Principals of Microeconomics Essay examples - 1372 Words

In the modern economic system presented in the world today, microeconomics, and the study of such, is a vital part of the budding economic scholar. In most circumstances, microeconomics is based on the cumulative study of how individuals and firms, or a combination of the two, make decisions regarding the allocation of resources, typically in markets where goods and services are bought and sold. This allocation, or optimization of limited funds through distribution, usually follows 2 standardized theories: the Consumer and Producer. Consumers usually choose to maximize their available preference in the market, with a limited income value or time aspect. This is evident in the world economy, with consumers always being fiscally motivated†¦show more content†¦Within these categories, many sub-markets branch out. Competitive Markers are the most common, having many sellers providing similar products to many buyers. Competitive businesses make profit based off of the relationshi p between net and gross income, and depend on providing a more reasonable price than its competitor. This type of market is seen mainly with a capitalist economy. Monopolistic Markets are similar to Competitive, but they differ in the type of product. Monopolistic businesses provide differing items that all provide a common service. A Monopolistic business gains profit by providing a product that the same basic service as another business, but differs in small details that contour to different types of buyers. The auto industry, proving scooters, motorcycles, automobiles, and other forms of differing transportation is an example. Oligopolistic Markets are less common, but still prevail in the modern economy. An Oligopolistic business is one with few competitors, basing its revenue off of â€Å"outsmarting† its opponents by analyzing their decisions and predicting the outcome. Having an analysis of an opponent provides the basis for Oligopoly, as income is based on providing a product that has more features than another product, released to the public around the same time. The Cellular industry provides a pristine example of the Oligopolistic Market. A Monopoly is one of the more rare markets, mainly dueShow MoreRelatedEssay on Microeconomics and the Board Game Monopoly1024 Words   |  5 Pages All I ever needed to know about microeconomics I learned from the Hasbro board game Monopoly. Some people, like myself, need practical models in order to understand certain concepts and theories. In our text book The Economy Today it completely ignores the intrinsic value of business decisions because you can’t put a numeric value on it. The game Monopolyâ„ ¢ is all about the numbers. In the game of Monopolyâ„ ¢ you have goals: The object is to bankrupt all opponents. To do so, you must beRead MoreMeasuring Price Sensitivity And The Macroeconomic Environment Essay1625 Words   |  7 Pagesstudies detailing the relationships and microeconomic factors between price sensitivity and the macroeconomic environment. This report explored each category listed below, as businesses, in particular, XYZ Company, must use microeconomic principles to make and validate decisions based on the following factors: price elasticity, consumer choices, production and costs, supply and demand, aggregate supply and aggregate demand, and macroeconomic measurements. Microeconomic prin ciples aligned with macroeconomicsRead MoreMicroeconomics Is The Branch Of Economics That Studies And Analyzes The Market Behavior Of Both Individual Firms Essay1384 Words   |  6 PagesMicroeconomics is the branch of economics that studies and analyzes the market behavior of both individual firms and consumers, that help to understand the decision-making process of those individuals. Microeconomics analyzes the relationships between both the buyers and sellers as it studies the factors that influence both parties. Microeconomics focuses on the supply and demand of products and how small businesses price those items. Macroeconomics, however, focuses on the national’s economy asRead MoreMicroeconomic Topic Article Review: Price Gouging707 Words   |  3 PagesMicroeconomic Topic Article Review: Price Gouging The recent Time Magazine article Post-Sandy Price Gouging: Economically Sound, Ethically Dubious, evaluates the recent price gouging by businesses during Hurricane Sandy (Futrelle). Examples of price gouging include raising prices on batteries and gas to astronomic levels, with the knowledge that the captive public audience will purchase the products regardless of the price. Businesses that have raised prices include bodegas, supermarkets andRead MoreThe Effects Of Minimum Wage From A Microeconomic Perspective1640 Words   |  7 Pages The Effects of Minimum Wage from a Microeconomic Perspective Nathaniel Fishburne Embry-Riddle Aeronautical University Introduction The first minimum wage law was implemented in New Zealand