Hypnotism Essays - Hypnosis, James Braid, Hypnotherapy,

Hypnotism By:Rick Gambrino The Encarta Encyclopedia defines hypnosis as,"altered state of consciousness and heightened responsiveness to suggestion; it may be induced by normal persons by a variety of methods and has been used occasionally in medical and psychiatric treatment. Most frequently brought about through actions of an operator, or "hypnotist", who engages the attention of a subject and assigns certain tasks to him or her while uttering monotonous, repetitive verbal commands; such tasks may include muscle relaxation, eye fixation, and arm leviation. Hypnosis also may be self-induced, by trained relaxation, concentration on one's own breathing, or by a variety of monotonous practices and rituals that are found in many mystical, philosophical, and religious systems." Another generally reliable source Webster's New Universal Unabridged Dictionary defines it as,"a sleep like condition psychically induced, usually by another person, in which the subject loses consciousness but responds, with certain limitations, to the suggestions of the hypnotist." As I stated earlier, these two sources are very reputed and the general population believes that they are correct. Yet, however often they may be correct, in this case they are not, or at least not completely. Not according to the scientific community at least. My sources for this statement are The World Book Encyclopedia, The Wizard from Vienna: Franz Anton Mesmer, Applied Hypnosis: An Overview, American Medical Journal, and Hypnosis: Is It For You? Although they state it in different ways they all basically agree that nobody can give a very accurate definition or description of hypnosis, or hypnosis. Although some may get the definition partly correct, the chances of doing so completely are very, very low. So although I will probably not be able to give a totally accurate account of hypnosis and its workings, I will try. Although evidence suggests that hypnosis has been practiced in some form or another for several thousand years, such as in coal walking, the earliest recorded history of hypnosis begins in 1734. It begins with a man named Franz Anton Mesmer. Although he was eventually disavowed by the scientific community because of his unorthodox methods that made him seem more of a mysticist that a scientist, he is generally known as the father of hypnotism. Mesmer called his methods Mesmerism, thus the word mesmerize, but the name didn't stick, it later changed to hypnosis, its name being derived from Hypnos, the Greek god of sleep. He believed that hypnosis was reached by using a person's "animal magnetism". He used "mesmerism" to cure illness. In 1795 an English physician named James Braid, who was originally opposed to Mesmer's methods became interested. He believed that cures were not due to animal magnetism however, but the power of suggestion. This was the generally accepted opinion of the scientific community. Then in 1825 Jean Marie Charcot, a French neurologist, disagreed with "The Nancy School of Hypnotism", which followed the guidelines of James Braid's ideas. Charcot believed that hypnosis was simply a "manifestation of hysteria". He revived Mesmer's theory of animal magnetism and identified the three stages of the trance; lethargy, catalepsy, and somnambulism. Ivan Petrovich Pavlov (1849-1936) was not a scientist who worked with hypnosis. Although he had nothing to do with the hypnotic development itself, his Stimulus Response Theory is a cornerstone linking and anchoring behaviors, particularly NLP (Neuro-Linguistic Programming). Emily Coue (1857-1926) a physician, formulated the Laws of Suggestion which are greatly used in the hypnotic community. Her first law is The Law of Concentrated Attention: "Whenever attention is concentrated on an idea over and over again, it spontaneously tends to realize itself". The second law is- The Law of Reverse Action: "The harder one tries to do something, the less chance one has of success." Finally, the last law is The Law of Dominant Effect: "A stronger emotion tends to replace a weaker one." Milton Erickson (1932-1974), a psychologist and psychiatrist pioneered the art of indirect suggestion in hypnosis. He is considered the father of modern hypnosis. His methods bypassed the conscious mind through the use of both verbal and nonverbal pacing techniques including metaphor, confusion, and many others. He was definitely a major influence in contemporary hypnotherapy's acceptance by the American Medical Association. There are many misconceptions about hypnosis that

The Lady with the Pet Dog Study Guide

The Lady with the Pet Dog Study Guide Anton Chekhov’s short story The Lady with the Pet Dog begins in the resort town of Yalta, where a new visitor- a fair-haired young woman of medium height who owns a white Pomeranian- has caught the attention of the vacationers. In particular, this young woman piques the interest of Dmitri Dmitrich Gurov, a well-educated married man who has regularly been unfaithful to his wife. Chekhov wrote The Lady with the Pet Dog in 1899, and theres much about the story to suggest its semi-biographical.  At the time he wrote it, Chekhov was a regular resident of Yalta and was dealing with protracted periods of separation from his own lover, the actress Olga Knipper. As Chekhov wrote to her in October of 1899, I have grown accustomed to you. And I feel so alone without you that I cannot accept the idea that I shall not see you again until spring. Plot Summary of The Lady with the Pet Dog Gurov introduces himself to the woman with the pet dog one evening, while both of them are dining in a public garden. He learns that her she is married to an official in the Russian provinces and that her name is Anna Sergeyevna. The two become friends, and one evening Gurov and Anna walk out to the docks, where they find a festive crowd. The crowd eventually disperses, and Gurov suddenly embraces and kisses Anna. At Gurov’s suggestion, the two of them retire to Anna’s rooms. But the two lovers have very different reactions to their newly-consummated affair: Anna bursts into tears, and Gurov decides that he is bored with her. Nonetheless, Gurov continues the affair until Anna leaves Yalta. Gurov returns to his home in and his job at a city bank. Though he attempts to immerse himself in the life of the city, he is unable to shake off his memories of Anna. He sets out to visit her in her provincial hometown. He encounters Anna and her husband at a local theater, and Gurov approaches her during an intermission. She is disconcerted by Gurov’s surprise appearance and his unabashed displays of passion. She tells him to leave but promises to come see him in Moscow. The two continue their affair for several years, meeting at a hotel in Moscow. However, they’re both troubled by their secretive lives, and by the end of the story, their plight remains unresolved (but they are still together). Background and Context of The Lady with the Pet Dog Like a few of Chekhov’s other masterpieces â€Å"The Lady with the Pet Dog† may have been an effort to imagine how a personality like his would have fared under different, perhaps unfavorable circumstances. It is worth noting that Gurov is a man of art and culture. Chekhov himself began his professional life divided between his work as a traveling doctor and his pursuits in literature. He had more or less forsaken medicine for writing by 1899; Gurov may be his attempt to envision himself in the kind of staid lifestyle he had left behind. Themes in The Lady with the Pet Dog Like many of Chekhov’s stories, â€Å"The Lady with the Pet Dog†   centers on a protagonist whose personality remains static and staid, even when the conditions around him are sharply altered. The plot bears similarity to several of Chekhov’s plays, including â€Å"Uncle Vanya† and â€Å"Three Sisters,† which focus on characters who are incapable of forsaking their unwanted lifestyles, or of overcoming their personal failings. Despite its romantic subject matter and its focus on a small, private relationship, â€Å"The Lady with the Pet Dog† also levels harsh criticisms at society in general. And it is Gurov who delivers the bulk of these criticisms. Already jaded in romance and repelled by his own wife, Gurov eventually develops bitter feelings for Moscow society.   Life in Anna Sergeyevna’s tiny hometown, however, is not much better.  Society offers only easy and fleeting pleasures in The Lady with the Pet Dog.   In contrast, the romance between Gurov and Anna is more difficult, yet more durable. A cynic at heart, Gurov lives a life based on deception and duplicity. He is aware of his less appealing and less overt traits and is convinced that he has given Anna Sergeyevna a falsely positive impression of his personality. But as â€Å"The Lady with the Pet Dog† progresses, the dynamic of Gurov’s double-life undergoes a change. By the end of the story, it is the life he shows to other people that feels base and burdensome- and his secret life that seems noble and beautiful. Questions about The Lady with the Pet Dog for Study and Discussion Is it fair to draw comparisons between Chekhov and Gurov? Do you think that Chekhov consciously wanted to identify with the main character in this story? Or do the similarities between them ever seem unintentional, accidental, or simply unimportant?Return to the discussion of conversion experiences, and determine the extent of Gurov’s change or conversion. Is Gurov a very different person by the time Chekhov’s story draws to a close, or are there major elements of his personality that remain intact?How are we meant to react to the less pleasant aspects of The Lady with the Pet Dog, such as the dingy provincial scenes and the discussions of Gurov’s double life? What does Chekhov intend for us to feel while reading these passages? References: The Lady with the Pet Dog printed in The Portable Chekhov, edited by Avrahm Yarmolinsky. (Penguin Books, 1977).

