Evaluation of a Business Code of Ethics Essay Example for Free

Evaluation of a Business Code of Ethics Essay The purpose of this assignment is to assist you in refining problem-solving capabilities that organizations already possess for use in business ethics applications. This paper uses a structured, objective format sometimes called a system of inquiry. This assignment is a systematic formalized inquiry into or examination of the code of ethics of an organization and its effects to achieve a specific level of ethical behavior in employees, management, and executives. Each business should have a framework for ensuring ethical behavior. The structure, format, and scope of codes vary depending on the company’s business. An oil companys code, for example, would probably have different criteria and emphases than a healthcare providers code of ethics. Sometimes, codes of ethics are called by other names, such as an employee code of conduct. A code of ethics, though, should be differentiated from standard good operating practices. Evaluation and analysis includes problem solving and behavior in assessing organizational ethics along with decision-making processes. In this case, you are evaluating your own company’s code of ethics, or that of another company if your employer does not have a code of ethics. Write a 1,200- to 1,400-word paper, one not using question-and-answer format, discussing your organization’s code of ethics in detail. Perform the following steps: Â · Obtain a copy of your employers code of ethics or find an example on the Internet from a major corporation, such as Shell Oil Company’s Statement of Ethics. This is the document upon which to base your inquiry. Â · Write a general information paragraph on the company, including its mission statement. Â · Determine the type of ethical system used by the firm and reasons or examples upon which you based your decisions. Ethical systems include ends-driven, relativistic, entitlement, and duty-driven (legal or religious) ethics. Â · Identify and discuss how the code of ethics is used. Include several paragraphs on each use: one for employees, one for management, one for the board of directors, and so forth. Some of this information comes from the company’s code of ethics. Others may be available through an Internet search. Consider the following: o Why it is used—the general or special circumstances o How it is used o When it is used Note. You may not be able to find all the information. In that case, state this fact and indicate which sources were examined with no results. Â · Why might the organization need to modify their existing code of ethics? Consider how you might modify the code if you were the new CEO and how you would implement the changes. Â · What possible reactions to the code are to be expected from employees and managers? What effects does the organizational culture have on the acceptance of the code? Â · What is the effect of the code on the organization? Â · Summarize the results of your systematic analysis or inquiry into the code of ethics of this organization.

Response to The Futile Pursuit of Happiness, by Jon Gertner Essay

"The Futile Pursuit of Happiness" by Jon Gertner was published in September of 2003. It is an essay that discusses the difference between how happy we believe we will be with a particular outcome or decision, and how happy we actually are with the outcome. The essay is based on experiments done by two professors: Daniel Gilbert and George Loewenstein. The experiments show that humans are never as happy as we think we will be with an outcome because affective forecasting and miswanting cause false excitement and disappointment in our search for true happiness. Gertner jumps right into his essay with examples. He repeatedly states that we are wrong to think that nice things will make us happy. His language starts out blunt and maybe even a little scornful for being so naà ¯ve. He tries to bring out a sense of disappointment in the reader by telling us that, basically, we can't be happy. This continues throughout the essay especially with his discussion of affective forecasting and miswanting. Following his introduction, Gertner spills into a discussion of affective forecasting. He uses real life examples to get his point across. Also, results from experiments done by Gilbert and Loewenstein were used to show that affective forecasting is a valid idea. This term is used to describe the inability of humans to predict how they will feel after a certain event takes place. The reason for this is that we don't realize that things become normal to us. This can be quite a disappointment to someone who goes out and blows fifty grand on a car. But, the