Mark Steinberg's Voices of Revolution Essay Example | Topics and Well Written Essays - 1250 words

Mark Steinberg's Voices of Revolution - Essay Example Steinberg re-hashes the demonstrations of June and the days of July giving extra-special detail to top-level political decisions and machinations. In analyzing the activity of the lower class, he highlights looting and violence, that he refers to as protests of the lower class. He concludes that this â€Å"gave expression to a good deal of clearly directed anger and hatred† (Steinberg & Schwartz, 2003 p270). Steinberg points out in this section that moderate socialists, the far left, Kerensky and the re-energized right were of the opinion that only firm order would halt the further disintegration of Russia (Steinberg & Schwartz, 2003 p273). Steinberg continues to put emphasis on an effort, born of his own consciousness, to veer Bolshevism away from the center of this narrative. He does this by devoting more attention to the creation of Kerensky’s directory, for example, as well as the democratic conference and Moscow State Conference (Steinberg & Schwartz, 2003 p275). He does this instead of dwelling on the Bolshevik emergence in a majority of the soviets and the power seizure in October. Steinberg in this section explains the crisis and social breakdown that plagued Russia in this period by using the October revolution. The October revolution was about every-day people claiming power over their daily lives and the circumstances governing that life they held dear. Worth noting, however, is that Steinberg’s analysis, especially as laid down in this section, gives decreased attention to the rational approach of their efforts. The decreased attention to this is at the expense of their expressive and emotiona l intent, in particular the desire for retribution by the lower class on the social elites (Steinberg & Schwartz, 2003 p277). On July 1, there were demands of â€Å"all power to the soviets† by the second Gun regiment, as the third infantry regiment declined to send companies as a replacement to the front. Immediately after reception of orders to send help to the front, machine gunners in their thousands held an impromptu meeting to plan artillery backed insurrection. As the Bolsheviks attempted to calm things down, anarchists added more wood to the fire. The soldiers, fully armed took a decision to march while sending delegates from factories that, as workers, had to drop everything and join in the march. Soon, over 50,000 of them went marching all the while demanding All Power to the people (Steinberg & Schwartz, 2003 p279). The Bolsheviks at this point had no choice but to support the masses as long as they were peaceful in

Technical Certificate unit worksheet Essay Example for Free

Technical Certificate unit worksheet Essay 1. Explain how a working relationship is different from a personal relationship (1.1.1) A working relationship is where you are placed with other people and work as part of a team, where each individual is working following professional codes of practise, towards the achievement of shared aims and objectives. You do not necessarily have to like the people you work with but you need to keep personal opinions and feelings to yourself. Mutual respect and understanding is a key factor in developing a good working relationship. A personal relationship is a relationship formed through choice, with someone you like, who you share interests and feelings with. In personal relationships there isn’t any set rules or procedures to follow and you are able to voice your opinions. 2. Describe different working relationships in health and social care settings (1.1.2) There are many different relationships in health and social care settings, these include relationships between careers and service users, careers and other health care professionals, such as GP’s and nurses, careers and service users families and between colleagues and managements. For each of these you will develop a different type of working relationship, but you should always remain professional. 3. Describe why it is important to adhere to the agreed scope of the job role (2.2.1) It’s important to adhere to agreed scope of your job role as you have agreed with your job description within your contract, so it’s your legal  obligation to work within it. By following your job role you are working alongside your company’s policies and procedures and giving the best quality of care you can. 4. Outline what is meant by agreed ways of working (2.2.2) Agreed ways of working means that all care workers should work in accordance with policies and procedures, roles and responsibilities within job descriptions which their employees have set out. 5. Explain the importance of full and up-to-date details of agreed ways of working (2.2.3) It’s important so that care homes or environments are run in accordance with legislations. So staff adhere to agreed standards and regulations at all times. It also means that service users will not be put at any risk. 6. Explain why it is important to work in partnership with others (3.3.1) It’s important to form professional relationships with team members, colleagues, other professionals as well as individuals and their families in order to promote effective communication and effective ways of sharing accurate information. It will help to give service users the best possible care as everyone will be clear on each service user’s needs, wishes and preferences 7. Identify ways of working that can help improve partnership working (3.3.2) We can improve partnership working through effective communication and information sharing. By working as a team and having regular staff meetings, with colleagues and other health care professionals. 