Eco204 potato chip monopoly Essay Example for Free

Eco204 potato chip monopoly Essay A monopoly is an industry composed of only one firm that produces a product for which there are no close substitutions and in which significant barriers exist to prevent new firms from entering into the industry (Case, 2009). In a different definition, it can be distinguished by a lack of financially viable competition to produce the goods or services as well as to substitute goods. Monopolies often refer to a procedure by which a company could gain a determinedly larger market than what would be expected under an ideal competition. This paper will emphasize on several components such as how a monopoly can benefit towards stakeholders or owners. Also, how the changes could take place according to price and output of the goods and services in a particular market place and how the market structure can be beneficial to the Wonks potato chip monopoly. This paper addresses a particular incident regarding a company called â€Å"Wonk† that produced potato chips. In 2008, two lawyers started acquiring aggressive potato chip firms with the plan to create a monopoly firm ‘Wonk’. From this perspective, those lawyers hired a consulting firm to manage and estimate the long-run competitive stability of this firm as monopoly. Again, with rule of marketplace a monopoly is a company which produces goods and services for which there no substitution in that particular area to compete for those certain products or services and prohibits new companies enter in that market to serve that community. By acquiring all the farms that produce similar products like potato chips those lawyers made a perfect monopoly of its kind. A perfect or pure monopoly would definitely make this firm to control the entire business of that kind. This is how this â€Å"Wonk† takes over its significant position and which reflect on the market demand curve. This company with two lawyers now would have power over everything from output quantity, to price point and as well as customer choice. In this case the cost of production would the only thing remaining against them. When the firm has over all control to what extent of production would take place and how much production would be continued based on demand and thus the firm controls their position on the demand curve. This would be a great example of Monopoly. By running a company as a monopoly there would be no difference between the product market and the company. (Case, 2009) Since the company is the market place where it would eventually decide what move should they make, what is going on in terms of external and internal operation of the business. This situation could generate a significant price unfairness, which would definitely impact families, consumers and suppliers of the goods and services. This kind of discrimination could affect suppliers being charged a higher fee for the similar goods and services in the area where they reside or within their reach. In these circumstances, monopoly would ultimately affect the society and regular consumers. Some families would have to pay higher than others for trading the same goods and services if it was purchased from different location or city where this type of Monopoly does not exist. When a manufacturer negotiates a lower rate that might be a different case whether it acts as Monopoly or not it takes a different direction and breaks the monopoly games. As a business owner or consumers, it is definitely not very beneficial to have a firm that is monopoly due to its power and control that affects consumers or the society. One of the most important components of monopoly is the improved price discrimination which often allows a monopolist to increase greater profit by charging more money to those consumers that require in higher demand and those who need the product more or who have a better ability to bear the cost. For example, most of the textbooks cost significantly higher in the United States than in a third world country like Sudan. Monopoly embraced company has serious power to be in charge of price point, which can affect the business and supplier and then ultimately the consumer. In this case the business of Wonk as monopoly, the owners are required to only have only a few choices to acquire the potato chips ingredients products. This type of situation obviously playing a huge role in monopoly where owners selling price would be affected if the remarkable producer started increasing their price point based on this simple fact that they have the authority and own all market shares. This control of the market would definitely affect the buyer’s price and finally when the consumers acquire. If a company increase or decrease the prices in the market, the producers can change and adjust the demand and total quantity of goods and services that manufactured for consumers. Monopolies are usually good for the company owners and shareholders when they know that the market is captured by their company. Therefore, they attract more people to buy shares due to better revenue and sound financial outcomes. Similarly, the Wonk potato chips company would benefit by operating as a monopoly and take advantage of the situation. In this case, Wonk would have the precise knowledge and understanding of