Substitution and Income Effects of the Working Tax Credit on Labour Supply

Labour essay: Having considered the implications for the WTC, we can now analyse the effects of the policy on labour supply by determining the substitution and income effects. It’s clear that the effect of the working tax credit on work behaviour depends upon how much a worker is currently working. To analyse these effects we will only look at one type of individual; a lone parent in the labour force. This will simplify our analysis such that we can divide the diagram below into 3 sections and describe the effects separately. draw:frame} Figure 1: Diagram showing how the imposition of the WTC affects the individuals labour supply decision When the lone parent is either not working at all, or working less than 16 hours (Labelled A in the diagram), her current wage rate and therefore income is unaffected by the WTC. This is simply because they have not yet received any tax credit and therefore have no added incentives to work. However, if they work over16 hours, the programme wi ll raise their overall take home wage as they receive a lump sum payment, shown by the first vertical blue line. Therefore, at this low level of work, there is a very small, or 0, income effect, and a positive substitution effect, thus increasing the individual’s labour supply. These effects are the same as would be under an increase in the wage rate, shown diagrammatically in Figure 2. {draw:frame} Figure 2: Diagram showing the effects of a wage increase The movement around the original indifference curve from A to C is the substitution effect; this arises due the change in price of leisure relative to hours of work, holding utility as constant. As the wage rate has increased the opportunity cost of leisure opposed to work has risen. The substitution effect encourages the worker to decrease his hours of leisure. The movement from C to B donates the income effect illustrating the workers response to an increase in real income. Overall, the substitution effect dominates the income effect and therefore increases labour supply from L1 to L2. There is also the possibility that the income effect may overpower the substitution effect resulting in a decrease in the supply of labour. However, this depends on the position of the indifference curves, hence the worker’s preferences for work and leisure. On the other hand, it is unlikely at this low wage rate for the worker to choose leisure over the opportunity to earn a higher wage. Section ‘C’ of our WTC diagram shows the area at which an individual works more than 30 hours. The worker’s net income is now higher at this point, however the worker’s marginal wage is lower which is demonstrated by the gradient of the WTC line being shallower than gradient of the No WTC line. The Substitution and Income effects here are the same as would be with a decrease in wage. Both the Income and substitution effects work together to reduce the amount of labour; shown in Figure 3: {draw:frame} Figure 3: Diagram showing the effects of a wage decrease The substitution effect is shown by the movement around the old indifference curve, from A to C. The income effect is shown by the movement from A to B. Although the substitution effect is stronger, both effects work together to reduce the hours of work from L1 to L3. Lastly, section ‘B’ represents the area at which an individual works between 16 and 30 hours. Here, the effects of the WTC on labour supply are much more complex. Despite the gradient of the WTC line being the same as section C, this time there is the possibility of increasing work to above 30 hours and receiving the additional payment. This therefore results in lone parents bunching around the 16 and 30 hour marks in order to gain the greatest benefit from the WTC payment. Some will therefore substitute leisure for work and work longer hours to gain the additional bonus at 30 hours, whilst others will choose to forgo work for leisure and be content with the benefit of working over 16 hours.