and Australia in the late 1900s. In 1940s, George J. Stigler founded the first standard model of minimum wage. The model predicts that the if â€Å"minimum wage system is set above equilibrium wage level, it would create unemployment because some previously employed workers will lose their jobs whileRead MoreManagerial Economics : Microeconomics And Macroeconomics Essay838 Words   |  4 PagesThe purpose of the individual assignment is to read each chapter and then summarize the chapter. The first chapter summarized is chapter one. Managerial Economics uses microeconomics and macroeconomics principals to manage businesses. This analytical approach gives a logical aspect to management. Hopefully with a logical approach using economic theories this will enable managers to maximize managerial decision to increase profits. There are seven forces that can affect long-run profitabilityRead MoreMicroeconomic Theory Essay17 57 Words   |  8 PagesRunning head: Module 1 Homework Module 1 Homework Michael J Feller Allied American University Author Note This paper was prepared for ECN 150: Introduction to Microeconomics, Module 1 Homework taught by Dr. Dani Babb. PART I Directions: Please draft a three page long document in APA format in which you address the questions below. You must cite at least three scholarly sources within the context of your work and cite your references according to APARead MoreThe Effects Of Minimum Wage From A Microeconomic Perspective1670 Words   |  7 Pages The Effects Of Minimum Wage From A Microeconomic Perspective Nathaniel Fishburne Embry-Riddle Aeronautical University Introduction The first minimum wage law was implemented in New Zealand and Australia in the late 1900s. In 1940s, George J. Stigler founded the first standard model of minimum wage. The model predicts that the minimum wage system. It set above equilibrium wage level, would create unemployment because some previously employed labors lose their jobs while some find itRead MoreEco 550 Week 1850 Words   |  4 PagesFirm Only for this spring quarter 2013, quiz purposes MULTIPLE CHOICE 1. The form of economics most relevant to managerial decision-making within the firm is: a.|macroeconomics| b.|welfare economics| c.|free-enterprise economics| d.|microeconomics| e.|none of the above| 2. If one defines incremental cost as the change in total cost resulting from a decision, and incremental revenue as the change in total revenue resulting from a decision, any business decision is profitable if: Read MoreInternational Trade And Economic Growth1317 Words   |  6 PagesThe gains from trade are dynamic because they cause changes in economy‘s evolution through time. From a macroeconomic perspective, we can analyze the gains from trade by focusing on the relation between trade openness and economic growth. From a microeconomic perspective we can analyze the gains from trade by focusing on connections between firm productivity and access to international markets. Recently, the literature on the dynamic gains from trade takes a different approach rather than broad-based

Should Animal s Organ Be Used For Human Transplantation

Should animal’s organ be used for human transplantation? Xenotransplantation: a subject about which people hold strong contrasting views. Rare attempts have been made to transplant animal organs or tissues into human beings since the early years of this century. Curiosity surrounding the procedure known as Xenotransplantation has increased in the last few years because it is seen as one way of reducing the shortage of human organs for transplantation. Currently, this shortage strictly edges the potential of transplantation for treating human diseases. The worldwide requirement for organs is growing significantly. For example, in 2004, the United Network of organ sharing found that over 100,000 patients could have had an advantage from organ transplant, but only 29,000 were available. In 1963 Doctor Keith Reemtsma a surgeon who experimented with organ transplants. Thirteen chimpanzee’s kidneys were transferred into humans. Twelve patients survived for 60 days. One patient survived for nine months, so this option was considered a v iable one. In the USA approximately 3,000 people are currently on the waiting list for heart transplant, but only 2,000 donors’ hearts become available each year. In the meantime, heart patients awaiting a transplant must depend on mechanical procedures, which can raise the risk of infection, blood clots and bleeding in the patient. Doctor Muhammed M.Mohiuddin a cardiothoracic surgery specialist therefore explains the rationality behindShow MoreRelatedNo Secret That The Organ Transplantation917 Words   |  4 Pageshave to be put on a donor list to get a replacement of a diagnosed organ that must be replaced to live. It is no secret that the organ transplantation list has a significant amount of people and every day a handful of them die. A average of twenty one people die