education are the most obvious ones. These may all be supplied in the â€Å"wrong† amounts, or even not supplied at all. When this occurs, it renders the market system inefficient and it is failing in this area. The free market system is able to allocate scarce economic resourcesefficiently if private costs are the same as social costs, and privatebenefits are the same as social benefits. But in the most cases, theyare not the same. It is then argued that the price mechanism fails totake into account social cost and social benefits, and therefore failsin its role to allocate resources to their optimum use. Market failureis the result of a sub optimal allocation of resources in a country. The market can fail also because of factor immobility (land, labour and capital) and the distribution of wealth and income. Increasing economies of scale may push all producers out of a market if none can charge enough to cover costs. In that case, production ceases even if it benefits society. Hence, markets fail under increasing economies of scale.[6] Hence, it can be said that the removal of imperfections do lead to an increase in efficiency in the allocation of resources. One can try to achieve this concept but can only approach close to perfection and cannot remove all the imperfections in a market system. A market where efficiency is achieved in terms of lowest cost, minimum price, innovation and quality products (reliable) is difficult to obtained and there will always exists some degree of imperfections. QUESTION 2: Explain what is meant by normal and abnormal profit and when such profits might occur. The difference between the Total Cost (TC) and Total Revenue (TR) amounts to the profit of a firm. The payment to factors of production makes up the TC. The sales of the finished good breed the TR. When TR exceeds TC, the firm makes a profit termed in economic theory supernormal or abnormal profit (ANP). When the TR is less than TC, the firm is subject to a loss termed as a sub-normal profit. When TR equals to TC, then the firm makes normal profit (NP).[7] The NP is the minimum level of profit to keep factors in their present employment. It is also equal to the opportunity cost of being in business; the profit that could have been reaped in the next alternative business. Figure 2 illustrates respectively firms in a perfect competition and a monopoly market situation earning only NP: Figure 3: Normal profit in a perfect competition and in monopoly market. The ANP is the profit in excess of NP. It is called producer’s surplus. Diagram 3 and 4 illustrates ANP in a perfect competition and a monopoly market: Figure 4: Abnormal profit in a perfect competition and a monopoly market. The principle characteristic factor between NP and ANP is that the former is the minimum requirement for factors to stay in their present employment. It also aims to competitive market situations: perfect competition and monopolistic competition. ANP points to non-competitive situations: monopoly and oligopoly. It is in fact the compensation for entrepreneur initiative and creativity. In the short-run, both types of profits transpire in any market structure – perfect competition; monopolistic competition, oligopoly or monopoly. However, in the long-run, ANP can arise only in monopoly and oligopoly due to barriers to entry. Firms in perfect competition and monopolistic competition can make only normal profits in the long run again due to the freedom to entry.[8] QUESTION 3: Discuss the three reasons as to why people demand money, according to liquidity preference theory. One can use the theory of Keynesian Liquidity Preference to answer the determinants of the demand for money. The demand for money signifies the demand for money to expend. It is money to be exploited for the immediate exchange of goods and services. The common man demands money to pay one’s daily purchases of goods and services. The daily cash transactions for a person are expected to depend on the size of one’s money income and on institutional arrangements such as the sum remunerated or the bills to be paid. Institutional arrangements have a propensity to remain unaltered. It is thus anticipated that the total demand for money for transaction purposes to depend directly on money national income.[9] Economists spot three motives to clutch money: the transaction motive, the precautionary motive and the asset (speculative) motive. The transaction demand (Tm ) for money is perfectly interest inelastic, that is, it is not responsive to interest rate changes. Whether the interest rate changes, the amount of money a person, household, firm or country holds for transactions will remain more or less unchanged, assuming income and other variables remain constant. Hence, the graph of the demand for money for transactional purpose against the quantity of money demanded is a vertical straight line.