The Conflict Between Catholic And Protestant Churches

In the 17th century, the conflict between Catholic churches and Protestant churches threw Europe into a great turmoil (Buelow 9). Half of Europe was plagued by the seemingly endless wars of religion, and countries such as Italy and Germany broke into numerous political fragments (Buelow 9). After the Thirty Years’ War, there existed more than 300 principalities in Germany (Vaubel 280); Italy also split into many independent or semi-independent states (Buelow 9). During this religious upheaval in the 17th century, a new type of music, Baroque music, developed rapidly and became increasingly prominent. Considering the social and political instability and the enormous financial drain brought by the endless warfare in central, western and northern Europe in the 17th century, it is remarkable that Baroque music not only survived but also developed rapidly (Buelow 9-10). How could Baroque music develop so rapidly in the great religious turmoil in 17th century? The answer is that the conflict between Catholic and Protestant churches and the political fragmentation in the 17th century spurred the rapid rise of Baroque music. Firstly, the conflict between Catholic churches and Protestant churches induced their competition for more spiritually moving music, which led to an increasing demand for musicians, and offered more freedom of innovation for composers. Secondly, the conflict between Catholic churches and Protestant churches in the 17th century led to the politicalShow MoreRelatedProtestant Reformation And The Reformation1727 Words   |  7 PagesHI 101 Essay 3 Zhenli Xu Protestant Reformation Protestant Reformation is admittedly one of the most important schisms in the history of Christianity. It started with Martin Luther nailing the Ninety-Five Theses on the door of the Catholic Church in Germany in 1517, and ended with the Peace of Westphalia in 1648. The Reformation was a religious movement triggered by the rise of humanism during the Renaissance and the general corruption of the Roman Catholic Church that eventually led to theRead More Europe after the Protestant Reformation and the Catholic Counter Reformation783 Words   |  4 PagesEurope after the Protestant Reformation and the Catholic Counter Reformation The period immediately following the Protestant reformation and the Catholic counter reformation, was full of conflict and war. The entire continent of Europe and all of its classes of society were affected by the destruction and flaring tempers of the period. In the Netherlands, the Protestants and the Catholics were at eachother’s throats. In France it was the Guise family versus the Bourbons. In Bohemia, the religiousRead MoreChristianity, The World s Largest Religion1653 Words   |  7 Pagesbut also includes more than 25,000 different denominational groups. 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As shown in Luke 1:44, the child within her womb wasRead MoreReformation Essay968 Words   |  4 PagesReformation In the first half of the sixteenth century Western Europe experienced a wide range of social, artistic, political changes as the result of a conflict within the Catholic church. This conflict is called the Protestant Reformation, and the Catholic response to it is called the Counter-Reformation. The Reformation began when Martin Luther posted his Ninety-Five theses against the indulgences of the Church. These indulgences included if you did a good dead, this reduced the amountRead MoreThe Reformation And The Reformation1421 Words   |  6 PagesDue largely in part to the selling of indulgences and the flawed teachings of the Catholic Church many people were dissatisfied about their faith during the Renaissance. This led to a period called the Reformation, which began in 1517. 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The bible was being made more accessible than ever. One of the things that led to more people interpreting the bible is that it was translated into everyday language. Another was the fact that the printing press was enabled that allowed multiple copies of the bible to be made. Previous to this, scribes would have to write every bible by hand and this could take years, just for one of them. Another factor was the fact that there was increasedRead MoreEssay on The Effects of the Reformation on European L ife1080 Words   |  5 Pagesfrom the word go, people all around Europe were dominantly Catholic before the reformation. This time was bringing change throughout Europe with a heavy influence on art and culture because the Renaissance was occurring; a religious revolution was also beginning, which was known as the