William Shakespeare s Romantic Comedy Much Ado About Nothing

In William Shakespeare’s romantic comedy Much Ado About Nothing the evolution of love plays an important role throughout the course of the play. One interesting occurrence of love is the relationship between Benedict and Beatrice. At first, it appears these two witty characters utterly despise each other. As the plots unfold, their true feelings come out as well as the acceptance of the fact that they them selves are in love, but more importantly they do not allow their pride to guide them. As a result their views on love develop more positively as well as making them better people in their society. At first glace, it would appear that the relationship between Benedick and Beatrice was one that would only lead to disaster. â€Å"I pray you, how many hath he killed and eaten in these wars? But how many hath he killed? For indeed, I promised to eat all of his killing† (Much Ado I.i.4-5). These teasing words of Beatrice are of the first to come from her mouth within this play. Throughout the first half of the play Beatrice or Benedick say not one positive remark in regard to love, relationships or marriage. They both continuously mock these ideas of love as though it amuses them. The witty banter of Beatrice and Benedick shows that they are both very intelligent, yet reluctant to expose their true emotions. Even though they both bombard each other with insults and wit, Beatrice is still apparently the only female Benedick thinks about, as is Benedick to Beatrice. It could appearShow MoreRelatedWilliam Shakespeare s Romeo And Juliet1591 Words   |  7 PagesShakespeare is a prominent figure present throughout history. His writing is credited as some of the most influential pieces written in English literature. Shakespeare was born in 1564 in England. He attended school, but did not further his formal education after dropping out of grammar school. In 1590, he left his wife and three children in order to become a playwright and actor. He was successf ul with this, and, because of his reputation, became a popular playwright in England. After his deathRead MoreMuch to Do with Deception2356 Words   |  10 Pagesâ€Å"Much To Do With Deception† A Critical Research Paper about William Shakespeare’s Much Ado About Nothing Much Ado About Nothing, written by William Shakespeare, is a dramatic production that uses the tools of deception and humor under the category of comedy. As defined by Paul N. Siegel, â€Å"A comic play is usually accepted to be a light-hearted play with a happy conclusion.† Yet, Shakespearian tragic plays often use deception as a method to damage the role of the hero. In other Shakespearian tragediesRead MoreWilliam Shakespeare s English Literature Essay1667 Words   |  7 PagesWilliam Shakespeare has been best known for his poems, plays and masterful piece of writings in the English language. He has been referred to as the England s national poet and the Bard of Avon. He produced over thirty eight plays, hundred fifty four sonnets, five poems, and more verses. Shakespeare s plays consist of mainly tragedies, comedies and histories which are regarded as one of the best in those genres. The plays, the poems, and the sonnets have had a significance influence in EnglishRead M ore Beatrice and Hero in Much Ado About Nothing Essay1349 Words   |  6 PagesBeatrice and Hero in William Shakespeares Much Ado About Nothing Beatrice is a young, attractive woman, who lives to be an unconventional member of her community. She is technically a free woman as her father died when she was younger and she has no one to say to her no, or that’s enough, or in general tell her what to do. She lives her life as she wishes and is known as Lady Disdain by one of her fellow characters, Benedick. However, Hero is the complete oppositeRead More Comparing Deception, Trickery, and Concealment in Much Ado about Nothing and Macbeth2188 Words   |  9 PagesDeception, Trickery, and Concealment in Much Ado about Nothing and Macbeth      Ã‚  Ã‚  Ã‚  Ã‚   William Shakespeares classic romantic comedy, Much Ado about Nothing and tragic history, Macbeth revolve around the theme of deception, trickery, and concealment. There are portrayals within these two plays that depict deception and trickery as merely harmless and even beneficial. In some cases the characters are thoroughly masked in their lies; for ill or well, they are hiding who they truly are. InRead MoreWilliam Shakespeare s Life And Life1307 Words   |  6 Pages William Shakespeare s life was very interesting, to say the least about him. â€Å"An English playwright and poet, William Shakespeare is often considered the greatest dramatist the world has ever known and the most recognized poet in the English language† (Lindaman). From a very young age, William was a very bright kid, who had gained a love for theater. Ever since that love as a kid, it only grew stronger. Not only did he have a love for theater, but also poetry. Throughout Shakespe are’s life familyRead MoreWilliam Shakespeare s Much Ado About Nothing2083 Words   |  9 Pagesin the end, there are millions of ways that each individual defines love according to their experiences. One individual in particular is Shakespeare, who is widely known for expressing the significance of love in various plays of his, as he portrays several branches of love such as friendship, parental love, and romantic love. In Much Ado about Nothing, Shakespeare demonstrates the ways in which Claudio and Hero’s love shows the triumph of imagination over intelligence compared to Benedick and Beatrice’sRead MoreSocial Pressures in William Shakespeares Much Ado About Nothing1568 Words   |  7 PagesSocial Pressures in William Shakespeares Much Ado About Nothing There has been much discussion about whether or not Shakespeare’s play ‘Much Ado About Nothing’ it is based more around social pressures rather than true love; this essay will see to what extent the play supports this idea. Shakespeare wrote the play ‘Much Ado About Nothing’ around 1598. It was located in Italy, because Italy at the time was seen as a romantic exotic country, writers duringRead MoreClaudio in Much Ado About Nothing1135 Words   |  5 Pagescharacter from Much Ado About Nothing, is a perfect example of this quote. Throughout most of the play Claudio is only concerned about how other people and events affect him. However, the obstacles and positions he is put in do not help the situation. The one of the main themes of this play is deception, which Claudio, as well as most of the other characters in the play, fall victim. In Much Ado About Nothing Claudio begins the play with a tendency to be very gullible and paranoid about everything,Read More William Shakespeares Use of Song in the Early Comedies3188 Words   |  13 PagesShakespeares Use of Song in the Early Comedies Undertaken to determine what features make a song germane to the story in successful musical theater, this study outlines some characteristics of Shakespeares use of song. Chosen from the plays with which the present author is most familiar-the early comedies-are three substantial pieces (each headed in the play by either Song or sing, and each with at least two stanzas and refrain): You Spotted Snakes, Sigh No More, and Under the Greenwood

Literary Group in British Poetry - 5631 Words