Global Supply Chain Management Case Study Report Essay

Global Supply Chain Management Case Study Report - Essay Example e supply chain that allows the achievement of business objectives, before an attempt is made to determine whether a lean approach or agile approach to manufacturing and supply chain management is most appropriate for Wal-Dart. However, the analysis using Fisher’s (1997) model proves inconclusive, although Singh and Sharma’s (2009) definition of lean manufacturing appears to describe the outcome desired by Wal-Dart, and Bruce et al (2001) find that, in the fashion and textile industries, aspects of both lean and agile approaches, that they termed â€Å"leagility†, can be appropriate. A more radical approach to Wal-Dart’s problems is suggested by Lee (2010) who considers that the whole of the supply chain should be reviewed and revamped if necessary, which allows a holistic view to be taken and also provide an opportunity for Wal-Dart to introduce a more sustainable supply chain. A more detailed analysis is undertaken using Slack et al’s (2009) four stages of a fast fashion supply chain: design, manufacture, distribution and sales. Several issues are considered that fall across the different stages, including information supply from the retail outlets, the inability to change the manufacturing locations in the immediate short term, the possibility of setting up distribution service centres with their own transport service, and using enterprise resource planning to integrate the whole supply chain for more immediate, accurate provision and use of information. The overlaps of these areas across the four stages supports the idea of a holistic approach to resolve the problems. This idea is further supported by Lubowe (2009) who finds that senior management support, organisational structures and technology are key ingredients to a successful global integration strategy involving three key elements of repeatable processes, optimised assets and integrated op erations. Overall, there is no one best solution to the problems Wal-Dart is experiencing revealed by

Operational Management Essay Example | Topics and Well Written Essays - 250 words

Operational Management - Essay Example The company should also be focused on material flow and this increases the liquidity of assets and hence reduces the chance of obsolesce. This can also be dealt with by reducing defects and this ensures that fewer cars are taken back to the factories to rectify the defects. Aligning the metrics in any company has been seen to be crucial in ensuring efficient production. This was demonstrated well by Alfred Sloan where managing the cost of production is key. Having a lean organization where all the resources are used to the maximum is the driving force of success. Currently GM produces approximately 6.1 million unit products annually. If the company takes measure to improve the inventory turnover ratio, this can boost production making the company to increase productivity with 25%. It could thus be possible for GM to produce 7.625 million unit products with its current resources. This would result in increased sales turnovers as their automotives do not stay in stock for a long

Nutrition in the Prevention and Treatment of Disease Research Paper - 1

Nutrition in the Prevention and Treatment of Disease - Research Paper Example It is evidently clear from the discussion that food is not only important for the maintenance and development of an individual, but also in the performance and reproduction of life. It has been estimated that during a person’s entire lifetime, a person consumes approximately 30 tonnes of food on proportion in professedly endless dietary categories. However, as digestion takes place, the food is broken down into basic nutrients necessary for the well being of the individual. Therefore, it is safe to assume that food is chemistry. In the process of digestion, the mixture of chemicals present in the food is broken down into four basic categories: nutrients, non-nutritive naturally occurring components (which include antinutritive and natural toxins), man-made contaminants and additives. Taking that into consideration, it is safe to say that nutrients make up for more than 99.9% of the food contents. Nutrients can be classified into carbohydrates, proteins, vitamins, fats, and min erals. These constituents are referred to as macronutrients and micronutrients. Macronutrients can be described as primary sources of strength and building elements for humans, whereas micronutrients, on the other hand, are only required in comparative volumes. Micronutrients can be obtained in vitamins, minerals and trace elements, and are still essential in ample amounts to ensure proper performance of all body cells. Furthermore, micronutrients such as water do not necessarily provide individuals with energy. The majority of micronutrients are critical nutrients for life processes, often synthesized by the body. For that reason, these necessary nutrients can be received from the food that we eat. Most significantly, macronutrients are constituent and indispensable ingredients of our diets, often found in carbohydrates, water, fat, and protein.

