Restriction on the Entry of New Firm

Restriction on the Entry of New Firm Monopoly is a single seller and large number of buyers. There is a single seller producing a commodity that has no close substitute. The monopoly market is still solely by mutually beneficial exchange of firm exist and many. Besides that, investigate the impact of a relaxation of the multiple firms assumption on equilibrium. Introduction to monopoly Monopoly is a form of market structure where there is a single seller producing a commodity that has no close substitutes. There is no difference between firm and industry and monopoly form as imperfect market. Besides that, monopoly is the sole provider of goods and services. 2.1 Characteristics of Monopoly There are some characteristics of monopoly market. One seller and large number of buyers The one of monopoly characteristic is one seller and large number of buyers is large and the size of each firm is very small. The number of buyers also large and this firm cannot influence the market price. So basically, individual firm does not bother about the reactions of the firm. Besides that, adjusts its sale to earn maximum profits and the price given under perfect competition. The demand of individual buyers relative to the total demand. And so small that cannot influence the price of the product by his individual action. Product has no lose substitutes The second characteristics is, product differentiation, there is product are close substitutes but not perfect substitutes. Its means, products are alike but not equal. For an example, Colgate toothpaste is slightly different from Darlie toothpaste. Otherwise, similarly dettol soap is different from life buoy soap. But if the buyers can find any substitutes for toothpaste and soap means, may be the differences is real or imaginary but its create attachments. Consumers prefer one product to another, under monopolistic competition. Monopoly cannot exist if there is a competition or any substitute product because consumers or buyers could not find any replacement for the product. Restriction on the entry of new firm. The third characteristics of the monopoly are, firm under monopolistic are easy to entry and leave the industry. Barriers are not entry is natural or legal restriction that restricts the entry of new firms into the industry. Hence, a firm has legal control over other firms. There is restricting competition in the market. Advertising In monopoly market, advertising is depends to the product sold. If the product is good and services means, the monopoly needs make advertisement to inform consumers on the goods. So that, its try to establish goods of its own products. By the advertising, consumers can know their selling costs. However, if the products are not luxury goods such as water service, electricity service, and local telephone service, then the seller no need to create any advertisement. This is because a lot of the buyers know that where are the places and locations to get and purchase these few products. 2.1.1 Diagram The Monopolist and Profit Maximization In the diagram, the quantity of produced and price charged has own control for both of it. That also, entire demand curve for goods and services produced. So that, it will facing a downward slopping demand curve in the diagram. Equivalently, a monopoly never operates in the inelastic portion of its demand curve. Monopolist Profit Maximization What happens if the monopolist later faces a demand curve such as D1? In that case, the monopolist cannot cover costs and will go out of business. 2.1.2 Demand, Marginal Revenue, and Elasticity http://cyro.cs-territories.com/asa2_economics/unit4/images/monopolisticcompetitionlongrun1.png In the diagram, demand curve is elastic as there many firms. So that, there is lack of close substitutes. The profits shown as abnormal where the shaded area and competitor the short run. As shown in the graph above, a monopolist facing demand curve D0 will produce quantity Q0 and the price charged will be equal to P0. 2.1.3 Conclusion All in all, monopoly have four characteristics of structure. Besides that, monopoly is the sole provider of goods and services. The monopoly market is still solely by mutually beneficial exchange of firm exist and many. 3.0 Difference between Perfect competition, monopolistic competition, oligopoly, and monopoly Perfect competition, monopolistic competition, oligopoly and monopoly have their own respectively features. Their characteristic of their four markets is not same. In monopoly, the market structure in which there is only one producer and seller for a product. Oligopoly is only few firms that make up an industry and select group of firms has control over the price. Monopoly and oligopoly has high barriers to entry. Then, monopoly structure is opposite for perfect competition. Perfect competition are has many buyers and sellers, many products that are similar in nature and there are many substitutes. 