Managerial Economics Essay Example

Managerial Economics Essay Example Managerial Economics Essay Managerial Economics Essay Managerial Economics Course Credits : 3 Course Faculty : Prof. Animesh Singh Learning Objectives At the end of this course, the student should be able to: develop a basic understanding of economics as an important tool for taking effective managerial decisions; develop the concept of managerial economics and its applications; and to apprise how managers need to understand fundamental demand supply forces in a market to arrive at best decisions keeping in view the competition in different market forms. PedagogyCourse will be delivered through lecture method using power point slides, class discussions using case studies. Session Plan |Session |Topic |Readings | | 1 2 |Introduction to micro macro economics, markets industry concept, importance |Chapter 1 of text book.Case 1-1, | | |of economics for managers, economic role of government, general equilibrium, |1-2, 1-3, 1-4, 1-5, and 1-6 | | |demand schedule and curve | | | 3 4 |Theory of Firm, factors affecting demand and supply, equilibrium price and |Chapter 1, 2, 3 of Text Book, Case | | |quantity, elasticity of demand and supply, measurement of elasticity of emand |1-7, 1-8, 1-9, 1-10, 1-11, 1-12 | |5 6 |Consumer Behavior, utility, law of diminishing marginal utility, why demand |Chapter 4 of Geetika Piyali Ghosh | | |curve slopes downward, derivation of market demand | | |7 8 |Production analysis, production function, long run and short run , production |Chapter 6 of text book, Case 6-1 to | | |function, stages of productio n function, law of diminishing returns |6-10 | |9 10 | Returns to scale, isoquant and isocost line, optimum input combination, |Chapter 6 7 of text book, Case: 7-1| | |expansion path, analysis of costs, |to 7-8 | |Mid Term Examination | |11 12 |Traditional modern approaches, analysis of economies of scale, economies of |Chapter 8 of Geetika and Piyali | | |scope, relevance to decision – making |Ghosh, Case Outsourcing Pg. 72 | |13 14 |Market, perfectly competitive markets – short-run long run, dynamic changes, |Chapter 8 of text book, Case 8-1 to | | |monopoly market equilibrium comparison with pure competition, price |8-8 | | |discrimination effects and government regulation | | |15 16 |monopolistic competition-equilibrium critique, oligopoly markets – non – |Chapter 8 9 of text book, Case 9-1 | | |collusive oligopoly, Cartels, Price – Leadership models.. |to 9-11 | |17 18 |Pricing Decisions : Product Pricing and Input Pricing |Chapter 11 .Cases 11-1 to 11-11 | |19 20 |Macro Economy: Flow of Economic Activity, National Income, Inflation Business |Chapter 17, 18, 19 20 of Piyali | | |Cycle |Ghosh. Case, Pages 583, 543 520 | Session = 1 ? hours Evaluation Plan |Internal Assessment |30% | |Mid-Term Examination |30% | |End Term Examination |40% | |Details of Internal Assessment | |S. No. Items |Marks | |1 |Class Participation and Attendance |5 | |2 |Quizzes |15 | |3 |Presentations Assignments |10 | | |Total |30 | Text Books: Managerial Economics by D Salvatore 2012 edition, Oxford Geetika, Piyali Ghosh, Purba Roy Choudhary : Managerial Economics, 2nd Edition 2011, TMH Reference Books 1. Geetika, Piyali Ghosh, Purba Roy Choudhary : Managerial Economics, 2nd Edition 2011, TMH 2. Managerial Economics by D N Dwivedi, Vikas 3. Modern Microeconomics by Koutsyannis, McMilan 4. Managerial Economics by Atmanand, Excel Books 5. Managerial Economics by Gupta G. S. , Tata McGraw Hill . Managerial Economics by Petersen Lewis, Hi malaya Publishing House Articles 1. The Managerial Mistakes that a CEO Must Avoid. By: DiPrimio, Anthony. Journal of Case Research in Business Economics. Dec2009, Vol. 2, p1-18. 18p. 2. What makes a die-hard entrepreneur? Beyond the employee or entrepreneur’ dichotomy By Andrew E. Burke, Felix R. FitzRoy, Michael A. Nolan Published online: 16 January 2008_ Springer Science+Business Media, LLC. 2008 3. MANAGEMENT SCIENCE, ECONOMICS AND ENVIRONMENTAL SCIENCE*! ALLEN V. KNEESE Resources for the Future, Inc. , MANAGEMENT SCIENCE, Vol. 19, No. 10, June, 1973, Pnnledin U. S. A. 4. RUNAWAY CAPITALISM.By: MEYER, CHRISTOPHER; KIRBY, JULIA. Harvard Business Review. Jan/Feb2012, Vol. 90 Issue 1/2, p66-75. 10p. 5. Letter From the Editor: Business and the Worlds Poorest BillionThe Need for an Expanded Examination by Management Scholars. By: Bruton, Garry D. Academy of Management Perspectives. Aug2010, Vol. 24 Issue 3, p6-10. 5p. 1 Chart. DOI: 10. 5465/AMP. 2010. 52842947. 6. Managerial E conomics. By: Flynn, Simone I. Managerial Economics Research Starters Business. 2008, p1-1. 12p. 7. WHAT CAN MANAGERIAL ECONOMICS CONTRIBUTE TO ECONOMIC THEORY? By: Hitch, Charles J. ; McKean, Roland N. American Economic Review. May61, Vol. 51 Issue 2, p147. 8p.