how they would move their products and fully aware of the market condition. Since they control the overall market they would not have any competition with their products to move whenever it requires. By controlling production and the amount of product to be received by the consumer, Wonk Company would control the selling price due to all the power of what a monopoly creates demand on their own. Since, the company is free from competition they could easily increase their price of products as much as they want. Therefore they would benefit from this opportunity once all price position is recognized. If the company increases its price too high at certain limit, Wonk could face a serious challenge to satisfy the consumers. But, that affect in the long run. Ultimately Wonk has the control to set pricing by operating as a monopoly. This decision as to where to set pricing can ultimately impact the demand curve. When company set its price the consumers could miss the value of products and services in a fair market. As a producer or a supplier it is very important to continuously satisfy customers and consumers and should be the first choice to satisfy from the chain. This situation could generate an impact on market demand resulting in a loss of revenue. By setting price point to low, the manufacturer may need to sell much more product to compensate for production costs. When dealing with monopolies in other areas except food manufacturing industry, we could determine that there is no limit to how high price point. But for this particular industry, I would say that the price point would not increase right away since the Wonk has realized that it’s not viable for them to increase price point in an higher set, because it could drive all the customers away from the business. Of course I do believe that the company would increase the price in acceptable manner that consumers still keep faith on the company. Wonk, a monopoly business would have many significant benefits as an ideal, healthy company in perfect situation with any competition. Since they are the only the producer of goods and services in the market the potato chip market in whole would be fully controlled by Wonk. Since A perfect competition industry would allow a fairness of price setting, most companies would sell competitive products, and there would no company larger to capture a unwanted price. Here, Wonks most certainly would buy out all relevant potato chip rivals and thus, they would control the potato chip industry which would not qualify for a perfect competition market. Therefore, their profit would sky rocketed and on the other had consumers would be refrained from a better price for quality products that has competition. In an ideal world as a consumer, I believe everyone would contribute to a perfect competition and buy goods and services from a monopoly free, ideal competitive industry. In a competitive market the buyer has the option to choose what products is suitable for his or her needs and would have many choices to pick from. The biggest advantage for the customers would be many different option and types of products and many different prices (Case, 2009). Monopolistic market drives the producer to shares many small segments of the market which usually helps keep the price of the products in an acceptable stage and consumers could afford happily. I believe different choice of prices would absolutely be an advantageous method for to the consumers. Wonks could face charges for practicing monopoly with the Sherman Act of 1890. The Sherman Act states that it is illegal for an individual or a company to operate a monopoly business or attempt to monopolize. There are many different government authorities are in charge to restrict the rules. The offices that handle the authority to implement and regulate are Federal Trade Commission and Antitrust Division of the Justice Department. By enforcing these acts and laws the Federal Government has been fully determined to keep firms to stay away from monopolize. Monopoly business, Wonk restricts a good fairness market which only made profitable for itself but made the consumers refrained from open and fair choices of market shares. Wonk made them the only choice available for consumers regardless of quality products such as potato chips. As consumer, I would not accept one choice of product. I would like to have many different price and quality products available for me to be fully satisfied. Thus it is absolutely clear the reason why federal governments put laws on the table to protect customer’s right and let other business have their opportunity to serve with variety of goods and services. It is clear that Wonk, a monopoly company certainly in control of everything and benefits from every direction from price to quality to consumer’s choice. References Case, K. E. , Fair, R. C. , and Oster, S. M. (2009) Principles of Microeconomics (9th ed). Upper Saddle River, New Jersey: Pearson Kelvin Lancaster (1974), Introduction to Modern microeconomics, Second Edition, United States: Rand McNally College Pub. Co Michael Parkin (2008) Economics, Eight Edition. United States: Pearson Education Published by Addison-Wesley, Inc. Paul Krugman, Robin Wells (2010), Microeconomics, Second Edition, United States: W H Freeman Co.

