Economics Questions and Answers on Resources and Profit

Economics Questions and Answers on Resources and Profit Assignment Questions: 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 (25 marks) Question 2: 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) Question 1: A. Allocative Efficiency and Perfectly Competitive Market B. Allocative Efficiency and Monopoly Question 2 (a): A. Perfect Competition B. Monopoly C. Monopolistic Competition Question 2 (b) A. Transaction Motive B. Precautionary Motive C. Speculative Motive Referencing List of Figures (Jump to) Figure 1: Pure Competition MSC MSB Curves Figure 2: Consumer Surplus Producer Surplus Figure 3: The short run and long run in perfect competition Figure 4: The short run and long run monopoly market Figure 5: The short run and long run monopolistic competition Figure 6: Money Demand Curves (liquidity preference theory) 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 (25 marks) A. Allocative Efficiency and Perfectly Competitive Market Allocative Efficiency occurs when it is not possible to reallocate resources in order to make someone better off without making at least another person worse off. It arises where: Marginal Social Cost (MSC) = Marginal Social Benefit (MSB). The MSC refers any extra cost to society of producing one more unit of output. The law of diminishing returns implies that MSC will be upward sloping. On the other hand, the MSB is any extra benefit to society of producing one more unit of output. The law of diminishing marginal utility implies that MSB will be downward sloping. For example: If the 20th unit of output is produced, then it costs the society $10, but yields a benefit of $20. Thus, the society’s welfare increases by $10 (i.e. MSB – MSC). Since MSB is greater than MSC, people is better off. On the contrary, it is not in the society’s interest to produce the 40th unit. In perfect competition, both consumer surplus and producer surplus is maximised (as illustrated by figure 1), where the price is equal to the marginal cost. The consumer surplus is the total net benefit enjoyed by all consumers buying the product. For instance, a consumer paying $20 for a product whose market price is $15; thus enjoying the benefit of $5 ($20 $15 = $5). Producer surplus is the difference between the market price the producer receives and the marginal cost of producing this unit. Demand curves measure the maximum price that consumers are willing to pay for a given quantity of a good. Hence, the demand curve is a measure of marginal benefit (or marginal utility) to the consumer. Therefore, in absence of externalities, MSB = D = P. In perfectly competitive market, the supply curve is a measure of the marginal cost in the industry. In the absence of externalities, MSC = S = MC. Therefore, an efficient allocation of resources under perfect competition happens when price equals to marginal cost, i.e. P = MC, in the short and long run. B. Allocative Efficiency and Monopoly Monopoly market structure is one of the major sources of market imperfections. A monopoly is having one firm producing and selling a product with the existence of barriers to entry. A monopolist is a price taker. The monopolist can set the price or the output, but not both. They can even earn abnormal profits at the expense of efficiency and welfare of consumer and society. Since price is higher than marginal cost, this will lead to a loss of allocative efficiency and a failure of the market. In fact, the monopolist is extracting a price from consumer that is higher than the cost of resources required. Thus, at price Pm, the monopolist is charging a higher price and restricting output to Qm, whereby capturing a portion of the consumer surplus. Under monopoly, there is a portion (triangle ABC) where both the consumer surplus and producer surplus are recovered. This is known as â€Å"deadweight loss†. Figure 2: Consumer Surplus Producer Surplus Imperfections in the market leads to misallocation and underutilisation of resources and reduction in consumer surplus since price is greater than marginal cost, i.e. P > MC. But imperfections in market do have some benefits such as: Monopolist are supplying products on a very large scale, thus they may be in a better place to exploit increasing returns to scale leading to a fall in average total costs of production. This reduction in costs will lead to an increase in monopoly profits, but some gains in productive efficiency may pass onto consumer in the form of lower prices. Earning abnormal profits in the long run may lead to faster rate of technological development thereby reducing costs and producing of better quality. Supernormal profits may be used to invest in research and development programmes that have the potential to bring dynamic efficiency gains to consumers in the markets. Question 2 (a): Explain what is meant by normal and abnormal profit and when such profits might occur? (12 marks) Normal profit is the minimum level of profit that a company needs to remain competitive in the market. If firms in an industry are making normal profit, then there is no reasons for them to leave or for other firms to join the industry. Normal profit occurs when revenue equals cost. Abnormal profit (or super normal profit) is profit in excess of