The history of English poetry stretches from the middle of the 7th century to the present day. Over this period, English poets have written some of the most enduring poems in Western culture, and the language and its poetry have spread around the globe. Consequently, the term English poetry is unavoidably ambiguous. It can mean poetry written in England, or poetry written in the English language. The earliest surviving poetry was likely transmitted orally and then written down in versions that do not now survive; thus, dating the earliest poetry remains difficult and often controversial. The earliest surviving manuscripts date from the 10th century. Poetry written in Latin, Brythonic (a predecessor language of Welsh) and Old Irish survives†¦show more content†¦While the poetry that has survived is limited in volume, it is wide in breadth. Beowulf is the only heroic epic to have survived in its entirety, but fragments of others such as Waldere and the Finnesburg Fragment show that it was not unique in its time. Other genres include much religious verse, from devotional works to biblical paraphrase; elegies such as The Wanderer, The Seafarer, and The Ruin (often taken to be a description of the ruins of Bath); and numerous proverbs, riddles, and charms. With one notable exception (Rhyming Poem), Anglo-Saxon poetry depends on alliterative verse for its structure and any rhyme included is merely ornamental. [edit]The Anglo-Norman period and the Later Middle Ages See also: Anglo-Norman literature With the Norman conquest of England, beginning in 1111 the Anglo-Saxon language rapidly diminished as a written literary language. The new aristocracy spoke French, and this became the standard language of courts, parliament, and polite society. As the invaders integrated, their language and literature mingled with that of the natives: the French dialect of the upper classes became Anglo-Norman, and Anglo-Saxon underwent a gradual transition into Middle English. While Anglo-Norman or Latin was preferred for high culture, English literature by no means died out, and a number of important works illustrate the development of the language. Around the turn of the 13th century, Layamon wrote his Brut, based on WacesShow MoreRelatedThe Evolution of British Poetry Essay927 Words   |  4 Pages The Evolution of British Poetry nbsp;nbsp;nbsp;nbsp;nbsp;Throughout the literary history of the Renaissance, a gradual but dramatic change in the poetic style of the time becomes apparent. From one contribution to another, the rebellion between the poetic styles is evident. Early Elizabethan and Jacobean poetry demonstrates the love that mankind shares and the universal truths that the people of that time held so dear. On through the neoclassical and romantic eras, the style becomes centeredRead MoreHistory Of Ancient Poetry Ghosh ( 1 )995 Words   |  4 PagesHistory of the ancient poetry GHOSH (1) The period of time of concerning 500-100AD in British history was characterized by foreign invasions and internal struggles. This resulted within the admixture of many races, tongues and cultures. Once the Romans departed from British Isles in 407 AD fighting continuing between the Picts and therefore the Scots who had lost their common enemy. The fifth century additionally saw conquests and therefore the gradual occupationRead MoreThe Middle Ages1747 Words   |  7 PagesLuiz Gustavo Machado Mrs. Phillips British Literature 6 January 2016 The English Middle Ages The middle ages (1066-1485) is known as the Dark ages for representing cultural and economic deterioration following the decline of the exuberant Roman Empire. 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Marks: 100 Programme: MC;G Assignment Code: MEGO 1 llMA120 10- 1 1 Dear Student. In a conventional class your teacher would have discussed your assignment with you, pointed out what made a good essay and what a bad one. We have done exactly the same thing in Unit 52 of the Thereafter decide upon a topic, i.e. a period or literary group in the history of British Poetry. You may, if you wish, select a topic from the list given in 52.2.1 (p.70). AlternativelyRead MoreThe World During World War I1645 Words   |  7 PagesDublin, was an effort by the Irish to throw off the yoke of British rule and establish an independent Ireland† (Langbart 1). This movement and the war occurred simultaneously and lead to the British government to encounter more conflict within the country. Yeats’ poems reflected the struggle of the Irish and the treatment and persecution they suffered. 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Monopoly, Perfect Competition, Imperfect Competition Free Essays

string(115) " economic term you have encountered \(perhaps terms such as normal profits, economic profits, transfer earnings\)\." NATIONAL QUALIFICATIONS CURRICULUM SUPPORT Economics Microeconomics The Theories of the Firm [ADVANCED HIGHER] Acknowledgements This document is produced by Learning and Teaching Scotland as part of the National Qualifications support programme for Economics. First published 2002 Electronic version 2002  © Learning and Teaching Scotland 2002 This publication may be reproduced in whole or in part for educational purposes by educational establishments in Scotland provided that no profit accrues at any stage. ISBN 1 85955 929 8 contents Introduction1 Section 1:The theory of perfect competition3 Section 2:The theory of monopoly9 Section 3:The theory of monopolistic competition and oligopoly13 Section 4:Resource allocation/externalities19 Section 5:Suggested solutions23 INTRODUCTION There are basically two types of market situation: (a)Perfect competition – in this market, firms have no influence; they are price takers. We will write a custom essay sample on Monopoly, Perfect Competition, Imperfect Competition or any similar topic only for you Order Now (b)Imperfect competition – this market includes monopoly, oligopoly and monopolistic competition; firms are price makers and can influence the market place. Every firm must obey three rules in order to survive: To maximise profits, firms will produce at that output where MC=MR and at the same time MC must be rising. †¢A firm will continue to produce in the short run as long as it can cover its variable costs. †¢In the long run a firm must cover its total costs. SECTION 1 In order to build a model against which we can compare other market situations, certain characteristics have to be assumed: †¢There are a large number of buyers and sellers in the market. †¢Buyers and sellers have perfect knowledge of goods and prices in the market. †¢All firms produce a homogeneous product. Products are identical. †¢There is freedom of exit and entry to the industry. There is perfect mobility of the factors of production. In the real world it is almost impossibl e for all of these conditions to exist at the same time. Foreign exchange and agriculture are markets that have some of the above characteristics: currency is a homogeneous product and in agriculture there are a large number of farmers supplying the market without influencing the price. Can you identify other types of markets that are almost perfectly competitive? The demand curve No one firm can alter output enough to influence price. Therefore each firm faces a perfectly elastic demand curve. Each firm sells at a given market price and this price coincides with the firm’s AR and MR. The firm can sell as much as it wants at this price, however if it charged above this price, demand would fall to zero. [pic] The supply curve The short run supply curve of the firm in perfect competition will be that part of its marginal cost curve that lies above its average variable cost curve. MC is the lowest price at which a firm would sell an extra unit, and when we remember the second rule above that the firm must obey to maximise profit, we have correctly identified the firm’s short run supply curve. pic] The equilibrium of the firm The firm is in equilibrium when MR=MC. This is where profits are maximised or losses minimised. For the perfectly competitive firm the only decision to be made is how much to produce to maximise profits. Firms cannot influence price because their output is a very small part of market output. Equilibrium of the Firm – Perfect Competitio n [pic] Short run In the short run, firms earning supernormal profits will attract other firms into the market looking for higher than normal rewards. Remember that normal profit is just enough to keep the entrepreneur in business. Perfect Competition – Short Run [pic] Long run In the long run, as new firms enter the industry, established firms will expand their output to get more of the supernormal profits. Eventually, all firms earn normal profits as the supernormal profits are competed away. Long run equilibrium of the firm We saw how supernormal profits attracted new firms into