Protestant Reformation. The Protestant Reformation was the voicing of disagreements by a German Catholic priest about the Catholic Church; this priest was Martin Luther and was excommunicatedRead More Protestant Reformation Essay804 Words   |  4 Pages PROTESTANT REFORMATION: A MENTOR TO CHRISTIAN CIVILIZATION nbsp;nbsp;nbsp;nbsp;nbsp;When we talk about Protestant Reformation, what usually comes to our mind is a movement that brought about negative effects not just in Europe but also in the whole Catholic Church, which are still being felt and experienced even today. Although it may be true that the Protestant Reformation had been one of the causes of the gradual decline of the Catholic Church during the 16th century, it also brought about

Combining Decorative Flair with Safety

Question: Discuss about the Combining Decorative Flair with Safety. Answer: Today, manufacturers of products are under increased pressure to increase operating efficiency. The challenges that hinder growth or that prevent a shop from meeting its target include increased competition, changes in demographics for consumers, increased services spending, and low rate of success for new brands (Kuester, Homburg Hess, 2012, p.39). The world is entering an innovation era, and so is Oxfam shop. At Oxfam, poverty is unjustifiable and preventable (Shop.oxfam.org.au., n.d.). Therefore, to build momentum in the business, the store plans to come up with a candle holder that satisfies the needs of people of all classes. It is influencing the way in which it thinks about its aspect of research, marketing the development of its products, maintenance, and end-of-life of the products and their disposal. Fast and efficient product introduction that provides clients with goods and services that suit their demand are most likely to win in the market, unlike those brands that rea ct slowly to market changes. Thus, the sheer act of launching a candle stand will help create visibility for Oxfam shop, build its brand recognition and name, and attract more people to the store. The market research is required to make sure Oxfam produces what its customers need. As a result, the shop employs secondary consumer research method since it did not have to question how relevant the candle holder would be to the society. Instead, following research, it was evident that most people in Sydney who use candles do not have their holders, which further make them prone to many risks such as that of fires. Looking at the competition, Oxfam Shop chose to come up with a craft of a candle holder because it is a unique product. It is a product that most other shops in the market do not sell. Besides, it caters for the need of the community on the other side of their wants ('Candle Holders, 2013, p.63). Other than dwelling on the beauty products of women such as bracelets, Oxfam cares about the well-fair of the people and the beauty of a home. Additionally, the materials of their candle holders are Nicco nickel, glass, and wood with different designs according to what the client wants, and at affordable prices. Examples are shown below: Oxfams goal for this products launch is to increase the visibility of the shop by attracting many other customers in Sydney within a year. Of course, this step will help both the society and the company grow. The middle and low class may get new products of candle holders giving them an extreme charm and incredible look at home. Accordingly, Oxfam also builds momentum in its marketing and business. Conclusion Business performance adds to the capacity to cost-effectively take along superior products to the market (Lazic, 2013). Most companies use innovative ideas, and the needs of customers and the business to create new products that their customers would be willing to purchase. Similarly, Oxfam comes up with candle holders that satisfy the needs of all. Reference List 'Candle Holders: Combining Decorative Flair with Safety' 2013, Souvenirs, Gifts, Novelties, 52, 1, pp. 62-64. Kuester, S, Homburg, C, Hess, S 2012, 'Externally Directed and Internally Directed Market Launch Management: The Role of Organizational Factors in Influencing New Product Success Externally Directed and Internally Directed Market Launch Management: The Role of Organizational Factors in Influencing New Product Success', Journal Of Product Innovation Management, 29, pp. 38-52. Lazic, M 2013, The Impact Of Information Technology Governance On Business Performance, Frankfurt am Main: Peter Lang AG. Shop.oxfam.org.au. (n.d.). Ethical Gifts Online - Fair Trade Products Organic Gifts Australia | Oxfam Shop. [online] Available at: https://shop.oxfam.org.au/ [Accessed 12 Jan. 2017].

