...Consider a game with one incumbent, one potential entrant, and 100 possible buyers. (The incumbent has sufficient capacity to serve all buyers.) The game unfolds in four stages: In the first stage, the potential entrant must decide whether or not to enter the market. If it enters, it incurs a small, irrecoverable entry cost. In stage two, the entrant decides simultaneously on two things: --the number of buyers to target, and --the price for its product (the price must be the same for all its buyers). In stage three, the incumbent responds to the entrant’s choices by deciding on a single price at which to offer its own product to all buyers. In the fourth and final stage, buyers make their purchase decisions, and each firm serves the buyers that decide to purchase from it. Each one of the 100 potential buyers is interested in purchasing one unit of product from either the incumbent or the entrant. However, only those buyers targeted by the entrant have the option of purchasing from it. To see how this works, think of the buyers as arrayed in a certain order and labeled as buyer 1, buyer 2, …, buyer 100. Suppose, as an example, that the entrant has targeted 10 buyers. Then, buyers 1 through 10 each get to decide whether to purchase from the incumbent or the entrant (or from neither). Buyers 11 through 100 each get to decide whether to purchase from the incumbent (or not at all). This second group of buyers does not have the option of purchasing from the entrant...
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...In my life, I was beat on both mentally and physically but only recently have I realized that these beatings have been preparing me for this ruthless world. These beatings are making me tougher and are preparing me for the unforgiving, cold world after I turn 18 and go to college. They teach me to keep fighting and to strive to better and to always get back up when I get knocked down. I started wrestling when I was 5 years old. I used to wrestle Greco-Roman, which is upper-body only. I used to be pretty good but when I turned 7, my family moved from Toledo to Sylvania, and I quit wrestling for the time being. I was not used to the environment because Toledo was way more urban to the semi rural and close-knit community that is Sylvania. I soon fit in and found my place only after have being picked on. I enjoyed the end of elementary school and middle school but towards the end of 8th grade one of my father’s close friends, Rada Eltatawy, ran into my dad and I into the mall and asked what grade I was in. After we told him I was in 8th grade he asked if I would come out freshman and tryout for Northview’s wrestling team because he was the head coach their at the time. We agreed so I did not tryout. During December of my Freshman year my dad and I went to the hospital and my dad did not tell me why, but when we got there and I entered the room I did not want to to believe it. Rada was hospitalized for what he said was a punctured lung and asked if I tried out. I told him that I was...
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...JAPANESE TERMS FOR YELLOW BELT Anza - Cross legged sitting posture Ashi Sabaki - Foot movement, can also mean leg and foot movement Chudan - Middle (area from neck to belly button) Dojo - “The way hall”, the karate practice area Gedan - Lower (area from belly button to knees) Gi - The Karate uniform, also called “do gi” Hiza - Knee, “take a knee” used for children; actual command is ashi orishiku. Jisen Dachi - Full contact sparring stance Jisen Kumite - Full contact sparring, “actual combat sparring” Jodan Tsuki, Chudan Tsuki, Gedan Tsuki: High punch, middle punch, low punch Jodan Uke - Chudan Uke, Gedan Uke: High block, middle block, low block Jodan - Upper (area from top of head to neck) Kamaete - Assume the posture, a command Kata/Gata - “Mold”, as in forming from clay, term used for formal karate training forms Kiai - “Energy release”, the name of the karate sound made when striking Kihon - Basic Kiotsuke - Energy all together, a command for the class to stand at attention as a unit Kumite - “Touching hands”, sparring Mae Geri, Yoko Geri, Mawashi Geri, Ushiro Geri - Front kick, side kick, round kick, back kick. Naihanchi Dachi - The stance used in the ancient Nahanchi Kata Naihanchi - Ancient Okinawan Kata, obscure meaning, likely meaning is “gripping the ground as an animal” from an ancient Okinawa Hogen dialect. Obi - Belt Rei - Courtesy, bow Ryukyukan - “Dragon Ball House” , Ryukyu’s are the islands of Okinawa, kan is house Ramtown Karate ramtownkarate.com Yellow/Orange...
