Demand Estimation of Indian Tractor industry
________________ Objective: ________________ Demand Estimation of the Tractors industry in India. Introduction: ________________ Tractor industry plays an important part as agriculture sector has a major contribution to India’s GDP. Tractors are part of agricultural machinery industry. Tractors came to India through imports and later on were indigenously manufactured with the help of foreign collaborations. The manufacturing process started in 1961-62. Indian tractor industry is relatively young but now has become the largest market worldwide. Higher productivity and greater output are the two major contributions in farm mechanization. Tractors form an integral part of farm mechanization and have a crucial role to play in increasing agricultural productivity. Tractor is a highly versatile piece of machinery having a multitude of uses, used in agriculture both for land reclamation and for carrying out various crop cultivation and also employed for carrying out various operations connected with raising the crops by attaching suitable implements and to provide the necessary energy for performing various crop production operations involved in the production of agricultural crops. Tractors are capital intensive, labour displaying used as a mode of transport, in electricity generation, in construction industry and for haulage operation. It has now become an integral part of
Climate Change And Economic Policy. An Australian Perspective
Michael Pasquale 14270745 2 Climate Change and Economic Policy An Australian Perspective Economic Policy 302 ________________ Climate change is defined as “Change of climate which is attributed directly or indirectly to human activity that alters the composition of the global atmosphere and which is in addition to natural climate variability observed over comparable time periods”(Bruno and Mehmet 2010). Modern methods of production create greenhouse gasses as a negative externality via the market failure and government intervention is needed to rectify the situation. Climate change is an issue for the Australian government as it needs to intervene to correct the market failure caused by the free markets inability to provide property rights to mitigate damages caused by the negative externality. (Calhoun 2010) The greenhouse gas externality is a by-product of the production of goods and services via the over-production of emissions. Dr Peter John Wood argues that” climate change is an indisputable threat” and on that basis, as well as the world stage Australia has taken the reins in acting upon climate change. An externality is defined as” are the unintended consequence of one economic agent’s economic activity that affect another agent’s economic activity, but which are not adequately priced through the market (Sonia and Jeff 2011)”. This is also
Is inflation in India structural or monetary?
Macro-Economics – Case Study Inflation In India Is inflation in India structural or monetary? The recent inflation rise was largely cyclical and that the structural inflation trend should remain stable in the range of 5-5.5%. India's inflation has been lower compared with other emerging markets. Inflation WPI and CPI-Industrial Workers (CPI-IW) have averaged 5.3% and 6.8%, respectively, over the last 15 years compared with 11.2% average (CPI) for emerging markets. Double-digit inflation is not the norm. Indeed, over the last 10 years on an annual average basis, WPI inflation crossed 10% not once while CPI-IW crossed 10% only one time. during 2003-07, India's GDP growth averaged 8.9% and WPI inflation averaged 5.5%. In other words, India has been able to transition to higher growth without the significant acceleration in inflation but for the recent cyclical spikes in inflation as discussed above India's investment to GDP gradually rose from 25.2% in F2003 to 37.7% in F2008 and savings to GDP to rose from 26.3% in F2003 to 36.4% in F2008. Infrastructure spending also increased from a trough of 4.3% of GDP in F2003 to 6.4% of GDP in F2008. Capital deepening, a rise in trade to GDP, increased capital inflows, an improvement in technology and corporate management efficiency helped improve productivity growth. Total factor productivity growth accelerated to 3.8% during
Choose an industry that is very competitive, and one that displays signs of monopoly. Use examples to show and analyse how they pursue their objectives, and in what way they differ in their business practices.
Choose an industry that is very competitive, and one that displays signs of monopoly. Compare and contrast how the firms in each industry behave. Use examples to show and analyse how they pursue their objectives, and in what way they differ in their business practices. As part of my Business Economic unit, I am requested to produce a report on two industries- one that is very competitive and another that presents signs of monopoly. The industries that I have decided to use are the low-cost airlines industry which is very competitive and the railway infrastructure industry that displays monopolistic signs. In order to produce that report I will compare and contrast how firms behave in both industries and evaluate in what way firms in the two industries differ from each other. Since the liberalisation of the European’s airline market, the low-cost airlines industry has always been buoyant especially in short haul voyages. In fact, this has led to a very competitive environment especially in the UK “where according to Keith J. Mason the industry has seen dramatic change as low-cost airlines have established and developed significant markets for their services”.[1] While investigating the low-cost airlines industry, the first thing that caught my attention was the way in which firms in this industry set their prices. In fact, the vicious competitive nature this industry
Economics Questions on Entrepreneurs, Equilibrium Pricing. Markets and the Labour Supply Curve.
Assignment 1 Economics QUESTION 1 Within today’s unstable economy, it can be difficult for any business to produce goods and services to satisfy the wants and needs of an ever growing number of consumers. This assignment question will demonstrate the above at through models, diagrams, symbols, number tables and detailed analysis. In the current economic climate, the majority of entrepreneurs work within a mixed economy with most businesses and consumers coming across some forms of politico-economic issues. A farmer for example has many economic priorities. Firstly a farmer will look to utilise natural resources of his land which includes the ground beneath and air above. Land has been defined as “one of the four basic categories of resources or factors of production” (www.econguru.com) In order to utilise all possible resources the farmer will consider production possibilities of the land, what the value of production will be and if there will be any labour cost which would impact overall profit from the product. The farmer will need to consider alternative combinations of goods produced if the economy fully uses all available resources (www.econguru.com) For example Crop A is cheapest to grow but is not popular resource within the local economy. If the farmer chose a combination that does not fulfil the needs of the consumer then there will be a delta value and
Outline and discuss recent (1999-present) trends in the size of government and the composition of government expenditure in the UK and USA.