concept of affective forecasting goes the other way also. Whenever something bad happens, such as the death of a family member or the loss of a job, we think the grief wi... ...ome very valid points. I think he wrote it to help the reader out. He wanted to open the reader's eyes to these issues so they wouldn't be searching for happiness in the wrong places. But, is there a "right" place to look for happiness? This is never clearly answered in the essay but we are left with some helpful insight. Gertner explains that affective forecasting, miswanting, and hot and cold states can really throw us off track in our search for true happiness. He uses many examples and experiment results from credible sources to prove his point. After reading Gertner's essay, we are left with this: The things that we think will make us happy rarely do. These decisions or investments are usually unimportant and become normal and boring for us. After all of our disappointments, we are left still wondering if true happiness can ever really be reached. Response to The Futile Pursuit of Happiness, by Jon Gertner Essay "The Futile Pursuit of Happiness" by Jon Gertner was published in September of 2003. It is an essay that discusses the difference between how happy we believe we will be with a particular outcome or decision, and how happy we actually are with the outcome. The essay is based on experiments done by two professors: Daniel Gilbert and George Loewenstein. The experiments show that humans are never as happy as we think we will be with an outcome because affective forecasting and miswanting cause false excitement and disappointment in our search for true happiness. Gertner jumps right into his essay with examples. He repeatedly states that we are wrong to think that nice things will make us happy. His language starts out blunt and maybe even a little scornful for being so naà ¯ve. He tries to bring out a sense of disappointment in the reader by telling us that, basically, we can't be happy. This continues throughout the essay especially with his discussion of affective forecasting and miswanting. Following his introduction, Gertner spills into a discussion of affective forecasting. He uses real life examples to get his point across. Also, results from experiments done by Gilbert and Loewenstein were used to show that affective forecasting is a valid idea. This term is used to describe the inability of humans to predict how they will feel after a certain event takes place. The reason for this is that we don't realize that things become normal to us. This can be quite a disappointment to someone who goes out and blows fifty grand on a car. But, the concept of affective forecasting goes the other way also. Whenever something bad happens, such as the death of a family member or the loss of a job, we think the grief wi... ...ome very valid points. I think he wrote it to help the reader out. He wanted to open the reader's eyes to these issues so they wouldn't be searching for happiness in the wrong places. But, is there a "right" place to look for happiness? This is never clearly answered in the essay but we are left with some helpful insight. Gertner explains that affective forecasting, miswanting, and hot and cold states can really throw us off track in our search for true happiness. He uses many examples and experiment results from credible sources to prove his point. After reading Gertner's essay, we are left with this: The things that we think will make us happy rarely do. These decisions or investments are usually unimportant and become normal and boring for us. After all of our disappointments, we are left still wondering if true happiness can ever really be reached.

Managing Change: Important for Business Organizations

â€Å"The ability to managing change Is an important factor for today's business organization to remain competitive and relevant† Critically analyze and discuss the above statement and in particular discussed the type of changes that an organization is subjected to and the effect of these changes to the organization.In addition, your discussion should include strategies in managing these changes Assessment Requirements Individual Type-written Report Maximum word length allowed is 3000 words The required content of the document produced Is required to be within specific axiom work lengths (In brackets) and to cover the specific areas as follows:- 1. A table of contents 2. A list of figures and/ or list of tables where appropriate 3. Executive Summary-( 10 marks -300 words) 4. Introduction -( 10 marks -300 words) 5.Literature Review-& Critical Analysis (60 marks -2100 words) 6. Conclusions- -( 10 7. References Presentation – 10 marks 8. Bibliography 9. Appendices if appro priate This assignment Is worth 50% of the final assessment of the module. Student is required to submit a type-written document in Microsoft Word format with Times New Roman font type, size 12 and line spacing of 1. 