Chemical and Biological Weaponry :: Biological Warfare Nuclear Weapons Ethics Essays

Chemical and Biological Weaponry Introduction: A Modern Day Trojan Horse Although the envelope resembled a letter from a fourth grade student, the contents addressed to Senator Tom Daschle were life threatening. Laced within the envelope was a form of the bacteria known as Bacillus Anthracis, bacteria more commonly known as anthrax. When exposed to humans, an anthrax infection leads to the release of toxins, which if not properly treated are fatal (cnn.com). Around the same time of Senator Daschle’s threat, other cases of anthrax exposure were publicized. Just like that, chemical and biological weaponry worry the minds of the public. Some call such weapons â€Å"the poor man’s atomic bomb† – its construction cheaper and effects potentially as far-reaching and devastating. The ability to manufacture chemical or biological threats is relatively much easier and its availability more widespread that nuclear weapons. Because of this, many believe any future terrorist attacks might be done with biological weapons similar to anthrax. Though seemingly a new threat, similar weaponry has been the subject of debate for decades. This paper discusses the subject of many of those debates, the ethical implications of its use and development. To clarify, â€Å"biological warfare is the intentional use of disease-causing microorganisms or other entities that can replicate themselves (e.g., viruses, infectious nucleic acids and prions) against humans, animals or plants for hostile purposes† (Adam Rotfeld, SIPRI Fact Sheet, page 1). Furthermore, â€Å"it may also involve the use of toxins: poisonous substances produced by living organisms†¦plants†¦and animals. If they are utilized for warfare purpose, the synthetically manufactured counterparts of these toxins are biological weapons† (Rotfeld 1). Delivery of such substances can be as easy as sending it via mail, as in the anthrax example, or as sophisticated as mounting a chemical warhead onto a missile. Other possible means of delivery include introducing a substance to a water supply or through air dispersal in the form of gas. This paper will use the terms â€Å"biological weapons† and â€Å"chemical weapons† interchangeably. A Brief History of Use As far back as the 6th century BC, warring nations have been involved with the use of biological weaponry (Henry Hardy, Biological Weapons FAQ). Despite its long history, it is perhaps best to look at more recent events. With the better understanding of disease in the 20th century, various forms of chemical and biological weaponry emerged. During World War I, poisonous gases were used (Nicholas Fotion, Military Ethics, page 73) in addition to anthrax applications by German operatives (Rotfeld, 2).

