Gift Giving in the Medical Industry Essay -- Healthcare

In a recent article from St. Paul Pioneer Press (http://www.cbsnews.com/8301-505245_162-57348681/drug-company-money-on-rise-for-2-minn-clinics/), the University of Minnesota and the Mayo Clinic came under public scrutiny after it was revealed that they received $650,000 between them in 2010. Gift giving has always been a touchy subject in the medical industry. Various articles have been written regarding the subject exploring the benefits and its disadvantages. But the tug of war between ethics and the effects of commercialism has yet to be seen in the stand of medical institutions and health care providers. In 2008, Fortune 500 magazine reported the Pharmaceutical Industry as one of the top three most profitable industries in America. This should not come as a surprise since there will always be sickness and disease and as a necessary consequent there will be patients who will need medicine for these illnesses. â€Å"It is a lucrative industry that utilizes different strategies to gain revenue.† said James Rhee, a professor in the Department of Physician Assistants Studies of Eastern Virginia Medical School, when he described the industry in his article in the Internet Journal of Academic Physician Assistants(http://www.ispub.com/journal/the-internet-journal-of-academic-physician-assistants/volume-7-number-1/the-influence-of-the-pharmaceutical-industry-on healthcare-practitioners-prescribing-habits.html). Business is business for these large pharmaceutical industries and they employ marketing techniques that will ensure their profitability. In realizing these gains, Pharmaceutic al companies employ variations on the tried and tested theme of gift giving. GIFT GIVING, IS IT APPROPRIATE? As early as 2003, Arnold Relman a Harvard ... ...dress conflict of interest issues, key people in strategic position like the director of the office of institutional compliance at the University of Minnesota, Lynn Zentner had this to say: â€Å"An unmanaged conflict is a problem,† â€Å"Having a conflict of interest is not.† # # # Works Cited (http://www.cbsnews.com/8301-505245_162-57348681/drug-company-money-on-rise-for-2-minn-clinics/),(http://www.ispub.com/journal/the-internet-journal-of-academic-physician-assistants/volume-7-number-1/the-influence-of-the-pharmaceutical-industry-on healthcare-practitioners-prescribing-habits.html),(http://www.bmj.com/content/326/7400/1189.extract),(http://www.twincities.com/ci_19619583?source=pkg),http://www.msnbc.msn.com/id/45796673/ns/technology_and_science-science/t/drug-company-money-rise-minn-clinics/#.TwFJtDX9Mlc)

Patriot Movie Review

The Patriot In theaters on June 30, 2000. Directed by: Roland Emmerich Written by: Robert Rodat Main Characters in the movie: Mel Gibson as Benjamin Martin, Heath Ledgar as Gabriel Martin, Tom Wilkinson as Lord General Cornwallis, & Jason Issac as Colonel William Tavington The film is rated R for strong war violence. Summary: It is 1776 when the Revolutionary War began between the American Colonists and the British soldiers. The main character, Benjamin Martin, is a veteran of the French and Indian war who wants independence from Britain, but is not willing to risk the safety of his already motherless children by going to war.It was the British who had killed his wife and he did not want to put his family in danger as he did so once before. However though he forms a militia and goes around looking for people in the colonies who are willing to fight against the â€Å"red coats† which are the British because he knew it had to be done. He did not approve of his oldest son Gabriel joining the Continental Army but Gabriel wanted to so bad that he went behind his fathers back to sign up anyway. This caused problems for him because they found him and threatened him on his own land.Benjamin Martin helped wounded soldiers both from the American side & British side and because of that he was viewed as a traitor to many people. The killing of his son when the British came to his home caused him to react and want to go to war with them. The Americans and British went to war and there was a lot of loss of American soldiers and the French came to help them because they disliked the British as well and tried to stop the British from trying to take over other places. After years in the war the Americans finally won and were able to pass the Declaration of Independence.Benjamin Martin had finally gotten even and killed Tavington because he killed both of his sons. Even though a lot of people died they were free at last from British control and that’s when good thi ngs started to happen for the Americans. Benjamin Martin ends up falling in love with his dead wifes sister & protects his family. He is truly considered a hero because if it weren’t for him then the Americans would have never taken it upon themselves to fight against the British. The colonies became united and it was just the beginning of a good period of time.The Patriot is a wonderful movie that not only has action and romance, but it has an important meaning. It gives us an outlook on the events that took place long ago that eventually led to our independence and the states uniting. Without it we probably wouldn’t have been the United States like we are now and it might have been longer before we would have been free from the British. I would definitely recommend everyone to watch this movie because you will definitely enjoy it regardless of your age or interests. Historical Accuracy: In the movie, the Continental Congress extends an order to slaves stating that if they serve 12 months in the Colonial Army, they would be granted their freedom and be paid 5 schillings per month served. The Congress never extended such an order in real life. – Benjamin Martin sends his children and his family friend to a slave colony after their plantation is burned down. Martin's family is welcomed into the colony and there is much celebration at their coming. Although a few slave colonies existed, they were very secluded and most likely would not have taken kindly to a group of white plantation owners looking for shelter.