normal profit. If firms in an industry are making abnormal profit, then there is a reason for other firms to join the industry if they can. Abnormal profit occurs when the revenue is greater than the costs. A. Perfect Competition In the short run, firms can make abnormal profits or losses, whereas they can only make normal profits in the long run, as illustrated below: Figure 3: The short run and long run in perfect competition B. Monopoly Monopolies can earn abnormal profits in the short run and in the long run due to the existence of strong barriers to entry. Figure 4: The short run and long run monopoly market C. Monopolistic Competition Monopolistic competition involves many sellers with differentiated products, e.g. shoe producers or restaurants. In the short run, firms can make abnormal profit whereas in the long run, other firms will be attracted by the abnormal profits causing firms’ demand to fall until only normal profits are made. Figure 5: The short run and long run monopolistic competition As a conclusion, if firms are making abnormal profits, other firms will be attracted by such profit, and will try to enter that particular market to reap some of that profits. As a result, firms in perfectly competitive market and monopolistic competitive market will enjoy normal profit with the entrance of new firms in the long run. On the other hand, firms in monopoly market will enjoy abnormal profits both in the short run and in the long run due to the existence of strong barriers to entry. Question 2 (b) Discuss the three reasons as to why people demand money, according to the liquidity preference theory (13 marks) According to Keynes’ Liquidity Preference theory, people demand moneyand hold their wealth in monetary form because of the following three main reasons: A. Transaction Motive Day-to-day transactions are performed by both individuals and firms. An individual person holds cash in order to meet his/her daily expenditures. Business holds cash to meet its current needs such as payments of raw materials, etc†¦ Therefore, we can say that money needed by consumers, businessmen and others, is known as the demand for money for transactions motive. This demand depends upon the following: Size of the income: If income is high, more will be available for daily transactions and vice versa. Time gap between receipts of income: If a person gets his pay daily, he/she will demand less cash and vice versa. Spending habit: If a person is spent a lot, he/she will do more transactions and thus will demand more money. B. Precautionary Motive Precautionary motive for holding money refers to the desire to hold cash for unforeseen contingencies such as illness, accidents, unemployment, etc Business keeps cash reserve to safeguard their future. This type of demand for liquidity is called demand for precautionary motive. This demand depends upon many factors: Size of the income: If a person earns a high income, he/she will demand more money for safeguarding his future. Nature of the person: Some persons are optimistic, i.e. they anticipate less of future risk and danger, and hence they will demand less money for precautionary motive. On the other hand, pessimistic persons foresee dangers, calamities, and emergencies in the future, and hence, they want to have more cash with them. Farsightedness: They are persons who can proper guess of the future, and thus they will keep more money (in cash) with then in case of more emergencies expectation and vice versa. C. Speculative Motive The speculative motive relates to the desire to hold cash and take advantage of future changes in the rate of interest or bond prices. For instance, if the price of bond is expected to rise, meaning the rate of interest is expected to fall, then people will buy bonds and sell later when the price rises, and vice versa. According to Keynes, â€Å"the higher the rate of interest, the lower the speculative demand for money and vice versa†. Figure 6: Money Demand Curves (liquidity preference theory) Keynes hold that the transaction and precautionary motives are completely interest inelastic, whereas the speculative demand for money is a smooth curve which slopes downward from left to right, as illustrated in above figure. References GILLESPIE, A (2001) Advanced Economics through Diagrams. [Online] 2nd Ed.  UK: Oxford University Press. Available from: https://books.google.mu/books?id=vR-cjX2e-bkCpg=PA33dq=normal+and+abnormal+profithl=ensa=Xei=Wi4EVfKiCcH5UISKhLAIved=0CBMQ6AEwAA#v=onepageqf=false  [Accessed: 14th March 2015] ECONOMICS ONLINE (2015) Barriers to entry [Online] Available from:  http://www.economicsonline.co.uk/Business_economics/Barriers_to_entry.html  [Accessed: 14th March 2015] ECONOMICS.HELP (2012) Barriers to entry [Online] Available from:  http://www.economicshelp.org/microessays/markets/barriers-entry/  [Accessed: 14th March 2015] GOVT. T.ROMANA COLLEGE Keynes’ Liquidity Preference Theory of Interest [Online] Available from: http://www.trcollege.net/study-material/24-economics/40-keynes-liquidity-preference-theory-of-interest [Accessed: 17th March 2015] INVESTOPEDIA (2015) Liquidity Preference Theory [Online] Available from:  http://www.investopedia.com/terms/l/liquiditypreference.asp [Accessed: 17th March 2015] ECONOMICS ONLINE (2015) Money and Monetary theory [Online] Available from:  http://www.economicsonline.co.uk/Global_economics/Money_and_monetary_theory.html [Accessed: 17th March 2015] TUTORS2U.COM Liquidity Preference Theory [Online] Available from:  http://www.tutors2u.com/rte/File/Economics/LIQUIDITY PREFERENCE THEORY.pdf [Accessed: 17th March 2015] MOSCHANDREAS Maria (2000), Business Economics.  