[10] The second reason is the precautionary motive. Money is here required to meet one’s unexpected expenditures. The money demanded for precautionary motive also tends to depend on the level of income, as in the case of the transactions demand. Similarly, the precautionary demand (Pm) is also interest inelastic and a vertical straight line graph. The third reason is called the speculative demand for money. Usually the amount of money in existence is more than the sum called for transactionary and precautionary purposes. The excess must be held by someone somewhere. ‘People hold â€Å"idle† cash balances?’- Keynes challenged that it is for tentative purposes. This means being constantly in possession of a stash of cash to create profit at any given opportunity. For instance, it may be lucrative to buy shares or government securities (bonds) if someone is geared up with cash at the given instant. The speculative demand for money is inversely related to interest rate and is elastic. [11] This demand for money will budge according to people’s speculation based on expectations. Secondly, it depends on business optimum. If speculators expect assets price to collapse, the demand of money will augment. Entrepreneurs will demand more money to invest in case of fruitful business. Together the three motives make up the total demand for money in a country, called the liquidity preference (LP). The diagram below illustrates the concept of each motive in a graphical way. Figure 5: Combination of Transactionary, precautionary and speculative demand forming the liquidity preference graph References Anderston, A., 2008. Economics. fifth ed. s.l.:Graficas Estella, Navarra Spain. Anderton, A., 2000. Economics. third ed. s.l.:Causeway Press Limited. Anon., 2013. Short Run And Long Run Profits Trends Economics Essay. [Online] Available at: http://www.ukessays.com/essays/economics/short-run-and-long-run-profits-trends-economics-essay.php?cref=1 [Accessed 26 March 2015]. Anon., 2013. Theories Of Demand For Money And Empirical Works Economics Essay. [Online] Available at: http://www.ukessays.com/essays/economics/theories-of-demand-for-money-and-empirical-works-economics-essay.php?cref=1 [Accessed 24 March 2015]. Anon., 2013. What Is Market Failure And Its Causes Economics Essay. [Online] Available at: http://www.ukessays.com/essays/economics/what-is-market-failure-and-its-causes-economics-essay.php?cref=1 [Accessed 24 March 2015]. Anon., n.d. Profit. [Online] Available at: http://www.economicsonline.co.uk/Business_economics/Profits.html [Accessed 18 March 2015]. Anon., n.d. MARKET FAILURES. [Online] Available at: http://www.AmosWEB.com [Accessed 19 March 2015]. Bà ¦kkeskov, E., 2013. Market failure. [Online] Available at: http://www.britannica.com/EBchecked/topic/1937869/market-failure [Accessed 07 March 2015]. Bamford, C. et al., 2006. AS Level and A level Economics. s.l.:University of Cambridge. Grant, S. Stanlake, G., 2006. Stanlakes Introductory Economics. SJ Grant ed. s.l.:Pearson Education Limited. Lipsey, R. G. Hardbury, c., 2006. First Principles of Economics. second ed. s.l.:Oxford University Press. Vernon, R. Louis T. Wells, J., 1991. The economic environment of international business. fifth ed. s.l.:Englewood Cliffs, NJ : Prentice Hall. Ward, D. B. a. D., n.d. Economics for business. s.l.:Mc Graw-Hill Higher Education. [1] Anderton, A., 2000. Economics. third ed. s.l.:Causeway Press Limited. [2] Lipsey, R. G. Hardbury, c., 2006. First Principles of Economics. second ed. s.l.:Oxford University Press. [3] Anon., n.d. MARKET FAILURES. [Online] Available at: http://www.AmosWEB.com [Accessed 19 March 2015]. [4] Anon., 2013. What Is Market Failure And Its Causes Economics Essay. [Online] Available at: http://www.ukessays.com/essays/economics/what-is-market-failure-and-its-causes-economics-essay.php?cref=1 [Accessed 24 March 2015]. [5] Anon., 2013. What Is Market Failure And Its Causes Economics Essay. [Online] Available at: http://www.ukessays.com/essays/economics/what-is-market-failure-and-its-causes-economics-essay.php?cref=1 [Accessed 24 March 2015]. [6] Bà ¦kkeskov, E., 2013. Market failure. [Online] Available at: http://www.britannica.com/EBchecked/topic/1937869/market-failure [Accessed 07 March 2015]. [7] Anon., n.d. Profit. [Online] Available at: http://www.economicsonline.co.uk/Business_economics/Profits.html [Accessed 18 March 2015]. [8] Anon., 2013. Short Run And Long Run Profits Trends Economics Essay. [Online] Available at: http://www.ukessays.com/essays/economics/short-run-and-long-run-profits-trends-economics-essay.php?cref=1 [Accessed 26 March 2015]. [9] Ward, D. B. a. D., n.d. Economics for business. s.l.:Mc Graw-Hill Higher Education. [10] Anderston, A., 2008. Economics. fifth ed. s.l.:Graficas Estella, Navarra Spain. [11] Anon., 2013. Theories Of Demand For Money And Empirical Works Economics Essay. [Online] Available at: http://www.ukessays.com/essays/economics/theories-of-demand-for-money-and-empirical-works-economics-essay.php?cref=1 [Accessed 24 March 2015].

