Principles of Economics Assignment Example | Topics and Well Written Essays - 1000 words - 2

Principles of Economics - Assignment Example Thus, the price of goods to be sold to them shall be cheaper. Conversely speaking, tourists are less likely to question and be discouraged by imposition of higher prices of goods since they are just visiting the college town. Thus, local residents shall be offered goods and services at lower prices as compared to visitors’ prices of similar goods. Further, locals should be the only ones aware of the pricing difference. They come very often and I am able to make relationships with them brings more revenue to the business. With my price discrimination strategy, I would not only help with the revenue of my business. More importantly, I would also make a profit and gain more customers. 2. Suppose the cable TV industry is currently unregulated. However, due to complaints from consumers that the price of cable TV is too high, the legislature is considering placing a price ceiling on cable TV below the current equilibrium price. If the government does make this price ceiling law, dia gram and explain the effects with supply and demand analysis. If the cable TV company is worried about disgruntling customers, suppose that the company may introduce a different type of programming that is cheaper for the company to provide yet is equally appealing to customers. Explain what would be the effects of this action. - Price Ceiling is actually a government-imposed limit on the price charged for a product in a particular industry. Governments usually require price ceiling to protect consumers from conditions that could make necessary commodities impossible. However, a price ceiling can cause troubles if imposed for a long period without any controlled rationing. Price ceilings can generate negative results when the correct solution would have been to increase supply. In the example given, the price ceiling has a considerable impact on the market. Cable TV Company finds that it cannot charge what it had been before the imposition of price ceiling. This may result TV Cable Company to drop out of the market. The consequence will be a reduced supply. Meanwhile, customers and/or consumers suddenly find they can now buy the product for less, so quantity demanded increases. These two events results in the quantity demanded which may exceed the quantity supplied. This may cause a shortage unless rationing or other consumption controls are imposed. 3. Consider a perfectly competitive market. Analyze and explain in detail using graphical tools to show what you expect to happen to the number of firms and firm profitability in the short run and long run a) if demand for the product falls and b) if demand for the product rises. - A perfect competitive market is filled with buyers and sellers so nothing can affect the market price. If the demand of the product falls it is tolerable because the firm does not pick the price, the firm just chooses how much to make at the given market price. The firm does not lose anything. If the demand for the product increases the n the firm benefits of course and the price is not changed. There is no need to cut the price to sell more because the firm picks the amount they are willing to sell; if the price is increased buyers will fall off. Â   4. Discuss why some long-run average cost curves are steeper on the downward side than others. Discuss fully. - Long run average cost curves show the economies and diseconomies of scale of a specific firm. So when a firm gets

My Leadership Philosophy Assignment Example | Topics and Well Written Essays - 1500 words

My Leadership Philosophy - Assignment Example Leaders solve problems and encourage creativity thus driving competitiveness in the organization (Martin, 2006). Effective leadership approach should foster the formation of meaningful relationships and enhance harmony in teams in order to facilitate job coordination and collaboration across the organization (Northouse, 2010). Accordingly, leaders should use their interpersonal skills to persuade their followers to dedicate their efforts and abilities towards the attainment of the outlined common goals. This essay will describe my leadership in terms of skills approach and present a plan of action to improve my leadership and motivation skills. The leadership approach that best describes me as a leader is the skills approach. This is a leader-centered perspective of leadership and I have certain knowledge and skills that are essential for effective leadership (Martin, 2006). According to Kaz field research, leaders demonstrate effective administration through use of knowledge and competencies to accomplish certain objectives (Northouse, 2010). I have technical skills and analytical skills in language and computer that will be essential in my future career. Accordingly, I have human skills that are essential in working with subordinates, peers and superiors. I am capable of creating an environment of trust since I am sensitive to the concerns of others and thus I will cater the ideas of others in my decision-making (Northouse, 2010). I believe I have well developed conceptual skills that are key to outlining the organizational vision and communicating new ideas to peers and subordinates. I am able to express the company goals with hypothetical notions in order to persuade the followers to accept my vision for the organization (Lussier & Achua, 2010). According to the skills model, I have skills and capabilities that are essential for high job performance that I have developed from my education and