Cengage Learning EMEA HOAG, Arleen J. and HOAG John H. (2006) Introductory Economics [Online]  World Scientific. Available from: https://books.google.mu/books?id=-2AcaoqC-28Cdq=efficient+allocation+of+resources+in+perfect+competition+market+and+monopolysource=gbs_navlinks_s  [Accessed: 1st April 2015] SEXTON Robert (2015) Exploring Economics [Online] 7th Ed.  Cengage Learning. Available from: https://books.google.mu/books?id=YDdBBAAAQBAJdq=efficient+allocation+of+resources+in+perfect+marketsource=gbs_navlinks_s  [Accessed: 1st April 2015] MANKIW N. (2014) Principles of Economics [Online] 7th Ed.  Cengage Learning. Available from: https://books.google.mu/books?id=K-jKAgAAQBAJdq=efficient+allocation+of+resources+in+perfect+marketsource=gbs_navlinks_s [Accessed: 1st April 2015] BAUMOL W. and BLINDER A. (2015) Microeconomics: Principles and Policy [Online] 13th Ed. Cengage Learning. Available from: https://books.google.mu/books?id=XwW0BAAAQBAJdq=efficient+allocation+of+resources+in+monopolysource=gbs_navlinks_s  [Accessed: 1st April 2015] TUTORS ON NET (2007-2014) Resource Allocation under Monopoly [Online]. Available from: http://www.tutorsonnet.com/monopoly-resource-allocation-homework-help.php  [Accessed: 1st April 2015] BYU IDAHO Economic Principles and Problems – Micro [Online]  Available from: https://courses.byui.edu/econ_150/econ_150_old_site/lesson_08.htm  [Accessed: 1st April 2015] KIRZNER Israel M. (2007) Market Theory and the Price System [Online]  Ludwig von Mises Institute. Available from: https://books.google.mu/books?id=h68AKS010W0Cdq=efficient+allocation+of+resources+in+monopolysource=gbs_navlinks_s [Accessed: 1st April 2015] OHRI VK and JAIN TR, Principles of Microeconomics [Online]  FK Publications. Available from: https://books.google.mu/books?id=geSOZshzNt0Cdq=efficient+allocation+of+resources+in+perfect+competition+market+and+monopolysource=gbs_navlinks_s  [Accessed: 1st April 2015] LIPSEY Richard G. and HARBURY Colin (1992) First Principles of Economics [Online]  Oxford University Press. Available from: https://books.google.mu/books?id=cV0EZuJxod8Cdq=efficient+allocation+of+resources+in+perfect+competition+market+and+monopolysource=gbs_navlinks_s  [Accessed: 1st April 2015]  MISSOURISTATE.EDU Monopoly and Perfect Competition Compared [Online] Available from: http://courses.missouristate.edu/ReedOlsen/courses/eco165/Notes/pc-m.htm  [Accessed: 1st April 2015] ECONOMICS.HELP (2012) Diagram of Monopoly [Online] Available from: http://www.economicshelp.org/microessays/markets/monopoly-diagram/  [Accessed: 2nd April 2015] TUTOR2U Potential benefits from monopoly [Online] Available from: http://www.tutor2u.net/economics/content/topics/monopoly/benefits_of_monopoly.htm  [Accessed: 2nd April 2015] ECONOMICS.HELP (2012) Advantages of Monopoly [Online] Available from: http://www.economicshelp.org/microessays/markets/advantages-monopoly/  [Accessed: 2nd April 2015] TUTOR2U (2004) Perfect Competition [Online] Available from: http://www.tutor2u.net/economics/revision_focus_2004/A2_Perfect_Competition.pdf  [Accessed: 2nd April 2015] TRIPLE A LEARNING Efficient Allocation of resources [Online] Available from: http://www.sanandres.esc.edu.ar/secondary/economics packs/microeconomics/page_117.htm [Accessed: 2nd April 2015] TUTOR2U (2012) Perfect Competition – Economics of Competitive Markets [Online] Available from: http://tutor2u.net/economics/revision-notes/a2-micro-perfect-competition.html [Accessed: 2nd April 2015] TUTOR2U (2012) Monopoly Economic Efficiency [Online] Available from: http://www.tutor2u.net/economics/revision-notes/a2-micro-monopoly-economic-efficiency.html [Accessed: 2nd April 2015] YOUR ARTICLE LIBRARY.COM (2015) Resource Allocation: it’s Meaning, Monopolistic, Oligopoly Competition and Resource Allocation [Online]. Available from: http://www.yourarticlelibrary.com/economics/resource-allocation-its-meaning-monopolistic-oligopoly-competition-and-resource-allocation/28945/ [Accessed: 2nd April 2015] YOUR ARTICLE LIBRARY.COM (2015) The Demand for Money: The Classical and the Keynesian Approach Towards Money [Online]. Available from: http://www.yourarticlelibrary.com/economics/money/the-demand-for-money-the-classical-and-the-keynesian-approach-towards-money/10987/ [Accessed: 2nd April 2015] EXPERTSMIND.COM (2012) Keynes Interest Theory [Online] Available from: http://blog.expertsmind.com/2012/03/ [Accessed: 2nd April 2015]

Neurological Effects of Fos B Gene on Behavior of Mice Essay -- Biolog