8. Identify skills and approaches needed for resolving conflicts (3.3.3) You should try to handle conflict situations by remaining calm, ending the conflict before it escalates and remaining respectful of others. You should  try to demonstrate active listening and discuss the situation in a calm and rational manner to try and resolve the conflict. 9. Explain how and when to access support and advice about: (3.3.4) a.partnership working- you can get support and advise from other colleagues, your manager, supervisor or other external agencies such as CQC. b. resolving conflicts- it’s always worth trying to resolve conflict with the individual, but if you can’t then you should speak to your manager. Further issues can be address with HR who can offer you support on resolving conflict and may offer you mediation services to help you with this. Once you have completed, your Learning Advisor will be able to cross reference all knowledge into Unit 4222-206 of the diploma Patricia Whyte – LA- Qube Learning

Law Of Diminishing Marginal Utility Economics Essay

Law Of Diminishing Marginal Utility Economics Essay Managerial Economics is the intergration of bridges the gap between economic theory with business practice so as to facilitate decision making Comment outline the nature and scope of Managerial Economics in light of this statement. Spencer and Siegelman have defined Managerial Economics as the integration of economic theory with business practice for the purpose of facilitating decision-making and forward planning by management. The above definitions suggest that Managerial economics is the discipline, which deals with the application of economic theory to business management. Managerial Economics thus lies on the margin between economics and business management and serves as the bridge between the two disciplines. The following Figure 1.1 shows the relationship between economics, business management and managerial economics. pg-2 NATURE OF MANAGERIAL ECONOMICS There are certain chief characteristics of managerial economics, which can help to understand the nature of the subject matter and help in a clear understanding of the following terms: Managerial economics is micro-economic in character. This is because the unit of study is a firm and its problems. Managerial economics does not deal with the entire economy as a unit of study. Managerial economics largely uses that body of economic concepts and principles, which is known as Theory of the Firm or Economics of the Firm. Managerial economics is concrete and realistic. It avoids difficult abstract issues of economic theory. But it also involves complications ignored in economic theory in order to face the overall situation in which decisions are made. Economic theory ignores the variety of backgrounds and training found in individual firms. Managerial economics belongs to normative economics rather than positive economics. Normative economy is the branch of economics in which judgments about the desirability of various policies are made. Positive economics describes how the economy behaves and predicts how it might change. In other words, managerial economics is prescriptive rather than descriptive. It remains confined to descriptive hypothesis. Managerial economics also simplifies the relations among different variables without judging what is desirable or undesirable. For instance, the law of demand states that as price increases, demand goes down or vice-versa but this statement does not imply if the result is desirable or not. Managerial economics, however, is concerned with what decisions ought to be made and hence involves value judgments. This further has two aspects: first, it tells what aims and objectives a firm should pursue; and secondly, how best to achieve these aims in particular situations. Macroeconomics is also useful to managerial economics since it provides an intelligent understanding of the business environment. This understanding enables a business executive to adjust with the external forces that are beyond the managements control but which play a crucial role in the well being of the firm. SCOPE OF MANAGERIAL ECONOMICS As regards the scope of managerial economics, there is no general uniform pattern. However, the following aspects may be said to be inclusive under managerial economics: Demand analysis and forecasting. Cost and production analysis. Pricing decisions, policies and practices. Profit management. Capital management. Demand Analysis and Forecasting A business firm is an economic Organisation, which transforms productive resources into goods that are to be sold in a market. A major part of managerial decision-making depends on accurate estimates of demand. This is because before production schedules can be prepared and resources are employed, a forecast of future sales is essential. This forecast can also guide the management in maintaining or strengthening the market position and enlarging profits. The demand analysis helps to identify the various factors influencing demand for a firms product and thus provides guidelines to manipulate demand. Demand analysis and forecasting, thus, is essential for business planning and occupies a strategic place in managerial economics. It comprises of discovering the forces determining sales and their measurementDemand determinants Demand distinctions Demand forecasting. Cost and Production Analysis A study of economic costs, combined with the data drawn from the firms accounting records, can yield significant cost estimates. These estimates are