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...ThrowsLeft throws:1. O Goshi 2. O Soto Gari 3. O Uchi Gari 4. Ko Soto Gari 5. Ko Soto Gake | O Goshi – major hip Koshi Guruma – hip wheel Ashi Guruma – ankle wheel Mizu Nage – water throw Uki Goshi – floating hip O Soto Gari – major outer reap Ko Soto Gari – minor outer reap Ko Soto Gake – minor outer hook O Uchi Gari – major inner reap Ko Uchi Gari – minor inner reap Ippon Saio Nage – 1 point back carry throw Saio Toshi – back carry drop O Tsuri Goshi – major lifting hip Ko Tsuri Goshi – minor lifting hip O Soto O Toshi – major outer drop Harai Goshi – sweeping hip Hanai Goshi – springing hip Eri Saio Nage – lapel back carry throw Tsuri Komi Goshi – lifting pulling hip O Guruma – major wheel Taio Toshi – body drop Shiho Nage – 4 direction throw Morote Seio Nage – 2 Hand Back Carry Throw Yoko Otoshi – Side Drop (Sacrifice throw) Uke Waza – floating technique (sacrifice throw) | Arm Locks | I, II, III, IV, V, VI, VII, VIII, IX | Leg Locks | I, II, II, IV, V | Ankle Locks | I, II, III, IV | Head Locks | I, II, III, IV, V, VI, VII | Wrist Locks | I, II, III, IV, V, VI | Kyushu | I.i. taisho bridge of nose, hisa I.ii. Ki kau ken I.iii. Uraken uchi, kakato I.iv. Shuto, sekuto I.v. Hisa small of backI.vi. , nukute, Higi I.vii. To floating rib, gake II.i. Dayubi ippon ken (eyes) II. ii. Rake over eyes (shuko ken), double shuto to collar bones...
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...and harder to predict. Teece, Pisano and Shuen (1997) as referenced by Fernald and Solomon in their paper, described today’s dynamic Schumpeterian world of innovation–based competition, price /performance rivalry, increasing returns and the ‘creative destruction of existing compeitencies.”(p.509) "creative destruction" was popularized by and is most associated with Joseph Schumpeter, particularly in his book Capitalism, Socialism and Democracy, first published in 1942. In Capitalism, Socialism and Democracy, Schumpeter popularized and used the term to describe the process of transformation that accompanies radical innovation. In Schumpeter's vision of capitalism, innovative entry by entrepreneurs was the force that sustained long-term economic growth, even as it destroyed the value of established companies and laborers that enjoyed some...
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...Soviet Union under Mikhail Gorbachev in 1991 due to his policies of glasnost and perestroika, or opening and restructuring. Since that period Russia has been defined by a kind of political turmoil that has seen every sort of leader from a, it is said, Vodka imbibing progressive in Boris Yeltsin to a former intelligence officer in the KGB with a black belt in Judo, in Vladimir Putin (Russia). While the political turmoil has unfolded publicly, the business and professional climate has deteriorated from the heady days of the Soviet breakup when foreign enterprises believed the region was ripe for investment and, to some degree, exploitation. The level of corruption has largely dissuaded the full development of foreign investment and is an international concern, not just local to Russia: “the prevalence of corruption and crime in business affairs has been generally recognized as a major cause of concern...”(Taylor, Kazakhov & Thompson par.1). Until Russia is able to solve this unregulated chaos, business in Russia will remain an exercise in risk rather than revenue. Political Many researchers relate Russia’s economic and commercial enterprise concerns to its political problems that arose following the breakup of the Soviet Union. The period that followed, although romanticized in the West, was essentially a political vacuum that fostered an anything goes mentality with the political establishment awarding itself flush perks and being given perks by the freewheeling...
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...Dream Dare Win www.jeywin.com Annual Report 2007-08 Ministry of Finance Government of India Dream Dare Win 1 www.jeywin.com Dream Dare Win www.jeywin.com FOR PUBLIC CONTACT PURPOSE: Ministry of Finance Department of Economic Affairs North Block, New Delhi - 110 001 Phones: 23095120, 23092453 Website: http://www.finmin.nic.in/the_ministry/dept_eco_affairs/index.html Department of Expenditure North Block New Delhi - 110 001 Phones: 23095661, 23095613 Website: http://www.finmin.nic.in/the_ministry/dept_expenditure/index.html Department of Revenue North Block New Delhi - 110 001 Phones: 23095384, 23095385 Website: http://www.finmin.nic.in/the_ministry/dept_revenue/index.html Department of Disinvestment Block 11 & 14, CGO Complex Lodhi Road, New Delhi -110 003 Phones: 24368528, 24368523, 24368044 Website: http://www.divest.nic.in Department of Financial Services Jeevan Deep Building, Parliament Street, New Delhi 110 001 Phones: 23748721, 23748734 Website: http://www.finmin.nic.in Dream Dare Win 2 www.jeywin.com Dream Dare Win www.jeywin.com Contents Paragraph No. INTRODUCTION Page No. 1 CHAPTER - I Department of Economic Affairs 9 Economic Division 1 11 Budget Division 2 12 Capital Markets Division 3 15 Infrastructure Division 4 19 Fund Bank Division (including UN Branch) 5 23 Foreign Trade Division 6 26 Aid Accounts & Audit Division ...