Drug Dealing and Money Laundering Forensic Accountant Admissibility Essay - 8

Drug Dealing and Money Laundering Forensic Accountant Admissibility - Essay Example The case R v Ferguson; R v Sadler, R v Cox of the three police officers Cox, Sadler, and Ferguson is one such case. Being in the drug squad, have made it easy for these officers to illegally sell drugs through street dealers who they have caught on the pretext that they were carrying out strategic investigations. In reality, the squad members were benefitting from the drug dealers through cash income, and the only way to justify their benefits was to check on their accounts. This was why the expertise of a forensic accountant, Curtin was necessary. Although evidence of assumed expert opinions is not admissible in a court of law, in this case, the Court made an exception to accountant Curtins opinions based on the logic that if a person's financial statements were to be produced in court then an expert in the area must be produced to analyze it. However, the expert, the forensic accountant, should merely explain the evidence (which the jury could have interpreted themselves had they the training to do so) but should not influence the jury of its contents. This was why the accountant's evidence became admissible. The court of appeal also allowed the evidence admissible if Curtin explained the process of arriving at the conclusions. Curtin has used standard accountants methodology as set by the Statement of Forensic Accounting Standards - APS 11. This Standard provides clear guidelines to its members how to seek and utilize financial data and present it incomprehensible manner. Two of the important requirements is that the accountant can only make assumptions about the past or future events or amounts in the absence of the amount. His assumptions should be reasonable under circumstances, and they were suitably qualified and disclosed.

Globalization and Illustrates in India and Nicaragua Research Paper

Globalization and Illustrates in India and Nicaragua - Research Paper Example After a rigorous analysis here we have an example of a county being negatively affected by the effects of globalization. Resultantly, the individuals i.e. the Youth in Nicaragua is now determined to put in play new and autonomous forms of outfit in an attempt to trigger massive positive change in their very own localities. To determine all this, a wide variety of sources, including geographic data, ethnographic data and all other sources of economic data have been used. The reasons why globalization made one country to prosper and the other to deteriorate both socially and economically have been well analyzed and integrated into the conclusion. Since the partition from Pakistan and Freedom from Colonial rulers, Indian Economy has been striving really hard to stabilize itself. The partition from Pakistan also affected the economy negatively as all the economic assets like; printing presses, manufacturing units, fertile agricultural lands, and the irrigation system. This division affected the economy adversely and it took almost two decades to recover from the after math of that economic and political shock. British traders still have a strong influence on the Indian economy as in the late nineties the industrial development stagnated and the market had to be saved for the foreign traders. Analysts support that the efforts to free the country’s economy from state interventions contributed a lot to the stable growth that came on the face in the 1980s. As a known fact, the open economy and a free-market economy has lesser governmental interventions. Thus, bringing in more creativity by waiving off more and more restrictions to let people trade in the way they want to. In India, the economically active class of the society had strived to their wits to free the market from unnecessary governmental interventions. However, that period was also marked with heavy foreign borrowing.