Definition and Examples of Duality of Patterning

Definition and Examples of Duality of Patterning Duality of patterning is a characteristic of human language whereby speech can be analyzed on two levels: As made up of meaningless elements;  i.e., a limited inventory of sounds or phonemesAs made up of meaningful elements; i.e., a virtually limitless inventory of words  or morphemes  (also called  double articulation) Definition [D]uality of patterning, says  David Ludden, is what gives language such expressive power. Spoken languages are composed of a limited set of meaningless speech sounds that are combined according to rules to form meaningful words (The Psychology of Language: An Integrated Approach, 2016). The significance of duality of patterning as one of the 13 (later 16) design features of language was noted by American linguist Charles F. Hockett in 1960. Examples and Observations Human language is organized at two levels or layers simultaneously. This property is called duality (or double articulation). In speech production, we have a physical level at which we can produce individual sounds, like n, b and i. As individual sounds, none of these discrete forms has any intrinsic meaning. In a particular combination such as bin, we have another level producing a meaning that is different from the meaning of the combination in nib. So, at one level, we have distinct sounds, and, at another level, we have distinct meanings. This duality of levels is, in fact, one of the most economical features of human language because, with a limited set of discrete sounds, we are capable of producing a very large number of sound combinations (e.g. words) which are distinct in meaning.(George Yule, The Study of Language, 3rd ed. Cambridge University Press, 2006) Duality of Language and Animal Communication The level of sounds and syllables is the province of phonology, while that of meaningful elements is the province of grammar and semantics. Has this kind of duality any analog in animal communication systems?... The short answer to [that] question seems to be no.(Andrew Carstairs-McCarthy, The Origins of Complex Language: An Inquiry Into the Evolutionary Beginnings of Sentences, Syllables, and Truth. Oxford University Press, 1999) It is hard to find clear and uncontroversial examples of duality of patterning outside our own species. But let us say that we can find them- and there is evidence, from the way some animals like birds and dolphins manipulate melodies, that this might be true. This would mean that duality of patterning is a necessary condition for a communication system to be a human language, but that by itself it may not be enough. There is no human language without duality of patterning.(Daniel L. Everett, Language: The Cultural Tool. Random House, 2012) Hockett on Duality of Patterning [Charles] Hockett developed the phrase duality of patterning to express the fact that discrete units of language at one level (such as the level of sounds) can be combined to create different kinds of units at a different level (such as words)... According to Hockett, duality of patterning was probably the last feature to emerge in human language, and it was critical in separating human language from other kinds of primate communication...The most difficult bit to figure out is how and when duality of patterning could have emerged. How did individuals manage to isolate various bits of calls so that they could be endlessly combined into arbitrary symbols? Hockett thought that if two calls each had two distinct parts, then perhaps something in the blending process might alert individuals to the existence of discrete units. If you can combine breakfast and lunch into brunch, then does that alert you to the possibility that br is a distinct unit of sound that is combinable with other dis tinct units of sound? Solving this puzzle remains one of the thorniest of the problems in determining how language became possible.(Harriet Ottenheimer, The Anthropology of Language: An Introduction to Linguistic Anthropology. Wadsworth, 2009) The Structures of Phonology and Syntax The question of whether the structures of phonology and syntax are separate and distinct is relevant to the notion of duality of patterning... The division between meaningful and meaningless elements is less sharp than it appears, and the fact that words are composed of phonemes is arguably just a special case of the pervasive hierarchical structure that is present in language...Of all Hocketts design features, duality of patterning is the most misrepresented and misunderstood; in particular, it is frequently conflated with or linked to productivity (Fitch 2010). Hockett seems to have regarded duality of patterning as the single most important breakthrough in the evolution of language (Hockett 1973: 414), yet he himself was unsure whether to ascribe duality of patterning to the dance of the honeybee (Hackett 1958: 574).(D.R. Ladd, An Integrated View of Phonetics, Phonology, and Prosody. Language, Music, and the Brain: A Mysterious Relationship, ed. by Michael A. Arbib. MIT Press, 201 3)