Merger And Acquisitions Of The Apple Company Commerce Essay

Merger And Acquisitions Of The Apple Company Commerce Essay Apple is an American multinational organization that design and manufactures computer softwares, consumer electronics and commercial servers. The corporation is best known about hardware products. Established in April 1, 1976 and called Apple Computer, Inc. Apple Computer, Inc. located in Cupertino, California, designs, manufactures, and markets personal computers (PCs) and related software, peripherals, and personal computing and communicating solutions. Apple is a affiliate of the SP 500 and the NASDAQ 100. Its goods include the Macintosh procession of desktop and notebook computers, the Mac OS X working scheme, the iPod digital tune player, and a collection of software and marginal products for teaching, original, customer, and business clientele. Apple sells its products during its online supplies, direct sales power, intermediary wholesalers and resellers, and its possessing retail supplies. Since of September 24, 2005, Apple function 116 stores in the United States, and 8 additional supplies in Canada, Japan, and the UK. In adding to its personal hardware and software products, Apples retail supplies hold a diversity of intermediary hardware and software products. Revenues for the era ending September 2005 were $13.9 billion, up 69 percent from September 2004 and up 124 percent beginning September 2003. Apple Computer is dedicated to defensive the surroundings, strength and safety of our workforce, clients and the worldwide societies where we control. We know that by integrating resonance ecological, fitness and safety administration practices into all feature of our trade, we can suggest technologically inventive products and services while preserve and attractive resources for future inventions. Apple struggle for everlasting enhancement in our ecological, fitness and safety administration systems and in the environmental excellence of our products, procedure and services. Apple has established a unique reputation in the consumer electronics industry. 1. CIRCUMSTANCES IN WHICH MERGER ACQUISION ACTIVITY THE OPTIMAL ENTRY MODE INTO A NEW INTERNATIONAL MARKET. Cross-Border Merger Acquisitions implementation is an art, not a science. Each situation is unique and presents its own set of problems and potential solutions but it is in fact viable vehicles for international strategy. Source: http://www.investopedia.com/terms/m/mergerandacquisitions.asp The globalization of business over the past decade has spawned a search for competitive advantage that is worldwide in scale. Companies have followed their customers who are going global themselves as they respond to the pressures of obtaining scale in a rapidly consolidating global economy. In combination with other trends, such as increased deregulation, privatization, and corporate restructuring, globalization has spurred an unprecedented surge in cross-border amalgamation and acquisition activity. Cross-border mergers and acquisitions are an essential part of the speed up profitable globalization of our time. Cross-border business deal quantity now account for approximately one-third of worldwide MA activity and this figure will only augment as business world-wide continues to increase. The compound lawful matters to be handled in such business deal include the management of dissimilar impression of business authority and capital market system in the laws concerned, as reflect by the strong discuss on MA law creation within the European Union. Mergers and acquisitions  (MA) and company reform are a big division of the corporate finance world. Every day,  Wall Street savings bankers organize MA dealings,  which transport Divide corporations jointly  to form  bigger ones. When theyre not generating big corporations from smaller ones, corporate finance transactions do the overturn and smash up corporations during spin-offs, carve-outs  or tracking inventory. On standard, big MA transactions causes the domestic currency of the objective companies to value by 1% relation to the acquirers. For every one billion dollar transaction, the currency of the objective company augmented in worth by 0.5%. More particularly, the statement originate that in the era instantaneously after the deal is publicized, there is normally a strong growing association in the objective companies domestic currency (relation to the acquirers currency). This quick raise has taken many MA firms by revelation because the popular of them never had to believe acquiring the capabilities or skills necessary to efficiently handle this category of contract. In the past, the markets are deficient in of implication and a more severely nationwide approach prohibited the enormous preponderance of minute and mid-sized corporations from allowing for cross border intermediation as an alternative which left MA firms unproven in this ground. APPLE COMPUTERS INC. AND NEXT SOFTWARE INC. MERGER Sources: http://www.apple.com/, http://www.nextcomputers.org http://www.objectfarm.org/index.html On the 20.December 1996 the enthusiasm Brothers reunited and saw the light. Apple Computers Inc. and NeXT Software Inc. declare that they will merge their technologies and that Steve Jobs will return, as a advisor, to the corporation he established 20 years before. One of the coolest bands in processor record was receiving back jointly and at least some populace was secure that there would be plenty of really cool belongings occurrence in the close to future. The Plan Back in 1996 Apple was in bottomless difficulty because hardware sales were deprived and the unsellable stock was growing day by day. The crisis was connected to replica manufacturers, who participated with Apple in an already small promote, and Apples baffling and not very wonderful product line up. The Mac OS ongoing to show its age and with the opening of Windows 95 it became really hard to induce people of the reimbursement that the Mac stage would suggest. Numerous years and still more dollars have been invested in a current substitute, system named Copeland, but it was still not ready for major time when Apples faced the rising monetary problems. The company was not only desperately shopping for a new working system (even consider Windows NT at one point) but had to effort with a traditionally low stock price and the awaiting danger of a aggressive capture from some of the big rivals. NeXT had no easy era as well. The expansion of the OPENSTEP working system was almost halted because annoying to keep up with the speedily altering Intel world was like hostility a behind clash without hold up from the hardware manufactures. NeXT drifted into the place of a Windows NT expansion tool supplier with focus on enterprise computing and vibrant web page creation. WebObjects was the only invention left, which had an actual future. NeXT and Apple fortunately realizes that they were in the exclusive location to lastly evidence that sometimes: 1+1=3 Both corporations had significant and established technologies which the other was absent and a amalgamation would make an amazingly immense scheme. in addition that Apple had its possess, still well appreciated, hardware stage and a universal resale canal whereas NeXT had a streamlined, competent association, a good standing in the IT subdivisions of large companies and they had well Steve Jobs. Rhapsody A latest working scheme plan was poorly wanted and so a latest road map had to be haggard over the holidays which could be obtainable to the depress and Apples consumer and developer society at MacWorld, which was seized in January 1997. The new young were primarily policy named enthusiasm and someway the name did well like a glove. The system had the possible of flattering an classic poem which brings an outstanding OS to stylish and influential hardware. The Big Picture After the amalgamation the conventional Mac OS followed a very easy liberate outline: main release formerly a year, in addition slight updates semi a year later. This was piece of the NeXT pressure in the software expansion subdivision which was now headed by Avie Tevanian. The centers transferred to permanent liberate dates instead of fixed attribute sets. The discharge dates have been mostly ambitious by the require to maintain latest hardware which in most cases necessary updated drivers or maintain for special skin. Mac OS 8.0 was exclusion because knocking the edition number was essential for Apple in arrange to get relieve of the replica hardware construct. They would need a latest permit if they required remaining up with Apple and Apple (read Steve Jobs) would not funding them such a permit for a comparable negotiate like they did under the old concurrence. This essentially killed the sell of Apple duplicate. Agreed the complication of amalgamation two working scheme it was understandable that it would take at slightest two main amendment before a meeting could be achieved. Enlargement on Mac OS 8 ongoing before the amalgamation, so it would take a Mac OS 9 to arrange the changeover to a fundamentally dissimilar scheme. Apple become stronger, more positive and more well-liked once more. The supply was increasing and Apple was back in trade foremost the business again the Apple product was stronger than increasingly and the corporation was promotion hardware like passionate which in turn concerned more developers to the stage. CPM Competitive Profile Matrix Source: hhtp://www.prenhall.com/david Apple HP Dell Critical Success Factors Weight Rating Weighted Score Rating Weighted Score Rating Weighted Score Market Share Price Financial Position Product Quality Consumer Loyalty Advertising Management Global Expansion Innovation Web Development 0.10 0.10 0.15 0.15 0.15 0.04 0.06 0.06 0.14 0.05 2 2 3 4 4 4 4 2 4 3 0.20 0.20 0.45 0.60 0.60 0.16 0.24 0.12 0.56 0.15 3 3 4 3 2 2 3 2 2 2 0.30 0.30 0.60 0.45 0.30 0.08 0.18 0.12 0.28 0.10 4 4 3 3 3 3 3 3 2 3 0.40 0.40 0.45 0.45 0.45 0.12 0.18 0.18 0.28 0.15 Total 1.00 3.28 2.71 3.06 Apple computer Inc. standing before merger with Next as compare to their rivals in the above competitive profile matrix which show the outstanding position of Apple computer international against HP and Dell 2. REASONS WHY MANY MERGER AND ACQUISIONS ARE DEEMED TO HAVE FAILED OR UNDERPERFORMED Source: IPM survey on obstacles to cross-border mergers and acquisitions In recent years strategic mergers have gotten a bad name, to the extent that some pundits have defined strategic mergers as those where the acquiring company overpays. While the price paid for a company is a critical determinant of the success of the resulting Acquisition, there is no inherent reason, why mergers that are strategically well conceived, should go away. In fact, the evidence is quite opposite. These are difficult questions that require careful, objective pre-acquisition analysis. The tendency for companies in the heat of battle to overstate the real strategic benefits of a deal is a definite problem that must be guarded against pressures that arise from the desire to close a deal quickly before rival bidders appear, cultural and sometimes language barriers that create uncertainty, and the often emotionally charged atmosphere surrounding negotiations, work against this requirement of objectivity. The best solution in this case is to enter the MA mode with a carefully developed framework that addresses the key questions, and to stick to that framework in evaluating a potential acquisition candidate even when the seemingly inevitable strains arise. Our own research and experience indicates that the highest potential cross border MAs tend to be between firms that share similar or complementary operations in such key areas as production and marketing. When two companies share similar core businesses there are often opportunities for economies of scale at various stages of the value chain (e.g., RD, manufacturing, sales and marketing, distribution, etc.). Consider all that must go right in any (same-country) acquisition: The two companies must reach agreement on which goods and services will be obtainable, which facility or group will have primary responsibility for making this occur, who will be in allege of each of these amenities or groups, where will the predictable cost investments come from, what will the separation of labor seem resembling in the managerial group, what schedule to chase that will greatest make the latent synergies of the contract, and myriad other issues that are complex, detailed, and immediate. On top of all this the merging companies must continue to compete and serve their customers in a competitive marketplace. Now, take all these challenges, and add a completely new set of problems that arise from the fundamental differences that exist across countries. Consider, for example, for all the similarities that a global imperative places on companies, the very real differences in how business is conducted in, s ay, Europe, Japan, and the United States. These differences involve Corporate governance, the power of rank and file employees, worker job security, regulatory environments, customer expectations, and country culture all representing additional layers of complexity that executives engaged in cross-border MAs must manage. Is it any wonder that cross border mergers are potential minefields that require the utmost care? Fortunately, there are some basic principles that will make cross-border mergers work more smoothly. They can be divided into the imperatives of strategic logic and acquisition integration. Cultural Integration in the Process of Cross-Border Merger and Acquisition Cross-border amalgamation and acquirement (MA) play a significant component in foreign direct investment (FDI). In the course of cross-border MA, the venture occupied will stumble upon civilizing distinction and argument. How to add these cultural differences and abolish the conflicts becomes a significant issue for the venture. Civilizing combination abolishes conflicts happening from civilizing dissimilarity by classifying and merging the principles, psychosomatic states and performance modes of different communities. The cross-border MA cultural integration inherits and rectifies the emotional agreement of the intention corporation for minimizing the quantity of civilizing conflicts and forming the miscellany and agreement due to the civilizing dissimilarity in multi-national venture (Apple Next, 2009). Cross-border MA civilizing incorporation seek to reduce cultural differences as much as possible in the acquired company. Therefore, whether the cultural integration is successful or not is critical to the success or failure of a cross-border MA. In general, the following problems should be solved in cultural integration of cross-border MA. First, it should coordinate the cultural differences of peoples and states to promote understanding and communicating between the different communities in one enterprise and to avoid the negative influence arising from the different thinking models, behaviors, and values. Second, it should coordinate the different company cultures to eliminate the barriers in leadership styles, communication models, personnel system, performance appraisals, and social security benefits. Third, it should establish the companys core values by integrating diverse cultures to improve the companys creativity and competitiveness. Fourth, the effective integration of the companies cultures could provide conditions beneficial for the integration of operations. Therefore, cultural integration of cross-border MA plays an important role in helping the company maximize its capital, technique, sales, and other advantages. Method for Cultural Integration of Cross-Border MA Cultural integration of cross-border MA is a process to coordinate diverse cultures and make them mutually exist and develop within an enterprise. However, cultural integration is not as simple as merging all the different cultures into one, but a process to form a new multinational corporate model by selecting, absorbing, and integrating cultures. Cross cultural management is an effective method of realizing the cultural integration of cross-border MA successfully. Cross-cultural management refers to a system that an enterprise, in the course of MA, selects adaptive pattern of cross-culture management, overcomes conflicts and unfavorable influences, converts the negative factors into positive factors, and gains power of the cultural synergy. Cross-cultural management has its own principles and patterns, which shall be followed in the process of fulfilling cross-cultural management. Basic principles of cross-cultural management lie in respecting and understanding the cultures of othe rs, placing importance on communication, and making adaptive changes. People are the core of cross-cultural management. Culture is reflected in the thinking and behavior of people. Management is all about getting the best performance out of people. The buyer should respect the culture of the target company and try to understand the culture. The company should not use fixed values to judge the other companys culture, but should synthesize the companys strategic significance with its culture. Communicating with each other effectively and understanding each others culture is the most effective way to eliminate cultural conflicts. Establishing a new culture after MA is the amalgamation of different cultures and need not have the cultural imprint of a certain country or nationality. It will be a combination of different cultures. These four principles are interdependent and in the whole make up the basic principles of Cross-cultural management. There are four models of cross culture mana gement to resolve the cultural differences between the buyer and target companies. The first model is localization strategy, which refers to when each subsidiary of the company located in other regions or nations is regarded as an independent entity so that the strategy and decision of the subsidiary can be made according to the local conditions. The parent companys operating model is not imposed on the subsidiary. Rather, the management policy is made according to the local conditions. When the company is recruiting managers or other staff, there is little consideration given to their nationality or where they come from. The buyer respects the local culture and benefits from the localization strategy. The second model is transplanting the culture of the parent company. In this model, the buyer appoints its people to manage the target company in order to guarantee communication between the buyer and the target, and the buyer supervises and controls the target. As a result, the buyer can transplant its culture into the target company and gradually get the local staff to accept its culture. The third model is the cultural innovation by integration. In this model, the cultures of buyer and target companies coexist; a new culture and management pattern are formed through the integration of the two cultures. Cultural innovation can maximize the cross-cultural advantage. The fourth pattern uses evasion tactics. In this model, when there is a tremendous cultural gap between the buyer and the target, it is necessary for the manager appointed by the buyer to avoid the key cultural differences. Under this circumstance, the third party shall be asked to bridge the gap between cultures. This model does not address the problem and has considerable limitations. I n general, it only can be used as a transitional method. Buyers can select one or a combination of two or more of these four patterns, taking into consideration the cultural character of themselves and their targets, to culturally integrate.