the industry. After a time, the existence of subnormal profits would cause firms to leave the industry. Supply would fall and prices rise. Hence long run equilibrium is one of normal profits only. Perfect Competition – Long Run pic] Advantages of perfect competition †¢Because firms produce where MC=MR=Price, allocative efficiency is achieved. †¢Productive efficiency is also achieved because the firm produces at the lowest point of the AC curve. †¢Prices are lower because of increased competition. †¢Because of perfect knowledge firms must keep up to date and innovate or they will be forced to leave th e industry. †¢In the long run all firms will earn normal profits. †¢Cartels and other restrictive agreements cannot emerge to exploit consumers. †¢Perfect competition can be used as a model in economic analysis. Disadvantages of perfect competition †¢Firms have little time to benefit from inventions because they quickly enter the public domain. †¢Since firms make only normal profits they might not have the funds to undertake expensive research that often yields the most outstanding discoveries. †¢Firms might not benefit from economies of large-scale production. †¢In order to prevent abuse of the consumer, some industries are best run by the state as natural monopolies and so perfect competition would be inappropriate. †¢Perfect competition is a goal that cannot be reached in the real world. Student exercises/activities 1. To what extent does agriculture approximate to being a perfect market? (10 marks) 2. Study the diagram below and answer the following questions: [pic] (a)Why does the short run supply curve of the firm begin at S1? (2 marks) (b)At S2 the firm breaks even. Explain what this means. (2 marks) (c)At S2 the firm also earns normal profits. Explain why they are sometimes called the entrepreneur’s transfer earnings or the opportunity cost of capital. (2 marks) (d)Is normal profit the same for each entrepreneur? Justify your answer. (2 marks) (e)Economic profits and losses are signals to owners of factors of production. Explain why this statement holds true only in the short run in a perfectly competitive market. (4 marks) (f)If the long run supply curve of a perfectly competitive firm is a horizontal line, what assumption can we make about the firm’s costs? 3. Read through the notes on perfect competition and write down each new economic term you have encountered (perhaps terms such as normal profits, economic profits, transfer earnings). You read "Monopoly, Perfect Competition, Imperfect Competition" in category "Papers" Then make precise definitions of these terms from an economics dictionary or textbook. Section 2 A monopoly market structure is assumed to have the following characteristics: †¢In theory the monopolist is the only firm in the industry. However, under UK law any firm controlling more than a 25% share of the market is liable for investigation as a monopoly. †¢The monopolist is a price maker. †¢The monopolist is shielded from competition because barriers to entry prevent new firms from entering the market. Barriers to entry To exist, monopolies must have high barriers to entry. The main barriers are: government restrictions like a licence, permit or certificate to enter an industry †¢patents that make it illegal for others to use an inventor’s ideas for a number of years †¢ownership of factors of production that do not have close substitutes †¢difficulty in raising the necessary capital †¢economies of scale particularly in the case of a natural monopoly. Monopoly equilibrium The monopolist can stop new firms entering the industry through technical or statutory barriers. If the monopolist is making supernormal profits in the short run, they are likely to continue into the long run. Note that the monopolist will not always make supernormal profits, as they will depend on the relationship between consumer demand and production costs. Monopolistic Competition – Short Run [pic] Pay particular attention to the following points illustrated above: †¢There is no supply curve in monopoly. Supply and demand are dependent on one another. †¢There is no distinction between short run and long run because of the barriers to entry. †¢Profit maximising output is OQ where MC=MR. †¢The price charged in the market is OP and is determined by the demand curve. †¢Supernormal profits are shown by the rectangle PXYZ enclosed by AR and AC. Price is OP and cost is OZ. †¢MR falls at twice the rate of AR and becomes zero when total revenue is maximised. Advantages †¢An industry with a flat-bottomed average cost curve benefits from economies of scale. This type of industry requires a large amount of capital equipment. Examples include the car and chemical industries. Hence the public benefits if the LRAC remains constant as output expands because more cars or chemicals are produced at cheap prices. †¢If a monopolist invests in research and development the public can benefit from product development. Disadvantages Monopoly can lead to greater inequality in the distribution of income because the monopolist charges a price higher than MC. †¢Again because the monopolist charges above MC it is allocatively inefficient. Underproduction of the product occurs and not enough of the nation’s resources are allocated to its production. Price discrimination The monopolist can discriminate in two different way s: †¢It can discriminate between units sold to the same buyer as in the case of gas or electricity. †¢It can discriminate between different buyers, for example when it charges children and OAPs rates different to that for adults. The monopolist charges consumers different prices in separate markets and, because the costs of production are the same in each market, it is able to increase its profits. [pic] Profit is maximised where MR=MC. In Market A, the demand is less elastic compared to Market B that has a more elastic demand. When the monopolist splits the market and charges a different price in each, it will earn more profits than if it charged one uniform price to all. The monopolist can discriminate in a number of ways: †¢It can charge a different price at different times of the day (like a gas company) or at different times of the week (like a rail company). It can charge different rates to different income groups. Students, the unemployed and OAPs can often get into a football match or a race meeting at a reduced rate. †¢It can charge different prices in different parts of the country. The same house built by a national builder will cost more in the south-east of England than it will in the n orth-east of England. What enables a monopolist to discriminate effectively? †¢Different buyers in the market must have different elasticities of demand. †¢The market must be able to be sub-divided into separate divisions according to time, place or income. The monopolist must be able to keep markets separate without great difficulty. Points to note about monopoly: †¢A monopolist will only produce where the demand curve is elastic. MR has to be positive for MC and MR to be equal. †¢The only distinction between short run and long run is in the changes in cost structure of the industry. Barriers to entry prevent us from making the kind of distinctions we can make between short and long run equilibrium in perfect competition. †¢There is no supply curve in monopoly because there is no linear relationship between demand and supply. Student exercises/activities 1. Explain why, for the monopolist, price is always greater than MR. (2 marks) 2. What does the price elasticity of demand facing the monopolist depend upon? (3 marks) 3. Are monopolies always profitable? Justify your answer. (3 marks) 4. State the three conditions that must exist for a monopolist to be able to price discriminate. (3 marks) 5. Draw two diagrams, side by side, to show long run equilibrium under perfect competition and under monopoly equilibrium. Study the diagrams and answer the questions that follow: (a)Prove that the monopolist wastes resources. 