Characteristics of Competition and Price

Characteristics of Competition and Price MONOPOLISTIC COMPETITION Monopolistic competition is the market structure in which there is keen competition, but neither perfect nor pure, among large number producer or supplier. Monopolistic competition is the mixture of perfect competition and a certain degree of monopoly. Monopolistic competition lies between two extreme points perfect competition and monopoly. Characteristics of monopolistic competition: large no of seller Product differentiation: it is the distinguish feature of monopolistic competition, that product of each seller is branded and identified. A firm has limited degree of control over the market as relatively small percentage of total market is shared by the individual firm. large number of buyers there is free entry of firms two dimensional competition price competition non- price competition negative sloping demand curve: firms demand curve (or AR curve) slopes downward to right Price competition: Price competition occurs when firms compete by selling identical or similar product. Seller compete each other on the basis of lowering the price. Price competition happens mainly in three types of market monopolistic, duopoly oligopoly. The other two types of market does not compete with price because in monopoly the firm is equal to industry hence it decides the price of product where as in perfect competition the price is decided by the market and an individual cannot affect the price of the product. Price elasticity of demand in different market with respect to market Monopolistic market: the demand elasticity in monopolistic competition is highly elastic in long run. Because a slight change in price may change the demand of product in long run. Oligopoly: there are only few sellers in the market which does not affect the market. Therefore the elasticity of demand is relative elastic in this type of market. Duopoly: there are only two sellers in the market which does not affect much of demand therefore the demand is relative elastic. CROSS PRICE ELASTICITY OF DEMAND: Cross price elasticity measure the responsiveness in the quantity demanded of one good to change in the price of another good. Substitute has positive cross price elasticity. It exist in monopoly, duopoly and oligopoly as the product are close substitute to each other in the market and there is slight change in the price of the product will increase the price for another product. NON PRICE COMPETITION: non-price competition depends on making a product different from those of competitors and by giving it distinctive qualities that are valued by the target HE market. These might include branding, styling, special features or higher levels of customer service. Such factors can allow a premium price to be charged while still offering target customers Competitive value-for-money.the firms are engage in non price competition, the most prominent form being advertising. The market which is affected by non price factors is monopolistic competition and oligopoly. This happens because most firms are engaged in non price competition in spite of the additional cost involved, because non price factors usually more profitable than selling for a lower price and avoid the risk of a price war. NON PRICE FACTOR AFFECTING DEMAND Income of the consumer Price of related goods Change in taste of consumer The expectation of buyer may change Change in the number of buyer. NON PRICE FACTOR AFFECTING SUPPLY Change in the input cost Change in the technology Change in expectation of consumer Change in the number of seller. NON PRICE COMPETITION AND ITS EXISTANCE PERFECT COMPETITION: all the products are homogenous in nature there is no point of non-price competition as it will not make a difference. MONOPOLY: there is only one producer in monopolistic competition thus the concept of non-price competition does not apply. In Monopolistic competition oligopoly non-price competition is applicable. Product differentiation: a situation where a producer or firm tries to win over the market or increase its market share by adding certain features to the product so that it becomes different form the other products. Features of product differentiation. Technical standards-this refer to the aspect s to how advance is the product in terms of the current state of technology. For example if youre purchasing PC then this point would play a very vital role in the consideration. Quality standards- this refers to the quality of raw material used in the product whether it be related to the manufacturing r the assembling if the product, as this directly effects the durability if the product and therefore its usefulness and life. Therefore the quality of the product plays a very important role in non-price competition. Design standards-it refers to the overall structure of the product that is provided in the market by a customer. This can play a vital role in attracting the customers. As the product provided has to be aesthetically good. Thus the producers can try and make a better design standard of their product. Service standards-this point generally refers to the after services given to the customers after the purchase has been made them and thus if the after sales provided to a customer is good by any company then the level of satisfaction also will be high. Advantages of non-price competition The quality of the product is in focus which helps companies to become unique and diffentiate from other rival companies. The design and distinguishing features of goods and services offered in the marketplace matches the demand and needs of the people in that area. The location of distribution for targeted customers is given importance. Goods reach buyers matching their own convenience and needs. Offers innovation like on-line shopping. Good for people that just stop during meals and sleep Marketers think out of the box in order to attract customers to be interested in what they are offering instead of their competitor. Types of product differentiation: Vertical product differentiation- this can be defined as where a product differs from the product that its rival firm produces in terms of quality. Horizontal product differentiation- this can be defined as when a product differs from the rivals products, although the quality of the product seems to be of the similar nature.