5. The Harvard Style of Referencing system is COMPULSORY. Necessary citations and references adopting the Harvard Referencing System.Students who have been found to have committed acts of Plagiarism are automatically considered to have failed the entire semester. If found to have breached the regulation for the second time, you will be asked to leave the course. Plagiarism involves taking someone else's words, thoughts, ideas or essays from online essay banks and trying to pass them off as your own. It is a form of cheating which is taken very seriously. Take care of your work and keep it safe. Don't leave it lying around where your classmates can find it.Malaysian Qualifications Agency Learning Outcomes Module Learning Outcome After completing the module, the student s hould be able to: Advance a multidimensional understanding of the drivers of globalization Critically evaluate a range of normative questions in relation to the effects of globalization on the economy and organization Have insights into contingency factors of technological advancement and environmental uncertainty which influence the decision to globalize Notes on Plagiarism & Harvard Referencing Plagiarism Plagiarism is passing off the work of others as your own.This constitutes academic theft and is a serious matter which is penalized in assignment marking. Plagiarism is the submission of an item of assessment containing elements of work produced by another person(s) in such a way that it could be assumed to be the student's own work.Examples of plagiarism are: the verbatim copying of another person's work thou acknowledgement the close paraphrasing of another person's work by simply changing a few words or altering the order of presentation without acknowledgement the unacknowled ged quotation of phrases from another person's close paraphrasing with occasional acknowledgement of the source may also be deemed to be plagiarism if the absence of quotation marks implies that the phraseology is the student's own.Plagiarisms work may belong to another student or be from a published source such as a book, report, Journal or material available on the internet. Harvard Referencing The structure of a citation under the Harvard referencing system is the author's surname, year of publication, and page number or range, in parentheses, as illustrated in the Smith example near the top of this article. The page number or page range is omitted if the entire work is cited. The author's surname is omitted if it appears in the text. Thus we may say: â€Å"Jones (2001) revolutionized the field of trauma surgery. Two or three authors are cited using â€Å"and† or â€Å"&†: (Deane, Smith, and Jones, 1991) or (Deane, Smith ; Jones, 1991). More than three authors are cited using et al. (Deane et al. 1992). An unknown date is cited as no date (Deane n. D. ). A reference to a reprint is cited with the original publication date in square brackets (Marx [1867] 1967, p. 90). If an author published two books in 2005, the year of the first (in the alphabetic order of the references) is cited and referenced as AAA, the second as Bibb. A citation is placed wherever appropriate in or after the sentence.If it is at the end of a sentence, it is placed before the period, but a citation for an entire block quote immediately follows the period at the end of the block since the citation is not an actual part of the quotation itself. Complete citations are provided in alphabetical order in a section following the text, usually designated as â€Å"Works cited† or â€Å"References. † The difference between a â€Å"works cited† or â€Å"references† list and a bibliography is that a bibliography may include works not directly cited in the text. All citations are in the same font as the main text. Examples Examples of book references are: Smith, J. (AAA).Dutch Citing Practices. The Hogue: Holland Research Foundation. Smith, J. (Bibb). Harvard Referencing. London: Jolly Good Publishing. In giving the city of publication, an internationally well-known city (such as London, The Hogue, or New York) is referenced as the city alone. If the city is not internationally well known, the country (or state and country if in the U. S. ) are given. An example of a Journal reference: Smith, John Maynard. â€Å"The origin of altruism,† Nature 393, 1998, up. 639-40. An example of a newspaper reference: Boycott, Owen. â€Å"Street Protest†, The Guardian, October 18, 2005, accessed February 7, 2006.

