Understanding Indifference Curves and How to Plot Them

In order to understand the highs and lows of production or consumption of goods or services, one can use an indifference curve to demonstrate consumer or producer preferences within the limitations of a budget.   Indifference curves  represent a series of scenarios wherein factors like worker productivity or consumer demand is matched against different economic goods, services, or productions, between which an individual in the market would theoretically be indifferent regardless of which scenario he or she  takes part. It is important in constructing an indifference curve to first understand the factors that vary in any given curve and how those affect the indifference of the consumer in that given scenario. Indifference curves operate on a variety of assumptions, including that no two indifference curves ever intersect and that the curve is convex to its origin. Understanding the Mechanics of Indifference Curves Essentially, indifference curves exist in economics  to determine the best choice of goods or services for a consumer given that particular consumers income and investment capital, wherein the optimal point on an indifference curve is where it correlates with the consumers budget restraints. Indifference curves also rely on other core principles of microeconomics including individual choice, marginal utility theory, income and substitution  effects, and the subjective theory of value, according to Investopedia, where all other means remain stable unless charted on an indifference curve themselves. This reliance on core principles allows for the curve to truly express the levels of satisfaction of a consumer for any good, or the level of production for a producer, within a given budget, but again must also take into account that they could be oversimplifying a markets demand for a good or service; the results of an indifference curve should not be taken as a direct reflection of the real demand for that good or service. Constructing an Indifference Curve Indifference curves are plotted on a graph according to a system of equations, and according to Investopedia, Standard indifference curve analysis operates on a simple two-dimensional graph. One kind of economic good is placed on each axis. Indifference curves are drawn based on the consumers presumed indifference. If more resources become available, or if the consumers income rises, higher indifference curves are possible – or curves that are farther away from the origin. That means that when constructing an indifference curve map, one must place one good on the X-axis and one on the Y-axis, with the curve representing indifference for the consumer wherein any points that fall above this curve would be optimal while those below would be inferior and the entire graph exists within the confines of the consumers ability (income) to purchase those goods. In order to construct these, one must simply input a set of data — for instance, a consumers satisfaction with getting x-number of toy cars and x-number of toy soldiers while shopping — across this moving graph, determining the points by what is available for purchase given the consumers income.