useful for management decisions. The factors causing variations in costs must be recognised and thereby should be used for taking management decisions. This facilitates the management to arrive at cost estimates, which are significant for planning purposes. An element of cost uncertainty exists in this because all the factors determining costs are not always known or controllable. Therefore, it is essential to discover economic costs and measure them for effective profit planning, cost control and sound pricing practices. Production analysis is narrower in scope than cost analysis. The chief topics covered under cost and production analysis are: Cost concepts and classifications Cost-output relationships Economics of scale Production functions Cost control. Pricing Decisions, Policies and Practices Pricing is a very important area of managerial economics. In fact price is the origin of the revenue of a firm. As such the success of a usiness firm largely depends on the accuracy of price decisions of that firm. The important aspects dealt under area, are as follows: Price determination in various market forms Pricing methods Differential pricing product-line pricing and price forecasting. Profit Management Business firms are generally organised with the purpose of making profits. In the long run, profits provide the chief measure of success. In this connection, an important point worth considering is the element of uncertainty existing about profits. This uncertainty occurs because of variations in costs and revenues. These are caused by factors such as internal and external. If knowledge about the future were perfect, profit analysis would have been a very easy task. However, in a world of uncertainty, expectations are not always realised. Thus profit planning and measurement make up the difficult area of managerial economics. The important aspects covered under this area are: Nature and measurement of profit. Profit policies and techniques of profit planning. Capital Management Among the various types and classes of business problems, the most complex and troublesome for the business manager are those relating to the firms capital investments. Capital management implies planning and control and capital expenditure. In this procedure, relatively large sums are involved and the problems are so complex that their disposal not only requires considerable time and labour but also top-level decisions. The main elements dealt with cost management are: Cost of capital Rate of return and selection of projects. The various aspects outlined above represent the major uncertainties, which a business firm has to consider viz., demand uncertainty, cost uncertainty, price uncertainty, profit uncertainty and capital uncertainty. We can, therefore, conclude that managerial economics is mainly concerned with applying economic principles and concepts to adjust with the various uncertainties faced by a business firm. Managerial Economics serves as a link between traditional economics and the decision making sciences for business decision making. The best way to get acquainted with managerial economics and decision making is to come face to face with real world decision problems. Managerial economics is used by firms to improve their profitability. It is the economics applied to problems of choices and allocation of scarce resources by the firms. It refers to the application of economic theory and the tools of analysis of decision science to examine how an organisation can achieve its objective most efficiently. Ques No 2. Discuss the role of Managerial Economist in a Business Organization. A managerial economist helps the management by using his analytical skills and highly developed techniques in solving complex issues of successful decision-making and future advanced planning. The  role of managerial economist  can be summarized as follows: He studies the economic patterns at macro-level and analysis its significance to the specific firm he is working in. He has to consistently examine the probabilities of transforming an ever-changing economic environment into profitable business avenues. He assists the business planning process of a firm. He also carries cost-benefit analysis. He assists the management in the decisions pertaining to internal functioning of a firm such as changes in price, investment plans, type of goods /services to be produced, inputs to be used, techniques of production to be employed, expansion/ contraction of firm, allocation of capital, location of new plants, quantity of output to be produced, replacement of plant equipment, sales forecasting, inventory forecasting, etc. In addition, a managerial economist has to analyze changes in macro- economic indicators such as national income, population, business cycles, and their possible effect on the firms functioning. He is also involved in advising the management on public relations, foreign exchange, and trade. He guides the firm on the likely impact of changes in monetary and fiscal policy on the firms functioning. He also makes an economic analysis of the firms in competition. He has to collect economic data and examine all crucial information about the environment in which the firm operates. The most significant function of a managerial economist is to conduct a detailed research on industrial market. In order to perform all these roles, a managerial economist has to conduct an elaborate statistical analysis. He must be vigilant and must have ability to cope up with the pressures. He also provides management with economic information such as tax rates, competitors price and product, etc. They give their valuable