How to Interject Using Bueno in Spanish

How to Interject Using Bueno in Spanish Bueno is one of the first adjectives that many people learn when studying Spanish. It can refer to almost anything that can be described as good, sometimes having specific meanings such as personable, kind and suitable. The word  bueno can function as an exclamation of emotion, too.   Bueno Used as an Interjection Although mostly used as a descriptor, bueno can also be used as an interjection, like an exclamatory emotional expression, often in the way, the words such as good, well and OK can be used in English. In some areas, native speakers use it frequently as an interjection, while in other regions bueno is used mostly as an adjective. Interjection Indicating Agreement   Bueno can be used as an interjection meaning, OK, sure or fine, as in agreeing with someone or something. Spanish Sentence English Translation Quisieras una taza de caf? [Response] Bueno. Would you like a cup of coffee? [Response] OK. Vamos a estudiar en la biblioteca. [Response] Bueno. Were going to study in the library. [Response] Sure. Creo que sera mejor ir al restaurante francs. [Response] Bueno, vayamos. I think itd be better to go to the French restaurant. [Response] Ok, fine, lets go. Interjection Indicating Sufficiency Bueno can be used as an interjection meaning thats good, or thats enough.   For example, if someone is pouring you a drink, you could say bueno  to indicate that you have received enough. Another interjection used to indicate thats enough, is basta ya. Bueno Used as a Filler Word Bueno can sometimes be inserted in speech to somewhat downplay the importance of what has been said or what will be said. When bueno  is used in this way, it can function like a   filler word.  The translation can vary considerably depending on context.   Spanish Sentence English Translation Bueno, lo que pas, pas. OK then, what happened, happened. Bueno, de todas formas ver qu pasa unas cuantas veces ms. Well, in any case Ill see what happens a few more times. Bueno, puede que s o puede que no. Yeah, maybe or maybe not. Bueno, pues, mira. Well, then, look. Greeting Answering a Telephone Bueno can be used as a greeting to answer the telephone, mostly in Mexico.   Other greetings are common in other countries like    ¿alà ³?,  diga,  dà ­game, and  sà ­.