The Renaissance The Dawning of a New Age Essay - 1627 Words

The age known as the Renaissance began in the fourteenth century. The word Renaissance means rebirth, those alive in this era witnessed the dawning of a new age. It began as a literary movement among the educated and upper-class men in northern Italian cities (Wiesner 210). Writers and artists studied Roman models and Petrarch, a Renaissance writer, proposed a liberal arts curriculum in order to recapture the previous glory of Rome. The philosophy of humanism became popular bringing about the curiosity about life and learning, individualism, virtu, secularism, and the classical past. Individualism emphasized the new importance of defining oneself by their own sense of uniqueness and individuality instead of in the context of a group,†¦show more content†¦Education which calls forth, trains, and develops those highest gifts of body and mind which ennoble men† (Wiesner 219). This quotation displays the importance of education for the Renaissance men. Their education i s important because he must use it to serve and know God, and to serve the city/state (Wiesner 213). Most Renaissance men are courtiers, those who attend the royal court as a companion or adviser to the king or queen. Castiglione, a 16th century Italian aristocrat and author of The Courtier explain that a courtier must: â€Å"stand out from the rest as enterprising, bold and loyal to whomever he serves† (Wiesner 221). Keep in mind, the Renaissance man is a courtier, a refined upper class man; â€Å"average† men of Renaissance time period do not have the same characteristics as a Renaissance man. Most Renaissance men were born into their wealth or had a special talent like the artists of the day. The photo source one shows a self-portrait of Albrecht Durer, as a renaissance man. He shows himself as well groomed, with poise posture and hand gestures implying that he is a confident man. His faces looks relaxed, and refined as if he has no current worries. Durer has an i ron jaw covered with a beard, broad shoulders, that suggests his strength and the slashes on his jacket sleeves suggest that he has been in battle, exemplifying his bravery. His long curly goldilocks hair depicts his individualism and hisShow MoreRelatedThe Influence Of The Renaissance1290 Words   |  6 Pagesthe Western Roman Empire into the dark ages. However, mankind is resilient, in the waning days of the dark ages having survived years of war, toppling of empires, unrest and the black plague, a new day was dawning on western civilization. The time period known as the Renaissance was at hand. This was a time of enlightenment and discovery. How did mankind pull himself out of those dark ages? To answer that question, we must first understand what the renaissance really was and examine the events thatRead MoreThe Enlightenment Paradigm Shift Within The Era1628 Words   |  7 Pagespredominately intellectual movement that saw the development of new ideas, major changes in Churc h-State relations and scientific discoveries that are still fundamental today. Until the Renaissance and Reformation period the Church, from the ancient to medieval ages, had total domination. The Renaissance era set the ball rolling for the Enlightenment with the beginning of scientific inquiry and search for knowledge. This modern age of reason, diversity and doubt, was one of the biggest paradigmRead MoreBooks Are Humanity in Print Essay1364 Words   |  6 Pagesunnecessary for warfare. The knights pledged their loyalty to their kings, their honor to women, and their defense to the Christian faith. In the poem, Christmas feasts last for weeks filled with fancy balls, ostentatious gifts, and rich meals, mirroring an age of materialistic greed among the ruling class, demeaning the Christian origin of the holiday. The King of the kingdom foolishly accepts the Green Knight’s proposal of a head for a head because he believes that his court can not lose. Gawain takes theRea d More Pagan History Essay2518 Words   |  11 Pagesreligions. Paganism exists in all cultures, from paleolithic to technological, but has historically waxed and waned. The ancient Egyptians are an example of a highly pagan society; so are the ancient Romans; and all paleolithic cultures from the Old Stone Age to the present have strong pagan elements. An example of a less pagan culture would be the West for the last thousand years or so, since the centuries following the Fall of Rome. 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However, the new era of isolationism spawned a cultural revolution that can only be described as anything but â€Å"normal†. Heavy losses over seas left Americans turned off to problems occurring outside of United States borders. As the citizens’ averted their eyes from the problems of the world, they w ere left to focus their attention of forming theRead MoreManagement Course: Mba−10 General Management215330 Words   |  862 Pagespublication by the instructor of this course. The instructor is solely responsible for the editorial content of such materials. 111 MANGGEN ISBN: 0−390−58539−4 Management Contents Feigenbaum−Feigenbaum †¢ The Power of Management Capital 1. New Management for Business Growth in a Demanding Economy 1 1 Text Jones−George †¢ Contemporary Management, Fourth Edition I. Management 17 17 2. The Evolution of Management Thought Hughes−Ginnett−Curphy †¢ Leadership, Fifth Edition I. LeadershipRead MoreContemporary Issues in Management Accounting211377 Words   |  846 PagesOxford University Press is a department of the University of Oxford. It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide in Oxford New York Auckland Cape Town Dar es Salaam Hong Kong Karachi Kuala Lumpur Madrid Melbourne Mexico City Nairobi New Delhi Shanghai Taipei Toronto With oYces in Argentina Austria Brazil Chile Czech Republic France Greece Guatemala Hungary Italy Japan Poland Portugal Singapore South Korea Switzerland Thailand Turkey