Factors of the $787 Economic Stimulus Package

Introduction The $787 stimulus bill was approved by President Obama on February 17 2009. It is one of the most expensive bills to be ever passed in the history of the United States. It received a minimum votes from the Democrats and none of the Republicans voted for it. This paper looks at the over view of the stimulus package, ideology and arguments of a Republican and a Democrat, and concludes by giving a personal view of the bill.Advertising We will write a custom research paper sample on Factors of the $787 Economic Stimulus Package specifically for you for only $16.05 $11/page Learn More Overview of the $787 Stimulus Package The $787 stimulus package was passed into law on February 15 2009. President Obama gave his final approval despite the opposition from the Republicans. The purpose of the bill was to jumpstart the economy of the United States which was negatively affected by the Great Depression. It was passed by the Senate through a minimum vot e of 60-30; just what was required for the bill to be approved. The stimulus’s main elements are; job creation, improvement in health care, tax relief for families, and development in infrastructure, education, and energy sector (Calmes Carl, 2009). The costs included: $40 B for creation of employment opportunities and increasing the unemployment benefits $46 B investment in infrastructure $115 B income tax credits $5 B low-income programs $6 B grants The Stimulus bill is the most sweeping bills in the history of the U.S. and its passage was not without difficulties. Democrats and Republicans engaged in arguments some discussing for and others against the bill. None of the republicans voted in favor of the bill. Moreover not all the Democrats voted for the bill as seven members voted against it. The Democrats argued that, the bill would create more than 3 million job opportunities while the republicans argued that, if the bill was passed into law, the future of the economy would be threatened and would be saddled with debt. They also noted that they had been given very little time to read and understand the enormous bill before it was released and the decision to pass the bill was not just. The approval of the stimulus bill was expected to help all U.S. citizens, for instance new buyers of a car or a house would benefit from modest tax breaks on their purchases. It would also benefit low income earners through tax relief. It would provide Americans with a tax credit worth $400 for singles, and $800 for married couples. The taxpayer’s paycheck would increase by almost $8 on a weekly basis because of the tax credit which in turn would increase consumer spending. Retirees and disabled individuals would receive a tax credit worth 250 dollars and the unemployment benefits were increased (Calmes Carl, 2009).Advertising Looking for research paper on government? Let's see if we can help you! Get your first paper with 15% OFF Learn More At the start of the negotiation process, the Republican had proposed a $440 billion bill including a stop measure to freeze in more spending on the GDP after a positive growth. On the other hand, the Democrats had proposed a $900 billion bill without stop gaps. After a long discussion, three Republican and Democrats agreed on a $780 billion although it was later adjusted to $787 billion which was approved and signed into law. Many Republicans were against this bill and argued that it would significantly increase government spending resulting in deficits in GDP and international debts. Ideology and Arguments of Republican Sen. Lindsay Graham Sen. Lindsay Graham (the Senate Budget Committee for South Caroline) is one of the Republicans who were strongly opposed to the bill. According to him, the bill was doomed to fail. This is because the bill would spend over one trillion dollars of the state’s money in a span of 10 years. Moreover, the bill does not have stop-gaps measures f or economic recovery. This means that if the bill is to be successful, government expenditure will have to increase considerably. Graham noted that only 11% of the bill would hit the economy in first year, and over 50% would not be spent in two years time. He also noted that the bill did not include the banking sector and it didn’t have anything to do with the housing market (Quinn, 2009). However, most democrats hold that these matters do not have anything to do with the economy, although, in reality, they are among the problems derailing the economy. Graham argued that, if the bill had focused more on housing and banking, the nation would have an opportunity to help its economy. The banking and the housing sectors are the economic engines in most of the developed countries and they play a great role in the financial sector. Graham refuted the Democrats argument that the bill will create jobs and that it would improve the economy. According to him, the democrats just rely on platitudes and not facts in making their arguments. For instance, they discuss about President Bush, but do nothing about