Public Policy in Food and Agriculture

Question: Discuss about the Public Policy in Food and Agriculture. Answer: Introduction: In economics, the income elasticity of demand and the cross-price elasticity of demand are two important concepts. The income elasticity of demand is the proportion of change between the demand of a product and the income level of end user. It measures the correlation between a change in required quantity and a change in consumers income (Hall and Lieberman, 2007). Along with this, the income elasticity of demand can be used to decide whether a good is a normal good or an inferior good. According to this, a normal good has an optimistic income elasticity of demand. For example, when the demand of a product boosts with an increase in the income level and declines with decrease in income level, then it provides a positive value for the income elasticity of demand. A positive income elasticity of demand points towards a normal good. Apart from this, an inferior good has a pessimistic income elasticity of demand. For case, when the demand of a good declines with an increase and amplifies with a decrease in the income level, in that case the demand is negative and the good would be considered as an inferior good (Frank, Jennings and Bernanke, 2012). On the other hand, the cross-price elasticity of demand is the receptiveness of demand for a good or service to a change in the value of the other good or service. The cross-price elasticity of demand also can be used to find out whether two goods are substitutes or complements. According to the cross-price elasticity of demand, substitute goods have a positive cross-price elasticity of demand while complements goods have a negative cross-price elasticity of demand. For example, when the price of one good raises and the demand for another good enhances, then the both goods are substitute goods. Apart from this, when the price of a product increases and the demand for the other product decreases, in that case both goods are complement goods (Besanko and Braeutigam, 2010). In this way, it can be assumed, both income elasticity of demand and the cross-price elasticity of demand are two important terms in the field of economies. In economics, a production possibility curve (PPC) is a curve that represents all the possible permutation of two goods with secure resources as well as technology. In other words, it also can be said that, the production possibility curve is an important model of scarcity as well as efficiency. The model plays a significant role to explain that how the economy of a nation may produce two products only by taking two goods into consideration (Rittenberg, 2008). Along with this, this visual model illustrates all the production possibilities that a nation has between two goods. The model mainly focuses on the concept of opportunity cost in order to provide the best economic decision to a nation or producer. The PPC states that all the inputs must be used proficiently to produce all the possible things through these two goods. In addition to this, it should also be noted down that, a bowed PPC curve points out that the trade-off between the two goods is not stable. Moreover, the PPC curve bows outwards as a consequence of the law of increasing opportunity cost. In other words, it also can be said that, a bowed outward PPC curve takes place at what time additional units of output of a good require larger declines in another good (Ross, Westerfield and Jordan, 2012). The notion of comparative advantage plays a major role in the production possibility curve. It is because of with the help of comparative advantage, a produce becomes able to choose a better product in place of the other product. An example of drainpipes and butter would be very helpful to understand the role of comparative advantage in PPF curve. In the context of economics, several resources are more proficient in order to produce one product in preference to another product. Metalworkers are more capable to produce drainpipes whereas farmers are more competent to produce butter (Berk, 2012). Along with this, if the economy of a nation is willing to produce drainpipes then it will use both metalworkers as well as farmers in the production process. In contrast, if the economy is willing to produce butter then it will use farmers instead of metalworkers. A low opportunity cost is the main reason behind it. It is because of the farmers can offer comparative advantages to the economy of a nation. On the other hand, if the economy of a nation is willing to produce more butter then it will take metalworkers into consideration. This shift of metalworks into farming industry will create big loss in drainpipes and small profits in butter. It is because of the metal workers has a comparative advantage in the production of drainpipes (Gitman, Juchau and Flanagan, 2010). As a consequence, the opportunity cost of added butter will be big because of the economy of a nation is willing to produce butter in place of drainpipes. In this case, the PPF curve will bow outward because of the p roduction of butter will reduce the production of drainpipes. It is true that, in the field of economics, the long-run market supply curve for a perfectly competitive industry depends on factor prices. For example, the long-run supply curve for a perfectly competitive industry depends on the different types of factor prices because of increase or decrease in the long run as a result of expansion of the output of the industry. In addition to this, the long run market for a perfectly competitive industry confirms that the firms have decrease, constant, and increasing cost (Booth, Cleary and Drake, 2013). Along with this, the long run market supply curve for a perfectly competitive industry also reflects and represents different quantities of good by which all the firms in the industry along with each other would be willing to supply at different prices when the industry is in the long run equilibrium. This situation is show the reaction of whole industry to change in the factor price when all the demand induced changes are taking into considerati on. On the other hand, it is also important to know that, the long run market supply curve in a perfectly competitive industry is also represents a set of price as well as the amounts. In the same way, the prices would be same or equal to the minimum average full costs of the firms. At the same time, the amounts are the equilibrium output of the industry at the each price. Along with this, the long run market supply curve in a perfectly competitive industry may be horizontal positively sloped or negatively sloped. It is because the long run market supply curve depends on the external diseconomies as well as economies (Brigham and Houston, 2013). Hence, on the basis of above analysis, discussions and facts, it can be said that, the long-run market supply curve for a perfectly competitive industry depends on factor prices. In the context of economics, price ceilings and price floors are two important price control tools. In other words, it also can be said that, both price ceilings and price floors are the major examples