Ecn 204 Final Exam Notes

Macro Final Exam Chapter 10: The Money Systems What assets are considered â€Å"Money†? What are the functions of money and the types of money? * W/o money, trade would require barter > Exchanging one good/service for another * unlikely occurrence that two people e/ have a good that other wants * 3 functions * Medium of exchange: an item buyers give to sellers when they want to purchase g/s * Unit of account: the yardstick ppl use to post prices & record debts * Store of value: an item ppl can use to transfer purchasing power from the present to the future * 2 kinds Commodity money: commodity with intrinsic value, i. e. gold coins * Fiat money: money w/o intrinsic value, used as money b/c of gov’t decree, i. e. dollar bills * Money in Can’n economy * Money supply (Money stock): the quantity of money available in the economy * Two assets should be considers: * Currency: the paper bills & coins in the hands of the general public * Demand deposits: balances in bank accounts that despositors can access on demand by writing a cheque/using debit card * Money Supply = currency + depositsWhat is the bank of Canada and its role? How do Banks create money? * Central Bank: an institution designed to regulate the money supply in the economy * Bank of Canada: the central bank of Canada * Established in 1935, nationalized in 1938, owned by Can’n gov’t * Managed by board of directors appointed by minister of Finance, composed of: governor, the senior deputy governor (7 yr terms), 12 directors (3 yr terms) * Four primary functions: * Issue currency, act as banker to commercial banks & Can’n gov’t, control money supply * Commercial Banks and Money Supply Although Bank of Canada alone is responsible for Canadian monetary policy, the central bank can control the supply of money only through its influence on the entire banking system * Commercial banks include credit unions, caisses populaires, and trust companies * Commercial banks can influence the quantity of demand deposits in economy and money supply * Reserves: cash that commercial banks hold * Fractional banking system > Keeps fraction of deposits as reserves, rest is loaned * Banks may hold more than this minimum amt if they choose * The reserve ratio, R Fraction of deposits that banks hold as reserves * Total reserves as % of total deposits * Bank T-account * T-account – simplified accounting statement that shows bank’s Assets & liabilities * Banks liabilities: deposits(what we put in the bank), Assets: Loans and reserves(What bank keeps) * R= Reserves/Deposits * Banks & money supply * $100 of currency is in circulation, determining impact on money supply: Calculate in 3 different cases * No banking system Public holds the $100 as currency; Money supply= $100 * 100% reserves banking system: banks hold 100% of deposits as reserves make no loans * MS = Currency (loans) + deposits = 0 +100 = 100 * Bank does not affect size of money supply * Fractional reserve banking system * R=10%: Reserves: 10, Loans: 90, Deposits: 100 * MS= $190 * When banks make loans > create money * Borrower gets: 90 in currency(asset), 90 in new debt/loan (liability) * Money Multiplier: The amt of money the banking system generates with each dollar of reserves * Money multiplier = 1/R R =10, 1/R = 10, 100 x 10 = 1000 * The Bank of Canada’s tools of Monetary Control * 1. Open-market operations * When it buys gov’t bonds from/ sells to the public * Foreign exchange market operations: when it buy/sells foreign currencies * MS increase when bank of Canada buys foreign currency with Canadian Currency; and decrease when BoC sells foreign currency * 2. Changing the overnight rate * Central banks act as bankers to commercial banks Bank rate : interest rate charged by bank of Canada on loans to the commercial banks * Since 1998 Bank of Canada as allowed commercial banks to borrow freely at the bank rate, paid commercial banks the bank rate , minus half percent, on their deposits at bank of Canada * Commercial banks never need to pay more than bank rate for short term loans, b/c they can always borrow from the Bank of Canada instead * Conversely, commercial banks never need to accept less than the bank rate, minus half a percent, when they make short-term loans, because they can always lend to the bank of Canada instead * Overnight rate: the interest rate on very short-term loans between commercial banks * Bank of Canada can alter the money supply by changing the bank rate, which in turn causes an equal change in overnight rate * A higher bank rate discourages commercial banks from borrowing from the Bank of Canada * A higher overnight rate discourages commercial banks from borrowing from other commercial banks * An increase in the overnight rate reduces the quantity of reserves in the banking system, which in turn reduces the money supply * Bank of Canada’s control of MS is not precise * Bank of Canada must wre stle w/ 2 problems that come from fractional-reserve banking * Does not control amt of money that: * Household choose to hold as deposits in banks * Commercial bankers choose to lend Chapter 11: Money Growth and Inflation How does the money supply affect the inflation & nominal interest rates? * Quantity theory of money: Price rises when gov’t prints too much money * Most economists believe the quantity theory is a good explanation of the long run behavior of inflation * Asserts that quantity of money determines value * 2 approaches: * Supply demand diagram MS determined by bank of Canada, banking system, consuers * In model, assume that BoC precisely controls MS & sets it at some fixed amt * MD (money demand) how much wealth ppl want to hold in liquid form * Depends on P: an increase in P reduces the value of money, so more money is required to buy goods & services * Thus: Quantity of money demanded is –vely related to the value of money +vely related to P, other thin gs equal (real income, interest rates, availability of ATMs) * * Results from Graph: Increasing MS causes P to rise * How does this work? Short version: * AT the initial P, an increase in MS causes excess supply of money * People get rid of their excess money by spending it on goods & services/ by loaning it to others who spent it * Result: increased demand of goods But supply of goods does not increase, so prices must rise * Other things happen in the short run, which we will study in later chapters) * Equation * Nominal Variables: are measured in monetary units * i. e. Nominal GDP, nominal interest rates (rate of return measured in $) nominal wage($ per/hour worked) * Real Variables: are measured in physical units * i. e. real GDP real interest rate (measured in output) real wage (measured in output) * Real vs. Nominal * Prices are normally measured in terms of money * Price of a compact disc: $15/cd * Price of a pepperoni pizza: $10/pizza A relative price: price of one good relat ive (divided by) another: * Relative price of CDs in terms of pizza: * Price of CD/Price of pizza = 15/10 = 1. 5 pizzas per cd * Relative prices are measured in physical units so they are real variables * Real vs. Nominal Wage * An important relative price is the real wage * W= nominal wage= price of labour $15/hr * P = price level = price of g&s $5/unit of output * Real wage is price of labour relative to price of output * W/P = 15/5 = 3 units output per hour * Classical theory of inflation: * Increase in overall level of prices * Over past 60 yrs, prices risen on avg of 4%/yr Deflation: people will wait for prices to drop on big ticketed items, dropped in the 20th century * In 1970s prices rose by 7%/yr * During 1990s, price rose at 2%/yr * Hyperinflation: extraordinary high rate * Quantity theory of money: explain long-run determinants of price lvl and inflation rate * Inflation is an economy-wide phenomenon that concerns the value of the economy’s medium of exchange * Whe n the overall price level rises, value of money falls * Inverse relationship b/w price & value of money * Value of money: * P = Price lvl (CPI/ GDP deflator) * P = price of basket of goods measured in money * 1/P is value of $1, measured in goods * Example: basket contains one candy bar, P = $2, Value of $1 is ? candy bar * The Classical Dichotomy Classical dichotomy: theoretical separation of nominal & real variables * Hume & the classical economists suggested that monetary developments affect nominal variables but not real variables * If the central bank doubles the MS, Hume & classical thinkers contend * All nom variables (including prices) will double * All real variables (Including relative prices) will remain unchanged * The neutrality of Money * Monetary neutrality: the proposition that changes in the MS do not affect real variables * Doubling money supply causes all nominal prices to double, what happens to relative prices? * Initially, relative price of cd in terms of pizza is * Price of cd/price of pizza = 15/10 = 1. pizzas per cd * After nominal prices double * 30/20 = 1. 