The purpose of this study is to gain an understanding of the fos B gene and it's neurological effects on the behavior of mice through the analysis of "A Defect in Nurturing in Mice Lacking the Immediate Early Gene fos B" appearing in the July 26 issue of Cell. Through various chemical and behavioral tests it is found that fos B mothers demonstrate an inability to nurture their young. It was shown that the lack of expression of the fos B gene in certain areas of the brain was the probable cause of the lack of the nurturing response in the mutant mice. Background Immediate Early Genes (IEGs) When the central nervous system of an organism receives a stimulus, such as light, visual images, odors, etc., programs of gene expression are initiated. This expression of genes can start within minutes of receipt of the stimulus, and last for many hours in certain parts of the brain. The very first genes to be expressed are called the Immediate Early Genes. These genes can be transcribed almost immediately without the formation of new proteins. fos B: A Member of the fos Family The fos B gene belongs to a group of genes known as the fos family. The fos family has four members: c-fos, fos B, fra-1, and fra-2. The members of the fos family work in conjunction with a group called the Jun family. The protein that is produced as a result of fos gene expression can be dimerized with Jun prodeits utilizing a leucine zipper domain. This unit then binds to a certain region of DNA. The fos family of genes are expressed during a variety of adaptive neural responses. It has been found that fos related proteins are activated in areas of the nervous system that are needed for nurturing behavior. Creating a fos B lacking Population In or... ...e results of these tests point to a defect in a region of the brain that is specific for nuturing. So, areas of the brain were fos B was expressed were analyzed. It was seen that the fos B gene was expressed in the preoptic area of the hypothalamus and in the main and accessory olfactory bulbs, as well as the pyriform cortex. All of these areas have been shown, in previous studies, to be related to the nuturing response. As a result, the lack of expression of the fos B gene is directly related to the lack of nuturing behavior in mutants, probably due to a lack of gene expression in one, or more of these areas. Bibliography 1. Brown, J.R., Ye, H., Bronson, R. T., Dikkes, P., Greenberg, M. E. "A Defect in Nurturing in Mice Lacking the Immediate Early Gene fosB." Cell 86 (1996): 297 - 309. 2. Cohen, John. "Does Nature Drive Nurture?" Science 273 (1996): 577

The Effect of Deforestation to Human Lives

Deforestation is increasing as a global concern. In recent years deforestation has risen to dangerous levels. This reason is mainly due to the fact that most people have no idea what deforestation is. This lack of education has caused many changes in the global economy. The concerns no longer center on deforestation but in the effects it will have in our environment in the future. This issue has sparked national attention. It has caused a chain of recent plans and policies to be introduced. Also it has brought us together as a nation to fight a common problem. Deforestation is the clearing the land of forest or trees. Many people do not even know that this problem exists, although it may be occurring right in their own neighborhoods. The causes of deforestation are broad. It used to be thought that the lumber industry was much to blame, when in fact the industry is very low. Most of the land was used for various other reasons such as building and agricultural expansion. The land is used for growing crops and livestock grazing. In many cases the ?  §Slash and Burn? method is used. This is where the farmers cut down and burn forests to get to the land that is feasible for farming. Most of the tropical soils are very poor in nutrients and can only support crops for a few years. When the soil has been exhausted it is either abandoned or turned over for livestock grazing. The effects of deforestation on the environment are numerous. The reduction of forests upsets the entire ecological cycle. The forests are home to a number of plants and animals. When a forest is cut down, the whole cycle suffers. Most of all the forests act as a carbon ?  §sink?. That is they help to take in carbon, a green house gas, and offset its effect on the atmosphere. Also trees and plants on a forest can help to supply an alternative source of fossil fuels. Tree planting is also good for urban development. They help with heating and cooling costs to be lowered. There is evidence from the UN sponsored Intergovernmental Panel on Climate Change (IPCC) that came out in 1990. This organization records the change of climate control and has the best of these fields working for it. It predicted that if our economy keeps releasing emissions as we are that our annual temperature would increase at 0. degrees per decade over the next century. This is beyond what the earth has experienced over the past 10,000 years? (Muller Introduction). We currently are increasing at a rate of 0. 