My Personal Statement For My Children - 882 Words

My thoughts are no longer on this here land my family lives on. The land that we rent and will never own, land that we will never be able to call our own. We are owners of nothing of importance. We own the wool on our backs and a dreadful table that wobbles, though my husband is a jack of all trades he has no time to make our home without inconvenience. I do my work by his side when it is needed and called for. I care for my children as I can but most of the time to the older children take care of the younger just so we can have clean clothes, and food to eat. I wonder what is out there that is more for me. Every day I worry how we will have milk for porridge the following day. My children cry out for food at times but other things must be taken care of such as the rent. We must keep a roof over their heads so they are not wet nor cold in the winter months. My husband is gone to his odd jobs before the sun comes up and does not step his torn and tattered shoes in the door sometimes u ntil after supper is eaten and the sun is long disappeared. His hands are brown and hard from the hard work and little pay he receives to care for our family. Peasant men have such a hard life, they work themselves to death, in our towns there are only three men to every four women. I truly love him and chose him to make a family and a life together but I have always dreamt that we would have more. Such as the women of the upper-class. Oh how I long for a tunic of elaborate colorful fabric andShow MoreRelatedMy Personal Statement On My Children1041 Words   |  5 PagesAs an adult with kids, I look back and I am grateful that my foster mom instilled in me a desire for hard work and diligence through weekly chores. Of course, I did not feel this way while I was cleaning the bathroom every Saturday, but as an adult, I understand the important lessons I was learning by doing them. Someday, your kids will actually thank you for making them do chores! Chores teach kids structure, hard w ork, and appreciation, and are important in creating a well-rounded child, studentRead MoreCareer Pl Professional Development Plan1638 Words   |  7 PagesPlan. Tasks Target Acceptable Unacceptable Statement of Philosophy (max 20 points) (16-20 points) Clear statement of philosophy of nursing (7 points) (9-15 points) Statement of philosophy of nursing (5 points) (0-8 points) One or more philosophy statements missing or poorly written (0-5 points) Clear statement of personal philosophy (6 points) Statement of personal philosophy (5 points) Both philosophies clearly reflected in values, vision, and personal interests (in first assessment tool) (7Read MorePersonal Statement And Social Responsibility Essay1122 Words   |  5 Pagesidentified in statements and artifacts of the organization are: respect, accountability, justice, integrity, altruism, compassion, social responsibility, honesty, courage, collaboration, competence, professional behavior, confidentiality, excellence, community building, rituals, and legacy. These values are expressed in agency’s statements and various artifacts. The Vision statement â€Å"All Children Deserve the Best† acknowledges social responsibility and excellence. The Mission statement states, PartneringRead MoreMy Personal Statement Matthew 28945 Words   |  4 Pagestwo simultaneous tours of duty in Korea; I did not know how to be a man. My mother and grandmother get the most credit for me being who I am today. My grandmother started me reading the Bible at the age of three, even though she only had a third grade education post slavery and being a sharecropper. As I stated in my personal statement Matthew 28:18-19 has been pivotal in my personal acceptance of Christ Jesus as my personal savior. Yet, I still have fallen short. Through the teaching, studying andRead MorePersonal Responsibility Essay1097 Words   |  5 PagesPersonal Responsibility Albertis McCray Gen Ed 200 10/28/2011 John Bachofer III Personal Responsibility Essay Personal Responsibility is taking accountability for all your thoughts, feelings and actions. Understanding personal responsibility is taught from elementary school all the way through college. As an adult going back to school, understanding personal responsibility is the key to successfully obtain your degree. Entrepreneur’s must be personally responsible or theyRead MoreMy Interest On Medicine Stems From Family Experiences1163 Words   |  5 PagesPersonal Statement My interest in medicine stems from family experiences. My grandmother suffered from Parkinson’s disease for most of her life and required constant care. Helping my grandmother with simple tasks like eating breakfast, or helping her up the stairs was a humbling experience. This experience drove my curiosity about the human anatomy, specifically the brain and how it is treated, which led to the realisation that, for me, a satisfying career would involve helping others. A careerRead MorePersonal Vision Statement : My Vision751 Words   |  4 PagesVision Statement Introduction I am writing this statement as a declaration of my personal vision. It will serve as a guide to help ensure that my actions are corresponding to what I envision. This personal vision statement is designed to help facilitate my purpose, unforeseen obstacles, and how to manage theses obstacles. A great deal of thought has gone into constructing this vision statement and I hope that within time these endeavors fill me with a sense of satisfaction and accomplishment. My VisionRead MoreMy Personal Philosophy Of Early Childhood Education Essay1057 Words   |  5 PagesTeach Children as Individuals In this essay I will discuss my personal philosophy of early childhood education because as a teacher, I want to become better and a way to do that is by starting off with a personal, well- articulated educational philosophy. Philosophy of learning is constantly changing, but one thing that will never change is the fact that everybody is different. Moreover people learn at different rates and in different ways. All teachers should have a well-formulated perspective onRead More Deontology and Homosexuality Essay887 Words   |  4 Pagesevaluating and responding to the issue because my goal is to persuade the faculty advisor that censoring articles based the authors sexual preferences is morally incorrect. In the letter, I will aim to persuade the faculty advisor that the ethical decision-making model behind removing the article is at fault, and I will explain both personal and community worldviews that endorse diversity while avoiding generalized statements to preserve the relationsh ip with my significant other. The Church followsRead MoreWhy I Am An American914 Words   |  4 Pagescriteria, I can honestly say I haven’t thought much about my â€Å"cultural† back ground being a white American. I also don’t have much to say on my ethnical background because let’s be real, I am a mutt. I have no clue about my ancestors and what breed I may be but I do know that I am an American and even though the thought of â€Å"my† culture hasn’t crossed my mind much; I do have one interestingly enough. I did a little digging to help me out with my American culture and was pleasantly surprised at what I