The 9 Best Film Schools in the US

The 9 Best Film Schools in the US SAT / ACT Prep Online Guides and Tips In the past few years, applying to film school has gotten extremely competitive: top schools likeUSC’s School of Cinematic Arts now boast lower admission rates than the Ivies. Simultaneously,the number of film programs has grown- rising from about 300 in 2006 to almost 400 in 2010. With so many programs available and so much competition for the top spots, where should you apply? In order to help you find the right school for you, I’ve compiled a list of the best film schools in the US, based on my experience as a film student and actress in LA. How Is "Film School" Defined for This List? I’m categorizing film school as a school where film is a priority.These schools are either conservatories or have specialized film schools within a larger university. As a graduate of USC’s film school, I know from experience that going to film school has many advantages.You’ll be surrounded by students and teachers who will inspire you, help you with your projects, and will likely be your future colleagues.Furthermore, you’ll be at a college that doesn’t view your passion as simply an extracurricular. All that being said, you can get a film degree from other universities.However, this list is for students who are 100% sure they want to study film and are looking to be surrounded by like-minded students. The Evaluation Criteria for the Best Film Schools You should never look at rankings as fact- not even those from trusted industry sources like The Hollywood Reporter.Instead, you should use these articles as a jumping off point for your own college research.Also, whenever looking at a ranking list, you should find out how the rankings were determined. Right now, I’ll explain how I came up with this very unscientific list of top film schools.I began by restricting my search to colleges that prioritize film by only offering arts degrees or by having a specialized film school within the larger institution. Then, I took the following three criteria into consideration: #1: Ranking. I used ranking lists from respected industry papers such as The Hollywood Reporter as a starting point for my research. #2: On and Off-Campus Extracurricular Opportunities. Success in the entertainment industry depends a lot on who you know. In order to get to know more people (beyond your classmates and teachers), you need to have the opportunity to intern with production companies, studios, agencies, management companies, post-houses, casting offices, etc. Also, it’s important to have opportunities to make films and showcase your work in order to get your name out there and to get feedback. Does the school provide opportunities to make and screen student films? #3: Notable Alumni. How many alumni have risen to the top of their field? If a lot have, it means the school likely provided them with the resources (aka connections) and/or skills needed to succeed. I split this list into two tiers rather than ranking each school, since specific rankings are typically not that meaningful. What separates the Tier 1 schools is that they have the best reputation, provide the most extracurricular opportunities and have the longest lists of notable alumni.While the Tier 2 schools are also good, they don’t have the same industry connections and don’t have as many notable alumni as the Tier 1 schools. Consider attending a school in the heart of Hollywood! Tier 1 Film Schools Tier 1 includes the very best film schools in the US - these are extremely prestigious programs with many successful alums. University of Southern California’s School of Cinematic Arts I may be biased as an alum, but you’d be hard-pressed to find any ranking list that didn’t have USC near the top.The USC School of Cinematic Arts has more connections in the entertainment industry than all of the other schools combined (and a Hollywood Walk of Fame star in front of the school to prove it). USC's Los Angeles location helps make it a top film school. You're not just given internship opportunities: you also have opportunities to go to industry events (with students occasionally being offered free tickets to Hollywood premieres) and more potential to network with industry professionals. The School of Cinematic Arts is extremely selective, with only about 3% of applicants being admitted. There are separate undergraduate programs for animation, screenwriting, critical studies, media arts, interactive media, and film production. USC is arguably one of the more "practical" schools I'll discuss because it tries to prepare students for the changing medium (as it expands beyond typical movies to web series and virtual reality) by allowing students to take classeson new media. The list of notable alumni is incredibly long (George Lucas, Judd Apatow, Paul Feig, and many more), but even more impressive is thatbasically every Hollywood office I interned at employed at least one USC alum. The school provides access to great off-campus internships throughout the school year and summer at places such as NBCUniversal, Lionsgate, and Pixar.Additionally, there are many opportunities to screen your work. These opportunities include the prestigious USC First Look Film Festival, which is attended by many industry professionals. NYU Tisch I don’t know if NYU Tisch students heard this adage as well, but the saying in film circles goes, â€Å"If you want to make a living, go to USC; if you want to make art, go to NYU.† It has to do with Tisch's location: while L.A. is the center of commercial film and television, New York has become the center of independent filmmaking. Tisch's undergraduate program only offers three degrees: Film Television, Cinema Studies, and Dramatic Writing.NYUfocuseson churning out true auteurs who have strong visual storytelling skills, preparing themfor success in the independent filmmaking world. While NYU does have some famous alumni working in Hollywood such as Martin Scorsese and Spike Lee, it has a longer list of alumni working in the independent scene: Alfonso Gomez-Rejon (Me and Earl and the Dying Girl), Joel Coen (Fargo), documentarian Morgan Spurlock (Super Size Me), and experimental filmmaker George Von Steiner. Due to its New York location, NYU provides students with the opportunity to intern year-round at places such as Fox Searchlight, The Tonight Show Starring Jimmy Fallon, and Late Show With Stephen Colbert.Also, the school provides tons of opportunities to screen your work, including at the Manoogian Screenings (held at the Directors Guild Theater in Los Angeles). New York is another great place to be for film! AFI AFI is always near the top of any film school ranking list. A true film conservatory without the traditional college experience and general education requirements, AFI offers certificates to those without undergraduate degrees and MFAs to college grads. The programs at AFI are extremely specialized (more so than any other school on this list), allowing students to graduate with unique degrees in Directing, Cinematography, Editing, Producing, Production Design, and Screenwriting. AFI boasts an impressive list of alumni including Darren Aronofsky, David Lynch, and Terrence Malick.Its LA locale allows students to intern throughout the year.That being said, as a conservatory, AFI prioritizes helping students make films rather than helping them get internship opportunities.However, making and screening films is equally important to interning. By making and screening films,students can see how audiences respond to their work and get better at their craft. AFI students make TONS of films. For example, in the first year alone, Directing, Producing and Cinematography students have the opportunity to make three narrative projects. Editing students work on up to six projects, Production Design students work on up to four, and Screenwriting students write at least one of short film and start working on a feature screenplay.There are prestigious screening opportunities such as at the famous AFI Film Festival. Some schools still use old school cameras! Tier 2 Schools Tier 2 schools