Economics Perfectly Competitive Market Structure Essay

draw a diagram of a perfectly competitive firm earning a positive economic profit assume the wages, which the firm pays to its workers, falls. Illustrate the impact of such an event on the price, output and profits of this firm 2. Examine the following statement to see whether it is true or false. If it is true, explain why it is true. If it is false, explain why it is false and then write the statement correctly. A profit maximising perfectly competitive firm should select the output level at which the difference between the marginal revenue and marginal cost is greatest. This is equivalent to selecting the output where the spread between total revenue and total cost is greatest. In the short-run, it is possible for an†¦show more content†¦If R VC the firm should shut down. A decision to shut down means that the firm is temporarily suspending production. It does not mean that the firm is going out of business (exiting the industry).[24]] If market conditions improve, and prices increase, the firm can resume production. Shutting down is a short-run decision. A firm that has shut down is not producing. The firm still retains its capital assets; however, the firm cannot leave the industry or avoid its fixed costs in the short run. Exit is a long-term decision. A firm that has exited an industry has avoided all commitments and freed all capital for use in more profitable enterprises.[25] However, a firm cannot continue to incur losses indefinitely. In the long run, the firm will have to earn sufficient revenue to cover all its expenses and must decide whether to continue in business or to leave the industry and pursue profits elsewhere. The long-run decision is based on the relationship of the price and long-run average costs. If P ≠¥ AC then the firm will not exit the industry. If P AC, then the firm will exit the industry. These comparisons will be made after the firm has made the necessary and feasible long-term adjustments. In the long run a firm operates where marginal revenue equals long-run marginal costs.[26] [edit]Short-run supply curve The short run supply curve for a perfectly competitive firm is the marginal cost (MC) curve at and above the shutdown point. Portions of the marginalShow MoreRelatedAnalysis: Economic Profits for Perfectly Competitive Firms653 Words   |  3 PagesAre No Economic Profits for Perfectly Competitive Firms in The Long Run Why There Are No Economic Profits for Perfectly Competitive Firms in The Long Run Introduction A perfectly competitive market refers to that market structure where the existing firms in the industry are small and have identical products, and where no firm is bigger than the other such that it can control the market prices. In the long run therefore, the firms incur only economic losses or just normal profit. 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A duopoly market structure is defined as a market structure whereby there are few firms in the same industry. This market structure that lies between the other two market structures, that is, monopoly market structure and perfectly competitive market structure. In this market structure, there are

The Code Of Ethics For Educators Standards - 775 Words

The code of ethics is an important set of regulations for education professionals to succeed. They are an outline of rules to assure that educators know what is required of them; they are instruments for optimum performance for all in the profession. The three components from the two codes of ethics we had for this class that I consider most important are Georgia Code of Ethics for Educators Standard 4: Honesty, Georgia Code of Ethics for Educators Standard: 10 Professional Conduct, and CEC Special Education Standards for Professional, Ethical Principles, Standard J – â€Å"advocating for professional conditions and resources that will improve learning outcomes of individual with exceptionalities.† The first component I selected, honesty is directly related to a person’s integrity and quality of character. I believe this is the most important standard because if a teacher is not reliable then they cannot be a superior role model for the next generation. 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Influence of 16th Century Society on English Literature Free Essays

The Sixteenth Century (1485-1603) Literary works in sixteenth-century England were rarely if ever created in isolation from other currents in the social and cultural world. The boundaries that divided the texts we now regard as aesthetic from other texts that participated in the spectacles of power or the murderous conflicts of rival religious factions or the rhetorical strategies of erotic and political courtship were porous and constantly shifting. It is perfectly acceptable, treating Renaissance texts as if they were islands of the autonomous literary imagination. We will write a custom essay sample on Influence of 16th Century Society on English Literature or any similar topic only for you Order Now One of the greatest writers of the period, Sir Philip Sidney, defended poetry in just such terms; the poet, Sidney writes in The Defence of Poetry(NAEL 1. 933-54), is not constrained by nature or history but freely ranges â€Å"only within the zodiac of his own wit. † Many sixteenth-century artists, such as Christopher Marlowe, Edmund Spenser, and William Shakespeare, brooded on the magical, transforming power of art. This power could be associated with civility and virtue, as Sidney claims, but it could also have the demonic qualities manifested by the â€Å"pleasing words† of Spenser’s enchanter, Archimago (NAEL 1. 63), or by the incantations of Marlowe’s Doctor Faustus (NAEL 1. 990-1025). It is significant that Marlowe’s great play was written at a time in which the possibility of sorcery was not merely a theatrical fantasy but a widely shared fear, a fear upon which the state could act with horrendous ferocity. Marlowe’s tragedy emerges not only from a culture in which bargains with the devil are imaginable as real events but also from a world in which many of the most fundamental assumptions about spiritual life were being called into question by the movement known as the Reformation. Catholic and Protestant voices struggled to articulate the precise beliefs and practices thought necessary for the soul’s salvation. One key site of conflict was the Bible, with Catholic authorities trying unsuccessfully to stop the circulation of the unauthorized Protestant translation of Scripture by William Tyndale, a translation in which doctrines and institutional structures central to the Roman Catholic church were directly challenged. The Reformation is closely linked to many of the texts printed in the sixteenth-century section of Spenser’s Faerie Queene (NAEL 1. 628-772), for example, in which a staunchly Protestant knight of Holiness struggles against the satanic forces of Roman Catholicism. Text: The Norton Anthology of English Literature Vol. 1. 6th ed. (NAEL) How to cite Influence of 16th Century Society on English Literature, Papers

