Marginal Revenue and Profit

?In order for a company to be able to reach its full potential financial management must be in place. This management needs to be aware of at least the basics of financial plans which are revenue, cost and profit. These three things can make or break a company. Each of these things must be understood and considered before plans can be laid to create or better a company. Revenue is the amount a company receives (Marginal Revenue, 2009). If a company is in the business of sales, revenue is the amount of money the company receives per unit sold. Marginal revenue is the amount of money a company receives for the last unit sold. This is found by dividing the change in revenue by the change in quantity sold. For companies that compete with one another marginal revenue is not very important. This is because in a competitive environment most products are sold at a set price so that marginal revenue is equal to the set sales price of the product. For a monopoly on the other hand, marginal revenue is very important. Monopolies have a decreasing marginal revenue curve (marginal Revenue, 2009); for a monopoly the marginal revenue is less than the sales price. This is because a monopoly must have a lower sales price in order to increase the amount of product sold. Total cost is the amount of money it costs to operate at a particular rate of production (Baker, 2000). There are two types of cost: variable and fixed. Fixed costs are those that remain the same regardless of production and variable costs are those that change with production. Marginal cost is the addition either to total cost or total variable cost resulting from one more unit of output (McConnall & Brue, 2008). Usually this is found by dividing the change in total cost by the change in quantity. Profit is the positive gain from an investment or business operation after subtracting expenses (Profit, 2009). Profit maximization is the idea that people will try to create as high a profit as possible given the circumstances. Since marginal revenue is the amount of revenue an additional unit will bring in and marginal cost is the amount the additional unit will cost to produce, then profit maximization is the point where marginal cost and marginal revenue are equal (Profit Maximization, 2009). So as long as marginal cost is lower than marginal revenue there is profit, but if marginal cost ever exceeds marginal revenue the last unit should not be produced. If the marginal revenue is higher than the marginal cost, the company can produce more units. Business owners and managers need to be able to make a profit. Whenever people think of profit, they are aware that profit is the amount of money left after the expenses are paid and most people know the greater the profit the better off they will be. Most people do not know that profit maximization requires the knowledge of marginal cost and marginal revenue. In order to determine when a company is no longer profiting from production of extra units, one must know that profit maximization is the point where marginal revenue equals marginal cost. Refernces (2009). Marginal revenue: Fundamental finance. Retrieved July 16, 2009, from fundamentalfinance. com Web site: http://economics. fundamentalfinance. com/micro_revenue. php Baker, S. (2000). Cost concepts. Retrieved July 16, 2009, from Economics interactive tutorial Web site: http://hspm. sph. sc. edu/COURSES/ECON/Cost/Cost. html (2009). Profit. Retrieved July 16, 2009, from investorwords. com Web site: http://www. investorwords. com/3880/profit. html Profit Maximization. Retrieved July 16, 2009, Web site: http://www. econ. ilstu. edu/ntskaggs/eco105/readings/profit-max. htm McConnell, C. , & Brue, S. (2008). Microeconomics 17th ed. New York: McGraw-Hill Irwin.