Understanding The Concepts Of A Team Essay - 1291 Words

Humans are physically, mentally and emotionally unique, however, each of us shares a core set of needs, which guide and motivate one’s decisions and actions. One of the human needs that one desires to fulfill is interpersonal and involves feeling of belongingness. It is critical that all human feel a sense of belonging and acceptance among others, regardless of the social groups or settings. Therefore, the most efficient way one can fulfill this need is to understand the concepts of a team. Teams have become more increasingly prominent in the workforce because it has countless benefits for both individual and the organization as a whole. A team rather than individualized work derive better quality, understand the strengths and weakness of each team member, it increases productivity and creates an opportunity for synergistic combinations of idea and abilities. Due to individuals distinctive personality traits the development of a cohesive team can be challenging, however throu gh influential communication processes, effective leadership approaches, and conflict management a team can be use to help achieve greater success. Communication is one of the most important aspects of groups’ interactions especial for those that partake in virtual learning. Communication is essential in personal and professional groups interactions. An effective team must have a fair interaction among all members of the group. According to Tubbs when we clearly communicate and understand one’s ownShow MoreRelatedEssay on IFSM 370 Group Project Instructions1250 Words   |  5 Pagesï » ¿ Introduction Each student will be assigned to a team to complete the Group Project. The Group Project deliverable is an MS PowerPoint presentation slide deck that could be used to deliver a professional telecommunications presentation in commercial business setting. Each team will select one of two mini-scenarios to be the foundation for the presentation. The completed Group Project deliverable is due by 11:59 PM Eastern Time on the due date shown in the Course Schedule. See the AdditionalRead MoreMission Command Essay1068 Words   |  5 Pagestogether by mutual trust. The first two principles: build cohesive teams through mutual trust and create shared understanding, are the foundation to Mission Command. A leader can establish a command climate that fosters mission command by ensuring there is mutual trust and shared understanding within the organization. These two concepts are gained through common experiences, communication, and collaboration. Through shared experiences, a team will have endured hardships together. When faced directly withRead More5 Management Principles and Concepts1239 Words   |  5 Pages5 Management Principles/Concepts Management is the concept of getting work done through others. This concept began evolving in the 1880’s from being ideas and practices into a field of study. In Chuck Williams’ recent edition of â€Å"Management†, he establishes that there were several instrumental influences on the paradigm shift in the field of management. Those parties include but are not limited to, Fredrick Taylor, Frank and Lillian Gilbreth, Henry Gantt, and Henri Fayol. These parties developedRead MoreConcept Analysis For Prevention As Intervention1582 Words   |  7 Pages Concept Analysis of Collaboration in Prevention as Intervention This paper will examine the elements of collaboration in prevention as a means to intervention through analysis of Betty Neuman’s middle range theory’s concept of prevention as intervention as it pertains to nursing practice. I will attempt to adapt the methodology of Walker and Avant in this concept analysis (S., 1998). 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Thus, these well-known business concepts or practices have been given a clearer definition, one of which I can visualize, rather than simply provide a definition of words for. While some of these work concepts had previously seemed ambiguous, I now feel that there is a direct, structuredRead MoreSuppl y Chain Management Of Interest1244 Words   |  5 Pagesmaster degree in business or related with less experience as most preferred, which will include experience in operations or supply chain field, lean manufacturing concept and application, leadership skills and knowledge, developing and managing budgets, mentoring and coaching team, group or members, ability to build high performance team, and strong leadership abilities with strong technical as well as quantitative skills (Careeronestop.org, 2015). Employers are also seeking for candidates that possessRead MoreAn Internship As A Student Instructor At Sprout Up1588 Words   |  7 Pageslast week and then asked them questions about our lesson this week, such as â€Å"Has anyone ever experienced†¦Ã¢â‚¬  or â€Å"Does anyone want to share†¦Ã¢â‚¬ . After that, we would break up into our natural teams and had discussion. The teacher of the class had divided the team and each instructor would have five or six kids in her team. Then the whole class would have an activity together, what we called â€Å"Direct Experience†, like planting peas, predator and prey game, and local food vs. long-distance food race game. FinallyRead MoreHigh School Math Common Assessment871 Words   |  4 Pagesassessments are the evidence of knowledge of the concepts. Within the math department for middle school, we meet monthly to go over weak areas and concepts. As teacher, this gives us insight to student trends and knowledge base. Within grade levels we plan together to formulate a lesson that covers the standard in depth. Challenger K8 is a Science and Mathematics magnet school. Out focus is on the students understanding and development of the mathematical concepts to enhance success to the next level ofRead MoreEssay Chattanooga Ice Cream Company Case Analysis1577 Words   |  7 Pagesdeterminant of outcomes on goals in many organizations. Thus, the concept of teamwork has been given a lot of attention in the management process. Instead of the old management models, contemporary management lays emphasis on leadership and effective teamwork approach. Therefore, the potential of creating and managing teams in an organization is highly valued. Managers or top company executives are highly encouraged to prioritize the concept of teamwork at their managerial levels. The importance of teamwork