Reaching Understanding through Non-Verbal Communication in Timothy Find

Reaching Understanding through Non-Verbal Communication in Timothy Findley’s â€Å"War† and â€Å"About Effie† The two stories â€Å"War† and â€Å"About Effie† from Timothy Findley’s Dinner Along the Amazon are both told by the same child narrator, Neil. In each of the stories Neil attempts to make sense of a mystery of the adult world. In â€Å"War† Neil tries to understand the adult world of war, and explain why it seems that his father has betrayed him, and in â€Å"About Effie† Neil tries to understand the mystery of Effie’s strange need to wait for a man in a thunderstorm. Neil reaches an understanding of each of these mysteries in a similar way: through observation of non-verbal clues from adults. However, Neil’s own attempts to communicate non-verbally through his behaviour are unsuccessful. Taken as a whole, these two stories show how very important non-verbal communication is in child-adult relationships. In â€Å"About Effie† Neil’s most significant impression of Effie is created when she looks at him. Neil tells how when he first meets the new maid, she looks at him with such meaning that it scares him: â€Å". . .the way you’ll know her is this: she’ll look at you as if she thought you were someone she was waiting for, and it will probably scare you. It did me† (82). Neil describes the first time he meets Effie in terms of the way they look at each other, saying â€Å"The first time I saw her, she saw me first† (82). Neil is shocked by this new maid, not only because she gives him such a profound look, but also because she bursts into tears upon seeing him. Neil tries to make sense of why Effie would become so emotional upon seeing him, and tries to discover more about this mysterious person for whom she is waiting... ...her captures both Neil’s naivete at the time and the sadness of his father’s war obligation. Through looking at this photograph Neil realizes and accepts that the incident was truly not his father’s fault. The non-verbal image contained in the photograph provides the key to Neil’s understanding. In â€Å"War† Neil’s attempts to communicate non-verbally through his behaviour are ineffective. However, in both stories Neil reaches understanding through powers of observation, even when the adults are unable to communicate through words. In reaching understanding, Neil takes a step towards adulthood himself. Through the process of looking at Effie’s smiles and looking at his father’s wounded face in the photograph, Neil is able to decode the mystery of their actions. Works Cited Findley, Timothy. Dinner Along the Amazon. Toronto: Penguin Books, 1996.