of government intervention and also play a significant role in order to change the market equilibrium. Along with this, price ceilings refer as the maximum prices of meticulous goods and services that are set by the government of the nation (Azzam, 2009). Moreover, price ceiling becomes a subject of problem at what time the government set them below the market equilibrium price. In contrast, price floors refer as the minimum prices of particular goods services. Price floors are the subject of concern while they are situate above the equilibrium price. On the other hand, price ceilings and price floors are similar to taxes. Price ceilings are close to taxes on producers. It is because of price ceilings play a major role in order to transfer the surplus of producers to consumers. They shrink surplus of producers and shift it to others. As a result, they turn out to be taxes to producers and subsidies to consumers (Brealey, Myers and Marcus, 2012). In the same manner, price floors akin to taxes on consumers. It is because of price floors condense surplus of consumer and also transfer it to producers. As a consequence, price floors are taxes on patrons and subsidies to manufacturers. For this reason, both are like taxes as they produce distortions from market equilibrium. Apart from this, they bore are also different from taxes. It is because of both price ceilings and price floors generate surpluses while taxes do not create surpluses. Moreover, taxes also give profits to government whereas price ceilings and price floors do not gran t proceeds to government (Ross, Westerfield and Jaffe, 2012). Consequently, it can be assumed that, they both are different from taxes. References Azzam, A. (2009). Public Policy in Food and Agriculture. USA: EOLSS Publications. Berk, D. (2012). Corporate Finance: The Core, 3rd Edition. Australia: Pearson Education. Besanko, D. and Braeutigam, R. (2010). Microeconomics, 4th Edition. UK: John Wiley Sons. Bodie, Z., Kane, A. and Marcus, A. (2010). Essentials of Investments, 8th Edition. Australia: McGraw-Hill. Booth, L., Cleary, S. and Drake, P. (2013). Corporate Finance. Australia: Pearson Education. Brealey, R., Myers, S. and Marcus, A. (2012). Fundamentals of Corporate Finance, 7th Edition. Australia: McGraw Hill. Brigham, E., F. and Houston, J. F. (2013). Fundamentals of Financial Management, 13th Edition. USA: Cengage Learning. Frank, R., Jennings, S. and Bernanke, B. (2012). Principles of Microeconomics, 3rd ed. Australia: McGraw Hill. Gitman, L., Juchau, R. and Flanagan, J. (2010). Principles of Managerial Finance, 6th Edition. Australia: Pearson Education. Hall, R. and Lieberman, M. (2007). Microeconomics: Principles and Applications, 4th Edition. USA: Cengage Learning. Rittenberg, L. (2008). Principles of Microeconomics. Australia: Flat World Knowledge. Ross, S., Westerfield, R. and Jaffe, J. (2012). Corporate Finance, 10th Edition. Australia: McGraw Hill. Ross, S., Westerfield, R. and Jordan, B. (2012). Fundamentals of Corporate Finance Standard Edition, 10th Edition. Australia: McGraw Hill.

Assignment Tax essayEssay Writing Service

Assignment Tax essayEssay Writing Service Assignment Tax essay Assignment Tax essayOn 10 May 2013, the IRS issued regulations under section 336(e) that allow taxpayers in certain situations to elect to treat sales and distributions of 80Â  percent of a corporation’s (the target) stock as taxable sales of the target’s assets (Taxation of Cross-Border Mergers and Acquisitions, 2014). In such a way, the US fiscal policy aims at the enhancement of the transparency of fiscal operations and minimizes the risk of tax avoidance. The development of section 336(e) contributed to raising barriers on the way of international fiscal schemes that allow money laundering and transferring money off shore.Net investment income tax imposes 3.8% tax on net investment income of individuals, estates and trusts (Taxation of Cross-Border Mergers and Acquisitions, 2014). In such a way, the US fiscal policy aims at the accurate and effective taxation of investment incomes obtained by companies as well as individuals operating internationally. At this point , it is worth mentioning the fact that some companies have developed numerous schemes of tax evasion using their investments as the way to transfer their capital off shore or to other countries, where the fiscal legislation is more liberal and less restrictive. In such a way, the national legislation raises barriers for international schemes planned for tax avoidance and other schemes.Furthermore, the Foreign account tax Compliance act (FatCa) was enacted into law to address tax evasion by US taxpayers that hold unreported assets in financial accounts and undisclosed interests in foreign entities (Taxation of Cross-Border Mergers and Acquisitions, 2014). The tax evasion is a serious threat to the national economy. At the same time, international transfers are the most efficient way to complete tax evasions fast and effectively. Local law enforcement agencies have difficulties with the investigation of such crimes. The elimination of fiscal barriers and the enhancement of the foreign account tax policies help to minimize the risk of the violation of tax policies and prevents the problem of tax evasion.One of the major advancement in fiscal policies at the international level is the introduction of International Financial Reporting Standards. International Financial Reporting Standards introduce the common set of standards of financial reporting at the local and international level. In such a way, International Financial Reporting Standards help to balance the international legislation and fiscal policies, to harmonize them and develop common, transparent standards and principles that will contribute to the transparency of accounting and financial performance. International Financial Reporting Standards have been implemented since 2012. The first phase of the International financial Reporting Standards was introduced in 2013 and the preparation for the introduction of the second phase has started. 2014 involved the evaluation and assessment of the implementation of phase one of International Financial Reporting Standards. The accurate assessment is pivotal for the further implementation of phase two of International Financial Reporting Standards.Furthermore, the international cooperation in fiscal policies contributes to the tighter regulations and higher transparency of fiscal policies and accounting of businesses operating at the domestic and international market (Chernick Reschovsky, 2000). In this regard, the introduction of the automated information exchange international standard is an important step toward to the enhancement of the international fiscal policies and standards that facilitate the tax policy and tax accountability of businesses.At the same time, well-developed nations, including the US and the EU assist developing countries into the implementation of international accountability standards and fiscal policies that match international standards (Fighting Tax Evasion and Avoidance: A year of progress, 2014). In such a wa y, developed nations help developing