Developmental Psychology in the Film Mask - 791 Words

I am a big fan of the film Mask, a psychological film starring Cher, Eric Stoltz and Laura Dern. Although, I had watched the film previously, I decided to re-watch it recently for old time’s sake. Additionally, I wanted to know more about the film and so I started looking for information on the internet. I stumbled onto a site that gave an in depth analysis of the film. Although it is a fairly old film, the story will move one to tears. It’s so inspiring and empowering to anyone who is facing any difficulty in life. It makes ones problems to seem so small compared to the character in the movie. This movie was released in (1985), the film was both a commercial and a critical hit and went on to garner several Academy and Golden Globe Awards†¦show more content†¦People from outside his home who are not his family members and who he interact with do not treat him as a normal child. Strangers treat him with despise, fear and pity. Others make jokes about him, even going as far as referring to him as an alien because he looks strange and awkward. Many don’t want be associated with him because they don’t want to get the illness. This is an exemplification of the sad life that people with disability or those who are considered to be abnormal in the society experience. Very few people are willing to associate with them. They are treated differently and are often given strange looks. When his mother tries to enroll him into a normal school, the principal is opposed to this idea since he thinks Rocky should be go to a special school where his needs will be taken care of by special and qualified teachers who can handle such children with special needs. However, his mother is determined because she desires a normal life for her child and hopes to give him the best education that is offered. The principle of the junior high school eventually agrees to admit Rocky due to his mother’s persistence. At the school Rocky shows he is brilliant and nothing can stop him from excelling in life and academics. He makes many new friends most of who see him now as a normal kid, mainly because of his ability to compete well in class. They also find him extremely helpful, for instance he helps one boy to memorize hisShow MoreRelatedThe Manufacture of the Perfect Woman2445 Words   |  10 Pagesintention. Many studies have evaluated the beauty bias within several classic Disney films. One such analysis found that â€Å"more than 100 female characters appearing in 23 Walt Disney animated cartoons found that an association between attractiveness/thinness and goodness was present in each film produced over the 60-year period covered by the study† (Rumble, Cash, Nashville as cited in McGladrey). These films initiate the first steps of internalizing beauty ideals and begin a lifetime of self-comparisonRead MoreBiography Of John Watson s Little Albert 2065 Words   |  9 PagesWatson coined a novel movement of psychology known as behaviorism (Gluck, Mercado, Myers, 2011). â€Å"Inspired by the works of prominent psychologists Ivan Pavlov and Edward Thorndike, behaviorism is a discipline of psychology that places its focus on observable behaviors rather than internal consciousness†. Stemming off Pavlov’s earlier research, Watson’s experiment â€Å"Little Albert† could be considered one of his greatest psychological advancements in behavioral psychology (Green, 2009). While his controversialRead MorePerson Centred Counselling Theory and Practice Essay3485 Words   |  14 Pagesthe forehead. If in an anxious state the client might indicate raised eyebrows and dilated pupils. The experienced counsellor will be aware of a number of facial expressions that indicate elation, anger and other facial expression that feature mask-like expressions, such as might be indicated by those clients using drugs emanating in parkinsonism side effects. A schizophrenic may present as overactive and socially uninhibited or alternatively may be disposed to withdrawal or preoccupationRead MoreJenny from