5 pizza per cd * Relative price is unchanged * Monetary neutrality: proposition that changes in the MS do not affect real variables * Similarly, the real wage W/P remains unchanged, so†¦ * Quantity of labour supplied/demanded, total employment does not change * The same applies to employment of capital & other resources * Since employment of all resources in unchanged, total output is also unchanged by the MS * Most economists believe the classical dichotomy & neutrality of money describe the economy in the long run Does the money supply affect real variables like real GDP or the real interest rate? The velocity of Money: the rate at which money changes hands * Notation: * PxY = nominal GDP = price level x real GDP * M = money supply * V = velocity * Velocity formula: V = PXY/M * Pizza, Y = real GDP = 3000 pizzas, P= price of pizza = $10, P*Y = $30,0000, M = $10,000 * V=30,000 /10,000= 3, avg dollar was used in 3 transactions * Quantity Equation * M*V = P*Y * V = stable * So, a change in M causes nominal GDP (P*Y) to change by the same % * A change in M does not affect Y: money is neutral, Y is determined by tech & resources * So, P changes by the same % as P*Y and M * Rapid money supply growth causes rapid inflation How is inflation like a tax? Hyperinflation is generally defined as inflation exceeding 50%/month * Excessive growth in the MS always causes hyperinflation * Inflation tax: * When tax revenue is inadequate and ability to borrow is ltd, gov’t may print money to pay for its spending * Almost all hyperinflations start this way * The revenue from printing money is the inflation tax: printing money causes inflation, which is like a tax on everyone who holds money * The Fischer Effect * Rearrange definition of real interest rate: * Nominal interest rate = Inflation rate + real interest rate * Real interest rate is determined by saving & inve stment in the loanable funds market * MS growth determines inflation rate This equation shows how the nominal interest rate is determined * In long run, money is neutral, so a change in the money growth rate affects the inflation rate but not the real interest rate * So, nominal interest rate adjusts one-for-one with changes in the inflation rate * The inflation tax applies to people’s holdings of money, not their holdings of wreath * Fishcher effect: an increase in inflation causes an equal increase in the nominal interest rate, so the real interest rate is unchanged What are the costs of inflation? How serious are they? * The inflation fallacy: most ppl think inflation erodes real income * Inflation is a general increase in price of the things ppl buy & the things they sell (i. e. labour) * In long run, real incomes are determined by real variables, not inflation rate * Shoeleather costs: the resources wasted when inflation encourages ppl to reduce their money holdings * In cludes the time & transactions costs of more frequent bank withdrawals * Menu costs: the costs of changing prices Printing new menus, mailing new catalogs * Misallocation of resources from relative-price variability: Firms don’t all raise prices @ the same time, so relative prices can vary which distorts the allocation of resources * Confusion & inconvenience: inflation changes the yardstick we use to measure transactions, complicates long-range planning & the comparison of dollar amts over time * Tax distortions: inflation makes nominal income grow faster than real income, taxes are based on nominal income, & some are not adjusted for inflation, so†¦ inflation causes ppl to pay more taxes even when their real incomes don’t increase * Arbitrary redistributions of wealth Higher-than-expected inflation transfers purchasing power from creditors to debtors: debtors get to repay their debt w/ dollars that aren’t worth as much * Lower-than-expected inflation tran sfers purchasing power from debtors to creditors * High inflation is more variable & less predictable than low inflation * So, these arbitrary redistributions are frequent when inflation is high * Costs are high for economies experiencing hyperinflation * For economies w/ low inflation ( 0, â€Å"Capital outflow†, domestic purchases of foreign assets exceed foreign purchases of domestic assets * Capital is flowing out of country * When NCO < 0, â€Å"Capital inflow†, foreign purchases of domestic assets exceed domestic purchases of foreign assets * Capital is flowing into the country * Variables that Influence NCO * Real interest rates paid on foreign assets or domestic assets * Perceived risks of holding foreign assets * Gov’t policies affecting foreign ownership of domestic assets * The equality of NX & NCO * An accounting identity: NCO = NX * Arises b/c every transactions that affects NX also affects NCO by the same amt (And vice versa) * When a foreigner pur chases a good from Canada, * Can’n exports & NX increase The foreigner pay w/ currency or assets, so the Can’n acquires some foreign assets, causing NCO to rise * An accounting identity: NCO=NX * Arises b/c every transaction that affects NX also affects NCO the same amt ( & vice versa) * When a Can’n citizen buys foreign goods, * Can’n imports rise, NX falls * The Can’n buyer pays w/ Can’n dollars or assets, so the other country acquires Can’n assets, causing Can’n NCO to fall * Saving, Investment, & international Flows of Goods & Assets * Y = C + I + G + NX accounting identity * Y – C – G = I + NX rearranging terms * S = I + NX since S = Y – C – G * S = I + NCO since NX = NCO * When S > I, the excess loanable funds flow abroad in the form of positive net capital outflow, NCO >0 * When S e =P*/P implies that the nom exchange rate between 2 countries should equal the ratio of price lvls * If the 2 cou ntries have diff inflation rates, then e will change over time: * If inflation is higher in Mexico than in Canada, Then P* rises faster than P, so e rises – the dollar appreciates against the peso * If inflation is higher in Canada than in Japan, then P rises faster than P*, so e falls- the dollar depreciates against the yen * Limitations of PPP theory, why exchange rates do not always adjust to equalize prices across countries: * Many goods cannot easily be traded: * i. e. haircuts, going to movies * Price differences on such goods cannot be arbitraged away * Foreign, domestic goods not perfect substitutes: * i. e. some Can’n consumers prefer Toyatos over Chevys * Price differences reflect taste differences * Nonetheless, PPP works well in many cases, especially as an explanation of long-run trends * i. e.PPP implies: the greater a country’s inflation rate, the faster its currency should depreciate (relative to a low-inflation country like Canada) * Interest ra te determination in a small open economy w/ perfect Capital mobility * Why do interest rates in Canada & the U. S. tend to move up & down together? * Canada is a small open economy w/ perfect capital mobility * â€Å"small† = small part of the world economy * Canada is an economy w/ perfect capital mobility b/c * Can’ns have full access to world financial markets, * And the rest of the world has full access to the Can’n fin’l market * This means that the real interest rate in Canada should equal the real rate prevailing in the world U. S. r= r^w * Perfect Capital mobility: theory that real interest rate in Canada should equal that in the rest of the world is known as interest rate parity * Limitations: real interest rate in Canada is not always = to the real interest rate in the rest of the world b/c†¦ * Fin’l assets carry w/ them the possibility of default * Fin’l assets offered for sale in different Chapter 13: Macroeconomic theory of the open economy In an open economy, what determines the real interest rate? The real exchange rate? * Market of loanable Funds S=I + NCO * Supply of loanable funds = saving * A dollar of saving can be used to finance * The purchase of domestic capital * The purchase of foreign asset * So, demand for loanable funds=I + NCO * S depends +vely on the real interest rate, r * I depends –vely on r * Real interest rate, is the real return on domestic assets * A fall in r makes domestic assets less attractive relative to foreign assets * Can’ns purchase more foreign assets * Can’ns purchase fewer domestic assets * NCO rises * The supply & demand for loanable funds depend on the real interest rate * A higher real interest rate encourages ppl to save & raises the quantity of loanable funds supplied * The interest rate adjusts to bring the supply & demand for loanable funds into balance * At eq’m interest rate, the amt that ppl want to save exactly balances the des ired quantities of domestic investment & foreign investment * Loanable funds market diagram * R adjusts to balance supply & demand in the LF market * Both I & NCO depend –vely on r, so the D curve is downward-sloping * * In small open economy w/ perfect capital mobility, i. e. Canada, the domestic interest rate = world interst rate * As a result, the quantity of loanable funds made available by the savings of Can’ns does not have to equal the quantity of loanable funds demanded for domestic investment * The difference between these two amts is NCO * * How are the markets for loanable funds & foreign-currency exchange connected? The market for foreign-currency exchange exists b/c ppl want to trade w/ ppl in other countries, but they want to be paid in their own currency * 2 side of foreign-currency exchange market are represented by NCO & NX * NCO represents the imbalance between the purchases & sales of capital assets * NX represents the imbalance b/w exports & imports of goods & services * Another identity from preceding chapter: NCO = NX * In the market for foreign-currency exchange, * NX is the demand for dollars: foreigners need dollars to buy Can’n NX * NCO is the supply of dollars: Can’n residents provide/give dollars when they buy foreign assets * S=I + NCO > S – I =NX * What price balances the supply & demand in the market for foreign-currency exchange? * The real exchange rate (E) = e*P/P* The Can’n exchange rate(E) measures the quantity of foreign g/s that trade for one unit of Can’n g/s * E is the real value of a dollar in the market for foreign-currency exchange * The demand curve for dollars (NX) is downward sloping b/c a higher exchange rate makes domestic goods more expensive * The supply curve (NCO) is vertical b/c the quantity of dollars supplied for NCO is unrelated to the real exchange rate * Increase in E makes Can’n goods more expensive to foreigners, reduces foreign demand for Canâ⠂¬â„¢n goods & dollars, does not affect NCO/supply of dollars * The real E adjusts to balance the S & D for dollars * At Eq’m E, the demand for dollars to buy NX exactly balances the supply of dollars to be exchanged into foreign currency to buy assets abroad * Disentangling S&D When can’n resident buys imported goods does the transaction affect s/d in foreign exchange market? * The demand for dollars decrease * The increase in imports reduce NX which we think of as demand for dollars (NX= net demand for dollars) * When foreigner buys Can’n asset, does the transaction affect supply/ demand in the foreign exchange market * The supply of dollars falls * NCO = Net supply of dollars How do gov’t budget deficits affect exchange rate & trade balance? * The effects of a budget deficit * National saving falls * The real interest rate rises * Domestic investment & net capital outflow both fall * The real exchange rate appreciates * Net export fall (or the trade de ficit increases) * Eq’m in the Open Economy NCO is the variable that links these two markets: S = I + NCO, NCO =NX * In the market for loanable funds, supply comes from