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...MRC 1513 ECONOMIC ANALYSIS WORKSHOP 1A Question 1: Although managerial economics is based primarily on microeconomics, explain why it is also important for managers to understand macroeconomics. Answer: Felda Technoplant Sdn Bhd is a subsidiary of Felda Holdings Berhad and was established on 22 June 2005 as a management agency for FELDA settler plantations. Among its main activities is replanting estates, managing immature and mature plantations as well as providing oil palm planting materials for estate replanting purposes. Almost 90% of the replanting area is planted with oil palm and the remaining planted with rubber. Thus we are subject to risks inherent to the plantation industry. These include damage from pests, outbreak of diseases such as ganoderma, fire or natural disasters, unscheduled interruption in palm oil milling and rubber tapping operation, climate condition, downturns in the global, regional and national economies, changes in law and tax regulations affecting palm oil and rubber and the competitive needs of labour with other industry. Movement of commodity price in local and international market influence the price of Fresh Fruit Bunch (FFB) and rubber. This will affect managerial decision whether continuing the normal field operations or take certain mitigation action focusing only to harvesting work while other work activities such weeding and fertilizing being stop until the operational cost becomes more viable. As an example, in 2008 the FFB selling...
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...Set 105 Environmental Scanning/Industry Analysis – 1 1. What external environmental variables should be scanned? In conducting an external environmental scan, focus should be drawn to two environmental variables: • Societal environment (macro-environment) – This is the general environment in which the business organization operates. It is characterized by those variables on which the business has no control. It does not directly touch on the short run activities of the firm but can, and often do influence its long-run decisions. • Task environment (micro-environment) – This is the industry within which the business organization operates. This environment is characterized by various players and stakeholders who affect a business enterprise, and are also affected by it. 2. According to Porter, what determines the level of competitive intensity in an industry? According to Porter, the level of competitive intensity is determined by 5 basic competitive forces namely: (1) Threat of new entrants to a market (2) Bargaining power of suppliers (3) Bargaining power of customers or buyers (4) Threat of substitute products and (5) Degree of competitive rivalry 3. What should be scanned in the task environment? There should be an analysis of relevant elements in the task environment such as: (1) Competitors (2) Suppliers (3) Regulators (4) Strategic Partners (5) Labor and (6) Customers. 4. Discuss how a development in a corporation’s societal environment can...
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...An Assignment on Money Market and Labour Market in context of Bangladesh Course Instructor: Abdul Jalil Chowdhury SUBMITTED BY: Zinat Mahal Roll No.: 1328 Departmental of Training for BCS (Economic) cadre Officers NAPD, Ministry of Planning, Nilkhet, Dhaka-1205 Introduction Bangladesh is a developing country in where money market and labour market are two of the most important issues of economics that determine long run development of a country. The GDP and infrastructural development of a country depend largely on the successful and efficient money market and labour market. Financial sector is considered to be playing a crucial role in facilitating efficient allocation of resources and improving productivity of investment. Although the direct effect of financial institutions on the real economy is less clear, the indirect impact of financial market is essentially critical (Herring et al., 1991). Mobilization of savings, managing risks and facilitating exchange of goods and services are the functions of financial sector that connect households, firms and governments for their own purposes. An efficient financial system can be of great use for the poor through boosting the growth of the economy and reducing the financial risks by creating an enabling environment to ensure easy access to financial services for all. Money Market A segment of the financial market in which financial instruments with high liquidity and very short maturities are traded...
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...use of feedback, decision making and human relation etc. Miller (1983) defines entrepreneurship as a multidimensional concept encompassing a company’s action relating to innovation and risk taking and proactive measures.Innovation and risk-taking has an important place in entrepreneurship. Schumpeter (1994) described role of entrepreneurship as tendency of company to engage in and support new ideas, novelty, and experimentation that may result in new products, services. Risk taking describes the nature of entrepreneur. A.H. Cole has explained entrepreneurship as, “the purposeful activity of an individual or group of associated individuals, undertaken to initiate, maintain, or earn profit by production and distribution of economic goods and services. According to Heggins, “Entrepreneurship is meant the function of seeking investment and production opportunity, organize an enterprise to undertake a new production process, raising capital, hiring...
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...THE COST OF CAPITAL, CORPORATION FINANCE AND THE OF INVESTMIENT In the business world we make investment for two main reasons or either of them that can be for the maximization of our profite from a business or it can be for the maximaization of the market value of the assets. Businesses generally aquire the assets if the perceives that the particular asset can help in increasing the profit of the organisation. According to the theory the acquisition of the asset can help to increase the profit only if the returns arising due to that asset are more than the interest costs arising due to that asset. On the individual level when we are cosidering the purchase of any asset we should also consider the risk factor associated with that asset. Profit maximization and value maximization they both have more or less same meanings and implications. But if the case is of uncertainity then the profit maximization has no meanings, it remains meaningless for the investors. When the situation is uncertain then in that case the market value maximization becomes the basis for the theory of investment, if this notion is kept in mind then every time when we are going to make a decision to invest or not we should simply keep one thing in our mind that can be the basis of the decision, that is if we aquire the particular asset will it help to increase the value of the firm’s share? If in response of this question we comes on this point that yes it will result in increase in the value of the firm’s...