Australian Involvement In Wwi History Essay

Australian Involvement In Wwi History Essay Australia was involved in the world war one for many reasons. The most important reason was to help its mother country Britain. They thought if they helped Britain they will help them in any problem. Reasons for enlistment in 1914: In 1914, Australia became involved in world war one because of Britain declaring the war on Germany. When Britain declared the war, the Britain Empire should go to war including Australia and New Zealand. At this time Andrew Fisher (the future prime minister) promised Britain to help the in the war. Australia has entered the war for three reasons:http://web.grinnell.edu/individuals /kapilas/talks/Introduction_to_Indian_Writing_in_English_files /slide0005_image002.jpg They will be known as a nation of its own; The other countries will have greater respect for the new nation; The British Empire in 1914.Andrew Fisher promised that Australia will help its mother country. Approximately 98% of Australias population are non aborigines and most of them are from the British Empire like Scotland and Wales. Thats why the men have volunteered to go to war and help their mother country. There were other reasons to go to war cause the thought it would be a great adventure, and the will give them a great wages and the thought they will come back in Christmas.http://www.samemory.sa.gov.au/webdata/resources/images/GRG32_16_7Illust.jpg Australias relationship with Britain: After Australia was federated in 1901 it was still a part of the British Empire Australia was found by Britain and Australia language and culture has come from Britain. Australian political, justice, education, fashion and sport system are British. An Australian Poster Used to Make the Australian to Go to warAustralias import marketing is from Britain. Australia economy is to tie to Britains. Australias defence was the British Navy. Australia was scared by the Asian Hordes but British power was its defence. Australia was part of the British Empire. The Australian children learned about the England kings and queens. From 1905, Australia celebrates the queens birthday. First the children go to the school in the morning and they sing patriotic song and they have the rest of the day as a public holiday. Australias involvement with Britain in 1914 or world war one was quite all over the place, they were like rivals but not enemies, they kind of despised each other but when it came to danger they would ark up and protect each other no matter the cost. Opposition to Involvement: Many were against the war some of them are conscientious objectors from religious groups Society of Friends who defeat the human life. The conscription is forcing men to go to war even if they dont want to do there.118F824B The anti-war movement included: The Industrial Workers of the War; The Society of Friends; An extract from a letter written by F.J. Roberts in 1914 saying how he is against the war.The Womans Army Peace; The Australians Peace Alliance; The No Conscription Fellowship. Some thoughts aggravated anti-conscription: Conscription was wrong because war itself morally wrong. Its a type of injustice to force someone to go fight in the war. Some were provoked first and foremost by selfishness. The working classes would stand the load of conscription. Labour Party followers often viewed the pro-conscription entrance hall as war profiteers who in their self-interest, would happily censure others to die while they stayed home and made money. Recruitments Campaigns: With the rash of the war in Europe in 1914 the Australian government promised Britain and its allies to help them defeating Germany and its allies. First the Australian army start calling for volunteers. The army plan was to have half of the men that have experience or were in the army or served in previous wars and the other half wanted to be physically fit volunteers between the ages of eighteen to thirty five years old who were six inches and above. After the Gallipoli war news, the Australian army wanted more men to volunteer, but now one volunteered because they were scared. After the terrible Somme offensives in France with the high rates of loss of lives, the Australian government agreed to get more troops. The men were force to enlist. They said that it was their duty to join the war. Expressive and rousing addresses were given right through Victoria with speakers maintaining that Australians were forced to go to war in view of the German purpose of world control. Also, it wa s a good reason to punish the carnage dedicated by the Germans in their demonstration throughout Belgium and the finishing of Nurse Cavell. http://www.ww2australia.gov.au/allin/images/indigenous/P02140_005_150.jpg Australian men who volunteered for the WW1 Limited people at the time were not agreed about Australias participation in the war but strong moving forces were out of control in the community. Anti-German feeling was strong in the middle of many people. The Shire of Moorabbin was congratulated, by one person, for reprimanding a worker for expressing views that were careful with the pro-German. Leo Gamble reports an incidence where three young Mentone people threw rocks all the way through the weak walls of the home of Oscar Wetzel, a German settler of some years standing. Living next to the pier in Naples Road Wetzel often looked across the bay with a telescope and permitted others to do so for a money charge. He was accused of undercover work on ship activities. The three men were charged for the crime but received token fines.

An Interpretation of Emily Dickinsons Poem #315 :: Emily Dickinson Poem 315 Essays