2 marks) (b)State why the perfectly competitive firm is allocatively efficient. (2 marks) (c)Explain why the perfectly competitive firm is productively efficient. (d)Describe how profit is shown in the monopolist’s diagram and explain what kind of profit it is. (4 marks) (e)The perfectly competitive firm appears to be making no profit. Is this true? Explain your answer. (3 marks) (f)At wha t output do both maximise their profits? (1 mark) (g)Identify the supply curve for the perfectly competitive firm and explain why there is no supply curve for the monopolist. 4 marks) (h)Explain how government decides whether or not a monopoly should be allowed to continue. (2 marks) (i)Suggest an action government can take to regulate a monopoly and explain how it might be expected to work. (3 marks) 6. Make definitions of the new terms you have encountered. SECTION 3 Perfect competition and monopoly are two extreme theories of the firm. Remember that earlier we classified all theories other than perfect competition as imperfect. Hence monopoly, oligopoly and monopolistic competition can be described as imperfect competition. Some textbooks describe all theories that exist between the two extremes as imperfect. This classification is also accepted by examiners. What distinguishes oligopoly from monopolistic competition is the number of firms in the industry. An oligopoly has few sellers, whereas in monopolistic competition there are a large number of sellers. Monopolistic competition The theory of monopolistic competition assumes the following characteristics: †¢There is free entry and exit in the industry. †¢The industry is made up of a large number of buyers and sellers. †¢Firms produce differentiated goods. Each firm faces a downward-sloping demand curve because products are not homogeneous. †¢Firms maximise profits in the short run. †¢There is perfect knowledge in the market. Because firms produce slightly different products under different brand names, each firm has a certain amount of market power. Hence a price rise will not result in it losing all its customers. However, b ecause there are a large number of firms producing acceptable substitutes, market power is weak. The more differentiated the product, the greater the market power and so the less elastic the demand curve will be. Equilibrium for a monopolistically competitive firm Short RunLong Run Monopolistic Competition – Short RunMonopolistic Competition – Long Run [pic] In the short run monopolistic competitors earn supernormal profits and will attract new firms into the industry. As in perfect competition these profits will be competed away until in the long run all firms are earning normal profits. The rectangle PXYZ will gradually disappear as each firm’s share of demand falls and its demand curve moves to the left. In the long run the demand curve is a tangent to AC but, unlike perfect competition, it is at a point where AC is falling. How much supernormal profit a firm earns in the short run will depend on its ability to differentiate products by using brand names and advertising. Look how important to consumers designer labels and certain brand names are today! Note that in both diagrams price is greater than MC and so the firm is allocatively inefficient. Again the firm in each diagram does not produce at the lowest point on the AC curve making it productively inefficient. The firm has excess capacity. In the long run two rules hold: †¢AC=AR because freedom of entry ensures that a firm cannot earn supernormal profit; †¢MC=MR because the firm wants to maximise profit. Oligopoly Oligopoly is often described as competition among the few. A few interdependent suppliers control most industries in our country and so these industries are imperfectly competitive and oligopolistic. What causes an industry that started as competitive to develop in this way? The main reason is to take advantage of economies of scale and in industries like the car industry this has been made possible through technical progress. Barriers to entry and mergers have also played their part in the formation of oligopolies. Oligopoly is difficult to analyse because one firm’s behaviour can cause retaliation from another. Firms continually have to devise strategies to keep them ahead of their competitors. Oligopoly has the following assumed characteristics: †¢A small number of suppliers control most of the market. †¢Barriers to entry are likely to exist, although in some industries they can be low. †¢Firms are interdependent, unlike in perfect competition where firms ignore changes in the behaviour of their competitors. †¢Prices are controlled by the supplier not the consumer. †¢A kinked demand curve for the firm is likely to exist, although the demand curve for the industry is normal. The majority of oligopolistic markets tend to have: collusion in some form, although restrictive trade practices have been illegal since 1956; †¢non-price competition in the form of branding, advertising, free offers and after sales services; †¢price rigidity – prices often remain fairly constant despite changes in costs of production, unlike in perfect competition where prices continually fluctuate to monitor such changes; †¢average cost curves tend to be flat-bottomed allowing the firm to take advantage of economies of scale. Oligopoly: the kinked demand curve [pic] The kinked demand curve helps to explain price rigidity that tends to occur under oligopoly. The rival firms tend to agree a market price at X. Demand is elastic above this point and so any rise in price will cause a fall in revenue as consumers buy rival products. Below X demand is inelastic and a fall in price will cause a fall in revenue and a price war would break out. Hence firms will use non-price competition to maintain or increase their market share. Examples of this include free gifts or coupons when petrol is purchased. This model of oligopoly has its critics. It implies knowledge of MC and MR that firms just do not have. The model does not explain how price was determined or what happens when price is eventually changed. Other firms could react in a number of ways to a change in the price of a competitor’s product not just in the one way that this model assumes. However, it does help to explain why price rigidity occurs and why firms use non-price strategies to maintain market share. Collusion The kinked demand curve model assumes that competitors would react in a particular way. But they could, of course, react in other ways. This uncertainty is a characteristic of oligopoly and it arises because firms in the industry are interdependent. Interdependence means that the oligopolists are always unsure how competitors will react to any action they take. One firm’s actions have consequences for all. Consequently entrepreneurs try to reduce risks by colluding. Collusion takes place in a cartel – for example, OPEC can fix the price or quantity of oil to be offered for sale. Remember such actions are illegal in the UK. The purpose of the cartel is to earn supernormal profits. Price leadership Often in an oligopolistic market one firm will make the first move to change price, usually because costs have risen and profits are falling. Competitors may be in the same position and so are willing to accept the change. This price leader is often the largest firm in the industry and so smaller firms do not challenge its actions. This almost simultaneous change in price is called parallel pricing and of course it makes the kinked demand curve irrelevant. Student exercises/activities 1. Construct a table to compare the four market structures we have studied using the following headings: Market structure, Number of sellers, Restricted entry and exit, Long run supernormal profits and product differentiation. Place these headings horizontally and the four market structures vertically. 