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...TEPAV – Economic Policy Research Foundation of Turkey The first company that we visited in Ankara was the Economic Policy Research Foundation of Turkey. There they presented to us the Turkish economic background, the actual economic position regarding European Union and Middle East and what are their challenges to keep the long-term competitiveness. Turkey is strategically located between Europe and Middle East and this advantage, after the policy reforms, made the country boost their economy by attracting companies that operates in both markets. The country is so well geographically located that we in a 3 hours flight you have an economic potential of 8,7 Trillions of dollars. The ground for this economic boom was the first generation reforms starting in 1980 with Price reforms and Trade and Financial liberalization. After that in 2001 they had the Banking reform, Privatized state owned companies, created Independent authorities to regulate the markets and they also adopted Fiscal and Monetary discipline. Nowadays, they are trying to move from an Efficiency-driven economy to an Innovation-driven economy, which means that they need to not only build or make goods in the country but also aggregate value to the goods produced. Investing in education is the only and long way to shift the economy from large scale transformation to high-tech. On the other hand, Turkey has a current account deficit and it is at historic high, it corresponds as 10% of GDP. The majority of the...
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...Monetary Policy Design in a DSGE Model 1. A simple model 1.1 Households The utility function of a representative household is ∞ ⎛ ξ C1−σ L1+η ⎞ Et ∑ β s ⎜ t + s t + s − t + s ⎟ 1+η ⎠ s =0 ⎝ 1−σ (1) The dynamics of the demand shock is ζ t = ζ t −1 + eζ ,t , where ξt = eζ . The consumption is t θ −1 ⎡ 1 ⎤ θ −1 composed of lots of goods. It is composed in a CES function Ct = ⎢ ∫ Ct (i ) θ di ⎥ . The i =0 ⎣ ⎦ 1 1−θ 1−θ consumer price index is P = ⎡ ∫ P (i ) di ⎤ . Then the demand function of each good is t t ⎢ i =0 ⎥ ⎣ ⎦ 1 θ ⎡ P (i ) ⎤ Ct (i ) = ⎢ t ⎥ Ct ⎣ Pt ⎦ The budget constraint is −θ PCt + Bt = Wt Lt + Π t + Rt −1 Bt −1 t The first order condition for Ct , Lt , and Bt are Ct−σ = λt Pt Lη = λtWt t λt = Rt λt +1|t After some calculation, we have the Euler equation and labor supply equation ξt +1Ct−+σ / Pt +1 1 β Rt Et =1 −σ ξt Ct / Pt ξt Ct−σ Pt 1.2 Firms (2) = Lη t Wt (3) Assume there is a type of price stickiness in the economy, that each firm has a probability φ that cannot change its price, and fixed the level as the last time. And it has a probability 1 − φ that can re-optimal its price. The problem of a firm which can re-optimal its price in time t is 1 Et ∑ (βφ ) s Λ t + s [ Pt* (i )Yt (i ) − Wt Lt (i )] s =0 ∞ ⎡ Pt * ⎤ s.t.Yt + s (i ) = ⎢ ⎥ Ct and Yt (i ) = At Lt (i ) ⎣ Pt + s ⎦ The dynamics of the technology shock is at = ρ a at −1 + ea ,t , where at = ln( At ) . The first order condition is ...
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...Financial Concepts in a Changing Business Michael Magons FIN/571 April 9, 2012 Beatrice Jones Financial Concepts in a Changing Business Guillermo Navalles’s furniture store is facing some new competition and has choices to make (University of Phoenix, 2012). These choices include competing with the new firm, absorbing or being absorbed by other firms, or changing from mainly manufacturing to distribution. Changing technologies and changes in the labor force influence decisions Guillermo needs to make to improve his business. Financial concepts associated with these types of changes are discussed here. Guillermo is compelled to make decisions about how he runs his company because of his own financial self-interest (Emery, Finnerty, & Stowe, 2007). The opportunity cost for Guillermo’s firm has changed since the arrival of new competition, and he must decide how to change his variable costs to maintain the prosperity of his company. His options include altering labor costs through automation or changing from a manufacturer to a distributor with more outsourcing (University of Phoenix, 2012). He is also displaying the behavioral principle because he is considering either copying the competition or adopting a business model that works for other furniture firms. Copying the behavior of another could work for Guillermo. The comparative advantage principle can also work with Guillermo because he can offer a patented coating that is flame retardant and...
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