Forrest Gump Personality Trait Analysis Essay3805 Words   |  16 Pageswould yell at her in his drunken stupor. Jenny’s father physically and sexually abused her sisters and her throughout their childhood which has a lasting effect on Jenny. â€Å"The development of a sense of self is thought to be one of the earliest developmental tasks of the infant and young child, typically unfolding in the context of early relationships. How a child is treated (or maltreated) early in life influences his or her growing self-awareness. As a result, severe child maltreatment – includingRead MoreImpact of Socio-Economic and Cultural Changes on the Personality Development of Adolescents8858 Words   |  36 Pagestypes of films are shown in our cinema halls. These films are full of sex, violence and thereby attract people particularly teenagers causing moral degradation. Finding its commercial value Bangladeshi movies has started copying the Hindi movies incorporating violence and sex. Despite many efforts by the censor board and government instructions, the film producers could not be refrained from making such films. The resultant is the degradation of our moral values and standard of our Bengali films. cRead MoreThe Arts Have Been Long-Recognized As A Vital Component4734 Words   |  19 Pagesto as â€Å"scenic properties† (p. 25), which can create aesthetic workspaces that organize ideas and consciousness. A review of the literature indicates that the arts can have a formidable effect on student achievement and offer various positive developmental benefits, including engendering and strengthening student leadership (Burge, 2015; Boudreault, 2010; Elpus, 2013; Kana Aitken, 2007). Jelinek and Sutherland (2015) stress the natural relationship between the arts and leadership, as the two areRead MoreFrom Salvation to Self-Realization18515 Words   |  75 Pagesincreasingly prescribed what the sociologist David Riesman has called modes of manipulating the self in order to manipulate others. The successful man or woman had no clear core of self (in Riesmans words), only a set of social masks. 11 18The notion of social masks had been abroad for centuries, but Americans had nearly always assumed the existence of a simple, genuine self beneath the layers of convention. By the turn of the century, for many Americans, that assumption was no longer tenableRead MoreWorld Religion5936 Words   |  24 Pagesbriefly the ways one can view the world and life. 4. Discuss some of the questions raised by the Third Pattern of religion as religion interprets male and female roles? Group C 1. Discuss the approaches of at least three disciplines to religion (psychology, mythology, theology, the arts, anthropology or comparative religion). 2. Describe the shifting approaches and concerns in the evolution of comparative religious study. 3. The author offers ten examples of the pleasure and rewards of the study ofRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesManagement Skills 8 †¢ Effective versus Successful Managerial Activities 8 †¢ A Review of the Manager’s Job 9 Enter Organizational Behavior 10 Complementing Intuition with Systematic Study 11 Disciplines That Contribute to the OB Field 13 Psychology 14 †¢ Social Psychology 14 †¢ Sociology 14 †¢ Anthropology 14 There Are Few Absolutes in OB 14 Challenges and Opportunities for OB 15 Responding to Economic Pressures 15 †¢ Responding to Globalization 16 †¢ Managing Workforce Diversity 18 †¢ Improving Customer ServiceRead MoreDeveloping Management Skills404131 Words   |  1617 Pagesschools. This learning model, as originally formulated, consisted of four steps: (1) the presentation of behavioral principles or action gui delines, generally using traditional instruction methods; (2) demonstration of the principles by means of cases, films, scripts, or incidents; (3) opportunities to practice the principles through role plays or exercises; and (4) feedback on performance from peers, instructors, or experts. Our own experience in teaching complex management skills, as well as recent research

