What is the best way to achieve the optimal level of pollution?
What is the best way to achieve the optimal level of pollution? I am going to address the question of the best way to achieve the optimal level of pollution by focusing on market-based systems to control carbon emissions. By discussing this area of the debate about environmental protection I will consider the strengths and weaknesses of the various ways available to governments of controlling pollution before consolidating my view that the best way to achieve the optimal level of pollution is (although not through this method alone) through market-based emissions control mechanisms. These will play a huge, and; I believe increasingly larger role in the fight against CO2 pollution, which (almost unequivocally) contributes to global warming. When doing their accounting and setting the price level in a competitive market, firms usually consider only the explicit costs of production; this includes wages, materials and rent for the production of its goods. Assuming a competitive market, on the supply and demand diagram, this would be the supply curve and the marginal private cost curve as well (MPC). An externality in production occurs when the firm produces one or more additional products, as an undesired by-product in the pursuit of producing the desired or target good. Externalities can be either negative or positive, although are more often negative (hence pollution
Crisis kills forecasting and classic theories of economics
You must answer one of the following questions in not more than 2000 words: 3. Her Majesty the Queen has enquired as to why nobody predicted the recent financial crisis. Provide her an answer. Crisis kills forecasting and classic theories of economics Economy goes in cycles - it is an absolute truth, known by both common people and the experts of this field. In good times, one should prepare for the bad period, and after the poor times, always comes the upswing. However, looking at the comments on the current crisis, it looks like majority of people forgot these general principles. Moreover, even some professionals of economics were hold to mockery by their colleagues, when they had published the forecasts and predictions of this crisis in 2006 or 2007. Many people felt like the crisis suddenly came from nowhere - unpredicted and unexpected. However, it was not so, and the enquiry of Her Majesty the Queen herself, as to why nobody predicted the recent financial crisis, is badly put altogether. The correct question should be - why nobody believed that financial downswing would come and that it would be so intense. The first answer that comes to mind is from the psychological side of the matter - we all would like to live happily ever after. Therefore, even some experts of economics were blind to the considerations about the forthcoming recession. Millions now regret
There are seven major divergent forces, which shape the Financial Reporting internationally. I am going to explore each one individually with references to UK, USA and Bulgarian Financial Reporting Practices.
There are seven major divergent forces, which shape the Financial Reporting internationally. I am going to explore each one individually with references to UK, USA and Bulgarian Financial Reporting Practices. Culture As Gray (1988, page 5) notes: Societal values are determined by ecological influences and modified by external factors... In turn, societal values have institutional consequences in the form of the legal system, political system, nature of capital markets, patterns of corporate ownership and so on. Gray examines Hofstede cultural dimensions1, based on his study of 100,000 IBM employees in 39 countries and renames his dimensions. Individualism vs. conservatism becomes professionalism vs. statutory control; large vs. small power distance becomes uniformity vs. flexibility; strong vs. weak uncertainty avoidance becomes conservatism vs. optimism; and masculinity vs. femininity becomes secrecy vs. transparency. Hofstede did not study Bulgaria, but he studied Yugoslavia, which still was a country then. People from the Balkan region have very similar cultures, common sense aspect and values, that is why I think it is save to claim, that Hofstede's findings can be applied to Bulgaria as well. Hofstede's ratings for UK, USA and Yugoslavia in the different dimensions are as follows: Country Individualism Power Distance Uncertainty Avoidance Masculinity UK 89
Discuss: "Arguably the Annual General Reports are a poor aid to economic decision making".
Discuss: "Arguably the Annual General Reports are a poor aid to economic decision making" By Catherine Syder "Arguably the Annual General Reports are a poor aid to economic decision making" The annual report is the most important way of communicating with the share-holders to let them know the financial situation of the company. It is also used by management and employees to help decision making about the strategic goals of the firm. The annual report usually consists of a Profit and Loss account and a Balance Sheet, but can also contain other reports and items of financial information that the users may find helpful. It is governed by the Accounting Standards Steering Committee to make sure that the Standard Accounting Processes (S.A.P.'s) are adhered to and there is the possibility of disciplinary action if these are not followed strictly. This is to standardise each company's reports and eliminate bias as much as possible. Specific groups of people will use the reports for different purposes. Share holders will use the reports to help them make investment decisions on whether to buy, hold or sell the shares of a particular company. Managers will use the reports to aid decision making about the future of the company and which strategy will make the firm the most profit in the long run. Employees will use the reports to make sure the firm is running with their best
Environmental Cost & Benefit Analysis of Haulbowline Island Waste Site
"Pollution is a byproduct of regular economic activities. In each of its many forms it is related in a measurable way to some particular consumption or production process." - Wassily Leontief, 1986. Input Output Economics, 2nd Edition. Oxford University Press, Oxford: p. 241. Environmental Cost & Benefit Analysis of Haulbowline Island Waste Site The toxic waste case on the Haulbowline Island, Cork Harbor in the Republic of Ireland is a good representation of the increased entropy according to the Second Law of Thermodynamics that resulted from the continuously accumulating by-product of the former steel-producing industry for over 60 years (Bandara 2006; Daly and Farley, 2004; Friends of the Irish Environment 2009a). Situation at present is rather unsatisfying, where the local population is extremely concerned with the toxicity rate of the waste deposited on the island and suspects it of being the cause for elevated regional cancer rate, while the government is reluctant to accelerate the process of clean up. The process is ongoing since 2008, where first concerns were raised with the nature of the waste that was produced by the production, yet the clean up is still in progress (Friends of the Irish Environment 2009a) This case is associated with several negative externalities such as the aforementioned social concern, environmental degradation and damage of the
