...elasticity and revenues (With example of ITC paperboard & specialty papers division) BY Indian Paper Industry Structure: * The Indian paper industry accounts for about 2% of the world production of paper & paperboard; currently ranks 15th in the world. * Estimated turnover of Rs. 25,000 crore approximately; contribution of about Rs. 2920 crore to the exchequer. * The industry provides employment to more than 0.12 million people directly and 0.34 million people indirectly. * Over 800 players are currently present in the industry and the total estimated capacity is about 11.1 million Metric Tonnes. * Most mills in India are small; a few mills have integrated manufacturing operations or the facility for manufacturing paper from pulp. This, along with government policies, has resulted in the industry becoming highly fragmented, with a large number of companies having small capacities. * The Indian paper industry had been classified on the basis of size, grades manufacturers and raw materials utilized. The Indian paper industry is chiefly categorised into writing and printing (W and P), paperboard and newsprint, of which paperboard accounts for the largest share of market in volume terms, while W and P is the largest in value terms. This industry is highly fragmented. Wood-based pulp, wastepaper and agri-residues are the main raw materials used to manufacture paper. As domestic wood supply is inadequate compared to demand, and wastepaper...
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...At last, and finally, here is the first accurate and beautiful translation of Richard Cantillon's 1755 masterpiece on economics. This treatise is widely credited with being the first to describe the market process as one driven by entrepreneurship. William Stanley Jevons, in the first blush of discovery, proclaimed Cantillon’s Essai, “the cradle of political economy.” A cradle holds new life; and there can be little doubt that the Essai added new life to the organizing principles of economics. But “political economy” does not accurately describe the subject Cantillon addressed. Indeed, he scrupulously avoided political issues in order to concentrate on the mechanics of eighteenth-century economic life. When confronted by “extraneous” factors, such as politics, Cantillon insisted that such considerations be put aside, “so as not to complicate our subject,” he said, thus invoking a kind of ceteris paribus assumption before it became fashionable in economics to do so. Murray Rothbard, for this reason, called Cantillon the "founding father of modern economics." This book preceded Adam Smith by a generation. Unlike any previous writer, Cantillon explicated the vital role of the entrepreneur with perception and vigor. Hence, he deserves to be called “the father of enterprise economics.” We know little of Cantillon’s life and the circumstances of his authorship. The manuscript that was eventually published in 1755 circulated privately in France for almost two decades before;...
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...Los Angeles did just that when they decided and took a major step toward building a downtown stadium to lure an NFL team back to the nation's second-most populous city, despite questions about how a 72,000-seat venue in the urban core would impact notorious freeway traffic, nearby housing prices and air quality. Last fall the city council unanimously voted for a new stadium to be constructed in the heart of downtown. The construction of the new stadium comes with its benefits for the debt ridden city. Developers for AEG submitted and won a contract to complete the construction for Farmers Field for 2016. In the past when new stadiums were built much of the renovation and construction were subsidized which in turn leads to a great economic impact. Realistically, employment, visitor spending, public spending and revenue are the benefits that the city wants to bring into play. But one factor that has been overlooked for city great city is that some feel how this new stadium will benefit the community as well. In Hind sight, one city council member has stated, that she hopes that this will give the city back a sense of pride and civic duty in the community. City councilwoman Jan Perry, one of the driving forces behind Friday's vote, called it, "The day we bring football back to L.A.," and "a giant step forward for the city" (Saxon 2012). Farmers Field and the convention...
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...Economic Advisement Paper Option 1: Economic Advisement Paper With a nominal GDP estimated at more than 15 trillion it is clearly the United States economy is one of the largest in the world. A person must have lived in a cave underground for the past several years not to know that the current state of the nation’s economy is in desperate need of improvement. There are different schools of thought about how the economy arrived at its current state. Conversely, there are different schools of thought on how to restore the economy. There are some who would advocate that going back to the same economic policies that created the currents conditions of the economy. Their philosophy is that if we stay the current course the economy would somehow miraculously recover itself over a period of an unknown amount of time. These same individuals believe that people are better off left to fend for themselves in this economy. On the other hand there are others that believe government intervention is the key to a faster economic recovery. In the following paragraph of this paper team C will discuss the current state of the United States economic recovery from the prospective of Unemployment, Consumer income, Interest rates, and Expectations respectively. This information will be summarized and recommendations made to the president regarding government spending and taxes based on the aforementioned economic factors. Aggregate supply and demand looks at the economy as a whole. Aggregate...