advice to government authorities as well. At times, a managerial economist has to prepare speeches for top management. Ques No 3. Critically explain the role of the concept of Time value of Money in Mangerial decisions? The time value concept of money assumes importance because of the fact that future is always associated with uncertainty. A rupee in hand today is valued higher than the one rupee that is expecting to be recovered tomorrow. The following are points that come in support of the fact that the concept of time value of money is quite relevant in any area of decision making : (a) The purchasing power of money over period of tinw goes down in real times. That means, though numerically the same, the purchasing power of one rupee today is considered to be high economically than its value as on a future date. (b) Individuals prefer present consumption to future consuiilption. This is because of the risk a n d uncertainty associated with future. (c) There is always related costs in any investinent. These costs tend to bring down future value of money. The concept of time value of money figures in rnany day-to-day decisions. For example. in the vital decision making areas in the management like the effective rate of interest on a business loan. The mortgage payment in real estate transaction and evaluation of true Return on investment etc. the time value of money plays an important role. Wherever use Of money is involved and its inflow and outflow patterns are spread over a time horizon, this concept very useful. For example consider the following: * A banker must establish the term of loan * A finance manager is who considers various alternatives sources of funds in terms of cost. * A portfolio manager is one who evaluates various securities Ques No 4 Compare the Cardinal Ordinal Approaches to Consumer Behaviour. Which of these enables us to bifurcate the price effect and how? Cardinal Approach refers that you can calculate or Measure the utility (degree of satisfaction) Numerically, while According to ordinal approach you can not measure the utility numerically.   Cardinal Approach follow the Law of Diminishing Marginal Utility while Ordinal Approach follow the Indifference Curve. Cardinal Approach Emphasis on units while ordinal approach is based on rank. When discussing cardinal vs. ordinal, it is helpful to look at what the words mean. The distinguishing factor here is between cardinal and ordinal numbers. Cardinal numbers are 1, 2, 3; ordinal numbers, 1st, 2nd, 3rd. Some crucial differences follow from that. Whereas mathematical operations can be performed on cardinal numbers, they cannot be performed on ordinal numbers. Now, when talking about cardinal utility, it is an attempt to measure the utility of various alternatives. When talking about ordinal utility, it is the ranking of alternatives. Cardinal utility is, however, an erroneous concept. It is impossible to measure utility. People can only say I prefer A to B, but cannot meaningfully say I prefer A 2.5 times more than B or something to that effect. Furthermore, comparisons of utility between different individuals are impossible and meaningless, as well as between the same individual at different points in time (as individuals can and do change their preferences that is, ordinal value-scale rankings). Because value is subjective, we cannot measure it and cannot compare between two different people, or even between the same person at different times. To clarify, ordinal utility culminates in value-scales: 1st: A   2nd: B   3rd: C whereas cardinal utility is the erroneous attempt at measurement: 10utils A   7utils B   3utils C Ques No 5. Managerial Economics is inter- disciplinary in natureComment/ Explain the relationship of ME with other disciplines. Managerial economics is essentially applied economics in the field of  business management. à ¢Ã¢â€š ¬Ã‚ ¢It is the economics of business. à ¢Ã¢â€š ¬Ã‚ ¢It pertains to all economics aspects of  managerial decisions making. à ¢Ã¢â€š ¬Ã‚ ¢It is the integration of economic principles with business management practices. à ¢Ã¢â€š ¬Ã‚ ¢Managerial economics rests on the edifice of  economics. à ¢Ã¢â€š ¬Ã‚ ¢A fundamental knowledge of economics and economic theory is needed for a  meaningful analysis of business situation Managerial economics is linked with various other fields of study like- Microeconomic Theory: As stated in the introduction, the roots of managerial economics spring from micro-economic theory. Price theory, demand concepts and theories of market structure are few elements of micro economics used by managerial economists. It has an applied bias as it applies economic theories in order to solve real world problems of enterprises. Macroeconomic Theory: This field has little relevance for managerial economics but at least one part of it is incorporated in managerial economics i.e. national income forecasting. The latter could be an important aid to business condition analysis, which in turn could be a valuable input for forecasting the demand for specific product groups. Operations Research: This field is used in managerial economics to find out the best of all possibilities. Linear programming is a great aid in decision making in business and industry as it can help in solving problems like determination of facilities on machine scheduling, distribution of commodities and optimum product mix etc. Theory of Decision Making: Decision theory has been developed to deal with problems of choice or decision making under uncertainty, where the applicability of figures required for the utility calculus are not available. Economic theory is based on assumptions of