ones to close fiscal gaps and help to introduce effective systems of monitoring and control. However, the key to the effective fiscal policies at the international level is the transparency of fiscal policies.However, one of the primary concerns of the international community in terms of fiscal policies was tackling tax heavens and aggressive tax planning that prevent the risk of the development of tax evasion schemes and transferring substantial financial resources offshore.3)International Financial Reporting Standards may become the tax framework within which international fiscal system can operate successfully. At the same time, the implementation of the common, global fiscal framework does not necessarily mean the resolution of the problem of tax avoidance. In fact, the tax avoidance occurs not only because of differences in fiscal policies and different policy standards but also because of the different in fiscal policies conducted by fiscal institutions of each country. At this point, the International Financial Reporting Standards can become a solid financial framework for well-developed nations with the solid legal system, well-established democracy, and low level of corruption. On the contrary, some developing nations, like Nigeria, for example, face the high risk of corruption. Even emerging economies, like China, suffer from the high level of corruption. Therefore, in case of the creation of the global tax framework after the implementation of International Financial Reporting Standards, countries with the high level of corruption may become new tax heavens for companies and individuals, who want to hide their profits and pay fewer taxes.At the same time, the risk of corruption is not the only obstacle for the successful introduction of the global fiscal framework. The implementation of the International Financial Reporting Standards and the elaboration of the common fiscal policy worldwide raises the problem the economic disparity in the global economy and the different dynamics of the economic development of different countries (Holzman, 2005). What is meant here is the fact that fiscal policies, including fiscal policies regulating international financial operations, are effective tools that help governments to stimulate business activities and balance the economic development. For example, in case of ‘overheating’ of the domestic economy, the government of a country may be willing to raise taxes to avoid the further ‘overheating’ that may lead to the crisis of overproduction and further economic decline. On the contrary, the government of a country that suffers from the economic recession may need to eliminate fiscal barriers and introduce more liberal fiscal legislation to attract more investors. In such a way, they can boost their economic development. However, the introduction of the International Financial Reporting Standards as the common, global tax frame work will become an obstacle for such independent policies conducted by governments. Obviously, at the moment, national governments are not ready to put international fiscal policies above their national economic interests. Therefore, even in case of the introduction of the International Financial Reporting Standards as the global tax framework, this framework will be unable to prevent the risk of tax avoidance.Nevertheless, the introduction of the International Financial Reporting Standards as the common, global tax framework can lay the foundation to the development of common fiscal policies and tax legislation. The introduction of the tax framework implemented internationally will stimulate the introduction of the common tax legislation that will help to prevent the risk of tax avoidance. Even though the International Financial Reporting Standards will not eliminate the problem of the tax avoidance point blank, but still such global tax framework helps to decrease such a risk. At this point, the elaboration of common international standards is an important step toward the effective prevention of tax avoidance at the international level. At any rate, the global tax framework helps to stimulate companies to introduce common strategies to match international fiscal standards. In the course of time, International Financial Reporting Standards can help to make the global business more transparent.In such a way, the International Financial Reporting Standards as the global tax framework will not bring immediate positive changes in terms of the tax avoidance minimization but still the global tax framework will have a positive impact on the development of international business and fiscal policies. Even though the International Financial Reporting Standards will not eliminate the problem of the tax avoidance, they will help to decrease the risk of the tax avoidance.

How Vacancies in the US Congress are Filled

How Vacancies in the US Congress are Filled The methods for filling vacancies in the U.S. Congress vary greatly, and for good reason, between the Senate and the House of Representatives.   When a U.S. representative or senator leave Congress before the end of his or her term, are the people of their congressional district or state left without representation in Washington? Key Takeaways: Vacancies in Congress Vacancies in the U.S. Congress occur when a senator or representative dies, resigns, retires, is expelled, or is elected to another office before the end of their regular term.Most vacancies in the Senate can be filled immediately through an appointment made by the governor to the former senator’s state.Vacancies in the House can take as long as six months to fill, because representatives can only be replaced through a special election. Members of Congress; senators, and representatives, usually leave office before the end of their terms for one of five reasons: death, resignation, retirement, expulsion, and election or appointment to other government posts. Vacancies in the Senate While the U.S. Constitution does not mandate a method by which vacancies in the Senate are to be handled, vacancies can be filled almost immediately through an appointment made by the governor of the former senators state. The laws of some states require the governor to call a special election to replace U.S. senators. In states where replacements are appointed by the governor, the governor almost always appoints a member of his or her own political party. In some cases, the governor will appoint one of the states current U.S. representatives in the House to fill the vacant Senate seat, thus creating a vacancy in the House. Vacancies in Congress also occur when a member runs for and is elected to some other political office before his or her term is over. In 36 states, the governors appoint temporary replacements for vacant Senate seats. At the next regularly scheduled election, a special election is held to replace the temporary appointees, who may run for the office themselves. In the remaining 14 states, a special election is held by a specified date to fill the vacancy. Of those 14 states, 10 allow the governor the option of making an interim appointment to fill the seat until the special election is held.   Since Senate vacancies can be filled so quickly and each state has two senators, it is highly unlikely that a state would ever be without representation in the Senate. The 17th Amendment and Senate Vacancies Until ratification of the 17th Amendment to the U.S. Constitution in 1913, vacant seats in the Senate in the same way Senators themselves were chosen - by the states, rather than by the people. As originally ratified, the Constitution specified that Senators were to be appointed by the legislatures of the states rather than elected by the people. Similarly, the original Constitution left the duty of filling vacant Senate seats solely to the state legislatures. The framers felt that granting the states the power to appoint and replace senators would make them more loyal to the federal government and increase the new Constitution’s chances of ratification. However, when repeated lengthy Senate vacancies began to delay the legislative process, the House and Senate finally agreed to send the 17th Amendment requiring the direct election of senators to the states for ratification. The Amendment also established the current method of filling Senate vacancies through special elections. Vacancies in the House Vacancies in the House of Representatives typically take far longer to fill. The Constitution requires that member of the House be replaced only by an election held in the congressional district of the former representative. When vacancies happen in the Representation from any State, the Executive Authority thereof shall issue Writs of Election to fill such Vacancies. Article I, Section 2, Clause 4 of the U.S. Constitution According to the U.S. Constitution and state law, the governor of the state calls for a special election to replace the vacant House seat. The full election cycle must be followed including political party nominating processes, primary elections and a general election, all held in the congressional district involved. The entire process often takes as long as from three to six months. While a House seat is vacant, the office of the former representative remains open, its staff operating under the supervision of the Clerk of the House of Representatives. The people of the affected congressional district do not have voting representation in the House during the vacancy period. They can, however, continue to contact former representatives interim office for assistance with a limited range of services as listed below by the Clerk of the House. Legislative Information from Vacant Offices Until a new representative is elected, the vacant congressional office cannot take or advocate positions of public policy. Constituents may choose to express opinions on legislation or issues to your elected Senators or wait until a new representative is elected. Mail received by the vacant office will be acknowledged. The staff of the vacant office can assist constituents with general information concerning the status of legislation, but cannot provide analysis of issues or render opinions. Assistance With Federal Government Agencies The staff of the vacant office will continue to assist constituents who have cases pending with the office. These constituents will receive a letter from the Clerk requesting whether the staff should continue assistance or not. Constituents who do not have pending cases but require assistance in matters relating to federal government agencies are invited to contact the nearest district office for further information and assistance.

Multiple Sclerosis Essay Example | Topics and Well Written Essays - 1250 words

Multiple Sclerosis - Essay Example Though the real cause of this disease is not clearly known, yet researchers are of the opinion that it occurs due to the abnormal response of the immune system in a person’s body and that such an abnormal response is triggered by a virus. According to researchers, the disease is neither contagious nor inherited but definitely genetic susceptibility plays a major role. Besides the virus, the other triggers include heavy metals, trauma and other environmental triggers. ‘There is no cure for MS, but medicines may slow it down and help control symptoms.’ (National Institute of Neurological Disorders and Stroke) To keep this disease under control even Physical therapy or occupational therapy would also help. In individuals suffering from multiple sclerosis, the immune system of the person is attacked by the immune cells that are sent out by the body to fight against bacteria and other viruses that attack the body. The immune cells lymphocytes, T-cells and killer cells, not only attack the myelin and the oligodendrocytes (oligo, few; dendro, branches; cytes, cells, but also destroy them completely. These killer cells not only attack the myelin but also consume it and damaging the myelin sheath, (the fatty insulation that covers the nerve cells in the brain and spinal cord.) The Myelin sheath is responsible for facilitating the smooth transmission of all the high- speed messages that travel between the brain, the spinal cord and the rest of the body. Therefore, when the Myelin sheath is attacked or affected, the messages cannot be sent efficiently and in many cases do not reach their destination. That is why Multiple sclerosis is called an autoimmune disease. Other autoimmune diseases are lupus and Rheumatoid arthritis. In multiple sclerosis, when the Myelin is attacked and destroyed, there is a gradual build up of scar tissue (sclerosis) occurring in multiple

Asian Business - Case Study of Mitsui Essay Example | Topics and Well Written Essays - 500 words

Asian Business - Case Study of Mitsui - Essay Example The prevailing procedure during that era was that products were made to order, and Mitsui defied common business sense by making products first and then selling them. Mitsui’s initial foray into the banking and finance industry came in the late 17th century. Moving money between cities during that feudal era was extremely risky, so Mitsui established â€Å"money exchanges† in Edo. Much like a primitive precursor to a Western Union, these establishments accommodated the transfer of funds and reduced the amount of risk involved in the transaction( Shinjo, 1962 11) By 1876, the company had established Mitsui Bank, which was the nation’ first private bank. Running up to the early 20th century, the company came to be known as one of the largest zaibatsu in Japan. A prominent feature of pre-World War II Japan, a zaibatsu can be loosely defined as â€Å" a business entity composed of several diversified enterprises owned and exclusively controlled by a single family â €Å"( Morikawa, 1970:62) These ironclad monopolies enabled the company to be a central business figure in pre-war Japan. Picking up the pieces after the war, the remnants of the companies from the dismantled Mitsui zaibatsu reformed themselves into the so-called economic miracles of the postwar era, the keiretsu. Resembling the functional equivalent of a western conglomerate, the reformed business group was launched with a capitalization of 195,000 yen and roughly 35 employees. Its forays into foreign trade greatly furthered the country’s post-war economic rebirth. In the 1960’s Mitsui took advantage of rapid trade liberalization, and was successful in securing a stable supply of food, oil, and coal for domestic use coursed through its overseas holdings. An investment into natural gas resources in the 1970’s shielded the company from the decade’s oil crisis, and helped blunt the effects of the worldwide economic downturn. (Mitsui,