Bible Essay

There are many accounts in the Bible that state God as the creator. Genesis 1 and 2 are both creation stories but slightly differ in their accounts; Genesis 1 is a day by day account of all the things God created in not so much detail whereas Genesis 2 explains the creation story in a way that focuses more on the creation of man and woman than just the lands. Having two accounts of the creation story means that it is easier to come up with your own conclusion as to how the earth was created. The first line of Genesis 1 is â€Å"In the beginning God created the heavens and the earth† There is no explanation as to where God came from or why He is there, He just exists and creates the heavens and the earth. This alone is showing God as the creator. Genesis then carries on to state all the things God created all with no scientific or physical proof or evidence as to why and how God is doing so. â€Å"So God created man in his own image, in the image of God he created him; male and female he created them† This quote is from line 27 and is on the 6th day. The repetition of the word ‘created’ is enforcing to the reader that God is the creator of everything and this is done so that there is no doubt in the readers mind whether God is the creator or not. God creating man and woman in his own image is showing that we are superior to other beings such as animals which shows that God is the humans superior. Being made in Gods image is his way of blessing the humans in life as we are made in the ‘Creators’ image. â€Å"Rule over the fish of the sea and the birds of the air†¦Ã¢â‚¬  This quote is saying that God is passing down his ‘ruler ship’ on to the humans. This means that God is starting to ‘back away’ from his previous role and now feels that he has created a world that the inhabitants (humans) can look after. Genesis two is another creation story but has a few differences to Genesis 1. While Genesis 1 speaks a lot more of the specifics of how and when each part of the earth was made, Genesis 2 speaks a whole lot more about the creation of humans rather than the land. The most time that the creation of land is mentioned is at the beginning of Genesis 2. â€Å"This is the account of the heavens and the earth when they were created. When the LORD God made the earth and the heavens-â€Å" This is the first thing said in Genesis 2 and it is stating that God is the creator. It says that God created both the heavens and the earth; there is never any question or vagueness about God creating the heavens and the earth it is all very matter of fact. Although Genesis 2 doesn’t always speak of God ‘creating’ things it often personifies God in such a way that he is planting or making objects. â€Å"And the LORD God made all kinds of trees grow out of the ground-â€Å" This quote doesn’t say that God created the trees but made them grow from the ground, this is essentially saying that He created them as it was the first sighting of trees but is said in a different way as so not to force the ‘creation’ down your throat like Genesis 1 does. This is so that you can come to your own conclusion about which one is more plausible or correct but there is still no doubt as to god being the creator. Job 38 from the Book of Job is a story of how Satan and God have a disagreement where Satan was saying that Job only worships God because he is prosperous in his life, God then agrees to take away all his possessions and leave him with nothing to show Satan that Job would still worship him even if he was left with nothing. Job’s three friends Eliphaz, Bildad and Zophar try to comfort Job but they end up doing the opposite and tell Job that the reason for all his losses is because he has sinned and now God is making him suffer. In the end Job has had enough and questions God, this makes God angry and then Job has a better understanding and realises that he should have trusted God all along. God then returns all of Jobs health and possession in better amounts than they previously were. This story is God showing his power and his superiority to humans. â€Å"Where were you when I laid the earth’s foundation? † This is God saying that he is mightier than any human and they do not compare to His power. This is also showing that God is omnipotent and that we know nothing compared to him. This is all enforcing that God is the creator and better than all the humans. â€Å"Have you ever given orders to the morning, or shown the dawn it’s place,† This is saying that God has dominance over everything in the world, humans and nature. After Gods account of all his majestic works (such as the world and humans) and power, Job has to acknowledge God’s right as creator to do as he pleases and to not be questioned. Job is essentially the personification of all humans who do not believe god as the creator, Job doubted God and his ability so god became angry; this is supposedly what happens every time someone doubts God. Psalm 8 is a song about the lord God and his creation. â€Å"You have set your glory above the heavens† While this quote form the first verse isn’t directly linked to God being the creator it is saying that God has stated his glory in a way that so far in this psalm we do not know yet, we know that God has glory which could mean he has done something great. â€Å"When I consider the heavens, the work of your fingers† Now we start to work out what it is that causes God to have glory, â€Å"the work of your fingers† we are literally told that God has made the heavens with his ‘fingers’. This personification of God shows that people saw him as one of them but also appreciated his greater power, this could possibly relate to humans being made in God’s image. â€Å"you made him a little lower than the heavenly beings† This quote is, like Job 38, stating God’s dominance over the humans. God made humans a little lower than heavenly beings so that they knew their place and that they were lesser than himself ‘the creator’.

A Stand Against Assisted Suicide - Essay - 2378 Words

A Stand Against Assisted Suicide Assisted suicide is a highly controversial topic. Assisted suicide is when, upon request, a doctor prescribes a lethal dose of medication to a terminally ill patient so that the patient can kill him or herself. In other words, a doctor provides the means for a patient to commit suicide. A form of assisted suicide is euthanasia. Euthanasia is when the doctor intentionally kills the patient with the intentions of ending the patient’s suffering; mercy killing. Although there have been many Supreme Court rulings on assisted suicide and the practice of euthanasia, it is legal in some states like Oregon and Washington. The practice of assisted suicide is done under the term â€Å"terminally ill.† There is no†¦show more content†¦This includes not only physical safety but also the sense of security. When a doctor assists in suicide, people believe that the patient was pressured by the doctor into doing it; therefore breaking the trust bond that patients have with their medical staff. Another important reason to ban assisted suicide is that terminally ill patients may decide upon assisted suicide while they are mentally unwell. Being termed â€Å"terminally ill† has many mentally devastating consequences for most patients. They are disheartened to hear that they will soon die from their disease. In most cases, this leads to severe depression. While under such overwhelming depression, patients are in a very vulnerable state of mind, making any decision they make questionable. Many patients feel pressure from themselves, loved ones, or even from their attending doctors, to end their life, as it is a burden on those around them. Depression is not the only factor that affects the mind of the terminally ill. 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