a single goal whereas decision theory breaks new grounds by recognizing multiplicity of goals and persuasiveness of uncertainty in the real world of management. Statistics: Statistics helps in empirical testing of theory. With its help, better decisions relating to demand and cost functions, production, sales or distribution are taken. Managerial economics is heavily dependent on statistical methods. Management Theory and Accounting: Maximisation of profit has been regarded as a central concept in the theory of the firm in microeconomics. Ques No 6. Discuss the properties of Indifference Curves. Discuss their role in consumers decision making process? Indifference Curves Each point in the  diagram  stands for a basket of meat and ghee (cooking oil) A, B, C, D are all baskets among which a certain consumer is indifferent. All give equal utility. These points and all others on a smooth curve connecting them constitute an indifference set. An indifference curve is a graphical representation of an indifferent set. Indifference Curve Properties Following are the indifference curve properties: 1. If two commodities are perfect substitute the indifference curve is a straight line. http://www.studylecturenotes.com/images/stories/Indifference%20Curve%20Properties%20Fig%201.jpg When two commodities are not substitutable then the shape is represented by two vertical and horizontal lines. http://www.studylecturenotes.com/images/stories/Indifference%20Curve%20Properties%20Fig%202.jpg In more typical cases, in which the two commodities can be substituted for each other but are not perfect substitutes, the indifference curve will be curved as http://www.studylecturenotes.com/images/stories/Indifference%20Curve%20Properties%20Fig%203.jpg 4. The more easily the two commodities can be substituted for each other the nearer will the curve approach straight line. 5. Indifference curves normally slope downward, the upward sloping portion of curve shown here s impossible. Basket A has more goods than basket B and therefore it could not be on the same indifference curve.   The indifference curves have normally negative slops sloping downward. http://www.studylecturenotes.com/images/stories/Indifference%20Curve%20Properties%20Fig%204.jpg 6. The absolute value of the slope of an indifference curve at any point represents the ratio of the marginal utility of the good and on the horizontal axis to the marginal utility of the good on the vertical axis. The rate at which one good can be substituted for the other without gain or loss in satisfaction is called marginal rate of substitution. 7. Indifference curves are convex, that is, their slope decrease as one moves down and to the right along them. The implies that the ratio of the marginal utility of meat to the marginal utility of the ghee (cooking oil) also known as marginal ratio of substitution of meat for ghee (cooking oil) diminishes as one moves down and to the right along the curve. 8. Indifference curves can be drawn through the point that represents the basket of goods whatsoever. Ques No 7. Discuss the concept of Production Possibility Curve? What is the reason behind its shape? Do you think there are exceptions to it? Production Possibility curves The production possibility curves is a hypothetical representation of the amount of two different goods that can be obtained by shifting resources from the production of one, to the production of the other. The curve is used to describe a societys choice between two different goods.  Figure 1, shows the two goods as consumption and investment.  Investment goods are goods that are involved in the production of further consumption goods.  They include physical capital such as machines, buildings, roads etc. and human investments such as education and training. The sums of all investments make up the capital stock of a society. To show the point where all resources were used to produce consumption goods, one should move straight up the vertical axes to the curve.  To show the point were all resources were used to produce investment goods, one should move straight on the horizontal axes to the curve.  Both points are extreme and unrealistic.  Both points A and B represented m ore realistic combinations, with point A showing more consumption and less investment, while point B shows more investment and less consumption. http://krypton.mnsu.edu/~renner/image001.JPG The production possibility curve of figure 1., shows the trade off in production between investments and consumption goods. Any two categories of different goods could be chosen. What they are is arbitrary. The curve is used to show during a specific  period, what could be produced of the combination of the two goods, if all resources are fully employed, while technology and institutions do not change.  Given those conditions, societies output potential is realized anywhere on the curve (which is called the production possibility curves frontier). Unemployed resources (labor, capital, physical resources) of any kind would result in an inefficient production level,  and would be shown as a point to the left, or inside the curve. By definition all point to the right or outside of the production possibility curve (frontier) are impossible, given the limits of resources and technology. Opportunity Cost This hypothetical curve shows how much of consumption must be given up to increase investments (the movement from A to B).  This demonstrates the important economic concept of  Opportunity Cost, which is the cost of anything (such as an investment in a new road), in terms of what has to be given up.  