2. Suggest reasons why some firms tend towards oligopoly while others tend towards monopolistic competition. (4 marks) 3. Explain why some firms use different methods of non-price competition to increase their market share. (3 marks) 4. Profit maximisation always occurs where marginal revenue is equal to marginal cost. Why is this so? (2 marks) 5. Behaviour in three of the markets we have studied is predictable. Explain why this is so. (4 marks) 6. Using diagrams contrast price and output determination in perfect competition and monopolistic competition in both the short run and the long run. 7. Is price leadership a form of collusion? Discuss. (4 marks) 8. Make definitions of new economic terms. SECTION 4 We have seen how resources are allocated by prices determined by the forces of demand and supply in the market place. We have also seen that some market structures are more efficient than others when it comes to resource allocation. Allocative efficiency is present if the marginal cost of production equals price in all industries. If Price=MC in all industries in an economy, it would be impossible to make any one better off without making another worse off. This allocation of resources is said to be Pareto efficient. Again allocative efficiency exists when an economy uses its resources to produce the goods and services consumers want. Hence one of the main macroeconomic aims of government is to achieve the optimal allocation of resources and that is when resources are efficiently used in such a way as to maximise the welfare of consumers. We saw earlier that only the perfectly competitive market is both productively and allocatively efficient. No real economy is like this. Imperfections exist in all real economies and they prevent the efficient allocation of resources through the market mechanism. Instead an under-or over-allocation of resources to a certain economic activity takes place. Market failure results. There are four main types of market failure: 1. Externalities. They exist when the action of producers and consumers, other than through the normal workings of the price mechanism, affect not only themselves but also third parties. They can be negative like pollution and congestion. Each is a cost to society. Externalities can be positive, like the benefits society gains from better education and improved medical practice. Negative externalities result in over-production; positive externalities result in under-production. Sometimes prices and profits are not good indicators of the real cost to society of an economic activity and so externalities emerge. Hence alternative systems of allocation need to be considered to obtain a more desired allocation of resources. 2. Imperfect competition. In imperfect markets consumers are often at the mercy of oligopolies and monopolies. Governments and trade unions can also influence demand and supply in a market and this leads to inefficiency. It also leads to an unequal distribution of income and wealth. Imperfect markets fail to be efficient and equitable. 3. Market forces cannot provide public goods and often do not do a good job of providing certain merit goods. Again the market has failed to produce what every society needs. 4. Market economies tend to experience sudden business fluctuations. The UK went into recession in 1990–2. Japan has still not recovered from a current recession. Governments are trying to devise tighter monetary policies to avoid the worst extremes of trade cycles. Whenever market failure occurs there has been a re-allocation of resources to some less desired point on the Production Possibility Curve. Consequently government steps in to try to redress the balance. Monopoly and government intervention A government can control a monopoly by using price controls. Look at Figure 1. A price control lowers the price to the consumer from P1 to P2 and at the same time increases output from OQ1 to OQ2. Society now benefits from an improvement in allocative efficiency. Figure 1 [pic] A government can impose fines or regulations to correct externality situations. However, a major difficulty that immediately arises before this can be done is to calculate or estimate the value of externalities such as pollution and congestion. Look at Figure 2. If the polluter ignores the pollution then he will produce at Q2 where demand equals supply. However, if the government insists that certain regulations must be complied with, such as installing filters, the supply curve will move to the left because costs have risen. The quantity being produced will now contract to Q1. Consumers are now paying a price that reflects the spill-over cost and over-production has been corrected. There has been an improvement in resource allocation because the government has taken action against market failure. Figure 2 [pic] Markets can sometimes under-produce as in the case of medical or educational provision. Look at Figure 3. Without grants and subsidies Q1 places would be provided. With grants to students and subsidies to universities and colleges more places can be offered, and many students who have the necessary qualifications can now afford to take up a place. Q2 places are now available and society will eventually benefit from the increased number of educated people. Again government has taken action to correct market failure. Thus we have seen that externalities can be positive or negative and they accrue to a third party. We saw in the case of the chemical firm that negative externalities arose because the firm was concerned only with marginal private costs and ignored marginal social costs. Hence they could produce at a higher output and so create more pollution and possibly congestion. Market failure occurred and the government intervened to force the firm to address the social cost it caused. In our example the government legally restricted the activity. It could have forced the firm to internalise the spillover or it could have taken over the firm. Again firms consider only marginal private benefit, the benefit that the firm receives. They ignore the spillover benefit that society gains from consuming this good or service, the marginal social benefit. It gave grants and subsidies. It could have given tax incentives or even taken over the service and provided it free. Consequently government steps in to increase this under-production and remove the welfare loss that results from free market equilibrium. See Figure 3. Figure 3 [pic] Student exercises/activities 1. Explain how the actions of large corporations and trade unions can influence demand and lead to non-optimal allocation of resources. (3 marks) 2. Examine the case for providing a) public goods, and b) merit goods free to the consumer. (6 marks) 3. Why might some economists argue against providing products free to the consumer? (3 marks) 4. Why does free market equilibrium not always represent the true cost of production? (3  marks) 5. At what point is the optimum level of production of a public good reached? (2 marks) 6. Make definitions of new economic terms. SECTION 5 Guideline answers (Perfect competition) 1. There are four basic assumptions underpinning the theory of perfect competition. Do they hold for the agriculture industry? In the UK there are a large number of farmers supplying the market. No farm is large enough to influence price, so this characteristic holds. Farms are relatively easy to buy, especially today because of falling profit margins. Hence exit and entry in the industry are unrestricted. Knowledge of prices and market conditions are good because of constant updating by the farming press using modern technology. Hence knowledge is as perfect as it can be. Products are fairly homogeneous. Bramley apples from one orchard are almost identical to Bramley apples from another, although you could argue that quality/grade of products does vary. Hence there is a fairly strong case to support the statement. 