The Justice System Of Licking County Essay - 1364 Words

Actions speak louder than words and when I hear the word justice I think â€Å"you do the crime, you do the time.† I personally have filed five, if not more, reports in the last thirteen months with the† Licking County Justice System.† Crimes including; criminal damaging (on more than one occasion), burglary, domestic violence, and several violations of a protection order. One would think that justice should have been served by now. However, the process continues, leaving me to feel nothing more than the justice system in Licking County is inefficient due to, new employees, lack of urgency, and poor communication skills. Beginning September 2015, my seventeen-year-old daughter arrived at my job to get lunch money. I could tell she had been crying so I went outside to talk to her. As I leaned against my car, that I allowed her to drive, I noticed a huge dent in the passenger’s side door. Reluctant to tell me, I already knew, her and the boyfriend had been fighting. I drove to the police station to make my first official report thirty that evening. Pictures were taken and the initial incident summary states â€Å"victims vehicle was kicked by an unknown suspect. The vehicle’s front door was caved in and had an obvious shoe print. Victim believes suspect 1 is the cause of the damage, but can not prove at this time.† Therefore, no charges were filed. We all have watched CSI at one time in or another, shouldn’t they be able to detain the suspect, match his shoe print to theShow MoreRelatedUse Of The Delphi Technique As Well As A Broad Spectrum Of Stakeholders1222 Words   |  5 Pagesuse the Delphi technique as well as a broad spectrum of stakeholders. In other words, I would want to find the broad spectrum of experts concerning the issue. With this, my team members would include a Licking County criminal justice system executive, as well as an executive from the Licking County Substance Abuse Department. With the two members, I would be able to obtain information concerning the legal and health outcomes concerning heroin addiction. In addition, I would need their inputs regardingRead MoreHuman Resources Management150900 Words   |  604 Pagesorganizational competitiveness and success.1 4 Section 1 HR Management—Strategies and Environment â€Å" HR should be defined not by what it does, but by what it delivers. DAVID ULRICH Human Resource (HR) management The design of formal systems in an organization to ensure the effective and efficient use of human talent to accomplish the organizational goals. As human resources have become viewed as more critical to organizational success, many organizations have realized that it is theRead MoreEssay Paper84499 Words   |  338 Pagesare governed by NGR 600–21 and NGR 600–22. Portions of this regulation that prescribe specific conduct are punitive, and violations of these provisions may subject offenders to nonjudicial or judicial action under the Uniform Code of Military Justice. The equal opportunity terms found in the glossary are applicable only to uniformed personnel. AR 690–600 contains similar terms that are applicable to Department of Defense civilians. Proponent and exception authority. The proponent of this

Strategies For Relieving The National Debt - 1041 Words

The Canadian government has many different strategies to relieving the national debt while being able to sustain the stability of the economy and its many markets. These different strategies include the government selling debts to the banks, wage and price increases, and fiscal and monetary policies. These policies are briefly mentioned and outlined in Chapter Eleven: Policy Matters. (DPE, 145,147) One strategy the government uses is selling their debts to other parties, usually the banks. It is a good technique because it keeps a constant cash flow within the controllers of our economy, being the government and the large banks. The government sells their debt away to the banks of Canada that way they have cash flow available for use. The†¦show more content†¦Also with the inflation on the price of goods, the percentage of tax charged on each purchase will increase creating more profit for the government. Now that the government has an increase in cash flow, they can use this money to pay off some of the national debt or decide to reinvest the tax dollars into the economy or infrastructure. However there is a downside to constantly using this strategy. The government would not want to inflate prices too often because it could create a large GDP gap compared to the GDP of other countries. This gap would make it more difficult to trade goods with other countries. The only way trade would be fair with a large GDP gap would be if two countries trade different good s with each other of equal relative