5 percent per year. To get these levels back to normal we would have to have a cut in emissions by over 60%worldwide. The greatest producer of these carbon gases is the burning of fossil fuels. ? § With just 5% of the worlds population, the United States currently accounts for 20%of both total warming commitment and carbon dioxide emissions? (Muller Intro. ). Congressional concern over ways to reduce deforestation has grown. They center mostly on developing countries where the deforestation is most rapid. Many new plans and programs are being introduced to help aid with the issue. The major organizations working on deforestation are: the Tropical Forestry action Program, the International Tropical Timber organization, the United Nations Conference on Environmental and Developmental Forest Principles and Agenda 21 chapter on forests, the U. S. Forests For the Future Initiative, and the World Bank. Some of these are centered strictly in tropical deforestation. The Tropical Forestry Action Program (TFAP) was started in June of 1985. Its purpose was to slow down the tropical deforestation and help countries develop plans to help with their management of such issues. It was a correlation of the World Resources Institute, the World Bank, the United Nations Developmental Program and work by the UN Food and Agricultural Organization (FAO). The program is developed to help aid tropical countries in the reduction of deforestation. Currently 90 developing countries are participating-38 African countries, 20 in Asia and the Pacific, and 32 in Latin America and the Caribbean. (Fletcher, Lyke 6) The objectives of the plan are as follows. They plan center on five major issues in tropical countries. These were defined by the 1987 TFAP. „h Forrest in land uses. Action is this area is at the interface between forestry and agriculture and would aim at integrating forestry into agricultural systems in order to conserve the resource base for agriculture, and, in general, achieve a more rational use of the land. h Forest based Industrial Development. Planning in this area would promote appropriate forest-based industries, reduce waste, and develop the marketing if forest industry products. Fuelwood and energy. Action in this area would aim at restoring fuelwood supplies in the countries affected by shortages through foreign assistance and support for national fuelwood and wood energy programs, development of wood-based energy systems for rural and industrial development, regional training and demonstration, and intensification of research and development. h Conservation of tropical forestry ecosystems. Action planned in this area would aim at conserving, managing and utilizing tropical plants and wild animal genetic resources through the development of national networks of protected areas, the planning, management and development of individual protected areas, and research into the management of tropical forests for sustainable production. „h Institutions. Goals would be actions to remove the institutional constraints impeding the conservation and wise use of tropical forest resources by strengthening public forest administration and related governmental agencies, to integrate forestry concerns into developmental planning, providing institutional support for private and local organizations developing professional, technical and vocational training, and to improve extension and research. (Fletcher, Lyke 6-7) The funding for the project is provided by governmental and private sources. It plans on spending roughly eight billion dollars over the next five years (1985-1991). It would be divided among the five areas just mentioned. There have been numerous criticisms about the plan. Mostly it has been that it is on the fact that it is concentrating mostly on the deforestation factor and failing to recognize other environmental issues. It has been said to isolate groups of people. Also, they fail to get to the real source of deforestation, which to some, are things such as over population and poverty. They say that it doesn? t give any incentives or sanctions. Although this centers more on the tropical regions, there are also many other plans to help out in our areas. The easiest way to combat deforestation is through reforestation. This is, planting new trees. This does not mean just going out and planting seeds, but actually planting grown trees. There needs to be educated environmentalist who know what they are doing to plant these trees. We can not just go and place them anywhere and expect then to work to their potential. They need to be strategically placed in areas where they can work the best that they can. This is not to say that everyday people can? t help. We can definitely all try. By planting a tree we can do our best, while making the world a more beautiful place. Deforestation is an increasing global concern. In recent years it has risen to dangerous levels. This is due to the fact that many people do not even know what it is. This lack of education has caused the problem to get to intense levels before there has been any plans to reverse its effects. Its effects are effecting the whole ecological cycle, and if not dealt with could lead to an ecological disaster. Although there are many companies out there to try and solve this problem, many people have a common misconception. They believe that we could all just plant trees, and save the world. Although tree planting would be great that is not true. There needs to be the right trees planted in the right areas, where they can work to their highest potential as carbon sinks. This way they can help to reduce carbon in the atmosphere, while looking beautiful. Wouldn? t it be nice if we could just have a world with normal carbon levels covered with beautiful trees? Personally I would rather look at a beautiful oak or maple rather than a cloud of smog. So, in conclusion, we can all try to help, plant a tree.

