Assignment in Micro economics Essay Example | Topics and Well Written Essays - 750 words - 2

Assignment in Micro economics - Essay Example In micro economics, both individuals and firms make choices on how to use limited economic resources to meet their consumption and production factions respectively (Armstrong, Kervenoael and Read, 1998). Graph of relationship between the three situations above, Where MR=Marginal Revenue, AR=Average Revenue and MC=Marginal Cost. The output is represented by Q while price by P. A monopoly may want to reduce out put from Q1=17.5units to Q3=25units so that he can sell at a higher price P3=$35 (Asian Development Bank, 2002). However, economies of scale substitution may arise leading to a shift in marginal cost from MC1 to MC2 (Pirayoff, 2004).This shift may cause an increase in monopolist out put from Q1=17.5 Units to Q2=40 units. Leading to a decrease in price from a competitive price to a lower price P2=$30 despite the availability of a monopoly price =$35 (Brakman and Heijdra, 2004). (b)A gardener states that for only $1 in seeds, she has been able to grow over $20 produce-enormous profits. Do you agree or disagree with her/ explain. Yes I agree with her because if she was operating in a monopolistic competition, it is possible to earn enormous profits in the short run as shown in the diagram below (Garner and Short, K2009). Based on computations, it can be scrutinized that, a fraction of 50 Sam Adam bear: 50bowls of clam chowder will maximize Kerry’s Utility which occurs as a result of consumption between Pints of Adam Samuel bear and bowls of Legal Seafood’s famous clam cbowder (Frank, and Bernanke, 2003). Armstrong, H, De Kervenoael, R, Li, X, & Read, R 1998, A comparison of the economic performance of different micro-states, and between micro-states and.., World Development, 26, 4, p. 639, Academic Search Premier, EBSCOhost, viewed 4 December 2012. Garner, T, and Short, K 2009, Accounting for owner-occupied dwelling services: Aggregates and distributions, Journal Of Housing Economics, 18, 3, pp. 233-248, Academic Search Premier, EBSCOhost, viewed 4

Personal and Professional Development Assignment - 1

Personal and Professional Development - Assignment Example The hotel is close to the Crystal Palace Theme Park Maze and is ideal for guests, who wish to â€Å"explore London† and it has â€Å"easy and fast transport† facilities to the city (Queens Hotel Crystal Palace London, 2013). Usually, visitors to London include businesspersons as well as tourists and the guests in the hotel are from the upper middle class group. Being from the educated, upwardly mobile segment, they expect very high quality of service. They also include people from a wide range of ethnic and cultural backgrounds and speak different languages. Though most of them speak good English, we often have guests from France, Germany, and South Korea etc who do not like to speak the language. I am somewhat comfortable with French and German but I do not know Korean. However, we have some staff from Asian countries and thus they are able to handle guests who do not speak English. The hotel has a good restaurant that serves multi cuisine and it is popular among many Londoners. It also has a bar and banquet hall. The hotel always has over 60 percent occupancy and it is rated over 4.8 in commercial sites. Thus, overall the quality expectation of the customers is quite high. Task-1 A. Benefits of Self-Managed Learning to Individuals/Organizations and Various Approaches to It: Employees can benefit from self-managed learning by acquiring higher qualifications that will enable them to handle their jobs better. Thus, they can earn promotions or be selected for higher positions in the same company that require higher qualifications. Besides, people who engage in self-managed learning become more confident and will be able to â€Å"solve problems on their own† (Beitler, 2005, Ch.4 p.8). Therefore, employees who pursue learning even after they are settled in a job will be able to update their knowledge and skills and will perform well in the respective job positions. This will increase their productivity and they will be able to receive all the b enefits that management offers to high performing individuals. In the modern day, with the advent of technology, various changes occur in the workplace and employees need to remain abreast of the developments. Continued self-managed learning or lifelong learning will enable them to acquire knowledge in technology and communication. From an organizational perspective, self managed learning will be highly beneficial as such individuals will be developing their learning without much liability or risk on the part of the company. Acquiring of knowledge by employees will enable them to be better motivated and it becomes advantageous to the organization as such individuals will be able to perform better in the assigned position. This will automatically increase the productivity and profitability of the company. However, evidence suggests that it is better to have a written learning agreement as it will help the employee remain focused and, besides, by incorporating it into the performance appraisal system, the organisation will attain better capability to â€Å"promote, reward, capture, and benefit from individual learning† (Beitler, 2005, Ch.4 p.11). In the modern world, technology offers a wide range of approaches for self managed learning in an organisational environment. In order to determine the right approach one should be able to identify and prioritise the â€Å"