everyday, according to the American Transplant Foundation. Many scientist and medically certified personals have been trying to come up with alternative genetic modified organs to give to needed patients, instead of w aiting for a donor to comeRead More The Ethics of Xenotransplantation Essay examples1615 Words   |  7 Pages parts of organs, or even whole organs from one species of animal, and implanting them into another species. The FDA has given their own definition of xenotransplantation which they say is â€Å"any procedure that involves the transplantation, implantation, or infusion into a human recipient of either live cells, tissues, or organs from a non human animal source, or human body fluids, cells, tissues or organs that have had ex vivo contact with live non human animal cells, tissues or organs.† The mainRead MoreThe Use Of Immunotherapy And Genetic Engineering1198 Words   |  5 PagesOrgan transplants save thousands of lives each year and are one of the most significant medical innovations of the past century. Despite that, each year, the number of patients on the waiting list continues to grow, while the number of donors and transplants remains stagnant. One solution scientists are investigating to solve this problem is xenotransplantation, a procedure which involves the â€Å"transplantation, implantation, or infusion of live cells, tissues, or organs from a non-primate source intoRead MoreThe Human Of Bone Marrow Transplantation1632 Words   |  7 Pagesâ€Å"It should be noted that marrow grafting could not have reached clinical application without animal research, first in inbred rodents and then in outbred species† E. Donnall Thomas, The Nobel Prizes, 1990 Animal research, as mentioned by Dr. E. Donnall Thomas in 1990 during his Nobel Prize award, has been crucial for the understanding of bone marrow transplantation (BMT) as a clinical therapy 138. His studies extensively used both mice and dogs as animal models. Other important models used inRead MoreBioprinting Human Organs: The Past, Present, And Future.1488 Words   |  6 Pages Bioprinting Human Organs: The Past, Present, and Future Written by: Emmitt Mikkelson, Alexander Turnbull and John Wesley Table of Contents: I. Introduction II. History of Organ Transplants III. Development of Bioprinting IV. Current Bioprinting Processes V. Bioprinting Human Organs for Transplantation VI. Insurance Coverage for Organ Transplants VII. Ethical Considerations and Alternative Ideas VIII. The Future of Bioprinting IX. Conclusion Read MoreEssay Xenotransplants - Animal to Human Organ Transplants1398 Words   |  6 PagesXenotransplants - Animal to Human Organ Transplants We should NOT risk the human race for the benefit of the few! When asked how he feels about the advancement of science to places that were once notions to be the job of the creator, Dr. Martin Luther King replies by saying, â€Å"Cowardice asks is it safe? Expedience asks is it political? Vanity asks is it popular? But the conscience asks is it right?† This essay is about animal to human organ transplants otherwise known as XenotransplantsRead MoreEssay on Organ Donation1638 Words   |  7 Pagescurrent process of procuring organs for transplantation. It will also explore technology on the horizon and alternates to donation. The waiting list for transplant surgery far exceeds the current supply. Black Market organ trade in this, as well in foreign countries is alive and well. Donation is not able to keep up with demand. We have to take measures to ensure those in the most need are taken care of. We already allow people to sell eggs, sperm and blood why not other organs? I will attempt to showRead MoreThe Ethical Issue Of Xenotransplantation And The Catholic Churches Essay1765 Words   |  8 Pagesit. Xenotransplantation is a procedure involving the transplantation of live cells, organs and tissues from nonhumans into humans. It provides an alternative way to treat serious and fatal diseases such as Alzheimer s, diabetes and Parkinson s disease. It also poses as a solution for the ongoing problem of organ shortage. Generally, Xenotransplantation is a reoccurring ethical issue as this specific procedure utilises organs from animals, such as pigs and nonhuman primates. Individuals who goRead MoreOrgan Donation And The Ethical Implications1441 Words   |  6 Pagesof becoming an organ donor can save lives and improve the quality of life of the recipient. When an individual is in need of an organ transplant, it is typically known that they are in need of an organ that facilitates a restoration of physiological functioning and will often mean the difference between life and death. A vast majority of individuals are apprehensive about what happens to their bodies after their death. In this paper we will go through the origins and history of organ donation, theRead MoreShould Xenotransplantation Be Allowed? Essay1366 Words   |  6 PagesTopic: Xenotransplantation (Animal to Human Transplants) Research Question: Should Xenotransplantation be allowed? (Animal parts transferred into Humans) Introduction: Scientists have developed a way for a pig heart to be transplanted into a baboon, which has been living for more than a year. This breakthrough means that sometime soon, we may be able to use pig hearts for human bodies, when we don’t have any human parts to spare. For this investigation, I am going to find out how Xenotransplantation