3.1 Differentiate between perfect competition, monopolistic competition, oligopoly and monopoly 3.1.1 Perfect competition Perfect competition is a market is a possible market where competition is at its greatest in possible level. The products are homogeneous and seller can easily enter and exit from their market. Number of seller and buyers Perfect competition is very large numbers of firms in the market. Perfect competition also existence of large number of buyers and sellers. There is no dominating firm and all firms are usually small and are price takers, because the individual sales volume is relatively small compared to market volume. Perfect competition also, has many buyers and sellers, many products that are similar in nature and as a result, many substitutes. This ensures that no single firm can exert market control over price or quantity. If one firm decides to double its output or stop producing entirely, the market is unaffected. The price does not change and there is no discernible change in the quantity exchanged in the market. Unrestricted to entry and exist The second characteristics of perfect competition is there are unrestricted on the entry and exist of both buyers and sellers. A firm can easily enter into perfect competition market and leave the market at any time, if that firm cannot continue the firm. The absence of such barriers does not affect the prices, and there is always a substitute for suppliers, who enters and leaves if, wants. If any losses occur the firm will exist the industry without any reason. This is important to understand the free entry and free exist is possible in the long-time firm. Homogeneous product There another condition of perfect competition is homogeneous product that is a product offer for sale by seller. It must be goods offers for sale and perfect substitutes of one another seller. One firm cannot differentiate the same products sold in the industry because buyers can identify the difference in terms of colors, quality and packing. There is mean, even though the products are same in nature but there is difference in terms of quality. Seller cannot raise the price above the prevailing price or lower the price. Homogeneity of product has an important implication for the market if products of different seller. Besides that, buyers not care who they buy from, as long as the price is same. Maximum profits In the perfect competition, profit maximization determine by the quantity of product they sell. The marginal cost by the product of a single unit of the product is equal to the marginal revenue. Total revenue and total cost approach are the profit maximization. When the cost is lowest, and then only can be maximum profit. 3.1.2 Monopolistic competition The concept monopolistic competition is more realistic than perfect competition. Monopolistic competition market each firm has its own price policy. The most things from another thing feature of monopolistic competition are the products of various firms are not identified. But they are close substitutes for each others. In the case, monopolistic and perfect competition is characteristic by the existence of sellers. The firms do not produce perfect substitutes. Otherwise, each firm has a small percentage of the total monopolistic market and thus has limited control over market price. Product differentiates. Under monopolistic competition, product differentiation may entail physical or qualities differences in the products by their selves. There output product are differentiated between which are relatively close substitutes for each other. So that, that product prices cannot be very much different from each other. Product differentiated by location, services, designs, and brand names. The firms in monopolistic competition will differentiated their products and make them more appealing to the customers in order to maximize their profits. Control over price In the short run of monopolistic competition acts like monopoly. Its can increase their prices in at time because they differentiated their product. It is a unique feature of monopolistic competition. In such type of market, due to product differentiation, every firm has to incur some additional expenditure in the form of selling cost. This cost includes sales promotion expenses, advertisement expenses, and salaries of marketing staff. But on account of homogeneous product in perfect competition and zero competition in monopoly, selling cost does not exist there. 3.1.3 Oligopoly In an oligopoly, there are only a few firms that make up an industry. This select group of firms has control over the price and, like a monopoly; an oligopoly has high barriers to entry. Main characteristic of oligopoly is interdependence of firms in the industry. Sum more, in the oligopoly market, all firms can earn abnormal profits in the long run because, the entry of new firms are difficult. Oligopoly is not like monopolistic market, because if firms change the prices or output, it has noticed effects on the sales and profits of its competitors. Small number of large firm Approaches from small number of large firm are each which is relatively large compared to the overall size of market. Under oligopoly, few firms control the overall industry and there is no specific number of firms that must control the market. Homogeneous of differentiated product Under oligopoly, when a product sold that can be either a homogeneous or a differentiated product. For example, petroleum, steel and etc. and also, oligopoly focus on goods sold. Basically, people have different wants needs and thus enjoy variety. Such as, automobiles and computers. Barriers no entry Barriers no entry is similar to monopoly market. The oligopoly firms will restrict new entry into the market. In this industry, a few huge firms own most of the available iron ore, a necessary raw material for steel production. Once the new firms are out of the market, there large firms reduce the production will increase the price. In these cases, barriers to entry are low, and it also as small investment may be required to enter the market structure. 