national saving & demand comes from domestic investment & NCO * In the market for foreign-currency exchange, suplly comes from NCO & demand comes from BX * * * Eq’m in the open economy * Prices in the loanable funds market & the foreign-currency exchange market adjust simultaneously to balance supply & demand in these two markets * As they, they determine the macroeconomic variables of national saving, domestic investment, NCO, and NX How do other policies or events affect the interest rate, exchange rate, and trade balance? The magnitude & variation in important macroeconomic variables depend on the following: * Increase in world interest rates * Gov’t budget deficits & surpluses * Trade policies * Political & economic stability * Three steps in using the model to analyze these events * Determin e which of the s/d curves e/ event effects * Determine which way the curves shift * Examine how these shifts alter the economy’s equilibrium * * * Increase in world interest rates * Events outside Canada that cause world interest rates to change can have important effects on the Can’n economy * In a small open economy w/ perfect mobility, an increase in the world interest rate†¦ * Crowds out domestic investment, * Cause NCO to increase & * Causes the dollar to depreciate * The effects of an increase in the gov’t budget deficit * * Gov’t budget deficits & surpluses * b/c a gov’t budget deficit represents negative public saving, it reduces national saving, and therefore reduces†¦ * the supply of loanable funds * NCO * The supply of Can’n dollars in the market for foreign-currency exchange * Trade Policy: is a gov’t policy that directly influences the quantity of goods @ services that a country imports/exports * Tariff: a tax o n imported goods * Imported quota: a limit on quantity of a good produces abroad and sold domestically * Initial impact is on imports – which affects NX NX are the sources of demand for dollars in the foreign-currency exchange market * Imports are reduced at any exchange rate, & NX will rise * This increases the demand for dollars in the foreign currency exchange market * * * There is no change in the market for loanable funds, and therefore, no change in NCO * B/c foreigners need dollars to buy Can’n NX, there is an increased demand for dollars in the market for foreign-currency * This leads to an appreciation of the real exchange rate * Effect of an import quota * An appreciation of the dollar in the foreign exchange market discourages exports * This offsets the initial increase in NX due to import quota * Trade policies do not affect the trade balance Political Instability & Capital Flight * Capital flight * Is large & sudden reduction in demand for assets located i n a country * Has its largest impact on the country from which the capital is fleeing, but it also affects other countries * If investors become concerned about the safety of their investments, capital can quickly leave an economy * Interest rates increase & the domestic currency depreciates * When investors around the world observed political problems in Mexico in 1994, they sold some of their Mexican assets and used the proceeds to by assets of the other countries * This increased Mexican NCO An increased demand for loanable funds in the loanable funds market leads the interest rate to increase * This increased the supply of pesos in the foreign-currency exchange market * * Chapter 14: Aggregate Demand & Supply What are economic fluctuations? What are their characteristics? * Over LR, Real GDP grows about 2%/yr on avg * In SR, GDP fluctuates around its trend * Recessions: falling real incomes & rising unemployment * Depressions: severe recessions (very rare) * SR economic fluctuat ions are often called business cycles * 3 facts about economic fluctuations * Are irregular & unpredictable * Most macro’c quantities fluctuate together * As output falls, unemployment rises Use mode of AD & AS to study fluctuations * Short run, changes in nominal variables (Ms or P) can affect real variables (Y/U-rate) How does the model aggregate demand & supply explain economic fluctuations? * Aggregate-demand curve – shows the quantity of goods & services that households, firms, & the gov’t want to buy @ each price level * Aggregate-supply curve- shows the quantity of goods & services that firms choose to produce and sell at each price level * Why does the aggregate-demand curve slope downward? What shifts the AD curve? * AD curve shows quantity of g/s demanded in the economy at any given P * Y=C+I+G+NX * Assume G fixed by gov’t policy Increase in P reduces the quantity of g/s demanded b/c: * The wealth effect (c falls) * The dollars ppl hold buy fewe r g/s so real wealth is lower * Ppl feel poorer * i. e. a stock market boom makes households feel wealthier, C rises, the AD curve shifts right; preferences: consumption, saving tradeoff; tax hikes/cuts * Interest rate effect (I falls) * Buying g/s requires more dollars * To get these dollars, ppl borrow more * Drives up interest rates * i. e. firms buy new computers; expectations, optimism/pessimism; Interest rates, monetary policy; investment tax credit/other tax incentives * The exchange rate effect (NX falls) * Real exchange rate= exP/P* Increase real exchange rate, Can’n exchange rate appreciates * Can’n exports more expensive to ppl abroad, imports cheaper to Can’n residents * i. e. booms/recessions in countries that buy our exports (recession in the U. S. ); appreciation/depreciation resulting from int’l speculation in foreign exchange market * Changes in G * Federal spending i. e defense; provincial & municipal spending i. e roads, schools What is the slope of the aggregate-supply curve in the short run? Long run? What shifts AS curve? * AS curve shows the total quantity of g/s firms produce & sell at any given P * Upward-sloping in short run * Vertical in long run Natural rate of output (Yn) us the amt of output the economy produces when unemployment is at its natural rate * Yn is also called potential output/full-employment output * Yn determined by the economy’s labour (L) capital (K), and natural resources(N), and on the lvl of tech(A) * Changes in L/Natural rate unemployment: immigration, Baby-boomers retire, gov’t policies reduce natural u-rate * Changes in K/H: Investment in factories, more ppl get college degrees, factories destroyed by a hurricane * Changes in natural resources(N): discovery of new mineral deposits, reduction in supply of imported oil, changing weather patterns that affect agricultural production * Changes in tech (A): productivity improvements from technological progress * An increase in P does not affect any of these, it does not affect Yn (Classical dichotomy) * Any even that changes any of the determinants of Yn will shift LRAS * i. e. immigration increases L, causing Yn to rise * Over the LR, tech progress shifts LRAS to the right & growth in the MS shifts AD to the right * Ongoing inflation & growth in output * The SRAs curves is upward sloping: * Over the period of 1-2 yrs, an increase in P causes an increase in quantity of g/s supplied * If AS is vertical, fluctuations in AD do ot cause fluctuations in output/employment * If AS slopes up, then shifts in AD do affect output & employment * Three theories: * Sticky wage theory, Imperfection- nominal wages are sticky in the short run, they adjust sluggishly, due to labour contracts; firms & workers set the nominal wage in advance based on Pe, the price lvl expected to prevail * If P>Pe, revenue is higher, but labour cost is not. Productions is more profitable, so firms increase output & employment * Hence, hi gh P causes higher Y, so the SRAS curve slopes upward * Sticky price theory, Imperfection- many prices are sticky in the short run: due to menu costs, the costs of adjusting prices, i. e. ost of printing new menus, the time required to change price tags * Firms set sticky prices in advance based on Pe * Suppose the BoC increases the MS unexpectedly, in LR P will rise * In SR, firms w/o menu costs can raise their P immediately * Firms w/ menu costs wait to raise prices, meantime , their prices are relatively low, which increase demand for their products, so they increase output & employment * Hence, higher P is associated w/ higher Y, so the SRAS curve slopes upward * Misperceptions- imperfection: firms may confuse changes in P with changes in the relative price of the products they sell, if P rises above Pe- a firm sees its price rise before realizing all prices are rising. The firms may believe its relative price is rising & may increase output & employment, * An increase in P can cause an increase in Y, making the SRAS curve upward-sloping * What 3 theories have in common: Y deviates from Yn, when P deviates from Pe * Y(Output) = Yn + a(P-Pe) * Yn-Natural rate of output (LR) * a>0, measures how much Y responds to unexpected changes in P * P, actually price lvl; Pe, expected price lvl * SRAS & LRAS The imperfections in these theories are temp, over time†¦ * Sticky wages & prices become flexible * Misperceptions are corrected * In LR†¦ * Pe = P, Y=Yn, AS is vertical * Unemployment is at its natural rate * Why the SRAS curve might shift * Everything that shifts LRAS shifts SRAS too * Also, Pe shifts SRAS: * If Pe rises, workers & firms set higher wages * At e/ P production is less profitable, Y falls, SRAS shifts left * * Economic fluctuations * Caused by events that shift the AD/AS curves * 4 steps to analyzing economic fluctuations: * Determine whether the event shifts AD & AS * Determine whether curve shifts left/right Use AD-AS diagram to see how the shift changes Y & P in the short run * Use AD-AS diagram to see how economy moves from new SR eq’m to new LR eq’m * I. e. Stock market crash : C falls, so AD shifts left; SR eq’m at B, P & Y lower, unemp higher; Over time Pe fals, SRAS shifts right, until LR eq’m at C, Y and unemp back at initial lvls * * i. e. oil prices rises: increases costs, shifts SRAS Left, SR eq’m at point B, P higher, Y lower, unemp higher; from A to B, stagflation: a period of falling output & rising prices; if policymakers do nothing: low employment causes wages to fall SRAS shifts right until LR eq’m at A, or policymakers could use fiscal/ monetary policy to increase Ad & accommodate AS shift: Y back to Yn, but P permanently higher