Five Sociological terms and concepts Essay

The purpose of this paper is to talk about the five sociological terms, concepts or theories that I feel have impacted my understanding of the social world. These terms, concepts and theories include the social construction of reality, sociological perspective, observational research, operational definition and debunking. I will define each concept and then briefly explain how the concept helped me understand the process by which reality is socially constructed. The first concept that impacted my understanding of the social world is the social construction of reality. The social construction of reality is our perception of reality is built for us by other people. It isn’t determined by other people but it is heavily influenced by other people. Things that influence our social construction of reality could be our parents, friends, neighborhoods we lived in, schools we attended and everybody and everything we came in contact throughout our lives. The social construction of reali ty helped me better understand how reality is socially constructed because it showed me how other people can influence an individual and shaped them into the person they are. The second concept that impacted my understanding of the social world is the sociological perspective. A perspective is the way to see the world. There are many different perspectives that include anything from The Historical Perspective to The Psychological Perspective. Specifically, The Sociological Perspective states that the world doesn’t consist of a reality that everyone sees in the exact same way. Everyone views situations from different angles. With The Sociological Perspective, it doesn’t matter who is right and who is wrong. The Sociological Perspective is only concerned with whether they are seeing the big picture. The Sociological Perspective exists so that we can view social reality from as many perspectives as possible instead of looking at it from your own. The Sociological Perspective helped me better understand how reality is socially constructed because now I actively use it look at situations, I now try to view situations from other peoples perspectiv es. The third concept that impacted my understanding of the social world is observational research. Observational Research is a tool that sociologists  use to gather data on certain subjects and theories. First there is Participant Observation. Participant Observation is the observation on a subject that is done personally the researcher. The second type is Naturalistic Observation. Naturalistic Observation is the observation of subjects in their natural environment usually without the knowledge of the subjects in order to get more accurate data. Observational Research helped me better understand how reality is socially constructed by producing data that opens our minds in the social world. The forth term that impacted my understanding of the social world is Operational Definition. Operational Definition is a definition that can be measured. Operational Definitions specify definitions as much as possible. It can be measured in many different ways, whether it be numerical or just a more specific definition of a word. Operational Definition helped me better understand how society is socially constructed by giving a more descriptive definition of different word that would otherwise would not have been measured. The fifth and final concept that impacted my understanding of the social world is Debunking. Debunking is one of Peter Berger’s motifs for sociological consciousness. Debunking is the examining of social beliefs to see if they’re supported by empirical evidence. It’s used to look beyond the facts and refers to looking at the behind-the-scenes patterns and processes that shape the behavior observed in the social world. Debunking helped me better understand how society is socially constructed by proving that things aren’t always what they look like until you look past the surface and see the things that shape our behavior in the social world. This paper’s purpose was to talk about the five sociological terms, concepts or theories that I feel have impacted my understanding of the social world. The paper included social construction of reality, sociological perspective, observational research, operational definition and debunking, all of which impacted my understanding of how society is socially constructed.