also offer topfilm programs, but they don’t have as many industry connections or as many notable alumni as the Tier 1 schools. UCLA As an alum of their rival school, it pains me to include them on this list, but UCLA’s film school is top notch andvery competitive, with only about 30 students admitted each year. UCLA is less specialized than the other schools on this list, only offering undergraduates a generalized Film, Television, and Digital Media degree.Students do pick concentrations within the degree, but not until spring of their junior year; concentrations include Film Production, Documentary, Screenwriting, Animation, Digital Media, or Cinema Media Studies. Just a few of UCLA's famous alumni include Francis Ford Coppola, Alexander Payne, and Rob Reiner.UCLA offers juniors and seniors the opportunity to intern year-round. Past students have interned at places such as NBCUniversal and Bad Robot. Chapman University Chapman’s film schoolgives studentsthe opportunity to specialize at the undergraduate level with unique degrees in Film Production, Digital Arts, Creative Producing, Television Writing, Screenwriting, New/Broadcast Journalism and Documentary.This makes Chapman a great option for high school students who know what niche of the film industry they would like to partake in before entering college. The school boasts a handful of notable alumni such as The Amazing Race producer Darren Bunkley, Masters of Sex editor Rebekah Parmer, and Dear White People director Justin Simien. Unlike other schools on this list, Chapman has its own production company, Chapman Filmed Entertainment, which gives students experience in making, marketing and distributing films. This is an incredible opportunity that most students don't get while in school; it allows them to learn the ins and outs of fundraising, marketing, and distribution in addition to production. Chapman offers some screening and internship opportunities though not as many as other schools.Its location in Orange County, about a 45-minute to two-hour drive to LA depending on traffic, makes it difficult to intern during the school year. Loyola Marymount University (LMU) LMU’s School of Film and Televisionallows students to get specialized degrees in Production, Animation, Screenwriting, Film Studies, or Recording Arts.It’s one of a handful of schools with the Recording Arts degree, making it a perfect choice for students who know they want to pursue careers as sound editors, sound mixers, or sound designers. It has some well-known alumni such as James Bond franchise producer Barbara Broccoli, The Simpsons producer David Mirkin, American Horror Story writer/producer James Wong, and Hunger Games director Francis Lawrence. LMUrecognizes the importance of internships and partners with big companies including Disney, Sony, NBCUniversal and Paramount to provide internships to about 100 LMU students each year. Most film schools provide you with top of the line equipment. Boston University Boston University’s Film Television Departmentonly offers more general Film TV or Cinema Media Studies degrees at the undergraduate level. However, BU provides students with a well-rounded degree offering courses inproduction (directing, editing, cinematography, sound design, short film production), film and television screenwriting, producing, management, and film studies. For students who are unsure about film school, BU is a great option because you don't officially declare your major until spring of your sophomore year, so you can test out film and pick another major if you don't like it. BU has a handful of famous alumni including Joe Roth, Howard Stern, and Nina Tassler.Recognizing its sub-optimal location andhow crucial LA connections are to future success, BU openedan LA campus that over 200 students visit each year.While in LA, BU students partake in internships at companies such as The Jim Henson Company. California Institute of the Arts CalArts is a conservatory that was founded in 1961 by Walt Disney and is well-known for producing A-list animators like John Lasseter. In addition to two animation degrees (Charaction Animation and Experimental Animation), however, CalArts also offers a Film and Video degree. Since CalArts is primarily lauded for its animation programs, the majority of its famous alumni (with the exception of Tim Burton) are animators:Frozen co-director Chris Buck, Big Hero 6 director Don Hall, and Inside Out director Pete Docter. The school's location about 45 minutes outside of LA makes it difficult to intern during the school year. However, CalArts does do its best to help students get credit for internships during the school year and summer. Emerson College Emerson has also recognized the importance of LA connections for students, opening a campus in Hollywood and hosting an annual Los Angeles-based film festival.Emerson is the only school in the country to offer a comedy arts degree, making it a great choice for students who want to work exclusively in comedy filmmaking. The school boasts some well-known alumni such as New Regency's Pam Abdy, DreamWorks' Holly Bario, Sony's Andrea Giannetti, Viacom's Doug Herzog.The school provides students with excellent screening opportunities such as at the Los Angeles Emerson Film Festival. Which of These TopFilm Schools Is the Best Choice for You? Just because, say, AFI is a highly reputable film school doesn't mean that you should automatically want to go there. It’s a tiny school with a very intense program, which may not be the best fit for all students. Here are some questions to ask when trying to pick which film school is right for you. Which Area Do You Want to Specialize In? So you’re interested in film - do you want to do animation or screenwriting? Directing or production design? Look into the programs and see what specialties are offered.For example, CalArts would be a better choice than AFI if you want to do animation since AFI doesn’t even offer an animation specialty. At this point, you might not know what you want to specialize in, and that’s okay.I had no idea which aspect of film I loved the most when I applied to film school.If you’re in this boat, you should apply to a program with a more generalized film production program (such as USC, UCLA, Emerson, BU, LMU, and NYU) that’ll allow you to experiment with different roles on set.You wouldn’t want to be accepted as aScreenwritingstudent at AFI, only to then realize you actually want to be a cinematographer. What Opportunities Are There Outside the Classroom? I touched on this above, but make sure you go to a school where the opportunities fit your interests.If you want to work as an agent, then USC, which provides internship experiences at agencies, would be a better fit than AFI.Extracurriculars are where you get your experience, so make sure you’ll be getting experience that aligns with your interests. What’s the School Like? Is it big or small? Is it a conservatory or is it at a large college?If you dread the idea of a big school, don’t go to a big school.If you’d dread being surrounded by a sea of students and going to USC football games, then you probably shouldn’t attend USC. If you get overwhelmed by intensity, then a conservatory like AFI may be a bad choice.AFI is famous for its "narrative workshops," during which students are required to sit silently as their peers harshly critique their projects.It’s scary, and has led to many students dropping out and fleeing to law school. Pick a school where you will feel comfortable and at home so that you can thrive. If this is the end goal,then film school is where you should go! What’s Next? Excited to attend one of the best film schools? Read our article on how to get into film school for tips on your application. Most of these schools require an ACT or SAT score with your application. Get help studying for these tests with our ultimate SAT study guide and study guides for ACT Reading, Writing, English, Math, and Science. Taking the ACT or SAT really soon? Check out our guide to cramming for the SATor our guide to cramming for the ACT. Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