Managerial Economics: A Game Theoretic Approach Essay

Using computations from Assignment 1, determine the market structure in which the low-calorie frozen, microwavable food company operates. The market structure that this company is likely to be in is the oligopoly structure whereby it could be in a duopoly or not. A duopoly is a market structure in which there are few firms in the industry. It is a market structure that lies between two market structures, that is, perfectly competitive market and monopoly. There are two or more sellers but the number of sellers is not as large as that of the ones present in a perfectly competitive market. The firm can be categorized as a monopoly mainly because of the cross sectional demand of the firm. The cross price elasticity demand of this particular firm is 0.68. This simply means that an increase in the prices of the competitors ’ product by one unit implies a 0.68 unit increase in terms of the quantity demanded. This basically implies that the cross sectional demand in inelastic. As such, the increase in price, decrease in price or generally the change of prices by this particular firm will not have a significant effect i n terms of the quantity demanded. This is the ideal representation of a firm in an oligopoly. The scope for individual action can be said to be way greater than in the case that the product was differentiated. In other words, one individual seller does not stand to lose in the case that he or she decides to charge a higher price. For this reason, this firm is definitely under an oligopoly market structure.(Webster, 2003) Outline a plan that will assess the effectiveness of the market structure for the company’s operations The issue of prices is basically the basis of the plan that is to be formulated. Generally, the price quantity combination depends upon the actions that are taken by the rest of the firms in the duopoly. In other words, the profit that is accrued by each and every seller is a result of the decisions that have been reached by each individual seller. The monopoly price that will be charged under this market structure could come with a series of consultations or simply individual experiments. For this particular firm to maximize its profits it needs to fix its price through an analysis with the assumption that there exists only one firm in the market. In the event that the firm fixes its price higher than this price, it will make gains. In the event that it fixes the price lower, it will lose. Given that business operations have changed from the market structure specified in the original scenario in Assignment 1, determine two (2) likely factors that might have caused the change. Predict the primary manner in which this change would likely impact business operations in the new market environment. The assumed market structure was that the firm was under a perfectly competitive market. It however turns out that the firm is in an imperfect market, a duopoly precisely. There are a number of f actors that are likely to have caused the change in this market structure. One of the reasons is that there probably existed one factor of production that is owned by a few firms only. As a result, not many firms are able to produce the product. Besides, it is also a possibility that there existed many firms initially in the market under a perfectly competitive market. These firms could have decided to merge thereafter and consolidated themselves into one major firm with the aim of reducing competition. In this way, the number of sellers reduces. Analyze the major short run and long cost functions for the low-calorie, frozen microwaveable food company given the cost functions below. Suggest substantive ways in which the low-calorie food company may use this information in order to make decisions in both the short-run and the long-run. TC = 160,000,000 + 100Q + 0.0063212Q2 VC = 100Q + 0.0063212Q2 MC= 100 + 0.0126424Q The total cost function is an increasing function of quantity produced. This implies that an increase in the quantity produced results to an increase in the cost of production. This is consistent with economic theory. The intercept of the total cost function is 160,000 meaning that when no quantity is produced, or rather when the quantity produced is zero, the fixed cost is 160,000. The Marginal Cost function is also an increasing function of quantity produced. It gives the effect of producing an extra unit. The firm should thereby produce up to a level whereby the cost of producing an extra unit does not exceed the returns from that particular unit.(Hirschey, 2008) Determine the possible circumstances under which the company should discontinue operations. Suggest key actions that management should take in order to confront these circumstances. Provide a rationale for your response The firm should discontinue its operations in the case that the Total costs are more than the total revenue. This would imply that the firm is making losses. The firm should also discontinue its operations in the event that the marginal costs are greater than the marginal revenue. That is, the cost of producing an additional unit is greater than the cost of selling that additional unit. The firm should also discontinue its operations in the event that the marginal revenue is zero or less. This is with regard to the law of diminishing marginal revenue which holds that the revenue from selling an additional unit will increase to a point where an additional unit of input will not increase the quantity produced. In this case therefore, extra costs will be incurred in the process of producing an extra unit but revenue will not change. This is an unproductive phase of production. Suggest one (1) pricing policy that will enable your low-calorie, frozen microwavable food company to maximize profits. Provide a rationale for your suggestion. At ceteris Paribus, the demand function of the market is The demand equation will be as shown below, with all other factors held constant: Q = -5200 – 42*(P) + 20*600 + 5.2*5500 + 0.2*10000 + 0.25*5000 Q = 38650 – 42(P) P = 38650/42 – (Q)/42 The equilibrium prices and quantities are; 5200 + 45P=38650 – 42P 33,450=87P P = 384.48 Q = 5200 + 45*(384.48) = 22,501.6 Total Revenue = Price X Quantity = {38650/42 – (Q)/42  }Q MR= 38650/42 = 920. 23 = P The average revenue should be equal to the price and give the demand function. The best pricing solution that this firm can and should make is to produce at this price. Outline a plan, based on the information provided in the scenario, which the company could use in order to evaluate its financial performance. Consider all the key drivers of performance, such as company profit or loss for both the short term and long term, and the fundamental manner in which each factor influences managerial decisions. Being a firm under the oligopoly market structure, the firm should put the concept of price leadership into practice. Essentially, this simply implies that the firm should be able to put itself out as a dominant firm and as such it should be able to command the authority to set the prices in the market. It should also be able to be the firm that commands any change when it comes to prices in such a way that it has the ability to change prices while the other firms follow suit. The firm therefore is in a situation in which it is able to control prices to its benefit. As a consequence, the other competing firms will not be able to maximize their own profits unless they follow the prices that are set by this firm. In other words, a special monopoly is created in the duopoly. (Washick, 2005) Recommend two (2) actions that the company could take in order to improve its profitability and deliver more value to its stakeholders. Outline, in brief, a plan to implement your recommendations. Due to the homogenization of products, there is the problem of competition especially among the buyers. This simply implies that there will be one single price for sellers. As a result, the best recommendation with regard to the action that the firm should take is to ensure that they maximize on output. A change in terms of output by the seller has a very significant effect in terms of the prices of the good that is produced. As much as the actions of his or her rivals could be somewhat unknown, it is most definite that the other sellers will change or alter the prices in a way that they will match the output. An increase in terms of the output also implies that the firm will also increase its revenue. The Collusion Solution is also another recommendation that could be used by this particular firm in question. This basically implies that the market participants could always try and join together in the event that the participants find that the competition is too much, they could join together so as to create one competitive firm. (Waschick,2005) References   Fisher, T., & Waschick, R. (2005). Managerial Economics: A Game Theoretic Approach. London : Routledge. Hirschey, M. (2008). Managerial Economics. New York: Cengage Learning. Webster, T. J. (2003). Managerial Economics: Theory and Practice. London: Academic Press. Source document

buy custom California Politics essay

buy custom California Politics essay Governing the country is an extremely responsible process that comprises not only numerous rights and privileges, but also a broad spectrum of obligations. The need to balance between these two edges and to meet all the expectations of the population at the same time is one of the most complicated tasks that governors encounter. Relishing their high position, they often forget about primary purpose for which people elect them, which often serves as the ground for the majority of political crises in the world as it provokes distrust and, thus, the desire to control the government and influence the decisions making process. The discordance of thoughts and interests results in the governments inability of assessing the situation objectively and reacting the significant challenges appropriately. The paper aims at analyzing the crisis of California politics from the point of both modern aspects and the historical legacy that are crucial precursors for the current situation. Five Elements of the California Politics Crisis The phrase California Dream becomes the symbol of the state and implies the prosperity and happiness. However, there are a lot of significant problems in California despite the evident progress regarding certain number of issues. The legislative paradoxes are the biggest challenge the states government dealth with in the latest years. Thus, one can underline the five elements of Californias crisis: two-thirds requirement for changing the taxes, safe-seat reapportionment, terms limits, the absence of the unanimity on significant issues, and an easy way for passing the initiatives (Anagnoson et.al. 4). Legislative paradox related to budget and level of taxes is the most crucial issue in both political and economic concerns. In order to make the passing of the budget easier voters replaced the requirement of two-third votes on fifty percents and one. However, the previous two-third requirement remains actual for changing the level of taxes. Taking into account that the budget is inextricably connected with the taxes, nobody can balance it without appropriate correlatin of the tax rate. The governors could solve this problem rather easily and quickly, if they reached consensus and avoided not use these legislative differences as the instrument for speculating on interests of separate groups. This second element of crisis is the main barrier for making progress because individual interests often ignore the common needs or even harm them, thus obstructing progressive changes. It should be mentioned that the process of lobbying the group ideas is rarely aimed at general prosperity but has rather opposite results. Progressive movement implemented the simplified process of both passing the initiatives as the democracy measure and increasing the level of public involvement in the countrys affairs. However, this initially good intention frequently transforms into substantial ground for abuses and realizing selfish ambitions. Term limits set for preventing the governors abuses with their positions became another precursor for the crisis. The limitation of the severest terms did not reduce the governors raising the funds for next campaign but, vice verse, strengthened it. Appart from that , the level of governments competence decreased because of the new less experienced members, which obviously had the influence on the quality of the legislative decision. That is why the voters trustfully changed this norm in 2012. The Safe-seat reapportionment is the fifth element of the California crisis that also does not allow the state to move towards the progressive changes. This legislative norm creates an opportunity for representatives who failed to meet voters expectations to stay in the government again and again only winning the 10 percent margin. There were the attempts to change this situation in 2008, but, they had poor effect. A few more ideas were proposed in order to deal with the five most significant issues. Besides the above mentioned realized measures, the following suggestions were made: the lowering of the required majority for changing tax rates, the restriction of the process of passing the initiatives and amending the constitution, instituting the puublic financing and decentralizing (Anagnoson et.al. 7). However, they also raise a lot of controversies concerning their enacting. The Progressive Movement California politics history is characterized by the long period of citizens distrust of the government that continued to become deeper each year. In order to reduce the social tension, the urgent need for changes appeared in society. At that time, the leaders of the Progressive movement created the set of reforms that became a turning points in the history of California. There were a lot of social, economic and political precursors for the situation which led to the transformations initiated by The Progressive movement. Thus, the roots of the movement are hidden in the need to resist the business influence on the politics and prosecute the corrupted politicians. These issues has always existed in California and became even acuter after the Civil War due to rapid industrialization. Funds concentrated in the hands of corporations provided them with the wealthy and new ways of influencing the government based on the monopoly. Hence, coping with these social and political phenomena and making the government more responsive to the social needs were the primary goals of the Progressive Movement. The set of reforms consisted of nonpartisanship, primary elections, block office ballot and direct democracy norms (Anagnoson et.al. 22). According to them the label of the party was not affixed to the name of candidates in the elections ballot. The party chose its representatives for the further election on the primary one. The block ballot that California uses today was also one of the norms The Progressive had passed. However, the last set of norms, known as direct democracy, had the biggest impact on the ways in which California politics are operating today. Thus, the opportunity of passing the initiatives and instruments of direct actions for voters, such as referendum and recall were the most decisive measures that had the long-term effect on the political and economic life of California. Buy custom California Politics essay