An Interpretation of Emily Dickinson's Poem #315 Emily Dickinson had an interesting life, and is a profound woman in the history of America and literature. Emily wrote many poems. Some are titled, and many are given chronological numbers instead of headlining the main theme. I am interpreting Poem #315. I read the poem, and had to read it again and again. As with most poems, the meaning is always clouded from me and I need a little help to figure out the true meaning of the author's intentions. In this case, the outcome was not any different. The poem did not make much sense to me. Instead, I created my own meaning and it differed greatly from the others. However, I still like my interpretation and enjoy the final product that was created when I combined my ideas with the groups. I would like to start, by printing the poem. 315 He fumbles at your Soul As Players at the Keys Before they drop full Music on-- He stuns you by degrees- Prepares your brittle Nature For the Etherial Blow By fainter Hammers-further heard- Then nearer-Then so slow Your Breath has time to straighten- Your Brain-t bubble cool-Deals-One-imperial-Thunderbolt That scalps your naked Soul- When winds take Forests in their Paws- The Universe-is still- The other members of my group saw this poem as a metaphor for some type of physical abuse. I saw it as a poem just describing a thunderstorm. Now, after incorporating in ideas from all in the group I describe the poem as a way of using a storms powerful force to describe physical abuse. Confused? Well, I'll walk you through this idea so at the end you won't be. The first four lines of the poem describe a 'He'. It states, "He fumbles at your soul / As players on the Keys / Before they drop full music on-- / he stuns you by degrees-" Before any great piano player plays a piece, he warms up. He practices. In a similar sense, so does a thunderstorm. A storm does not start out heavy and powerful; it starts out with a wind. And, the air gets a little cooler; the degrees go down on the thermometer. Powerful thunder vibrates the soul, and the earth is the piano for the persona of the storm.

Patriots resist British laws and policies Essay

After the Seven Years War, Britain’s hold on the colonies was established. The Crown then began to impose laws on the colonies to offset the losses it incurred in securing Britain’s hold. Among these laws were the Sugar Act, which hiked the non-British goods import duties, and the Currency Act, which prohibited printing of currency, were met with resistance in America. Other laws and policies governing taxation and trade were also imposed on the colonies. However, many people in the colonies did not favor the British laws. Three strategies they used to foil British control are: organized demonstrations, non-importation of British goods, and terrorizing tax collectors. The Sons of Liberty was established as a secret organization with the purpose of terrorizing those who were tasked as tax collectors under the Stamp Act. The ploy was successful since the tax collectors all quitted even before the Stamp Act was implemented. Without collectors and with protests, the colonists were successful in getting the Act repealed. The non-importation was the most successful strategy for the patriots. It worked very well for a few years. It made Britain reconsider its laws and repeal the Stamp Act. The Crown had a lot to lose with the colonies’ imports. However, it soon declared that the colonies can only trade with Great Britain and no other country. The organized protests were also successful at times but led to a disastrous event when people were killed in Boston after a skirmish with British soldier. But the event was used by radicals as a propaganda against the British colonizers. The radicals incited protests and recruited men to their cause. The public protests helped to mask the formation of an armed movement that would oppose Britain’s right to the colonies.