the package. He commented that, â€Å"The people spoke, and I don’t think this is what they had in mind† (Issenberg Globe, 2009). According to him, the over 1, 000 page bill was an act of theft that would adversely affect the government by increasing federal deficits. Several of the Republicans noted that Obama’s approval of the massive bill without their cooperation was a betrayal of his campaign rhetoric concerning bipartisan consensus.Advertising We will write a custom research paper sample on Factors of the $787 Economic Stimulus Package specifically for you for only $16.05 $11/page Learn More Graham said that â€Å"If this is going to be bipartisanship, the country is screwed. I know bipartisanship when I see it. I’ve participated in it. I have gone back home and gotten primary opponents because I wanted to be bipartisanship† (Amanpour, 2009). His rejection of the bill was based on lack of bipartisanship. The whole process was not bipartisan, it was a rammed process. It had been started with the idea that the democrats will win in writing the bill. The Senate was not even given enough time to read the 1,079 bill and be able to correct some of its clauses. For instance, Graham wondered about the connection between AMT and job creation which was included in the bill. Graham was not actually against the bill, but the gigantic spending which was not appropriately allocated. He would have supported the $440 billion bill since it included all that the government wanted to do to bring change, for instance, it cut taxes, had investment in infrastructure, and helped the unemployed people. What he did not understand is the need for the government sweeping stimulus package. Graham disapproval on the bill was based on facts that were not included in the bill. During a debate aired by the ABC news, Graham agreed that there was need for a stimulus package that focused on job creation. However, according to him 11% of the appropriated money was to be spent in 2009; this means that a large percentage of the money in the stimulus package is entitled to spending and is not aimed at creating jobs. About 27% goes to tax cut, and this is a very small percent because only $3 billion in given to small business which should have the biggest focus since more than 75% of the residents in the U.S are employed in small businesses. This means that out of $787 billion, only $3 billion goes to small businesses. This is not enough to create new job opportunities. This is where the Democrats missed the mark, instead on focusing on facts, they focused on issues that were not directly related to the mission they had at hand. If the bill was given more time, it would have been amended appropriately and would have received a majority votes (Anon. 2009). Ideology and Arguments of Demo crat Sen. Chuck Schumer According to Sen. Chuck Schumer (the Vice of the Joint Economic Committee), the bill would strengthen the nation’s economy by creating job opportunities for millions of U.S. citizens, it would also deliver a tax relief for majority of the workers (95%), help in the development of infrastructures particularly in the rural communities, create a positive impact on the education sector, and help in the improvement of the energy sector.Advertising Looking for research paper on government? Let's see if we can help you! Get your first paper with 15% OFF Learn More He notes that U.S. have had the worst economy since the era of the Great Depression and more than five hundred thousand people had been losing job opportunities every month. There was need to create more jobs and also preserve the ones which were still in existence (Saltonstall, 2009). This could not be done without the government having to incur extra costs in terms of spending. According to him, the stimulus bill would therefore be a strong package towards economic discovery. It would create more than 3 million jobs, it would increase the income of the middle class thereby increasing their spending patterns which in turn would boost the economy, and it would create a good infrastructure that makes traveling to and from work easy. Schumer differed with Graham’s argument that the stimulus bill was not good for the small businesses. According to him, the bill would help small businesses to expand thereby creating jobs. It would allow them to take up losses that had been incurr ed instead of paying taxes. And also the economic plan had made significant consideration for the small businesses. He however admitted that the stimulus bill was not perfect, but it was much better than doing nothing about the situation. It may seem that the bill is taking a significant part of the budget, but the results are worth it. By investing in infrastructure, especially roads and rails, the rural areas will be developed thus creating more job opportunities. People will have greater access to social amenities including health care services. Schumer did not find a reason for voting against the bill. According to him, the bill encompassed all sectors of the economy. For instance it