3.1.4 Monopoly Monopoly can be considered opposite of perfect competition. It is a market form in which there are only sellers. Even though, there are many factors to rise up monopoly market. There is only one supplier; and the demand curve that individual firms face is the market demand curve. A monopoly firm is deemed to have considerable control over the price of its product. In the case a monopoly can also arise if a company owns the entire supply of a necessary material needed to produce a product. 3.1.5 Conclusion Characteristic Perfect Competition Monopolistic Competition Oligopoly Monopoly Number of firms Very Many Many Few One Type of Product Homogeneous Differentiated Homogeneous / Differentiated Only product of its kind (no close substitute) Ease of entry Very easy Relatively easy Not Easy Impossible Price Setting power Nil (Price taker) Somewhat Limited Absolute (Price Maker) Non Price Competition None Considerable Considerable for a differentiated oligopoly Somewhat Productive efficiency Highly efficient Less Efficient Less Efficient Inefficient Long run profits 0 0 Positive High Examples Doesnt Exist; agriculture close Fast Food, retails stores, cosmetics Cars, Steel, soft drinks, cereals Small town newspaper, rural gas station 4.0 Conclusion and recommendations In the whole assignments, I learned about microeconomics subject ant it is a very important subject to whom taking business course. The subject teaches every student about business skills and helps to learn about business knowledge of economics. In first question, I know the characteristics of monopoly. I also learn the differentiated of monopoly in the markets. The second question is about the differentiate between perfect competition, monopolistic competition, monopoly and oligopoly markets. From this question, I learned about the four characteristics of the markets such as the four markets are not same all the times. In spite of this assignment, I thank to my lecturer and coordinator for guide us to do this introduction to business. I appreciate from this assignment that I can know well about the business chapters. Appendix

poe :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  In Edgar Allan Poe’s works, there are many similarities between them and his life. There are plenty similarities to find when only focusing on two of his stories, The Tell Tale Heart and The Cask of Amontillado. When paying close attention, it is easy to notice the similarities and differences between Poe‘s life and his stories..   Ã‚  Ã‚  Ã‚  Ã‚  The first topic to be discussed will be the similarities between the two tales. In both of the stories the murderers knew the men that they killed. Also, in both stories the murderers hid the body of the victim. An important factor in a tale about murder, is that the killer has a motive to commit the crime. There are plenty of similarities between Poe’s stories, just as well, there are many differences between the tales also.   Ã‚  Ã‚  Ã‚  Ã‚  Along with comparisons, there are also many contrast between The Tell Tale Heart and The Cask of Amontillado. In The Tell Tale Heart the man killed out of insanity over the old man’s eye, but in The Cask of Amontillado, the narrator killed out of jealousy, â€Å"The thousand injuries of Fortunato I had borne as best I could; but when he ventured upon insult, I vowed revenge.† In The Tell Tale Heart the narrator panicked and cut the body up in order to hide it, while the narrator in The Cask of Amontillado remains calm during and after the crime was committed. Another difference between them is that the narrator in â€Å"The Tell Tale Heart† confessed to the crime out of guilt and insanity, â€Å"Villains!’ I shrieked, ’dissemble no more! I admit the deed!--tear up the planks!--here, here!--it is the beating of his hideous heart!† In The Cask of Amontillado the narrator is never caught. After looking at the differenceâ€⠄¢s between Poe’s work it is very entertaining to compare the stories to his life.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Many of Poe’s stories and poems can be tied to events that have happened in his life. A lot of the hard times that he had had gone through in his life he used as motivation to write his poems and stories. For example the story â€Å"The Masque of the Red Death† is thought of to be related to the consumption (aka tuberculosis), which took the life of many of the women he loved. In â€Å"The Tell Tale Heart† the dying old man good be seen as Poe’s adoptive father on his death bed, and how the old mans eye made the murderer uncomfortable could be an analogy for how Poe’s father made him feel uncomfortable because he knew that his father did not love him.