An Overview Of The Relevance Theory English Language Essay

An Overview Of The Relevance Theory English Language Essay In Relevance: Communication and cognition, Sperber and Wilson (1986, 1995) present a new approach to the study of human communication. Relevance Theory is based on the view that human cognition is geared towards the maximization of relevance, and that communicated information comes with a guarantee of relevance. This is what Sperber and Wilson name the Principle of Relevance. The theory has sparked a great deal of research since it was presented, either supporting or criticizing the entire theory or some of its main arguments. The following presents an overview of Relevance Theory (henceforth RT) and outlines the main tenets of the theory. The overview outlines definitions of the main concepts and tenets which were originally presented by Sperber and Wilson (1986; 1995) and mainly comprised the originality of the theory, such as mutual manifestness, optimal relevance, and ostensive inferential communication. That is followed by a discussion of RT as a post-Gricean theory and how far it adopts or deviates from the views of Grice (1975). Sperber and Wilson present RT as a post-Gricean theory (Grice 1975). It takes as a starting point the inferential model of communication developed by Grice as opposed to the code model of communication. Sperber and Wilson (1995) argue that communication cannot be achieved by the code model alone, i.e. encoding and decoding messages, nor by the inferential model alone. They maintain that verbal communication exploits both kinds of process, as the outcome of the decoding process serves as the input to the inferential process by which the speaker’s intentions are recognized. According to the code model of communication, human languages are codes and verbal communication is achieved by encoding and decoding messages. The speaker encodes his/her message into a signal which is decoded by the hearer. Grice (1975) developed a different model of communication which is the inferential model. According to that model, the speaker pro vides evidence of his/her intention to convey a specific meaning and the hearer infers that meaning according to the evidence provided. Following the inferential model, communication is successful when the hearer interprets the evidence provided by the speaker as she intended it to mean. In cases where a single utterance provides evidence for different interpretations, this could lead to communication failure if the speaker does not inferentially derive the meaning intended by the hearer. Grice suggested that a speaker would observe what he called the Co-operative Principle and maxims of conversation to make his/her communicative intention clear for the hearer who would choose the interpretation that conforms to these maxims. The maxims are Quality, Quantity, Relevance and Manner. Coded communication, as one of the processes involved in verbal communication is viewed by Sperber and Wilson not as autonomous but subservient to the inferential process. Nevertheless, the inferential pro cess is autonomous as it functions in essentially the same way whether or not combined with coded communication. Sperber and Wilson (1995) argue that the code model is not sufficient to account for human communication because comprehension of utterances involves more than merely decoding linguistic signals. There is a gap between the semantic representation of sentences and the thoughts which are actually communicated by the speaker’s utterances. They claim that this gap is filled by inference. Nevertheless, they argue that the inferential model is not enough on its own to explain human communication. As they reject the code model as insufficient to account for communicational understanding, Sperber and Wilson (1995) propose a modified view of inferential communication in which â€Å"communication is achieved by the communicator providing evidence of her intentions and the audience inferring her intentions from the evidence† (Sperber and Wilson 1995: 24). Hence, verbal communication involves both coding and inferential processes.

Combating Compassion Fatigue Essay Example | Topics and Well Written Essays - 1000 words - 1

Combating Compassion Fatigue - Essay Example Work related signs of compassion fatigue include frequent absenteeism from work, reduced empathy towards the patients and avoidance in dealing with certain patients. Serious signs of compassion fatigue include feelings of hopelessness, low self-esteem, gastrointestinal complaints, and hypertension (Miller, 2012). Physical exhaustion that is also referred as burnout is an initial sign of compassion fatigue. Some signs of physical exhaustion include irritability, feelings of anxiety and excessive emotional numbness. Other signs that accompany burnout include difficulty in sleeping and reduced empathy. Some causes of burnout include the attitudes towards work such as the caregiver’s beliefs and attitudes towards the complex patients and lack of peer support (Hayes, 2009). This phase is usually preceded by idealism whereby the caregiver is always committed to working hard with little time for relaxation. The caregiver usually accepts many responsibilities and forms close relations hips with peers. The physical exhaustion is evidenced by both emotional and behavioral symptoms of the caregiver. The emotional signs include a decline in the sense of accomplishment while behavioral signs include withdrawal from responsibilities and alcohol abuse (Figley, 2002). The second concept of compassion fatigue is characterized by emotional exhaustion. Some warning signs include unreasonable expectations, and lack of emotional control whereby the caregiver is easily frustrated by lack of money or difficult patients (Figley, 2002). The caregiver usually experiences nightmares, and increased psychological arousal that leads to grief and sadness. Some other visible signs include changes in assumptions, decline in intimacy and detachment from social groups (Figley, 2002). The other concept of compassion fatigue is apathy which is the lack of interests or concern for patients or family members. The caregiver usually feels hopeless and isolated from the rest of society (Miller, 2 012). The caregiver will exhibit an active avoidance of all care giving situations and emotional disengagement even towards close relatives like spouses. The fourth concept of compassion fatigue for caregivers is depression. This is mainly caused by traumatic memories. Some warning signs of depression include constant memory flashbacks of traumatic events, feeling cynical, difficulties in sleeping and irritability of the caregiver (Figley, 2002). The last concept of compassion fatigue for caregivers is impaired judgment (Miller, 2012). Some warning signs for impaired judgment of the caregiver include constant absenteeism from work, low self-esteem and avoiding attending to difficult patients. Physical exhaustion and emotional disillusionment coupled with negative attitudes towards work will contribute to impaired judgment of the caregiver. The long-term effects of compassion fatigue include drug and alcohol abuse, diminished sense of personal accomplishments and reduced sense of per sonal control and safety (Figley, 2002). The caregiver may also experience somatic symptoms such as sweating, pains, headaches, and impaired immune system (Hayes, 2009). Some of causes of physical exhaustion include stressful work whereby the caregiver tries to accomplish many roles within limited resources. Other causes include