value, thus making the balance of trade zero, as explained in Chapter Ten: International Cheques and Balances. (DPE, 129) The government can also use one of two discretionary policies, either fiscal or monetary. Fiscal policy is where the government either increases taxes and decreases government spending or decrease taxes and increase government spending. This is a technique that is rarely seen in Canada as our tax rates do not change often. However I feel as though if the government were to increase taxes and decrease government spending it would be beneficial to the national debt as the government would save money by decreasing their spendingShow MoreRelatedBurundi Legal Position Paper1308 Words   |  6 Pages Burundi’s Position on the Legal Aspects of Odious Debt Introduction Burundi, one of the world’s smallest nations, has just emerged from a 12-year ethnic-based civil war. The war started in 1993 and just ended in 2005, which then caused an alteration in the government political system to take on a democratic form. They are now in process of peace although they are still in the struggle of reviving their shattered economy and forging national unity. Burundi is a landlocked island surrounded byRead MoreTempur1414 Words   |  6 Pagesdistributes various luxury products made of viscoelastic memory foam. The company was founded in 1992 by Fagerdala World Foams in Denmark. In the 1980s, Fagerdala acquired the formula to create a stable, durable and commercially viable product from the National Aeronautics and Space Administration (NASA). In the early 1970s, NASA had developed this pressure-absorbing material to help cushion and support astronauts during lift-off. Fagerdala spent years perfecting NASA’s process; once completed, their consumer Read MoreMotivations of Pathological Gamblers1481 Words   |  6 PagesBased on information from the National Opinion Research Center (NORC), the National Gambling Impact Study Commission (NGISC) states that there are two and a half million individuals who fall into a state defined as a pathological gambler, another three million are considered problem gamblers, and roughly fifteen million more could be considered â€Å"at-risk† (NORC, 1999). A pathological gambler is one who has a severe uncontrollable urge to gamble despite harmful negative consequences or a desire toRead MoreEssay about Gambling Addiction2683 Words   |  11 PagesNeeds to gamble with increasing amounts of money in order to achieve the desired excitement * Withdrawal - Is restless or irritable when attempting to cut down or stop gambling * Escape - Gambles as a way of escaping from problems or relieving dysphoric mood (e.g., feelings of helplessness, guilt, anxiety or depression) * Chasing - After losing money gambling, often returns another day in order to get even (chasing ones losses). Chasing is a classical behavior pattern characterizingRead MoreImportance Of Countertrade Transaction On Export Trading Companies With Examples2347 Words   |  10 Pagesmomentum. The Post-Communist states that were short in the reserves of foreign currency made Countertrading crucial for them. COUNTERTRADE STRATEGIES There are four types of Countertrade strategies that companies can use in order to survive in this kind of market and increase their earnings. The strategies are †¢ DEFENSIVE: Companies with this Countertrade strategy do not Countertrade at all. They make Countertrade type of arrangements with the buyer countries. They are not obliged to have any CountertradeRead MoreDollar General Essay2851 Words   |  12 Pagesfinancial statements formed the basis for our recommendations. We considered several alternative growth strategies for Dollar General to implement. Those strategies are, international expansion, continued domestic expansion, internal improvements, extending services, and taking the company private. We concluded that the most beneficial direction for the company is to go private thereby relieving pressure to meet short-term objectives. We also believe that Dollar General can benefit from increasingRead MoreThailand And The Philippines : Political System And Government Structures2270 Words   |  10 Pageskillings carried out under Duterte’s administration and his authoritative approach, he has a high approval rate becaus e a vast number of Filipino people support his stance on crime reduction. Thaksin, despite his economic success in relieving Thailand from its debt, is not widely favored due to corruption charges in terms of finances and human rights violations. In addition to this, he poses a threat to the monarchy due to the support he received from his economic accomplishments. Duterte’s approvalRead MoreRole of Co-Operative Banks in Agriculture Credit: Organization, Growth and Challenges2984 Words   |  12 Pages2009, further, National Sample