focused on infrastructure development including water and sewer, energy and arts which is a key engine of economic growth in New York (Galbraith, 2011). Most of the people who voted against it are still the ones who had proposed that some things be taken out of the bill which was done. Schumer did n ot understand why they still voted against. He noted that the biggest amendments made to the bill were suggested by the Republicans, for instance the $70 billion, $38 billion for the AMT, and housing relief. There was no reason for opposing the bill since it had been amended as people had requested. He noted that â€Å"every one of the 435 House members and 100 senators can find some provisions they didn’t like in this bill† (Amanpour, 2009), but that was not reason enough to vote against the bill. There is nothing that is perfect and everything has its positive and negative side. Supporting the bill was an indication of the need for economic recovery from the effects of the Great depression (Baker, 2010). People need to come and reason together if a nation is to develop. What Schumer did not understand is why people would talk about the expensive bill but they never talked about the $1 trillion used during the Iraq war or the deficits of $800 billion incurred when Geo rge Bush was president. There was a reason to oppose the deficit spending, but there is no reason enough to oppose the tax cuts. Personal Opinion A bill that is expected to spend such a large sum of money should be discussed at length and every member concerned should be given ample time to air his/her view. It is true that the bill is a path into economic recovery, but the amount is gigantic. Spending a lot of money does not mean that the end results will be perfect rather the approach used determines the results. The banking sector has for a long time been known to be a key engine of development. Every activity done by the banks involves interests and there is no business activity that does not require the services of a bank. Instead of increasing the unemployment benefits and tax relief, the bill should have focused more on increasing youth funds, or other funds to be given out to entrepreneurs. This would result in job creation and the government would earn interests. The small businesses should also be given a larger percentage since most of the people are employed in these businesses which are not well developed. The passage of the bill by President Obama was rather a rush move given that it was his first bill to approve. I think he should have given the Democrats and the Republicans a longer period of time to discuss over the content of the bill. There is no single person who can be able to read and understand a document containing more than one thousand pages in a few hours. Moreover, the document in question is a public policy that should not be passed anyhow. Having all Republicans vote against the bill was not a coincidence but serious matter. It may even seem that some of the Democrats voted for the document, not because they fully understood its contents, but because they were in favor of it from the initial process. Reference List Amanpour, C. (2009). This week ‘Transcript: stimulus debate. Web. Anon. (2009). US Congress passes stimulus pla n. Web. Baker, P. (2010). Education of a President, the New York Times Magazine. Calmes, J. Carl H. (2009). Obama Considers Major Expansion in Aid to Jobless, The New York Times. Galbraith, K. (2011). Obama signs stimulus packed with Clean Energy Provisions. The New York Times. Issenberg, S. Globe, B. (2009). Congress Approves $787 Billion Stimulus Package. Web. Quinn, J. (2009). The 2009 Stimulus Package: A $787 Billion Horror Story. Web. Saltonstall, D. (2009). New York Gets Big Slice Presidents Obama’s Stimulus Package, Thanks To State’s Congressional Bigs. Web. This research paper on Factors of the $787 Economic Stimulus Package was written and submitted by user Deshawn Raymond to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Harry Davis Jr Essays - Sociology, Philosophy, Humanities

Harry Davis Jr Essays - Sociology, Philosophy, Humanities Harry Davis Jr Final Exam Dr. Thomas Emile Durkheim Emile Durkheim believed in functionalism which is the perspective that is largely based on the work of Durkheim. According to functionalism society is a system of interconnected parts that that work together in harmony to maintain a state of balance and social equilibrium. Functionalist emphasizes the interconnectedness of society by focusing on how each part can influence another. Division of Labor (mechanical solidarity, organic solidarity) Mechanical Solidarity- is the sense of togetherness in a society that arises when people, performing similar work, share similar experiences, customs, values, and beliefs. Sociologist Emile Durkheim coined the term in 1893 to explain what keeps some kinds of societies together, or put another way, why a society does not fragment. Durkheim says it connects the individual to society without any intermediary. Society is organized collectively and all