The Next Industrial Revolution Essay Example | Topics and Well Written Essays - 1000 words

The Next Industrial Revolution - Essay Example Realizing the current state of the environment, he has one consistent theme, ‘we need a new design’. He likens it to a building which was built in the past with no regard for its structural design, but in the present, buildings cannot be built without taking into consideration a lot of factors, one of which is the environment, because things have changed, and in most cases, for the worst. Sustainable design The challenge that William sought to meet was designing an economy that would be pedagogical in its design and maintenance. The Adam Joseph Lewis Centre For Environmental Studies is an example of such as it borrows its design concept from a tree which is self sustaining in its nature. The Adam Lewis Centre stands as the first of its kind because it sustains itself in every single activity; waste management to its own energy supply. The Herman Miller brand is another of its kind which relies on solar income to sustain the factory. It is called ‘The Green House Fa cility. It got the first ever ‘Good Design is Good Business’ Award from Business Week magazine. Even though it cost 15% more than a comparable building, energy cost decreased by 30% and performance rose dramatically. They produced twice as much with the same number of people. Over half of the employees maintained a 100% attendance record, which showed that it was a good working environment. Regulation-System Failure The majority of the companies despite heavily polluting the environment with their products and their waste, all hide behind the phrase, ‘it’s proprietary, it’s legal’. The current environmental laws do not stop pollution, they only slow it down. They do not realize that in their quest to achieve maximum profits in the shortest times; they are cutting short the lifespan of the environment, in effect shortening their lives. Companies that have embraced Sustainable Economy DESIGNTEX which is a leading designer and manufacturer of tex tiles for commercial interiors wanted to create a product both environmentally friendly and profitable. Its executive got in touch with William McDonough and Michael Braungart and decided to follow through with the company’s goal. The Swiss Chemical Giant CEBA-GEGY was convinced to work with them accepting that it was very risky. The McDonough Design Protocol tested 1600 dyes provided by CEDA-GEGY to determine whether they caused illnesses and found only 16 met the required standards. This was enough. They set out from day one with no compromise on aesthetics or performance. Profits increased, workers became contented and customers were satisfied. William went to Nike and asked them to incorporate sustainable design into their products. The question was whether Nike would take the financial risk after all the success they had had with their status quo. After intensive research, in May 2001, Nike introduced a new rubber sole free of harmful ingredients, which gelled with the c oncept of sustainable design. The new design also protects their workers’