This is the general concept of cost in economics. For the individual, these costs could be financial, but they could include a individuals time and other intangibles. For society the production possibility curve shows opportunity cost only on the curve itself.  If society found itself inside the curve, for instance, during a recession (where all resources are not being utilized), then a movement out to the production possibility curve has no real opportunity cost. The unemployed resources are just being utilized (unemployed labor going back to work). Opportunity cost is different than accounting cost, and unfortunately is not so easily calculated. Opportunity cost has a subjective element.  For instance, to determine the opportunity cost of a new highway, includes the obvious cost of materials, of labor, of land, (these are the easily determined accounting cost), but there are also intangible cost, such as the cost to the community of the disruption involved with new construction, and the change in the communities effected by the highway. Also there may be costs connected to increase pollution (with health effects), increased noise, and an increase in general unattractiveness.  These cost are real, but are difficult to both measure and evaluate. Putting a dollar value on these cost adds a subjective element to the evaluation. As a result sometimes they are ignored.   Ques No 8. Graphically explain the Law of Diminishing Marginal utility. Discuss its applicability in the intergrated Global Economy Law of Diminishing Marginal Utility The Law of Diminishing Marginal Utility states that as the consumer consume more and more units of a commodity the marginal utility of the commodity falls. The law of diminishing marginal utility is a psychological law arrived at by introspection and by empirical evidence. The example of this law is when a consumer drinks water on a hot afternoon; the first glass of water gives him more satisfaction as compared to the second (as the thirst has decreased after consuming one glass of water). The second glass of water gives more satisfaction as compared to the third and so on. The Law of Diminishing Marginal Utility, which states that as the consumer consume more and more units of a commodity the marginal utility of the commodity falls. If MUx â‚ ¬Ã‚ ¾ MUy Px Py it means that good x is giving more satisfaction to the consumer as compared to good y. Therefore the consumer would gain satisfaction by consuming more of good x and less of good y. As he consumes more of good x, MUx will fall which would lead to fall in MUx/ Px. Similarly MUy will rise as he consumes less of good y. This would increase MUy/ Py. This process will continue till we reach the equilibrium point where MUx = MUy = MU of the last rupee spent on each good Px Py Similarly if MUx Px Py The consumer would increase the consumption of good y and reduce the consumption of good x till he reaches the equilibrium point where MUx = MUy = MU of the last rupee spent on each good Px Py EXAMPLE OF DIMINISHING MARGINAL UTILITY :-   This law can be explained by the following example. Suppose in the month of June a person start drinking water. First glass of water has a great utility for him. If he takes the second glass of water, the utility will be less than the first. If he drinks the third glass , the utility of third will be less than the second, and so on. The utility goes on diminishing with the consumption of every next unit and it drops down to zero. If the consumer is forced further, the utility will become negative. This law can also be explained by the following table : http://4.bp.blogspot.com/-3lVkcr5eXyc/TcfBO2lrw8I/AAAAAAAABBs/6Y7_6Jwz3ew/s320/schedule%2Bof%2Bdiminshing%2Bmarginal%2Butility.JPG EXPLANATION :-  The above table show that first glass of water gives units of utility to the thirsty man. When he takes second the marginal utility drops down to 8. When he consumes the 6th glass the marginal utility drops down to zero and by the use of 7th it becomes negative. http://4.bp.blogspot.com/-1s_6lqCZmDg/TcfBJGXWkyI/AAAAAAAABBc/MiC_pwx-b7Q/s320/diagram%2Bof%2Bdiminishing%2Bmarginal%2Butility.JPG EXPLANATION :-  Along OX we measure the units of commodity consumed along OY utility derived from them. The utility of the first glass of water is represented by the first rectangle and second glass by the second rectangle and so on. FF curve is the diminishing utility curve. ASSUMPTIONS OF DIMINISHING MARGINAL UTILITY 1. NATURE OF THE COMMODITY :-  There should be no change in the nature of the commodity. For example, If first mango taken is not better, while the second is better, then the utility will not decrease and the utility of second will be greater than first. 2. REASONABLE UNITS :-  It is assumed that the units of a commodity which are used should be suitable and reasonable if the units are too small then this law will not operate. 3. CONTINUOUS USE :-  It is also assumed that the units of the commodity should be used continuously. If there is interval between the consumption the same two units then the law will not be applicable. 4. NO CHANGE IN INCOME :-  It is also assumed that the income of the consumer should not change, otherwise the law may not operate. 5. NO CHANGE IN FASHION AND CUSTOMS :-  If there is a sudden change in fashion or customs of a consumer, the law may not operate. 6. RARE COLLECTIONS :-  If there are two diamonds in the world the possession of the second diamond will push up the marginal utility. 7. NO CHANGE IN THE STOCK OF OTHER PEOPLE :-  Sometimes an increase in the stock of a commodity increases the marginal utility. For example the number of telephone increase in the city, but the utility of our telephone increases. 