Intel Free Essays

Intel’s strategy in DRAMS was to focus on product design and to be the first to market with the newest devices and DRAM technology. This allowed them to be a leader and charge significant price premiums, and proved to be a successful strategy for the first four generations of DRAMS. However, over time this became less effective as product life cycles shrank, so the time for competitors to offer a competing product became faster and once the competition â€Å"caught up† then prices would fall dramatically. We will write a custom essay sample on Intel or any similar topic only for you Order Now In this industry, patents were ineffective at blocking competition. In addition to product design, Intel established itself as a leader in process technology. Because cutting edge product design ultimately meant more complex semiconductor technology, Intel needed to invest large amounts of capital to keep its manufacturing capabilities at a level that could support new innovations and complex production. It also took time for Intel to become comfortable with new production technologies, during which yields (a key driver to manufacturing costs) would fall as they worked out new problems and optimized the processes. There are several factors that led to Intel’s dramatic decline In DRAM market share teen 1974 and 1984, the ultimate reason being that Japanese competitors were able to introduce new products more rapidly which reduced Intel’s position as a leader in the market since competitive offerings would follow so quickly after introduction of a new Intel device. Because of the high capital investments needed to produce new DRAMS, it was necessary to be first to market to be able to take advantage of higher prices as a market leader before competitors introduced similar technologies. One reason Japanese firms could introduce products more quickly is that they strategically invested heavily in manufacturing capabilities. By comparison, Japanese firms invested 40% of their sales revenue into plant and manufacturing equipment while U. S. Firms invested 22% of their sales revenue. Additionally, several of the Japanese firms created relationships and collaborated closely with equipment manufacturers, such as Nixon, to create and access superior production equipment before it was available in the united States. As a result of getting superior equipment, Japanese competitors had much higher production yields for DRAMS than U. S. Companies (as high as 80% for Japanese companies compared to maximum 60% for U. S. Impasse). Finally, Japanese competitors were also more adept at both developing process technologies and ramping up production capacity for DRAMS – for instance, their production yields were as high as 70-80% vs.. 50-60% for US firms in the sass, and this was a factor in driving costs. Intel leadership did not Immediately recognize the potential opportunities for microprocessors and their use in personal computers, but once this was discovered, the Intel team set several strategies In place to become a market leader. Their biggest competitor, Motorola, had been selected as AppleS standard. Therefore when IBM entered the PC market, Intel and Motorola were huge competitors to become the innovation, but also invested heavily in sales and marketing efforts. Intel’s decision to launch the sales effort, â€Å"Project CRUSH†, to gain design wins was instrumental in paving the way for Intel’s future success in the microprocessor market, particularly because this sales campaign led to Intel securing a contract with MOM. Intel’s DRAM strategy seemed to be â€Å"If we build it, they will come†, whereas the new microprocessor strategy was more â€Å"If we build it, let’s make sure they come†. Intel’s strategic partnership with IBM was hugely instrumental in Intel’s strategy to gain a competitive advantage in microprocessors. IBM led the market in the personal computer market in the early sass and Vim’s strategy to expand rapidly and gain market share provided the perfect environment for Intel to grow in tandem. Whereas Intel did not invest in defensive efforts and technology to maintain its competitive advantage in DRAMS, despite winning a major contract with IBM for microprocessors, Intel continued to invest in aggressive marketing against its competitors?particularly Motorola?to maintain its competitive advantage. Another strategy that Intel employed to gain a competitive advantage in microprocessors was to create a network effect and develop a network of suppliers to help produce chips for Intel. Intel learned from its experience with DRAMS production that it was expensive to ramp up production capacity and made a decision for microprocessors to license with other companies to produce chips to meet demand. Although this strategy meant that Intel only received a fraction of the total revenues and profits, Intel was able to meet demand in the rapidly growing PC business and could continue to win contracts and grow overall market share. Leadership also continued to invest in Intel’s internal production capabilities so that Intel could produce a higher proportion of later models of microprocessors in-house to gain more profits. This strategy bought Intel time to really establish itself and the top supplier of microprocessors and also work on its manufacturing capabilities so that by the time Intel produced the 386, it was ready to produce the 386 without licensing. This required major investments and attention to improving internal sources and operation coordination, but Intel was able to make business decisions, such as higher price setting, that covered this investment. How to cite Intel, Papers