Elasticity Of Demand In A Air Travel Context Tourism Essay

Elasticity Of Demand In A Air Travel Context Tourism Essay Price elasticity of demand and income elasticity of demand. (Ryan air British Airways Data) How are low-cost carriers such as Ryan air able to achieve cost savings? Fixed costs and variable costs. Critical analysis of the issues involved in the following article: BAA Airports: Notice of release of interim undertaking Conclusion Bibliography Introduction Ryanair isà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦. British Airways isà ¢Ã¢â€š ¬Ã‚ ¦.. This document reports the findings of a review of the economics and business literature on empirically-estimated own-price elasticity of demand for air travel for Ryan air and British Airways. It refers to the data on page two of the assignment handout to both above airlines to illustrate and explain the concepts of price elasticity of demand and income elasticity of demand. The purpose of this study is to report on all or most of the economics and business literature dealing with empirically approximate demand functions for air travel and to collect a range of fare elasticity measures for air travel provide in the data on the second page of the assignment topic and provide some judgment as to which elasticity values would be more representative of the true values to be found in different airline such as Ryan air and British airways, furthermore will evaluate the accomplishment of cost savings of Ryan air through fixed costs and variable costs as well as writing a critical analysis the article on BAA Airports: Notice of release of interim undertaking'(mmc.gov.uk, 2010). Price Elasticity of Demand and Income elasticity of demand in the context of air travel demand: (Ryan air British Airways) We identified two distinct prices for air travel which are price elasticity of demand and income elasticity of demand from the case study for air travel demand which should distinguish among prices for: Low cost carrier (LCC) example of Ryanair and Full Service Carrier (FSCs) example of British Airways; business and leisure travel. Accordingly, to examine the sensitivity of the demand for air travel to its price, separate analysing of the price elasticity of demand is gathered for each of these two distinct markets. Price Elasticity of Demand Dunnett, A. (1988: 260) define Price Elasticity of Demand as a numerical value which describes the degree of responsiveness of demand to changes in prices. In addition Sloman (2005) believed that the demand for a particular good or service depends on a variety of factors. Key influences include, the levels of consumer income, the price and quality of the services in question and especially services that are close substitutes. As a general rule, once other influences on demand stay unchanged, a higher price for a product leads in a lower quantity demanded. However, the price responsiveness of demand varies from one good to another and from one market to another (FitzRoy et al, 1998). Since the availability of alternative modes of transportation that are reasonably close substitutes for air transport such as low cost airlines like Ryanair diminishes with distance travelled, it is expected that the demand for air transport will be less elastic for longer flights typical example of British airways with is a FSCs than for shorter flights typical example of Ryan air. Just considering an example where Ryanair (a low cost airline) flights to Milan from  £49.99 return and British Airways from  £628 return. The problem though with Ryanair is that you can find this cheap ticket if you book it about it well in advance. But if we try to book it on the same day before your journey the price has gone up at  £179.99 return when British Airways price will be still remaining the same until a week before your journey. Further, international travel tends to be widening over more time than domestic travel, so that the airfare is a smaller proportion of overall trip costs, which makes international travel less sensitive to changes in ticket prices. In addition, leisure travellers are more likely to postpone trips to specific locations in response to higher fares, or to shop around for those locations offering more affordable fares. Consequently, it is expected that the demand for air transport for leisure reasons will be more elastic than business travel who usually travel with FSCs. According to Anthony et al (2000) Ryan air prices management is systematically offering different prices to different customer segments in response to demand whereas (Kimes, 1989) suggests that the team in charge of yield management need to identify how changes in pr ice will affect their customers. Within the airline industries customer demand may be higher on week ends, during summer months, or at particular times of a day, (Belobaba, 1987). Managers must be able to forecast time-related demand so that they can make effective pricing and allocation decision to manage the shoulder periods around high demand period. However the corporate business traveller during the week becomes a leisure traveller when on holiday or at week-ends. Different occasion find the same consumer having different expectation and needs, (Buttle, 1986). Such a concept is termed elasticity of demand. According to the Data from the case study downloaded from Ryan air website, the price of the flight is far more higher than the price of the flight on other following days of the week day. However, when approaching the end of the week-end or school holiday, there is a huge demand and the increased demand drives the price up again as customer are returning from their vacation or family are going on holiday. Closer to the date and time of the scheduled service, the price rises, on the simple justification that consumers demand for a flight becomes more inelastic the nearer to the time of the service. The low cost airlines such as Ryan air follow the pricing strategy outlined above. Customers booking early with carriers such as Ryan air will normally come across lower prices if they are ready to commit themselves to a flight by booking early. This gives the airline the plus of important how full their flights are likely to be and a source of cash-flow in the weeks and months prior to th e service being provided. People who book late often regard travel to their planned destination as a need and they are therefore likely to be prepared and able to pay a much higher price very close to departure. Airlines call this price discrimination yield management but despite the consider name, at the heart of this pricing strategy is the straightforward but important concept price elasticity of demand. Ryanair has a seat pricing policy that causes fares to rise as a flight fills up (Ryanair.com, 