8. STATE OF MIND SHOULD NOT CHANGE :-  If a consumer has been told that  mango  is a tonic for his health, then marginal utility will increase instead of falling. EXCEPTIONS OR LIMITATIONS 1. DESIRE OF MONEY :-  This law is not applicable in case of money with an increase in wealth man wants to get more and more. 2. DESIRE OF KNOWLEDGE :-  Some experts say that man wants to get more and more knowledge so the law can not be applied in this case. 3. USE OF LIQUOR :-  With the additional use of liquor like wine marginal utility also goes on increasing. 4. PERSONAL HOBBY :-  In case of hobby also this law can not operate. For example , as the collection of tickets increases, its utility also increases. 5. FASHION :-  Utility also depends upon fashion. If the fashion of any commodity changes, its utility drops down to zero. On the other hand if fashion exists then utility increases. Ques No 9. Describe how Marginalism, Opportunity cost Incremental concept aid Decision Making. The marginalist explanation is as follows: The total utility or satisfaction of water exceeds that of diamonds. We would all rather do without diamonds than without water. But almost all of us would prefer to win a prize of a diamond rather than an additional bucket of water. To make this last choice, we ask ourselves not whether diamonds or water give more satisfaction in total, but whether one more diamond gives greater additional satisfaction than one more bucket of water. For this marginal utility question, our answer will depend on how much of each we already have. Though the first units of water we consume every month are of enormous value to us, the last units are not. The utility of additional (or marginal) units continues to decrease as we consume more and more. Economists believe that sensible choice requires comparing marginal utilities and marginal costs. They also think that people apply the marginalism concept regularly, even if subconsciously, in their private decisions. In southern states, for example, a much lower fraction of people buy snow shovels than in northern states. The reason is that although snow shovels cost about the same from state to state, the marginal benefit of a snow shovel is much higher in northern states. But in discussions of public-policy issues, where most of the benefits and costs do not accrue to the individual making the policy decision (e.g., subsidies for  health care), the appeal of total utility and intrinsic worth as the basis for decision can mask the insights of marginalism. Even good answers to certain grand questions give little guidance for rational public policy choices. For example, what is more important, health or recreation? If forced to choose, everyone would find health more important than recreation. But marginalism suggests that our real concern  should be with proportion, not rank. Finding health in total to be more important than recreation in total does not imply that all diving boards should be removed from swimming pools just because a few people die in diving accidents. We need to compare the number of lives saved from fewer diving accidents, that is, the marginal benefit of getting rid of diving boards, with the pleasure given up by getting rid of diving boards, that is, the marginal cost of getting rid of

Hosting a Successful Barbecue (Actually a Beer-B-Q) :: Free Expository Process Essays

How to Host a Successful Beer-B-Q Beer-B-Q's are great fun. They're like a mix between a full-blown keg party and a quiet barbecue. Beer-B-Q's are more relaxed than a keg party, with great food, but they're more fun than a simple barbecue. And throwing a great Beer-B-Q is much easier than you may think. First, a good location is a must. A secluded backyard is preferred, especially if it's big and has a deck and a pool or spa. However, a public park that has grills, and where alcohol is allowed, can work as well, but keep the noise level down to avoid any law enforcement attention. Second, you need good weather, so plan your Beer-B-Q for sometime between late May and early September for the best weather in this area. Memorial Day to Labor Day is always a good bet for the perfect Beer-B-Q season. Now that you've picked a date and have your location, the real preparation begins. Okay, first major step is food. Make sure to account for any vegetarians in your group of friends. Boca Burgers or GardenBurgers are good choices for vegan and vegetarian party guests, as both products are made with no animal products. Now, for the real carnivores you're sure to invite, keep your patties at or above a quarter pound size. Even more important than that, however, is the fat content of your patties. Get 98% Fat Free or better patties. Why? We don't care about watching waistlines! However, most of the fat in a patty gets burned off on the grill, shrinking the overall size of the patty. So a 98% Fat Free quarter-pound patty is going to be bigger than a regular quarter-pound patty. I hope that makes sense. Hot dogs are also always a good bet, and Oscar Mayer and Ballpark are perennial favorite brands. Be sure to have plenty of condiments, chips, salad or fruit, and soda for the underage or designated driver guests. Next up is music. Get a stereo. If you're lucky enough to be throwing the Beer-B-Q at a house with those neat outdoor speakers hooked up to the indoor stereo, you're probably set. Otherwise, get your hands on a 3-Disc or 5-Disc portable CD player with speakers that detach from the main unit. You won't have enough outdoor electrical outlets for a component system, so leave the big boy at home. As for music itself, keep it mixed up.