Selecta Criteria Organizational Performance -Myassignmenthelp.Com

Questions: Do You Think It Is Worth Considering Or Not And Why? How Could They Assist The Company? Are There Any Services Offered That The Company Just Doesnt Need Right Now? How Expensive Is It And Do You Think It Provides Good Value For Money? Should They Use PRS And For What Activities And Why? Answers: Introducation The strategy that John Readings Pty. Ltd can use is that of advertising and marketing for their external recruitment process. Given the present scenario, internal recruitment is unsuitable for them. This is owing to their current location in Western Australia that they do not have good candidates with them. So, it would be good if they can recruit candidates from outside. The best way to do this is by selecting the candidates from outside through advertisements. Online advertisements can also be very helpful because in the modern day scenario, people are very active on social media and there are management who try to update their resumes and find the best jobs for themselves through online job apps like LinkedIn or job portals. The major advantage will be that the company will be able to bring some fresher who will be having some fresh ideas and work skills (Ekwoaba et al. 2015). Selection The recruited candidates will be selected totally on fair and unbiased grounds. They will have to appear both for the written and the viva. The written test will see their technical skills and the vibe will be based on several realistic questions that will see the psyche and the powers of judgment of the candidates. Induction The initial phases of induction will mainly be directed towards doing a good introduction to the employees and the managers. They will be introduced with the incentive plans, the employee benefit programs and the rest of the induction plan will be directed towards making them acquainted with the operations of the company and any existing issues and how they are going to address the same with their abilities. Review and update the Recruitment policy for John Readings what works and what is missing? Rewrite it to include any missing clauses. One of the most important clauses that are missing is the Equal Opportunities policy. This policy or clause will assure the candidates that there will be no biases or any favoritism done in the recruitment or in the selection of the candidates. Read the proposal from Professional Recruitment Solutions PRS developed by PRS for John Readings and critically review it. Yes, considering this is necessary because it will really be very helpful in providing a proper recruitment process. One of the most important services that can be used by the company is the advertisement of their recruitment and their vacancies online. This system will make use of their internet site ww.profesionaltrecruitmenet.com.au. They will make use of this website to recruit fresher for this company. It will be bit expensive and will also be based on the time and the materials or the sources that will be needed to carry on the recruitment. The company will have to allocate and use the resources in a proper manner. What would you recommend to the company Yes, the company must use the PRS in their recruitment policy. They can use it for advertising about their company and their new recruitment and their vacancies. As they will mainly be focusing on the external recruitment process, online advertising of their vacancies through the internet sites of PRS (McCabe 2017) Using the information provided by the company and, taking into account its plans for expansion into Asia and beyond, design the: Recruitment process (from strategic analysis of job need, position description, and KSC, the job sourcing process, legal framework, application form, pre-screening process etc.) There will be external recruitment followed for this company. The strategic analysis will be done The selection process (from initial screening, employment testing, preparation for interview, type of interview, scoring processes, selection guidelines, offer of employment, contract etc.) The selection will be done n a fair and a just manner. Candidates will be attending both written and oral tests. It is through the aggregate marks of the employees that they will be selected. There will be a contract that the candidates will be on a probation period for 3months. The induction processes Induction process will mainly be directed towards introducing the new candidates with their superiors. This induction process will also help them understand all the functions and operations of the company and any current issues existing within the same and how can they deliver their performance to solve them (Khattak et al. 2015). The probationary performance management process It will be mainly for a span of 3 months where the candidates will be given the on job training and the scope for learning. Design a job advertisement for an online posting for one of the new positions sought by John Readings. This is to invite applications for the post of senior sales executive. People with an experience of at least 2yeras in the field of accounting and sales will be preferred. Develop a position description for one of the new jobs identified in the domestic market expansion and then identify the key selection criteria for each of the positions to be advertised in the domestic expansion plan. The position is that of a senior sales executive who will be selected based on his experience in the field of marketing and management. He must also be flexible in traveling for his job. Design a behavioral interview set of questions and the weighting and scoring system (in a template) for one of the new positions required by the company's domestic expansion. What are the job roles and responsibilities of a senior sales manager? Why should we recruit you for this post? Prepare and write a letter of offer and contract of employment for one of the positions filled in your recruitment for the new domestic expansion and write a letter to the unsuccessful candidates. It is really a displeasure to declare that the recruitment of the candidates for the post of senior sales manager has been done based on the marks obtained in the written exams and as well as the GD and PI. Extra marks also were allotted for experience Write an induction policy and procedure for John Readings. The induction will continue over a period of 3 months and the recruited candidates will be given time to understand all their job roles and responsibilities and show their competency. However, the concerned authorities might also dismiss them if they fail to abide by the accepted rules and regulations of the company (Atkinson et al. 2016). Using all you know about John Readings design an induction program for the new staff recruited for the domestic expansion It is in this induction program, that the newly recruited staff will be given the on the job training. Select one of the new positions appointed and develop a set of performance criteria for the new employee to achieve during their probation. (include pc/measures, actions and timelines). A new position is that of the sales manager. During his probation period, he will be expected to meet the sales target within the given time. The duration of his probation period will be 3months. Develop a policy and procedure for managing the probationary employment period include the performance management requirements and the process required for unsatisfactory job performance leading to dismissal as well as the process leading to ongoing/permanent employment. The candidates that are being recruited will be subjected to a probationary period. It is during this time that a manager will try to form an overview of the strength and weakness of the employees. The Probationary period will last for 3 months and this time will mainly be used as an on job learning come training for the candidates. However, along with the efficiency and the dedication of the employees, the managers of the company will also observe the overall conduct and the overall conduct of the employees. If the employees misbehave, then they can also be terminated by the manager of the company (Ekwoaba et al. 2015). References Atkinson, C., Mallett, O. and Wapshott, R., 2016. You try to be a fair employer: Regulation and employment relationships in medium-sized firms.International Small Business Journal,34(1), pp.16-33. Ekwoaba, J.O., Ikeije, U.U. and Ufoma, N., 2015. The impact of recruitment and selection criteria on operations performance.Global Journal of Human Resource Management,3(2), pp.22-23. Khattak, A.N., Ramzan, S. and Rehman, C.A., 2015. Organization Development through effective Hiring System: A phenomenological study of business organizations.The Journal of Commerce,7(4), p.152. McCabe, M.B., 2017. Socialedia marketing strategies for career advancement: An analysis of LinkedIn. Journal of Business and Behavioral Sciences, 29(1), p.85.