The British Bill of Rights Essay Example | Topics and Well Written Essays - 1000 words

The British Bill of Rights - Essay Example hout an enforceable Bill of Rights.6 "Great Britain was once a fortress for freedom. It claimed the great philosophers of liberty-Milton and Locke and Paine and Mill. Its legal tradition is irradiated with liberal ideas; that people accused of crime are presumed to be innocent, that no one owns another's conscience, that a man's home is his castle. But now Britain offers less formal legal protection to central freedom than most of its neighbours in Europe." Gordon and Wilmot-Smith argues that UK is not in a very satisfactory position when it comes to human rights-the elective dictatorship of the majority means that, by and large, the government of the day can get in its way, even if its majority is small.8 Gordon further explained- 'If its programme or its practice involves some derogation from huma... If it is a result of administrative practice, there may well be no basis upon which they can interfere. There is no higher law, no frame of reference to which they can properly appeal and none of this matter very much if human rights themselves are not thought to matter very much. But if the protection of its citizen's fundamental rights is genuinely seen as an important function of civil society, then it does matter. In saying this, I do not suggest-and I must stress this-that the present government or any of its predecessors has acted with wilful or cynical disregard of fundamental human rights.'9 The United Kingdom has endured for centuries with no written constitution, but absorbed a European regional Charter of Rights in 2000.10 An example of its consequence, because parliament has not authorised the British courts to provide remedies, victims of human rights abuses have to take the long and expensive road trips to Strasbourg to secure justice; and while the convention has been used to extend and protect some of the people's basic liberties in the face of increasing authoritarian state power, the decisions of the judges of the European Court are often disappointingly narrow.11 There is an ongoing debate about whether or not there should be a Bill of Rights for the United Kingdom.12 Thomas Jefferson opined that 'a bill of rights is what the people are entitled to against every government on earth'.13 Truly, bills of rights have assumed particular and renewed importance in an extraordinary number of countries in all parts of the world.14 Furthermore, Alston reasons that any bill of rights worthy of the name should express some basic principles of equality, human dignity and non-discrimination,

Art Essay Example | Topics and Well Written Essays - 1000 words

Art - Essay Example The World of Art: Concepts of Art: Going through the book, different concepts can be unlearned through which an art or a craft is presented. The most important concept in the creation of an art seems to be the use of different medium available in an artist’s surroundings. The concept of aboriginal rock art enhances on the fundamentality of the experiences by human that lead him to create an art. The use of chalk and charcoal could be observed as another concept of making art that descriptively presents a matter in front of others as given the name of delineation. Smudging is a procedure that can be applied on such charcoal paintings which is another concept of art creation and presentation. The use of pastel and pastel oil sticks have also been reflected through the book as several artists have made use of these in their paintings. Another concept of painting is the ‘wash and brush’ where the painter dilutes ink with water and then apply it on broad areas for maki ng the painting. The book also presents other aspects of craft apart from painting that include printmaking and creation of crafts. The technique of printmaking also involves several concepts some of which as mentioned in the book are woodcutting, wood engraving, linocut, engraving and etching. These are different forms of printmaking and uses different mediums for the design of the print, for example, in case of wood engraving, the print is created by engraving designs on the wood. These designs would then be filled with colors and inks. Lithography or writing on stone has been presented as another form of art creation. Finally the book also presents the creation of crafts through the use of different concepts like the glass, fiber, ceramics, and wood that can be used in the designing and creation of different crafts (Sayre, 169-320). Artists and their Arts: The book presents the arts and creations of several artists. The Allegory of Painting is an art created by Jan Vermeer that s hows the use of each and every medium present in the surroundings of the artist. An ink and wash concept has been used in the creation of the Workshop of Pollaiuolo which was a drawing of the times of Renaissance. It presents a view on the unavailability of paper and hence the use of wood to carve out arts as portrayed through the painting. A magnificent painting has been created by Leonardo da Vinci named as Study for a Sleeve with the use of pen, chalk, and lampblack. The paintings created by Leonardo generated a seriousness of the contribution of art on the paintings and also inspired several other painters of the time. Oil paint was used by Raphaiel in his creation of The Alba Madonna and the painting marvelously portrayed the human expressions from in depth of their hearts. The Banana Flower art created by Georgia O’Keeffe was done with the use of charcoal and black chalk. Another artist, Georges Pierre Seurat, created the painting Cafe Concert with the use of crayons on Ingres paper. Vija Celmin had presented a graphite drawing unique in its character in the way it presented the picture of an ocean. The name of the painting was Untitled (Ocean) (Sayre, 169-179). Mary Cassatt learnt the use of pastel and became famous for her drawings associated with mothers and children, one of which was reflected through the painting named Young Mother, Daughter, and Son. Artists like Elisabetta Sirani and Jean Dubuffet were also famous for their use