2. (a)Because only above S1 is revenue greater than AVC and only then will the firm be able to make some contribution to fixed costs. (b)At this price the firm makes zero short run economic profit. At this point MR=MC=ATC. The break-even price is the one that yields zero short run profit or loss. c)The opportunity cost of keeping capital in the firm is moving it to the next best earning alternative. Normal profits are just enough to make it worthwhile to keep the capital in the firm. Consequently it is the amount an entrepreneur would earn in an alternative occupation and so is transfer earnings. (d)No. The amount necessary to keep capital in a firm in one area is not the amount necessary to keep c apital in a similar industry in another area. Costs could be different. (e)Economic profits or losses are signals to owners of capital elsewhere in the economy that they too should enter the industry. If some firms are making losses, this is a signal to entrepreneurs to stay out of the industry. It also signals to existing firms to be cautious about re-investing. However, in the long run in a perfectly competitive market only normal profits can be earned and so no such signals are given. (f)They must be constant. Guideline answers (Monopoly) 1. Profit maximisation takes place where MC=MR but not where they intersect. The price is fixed on the demand curve and so price must be greater than MR. 2. It depends on the number and closeness of the substitutes. The more numerous and closer the substitutes, the greater the price elasticity of demand and vice versa. 3. No. In the UK, the former British Rail turned in poor figures for many years. If the ATC curve is everywhere above the demand curve, losses will result and so it will not be profitable to produce. 4. Firms must have some market power – it is a price maker. Firms must keep markets separate. The buyers in each market must have different elasticities of demand. 5. (a)The monopolist does not need to minimise costs to stay in business. Consequently it is productively inefficient and so wastes resources. b)It produces at a point where Price=MC. (c)A perfectly competitive firm produces at the lowest point of the AC curve and so is efficient. (d)Profit is shown by the rectangle sitting above the AC curve bounded by price and output. It is supernormal or economic profit. (e)No. It makes normal profit that is included in ATC. (f)Where MC=MR. (g)In the short run the supply curve of the firm is the MC curve above the point where Price=AVC. In monopoly there is no supply curve that is independent of demand. (h)The Monopolies and Mergers Commission investigates potential monopoly situations. It could force a monopoly to disband if they considered it to be against the public interest. The criterion is rather vague. (i)It could control prices or force it to work under a licence. Controlled prices would curb monopoly power of fixing too high a price and a limited quantity of production that would both exploit consumers. Again the government would not renew the licence unless the monopoly had performed within the given controls. Guideline answers (Imperfect competition) 1. Construct table from textbook. 2. It depends on the number of firms in the industry and on the strength of market power. 3. A price war can be very damaging for firms in an oligopolistic market. Instead they tend to restrict competition rather than attempt to drive main competitors out of the industry by reducing price. Advertising and branding is used to restrict competition. 4. At that output there is the greatest difference between total revenue and total cost and so profit is maximised. 5. Markets of perfect competition, monopoly and monopolistic competition are predictable because in them firms act independently. However, this is not so in an oligopolistic market. Firms are independent – one firm’s actions affect competitors. This leads to uncertainty. 6. Draw diagram, then list main differences: Perfect competitionMonopolistic competition Short runShort run Supernormal profits and lossesSupernormal profits and losses Demand curve slopingDemand curve horizontal Long runLong run Normal profitsNormal profits Produces at the lowest point Does not produce at the lowest of the AC curvepoint of the AC curve Price=MCPrice does not equal MC 7. Price leadership occurs often in an oligopolistic market. It could appear to be collusive because, after a dominant firm raises price, others soon follow. However it is not planned. The dominant firm is acting as a barometer for the rest of the industry that is experiencing the same pressures that caused the leader to alter price in the first place. The firms have not colluded. Guideline answers (Resource allocation) 1. Large corporations can manipulate by spending large sums on advertising and that allows them to sell what they produce rather than what consumers want to buy. Strong trade unions, through industrial action and lobbying, can often get restrictions on imports and subsidies for industries such as coal mining and agriculture. Demand is influenced and so resources are not allocated in the best way. 2. Public goods like defence and law and order are demanded collectively and not individually because they are non-excludable. Hence most people think that they should be paid for out of public taxation and be free to the consumer. However, merit goods like health and education are private goods that can be bought and sold in the market place. They are usually under-consumed when externalities are taken into account and so the argument is that the government should intervene because of the external benefits more consumption would bring to society. Hence the case for providing merit goods is not as strong as the case for providing public goods. . They would argue that it would lead to the misallocation of resources. If the good were free to consumers, they would consume up to the point where marginal utility is zero. Here the marginal cost of producing the last unit will be high and inefficiency will result. Consequently goods should not be provided free at the point of consumption. 4. B ecause social costs and social benefits must be added to private costs to represent true cost. 5. It occurs at the point where there is the greatest excess of total social benefit over total social cost, or where marginal social benefit is equal to marginal social cost. How to cite Monopoly, Perfect Competition, Imperfect Competition, Papers

Ethics In Advertising And Consumer Psychology

Question: Discuss about the Ethics In Advertising And Consumer Psychology. Answer: Literature Review It is the scholar paper which includes the current knowledge about the topic and also the contributions of different authors. This includes the data from secondary sources. Literature Review Scope The scope of this literature review is wide as it considers the works of different authors and is a part of the complete research. The research is done on Ethics in advertising and consumer psychology which is a wide topic and need to be covered properly. The basic idea of the research revolves around the role of ethics in advertising and consumer psychology. There are various views on the ethics in advertising and Consumer psychology which clears up the idea on the topic. Different authors have different opinion and viewpoints on Ethics in advertising and consumer psychology. Literature Review Objectives This literature review analyses the relationship between the ethics in advertising and consumer psychology. The main objective is to compare and contrast the contributions given by different authors on the topic. It will help the marketers and advertisers in designing their advertisements by considering ethics. Literature Review comparative analysis: Advertising Advertising is known as the non-personal paid form of communication which connects the consumer with the advertiser. The significance of advertising is increasing considerably in the modern society. It has great influence on the society and communities and shape their attitudes and behaviours. Advertising can be simple or can be complex. It can be commercial, political or in social form. So, advertising has to be real which do not distort the actual message of the communication. It has powerful impact on the society which creates a need of advertisements to be ethical. Ethics, on the other hand, are the principles which guide an individual to make a comparison and difference between rights or wrong (Schlegelmilch berseder, 2010). Consumer Behaviour According to Adhikary (2014), consumer behaviour is how