APPLIED MANAGERIAL ECONOMICS Research Questions Paper

APPLIED MANAGERIAL ECONOMICS Questions - Research Paper Example c) Mathematical formulae for production system of The Village Inn Y1 a11 a12 a13 a14 X1 Y2 = a21 a22 a23 a24 x X2 Y3 a31 a32 a33 a34 X3 X4 It could be assumed that, Y1 = buttermilk pancakes Y2 = Skillets Y3 = Crepes Thus, X1 = Milk, X2 = Butter, X3 = Wheat and X4 = Eggs Lastly, aij are the weights that are associated with each input for the production of each item and, their values range between 0 and 1; i, j = 1 ... 4 d) According to the Law of Diminishing Returns, the productivity of a factor with other factors remaining unchanged tends to diminish over time. In the above example, if any of the components are added in excess of the rest, they cannot help in producing an extra unit of output, so that increase in quantity only diminishes its productivity. Answer to Question 2 a) A department store generally deals with a large number of items under a single roof and simultaneously has to employ a large number of salespersons. In this case, productivity of each employee implies the add itional number of commodities that the person is able to sale over time. In order to calculate the average productivity per employee thus, it is necessary to calculate the gross sales that the company made and divide it with the total number of transactions. b) Technical efficiency implies the efficiency with which inputs could be converted into output. Normally, the greater the volume of output that could be created with a given volume of input, higher is the efficiency of the concerned firm. In retail stores, this could be implies by the speed with which the sales are taking place. An ideal method to measure the same could be through estimating the number of days that a commodity stays in the inventory shelf. If the number of days is found to be higher than the average, technical efficiency of the company might be regarded as falling and vice-versa. Moreover, greater the technical efficiency is, lower is the per unit production cost incurred and greater is the profit generated. c) Economic efficiency is the extent to which the retail store can compromise their shelf space occupied by one commodity with that of another. In order to optimise the same, it is very important for them to be informed about the commodities which are highly demanded compared to those which are not. In case that they are able to make the substitution successfully, i.e., there is Pareto Optimality, the average cost of the company falls and its profit rises. Answer to Question 3 In the present case, the retired couple have to capture a part of the market that is largely served by the nearby chain restaurant. However, the difference between the two is that while the couple plans to establish a lunch-only restaurant, the nearby chain is a full-fledged one. Thus, the strategy that they must be adopting should be that like an oligopolistic market, where their strategies should be highly dependent upon the ones being adopted by the existing players of the industry. Four economic factors that they need to consider while determining their pricing strategy are – Firstly, the market is characterised by another major player who is already experiencing the advantage of being a first mover. Generally, in an oligopolistic

Communicating Effectively Essay Example | Topics and Well Written Essays - 1250 words

Communicating Effectively - Essay Example The prevalence of the doctrine in the country led to an increase in employment feuds owing to the shortfalls it presented. On the contrary, the doctrine also expedited the process of terminating contracts between employers and employees thus minimizing the duration both spend together especially in relationships that strain either party. This implies that the doctrine has a number of advantages and disadvantages to either party depending on the prevailing circumstances as the discussion below portrays. Key among the advantages of the employment and will doctrine is the fact that it enhances the process of resolving contract breaches. Contracts are legal agreements that bind both parties to specific terms and responsibilities. A breach refers to the inability of one party to remain faithful to the terms of the contract thereby causing either financial loses or inconveniences to the other party. Resolving contract breaches is always a detailed process characterized by hectic court cases. The employment at will doctrine, on the other hand, provides an aggrieved party the freedom to evaluate the nature of the breach and to terminate the agreement. Such terminations of agreement are easy and timely thus preventing any further inconveniences. Additionally, the employment at will doctrine provides the employers with the freedom to hire and fire employees at their peril. Such is a vital provision that employers use to enhance the profitability in their companies. The freedom to fire employees at will is among the most prudent ways of dealing with difficult employees. As such, the employer can fire an employee owing to his attitude and productivity. As such, the rest of the employees strive to enhance their productivity in order to earn the favor of the employer. This way, employers enhance the profitability of their ventures. The doctrine provides employees with a degree of flexibility in their places of work (Ford, Kerry and Richard 102). An