Sizes of the areas also differ Free Essays

One of the few places on earth that has continued to fascinate people for centuries is the Bermuda Triangle. The Devil’s Triangle Vincent Gaddis, credited with putting the triangle â€Å"on the map† in a 1964 Argosy feature, described the triangle as extending from Florida to Bermuda, southwest to Puerto Rico and back to Florida through the Bahamas; while another author puts the apexes of the triangle somewhere in Virginia, on the western coast of Bermuda and around Cuba, Dominican Republic and Puerto Rico (Rosenberg, 1974). Sizes of the areas also differ, with descriptions ranging from 500,000 to 1. We will write a custom essay sample on Sizes of the areas also differ or any similar topic only for you Order Now 5 million square miles. The geography of the area is perplexing. The humid subtropical climate of the region brings it an annual heavy rainfall in excess of 60 inches (152 cm). Dangerous hurricanes and harsh thunderstorms occasionally drop 10 inches of rain within hours. The floor area of the region has also not been totally mapped out because it varies greatly in depth. The Florida coastline is shallow but farther off, the ground just sink to depths of thousands of feet. About 100 miles north of Puerto Rico is the deepest part of the Atlantic, the Puerto Rico Trench, estimated at 30,000 feet deep while the Florida Straits within this area are approximately 5000 feet deep (â€Å"Bermuda Triangle†). Mysteries in the Bermuda Christopher Columbus – in his journals, he recounts a bizarre experience when his ship ran into the Sargasso Sea. He could see no land in sight for miles and his compass acted strangely. He saw a big meteoric ball fall from the sky before Columbus and his crew saw dancing lights in the horizon. They wandered about in the Carribbean for over a week yet before finally sighting land (â€Å"Bermuda Triangle†). 1974 – Charles Berlitz wrote the book, The Bermuda Triangle. It sold more than 18 million copies and translated into 30 languages. The publication was followed by a documentary by Richard Winer (Hagen, 2004). The more popular incidents include the following (â€Å"Startling New Secrets†): ? March 6, 1918, the USS Cyclops, a huge collier used to carry coal to facilitate US Navy operations during World War I, with a crew of 306, disappeared en route from Barbados to Virginia. ? January 30, 1921, a cargo schooner, the Carroll Deering, was found adrift at Diamond Shoals near North Carolina without a sign of its crew. ? December 5, 1945, five US Navy bombers on a training exercise became disoriented and then disappeared. Search-and-rescue (SAR) operations were unsuccessful, and one of the SAR vessels, a Mariner aircraft, also vanished. ? January 30, 1948, the Star Tiger, a four-engined Tudor IV with 31 people on board vanished on a flight to Bermuda from the Azores. ? January 17, 1949, the Star Ariel, another Tudor IV would vanish on the same region with 19 passengers on board. ? October 30, 1954, Flight 441, a U. S. Navy R7V-1 (the military version of a Lockheed Super Constellation) crewed by 42 sailors, disappeared between Patuxent River NAS and Lajes, Azores ? February 3, 1963, the SS Marine Sulphur Queen, vanished en route to Virginia from Texas with a crew of 39, shortly after it radioed its position near Key West, Florida. Three days after, a lifeboat from the tanker was found by Coast Guard searchers but no bodies or wreckage was recovered. ? December 22, 1967. A cabin cruiser with the ironic name of Witchcraft disappeared off the Miami coast. These coincidences only fascinated the people even more. Theories Behind the Mysteries Countless theories have been proposed to explain the numerous disappearances that occur in this area (â€Å"The Bermuda Triangle†). ? The Bermuda Triangle is one of the two places on earth that a magnetic ompass point towards true north, a variation of as much as 20 degrees toward the magnetic north. The navigator who does not realize this would find himself in deep trouble. ? The character of the Gulf Stream flowing through the area is swift and turbulent and can quickly erase any evidence of a disaster. ? Dr. Ben Clennell of Leeds University in England theorizes that the high concentration of methane hydrates below the seabed oftentimes escape during events of landslides making any ship floating above sink. ? The Triangle is a portal to another dimension and it opens at certain time intervals How to cite Sizes of the areas also differ, Papers