Figurative Language in Night

The Holocaust made an impact on everybodys lives but Eli Wiesel has a one of a kind story. In the novel Night written by Eli Wiesel he shares to everybody about the hardships in concentration camps as a young boy. He describes some of the horrible events using fgurative language to clearly show his experiences in the Holocaust. Eli uses ‘night' to convey the horrors he witnessed around him when the prisoners are on the freezing cattle cars and also his first day in the camp.Eli uses figurative language to create a better image in your mind about what he is talking about. For example when the prisoners are on the cattle car during the freezing winter Eli mentions, â€Å"The night was growing longer, never ending† (98). Eli isn't Just saying that the nights are longer in time he is implying that the hardships he is going through are getting worse and longer. Everyone at times cannot express an event without using figurative language.For instance when Eli first arrives at t he concentration camp he sees things that he will never get out of his mind. â€Å"Never shall I forget that night, the first night in camp that turned my life into one long night† (34). Here Eli is using â€Å"night† as all the hardships nd he states that his life is â€Å"one long night. † While all of the prisoners were treated like animals and forced to fit into cattle cars, Eli says â€Å"The days resembled nights and the nights left in our souls†(100).Eli is stating how the horrors everybody is experiencing are never ending and also never- ending in their souls. Throughout Eli's story he frequently uses ‘night' in his figurative language to create an image of what all of the prisoners went through. The Holocaust changed lives all across the world showing that people will do horrible things and it also shows how strong people really are.

Firearms For Security

Among small arms, the RIFLE and shotgun are both long-barreled weapons used for long-range shooting; the PISTOL has a shorter barrel and is accurate only at relatively short ranges. The REVOLVER, usually a pistol, has a revolving cylinder that allows repeat firing. The precise origin of firearms is unknown, although they were certainly in use by the early 14th century and were fairly common in Europe by mid-century. These early guns were little more than large-caliber tubes of wrought iron or cast bronze, closed at one end and loaded by placing GUNPOWDER and projectile in the muzzle, or open end. They were fired by touching a burning wick, or match, to the powder at a â€Å"touch-hole† bored in the top of the barrel. To make certain that the powder would ignite, a recess was incised around the hole into which additional powder–the primer–was pouredSmoothbore muskets were notorious for their short range and poor accuracy. Seeking to improve performance, gun makers etched spiral grooves, or rifling, inside the musket barrel. The grooving imparted a spin to the projectile, thus stabilizing its trajectory. Rifles became popular with hunters in both Europe and America, but they were impractical for most military uses because they were difficult to load. In 1849 the French army captain Claude Minie invented the conical minie ball, which was easily dropped down the barrel of a rifled musket but expanded to engage the rifling when the weapon was fired. Rifles using expandable bullets had four times the range and accuracy of the smoothbore musket. Hunting is the stalking, pursuit, and killing of game animals or birds. Humans hunting for sport enjoy the excitement of these activities. Modern sport hunters may use the modern technology of a high-powered, telescopically aimed rifle or may approximate the conditions of their primitive ancestors and use a bow and arrow. They may also be assisted by animals such as dogs and horses. Humans have hunted for food for thousands of years. Hunting exclusively for sport, however, is a comparatively recent development. For both the North American Indian and the early colonists hunting provided a cheap and seemingly limitless food supply. As the eastern coast of the continent was settled, predators were eliminated because they posed a threat to domestic livestock. Forests were cleared for fuel and farming, and many species were depleted or disappeared. Eventually a series of reforms was enacted to save game throughout the United States. The time of year when game could be taken was limited. Licensing was required, with the funds raised from the sale of licenses going to support state game departments. The numbers of animals that one person could take in a season were also restricted. In addition, large parcels of land were set aside in the national park system in which hunting was prohibited. These measures have been effective in preserving wildlife resourcesHunting in the United States can be classified into one of five types: big game–bears, cougars, wolves, and the large ungulates such as deer, elk, antelope, moose, and wild sheep and goats; waterfowl–ducks and geese; upland game birds–turkeys, grouse, and pheasants; small game–squirrels and rabbit; and varmints–pest species unprotected by game laws. Hunters use shotguns when pursuing small game or birds in flight and use rifles for larger quarry. A hunter may either still hunt–sit and wait for game–or stalk the prey–approaching within shooting range undetected. In a drive, beaters alarm concealed animals, which, as they leave their hiding places, pass waiting hunters. Other less frequently used ways of taking game include bow and arrow, traps, spears, blowguns and boomerangs. In the United States about 16 million hunting licenses are purchased each year. The number of individuals who hunt is estimated to be slightly larger. Hunting in all it forms is a subject of controversy in the United States. Critics of hunting range from ANIMAL RIGHT activists–who oppose all hunting on principle–to those whose objections concern the competence and conduct of hunters. The latter claim that hunters violate game laws, trespass, kill livestock, damage property, and endanger human life with the careless use of firearms. Proponents of the sport maintain that hunters play a significant role in conservation and game control, as well as being a source of revenue for wildlife management services. They further contend that hunting is a safe activity because of safety classes, the wearing of â€Å"safety† orange (required in 41 states in the early 1990s), and the increasingly stringent licensing requirements mandated by state game departments.