Perfect Competition Essay Example | Topics and Well Written Essays - 500 words

Perfect Competition - Essay Example A firm thus has to minimize its average costs during this time to enable it stays on the market under the prevailing competition. At the equilibrium point, marginal cost, price, short-run average total cost, and long-run average cost are all equal. Therefore, a firm in perfect competition in the long-run will not find any reason to change the quantity of its output (McEachern, 2014). Outside firms will not find any incentive to enter the industry since the existing firms are not earning the economic profit. In other words, all resources employed in this industry make their opportunity costs. Suppose firms in an industry A are gaining economic profits, hence higher return than companies in another industry B in the same economy. Therefore, businesses in Industry B are undergoing economic losses because they are not getting as much as they could in industry A. Some companies in industry B will hence exit to join industry A. The process will go on until firms in both industries are getting zero economic profit. Thus, entry of companies into an industry will reduce economic profits to null in the long-run. For example, radishes price is $0.40 per pound. Mr. John’s average total cost is $0.26 per pound at an output of 6,700 pounds of radishes a month. Each unit will, therefore, bring a profit of $0,14 ($).40-$0.26). Mr. John thus gets a monthly profit of $938 ($0.40x 6,700) as shown in panel (b). Firms will enter the radish industry as long as they can make economic profits (as long as price is more than average total cost (ATC) in panel (b)), the supply curve moves r ight and the price falls. Marginal Revenue goes down to MR2 as price reduces (Cukrowski & Aksen, 2003). Mr. John will have to reduce his supply, shifting along the Marginal Cost (MC) curve to the minimum point on the ATC curve, at $ 0.22 a pound and an output of 5,000 pounds a month. Although individual firm’s output reduces as prices

Katharine Kolcaba and Comfort Theory Term Paper

Katharine Kolcaba and Comfort Theory - Term Paper Example Purpose of Nursing â€Å"Holistic nursing care† sees comfort as a significant need throughout a person's lifetime (Malinowski & Stamler, 2002, p.599). Some of the indicators of quality and holistic nursing care are nursing outcomes that impact â€Å"holistic comfort† and patient satisfaction (Malinowski & Stamler, 2002, p.601). Kolcaba and Kolcaba (1991) lamented about the lack of richness and complexity of nursing as a science, because of the absence of further conceptualization of critical care terms: â€Å"... meanings of the term [comfort] are not specified† (p. 1301). Boundaries of Nursing Nursing has â€Å"comfort† as one of its fundamental theme, value, and outcome, which differentiates it from other health-related professions that focus on other technical values (Siefert, 2002, p.16). Nursing is related to disciplines of anthropology and psychology. Nursing is associated with anthropology, because both require careful observations and documentation s of observed settings (Kolcaba, 2003, p.23). Nursing is also related to psychology, where comfort is a physical, mental, and emotional state: â€Å"a state of ease and quiet enjoyment, [no] worry† (Kolcaba & Dimarco, 2005, p.188), as well as â€Å"satisfaction† and â€Å"relief† (Tutton & Seers, 2003, p.690). ... ancer and receiving radiation therapy, as well as people with urinary problems or mental problems, or are at their end-of-life stages (Kolcaba & Dimarco, 2005, p.188). Description of Nursing Situations The one nursed has physical, psychospiritual, sociocultural, and environmental comfort needs (Kolcaba & Dimarco, 2005, p.188). Nurses should be knowledgeable and skilled in their profession (i.e. knowledgeable in communication strategies), sensitive and emphatic to patients who are asking for help and complain about discomfort, and have practical knowledge about medicines (Epstein, 2010, p.577; Stajduhar, Thorne, McGuinness, & Kim-Sing, 2010, pp.2040-2041) and other important non-pharmacological interventions (i.e. massage, as studied by Harris & Richards, 2010) . Quality interactions between nurses and the nurse can be described as resulting to patient satisfaction, because the patients feel relieved in how their comfort needs are met, and they are also satisfied with their relations and interactions with their nurses (Zaccardi, Wilson, & Mokrzycki, 2010, p.138). Context of the Development of Comfort Theory Katharine Kolcaba and Her Comfort Theory Kolcaba (1991) developed the Comfort Theory, because during her course of study, she believed that â€Å"comfort† is not yet fully analyzed as a nursing concept (p.1301). In addition, there is a need for a mid-range theory that has rich concepts and real applications to nursing practice (Kolcaba & Dimarco, 2005, p.188). She also asserted that the nursing profession would benefit from clearer conceptual terms that can be operationalized and measured more accurately. In 1965, Kolcaba obtained her nursing diploma from St. Luke's Hospital School of Nursing in Cleveland (Kolcaba, 2003, p.2). She practiced full and part-time nursing

Philosophy Paper Essay Example | Topics and Well Written Essays - 750 words - 3

Philosophy Paper - Essay Example One of the arguments by St. Thomas is the argument that beings (things) are caused, moved or changed by something else. Here we are talking of a beginning or an end. That the Universe began from somewhere. There cannot be at any time we can imagine of vacuum. The ever expanding Universe cannot be imagined to have a beginning, why? Because it could imply again that the Universe has an end. Indeed, can one imagine of a time when there was nothing at all? This implies that an explanation has to be; in order to explain the reason for their existence (being) hence invoking the Principle of Sufficient Reason (PSR). The basic idea here is that God needs to be posited as the ultimate source or explanation of the existence of all other beings, (Class Notes, 11/27/12). Now consider this argument from Rowel’s book on cosmological argument (24): The argument above maintains that there are only two types of beings that is the self existent being (God-cause) and the depended beings (effects). That any causal series invites us to think of the first cause the uncaused. Premise one depends on PSR which is purely to say that the things in which we experience coming and going out of existence is a mere fact that there must be a superior being that controls or rather brings them into existence and out of existence. This again is to say that every depended being cannot exist on its own without the other or simply put it that one depended being has to be brought forth by the other depended being. Â   Response: There is no way we can talk of a series of dependent beings as if it is a dependent being. I.e. remember that every individual has got his or her own identity and individuality. That the moment I confuse your identity with the other, am automatically saying that the individuality and identity of the first cause (God) is interfered. This again