members of group share the same belief. Organic Solidarity- Organic solidarity is social unity b ased on a division of labor that results in people depending on each other; it contrasts with mechanical solidarity. In sociology, organic solidarity explains what binds technologically advanced, industrialized societies together. Society is a system of different functions that are united by definite relationships. Karl Marx Karl Marx was raised by jews and converted to Luthernaism and he is also the founder of communism. Capitalism System of government is democratic, property is privately owned and driven by free enterprise. Wealth is distributed unevenly, education and health care provided by private entities. Freedom of the press Class distinctions: upper class, middle class and working class Focus is on the individual and his/her own progress in life. While communism is a system of government is totalitarian, property is owned by the state with no free enterprise is allowed. Wealth is distributed equally, education and health care provided by the state and press controlled and owned by the state classless society: all members of society are considered to be equal Focus is on the progress of the community as a whole. Karl Marx also believed in Marxism which is; the economic and political theory and practice originated by Karl Marx and Friedrich Engels that holds that actions and human institutions are economically determined, that the class struggle is the basic agency of historical change, and that capitalism will ultimately be superseded by communism. Marx moral critique of capitalism began with his idea of alienation. The system of capitalism makes work become increasingly dehumanizing. Karl Marx was a philosopher who believed that capitalism was flawed and the socialist economic approaches would yield better results. Max Weber Max Weber is a German sociologist best known for his combining of economic sociology and the sociology of religion. He was associated with the rise in the Western Protestantism was one of the major elective affinities associated with the rise in western world of market, Max Weber was a strong beli ever in the sociological perspective which is the study of human life and social interactions as well as these interactions shape group and society as a whole. This perspective views society as a prouct created by humans that can be changed. He also came up with beaucracy which has six steps 1. A formal hierarchical structure " Each level controls the level below and is controlled by the level above. A formal hierarchy is the basis of central planning and centralized decision making. " 2. Management by rules " Controlling by rules allows decisions made at high levels to be executed consistently by all lower levels. " 3. Organ ization by functional spe cialty " Work is to be done by specialists, and people are organized into units based on the type of work they do or skills they have. " 4. An "up-f ocused" or "in-focused" mission " If the mission is described as "up-focused," then the organization's purpose is to serve the stockholders, the board, or whatever agency empowered it. " 5. Purposely impersona l " The idea is to treat all employees equally and customers equally, and not be influenced by individual differences. " 6. Employment ba sed on technical qualifications " The bureaucratic form, according to Parkinson, has another attribute. "

A SWOT Analysis of the Blackberry Essay Example | Topics and Well Written Essays - 750 words

A SWOT Analysis of the Blackberry - Essay Example SWOT Analysis Before 2002 the Blackberry was an ordinary two-way pager along with a thumb keyboard. Soon, it introduced the 5000 and 6000 series Blackberry and raised its market attraction with Java and e-mail features. The next launch of 7000 series included additional features such as full color screen and better web browsing. After the launch of 7100 series, the company focused the attention to capture the market of ordinary consumer rather than its past niche area of business professionals. In its desire to create a niche area of general consumers, the re-strengthening process began with the 8000 series, offering Wi-Fi capabilities, built in cameras, and memory enhancing alternatives. The latest 9000 series has heightened the Blackberry’s strengths with the inclusion of full HTML support for web pages, the capacity to receive RSS feeds, and other superior online social networking features (Vercillo, 2010). With this graph of innovative history, a SWOT analysis of the Black berry will show the mirror of what is in store for Blackberry. Strengths Till now the innovative past track of the Blackberry has enabled the RIM to capture a good chunk of the American market, with 37 percent of the US market for smart-phones relatively to its next nearest rival Windows Mobile at 26 percent (Hansberry, 2009). Smart Phone Market Shares for year of 2009 and last quarter 2009 SMARTPHONES Table 1 1 - Nokia . . . .   68 Million  Ã‚  Ã‚   39% 2 - RIM  . . . . .   35 Million  Ã‚  Ã‚   20% 3 - Apple . . . .   