Usher Surname Meaning and Family History

Usher Surname Meaning and Family History Usher is an occupational surname for a servant or courtier who served as an officer of a court to introduce strangers, or usher visitors in and out of meetings in large houses or palaces. It may also have originated as an occupational surname for the under-master of a school or who worked as a gatekeeper. The name derives from the Middle English usher,  Old French ussier, or  huissier, from the Late Latin ustiarius, meaning  door or gate.   Surname Origin:  French,  Irish, English Alternate Surname Spellings:  USSHER, USSIER, HUISSIER Famous People with the USHER Surname James Ussher - 17th-century Archbishop of ArmaghRichard Usher - English clown  and theatre designerAndrew Usher, II  - successful Scottish whiskey distillerDavid Usher -  Ã‚  English-born, Canadian singer songwriter and recording artistHezekiah Usher - first known bookseller in the American colonies Where is the USHER Surname Most Common? The Usher  surname, according to surname distribution information from  Forebears, is most prevalent in the United States, where it ranks as the 4,706th  most common last name. Usher is much more common based on population percentage in Belize, however, where it is the 10th most common surname. It is also found in England, Australia and South Africa. WorldNames PublicProfiler  data indicates  that the Usher surname is somewhat more commonly found in the North of England, as well as in the Midlands region of Ireland, the Northern Territory of Australia, Ontario in Canada, and in the Otorohanga, Stratford, Waimakariri and Taupo districts of New Zealand. Genealogy Resources for the Surname USHER Usher Family Crest - Its Not What You ThinkContrary to what you may hear, there is no such thing as an Usher  family crest or coat of arms for the Usher surname.  Coats of arms are granted to individuals, not families, and may rightfully be used only by the uninterrupted male line descendants of the person to whom the coat of arms was originally granted. USHER Family Genealogy ForumThis free message board is focused on descendants of Usher ancestors around the world. Search the forum for posts about your Usher ancestors, or join the forum and post a query about your own Usher ancestors. FamilySearch - USHER  GenealogyExplore over 240,000 results from digitized  historical records and lineage-linked family trees related to the Usher surname on this free website hosted by the Church of Jesus Christ of Latter-day Saints. USHER Surname Mailing ListFree mailing list for researchers of the Usher  surname and its variations includes subscription details and a searchable archives of past messages. GeneaNet - Usher RecordsGeneaNet includes archival records, family trees, and other resources for individuals with the Usher surname, with a concentration on records and families from France and other European countries. The Usher  Genealogy and Family Tree PageBrowse genealogy records and links to genealogical and historical records for individuals with the Usher  surname from the website of Genealogy Today. Ancestry.com: Usher SurnameExplore over 600,000 digitized records and database entries, including census records, passenger lists, military records, land deeds, probates, wills and other records for the Usher surname on the subscription-based website, Ancestry.com. Usher Surname - GeniRead more about the history of the Usher surname and search for Usher family trees on the genealogy website Geni.com.- References: Surname Meanings Origins Cottle, Basil.  Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967. Dorward, David.  Scottish Surnames. Collins Celtic (Pocket edition), 1998. Fucilla, Joseph.  Our Italian Surnames. Genealogical Publishing Company, 2003. Hanks, Patrick and Flavia Hodges.  A Dictionary of Surnames. Oxford University Press, 1989. Hanks, Patrick.  Dictionary of American Family Names. Oxford University Press, 2003. Reaney, P.H.  A Dictionary of English Surnames. Oxford University Press, 1997. Smith, Elsdon C.  American Surnames. Genealogical Publishing Company, 1997. Back to  Glossary of Surname Meanings Origins

The Hidden Content of Artwork Adam and Eve Created by Albrecht Durer Essay

The Hidden Content of Artwork Adam and Eve Created by Albrecht Durer - Essay Example Albrecht Durer wanted to demonstrate the importance of people’s decisions; some of them may be fatal and bring a lot of problems. The same situation happened to first people. The central focus of this picture is the representation of Adam and Eva under the tree. They are painted in the foreground surrounded by different animals – birds, hares, mice, and deer. We can see the snake on the branch behind Eva. It holds an apple in its mouth, and Eva is about to take it. Adam holds a branch with a bird in his right hand. Everything is beautiful around people, and they also attract the viewers’ attention at once. In the top right corner, a viewer sees a piece of sky with the mountains. The tree behind Adam and Eva is an apple-tree. It is rich in apples; they are almost on each branch. People are shown young in the picture. Naked images and an apple tree convince us that the characters described here are the first people in Eden. No doubt that the artist wanted to show the most important moment in people’s life – the turning point in the relationship between people and God. The characters’ facial expressions may tell much about their inner world and their thoughts. Moreover, Adam and Eva have different facial expressions. It is not very difficult to see curiosity and selfishness in Eva’s face. People knew that they could not take that apple, but Eva decided that it was possible for her to be as intelligent and powerful as God. Besides, she did not think about her husband. This fact proves that she was a rather selfish woman who followed only her own interests. A gentle smile on Eva’s lips reflects her satisfaction; as only several seconds separate her from the aim she wanted to reach. Adam’s face shows his surprise and grief. He seems to be very upset because of his wife’s action. Adam’s body is bent to Eva as if he wants to stop her.  

The Latest Advances in Technology in The Recruitment Process Essay

The Latest Advances in Technology in The Recruitment Process - Essay Example The influence of new technologies such as social networking, Web 2.0 and e-methods are growing day by day in human life. For example, the recent Arab revolutions are believed to be the contributions of social networks. According to modern principles of communication, more ideas are communicated nonverbally than verbally in a face to face communication process. New technologies are providing enough options for face to face communication in the virtual world so that people can interact in virtual world as effectively as in real world. (Network Theory And Analysis, n.d.) Social networks need not introduction even among ordinary people because of the huge popularity of these interactive communication channels among them. Generally speaking, social networks are â€Å"web-based services that allow individuals to construct a public profile within a bounded system, articulate a list of other users with whom they share a connection, and view and traverse their list of connections within the system† (Boyd, 2007). On the other hand, Web 2.0 is only at its introductory stage now and therefore it is not necessary that all people are aware of it. Web 2.0 is actually the second generation of WWW. It was introduced in 2004 to provide more facilities to the internet users. In short, Web 2.0 is a web platform intended to provide â€Å"much more dynamic and interconnected surfing experience to online communities. Because most Web 2.0 features are offered as free services, sites like Wikipedia and Facebook have grown at amazingly fast rates† (Web 2.0, 2008). The influence of advanced technologies is growing on business as time goes on. The influence of computers and internet on business needs no explanations now. All the aspect of modern day business in controlled by internet related technologies. For example, recruitment is one area in which advanced technologies started to exert more influence. Social networks and other modern day web based technologies are used ex tensively for the recruitment process now. This paper analyses the impacts of new technologies upon recruitment process, benefits and drawbacks of using new technologies in recruitment process etc. Impacts of new technologies upon recruitment process Hunt (2009) has argued that â€Å"people are on social networks to connect and build relationships†(Hunt, 2009, p.2). On the other hand, Shih (2009) has mentioned that â€Å"online social engagements transform the relationships between the companies and customers from one sided to two sided† (Shih, 2009, p.6). Relationship building is the core of every business activity now and recruitment process is also not an exception. Social networks can be used effectively the recruiters to build meaningful relations with job seekers. â€Å"The IES survey of 50 organisations using e-recruitment reported that the primary drivers behind the decisions to pursue e-recruitment were to: improve corporate image and profile, reduce recruitm ent costs, reduce administrative burden, and employ better tools for the recruitment team† (Kerrin & Kettley, 2003). Extensive use of web based technologies in corporate matters will definitely improve the image of an organization.