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...Paper continues to be a major commodity and substitutions are limited. Paper finds usefulness in many products that we use daily for things like writing, the walls in our homes, and we have even found opportunities to eat our food on it. It is evident the paper and paper products are considered a necessity for consumers daily usage. Paper is used for personal and professional use. Paper is used to make money, bills, paper to complete class assignments, advertisement, and many other daily activities. There has been a small shift in paper due to some ecological experts. Many companies give consumers the option to have direct deposit, receive bills online and also to pay bills online. (Hubbard, 2010, p. 175) Perhaps we will never see the complete “paperless environment” for business operations which many businesses refer to. The challenge is that there exist very few if any substitutions for paper and all that this commodity is useful for. However, recently we find some substitutions for some of the products that paper has been used for. Where one may have seen commercial paper towels in public restrooms in past years, one often finds such paper products replaced by electric hand dryers. Where many business offices have been accused of killing forests with the amount of paper that has been used for their operations, a revolution towards digital imaging is beginning to reduce paper usage in offices. Yet, even with all these innovative substitutions for paper products, this commodity...
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...ECO 100 – Principles of Economics COURSE DESCRIPTION Presents a survey of basic macro- and microeconomic principles and concepts. Reviews the economic dynamics of market forces affecting competition, different economic systems, the role of government in the economy, and economic aspects of international trade. Discusses the labor market, interest rates and the supply of money, and performance of a national economy. Examines the use of economics in business decisions, considering such principles as opportunity costs, diminishing returns, and the marginal principle. INSTRUCTIONAL MATERIALS Required Resources O'Sullivan, A., Sheffrin, S., & Perez, S. (2012). Survey of economics: Principles, applications, and tools (5th ed.). Upper Saddle River, NJ: Pearson-Prentice Hall. MyEconLab book key Note: This book key comes with the purchase of a new textbook and is needed in order to access MyEconLab. Supplemental Resources Aaronson, D., Mazumder, B., & Schechter, S. (2010). What is behind the rise in long-term unemployment? Economic Perspectives, 34(3/4), 28-51. Andreyeva, T., Long, M. W., & Brownell, K. D. (2010). The Impact of Food Prices on Consumption: A Systematic Review of Research on the Price Elasticity of Demand for Food. American Journal of Public Health, 100(2), 216-22 Heyne, P., Boettke, P. J., & Prychitko, D. L. (2010). The economic way of thinking. (12th ed.). Upper Saddle River: Pearson-Prentice Hall. High, J. (2011). Economic Theory and the Rise of Big Business in...
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...Economic Project Paper Abstract Firms experiencing or anticipating substantial workforce expansion face increasing pressure to accurately project the costs associated with human asset investments and potential future layoff requirements. With that in mind, the decision whether to take on temporary workers in lieu of hiring permanent employees is a decision that involves significant risk. However, real options theory offers managers the ability to consider irreversibility and to make workforce investment decisions under conditions of minimum uncertainty and maximum flexibility. We present real options theory within our organization analyzing both sides temporary and permanent hiring to yield maximum profit considering implicit and explicit factors and economic risks. Introduction The cost of production, inventory and sells means money expenses incurred by a firm on production of a commodity but in economics sum of explicit costs and implicit costs constitutes total cost of production of a commodity. We have seen that human are satisfied by way of goods and services which are sold by firms, respectfully. For selling a commodity, a firm requires factor inputs and non factor inputs. The money spent by the firm on both factor inputs and non factor inputs is called money cost. In economics money expenses alone do not provide a solid result in increased profits. As we examine the cost and benefit of selling our paper products in relation to increase stuff by way of temporary or permanent...