One-World Government essays

One-World Government essays A one-world government consists of many elements and may be defined as an all-powerful "beast" that cannot be contained. This government, in theory, would rule over every person and control his or her thoughts and actions. Structurally, there would be the one ultimate power-holder, also known as the Antichrist to many people who believe this one-world government will occur. There are many elements and aspects that make up this theoretical government, and they all tie into one. Elements such as religious theories and perspectives, secret societies, economic globalization, and even the United Nations and its questionable intentions, all connect with each other to form the one-world government. First, religious theories come directly from the Bible and its verses. People believe that what is written in this holy book tells the future and pertains directly to the coming of the Antichrist, and therefore to a one-world government. "These are of one mind, and they will give their power and authority to the beast" (Rev. 17:12, 13). This verse from the Bible refers to the ten kings who are said to receive all power and give it to the Antichrist. This type of religious perspective plays a major role in people's belief in the one-world government. It allows those very people to spread their word about Christ, and they emphasize that everyone must hurry to accept Him so that they will not burn in eternity with the "beast" as their ruler. It is possible for the Bible to pertain to any situation; people seem to love to imagine the worst, and so they believe and spread their word about the one-world government. Second, secret societies push along the spreading of the idea with tremendous force. They focus in on certain aspects of the one-world government and make assumptions and accusations as to why situations arise the way they do. For example, an elitist group called the Illuminati has great power. It control ...

Beck Manufacturing and Plant Capacity

Beck Manufacturing and Plant Capacity Capacity planning is an important component in the operations of all contemporary organizations. It enables them to cater for the needs of the customer by avoiding shortages. The measure of capacity required to meet the future demands of a certain company has to be calculated using the resources at the disposal of the institution.Advertising We will write a custom research paper sample on Beck Manufacturing and Plant Capacity specifically for you for only $16.05 $11/page Learn More It is important to note that the estimates do not reflect the exact figures required. However, they help the management to avert any acute shortages that may occur in the future (Vonderembse White, 2013). Ratios are used in capacity planning. For example, operating ratios are used by many managers to estimate the capacity required after a specific duration of time. In this paper, a case study of Beck Manufacturing is analyzed. In the paper, the author computes the capacity of ind ividual equipment centers. In addition, the capacity of the system is determined. In addition, an analysis is provided with regards to where the focus of the company should lie if Beck wants to increase the capacity of the firm. The additional capacity that can be achieved without bottlenecks is also highlighted. Finally, the author recommends strategies through which capacity can be increased without necessarily having to acquire additional equipment. Determining the Capacity Machines and Systems Beck Company has many machines working on different operations. Each of them has a specific role to carry out in the functioning of the entire organization (Koc Ceylan, 2007). To determine output and relate it to demand in the market, it is important to calculate the capacity of these machines. It is important to note that calculating the capacity of each machine has to take into consideration the four operations of the organization (Vonderembse White, 2013).Advertising Looking f or research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Capacity of the Machine Centers Number of hours = two- 8 hours shift= 64 hours Run time per minute= 2 Number of machines =5 Reject rate= 3% Capacity of each milling machine= (2*60 hour/day) * (64+0-0 hours/day) * (1-0.02) = 7526.4/5 number of machines =1505.28. The capacity for each milling machine is 1505.28/ hour The capacity for grinding machines Number of hours = 64 hours Run time per minute = 3Advertising We will write a custom research paper sample on Beck Manufacturing and Plant Capacity specifically for you for only $16.05 $11/page Learn More Number of machines= 7 Reject rate = 5% Capacity of each grinding machine (3*60 hour/day) * (64+0-0 hours/days) * (1-0.05) = 10944/ 7 number of machines = 1563.43/ hour Capacity of boring machines Number of hours = 64 Run time per minute = 1 Number of machines = 3 Reject rate = 2 p ercentAdvertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Capacity of each boring machine = (1*60 hours/day) * (64+0-0 hours/day) * (1-0.02) = 3763.2/3 number of machines = 1254.4 /hour Capacity of drilling machines Number of hours = 64 hours Run time per minute = 2.5 Number of machines = 6 Reject rate = 7 percent Capacity of each drilling machine = (2.5*60 hours/day) * (64+0-0 hours/day) * (1-0.07) = 9896.91/ 6 number of machines = 1649.48 /hour Capacity of the System The system’s capacity is a function of the operations presented. Beck manufacturing plant has a total of four operations. The system capacity will be based on these functions. System capacity = 1505.28+ 1563.43+ 1254.4+ 1649.48 = 5972.59/4 number of operations = 1493.1475 System capacity = 1493. 