2010). Following theory of supply and demand, if customer wants a seat so badly, they will pay more for it than otherwise. Income Elasticity of Demand It is defined as numerical values which describe the responsiveness of demand to a change in consumer incomes. (Sloman, 2005) Because of the recession, demand for low cost flights grew rapidly as family with higher income who were travelling with FSCs before would prefer low cost than traditional airlines and some current low cost customer with low income may prefer domestic flight or would just prefer not to travel by air. In air travel, FSCs are essentially joint products consisting of differentiated service bundles that are identified by fare classes. However the yield management systems employed by FSCs also create a multifaceted form of inter-temporal price discrimination, in which some fares (typically economy class) decline and some increase (typically full-fare business class) as the departure date draws closer. This implies that ideally, empirical studies of air travel demand should separate business and leisure travellers or at least be able to include some information on booking times in order to account for this price discrimination, and that price data should be calibrated for inter-temporal price discrimination: for example, the use of full-fare economy class ticket prices as data will overestimate the absolute value of the price elasticity coefficient. Within the set of differentiated service bundles that comprise each (joint product) flight, the relative prices are important in explainin g the relative ease of substitution between service classes. Given the nature of inter-temporal price discrimination for flights, the relative price could also change significantly in the time period prior to a departure time. In particular changes in real income and the prices of substitutes or complements will affect demand. Alternative transportation modes (road and rail) are important variables for short-haul flights, while income effects should be measured for both short and long-haul. Oum et al. (1992) provide valuable tools that occur when evaluating the demand models. Air travel demand can be affected by changes in the prices and service quality of other modes. For short-haul routes (markets) the relative price and service attributes of auto and train would need to be included in any model; particularly for short-haul markets such as low cost airline. Failure to include the price and service attributes of substitutes will bias the elasticity. For example, if airfares increase and auto costs are also increasing, the airfare elasticity would be overestimated if auto costs were excluded. The entry of low cost carriers leads to lower fares for a subset of traffic and competitors will offer a supply of seats to match these fares. Lower average fares should lead to lower demand elasticity estimates, while increases in the number of competitors in the market will lead to higher demand elasticity estimates. How low cost carriers such as Ryan air able to achieve cost savings? Fixed Costs and Variable Costs. Ryan airs business model is focus around its general low cost philosophy. That is Ryan air attempts to cut all non value adding activities as it strives to drive costs down to the total minimum. Below are typical examples how it drives its downwards which include selling directly to its customer over the internet or over the phone rather than via agents and middlemen, thus saving commission cost and administrative cost. Ryan air is a ticketless as most of it customer buy over the internet, in return for a booking reference that is exchanged at the checking counter at the airport for a boarding pass. The airline has no in flight meals which is a cost saving measure that cannot be much inconvenience to its customer since all Ryan air flights are short haul. Nevertheless has subcontracted catering services on its flights where customer can buy an in flight meal and drink should they wish which is another way of driving price. Cabin crew double up as cleaner and this helps Ryan air to promise a turnaround time at any airport of 30 min rather than 45-60 min that has FSCs been the norm. Another cost cutting device, is the typical example of the UK smaller airports such as London Luton, cheaper to fly to from than bigger airports such as Heathrow which it is use at least as its base as they are less congestion and facilitate turnaround times for aircraft to be a lot shorter. Fixed Costs Fixed Costs are defined as the Total costs that do not vary with the amount of output produced (John, S. 2005:82) Ryan air as a LCC operate in the environment of high fixed cost, fixed capacity in the short term, a perishable product and seasonal demand. Virtually all of airlines costs can be considered fixed. The cost of the capital tied up in the plane, the fuel it take to fly the route, the crew it will take to staff the ground and flight operations insurance, rent, etcà ¢Ã¢â€š ¬Ã‚ ¦ All these cost are fixed once the company decides to fly a particular route and the variable costs associated with serving another passenger on the flight are figure lively peanuts. Ryan air generates sufficient revenue through ancillary services such as car rentals, accommodation, currency, travel insurance, transactions, refreshments, to cover variable costs and offset at least some fixed cost. Management believes that providing these services through the internet allows Ryan air to increase sales, while at the same time reducing costs on a per unit basis. Variable Costs Variable Costs are defined as the total costs that do vary with the amount of output produced (Sloman, 2005: 82) The relatively low variable costs associated with many capacity- constrained Ryan air allow for some pricing flexibility and give operators the options of reducing pricing during low demand times. Ryan air always seeks for low variable costs. Below are factors that help Ryanair to maintain a low variable cost: One type of aircraft, management believes that its strategy of limiting its fleet primarily to three variants of a single type of aircraft from a single manufacturer enables it to limit the costs associated with personnel training, maintenance and the purchase and storage of spare parts, as well as affording greater flexibility in the scheduling of crews and equipment. Pricing is based strictly upon revenue maximization process that matches the aims and objectives of prices elasticity of demand Internet booking which cut paper and administrative costs No airport sales offices/ no cancellations Charging a surplus for excessive baggage Maximization of seat capacity per plane Use of less expensive airport as Ryan air been offered incentives is a controversial one Ryan air director of communications. Ryan air further endeavours to reduce its airport charges by opting, when practicable, for less expensive gate locations as well as outdoor boarding stairs rather than more expensive jet ways. Ryan air has entered into in agreements on competitive terms with third party contractors at certain airports for traveller and aircraft handling, ticketing and other services that management believes can be more cost resourcefully provided by third parties. Management attempts to obtain competitive rates for such services by negotiating multi-year contracts at prices that are fixed or subject only to periodic increases related to inflation. One of the typical example is the price of aviation fuel which is directly related to the cost of oil but Ryan air control this through hedging. All these factors listed above contributed to a low variable cost of Ryan air, a key component in any successful yield management system and provide an opportunity for leverage against its major competitors. Critical analysis of the issues involved in the following article: BAA Airports: Notice of release of interim undertaking