Digital Literacy Making Us Smarter Free Essays

Technology has had its significant effects to society and it is slowly changing how people live nowadays. There is no doubt that it has made lives easier, at times simpler, but this does not mean that it always has positive outcomes. One of the examples that technology has bring about negative effects to society is how it is affecting literacy and how people appreciate reading in the traditional sense. We will write a custom essay sample on Digital Literacy Making Us Smarter or any similar topic only for you Order Now Author Christine Rosen, in her work entitled â€Å"People of the Screen,† indicates that technology has now allowed people to replace books with electronic readers and the Internet so much so that traditional printed books might become a thing of the past. The thought of digital literacy replacing print literacy is alarming because it means depending too much on technology when the need to replace it is not that significant. While technology is definitely making people more capable, there is a question whether it does make them smarter. Screen reading is definitely different from traditional reading even though some people may agree to this. â€Å"By contrast, screen reading, a historically recent arrival, encourages a different kind of self-conception, one based on interaction and dependent on the feedback of others. It rewards participation and performance, not contemplation† (Rosen â€Å"People of the Screen†). Screen reading, thus, makes people smarter regarding technology and the different skills it needs to work. Screen reading requires people to look at monitors, push buttons, and scroll mouses over. It requires people to know how to navigate the devices, programs, or softwares to participate. â€Å"Screen reading allows you to read in a â€Å"strategic, targeted manner,† searching for particular pieces of information† (Rosen â€Å"People of the Screen†). However, there is question if this type of reading really does stimulate their minds and instills in them what they have just read on the screen. Screen reading is entirely different from the traditional reading because it allows the reader to imagine and let his or her mind work actively while reading. â€Å"You enter the author’s world on his terms, and in so doing get away from yourself. Yes, you are powerless to change the narrative or the characters, but you become more open to the experiences of others and, importantly, open to the notion that you are not always in control† (Rosen â€Å"People of the Screen†). In addition, books enhance the readers’ reading experience because it is tangible and allows the readers to turn the pages, feel its thinness or thickness, and see for themselves how far along they are from finishing it. While books are bulky, there is a great feeling of seeing them stacked together, especially in libraries, and see first-hand how much a person has collected over the years of reading. People should decide whether they want to replace digital literacy with print literacy. â€Å"Literacy, the most empowering achievement of our civilization, is to be replaced by a vague and ill-defined screen savvy. The paper book, the tool that built modernity, is to be phased out in favor of fractured, unfixed information. All in the name of progress† (Rosen â€Å"People of the Screen†). Digital literacy is important because of the significant role that technology is playing in people’s lives today but this does not mean that it is better than the traditional way. While it makes people adapt to the changing of times, it certainly does not make them smarter or more literate. How to cite Digital Literacy Making Us Smarter, Papers