1475/ hour Recommended Focus of the Company in order to Expand Capacity Expanding the capacity of the manufacturing company can be achieved through various strategies. One of them entails increasing the number of machines. It is noted that the operations that are determined or constrained by machines cannot impact on the capacity of the plant if the number of people is increased. New machines are more efficient than old equipment (Koc Ceylan, 2007). Beck, the manager of the company, can double the capacity of the current production if he chooses to increase the number of machines. The two-fold increase in capacity can be achieved if the manager doubles the current number of machines. For example, if he chooses to have five new milling machines, he will increase the number to 10. The current productivity will be doubled in the process. Consequently, the capacity of the company will rise. Increasing Capacity While Avoiding Bottlenecks Enhancing the capacity of operations is associated with a number of challenges. They include increased operational costs and the need to retrain employees (Somers Nelson, 2003). As already indicated above, Beck can double the capacity of the company. However, he should avoid causing a bottleneck in one operation in the proc ess of increasing capacity. The manager can achieve this by ensuring that the increase in the number of machines is done uniformly in all operations. Expanding the Capacity without Purchasing New Equipment The proposed method of expanding the capacity of the company requires the company to purchase new equipment. The acquisition process increases costs of production for the company (Stevenson Sum, 2010). However, it is possible to increase the capacity without necessarily having to buy new machines. Beck can achieve this by repairing the old machines to increase their efficiency. The reject time in the old equipment may be brought about by wear and tear (Somers Nelson, 2003). Repairing them will help in increasing efficiency. Consequently, the capacity of the manufacturing company will be expanded without the need to purchase new machines. References Koc, T., Ceylan, C. (2007). Factors impacting innovative capacity in large-scale companies. Technovation, 27(3), 105-114. Somers, T ., Nelson, K. (2003). The impact of strategy and integration mechanisms on enterprise system value: Empirical evidence from manufacturing firms. European Journal of Operational Research, 146(2), 315-338. Stevenson, W., Sum, C. (2010). Operations management: An Asian perspective. Singapore: McGraw-Hill/Irwin. Vonderembse, M., White, G. (2013). Operations management: Concepts, methods, and strategies. San Diego, CA: Bridgepoint Education, Inc.

Effectiveness Of E-Learning Tools In Organisations Dissertation

Effectiveness Of E-Learning Tools In Organisations - Dissertation Example The purpose of the study is not to examine the psychological factors pertaining to a like/dislike of technology that would be present on a personal level among employees of any industry. It is to examine the particulars of the implementation of e-learning management which may be addressed through a change in strategy, approach, and program design, to provide further motivation for employees to avail of e-learning facilities in companies that most require them. The methodology involves survey by questionnaire and a case study illustrating the successful implementation of an e-learning initiative, and why employees would find certain methods and approaches preferably. Results show that despite the preference for digital communications, learners would prefer face-to-face communications rather than written, and are optimistic about the eventual results of their participation in e-learning programs. The greatest barrier to e-learning remains the resistance of the employees where it still exists, but this does not seem to be prevalent. The case study provides a successful example of e-learning application in an open network where the exchange of information through workplace learning appears highly effective. Table of Contents Abstract 2 Chapter 1: Introduction 7 1.1 Chapter Overview 7 1.2Background of the Problem 7 1.3 Statement of the Problem 8 1.4Research questions 8 1.5 Significance of the research problem 9 1.6 Scope and delimitation of the study 9 Chapter 2: Literature Review 10 2.1 Chapter Overview 10 2.2 Definition and taxonomy 10 2.3 Impact of e-learning in organisations 11 2.4 