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...(ASEAN) LEARN FROM EUROPEAN UNION (EU) TO BE A SINGLE MARKET? By Group 1 Abstract This group paper attempts to show the background difference between ASEAN and EU. Despite the differences ASEAN still can learn from EU to be a single market. This group paper also attempts to discuss whether it is possible for ASEAN to be in a single market without facing major difficulty. Introduction In November 2002, ASEAN members held a meeting in Phnom Penh where the meeting participants proposed that the members consider the creation of an ASEAN Economic Community (AEC) by 2020. This is really nothing new, ASEAN has always carefully studied the progress of EU being a single market. Essential Differences Too often ASEAN is compared to the EU in an international context, however the objectives and motivation behind the founding are in no way to be comparable, below are some of the arguments: 1. EU was formed due the internal (regional) pressure to unify. Two world war in two generation has greatly motivate EU to form a political union, which started with unifying the economy. EU’s economy and political union was to the emerging from the devastation of the World War II. On the other hand, ASEAN formed AFTA to face the challenges from the external towards globalization and regionalization. The aim to create a loose network which without a legal basis under international law, to promote economic corporation, to avoid conflicts between member states and to develop strategies against possible...
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...In this paper I will discuss the history and evolution of healthcare economics and the timing of healthcare funding. In the 21st Century healthcare is proven to be one the largest industries that generates a great deal of money in the world. Therehas been a dramtic change in healthcre the last last hundred years. As changes and progression are examined, it becomes clear that healthcare along with the economy has created an important part of the American life. Healthcare History Health care economics presents information where efficiency and equity goals are pursued. Furthermore, economics establishes a framework by maximizing benefits using resources at hand. Kenneth Arrow, the person responsible for mentioning the idea of health economics as a discipline, wrote an article titled “Uncertainty and the Welfare Economies of Medical Care” in 1963. The article discusses how the medical care industry benefits society compared to the “norm”. Furthermore, Mr. Arrow wrote about the significance of supply and demand. Arrow discussed that the average person has the characteristic of only seeking medical care when they are suffering from a critical injury or illness. Its not common for the average person to receive routine medical services on a regular basis. As Mr. Arrows discussed supply condition, he quoted “Entry to the health care profession is controlled by licensing. Licensing manages the supply which consequently increases the cost of medical care”. Medical care was expensive...
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...Economic Forecasting Paper By ECO/ 372 November 18, 2013 Learning Team Reflection Week Two List of resources to gather historical economic data and economic forecast data Some of the resources, which are useful to gather historical data as well as forecasting the new data include Bureau of Economic Analysis, U.S. Department of Commerce and FRED, Economic Time-Series Database, Bureau of Labor Statistics, Census Bureau, Congressional Budget Office (CBO), Office of Management and budget (OBM), Federal Reserve Releases (FRB), NBER'S Macro-Historical Database, New York's Fed's statistics and data, Statistical abstract of the United States and CIA world fact book. How and why each source is valuable and useful FRED database; allows citizens to see how the country's financial state is. The data includes the national economic and financial date “including interest rates, consumer price indexes, employment and population and trade data. The Bureau of Economic Analysis; includes estimates concerning national, international, and regional economic activity. It also provides statistics decision influenced by the government officials, business people, households and individuals.” (History matters. 2013. Para 3, 5). The Bureau of Labor Statistics gives specific information about employment, unemployment, consumer price index, and producer price index. The Bureau of Labor Statistics updates the...
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...Current Economic State It is now January 2013 and according to some people, the upper class perhaps, the recession is over and the economy has “bounced back.” However, I have yet to feel the rebound of this bouncy economy. The first quarter of 2013 has no concluded so naturally in order to see what the experts say about the expanding and contracting of the economy we must look to the previous quarter. In first quarter of the year the economy expanded 2 percent and 3 percent at the end of 2011. Towards the spring of 2012, the second quarter, the economy grew only 1.3 percent and come close to a standstill. As of now, I think it is safe to say the economy is constantly contracting and expanding. It is a real give and take type of scenario. The economy sure has not bounced back enough because the unemployment rate was between 8.1 and 8.3 percent all of 2012. There is no way that that is an acceptable unemployment rate for an “expanding” or “growing” economy. Before we get into what the current prime rate is, I think it is imperative that we first explain what a prime rate is. The U.S. Prime Rate is a commonly used, short-term interest rate in the banking system of the United States. All types of American lending institutions (traditional banks, credit unions, thrifts, etc.) use the U.S. Prime Rate as an index or foundation rate for pricing various short- and medium-term loan products. It is important to keep the prime rate consistent and better for business and individual because...