Development of English Lit During Any One Period Essay

Trace the development of English lit during any one period†¦As part of your discussion highlight how significant events in the influence the writing†¦Additionally show how characteristics of the genre the writer uses reflects the period in which it was written. James Arthur Baldwin once stated that: â€Å"know from whence you came. If you know whence you came, there are absolutely no limitations to where you can go.† This quotation may apply to the span of the Anglo-Saxon period because of the coherent linkage to the origination of the English dialect and the modernization of English Literature. Over the years English literature has evolved greatly. There have been diverse changes to the structure and development of English language since the advent of Old English dialect during the Anglo-Saxon period to what we now speak and consider to be English language. â€Å"Old English is not uniform. It consists of various dialects, but literature needs to treat it as a lang uage† (Michael Delahoyde.) Research has proven that around the world there are over one hundred (100) variants of English, from different American-English dialects, to those of Asia, Africa and Oceana. It is important for one to know both the origin of this powerful masterpiece known as the English Language and the importance of this literary period to the development of English literature. In attempting to do the aforementioned, the focus will be on the Anglo-Saxon people, their society, culture, and literary work with a view towards highlighting the impact on the development of the English language and English literature. The Anglo-Saxon or Old English period goes from the invasion of Celtic England in the first half of the fifth century (AD 700) up till the conquest in 1066 by William of Normandy. The Anglo-Saxons consisted of diverse ethnicity that forms one nation. There were three main ethnic groups that formed the Anglo-Saxon. These are: Angles from Angel in South-West Denmark, Saxon from North-West Ger many, and Jute from Jutland in Central Denmark. These three main ethnic groups have made up most of the Anglo-Saxon society. However; smaller group of people from Germanic ethnic group were also associated with the Anglo-Saxons. These people shared the same language but were each ruled by different strong warriors who invaded and conquered Britain while the Romans were still in control. The Angles and the Saxon tribe being the largest of the groups when attacking other ethnic groups were often called the Anglo-Saxons. England which means the Land of the Angles was a name given after the Anglo-Saxon. A writer describes them as: â€Å"A warrior society that put swords and shields before fancy artifacts. Helmets were placed before gold and death before dishonour.† The Anglo-Saxon was a pagan society and the people were initially free; however, life for even the richest of the social groups was very hard. The Anglo-Saxon society had three social classes. There was an upper-class, middle class and a lower class. The Anglo-Saxon upper class was the Thanes. They would give gifts like weapons to their followers and they enjoyed hunting and feasting. The churls were the middle class in the Anglo-Saxon Society. Some churls were wealthy people while some were very poor. The lower class was slaves called Thralls. The churls and the Thanes were owners of Land. However, some churls had to rent land from a Thane. They would then work the Thane land for part of the week and give him part of their crops in exchange for rent. â€Å"The basis of society was the free peasant. However in time Anglo-Saxon churls began to lose their freedom. They became increasingly dependent on their Lords and under their control† (Tim Lambert.) Researches have indicated that most Anglo-Saxons were primitive subsistence farmers. It has also being proven that some of the men were craftsmen. The farmers grew wheat, barley, peas, cabbage, carrots, rye and parsnip. They reared animals such as pigs, cattle and flocks of sheep. The craftsmen were blacksmith, bronze smith, jewelers and potters. Their homes were made with wood and have thatched roofs. Anglo-Saxon society was decidedly patriarchal, but women were in some ways better off than they would be in later times. â€Å"A woman could own property in her own right. She could and did rule a kingdom if her husband died. She could not be married without her consent and any personal goods, including lands that she brought into a marriage remained her own property. If she were injured or abused in her marriage her relatives were expected to look after her interests† (David Ross.) The women were responsible for grounding of grains, baking of bread, brewing of beer, making of butter and cheese. During this era it was dangerous to travel; thus, most people would travel only if it was unavoidable. If possible they would travel by water along the coast or along the river. During the early Anglo-Saxon period England was a very different place from what it is today. The human population was very small. They grew their own food and made their own clothes†¦ The lord and kin had the strongest ties in the Anglo-Saxon society. The ties of loyalty were to the person of a lord. There was no real concept of patriotism or loyalty to a cause. â€Å"Kings could not, except in exceptional circumstances, make new laws. Their role instead was to uphold and clarify previous custom. The first act of a conquering king was often to assure his subjects that he would uphold their ancient privileges, laws, and customs† (David Ross.) One of the most famous kings during the Anglo-Saxon period was Ethelberht, king of Kent (reigned c.560-616). He married Bertha, the Christian daughter of the king of Paris, and who became the first English king to be converted to Christianity. â€Å"Ethelberht’s law code was the first to be written in any Germanic language and included 90 laws. His influence extended both north and south of the river Humber: his nephew became king of the East Saxons.