Central Park Reflection

My Reflection On Central Park Imagine a topographical view of Manhattan in the early 1800’s; all you see is squares and streets. This was Clinton’s Commissioner Plan- to level all of Manhattan to make way for streets and buildings. However, what were not taken to account were parks and recreational areas. This would all change in the 1850’s as landscape architect Frederick Law Olmsted architect Calvert Vaux won the right to build their project- the Greensward Plan (CentralParkHistory). This plan would become Central Park, which spans two and a half miles from 59th Street to 110th Street and half a mile from Fifth Avenue to Eighth Avenue. For my second New York City trip, I decided to visit Central Park- one of the largest park’s in New York City. Firstly, the thing I noticed prior to the entrance of the park was the entrance itself. There are many entrances in Central Park. The one I used was the 59th Street and 8th Avenue entrance. There stood a beautiful monument dedicated to the heroes who died on the battleship Maine. Throughout the visit there are other monuments and sculptures of many historic figures-many of them being symbolic. As you walk in the beautiful park, a new feeling fills the soul. You forget the concrete jungle and all of its problems and enter a natural utopia. All the trees are fully grown and very lush. Most, if not all, the trees in Central Park did not come from Manhattan. In fact, Manhattan was cleared of most of its trees and plants. Central Park is now filled with 26,000 trees, covering 31 families within the deciduous and coniferous classes of trees, 71 genera, and 152 species (Central Park Conservancy). Talking about how New York City is so diverse with people and culture, it is also diverse with different trees, plants and shrubs. Central Park was landscaped so people can escape the city and its problems. Throughout out the years, Central Park was able to do so. With its curvy walkways and paved streets, one can seem to forget the â€Å"Grid System† of the city. Moreover, the streets that cars drive through central park are on lower ground compared to the landscape. In other words, if you look straight into Central Park you will not be able see cars driving because they are on lower ground. Moreover, Central Park offers â€Å"pedicab† and horse carriages as means of transportation around the vast and limitless park. It is a great way of getting around Central Park and having your own private tour guide of the panoramic landscape. What is amazing about central park is it has something for everyone. Baseball fields can be found throughout the park, including on the Great Lawn and the North Meadow. In addition to housing America's pastime, the park is home to a number of basketball courts, jogging paths and a swimming pool. One of the park's most popular attractions is its zoo, which survives as the nation's second-oldest publicly owned zoo. It features a petting zoo complete with pigs, goats and sheep. It also features the Wollman Memorial Skating Rink which is covered in ice for most of the year. In the summer it is the location of numerous theatrical performances. It hosted man bands, plays, and movies throughout the year. A trip to Central Park can make everyone who enters it jubilant. God’s gift to humankind is nature but, Man’s gift to New York City is Central Park. My journey through Central Park was breathtaking. One can throw all his worries and problems from the city and enjoy the natural life Central Park has to offer. Whether you go there to relax, exercise, play, or watch a concert, Central Park has something for everyone. Work Cited Unknown, â€Å"Central Park History. † Andrew Green and the Model Park. Web. 31 Oct 2009. . Unknown, â€Å"The Trees of Central Park. † Central Park Conservancy. Web. 31 Oct 2009.

Prostitution As Social And Legal Issues - 1776 Words

Literature Reviews: A) Introduction This section reviews several literatures considering prostitution and prostitutes as social and legal issues. It firstly examines concisely the historical and traditional prostitution discourses in course of developing law on prostitution in the United Kingdom, their (these discourses) influences contributed to contemporary approaches socially and legally. Regarding the discriminating facts on prostitution and its legalization from media representations, the final part will investigate how does contemporary media interpret the prevalent negative discourses (victim or offenders grounded) of prostitution as a legal and social issue. B) Prostitution and its legislative development in the United Kingdom In order to comprehend the tension between social controlled morality and prostitution in British historic context, and the historical discourses leading to current legal situation in the United Kingdom, this text relies heavily on the studies of Aspevig (2011) and Begum (2013); the former is about fact and fiction of prostitution and the latter relates to the significance of regulating prostitution in the United Kingdom. Both studies similarly emphasized on legal and social discourses on prostitution, instead of grounded on causes of issues tended to root from sexualized morality discourse. Women in prostitution are particularly and historically accused of transmitting contagious sexual diseases, appraised as sexual offenders andShow MoreRelatedThe Protection Of Civil Rights1589 Words   |  7 PagesIntroduction Canada is known to be one of the leading countries in the world devoted to the protection of civil rights. 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