What Is So Fascinating About How to Write a Reaction Paper?

What Is So Fascinating About How to Write a Reaction Paper? How to Find How to Write a Reaction Paper Reaction paper writing is among our demanded services. An essay is quite brief. With the assistance of such an outline, you will have the ability to view how the paper will look like and will be capable of going from 1 paragraph to another smoothly. A sample reaction paper can be defined as an illustration of a paper where the author formulates analysis and reaction to a particular material like a lecture, a reading or presentation. At certain times, you could possibly be asked to compose a response essay. By downloading a sample, you are going to learn how to write reaction paper and prevent common mistakes. It is always recommended that you learn how to compose a reaction paper to a lecture to be able to effectively increase your writing and analytical skills. Once you are through with writing the paper, it is advised that you read through it so as to make any necessary corrections. To get started with you can have a look at article about the difference between essays and reviews to find a better grasp of writing such kind of papers. Clearly, a fraud essays help service doesn't want you to have a chance to reach them after being robbed. Just keep in mind that you will be writing your own opinion. As per a specialist entry essay writing service, if you merely stick to an effortless model, it is truly feasible to generate an astonishing composition with token stress. Reaction papers are typical assignments at school and understanding how to write them will enable you to easily handle other academic papers also. Figure out just what the assignment is seeking to be able to effectively pick the ideal angle to take in writing the paper. Based on what it is asking, you can now align your points correctly. Although writing reaction paper assignments is actually simple, you will need to understand where to get started. On the flip side, you can also be requested to write a reaction paper to a lecture, dependent on specific themes. A reaction paper is broken into different pieces. It is designed to express your response to a piece of writing. In fact, it does not require your opinion. End of the act it's the all-natural termination of an activity, thus, what's nice and desirable is in addition the close of the act. In order that it is human, it must possess three essential qualities. Reaction paper writing can frequently be a good deal more challenging than meets the eye. Writing an excellent academic paper often depends upon the way you're likely to start it. Steer clear of plagiarism-Part of understanding how to compose a reaction paper to a movie that's impressive is keeping it distinctive and original. You should have great writing skills and spend lots of time checking the last paper on errors and mistakes. The Unexposed Secret of How to Write a Reaction Paper For you to deliver a great and compelling documentary review, it's important you know how to compose a reaction paper to a documentary. You should come up with an idea based on the way the documentary touched you. To earn a mark on social networking, one's content must be distinctive and fresh. You have to demonstrate your reactions to a specific article or book, the author's focus, and the way it was written. There are a number of reaction papers that you could be requested to write on, including movies and novels. The author must discuss points thoroughly after listing down the essential points. Specifically, you should name the author, her or his work, and the principal topic that was discussed.

Symbolic Interactionism Homosexuality As A Society

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This is the topic of homosexuality, a subject that has been on the receiving end of both accepting and discriminating cultures for thousands of years. In the past, the general attitude towards homosexual and bisexual individuals was common acceptance and normality. Homosexuality in native Africa was quite prevalent, even if it was often repressed by Roman Catholic explorers who came across these behaviors. Anthropologists Stephen Murray and Will Roscoe reported that â€Å"women in Lesotho engaged in socially sanctioned long term relationships with each other called motsoalle† In the early Americas, a frequent belief wasShow MoreRelatedIs BDSM Still Deviant1605 Words   |  7 Pageshas become a hot topic in our society lately since the book Fifty Shades of Grey went public in 2011. BDSM is an acronym for bondage/discipline, dominance/submission, and sadism /masochism. The term BDSM is defined as a variety of erotic practices involving power play. 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