Outline Maslow's Hierarchy of needs, Essay Example | Topics and Well Written Essays - 1500 words

Outline Maslow's Hierarchy of needs, - Essay Example This essay would further describe the Hierarchy of needs and would tell as to how the theory is relevant when it comes to use in organizations (Institute of Management 1998). Hierarchy of needs is a theory which can be implemented into practice in organizations because of the context in which it was written. It tells the employers about the human nature and how necessary it is to fulfill the requirements of these individuals in order to attain high performance. The hierarchy of needs is divided into five major representations by Maslow. These needs are basically formatted into a pyramid which shows how they are important. In basic terminology this hierarchy of needs is divided into physiological, safety, love and belongingness, esteem, and self actualization (Institute of Management 1998; Viles 2008). Following is the list that provides the overview of Maslow’s Hierarchy of Needs: It can be derived from the above list that the biological needs are the first ones which need to be fulfilled. Biological needs are the basic necessities of life without which a person cannot survive. Breathing, shelter and biological factors such as homeostasis can be counted in these needs. All these factors are necessary for an individual to survive. If this need is fulfilled then the next human need is of safety. Safety is described in different contexts by Maslow as in the general world this safety implies to be something which is related to justice and freedom whereas in a work environment this safety means the safety of job. In a work environment this safety can also mean the incentives provided for the safety of an individual by the employer when the employee is in need of help. In general it is all what a human may need after his basic needs of survival are fulfilled. After the human needs of safety are fulfilled Maslow states that humans usually run for love and belongingn ess. By love and belongingness here he means that humans need affection from their fellow

Financial Management case study 1 Essay Example | Topics and Well Written Essays - 500 words

Financial Management case study 1 - Essay Example The inflation component preserves the purchasing power of money (Ross, Westerfield, & Jaffe, 2005). Based on economic reports, a 2.5% inflation rate over the next 5 years would sufficiently account for inflation. The second component of the interest rate is the credit risk. The interest rate offered to customers with poor credit worthiness is higher to compensate for the higher risk of lending to them (Weston, Besley, & Brigham, 1996). Based on the credit rate range established by the credit department, the best customer would be assigned a 1% credit rate. The last component of the interest rate is the profit component. This component is the profit from financing activities of XYZ. Since Shanghai Winters is one of the best customers, this component is not applicable to it. Notice that this interest rate is higher than the 8.0% going rate on a $70,000 five-year note receivable. The higher rate is to compensate for the credit risk of extending credit to such a customer. Also built inside the 8.0% is the profit component, which has not been charged to the best customers.

Discussion Essay Example | Topics and Well Written Essays - 250 words - 56

Discussion - Essay Example Although US had the highest GDP per person but its infant mortality rate was higher than France’s infant mortality rate which and similar was in the case of life expectancy rate. Countries that are poorer can establish better infant mortality rate as well as higher life expectancy rate as established in the comparison of France and US. This is because higher amount of GDP does not mean that the government is spending more on wellbeing and healthcare of their citizens. A country may be experiencing lower amount of GDP, but the amount of money it directs towards its populations healthcare determines how well a country stands in the measures of infant mortality rate. Secondly, the cost of healthcare even determines the countries standing in these measures. If cost of healthcare is kept low, then citizens can obtain better healthcare at lower prices. GDP per person statistics can only provide insight regarding how much per person is able to spend on goods and services, but does no t determines the amount of goods and services that can be purchased and the quality of goods and services that can be purchased by individuals, thus relying on GDP per person statistics does not provide a clear picture of a nation’s standard of

Is there such a thing as fair trade Essay Example | Topics and Well Written Essays - 1500 words

Is there such a thing as fair trade - Essay Example hough fair trade is often regarded as simply as reform initiative, it becomes apparent that Fair Trade is an intervention in the market to mitigate social exclusion, alienation, and economic inequality that uses the productive means of the communities instead of charity. Fair trade has its roots not only in civil society organizations but also includes private sector participants. Critics of corporations may be skeptical to the engagement of profit seeking firms but they offer potential to expose the broader society to Fair Trade products through shelf space in supermarkets and possible future advertising and educational promotions. In the following sections, I offer evidence from the involvement of MNCs role in shaping and formulating economic policies that hinder effective implementation of Fair Trade principles. Thus, through these evidences and in the absence of implementation of these principles, I argue that there is no such thing as Fair Trade, especially when we consider it i n the context of globalization and the role of MNCs. In the past two decades, MNCs have emerged as the dominant player in many industries. In the food industry, where Fair Trade is active, the top five parent companies of roasted and instant coffee (Nestle, Phillip Morris, Sara Lee, Proctor & Gamble, and Tchibo) control about 70% of the market1 and the banana industry is dominated by three oligopolies (Dole, Chiquita, & Del Montel) that control over 65% of the market. In 2003, these three companies had 56% of world banana export shares and 80% of export shares in Central America (FAO, 2003) Economics of scale enable MNCs to reduce the costs of manufacturing and lower prices to benefit consumers but they can also provide the basis for concentrated markets such as an oligopoly with high prices and monopsony power. Evidence of the power of MNCs is seen in the vertical integration where MNCs own banana plantations and control packaging, shipping, importing, and ripening to closely control