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...Option 1: Economic Advisement Paper With a nominal GDP estimated at more than 15 trillion it is clearly the United States economy is one of the largest in the world. A person must have lived in a cave underground for the past several years not to know that the current state of the nation’s economy is in desperate need of improvement. There are different schools of thought about how the economy arrived at its current state. Conversely, there are different schools of thought on how to restore the economy. There are some who would advocate that going back to the same economic policies that created the currents conditions of the economy. Their philosophy is that if we stay the current course the economy would somehow miraculously recover itself over a period of an unknown amount of time. These same individuals believe that people are better off left to fend for themselves in this economy. On the other hand there are others that believe government intervention is the key to a faster economic recovery. In the following paragraph of this paper team C will discuss the current state of the United States economic recovery from the prospective of Unemployment, Consumer income, Interest rates, and Expectations respectively. This information will be summarized and recommendations made to the president regarding government spending and taxes based on the aforementioned economic factors. Aggregate supply and demand looks at the economy as a whole. Aggregate demand is the sum of...
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...Economics Terms and Health Care History Joshua A. Barron HCS/440 May 08, 2012 Larry Gonzales Economics Terms and Heath Care History To understand how Americans came into being with the current health care system in place today, it would behoove society to look where it began, where health care economics had its genesis, and how it evolved into the monster it is today. “The United States spends more on health care, both per capita and as a share of Gross Domestic Product (GDP), than any other country in the world. In 2009, spending on health care reached a record high $2.5 trillion, or 17.6 percent of U.S. GDP” (Center for U.S. Health System Reform, 2011, p. 1, Para 2). The health care industry is the dominating industry in the United States and it is currently controlling and dictating the lives of Americans across the nation. Many workers are weighing the facts of switching jobs because they may have to switch health care coverage, and with the high cost of health insurance many people are left out or cannot afford it. Patients complain about the care they receive and are eager to award their physician with a lawsuit. This paper will discuss the history and evolution of health care economics and the timeline of health care funding. History of Health Care Economics “Who will pay for the dramatic changes to health care. In the past it has been our experience, for most individuals to pay their medical bills with private funding...
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...Economic Terms and History Paper Vicki Sellers HCS 440 July 10, 2014 David Disciascio Economic Terms and History Paper Health care economics have dramatically evolved throughout generations in this country. And those changes have caused a shift in how health care organizations to adjust their financial methods, strategies, and how they provide overall care. Health care economics has at times put a great burden on the health care industry such as the providers, the ones needing care, and the insurance companies who now help pay for that care. Health care facilities and companies continually have so many demands put on them with all the changes, it is not surprising that something has to suffer because of it and in our current economy, what seems to suffer most is the quality of care provided. Changes to health care and its delivery have also been impacted by technology, advances in medicine as well as different procedures and medicines . People vary in their belief systems in what has caused the changes to health care economics. Some individuals believe that is due to various changes that United States have gone through since her birth. However many others believe that a lot of influence has been due to advances in technology and how those changes have impacted health care. What is most important is having an understanding of these changes and the impacts they have made on the health care industry over all throughout history. Comprehending the history of and how health...
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...How People Make Economic Decisions Paper Eco/212 September 28, 2010 Making Economic Decisions Economic decisions made by individuals can affect the economy. The principles of individual decision-making include people being rational, economic incentives, and optimal decisions made at the margin. Trading the three economic systems are market economy, centrally planned economy, and mixed economy. Each contains their own attributes on how they contribute to an economy. The current economic system in the United States is a mixed economy. Individual Decision-making People try to be rational. “It means that economists assume that consumers and firms use all available information as they act to achieve their goals. Rational individuals weigh the benefits and costs of each action, and they choose an action only if the benefits outweigh the costs” (Hubbard, & O'Brien, 2010). Economic incentives are motives human beings act upon. This generally can mean people take the cheapest route that benefits them the most. Human beings have to answer the question, “Is there enough incentive or motive to make this decision?” Optimal decisions are made at the margin. These decisions are all or nothing. Within one of these decisions can be marginal benefit and marginal cost. An optimal decision that I made to compare marginal benefit versus marginal cost would be when I decided to trade in the truck I loved so much for a car. The marginal benefit of trading the truck in was buying...
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