Business accounting Essay Example | Topics and Well Written Essays - 1750 words

Business accounting - Essay Example The first step of this transformation is the writing of a business plan. This plan is being used as an internal document to assist in the development of the business. Poultry feed industry is not a new one in the market; it has developed with the poultry management practices. The industry has an elastic growth with the growth in demand for poultry. However, the traditional poultry feed industry, which is in China and Africa, comprises mostly of either local farmers who sell their by-products of grains to poultry farmers of fishermen who sell the dead fish. No research and development has been made on a large scale in this industry in these regions. However, in other developed countries such as USA, poultry feed industry has developed a lot. And with research and development in the product, the companies have formed a new type of organic feed which is not only highly nutritious, but also cheaper than other sources of poultry feed. The market for poultry feed in Africa has a huge potential. Initially, we will be catering to some countries of Africa such as South Africa and Uganda. The reason to choose Uganda is that recently there has been a decline in supply of chicken due to rising prices of poultry which owes to the high prices of chicken feed in the region. The local farmers rely on grain farmers and fishermen to supply them with the feed which is of low quality and very expensive. â€Å"The high prices of grains are posing a big challenge to the poultry industry in Uganda yet consumersdo not expect chicken prices to go up,† said Mr Joseph Muguluma, the Treasurer of the Poultry Association of Uganda. The other market for supply of poultry feed in the local poultry farms of China. The case in China is similar to that of African countries where prices for poultry feed are on the rise due to increasing prices of grains. An alternate, low cost solution to the poultry farmers is the supply of organic poultry feed which we will

Personal Development Portofolio Essay Example | Topics and Well Written Essays - 1000 words

Personal Development Portofolio - Essay Example The opinion that was formed was changed merely in the first few days when the sources of English legal system were informed. These clearly pointed out how the English Legal System had developed that is by judge made decision that is common law as well as customs. Furthermore, the idea of precedents also provided for an analysis into how the procedures were followed and how important was law and procedure contrary to original perception. The studying of the principle of judicial precedent and the modes of statutory interpretation changed the view that judges were tightly bound by the precedent and the provision of statutes. Furthermore, it provided an opportunity on how interpretation was undertaken keeping into account the preserving of the principles. Statutory interpretation also introduced the principle of separation of powers whereby how the Legislature provided statutes and how a decision could be reach by interpretation and how differing decision could be made by judges in resp ect of the same statute was also provided. It was seen that the judges and legislature had overlapped at times but the preservation of separation was undertaken. Furthermore the relationship was one which was dependent upon each other that are judiciary on legislature. The different approach of judges in respect of interpretation of statutes was also an important factor that is the difference between the literal, golden and mischief rule. Finally the aids that the judges used so as to interpret statutes clearly showed that the judges were trying to decide in accordance with the intention of the Legislature and were merely trying to uphold the law in accordance with the intention of the legislature. Developments had been made by judge who could be seen from the judgment of R v. R1 whereby for the first time rape within marriage was introduced. An important confusion which was cleared was the concept of retrospectivity whereby it was informed that the law in UK did not work retrospect ively. Furthermore, an idea on how judges developed principles on which there had been no statute was also analysed. The principle of precedent has been a powerful tool but from the decision of R v R it was seen that there are still certain areas on which precedents might not have been developed. Furthermore, from the decision of R v. R a precedent was developed which is still being followed. However, it is important to mention that the case also allowed to understand the power of reversal and overruling of decisions and also pointed out to the fact that an established precedent can also be changed or reversed. Another important principle which was understood was the human rights and how the law had operated in that respect. The Human Rights Act 1998 introduced the rights and it has played an important role in respect of balancing out and preserving the rights of humans and balancing it out with the enforcement of law. Human right in the English Legal System is a new phenomena and i t has been developing and is still in the stages of developing, the roots of human rights cannot be said to stem from law, but the concept can be related to the principles of natural justice and morality whereby rights of human beings and their preservation is respected. The procedure of the courts and the powers of the courts to reverse, overrule change decision was also understood. Furthermore, the binding nature of precedents and the persuasive nature were also