25 Milllion  Ã‚  Ã‚   15% 4 - HTC   . . . . .   8 Million   Ã‚   5% 5 - Others . . .   35 Million  Ã‚  Ã‚   21% Total   . . . . . . 175 Million The above table indicates the overall market share of RIM’s smart-phones at 20 percent of the total sale of 175 million; it was next only to Nokia . A big part of this market power is from the business category of IT professionals, increasing its sales with BlackBerry Enterprise Server, as IT p rofessionals can manipulate its features like disabling multimedia add-ons such as the camera and music player to limiting the specific websites’ user experience. No rival so far has succeeded in providing this functionality from the IT aspect (Morisy, 2008). Weaknesses The weaknesses of the BlackBerry erupt from its stronghold on IT capabilities; the IT section of the Company is not as keen about add-on IT features as media, web browsing and others, which are nicely managed by Windows Mobile and others. It has been late in introducing the touch-screen capability (Vercillo, 2010). Not offering High-Speed Downlink Packet Access (HSDPA) on all models, RIM has become a soft target from the rival companies offering this capability at competitive cost on various models. This drawback of the company policy could prove costly in the long run (Chan, 2009). The Blackberry’s network architecture since the global outage of April 2007, although it happened on a small scale can bec ome a serious problem in future (Blackberry Blast, 2007). Opportunities The Blackberry Partners Fund can be a great opportunity for RIM, as it is being leveraged to develop downloadable applications for the BlackBerry from other companies (Gardner, 2008). This market has been captured by Apples iPhone, and the BlackBerry has not shown eagerness for this model of developing applications. Therefore,

The great depression(conditions leading to the depression) Assignment

The great depression(conditions leading to the depression) - Assignment Example In the early-mid 1920s, production by farmers was far more than the population consumed. Mechanization in production techniques meant there was an increase in output that was expensive thereby putting firms in debts. Falling food production and reduction in land prices resulted in agricultural losses leaving vast populations poor and unemployed. With the demand dropping and supply increasing, the price of products reduced leaving the over-expanded firms short-changed leading to closure (Saint-Etienne, 2013). Top workers had their income rising by 75% while the bottom workers only enjoyed a 9% rise in wages. With industrial production growing by 50% in 1920s, there was wide a gap between high-income earners and those struggling in poverty leading to a reduction in disposable income to purchase the produce. With extensive unemployment, the poor required aid from the already cash-strapped authorities further deepening the financial problems. Explosion of stock markets built on speculation as seen in modern capitalist economy caused investors to buy stock believing it was going to rise quickly so that they could sell their stocks later. Most stock purchases were on credit as investors were required to have 5% of the stock’s value with the rest being supplied by a loan ‘buying on margin’. Speculation together with the short-term outlook of the investors did not offer consistency and stability for the system to yield economic benefits. The resulting tension led to selling of the stock causing a mini crash resulting in mass panic as the middle and upper classes lost money. The presence of numerous small banks with insufficient resources to handle the high demand for their money in conjunction with increasing nervousness about the state of the stock market played a major part in initiating the Great Depression. For this reason, they had to sell assets, borrow off other banks or shut down. Drying up of credit and reduction in lending

Econ Problem Set Essay Example for Free

Econ Problem Set Essay 1) Describe the effects on output and welfare if the government regulates a monopoly so that it may not charge a price above p, which lies between the unregulated monopoly price and the optimally regulate price (determined by the intersection of the firm’s marginal cost and the market demand curve). As usual, the monopoly determines its optimal output on the basis of MR = MC. Here, however, it cannot charge a price in excess of p*. So, for any output less than Q(p*) (where Q(p) is the demand function) its marginal revenue is p*. On the graph below that gives: pm p* MR MC Demand q m q * 2) The inverse demand curve a monopoly faces is p=10Q-1/2. The firm’s cost curve is c(Q) = 10 + 5Q. Find the profit maximizing price and quantity, and economic profit for the monopoly. Revenue = pQ = Q(10Q-1/2) = 10Q1/2 MR = 5Q-1/2 MC = 5 Profit maximization implies MR = MC, so 5Q-1/2 = 5, or Q* = 1; p* = 10. Economic Profit = Revenue – Cost = Q Ãâ€" p – c(Q) = 1(10) – (10 + 5Q) Economic Profit = 10 – 15 = -5. So, the monopoly will not produce at all, and will have a profit of