the consumers take decisions to spend their resources wisely to make consumption. The consumers pass through five different stages before making any decision to make a final purchase. These stages include Need recognition, Information search, alternative evaluation, purchase decision and post purchase evaluation. Advertising plays a major role in influencing the individuals in making a final decision of purchase. Advertising basically influences the decision making processes of the consumers. The author reflects on the idea that it is the duty of the advertisers to communicate real information about the product or service so that it influences the consumer behaviour in the ethical way. Advertising, consumer psychology and Role of Ethics In the words of Gilaninia, Taleghani and Karimi (2013), Information and communication technologies have placed itself as a strong player in the world of advertising. It aims at connecting with the wide audience and tries various ways to attract the mass population. Various research studies shows that peoples attitudes and beliefs are used to evaluate the benefits of internet advertising. The consumers make their decisions after the proper analysis and this is how internet advertising works. Maintaining ethics in internet advertising is equally important because the brands often claim falsely on internet which is easily believed by the customers. Also, there are lot of issues on the internet like directing the user to the fake site or misleading them with the pop ups which is unethical. According to Fatima Lodhi (2015), advertisements and buying behaviour are connected. When advertisements create awareness and frame perception of the customers for the products or services, it influen cesthe buying behaviour of the customers. The consumers are motivated through advertisements which stimulate the sales of the product or services of the company. In the views of Suguna (2014), Unethical advertising or ethical advertising, more or less depends on the views or perceptions of the customers. The research conducted by the author and the data collected stated that ethics are needed in the society. These are the principles which bring favourable changes in the society. The study is reliable and valid as the data collected showed that negative, unethical or fake advertising dissatisfies the customers and the brand may lose the customers in the longer term. It is also dependent on the individual perception or group perceptions where the particular advertisement is ethical or unethical. As per Martin (2010), there are some ethical considerations which impact the buying behaviour of the consumers. As per the research conducted, over 60 per cent of people said that they consider ethics while purchasing clothes while 80% of them consider ethics while purchasing groceries. Window dressing the real facts can lead to the damage to the reputa tion of the company and can also lose its customers. In the views of Vlasceanu (2013), there are series of aspects which determine the advertisement and consumers psychology and influence the decision behaviour of the consumers. Consumers psychology is the study of the behaviour of consumers in relation to psychological, physiological and decisional perspectives. The advertise psychology suggests that the advertisement has a purpose, a message to convey and the success of the sales of the organisation depends on how well the advertisement elaborates its characteristics and features. The advertisements focus on triggering the emotions of the consumers so that the urge of buying the product or service arises. In order to get publicity the advertisements uses the content sometimes which is not acceptable by the society. In the views of author, the advertisements need to be made by keeping in mind the values and ethics which are acceptable by the society. The advertisements with erotic content and sexual appeal get more views and responses but have negative effects on society. These negative effects can be premature sexual behaviours, controversies and wrong effect on children. Some of the authors are of the view that the sexual advertisements are created for attracting more publicity but lacks in ethical and cultural behaviour. These types of advertisements are offensive. The advertisements are ethical when they fulfil their basic criteria that is informing the potential customers about the product or service and shaping the attitude of the customer towards the brand. But involving the offensive contents just to increase the attractiveness towards the advertisement is purely unethical (Nooh, 2012). In the views of Rodrigo (2012), it is believed that the consumer behaviour is influenced by different types of promotional techniques. Advertisements determine whether the customers will accept the product or reject it. The marketers uses different types of techniques through advertising which helps in them in grasping the maximum share of market. But the main issue is that how ethical these advertisements are and what effect they have on the psychology of consumers. The author focuses on how the company uses every possible technique to increase their sales through advertisements. These tactics may also include unethical ways which have negative effects on the society. It is seen in the research that some advertisements have emotional and negative attitudinal reaction by the untargeted customers and therefore the drop in the sales was seen. It is very important for the business organisations and advertisers to understand that what impact their advertisements can make on the customers . The impact can be positive or negative which is to be kept in mind for successful future business. The study shows that every customer has different perception towards every advertisement. The companies should try to fulfil the expectations of the potential customers ensuring that these customers have ethical perception towards the advertisements which do not let the sales of the company drop. Rodrigo (2012) explained that ethics of advertising is something which ensures that no harm would be produced to the society and consumers. There are many researches carried out which showcases the relationship between the ethics in advertisements and in the consumer psychology. On the other hand, Rosenthal (2014), in his article believes that many of the successful marketers use psychology so that they can appeal the consumers well. They use psychology so that they can make a place in the hearts and minds of the consumers. These marketers use legal, ethical and genuine content to engage customers and to compel them to make purchase of their products or services. The marketers use psychology to gain competitive advantage in the market and to feel closer to the customers. Many studies have shown that the marketers use emotions and psychological appeal to get engaged with the customers. They involve emotions and also sometime highlight the flaws so that the customer could connect to them because of their genuineness. The marketers focus on trying to make people important and work on their exclusive features. This is how the marketers take care about the psychology of the consumers and try to avoid the concepts which are unethical. In the views of Anastasia (2015), Business ethics is one of the most complex subjects and this is very tough to decide that what the ethical way to sell things is. The ethical consideration is an issue because the marketers do not consider what is right or wrong for the society. It is often realised that if the companies will focus on being more ethical in their advertising practices, it will give its positive effects on each and every area of the business. Ethical advertising is when the companies or marketers promote their products or services honestly and with fairness. It is very tough to decide what is ethical and what is not because it is a subjective judgement todecide about right or wrong. Ethical marketing have some principles which are the general guidelines to maintain ethics in the activities of the organisations. These principles