The Ancient Greek Underworld and Hades

What happens after you die? If you were an ancient Greek, but not too deep-thinking a philosopher, the chances are you would have thought you went to Hades or the Greek Underworld. The Afterlife or Hereafter in the mythology of ancient Greece and Rome takes place in an area often referred to as the Underworld or Hades (although sometimes the location is described as a distant portion of the earth): The Underworld, because it is in the sunless regions under the earth.Hades Realm (or Hades) because the Underworld was Hades third of the cosmos, just as the sea was the god Poseidons (Neptune, to the Romans) and the sky, the god Zeus (Jupiter, to the Romans). Hades is sometimes referred to euphemistically as Pluto, which refers to his wealth, but the Lord of the Underworld had little in the way of a following. Underworld Myths Perhaps the most familiar story about the Underworld is that of Hades taking an unwilling young goddess Persephone below the earth to live with him as his queen. While Persephone was allowed back to the land of the living, because she had eaten (pomegranate seeds) while with Hades, she had to return to Hades every year. Other stories include Theseus being trapped on a throne in the Underworld and various heroic voyages to rescue people down below. Nekuia Several myths involve a voyage to the Underworld (nekuia*) to obtain information. These voyages are made by a living hero, usually, the son of a god, but in one case a fully mortal woman. Because of the details of these trips, even at such a great remove both in time and space, we know some details of ancient Greek visions of Hades realm. For instance, access to the Underworld is somewhere in the west. We also have a literary idea of whom one might meet at the end of ones life, should this particular vision of the after-death happen to be valid. Life in the Underworld The Underworld is not entirely unlike Heaven/Hell, but its not the same, either. The Underworld has a glorious area known as the Elysian Fields, which is similar to Heaven. Some Romans tried to make the area around the burial site of prominent wealthy citizens resemble the Elysian Fields [Burial Customs of the Romans, by John L. Heller; The Classical Weekly (1932), pp.193-197]. The Underworld has the dark or murky, torturous area known as Tartarus, a pit beneath the earth, corresponding with Hell and also the home of Night (Nyx), according to Hesiod. The Underworld has special areas for various types of deaths  and contains the Plain of Asphodel, which is the joyless realm of ghosts. This last is the main area for the souls of the dead in the Underworld -- neither torturous nor pleasant, but worse than life. Like the Christian Judgment Day and the ancient Egyptian system, which uses scales to weigh the soul to judge ones fate, which could be an afterlife better than the earthly one or an eternal end in the jaws of Ammit, the ancient Greek Underworld employs 3 (formerly mortal) judges. House of Hades and Hades Realm Helpers Hades, who is not the god of death, but of the dead, is Lord of the Underworld. He doesnt manage the limitless Underworld denizens on his own  but has many helpers. Some led their earthly lives as mortals -- specifically, those selected as judges; others are gods. Hades sits on the Underworld throne, in his own House of Hades, beside his wife, the queen of Hades realm, Persephone.Near them is Persephones assistant, a powerful goddess in her own right, Hecate.One of the attributes of the messenger and commerce god Hermes -- that of Hermes Psychopomp -- puts Hermes in contact with the Underworld on a regular basis.Personifications of various sorts reside in the Underworld and some of the creatures of death and the Afterlife appear to be on the periphery.Thus the boatman, Charon, who ferries the souls of the deceased across, might not actually be described as inhabiting the Underworld, but the area around it.We mention this because people argue over similar matters -- like whether Hercules went all the way to the Underworld when he rescued Alcestis from Death (Thanatos). For non-academic purposes, whatever the shady area in which Thanatos looms may be considered part of the Underworld complex. *You may see the word katabasis instead of nekuia. Katabasis refers to a descent and can refer to the walk down to the Underworld. Which Is Your Favorite Underworld Myth? Hades is Lord of the Underworld, but he doesnt manage the Underworlds limitless denizens on his own. Hades has many helpers. Here are 10 of the most important gods and goddesses of the Underworld: Hades- Lord of the Underworld. Combined with Plutus (Pluto) lord of wealth. Although there is another god who is the official god of death, sometimes Hades is considered to be Death. Parents: Cronus and RheaPersephone- (Kore) Wife of Hades and queen of the Underworld. Parents: Zeus and Demeter or Zeus and StyxHecate- A mysterious nature goddess associated with sorcery and witchcraft, who went with Demeter to the Underworld to fetch Persephone, but then stayed to assist Persephone. Parents: Perses (and Asteria) or Zeus and Asteria (a second-generation Titan) or Nyx (Night) or Aristaios or Demeter (see Theoi Hecate)Erinyes- (Furies) The Erinyes are goddesses of vengeance who pursue their victims even after death. Euripides lists three. These are Alecto, Tisiphone, and Megaera. Parents: Gaia and the blood from the castrated Uranus or Nyx (Night) or Darkness or Hades (and Persephone) or Poine (see Theoi Erinyes)Charon- The son of Erebus (also a region of the Underworld in which both the Elysian Fields and the Plain of Asphodel are found) and the Styx, Charon is the ferryman of the dead who takes an obol from the mouth of each dead person for each soul he ferries over to the Underworld. Parents: Erebus and NyxAlso, note the Etruscan god Charun.Thanatos- Death [Latin: Mors]. A son of Night, Thanatos is the brother of Sleep (Somnus or Hypnos) who along with the gods of dreams seem to inhabit the Underworld. Parents: Erebus (and Nyx)Hermes- A conductor of dreams and a chthonian god, Hermes Psychopompous herds the dead towards the Underworld. He is shown in art conveying the dead to Charon. Parents: Zeus (and Maia) or Dionysus and AphroditeJudges: Rhadamanthus, Minos, and Aeacus.Rhadamanthus and Minos were brothers. Both Rhadamanthus and Aeacus were renowned for their justice. Minos gave laws to Crete. They were rewarded for their endeavors with the position of judge in the Underworld. Aeacus holds the keys to Hades. Parents: Aeacus: Zeus and Aegina; Rhadamanthus and Mi nos: Zeus and EuropaStyx- Styx lives at the entrance to Hades. Styx is also the river that flows around the Underworld. Her name is taken only for the most solemn oaths. Parents: Oceanus (and Tethys) or Erebus and NyxCerberus- Cerberus was the serpent-tailed 3- or 50-headed hell-hound Hercules was told to bring up to the land of the living as part of his labors. The task of Cerberus was to guard the gates of Hades realm to make sure no ghosts escaped. Parents: Typhon and Echidna