zero. 3) The inverse demand curve a monopoly faces is p = 100 – Q. Find the profit maximizing price and quantity, and economic profit if: a) The total cost curve is c(Q) = 10 + 5Q. p = 100 – Q, R = p Ãâ€" Q = (100 – Q) Ãâ€" Q, so MR = 100 – 2Q. C(Q) = 10 + 5Q, therefore MC = 5. The profit-maximizing rule is MR = MC. 100 – 2Q = 5 ⇒ Q* = 47.5, p* = 100 – Q* = 52.5 So the profit-maximizing quantity is 47.5 units. The firm will charge $52.5 per unit. Economic Profit = Revenue – Cost = Q Ãâ€" p – c(Q) = Q(100 – Q) – (10 + 5Q) Economic Profit = 47.5(52.5) – (10 + 5(47.5)) = $2,246.25 b) The total cost curve is c(Q) = 100 + 5Q. How is this similar/different from that found in part a? The optimal price and quantity are the same, because the marginal cost doesn’t change. The marginal cost is constant at $5 as before. By setting MR = MC, the firm will have the same profit-maximizing solution. The only thing that changes is economic profit. Economic profit here is $90 less than in the previous problem (because of the difference in fixed costs). So, Economic Profit = $2,246.25 – 90 = $2,156.25. c) If the total cost curve is given by c(Q) = 16 + Q2. C(Q) = 16 + Q2, therefore MC = 2Q. The profit-maximizing rule is MR = MC. 100 – 2Q = 2Q ⇒ Q* = 25, p* = 100 – Q* = 75 So the profit-maximizing quantity is 25 units. The firm will charge $75 per unit. Economic Profit = Revenue – Cost = Q Ãâ€" p – c(Q) = 25(75) – (16 + Q2) = $1234. d) If the (total) cost curve is given by c(Q) = 16 + 4Q2, find the monopolist’s profit-maximizing quantity and price. How much economic profit will the monopolist earn? C(Q) = 16 + 4Q2, therefore MC = 8Q. The profit-maximizing rule is MR = MC. 100 – 2Q = 8Q ⇒ Q* = 10, p* = 100 – Q* = 90 So the profit-maximizing quantity is 10 units. The firm will charge $90 per unit. Economic Profit = Revenue – Cost = Q Ãâ€" p – c(Q) = 10(90) – (16 + 4Q2) = $484. e) Suppose (again) that the total cost curve is given by c(Q) = 16 + Q2 and the monopolist has access to a foreign market in which it can sell whatever quantity it chooses at a constant price of 60. How much will it sell in the foreign market? What will its new quantity and price be in the original market? It will sell on the foreign market up to the point where its marginal cost = 60. Since Marginal Cost = 2Q that means total production is 2QT = 60 or QT = 30. Domestic sales are now based on the marginal cost of $60 per unit, so The profit-maximizing rule is MR = MC. 100 – 2Q = 60 ⇒ QD = 20, pD = 100 – QD = 80 It will sell the remainder on the foreign market: QF = 30 – 20 = 10 units. f) Finally suppose the monopolist has a long-run constant marginal cost curve of MC = 20. Find the monopolist’s profit-maximizing quantity and price. Find the efficiency loss from this monopoly. MR = 100 – 2Q. The profit-maximizing rule is MR = MC. 100 – 2Q = 20 ⇒ Q* = 40, p* = 100 – Q* = 60 So the profit-maximizing quantity is 40 units. The firm will charge $60 per unit. Efficient production and price are: pe = 20; Qe = 80. Then Dead-Weight-Loss =  ½ (60 – 20) (80 – 40) = $800. 4) A monopoly sells its good in the United States, where the elasticity of demand is –2, and in Japan, where the elasticity of demand is –5. Its marginal cost is $10. a) At what price does the monopoly sell its good in each country if resales are impossible? The price-discriminating monopoly maximizes its profit by operating where its marginal revenue for each country equals the firm’s marginal cost. Hence, the marginal revenues for the two countries are equal; MRUS = MC = MRJ. MRUS = PUS (1 + 1/ÃŽ µUS) = MC. PUS (1 – 1/2) = 10. Therefore, PUS =20. MRJ = PJ (1 + 1/ÃŽ µJ) = MC. PJ (1 1/5) = 10. Therefore, PJ =12.5. b) What happens to the prices that the monopoly charges in the two countries if retailers can buy the good in Japan and ship it to the United States at a cost of (a) $10 or (b) $0 per unit? If retailers can buy the good in Japan and ship it to the United States at a cost of $10, then it can sell the good in the United States at the price of $22.50. Since it is not profitable, it never happens and nothing changes. However, if the shipping cost is zero, retailers can buy the good in Japan for $12.50 and sell it in the United States for $19 for a profit and undercut the monopolist. This means the monopoly cannot price-discriminate any more. As a result, there will be a single common price which will be somewhere between $12.5 and $ 20. 5) A monopoly sells in two countries, and resales between the countries are impossible. The demand curves in the two countries are p1=100 – Q1, p2=120 – 2Q2. The monopoly’s marginal cost is m = 30. Solve for the equilibrium price in each country. The price-discriminating monopoly maximizes its profit by operating where its marginal revenue for each country equals the firm’s marginal cost. Hence, the marginal revenues for the two countries are equal; MR1 = MC = MR2. P1 = 100 – Q1 MR1 = 100 – 2Q1, MC = 30 Since MR1 = MC, Q1*=35. Therefore, P1* = 65. P2 = 120 – 2Q2 MR2 = 120 – 4Q2, MC = 30. Similarly, MR2 = MC. Therefore, MQ2*=22.5 and P1* = 75.