include maintaining truth and honesty, maintaining personal ethics as well, transparency is maintained, the government rules and regulations ar e complied with and the customers privacy is not compromised (Anastasia, 2015). For maintaining strong relationships with the customers for the long term, the companies should focus on being ethical while designing the advertisements otherwise it will lead to failure. Ethical marketing directly appeals customers and have impact on the customers psychology. The customers feel valued and entire thing works positively for the company (Smart, Barman Gunasekera, 2010). Unethical advertising can be the one which is against laws, making false claims about the quality and features of the product or service, puffing up on products, unverified claims, exploiting children or women and making false comparisons with other brands. In support to the above views and thoughts, Sidhu, et al. (2015) believes that ethics in advertising plays a pivotal role in the success of the advertisement. Advertisement is like a vehicle which drives the psychological forces of a consumer to buy the particular product or service. But at times, the advertisements go beyond the fair line of true information and involve unethical practices with a view to attract most of the customers. Especially young population of the society are influenced by these unethical means. But for the culture and values of the society, the advertisements should be designed keeping in mind the ethical values. The companies have to follow some regulations and laws made by the countrys government for maintaining ethics in the advertisements ad to avoid any misleading activities. There are codes and guidelines given by Advertising Codes and Regulations (ACCC) which is to be followed by the advertisers (Australian Government, 2016). In the views of Singal Kamra (2012), the scope of advertising is huge and provides competitive advantage to the brands but looking at a global perspective, there are some regulatory requirements which look into the subject matter of advertisement and the meaning. For e.g. In Europe, the sponsorship for the children programs is not allowed under the age of twelve. It also clears that 5 minutes before and after children program cannot be aired on television. In UK, no advertisement of tobacco can be aired in television or placed at billboards. This shows that the advertisementregulatory look for the clear and faithful advertisements and does not allow any advertisement which is manipulating, misguiding and have misleading information. If advertisements affect the buying behaviour of the consumers by using incorrect means and methods, it is unethical. Ethics helps in proper guidance of the customers and also maintains trust and faith between the advertiser and the consumer. Quality and currency of the Literature source: Quality of paper The Quality of the literature sources is good and all the sources are relevant and genuinely referred. Most of the resources are the journal articles and online articles by the authors which provide accurate information on the topic. The document from Austrian governments website is also referred for considering the legal obligations. All the matter is valid and researched properly. The sources are referenced properly which shows that they are credible. Currency of paper All the sources which are considered in the literature review are published in or after the year 2010. The sources are latest and not out of date for the research on the topic. The latest articles are given more preference than the ones which are older. The sources considered present a clear and direct knowledge on the topic Ethics in advertising and consumer psychology. It is always best to use current sources for literature to increase the credibility of the literature. Validity and Reliability The information provided from the literature sources is reliable and valid. All the sources are genuine and are read carefully to answer the research question. The purpose of the information was to answer the research question which has been done effectively. Different articles are been considered in order to compare and contrast the views of different authors and that is why different articles are been referred so that the views of these authors can be compared. These contents are not firsthand but they all are original and verified. All the references are cited in the literature so that credibility can be maintained. Research gap contribution Research gap can be referred to the non answered research question. This is what helps in publishing the research. The contribution made in the research is through the study of different articles and analysing them for reach8ing the conclusion for the research. The research gaps are that what role ethics play in advertising and how it is related to the consumer psychology. The gap is between the understanding of the link between the advertising ethics and consumer psychology and how it can make business more effective. Conclusion of Literature Review It can be concluded that different authors have different views on the ethics in advertising and consumer psychology but collaboratively, all the authors agree on the maintenance of ethics in advertisements for restoration of the values and culture of the nation and to make their important place in the life of the consumers. Being genuine and honest will create goodwill for the advertiser in the market and people could feel connected with these brands. Unethical advertisements could provide short term benefits of attracting more number of customers and high sales but it is not suitable for longer term. In longer term, people avoid the false advertisers and unethical content. So, this shows that ethics plays a pivotal role in the advertisements and in making impact on the psychology of the customers. References Adhikary, A 2014, Advertising: A Fusion Process between Consumer and Product, Procedia Economics and Finance 11 ( 2014 ) 230 238. Anastasia, 2015, Social Responsibility Ethics in Marketing, Cleverism. Australian Government, 2016, Legal obligations of Marketing. Retrieved from https://www.business.gov.au/info/plan-and-start/develop-your-business-plans/marketing/legal-obligations-of-marketing. Drumwright, M E, 2012, Ethics and advertising theory, Advertising Theory, pp.463-479. Fatima, S Lodhi, S 2015, Impact of Advertisement on Buying Behaviours of the consumers: Study of Cosmetic Industry in Karachi City, International Journal of Management Sciences and Business Research, Vol-4, Issue 10. Gilaninia, S, Taleghani, M and Karimi, H 2013, Internet Advertising and Consumer Behavior in the Purchase of Products, Journal of Research and Development, Vol. 1, No.1. Martin, P 2010, Consumer attitudes and perceptions on sustainability, The Guardian. Nooh, M N 2012, Advertising ethics: A review,The Journal of Commerce,4(3), p.33. Rodrigo, 2012, Buying behavior, TV advertisements, ethical and unethical., the Write Pass Journal. Rosenthal, R 2014, 5 Psychological Tactics Marketers Use To Influence Consumer Behavior, Fast Company. Schlegelmilch, B B and berseder, M, 2010, Half a century of marketing ethics: Shifting perspectives and emerging trends, Journal of Business Ethics,93(1), pp.1-19. Sidhu, L S, Sharma, J, Shiny Shivani, 2015, Ethics in Advertising An Indian Perspective, International Advanced Research Journal in Science, Engineering and Technology, Vol. 2, Issue 5. Singal, R Kamra, G 2012, Ethical Issues in Advertising, International Journal of Engineering, Science and Metallurgy. Smart, V, Barman, T Gunasekera, N 2010, Incorporating ethics into strategy: developing sustainable business models, Chartered Institute of Management Accountants. Suguna, T 2014, Customers perceptions on Unethical Advertising- A study on Reliability and Validity, International Journal of Economic and Business Review, Vol-4, Issue 10. Vlasceanu, S 2013, Psychology of the consumers and the advertise in terms of factors that leads to consumers decision making, Romanian Journal of Experimental applied psychology. Vol. 4, Issue 1.