Early civilizations: Mesopotamia – China

The later Mesopotamia people who built a large empire based on a powerful army with iron weapons and who made extensive use of terror were the Assyrian 12. A Babylonian resurgence of power was led in the sixth century BCC by Nebuchadnezzar 13. Mesopotamia metal workers discovered that If they alloyed copper and tin they could produce bronze 14. Iron metallurgy came to Mesopotamia from the Hitters 15. The first people to use wheeled vehicles were the Sumerians 16.In Mesopotamia, prisoners of war, convicted criminals, and heavily indebted individuals were the here main sources for slaves 17. Mesopotamia developed into a strict patriarchal society 18. Conditions for women In Mesopotamia grew increasingly worse over time 19. THe Mesopotamia style of writing was known as cuneiform 20. Ethical monotheism was in the tradition of the HEbrews 21 . Hebrew monotheism has its origins with Moses 22. The first simplified alphabet, containing only twenty-two letters, was created by the Phoenicians 23. Egyptian is not of Indo-European origin 24.Hatchets was a woman who ruled Egypt as pharaoh. 14. Women enjoyed the most freedom and opportunity was Egypt 15. In Cush, there is evidence of many female rulers 16. In Africa, iron metallurgy arose independently from the Hitters. 17. The Egyptians traded through the Red Sea with a land they called Punt, which was probably modern-day Somalia 18. The Greek words meaning â€Å"holy inscriptions† refers to hieroglyphs 19. Mercuric writing was a Nubian script that borrowed Egyptian hieroglyphs 20. The cult of Ammo-Re revered a combination of two gods associated with the sun 21 .Chi. 5 1 . The legendary founder of the Ixia dynasty, who constructed dikes and dams and organized flood controls projects, was King You 2. The legendary early Chinese sage- king who ordered the four seasons and established uniform weights, measures, and units of time was King Shun 3. Hang He takes its name from loess soil 4. The Hang He River was given the n ickname China's Sorrow 5. Mesopotamia: Tigris & Euphrates – Egypt: Nile – Harpoon: Indus – China: Hang He 6. The most important archaeological site from the Neolithic Hansson culture is Banjo 7. Hansson,Ixia, Shank, Chou 8.The first attempt to organize public life in China on al large scale occurred during he Ixia dynasty 9. The Shank rulers were strengthened by their control over the technological advantage of bronze 10. The Chinese copied their chariots from the Indo-Europeans 11. Ay was an important early capital city of the SHANK dynasty 12. The last capital city of the Shank Dynasty, which featured lavish tombs for the kings, was Yin 13. Chou dynasty laid the foundation for principles of agreement and political legitimacy. 14. THe Mandate of Heaven allowed the ruler to serve as a link between the heavens and the earth 15.Because of the immense size of the Chou Tate, its emperors were forced to rely on a decentralized system of government. 16. One of the rea sons for the eventual collapse of the Chou Dynasty was the inability of its emperors to control the production of iron 17. The â€Å"Period of the Warring States† refers to the chaotic last centuries of the Chou Dynasty 18. In ancient China, the group that presided at the rites and ceremonies honoring the spirits of departed ancestors was the patriarchal heads of the families 19. In regard to gaining or losing the Mandate of Heaven, the Chinese spoke of titan, an impersonal heavenly power 20.The Chinese began to make extensive use of writing during the Shank Dynasty 21 . In an effort to foretell the future, the Shank made use of oracle bones 22. The lines, â€Å"This young lady is going to her future home, And will order well her chamber and house† come from the Book of Songs 23. Many of the early CHinese literary works were destroyed by order of the first Sin emperor 24. The nomadic tribes to the north and west of CHina traded with the Chou but didn't imitate Chinese ways 25. The powerful southern rival to the Chou were the Chug

The Flivver King Henry Ford - 1571 Words

The Flivver King: A Story of Ford America In the early 1900’s Henry Ford developed the idea of â€Å"a wagon that will run without a horse†.1 This idea and Ford’s success changed America and its people forever. The development of the automobile played a tremendous role in the economy, labor unions and society. Generally, when most people think of Henry Ford they reflect upon his wealth and contributions to the transportation industry as an infinitely positive phenomenon. It is thought that aside from just allowing consumers to purchase and use his inventions, he provided thousands of people with jobs and the promise of prosperity. The tale of Henry Ford’s legendary business and remarkably effective assembly line is unparalleled in†¦show more content†¦It was hopeful to think that if his idea of the automobile were to take off that he would contribute these ideals to the normally egotistic ways of capitalism. Later on in the story, after Ford transforms his idea into an extremely powerf ul mass production company, Sinclair makes it obvious that he is starting to change. Abner was as devoted as an employee could be. From the get go he admired Henry Ford and his attitude towards the inventor were hard to alter. At the beginning of the book the reader gets the same sense but it wasn’t until later on that the reader starts to see some of the fluctuations that Henry Ford starts to make in terms of how he handles his business. Some say it was because of the hard times beginning from what we know now as the Great Depression but whatever the reason, a recognizable shift was occurring the Ford’s ethics. After being temporarily laid-off for a while, Abner returns to work to realize that some things were different. Sinclair describes the situation by writing, â€Å"They put him back on the line. ‘We make no attempt to coddle the people who work with us,’ wrote Henry; so nobody apologized to Abner for his loss of status. ‘Men work for money,â €™ said the master.†4 At this point the reader is led to believe that the man who sent these messages seems like a completely different man from the beginning of theShow MoreRelatedAnalysis Of Upton Sinclair s The Flivver King 1413 Words   |  6 PagesFlivver King Writing Assignment Zack Seymour US 102/ Professor Ward The Flivver King by Upton Sinclair tackles many social issues that were coming to be in the early 1900’s. Upton Sinclair used fictional characters in his book to depict how society viewed the rise of Ford and other enterprises. As a â€Å"muckraker† Sinclair had meaning behind every character and action in this book. His goal was to expose corporate enterprises for the â€Å"crimes† (no socialism or unionization) they had been committing.