Survey Organization (2003) in his â€Å"situation assessment survey† found that the ‘only 48.6 percent farmer households were indebted, of which only 57.7 percent were indebted to institutional agencies. In other words, only 28.04 percent of farmer households were indebted to institutional agencies. And further found that the ‘after nearly 37 years of nationalization and over 15 years of credit targeting for agriculture, in AP and Rajasthan the total debt of the farmer householdsRead MoreShaping a Path for Growth and Prosperity in Nova Scotia2195 Words   |  9 Pagestarget a new market in trade promotion or the adoption of a broader innovation strategy that focuses on science and technology across the economy. A key element of the growth commitment should be the recognition that Halifax will continue to strengthen its position within the provincial economy and that the prospects for Nova Scotia are now inextricably linked to the success of its largest urban area and what strategies could be adopted to ensure that Halifax maximizes its potential given the ongoingRead MoreFinancial Distress Air Line Industry3947 Words   |  16 Pagesvalue from creditors to shareholders. The result is a conflict of interest between bondholders (creditors) and shareholders. As a firms liquidation value slips below its debt, it is the shareholders interest for the company to invest in risky projects which increase the probability of the firms value to rise over debt. Risky projects are not in the interest of creditors, since they also increase the probability of the firm’s value to decrease further, leaving them with even less. Since these

Rock Bands Essay - 1700 Words

Along with the Beatles, The Rolling Stones are one of the most famous English rock bands to influence America. Introducing teenagers to African American urban blues, and transforming the urban blues into something like high-energized rock and roll are just some of the things the Stones brought to America (Kallen 10-11). The original line-up of the band included; Bill Wyman, Charlie Watts, Brian Jones, Mick Jagger, and Ian Stewart (Kallen 8-9). They have come a long way to get where they are now, and to this day they are still playing their music around the world. The Rolling Stones are an English rock band, they have been around since the early 1960’s. The band was brought together by Keith Richards and Mick Jagger. Richards and†¦show more content†¦In 1963 the band was hired to play at the Crawdaddy Club after a scheduled band had cancelled (Kallen20). After that night the Stones were regulars at the club every Sunday night (Kallen20). At first the band mostly attracted a quite, calm audience because they played jazz and blues while sitting on stools in the middle of the stage (Kallen20). As soon as Jagger broke out the tambourines and Jones started shaking his head of hair, the crowd wasn’t quiet for much longer. This is when the Stone’s started attracting groupies and dropouts. People came from everywhere to see them play, they got on top of tables and chairs (Kallen20). Around the time the Rolling Stone’s first started to get their name known and gain some popularity â€Å"Beatlemania† began to sweep the nation (Kallen24). Everyone knew who the Beatles were and everyone knew they were destined to be â€Å"the most popular rock and roll band of the decade,† Keith Richards stated that the Stones were trying to be the anti-Beatles (Kallen24). Richards said â€Å"we were playing the blues, they were singing pop music in suits.† (Kallen24). The Rolling Stones had their first tour to America in 1964. In Bill Wyman’s words† it was a disaster!† When they first arrived in the U.S. they didn’t have a hit song or anything like they did back in London. They did gain some fame however, when they guest appeared on a couple television shows such as; Hollywood Planet and TheShow MoreRelatedEssay on Rock Bands1708 Words   |  7 PagesThere have been all kinds of different types of rock bands throughout the years. Most of the bands have had a different type of style. All of these different types of style are what has shaped today’s music. Some of the bands from the earlier times were: The Beatles, AC/DC, Guns and Roses and the Bee Gees. The Beatles were the greatest and most powerful act of the rock era. They introduced more innovations into popular music than any other rock band of the 20th century. The Beatles grabbed a holdRead MoreThe Arctic Monkeys Rock Band741 Words   |  3 Pageswith ‘AM’. It feels like only yesterday that the band released their debut album  Ã¢â‚¬ËœWhatever People Say I Am, That’s What I’m Not’  which destroyed previous records selling 363,795 copies in the first week - provoking indie lovers to jump on the ‘I knew them first!’ bandwagon. This was 7 years ago and the group have only gone from strength to strength – gaining more and more support from typical Brits clinging on to the most successful British band in this genre since Muse who have not appeared sinceRead MoreBand Music : Rock And Roll Music1383 Words   |  6 PagesRock and Rolls Music The United States is the origin of rock and roll music. It evolved as a popular music in the 1940’s and 1950’s from a combination of Afro-American genres such as jazz, blues, country music, gospel music. Rock and roll music has some elements that are evident in blues and country music of 1920’s. However, Rock music attained its status and name in 1950’s. Saxophone and Piano were the first instruments to be used in the performance of rock and roll music but were later supplementedRead MoreAmerican Rock Band Paramore As A Case Study2319 Words   |  10 Pageschoose an American rock band Paramore as a case study. I will first start with an overview and a brief history of the band, afterwards I will focus on the main four music business areas, which are Artist Management, Record Companies, Music Publishing and Live Performance, examining how they operate in the industry and their relationship between each area and with the band. Finally, I will finish up with a conclusion and my own views. Body Text: The American alternative rock band Paramore was formedRead MoreThe Band Of The Rock Band Radiohead1504 Words   |  7 PagesOn A Friday was the first name of the English Rock Band Radiohead. The name On A Friday represented the day the members got together to practice. The band members all met at the Abingdon School, a independent school for boys, in the town of Abingdon, Oxfordshire, United Kingdom. Thom Yorke - lead vocals, guitar, piano and keyboards, Jonny Greenwood - lead guitar, keyboards and other instruments, Ed O’Brien - guitar and backing vocals, Colin Greenwood - bass and Phil Selway - drums, percussionRead MoreThe Rock Band Named Genesis Released A Song Called Land Of Confusion1533 Words   |  7 PagesIn 1986, a British rock band named Genesis released a song called Land of Confusion. It makes the listener imagine, and take another look at the world and how it is being run. Despite having a high tempo and a loud melody, it’s not a song someone can generally dance to. The song’s â€Å"pop rock† style gives an â€Å"upbeat† variety of rock music. Pop rock in nature uses only electrical instruments, which gives the song a â€Å"synthetic† sound. Phil Collins’ voice has a â€Å"metallic† sound which suppresses his BritishRead MoreThe Rock And Roll Band1361 Words   |  6 Pagesas the World’s Greatest Rock and Roll band, the song â€Å"Rollin’ Stones† written by Muddy Waters is what stemmed into the band s name. The Stones recorded and sold what is estimated to be more than a quarter million album s until the early 1980s when Jagger and Richard had a fight over musical direction and the group grew apart from each other and did not record any music for years. Soon after The Rolling Stones were accepted into the Rock and Roll hall of fame in 1989, the band got back together andRead MoreThe Rock And Roll Bands1942 Words   |  8 Pages pop, reggae, and rock and roll. Rock and roll has continued to grow since the 1950s. Some of the most iconic music comes from the 1980s, especially from the hair-bands. Guns N’ Roses, a one of the most popular rock and roll bands ever, produced some of the best rock and roll the world has seen. Back in 1985, two local bands from Los Angeles, California, combined to make Guns N’ Roses. Axl Rose manned one of the bands, Hollywood Rose, and Tracii Guns manned the other band, L.A. Guns. At theRead MoreAnalysis Of Michael Jackson s The Rock Band Nirvana s Sophomore Album1680 Words   |  7 Pagesnumber one spot on the Billboard music charts, replaced by grunge rock band Nirvana’s sophomore album, Nevermind, bringing alternative rock to mainstream and commercial success. Nirvana had started out in Seattle’s underground music scene and consisted of lead singer and songwriter Kurt Cobain, bassist Krist Novoselic and drummer Dave Grohl. Their sound was a subgenre of alternative rock known as grunge, a combination of punk rock and heavy metal characterized by heavy feedback and nihilistic lyricsRead MoreWho is the former lead singer, rhythm guitarist and main songwriter of the rock band Three Days1000 Words   |  4 PagesWho is the former  lead singer,   rhythm guitarist  and  main songwriter  of the rock band  Three Days Grace? Who was the  runner-up on the  eighth season  of  American Idol? Who is the lead vocalist of  pop rock  band  Maroon 5? I received the  Brit Awards  Critics Choice award and won the  BBC  Sound of 2008. Who I am? I sang this famous song La coppia piu bella del mondo? Who I am?   I am known as  founding member and lead singer of  both  3LW  and  The Cheetah  girls. Who I am? The studio album  And the Story

