The pricing will be decided based on the demand for the product. Bury will focus on pricing the reader at the highest possible price to ensure sale of all available product. Due to the lack of competition, Bury does not have to worry that consumers will find a similar product elsewhere, therefore he can charge a higher price to maximize profit. Under a monopoly the pricing is elastic, which means that Bury offers a luxury item which the consumer will want to contemplate before buying. Also, Bury can change pricing based on demand which is inelastic.
International Trade ECO 372 University of Phoenix There are many contributing factors to the stabilization and prosperity of our global market. We, the United States, are living in a time of severe trade deficit, meaning that we are importing many more goods than we are exporting. While it is nice to be able to buy foreign products at a lower price, there is risk in doing so. When we purchase foreign goods over domestic at lower prices it forces our domestic companies to sell their goods at lower prices to remain competitive. These lower prices may lend to making enough profit to sustain the current workforce.
Evaluate the impact of European law on English law This essay will outline and discuss the impact of the European Union has over the English law and the decisions made. Parliamentary Sovereignty is what makes parliament the high supreme authority regarding legal issues in the UK and can also create or take away any given law. Parliamentary sovereignty is ultimately the most vital part of the UK constitution; the UK constitution is referred to as being partly written down due to it not really existing in a single test. Parliament over the years have passed laws to limit the application of Parliamentary Sovereignty, these laws include: The human rights act 1998 The UK’s entry to the European Union in 1972 The devolution of power to bodies like the Scottish parliament and welsh assembly The decision to establish the supreme court in 2009, which ultimately put an end to the House of Lords being the final court of appeal. Parliament can still undermine any of the laws which implement these changes, therefore these developments do not fully undermine parliamentary sovereignty.
As stated in extract 1, it tells us that the goods we import are not made in the UK and so makes it impossible to replace the imports, therefore meaning that we still have to import goods, despite the high prices due to the low exchange rate of sterling. This is partnered with the fact that some suppliers (shown in extract 1) have agreed long term supply contract with cheaper overseas suppliers before the depreciation of the sterling and so they are now paying high prices. This may mean that these suppliers may have to increase the prices of these goods, therefore leading to cost push inflation due to trying to maintain a decent profit margin in the hope the demand for the good does not drop dramatically. However, it is stated that there still may be a large price differential with countries such as China and India, even after sterling's depreciation. On the other hand however, as stated in extract 1, line 8, volume of good imported has also increased by 16% and inflation has continued well above target.
“Discuss the extent to which a monopoly provider of transport will always increase economic efficiency” (20) Economic efficiency is where both allocative and productive efficiency occur, this is where price is equal to marginal cost and the least possible amount of scarce resources are used to produce the maximum output. A monopoly can refer to a single firm in a market or owning 25% and 40% of the market share. The traditional monopoly theory states that there will be productive and allocative inefficiency in the market since, the firm will hold back supply to gain a higher price. It will not produce where average revenue meets marginal costs. In terms of resource allocation this may mean that demand is not fully met by supply.
They have even recovered costs from waste through scrapping. Their location is greatly beneficial in reaching many potential customers. They are within close proximity of the U.S. Navy, Air Force, Coast Guard, and Gulf Coast municipalities. This is an advantage because of easy communication and transporting resulting in less costs. It also benefits in marketing, as their primary means of marketing is word of mouth, and boat shows.
“The Right to Bear Arms and Popular Sovereignty,” article is by Charles C Cooke. In this article he is talking about the importance of British tradition that was the right to bear arms which is an essential right in any free society. But however most countries have removed this right, Cooke believes that the United States should take action to keep this right in process. This article was published in National Review and Cooke being the writer at National Review. Who graduate from the University of Oxford where he studied modern history and politics.
Relative to the perfectly competitive equilibrium, the equilibrium outcome for a market dominated by a monopsonist will be higher prices and lower levels of good demanded. c. Government intervention in perfectly competitive markets will lead producer surplus to increase at a cost to consumers surplus. d. Government intervention in perfectly competitive markets will make markets more efficient. e. When regulating a natural monopolist, the government will require the firm to charge prices equal to the perfectly competitive firms’ price. f. A Nash Equilibrium implies
Businesses often pay individuals a wage based on current market standards. Free-market economies usually dictate specific wages for various jobs. Governments attempting to subvert market prices can reduce the demand for new workers due to a high minimum wage. Individuals can face a few negative effects from minimum wage laws. Minimum wage increases an individual annual salary, bumping the employee into a higher marginal tax bracket.
The quality is not compromised with the cost factor and thus becomes the strength with increased profits. Second, it has its own established brand name which serves as a major strength as compared to its competitors. These strengths can be considered as a distinctive strength because both the low cost and brand name positioning serves a competitive advantage which in turn leads to more profitability and major share in achieving the industry trusts as well as confidence. Weaknesses: First, Customer Service is the parameter for which DeVery needs to put hard woks for it. Second, the quality of the degree should be improved in order to stand apart from its competitors.