Outline and discuss recent (1999-present) trends in the size of government and the composition of government expenditure in the UK and USA. Present the empirical evidence as clearly as possible, fully identifying your data sources. To what extent has policy converged or diverged between these countries? What is responsible for these trends? Consider public choice and public interest arguments as well as changes in political/economic ideologies and philosophies. .0 Introduction: Just a momentary look at government expenditure a century ago and government expenditure currently means one cannot help but notice vast differences in size and composition of government expenditure. For instance the USA spent one twelfth of their income through the public sector at this century’s beginning, but now spends over one-third. Many scholars, economists have attempted to answer why this is the case amid many disagreeing on the rationale too. The issue this paper is examining is what economic, political, and social forces caused spending to grow so much, drawing attention to the UK and USA. 2.0 Trends: 2.1 Trends in the size and composition of government expenditure in the UK: Figure 1: United Kingdom statistical profile 2010 Unit 2001 2002 2003 2004 2005 2006 2007 2008 Economic growth Real GDP growth Annual growth % 2.5 2.1 2.8 3.0 2.2 2.9 2.6 0.6 Net saving rate
The goal of this article is to check theory of growth rate of GDP. According to the theory growth rate of GDP is negatively related to the initial level of real per capita GDP and positively related to the size of the country
GPD growth rate Introduction Level of GDP is considered to be one of the most important macroeconomic indicators of a country’s development. Therefore government officials, investors and scientists are interested in determining the key growth characteristics of GDP. The goal of this article is to check theory of growth rate of GDP. According to the theory growth rate of GDP is negatively related to the initial level of real per capita GDP and positively related to the size of the country (geometric mean for the period). Growth rate is positively related to stability of property rights (represented by the rank in the index “rule of law”) but inversely related to government consumption and fertility rate. In some growth models a countries GDP growth rate is negatively correlated to the starting per capita GDP. The main explanation is that the lower the starting per capita GDP, the higher the marginal return on the capital. Thus, countries with lower per capita GDP tend to grow at higher rates. The size of the country is positively related to the growth rate of GDP. This is because the larger the labour market of the country, the more favourable the country is for new investments in production facilities. Investments in the economy are also determined by the stability of property rights. Intuitively clear that the more an investor is sure in property rights the larger
Executive Summary Is there a possibility of social choice? Yes, claims Amartya Sen 1998 in his Nobel Prize Lecture and challenges Arrows impossibility theorem.
A. Executive Summary Is there a possibility of social choice? Yes, claims Amartya Sen 1998 in his Nobel Prize Lecture and challenges Arrow's impossibility theorem. On the basis of an extensive interpretation of the origins of social choice theory1 as well as of the different approaches to the subject matter since the French Revolution, Sen demonstrates why and how a pessimistic view on social choice theory gain wide acceptance among contemporary scholars - and why it may be wrong. Declaring welfare economics as a core theme of social choice theory, the economist primarily focus on deliberations in that respective field. In a first step, Sen confronts social choice theory with utilitarianism - according to him one of the most influential schools of thoughts shaping the approaches to welfare economics. By doing so, the economist stresses the circumstance that utilitarianism similar to the vote-oriented social choice theory - as he puts it - has a deep interest in using a class of information in the form of comparison of utility gains and losses of different person. However, contrary to social choice theory, utilitarianism would declare the sum of total utility of a community - irrespective the distribution - as its main concern. Subsequently Sen argues that in the wake of scholars such as Robbins who raised doubts about the scientific foundation interpersonal comparisons
Executive Summary What can economics learn from social science? A lot; says Richard Layard in his Lionel Robbins Memorial Lectures from March 2003.
A. Executive Summary What can economics learn from social science? A lot; says Richard Layard in his Lionel Robbins Memorial Lectures from March 2003. By stressing the ability to habituate as well as the liability to rivalry as two main characteristics of human beings, the British economist formulates a deliberate and profound critique of the dominant thinking about public economics, which bases in particular on the theories of James Meade, Amartya Sen, Tony Atkinson as well as James Mirrlees. In view of the remarkable finding that average happiness in Western societies has not increased in the last 50 years, despite huge increases in living standards, Layard concludes that income is a bad approximation for happiness, and economics alone is a hopeless insufficient instrument in the pursuit of happiness of a society. Therefore, instead of focusing solely on economic concepts and variables, such as the GDP or income, he also builds his theoretical framework on new evidence from neuro-science. Since new evidence in neuro-science support Bentham's perception of "happiness" as a single variable and prove its measurability, Layard identifies tremendous potential of social science as guidance for people concerned with policy, as it possibly allows them to rationally maximize the sum of human well-being. Layard claims that the two mechanisms "habituation" and "rivalry" in
An investigation into trends in competitive balance in the NBA.
Question 2 Outline two measures that can be used to estimate competitive balance within professional team sports. Apply one of these measures to a professional team sport of your choice (in a country of your choice). Collect data (i.e. team performance information) for your chosen sport, for approximately the last 50 years. Examine and assess how competitiveness has varied over time and establish the extent (if any) to which this can be related to structural changes to the sport (such as league format changes, intervention policies etc). Question 2 (i) Competitive Balance measure 1: Ratio of Standard Deviations (RSD) where and G = no of games played, N = number of teams in the league, wp = win percentage, wpikt is the win percentage of team i, in league k, for season t. is the mean win percent and is a positive constant. For a sport such as basketball, where a team can only win or lose games, this will equal 0.5. is the standard deviation of wins in a perfectly balanced league i.e. each team is of equal strength and has an equal probability of winning. This number declines as the number of games (G) played in the league increases. is the standard deviation of wins in the actual league represents the ratio of standard deviations. This compares the performance of an actual league when compared to that of the ideal league. A perfectly balanced league would