Price Elasticity of Demand in Economics-Myassignmenthelp.Com

Questions: 1.As a producer, why is it Important to consider the Price Elasticity of Demand of your product when setting the price you are going to charge? 2.Explain the difference between comparative advantage an absolute advantage. Answers: 1.Introduction A producer who is rational will want maximum profits. (Elasticity, TR and MR)This guides all his decisions about pricing and costs. We use this guide to determine how profits are affected by demand elasticity for a good that the producer sells. Anaysis Profits are defined as the difference between revenues and costs. Demand elasticity affects only revenues, so that its effect on profits will depend on the effect on costs as well. If we ignore costs for a moment then it is clear that the marginal effect of price rise on revenues is given by Marginal change in revenues (MR)/ marginal change in prices = P( 1- e ) where e is demand elasticity in absolute terms. When demand is elastic e 1 so that ( 1-e) is negative , which implies that price and marginal revenue are negatively related. Any price rise will cause revenues to fall. When demand is inelastic e 1 so that ( 1-e) is positive , which implies that price and marginal revenue are positively related. Any price rise will cause revenues to rise, which contributes to higher profits. (Imperfect Competition ) Conclusion Thus we can argue that each producer has limited power over his profits. He may be able to control his costs but the revenues part depends partly of the nature of good and the market structure that he operates in. This implies partial control over profits,. Ideally a producer will want to face inelastic demand that allows him to raise revenues with prices increases 2.Introduction The concepts were first introduced to explain trade among nations. Ricardo is credited with comparative advantage concept (Comparative advantage) , which was better able to explain the trade direction than absolute advantage. Both are based on differences in ability to produce, which is related to resource level and technology. Anaysis A nation is said to have an absolute advantage over another nation in terms of a chosen good, if it can produce more of that good as compared to the other nation. Sometimes this is translated into cost so that the nation which has lower production cost has an absolute advantage in that good. The concept of comparative advantage is explained in terms of opportunity costs. (Comparative advantage) The latter looks at the sacrifices that need to be made in order to produce a good, in a world where resources are limited. An economy that makes lesser sacrifices will have lower opportunity costs of producing a good and accordingly enjoys comparative advantage in production of this good. In a way, this concept measures efficiency ofa producing good by two nations in relative terms. Take an example, consider a teacher who is trained in teaching English to kindergarten students and also learns about computer hardware in her spare time via part time courses. If she compares herself with a student at the computer class, then she may enjoy absolute advantage in terms of teaching and repair of computers. This is because she is trained to be a teacher, and has better understanding of computers due to her personal interest in them. But she enjoys comparative advantage in teaching, and the student in repairs work. This s because the opportunity cost of her repairing computers is low, as she is better trained to be a teacher. The student has no other skill except repairs, which gives him a lower opportunity cost of repairing than the teacher. Conclusion Both theories are based on strict assumptions which may not be found in real life , but serve as a good starting point for explaining trade direction. Comparative advantage is better as it looks at relative strengths of nations, rather than absolute differences alone. References Comparative advantage. (n.d.). Retrieved July 31, 2017, from Econlib.org: https://www.econlib.org/library/Topics/Details/comparativeadvantage.html Comparative advantage . (n.d.). Retrieved july 31, 2017, from Economicsonline.co.uk: https://www.economicsonline.co.uk/Global_economics/Comparative_advantage.html Elasticity, TR and MR. (n.d.). Retrieved july 31, 2017, from Economics.utoronto.ca: https://www.economics.utoronto.ca/jfloyd/modules/eltr.html IMperfect Competition . (n.d.). Retrieved july 31, 2017, from Colarado.edu: https://www.colorado.edu/Economics/courses/Markusen/fall05-4413-001/unotes7.pdf