â₠¬  (The Royal Household) Kinship was very important in the Anglo-Saxon society. If you were killed your relatives would avenge you. If one of your relatives were killed you were expected to avenge them. However the law did offer an alternative. If you killed or injured somebody you could pay them or their family compensation. This led to bloody and extensive feuds. The money paid was called wergild and it set a monetary value on each person’s life according to their wealth and social status. The wergild for killing a thane was much more than that for killing a churl. Thralls or slaves had no wergild. If the wergild was not paid the relatives were entitled to seek revenge. The wergild value could also be used to set the fine payable if a person was injured or offended against. Robbing a thane called for a higher penalty than robbing a churl. On the other hand, a thane who thieves could pay a higher fine than a churl who did likewise. The Anglo-Saxons enjoyed storytelling, riddles and games. Most Anglo-Saxon poetry emerges from an oral tradition and was meant for entertainment. These works include genres such as epic poetry, hagiography, sermons, Bible translations, legal works , chronicles, riddles, and others. Poets were known as Scops and harpists Gleemen. They would sing or recite and were the only historians of the time. The poetic structure was based on accent and alliteration (not rhyme and meter). The minstrels and gleemen would entertain the lord and his men by singing and playing the harp. Michael Delahoyde from Washington State University stated in an argument that â€Å"We get our syntax from the Anglo-Saxons, our preference for and greater ease with nouns, the tendencies to simplify grammar and shorten words, and the â€Å"law of recessive accent† — the tendency to place the accent on the first syllable and to slur over subsequent syllables. The poem Beowulf, which has achieved national epic status in England and Judith, are among the most important works of this period. Other writings such as the Anglo-Saxon Chronicle are significant to the study of the era, as it provides preserving chronology of early English history, while the poem Cà ¦dmon’s Hymn to d ate survives as the oldest extant work of literature in English. Researchers have suggested that there are twelve known medieval poets as most Old English poets are anonymous. Only four of those are known by their vernacular works to us today with any certainty: Caedmon, Bede, Alfred the Great, and Cynewulf. Of these, only Caedmon, Bede, and Alfred the Great have known biographies. The epic Beowulf reflects the era that it was written in greatly as it speaks immensely about pagan deities, a Christian tradition and about a warrior society. A writer describes it as â€Å"the symbol of the antiquity and continuity of English poetry.† â€Å"Several features of Beowulf folktale and the sense of sorrow for the passing of worldly things mark it as elegiac†¦The Germanic tribal society is indeed central to Beowulf. The tribal lord was to ideals of extraordinary martial valor†¦Ã¢â‚¬  (David Damrosch, pg 27). The poet careful use of varied themes and techniques such as alliterations â€Å"as a structural principle† (pg27), litotes, compound words, repetitions, nobility, heroic glory and distribution of gifts highlighted the way and life of t he people of that era. Beowulf highlighted the Christian traditional beliefs of the Anglo-Saxons people by pin pointing the beliefs that God is the creator of all things and the ruler of the heavens. Throughout Beowulf, whenever any great men manage to achieve heroic feats, the narrator will be careful to attribute their prowess to God’s favor and divine plan. â€Å"He knew what they had toiled, the long times and troubles they’d come through without a leader; so the Lord of Life, the glorious Almighty, made this man renowned.† (Beowulf 12-17) Beowulf complex religious background reflected the era of the Anglo-Saxon people. The description of the creation shows an unusual mishmash with the pagan imagery of the demonic beast â€Å"Grendel† and the Christian imagery of a caring God that creates all things. â€Å"Then a powerful demon, a prowler through the dark, nursed a hard grievance. It harrowed him to hear the din of the loud banquet every day in the hall, the harp being struck and the clear song of a skilled poet telling with mastery of man’s beginnings, how the Almighty had made the earth a gleaming plain girdled with waters; in His splendo ur He set the sun and the moon to be earth’s lamplight, lanterns for men, and filled the broad lap of the world with branches and leaves; and quickened life in every other thing that moved.† (86-98). Beowulf invokes the values of the warrior society of the Anglo- Saxon period in several ways. During the Anglo-Saxon period the relationship between the warrior and his lord consisted of mutual trust; loyalty, and respect. There was a symbolic importance of spiritual materials which entails giving of honour/worth, and the value of ultimate achievements which was a visible proof that all parties are realizing themselves to the fullest in a spiritual sense. These values are all highlighted in the epic Beowulf. Beowulf also reflected the value of kinsmen to exact wergild (man-price) or to take vengeance for their kinsmen’s death. The need to take vengeance created never-ending feuds, bloodshed, a vast web of reprisals and counter-reprisals (a strong sense of doom). These aspects of the Anglo-Saxon warrior society was highlighted in a fatal evil aspect one of such was Grendel and the dragon in undertaking to slay Grendel, and later Grendel’s mother, Beowulf is testing his relationship with unknowable destiny. Whether he lives or dies, he will have done all that any warrior would do during that period. The oldest surviving vernacular text in English is called Hymn and was written by Caedmon who is best-known and considered the father of Old English poetry. This poem is an example of pagan and Christian fusion in order to promote Christian themes in a pagan society. Caedmon’s hymn is recorded in Bede’s Historia Ecclesiastica, and marks the beginning of tremendous developments within textual transmission and the heroic genre itself. â€Å"Caedmon’s Hymn may be regarded as an early forerunner of the dream vision narrative. This style of poetry is formulated by an individual who has experienced a dreamlike revelation within which they are guided by an authoritative figure; in Caedmon’s case this figure being God. The â€Å"hero† discussed within the poem is perhaps unconventional in modern terms, but just as the Gods of classical literature were seen as heroes within their cultural context, so too does the Christian God in Caedmon’s Hymn represent a hero to the people of Caedmon’s culture. The poem features heavy use of stylistic features archetypal of Anglo-Saxon poetry.† (Tiarnan O Sullivan.) Caedmon had lived at the abbey of Whitby in Northumbria in the 7th century. Only a single nine-line poem remains. â€Å"Now let us praise the Guardian of the Kingdom of Heaven Works Cited The Anglo-Saxon Kings. N.p., n.d. Web. 29 Nov. 2012. . â€Å"Anglo-Saxon Poetry.† – New World Encyclopedia. N.p., 11 Oct. 2012. Web. 15 Nov. 2012. . Baldwin, James A. â€Å"à ¢Ã‚€Å“Know from Whence You Came. If You Know Whence You Came, There Are Absolutely No Limitations to Where You Can Go.à ¢Ã‚€Â .† Goodreads. N.p., n.d. Web. 12 Nov. 2012. . â€Å"Beowulf.† Beowulf. Georgetown University, n.d. Web. 29 Nov. 2012. . Damrosch, David. â€Å"Beowulf.† The Longman Anthology of British Literature.