Sunday, February 23, 2020

Economics for business Essay Example | Topics and Well Written Essays - 2000 words - 1

Economics for business - Essay Example In order to find the marginal cost we will calculate the first derivative of total cost function: Monopoly is a market structure where there is a single producer or seller of the product in the market with no substitutes available. This means that the ultimate power lies with the producer or seller and not with the consumer. In other market structures, the authority to choose a product is in the hands of the consumer but in a monopolistic market there are no substitutes available and the consumer has to accept what is being offered to them. Monopoly is considered inefficient due to the fact that the market doesn’t have any substitute of the product giving the producer or seller an authority to set prices according to their need. They usually discriminate regarding the prices and charge higher than the marginal cost of production in the market. Such market doesn’t focus on the consumers as they are aware that no matter what ultimately the consumers will choose their product even if the quality of the product is below the standards. In such market structure, the barriers to entry are high giving no or little entry positions to other businesses. As a result of the barriers there is no competition or rivalry in such market. This market is considered inefficient than the other market structures because this market produces less output as compared to others. With no competition, reduction in the output level leads to high prices. It also creates inequality because it converts the consumer surplus into producer surplus. This inequality between the price charged and the marginal cost makes this market inefficient. This means that there is price discrimination in such market and some consumers have to pay higher prices. In monopoly the output level is less and creates unemployment of the resources. The resources are not properly and efficiently utilized as compared to other market structures. In such market the price is greater than the marginal

Friday, February 7, 2020

To what extent does personality predicts employee performance Essay - 3

To what extent does personality predicts employee performance - Essay Example Le et al., (2011) found that there exists the curvilinear associations between personality traits, which include emotional stability, conscientiousness, job performance scopes, including counterproductive work behaviours, organisational citizenship behaviours , task performance and job performance (Le et al. 113). By using this approach, the researchers study some features of personalities of different people, and then compare those people in an attempt to draw some conclusion about general rules about personality. Thus, this method involves assessing some interesting variable in a large group of individuals and then arrive out some general rules about personality. Thus, nomothetic approach can be used to find how heredity or genetic plays a pivotal role in job performance of an employee. However, nomothetic approach has some drawbacks. It is to be noted that extrapolations from group outcomes may not be applicable to an individual, and this may offer shallow understanding. (Ashton xxiii). Psychologist like Erikson (1950) & Rogers (1959), Kelly (1963) gives a different explanation of personality as they visualise it from the interface with the environment and the impact of cultural and social processes. Thus, an individual’s personality is open to change and flexible, and each individual has a unique personality that cannot be grouped or classified into any classification. This nurture approach to personality does not make itself to the measurement of personality, as each individual is considered to be unique. From the company point of view, it is less likely to form part of an evaluation process. Nonetheless, some organisations do use the concept of self-concept as part of their development and management training programmes, and it could form part of the performance management process, especially, if a 360-degree feedback approach is used (Smith , Farmer & Yellowley