Economics for Manager

Questions: 1). We have demand equation: P = 6 Q and supply equation: P = Q. Calculate the equilibrium price, equilibrium quantity and the total surplus. Suppose government imposes lump sum tax 1$ per unit of output. Derive the new supply curve (assuming linearity) and also calculate the new equilibrium price and quantity. Is there any dead weight loss? Given the above demand equation, calculate the price elasticity of demand when Q = 5. 2). Suppose a monopolist faces a demand curve P= 10-Q. The monopolist incurs average cost (AC) which equals his marginal cost (MC). Let assume that AC=MC=8. If the monopolists marginal revenue (MR) is given by the equation MR=10-2Q then answer the following questions: Suppose this monopolist is not allowed to discriminate the price then what will be his profit maximizing output level? What will be the monopolists total profit and price at the profit maximizing output level? Suppose this monopolist knows exactly whose reservation price is what and starts price discrimination (first degree) then what will be the output level the monopolist produce and what will be total profit at that level of output? 3). Do you think Law of minimum wage is a problem? Explain. Answers: (1). The demand equation is, P= 6- Q and supply equation is, P=Q. At equilibrium the demand and supply is equal (Baumol and Blinder 2015). Therefore, 6- Q = Q 2Q = 6 Q= 6/2 = 3 By putting the value of Q = 3 (Equilibrium quantity) in the demand function or supply function, the value of P (equilibrium price) will be equal to 3. The total surplus (Revenue) is equal to PQ = 3 3 = 9 Suppose the government imposes lump sum tax of $1 per unit of output, then the new supply equation assuming linearity will look like P= Q+ 1 Therefore, the equilibrium condition will be 6- Q = Q+ 1 6- 1 = 2Q Q = 5/2 = 2.5 Hence, the new equilibrium quantity is 2.5 unit and putting the value of Q in the new supply equation, the equilibrium price will be P= 3.5. The total surplus (Revenue) is equal to PQ = 3.5 2.5 = 8.75 Therefore, the loss of revenue can be considered as deadweight loss. The amount of deadweight loss is 9- 8.75= .25. Another way of calculating dead weight loss can be obtained from the above diagram. ABC area is the dead weight loss. The area of ABC triangle is double of two small triangles within it. Hence, area of ABC triangle will be, 2 [ (3.5 3) (3-2.5) ]= 2 0.125 = 0.25. The price elasticity of demand = (Nicholson and Snyder 2014) The demand equation is Q= Q-P = -1 When Q= 5, then P= 6- 5 = 1. Therefore, the price elasticity of demand will be = -1 1/5 = -1/5 (2). The demand curve of the monopoly P= 10-Q. This is also the Average Revenue Curve. The Average Cost and Marginal Cost is equal to 8. The marginal revenue is 10-2Q. When the monopolist is not allowed to discriminate price, then the profit maximizing output is decided at a price level where, MR = MC (Rader 2014). 10-2Q = 8 2Q = 2 Q= 2/2 =1 Hence, without price discrimination the monopolists profit maximizing output level is 1. The price of monopolist will be P= 10- Q = 10- 1 = 9. The area colored in green is the monopolists surplus. The amount will be the difference between the revenue and cost. The monopolists revenue is P Q = 9 1= 9. The total cost = AC Q = 8 1 = 8. Therefore, the profit will be 9-8= 1unit. Since the monopoly knows the reservation price and starts price discrimination of first degree, then the final output will be higher. Here the quantity will be set where the AR curve equals the MC curve. Therefore, 10- Q = 8 (since, AR =MC) Q = 10-8 = 2 However, the first-degree price discrimination is known as perfect price discrimination (Rayna, Darlington and Striukova 2015). The monopoly will charge the price, which is the maximum price the consumer is willing to pay. Hence, the reservation price is 10, which is the intercept of AR curve. The monopolists profit is the area ACD. The profit of the monopoly will be (10-8) 2 = 2 unit. (3). If the minimum wage is set below the equilibrium wage of market, then imposing the minimum wage is not an issue for the firm or for the economy. This is because; if the minimum wage is below the market wage, then the firm can increase the wage rate to maintain the equilibrium in the market. However, the problem arises, when the minimum wage is set above the market price. This is because the, at the point of minimum wage above market wage rate, the demand for labor is less than the supply of labor. At this wage rate, the firm will demand less. Therefore, due to minimum wage, the problem of unemployment takes place (Meer and West 2015). More people are willing to work at this higher price but the firms reduce their demand in order to reduce their labor cost. This can be represented in the following diagram.