Internal marketing: How the e-learning is communicated & promoted within organisations 13 2.5 Theoretical framework 17 2.6 Synthesis and relation of literature review to the research study 18 Chapter 3: Methodology 20 3.1Chapter Overview 20 3.2Research strategy 20 3.3 Research design 21 3.4 Data description 21 3.5Population and sampling method 22 3.6Data gathering instrument 22 3.7 An alysis 23 3.8 Ethical considerations 25 Chapter 4: Discussion 26 4.1 Chapter Overview 26 4.2. Respondent Profile 26 4.2.1 According to age 26 4.2.2 According to gender 27 4.2.3 According to highest educational attainment 29 4.2.4 According to length of service 30 4.3 Factors affecting e-learning 31 4.3.1 Respondents from BPO firms 32 4.3.2 Respondents from IT firms 33 4.4 Contribution of internal communications to e-learning effectiveness 34 4.4.1 Respondents from BPO firms 34 4.4.2 Respondents from IT firms 35 4.5 Impact of e-learning 36 4.5.1 Respondents from BPO firms 37 4.5.2 Respondents from IT firms 38 4.6 Barriers to effective e-learning 39 4.6.1 Respondents from BPO firms 40 4.6.2 Respondents from IT firms 41 4.7 T-test results 42 4.7.1 Factors affecting e-learning 43 4.7.2 Contribution of internal communications to e-learning 44 4.7.3 Impact of e-learning 44 4.7.4 Barriers to e-learning 45 4.7.5 Case study of a strategic application in an actual case involving an IT company 45 Chapter 5: Conclusion 51 5.1 Summary of findings 51 5.1.1 Factors that contribute most to the successful implementation of e-learning in the organization.

Ecosystem Components Essay Example | Topics and Well Written Essays - 750 words

Ecosystem Components - Essay Example The sustenance of this park depends on the cooperation of people living in the area, and the activities of the government to protect it (Boarman & Coe, 2002). This paper will examine the characteristics of this ecosystem, and the plans that are in place to ensure that it continues to sustain life in that area. The major structural and functional dynamics The massive dry land that is the Mojave Desert makes the Joshua Tree National Park a beautiful sight. This area is the special habitat for the Joshua Tree, which is also known as Yucca brevifolia. Geological displays, such as hills of unadorned rock, are also part of this environment. The functional dynamics of the ecosystem border on the competitiveness of the living things in the habitat. Living things, for example plants, have to be competitive in their quest to retrieve sunlight. Over some time, the plants in this area have to adapt to the environment to reduce their exposure to sunlight. It is through this adaptation that they a re becoming a part of the ecosystem’s food chain. Ravens stand out with an increase in population in the ecosystem. An imbalance in such may lead to an alteration in the ecosystem’s food chain as there might start being a decrease in the tortoise population (Fontaine et al., 2011). How humans may have affected biogeochemical cycles Over the years, humans have been affecting the biogeochemical cycle that exists in this natural habitat. For instance, the driving of vehicles in this habitat at high speeds has led to the death of a number of animals, for example tortoises. The decomposition of these animals leads to the disruption of the carbon cycle that is present in the area. The carbon, phosphorus, and nitrogen cycles are affected as the decomposition of these animals tie to biological matter, causing a release of carbon dioxide gas into the ecosystem. Fires are another way in which individuals affect the ecosystem’s gas cycles. The burning of dry plants makes i t difficult for the ecosystem to sustain itself as the primary producers are being eliminated. Also, the acidic nature of the fumes released into the atmosphere in such an ecosystem may prove challenging to the phosphorus cycle that exists (Fontaine et al., 2011). How knowledge about JT National Park can help or has helped to develop plans for its management and restoration In the 21st century, it is particularly crucial for individuals to help in the restoration and management of national parks. The educational programs in institutions are being re-examined to allow different areas to bring focus to the preservation of national parks, and other natural habitats. Since parks are a place where basic biology can be observed, learners are engaged through visits on a regular basis. By understanding the dynamics surrounding the JT National Park, individuals might be keen on trying to be more cautious as they drive through the desert or its environs. The terrain may be difficult to compre hend and this makes it even more tedious in trying to educate people. However, by having the locals in that area take the initiative to act as guides, it may be possible to avoid some of the human acts that may work against nature (Boarman & Coe, 2002). Forest fires, a thing that is common, should be a thing of the past. People should become more self-aware of the threats they pose. The implication of species interactions in ecosystem management and re