Inheritance Under Hanafi Law free essay sample

As far as Muslims are concerned, the law of succession falls into two broad streams, the Shia law of succession and the Hanafi law of succession(Sunnis). Both these laws of succession form part of the common law of India and are recognized as having the force of law by virtue of the Shariat Laws (Application) Act. The Muslim law of succession is derived from the Sharia. The primary source of the Muslim law of succession flows from the Holy Koran. Apart from those issues which are directly addressed in the Holy Book, there are the Ijmas, the Sunnas, and the Qiyas, from all of which rules pertaining to succession can be gleaned. Under the hanafi law, the general rule of distribution of the estate is per capita and not per stripes. This is not only confined to descendants but is also applied to ascendants. 5|Page II. THE HANAFI LAW: general principles The Hanafis interpret the principles of customary law and Islamic law in such a manner as to blend them together in a harmonious manner; the customary, heirs are not deprived of their right of Inheritance in the estate of the deceased, but only a portion out of the estate is taken out and given to the heirs enumerated in the Koran. We will write a custom essay sample on Inheritance Under Hanafi Law or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This means that the basic structure of customary succession, the rule of agnatic preference, is retained-the agnates are still preferred over cognates. The, Koranic succession takes the agnatic principles further by recognizing the right of female agnates. Thus, if there is a female agnate (as specified -in the Koran) near to a male agnate (as specified under the customary law), then, by virtue of nearness of her claim to take a share in the estate of the deceased, she is allowed to take a share. But thereby, the male agnate is not deprived of a share, and male agnate takes the residue. Or, where the female agnate and the male agnate are equally near to the deceased, then the male heir takes twice the share of the female heir. It is submitted that this principle implies not only to female agnates but also to male agnates(i. e. , those heirs who are made heirs by the Koran) ~ and it is wrong to generalize that the male heir as such always takes double share of a female heir. Thus, uterine brother and father as sharers do not take more than the uterine, sister and mother respectively. It should also be noticed that most of the newly created heirs are the near blood relations of the deceased who were ignored in the customary law. The Koranic imposition of new heir does not deprive the male agnates of their inheritance, but their rights are liable. To be affected if there exists a Koranic heir, if we examine the rights of the koranic heirs vis-vis the customary heirs, we find two situations: (i) The Koranic heir may be nearer to the customary heir. 1n such a case a specified portion of the estate is given to the Koranic heir at the first instance and then whatever is left to be given to the customary heir. If there is more than one Koranic heir, then all of them take their specified portions. and the residue goes to the customary heirs. For instance, when a deceased has left a daughter and a brother, the former will take 1/2 (as specified by the Koran) and the brother will take the residue which is 1/2. If the deceased had left two daughters and a brother, then, the daughters 6|Page together will take 2/3 (as specified by the Koran) and the brother will take the residue which is 1/3. (ii) The Koranic heirs and the customary heirs may be equally near to the deceased. In such a case double portion is given to the customary heir. In this situation the Koranic heir is a female of equal proximity with the customary heir, but she was disqualified under the customary law on account of her sex. Now she has been made to rank equally with the customary heirs in respect of the residue of the estate after the prior claim of the Koranic heirs are satisfied. As to the rights of heirs vis-a-vis each other, if the heirs of the same class differ from each other in their sex, they- inherit equally (here the principle of male taking twice the share of a female goes not apply). For instance, if a Muslim dies leaving behind father and mother, then each takes 1/6 of the estate. In this case neither can claim priority over the other on the basis of greater proximity or on the basis of customary law. \ The modifications thus made by the Koran as interpreted by the Hanafis are restricted to agnates, with a few exceptions where under some cognates, such as uterine brother and uterine sister, are also included. The modifications do not go to any collateral remoter than sisters. Further, these modifications in their application to relations other than descendants are hedged with exceptions. The Hanafis have so interpreted the Koranic rules that the customary heirs right to inheritance is not affected, though a slice of the estate is taken away for the Koranic heirs. Sometimes the customary heirs are also required to share the residuary estate with the Koranic heirs, and in that process, sometimes, no residue of the estate is left for them. (But this happens in a very few cases). Under the hanafi law, the general rule of distribution of the estate is per capita and not per stripes. 7|Page III. DEFINITIONS. Agnates. -An agnate is a. relation who is related to the deceased whole hrough males. Thus, the following are the examples of agnates, son, sons son,sons sons son, sons daughter, sons sons daughter, fathers father, fathers,mother, fathers fathers . father; fathers fathers,mother. Cognates. -A cognate is a relation who is related to the deceased through one, or more females. For example, the following are cognates: daughters son, daughters daughter, mothers father, fath ers mothers father. Collaterals. -Collaterals are descendants in the parallel lines from the common ancestor or ancestress. Collaterals may be agnates or cognates. Thus, consanguine brothers and sisters, paternal aunts and uncles are agnate collaterals. Maternal uncles , aunts, uterine brothers and sisters are. Cognate, collaterals. Heir. A person who is entitled to inherit the estate of another after his deaths known as an heir. . . True grandfather. A male ancestor between whom and the deceased no female intervenes is known as the true grandfather. For instance, the fathers father, fathers fathers father and his father how high so ever are all the true grandfathers. . False grandfather. A. Male ancestor between whom and. he deceased, a female intervenes is. known as the false grandfather. For instance, mothers father, mothers father, father’s mothers father are false grandfathers. True grandmother. A female. Ancestor, between whom and the deceased no false grandfather intervenes are known as the true grand mother. Thus, father’ mother, mothers mother, fathers mothers mother, fathers fathers mother. Mother’s mothers m other are all true grandmothers. 8|Page False grandmother. -A female ancestor between whom and the deceased a false grandfather intervenes. Thus, mothers fathers mother is a false grandmother.