Case Study "Euro Disney"
Daan Muller Marketing 326 Case Study #2 July 22, 2004 Case Study "Euro Disney" Question 1: What factors contributed to Euro Disney's poor performance during its first year of operation? Answer: There were a number of factors in which hurt Euro Disney. Along with location, price, lack of research in exchange rates, as well as the style of the theme park all played roles in the lack of success. They located Euro Disney 20 miles outside of Paris, a location that was thought to be very convenient. It played a negative role in the success for Disney. How many people go to Paris to get glimpses of American theme parks? Most of the tourists going to Paris would spend time traveling the city and its wonders. On top of this, the price for a single day at Euro Disney was outrageous. Why would tourists coming from America or any other location want to spend as much as $600 a day to go to Disney, when they could see it back home in the States. Another factor for Disney was the design, size of the place; Europeans did not fall in love with the American style theme parks as the marketing plan expected them to. This ties in to the marketing plan and target market of Disney. They marketed to people who had no really big clue as to who Mickey Mouse was. Europeans did not follow the American trends as Japan did, hence the success in Japan. They marketed in a area which the exchange rate
make or buy
Make VS Buy "Make-or-buy is a business decision that compares the costs and benefits of manufacturing a product or product component against purchasing it. If the purchase price is higher than what it would cost the manufacturer to make it, or if the manufacturer has excess capacity that could be used for that product, or the manufacturer's suppliers are unreliable, then the manufacturer may choose to make the product. This assumes the manufacturer has the skills and equipment necessary, access to raw materials, and the ability to meet its own product standards" (www.answers.com). Businesses across sectors have been facing a classic decision point for generations: Should they make? Or should they buy? More importantly how does problems like agency relationships; asymmetric information and adverse selection affect a firm's to make this decision. Reasons that firms should buy include firms in a market may be able to achieve economies of scale, and there for offer a cheaper price for the products. Also such firms may have experience and information that helps them produce at a lower cost. Due to this experience firms in markets can exploit this and obtain learning economies. (Besanko, 2007) However there are also advantages for firms to produce their own products. Producing your own products helps flow of products from one stage to another; there may be delays if products are
Should higher education be free? The demand for higher education has been increasing rapidly however the supply of higher education is increasing at a lower rate. With supply unable to match the demand it has resulted in higher education value and worth
Should higher education be free? The government believe that education is important for the future development of the UK, and are continually investing in the market. With more students than ever before wanting a higher education, competition is growing not just in the Uk, international students want their higher education in the UK .the biggest issue we have seen become more discussed about is the fees that students have to pay and if there should be a fee Higher education currently has a fee of £2335 a year for UK undergraduate on any full time course. Previously university were limited to the rich white people and then over the years opened up and allowed more lower classes and other ethnic minority. The government currently run a system which allows students to take a loan out to cover the fees in which they pay back once they have left the higher education are earning an income suitable to start paying the loan back of. The government also currently offer a grant to students who are coming from less financially able families to help with the higher education. When students decided to look at the choice of higher education they look at marginal benefit and marginal costs and make a rational choice. When looking at the marginal benefit of attending university you find ideas such as increasing their market value of the student, better job perspectives and a more in
Business economics
Introduction There are a number of reasons why airline industries charge different prices for the same good. Perhaps the most evident reason is to exploit customer heterogeneity in reservation prices. "Price discrimination is as common in the market place as it is rare in economics textbooks" Louis Phlips. In this statement of Louis it's certainly true that price discrimination- being the charging of different prices to various customers for similar product with the price differential not being justified fully by any difference in the costs of supplying the customers- is almost persistent. Price discrimination can take various forms. According to Varian (1989), we have the following definitions: > First degree: The seller charges a different price for each unit, so that the price of each unit equals maximum willingness to pay. > Second degree: Each consumer faces the same price schedule, but the schedule involves different prices for different amounts of the good purchased. > Third degree: Different consumers are charged different prices, but each consumer pays a constant price for each unit of the good bought. Market Demand: Demand is the capability and willingness to buy specific quantities of a good or service, at different prices in a given time period. Demand function is the most important aspect for all business that exists, as sales is the reason for their
Use economic theory and supporting material to discuss economic reasons in favour and in disfavour of an imposition of a minimum wage.
Transfer-Encoding: chunked Student ID: 6939649 Use economic theory and supporting material to discuss economic reasons in favour and in disfavour of an imposition of a minimum wage. After careful and long consideration, the government in UK decided to implant a National Minimum Wage in April 1999. The wage is set to £3.60 per hour and £3.00 per hour for those who are 18-22 years old. (Economics Online 2017)The Low Pay Commission set up by the government did various research about UK and foreign countries, but there was only a few conviction what the effect will be on the economy. Some supported this decision and there also were some against it. In this essay I am going to try to analyse the effect of minimum wage on different markers and business groups. A minimum wage is a legally mandated price floor on hourly wages, below which non-exempt workers may not be offered or accept a job. (Investopedia 2017). The main objective of the minimum wage is to give the people that receive wages with a standard of living above poverty. Minimum wage can be achieved by two different ways, either through trade union forcing the firm to increase the wage or through government setting a law to increase the cage. In the UK, the government explored and analysed the economy and figure out what should be the minimum wage be, and in what way it would affect the main problems in UK: