Ib Economics Commentary 1 - Microeconomics Essay Example for Free

Ib Economics Commentary 1 Microeconomics Essay Rebecca Bundhun, (October 19, 2012) Cost of summer getaways hit as air ticket prices rise, The National, http://www.thenational.ae/thenationalconversation/industry-insights/tourism/cost-of-summer-getaways-hit-as-air-ticket-prices-rise The cost of an airline ticket can fluctuate tremendously based on a number of factors. The goal of airlines is to maximize their capacity by having the greatest number of passengers on all trips. This may however be difficult, as airlines pricing is not only dictated by their own operating costs and profit margins required but they have to consider complementary items that could have an effect on supply and demand for their product. By definition, demand theory explains the inverse relationship between quantity and price. This law explains that if the quantity available of a product or service wanted by the public is low, the price for that product or service will be high. As demand for a product or service increases, the price will increase. This law is critical as we are able to predict prices based on the demand of a product. In the case of airlines, they are able to predict that prices for their services will go up during the high travel months. People are willing to pay more for travel during the summer months, as they know that supply is limited and their available time is defined by their vacation schedules. If we were to graph this scenario, we would find that price and quantity relationship creates a maximum efficiency point called equilibrium point. The equilibrium point tells us the best combination of price and quantity. With the graph below, we can illustrate that some travelers will be forced to cancel their travel plans due to high ticket costs, just as we can identify travelers that will have to fly no matter what the cost of the fare is. However what economists tend to focus on is trying to find an equilibrium point between price and quantity. As we know, airlines provide a service to clients by connecting passengers to desired destinations worldwide. Although prices tend to be set by supply and demand, they are also exposed to externalities. An externality occurs when the actions of consumers or producers give rise to positive or negative side effects on other people, who are not part of these actions and whose interests are not taken into consideration. A perfect example of a negative externality is the rise of jet fuel. As a barrel of oil rises, the price of jet fuel also rises and consequently the price of an airline ticket also rises. Externalities can create a positive or negative demand or effect on a product or service. Price elasticity of demand is a term that helps us understand the measure of the responsiveness of the quantity demanded to changes in price. In general, if there is a large responsiveness of the quantity demanded, the demand is referred to as being elastic, if there is a small responsiveness, demand is inelastic. Airlines take advantage of the existence of inelasticity. Mr. D’Souza states in the article, â€Å"People are still flying. People traditionally plan these breaks, and regardless of the price, they fly. The demand is very, very high.† On the contrary, airlines understand price elasticity and use this well. They know that fare prices can be considered both elastic and inelastic based on the circumstance the traveler finds themselves in. Airlines study their client base, their competitors, and use patterns to predict the behavior of clients based on the condition. They know the probabilities of travelers changing to an alternative airline if their price rises, if they modify their routes, but most of all, they use price elasticity to predict the success of promotions offered by themselves or any other competitor. Airlines want to lure business by creating special values and convince unplanned tourists to take the trip. Say an average ticket price from Dallas to Las Vegas is $550.00; airlines will create a promotional price and may offer the same route for $199.00. Since the price is so low, people will often forget that they are taking an unplanned trip and will justify the trip by thinking about the cost savings realized and not of the unplanned expense. The demand curve below shows how changes in price lead to changes in the quantity demanded. Although airline tickets are considered elastic and inelastic, most economists consider it elastic unless travel is done for business use. Domestic airline travel can be substituted by bus transportation, automobile, train etc. Airline travel is elastic especially as the person’s income increases so their opportunity for travel increases and they will be more likely to afford the variation in cost.

Macbeth Relationship Analysis Essay -- essays research papers

MACBETH RELATIONSHIP ANALYSIS I found the relationship between Macbeth and Lady Macbeth very interesting in the play. In Act I they are completely devoted to each other. Love, respect and trust are the contents of their relationship. The trust in the relationship is revealed right at the beginning when Macbeth sends his wife a letter telling her about the witches and the predictions “This have I thought good to deliver to thee, my dearest partner of greatness, that thee mightst not lose the dues of rejoicing by being ignorant of what greatness is promised thee.'; (I, v, 10-13). The affection between the two is clearly shown when Macbeth salutes his wife with “My dearest love'; (I, v, 58) and also on the letter where he says “…my dearest partner of greatness…'; (I, v, 11). The respect comes when Macbeth listens to his wife, which talks about the murder. He respects her opinion and gives her a polite answer “We will speak further.'; (I, v, 71). In Act I, ii we see that King Duncan considers Macbeth a brave soldier and good man “O valiant cousin, worthy gentleman!'; (King Duncan, I, ii, 24). This can be considered a weakness or, perhaps, strength in the relationship, it depends on the point of view. It is a weakness if we analyze Macbeth’s side. He is “…too full o’ the milk of human kindness…that wouldst thou holily; wouldst not play false…'; (I, v, 16 & 21). It is strength if we analyze Lady Macbeth’s side. She has a very strong nature and knows Macbeth’s weak points, therefore manipulating and controlling the relationship. She uses of a great argument in Act I, vii accusing Macbeth for not having the courage to do what he wants “Wouldst thou have that which steem’ st the ornament of life, and live a coward in thine own steem, letting “I dare not'; wait upon “I would';, like the poor cat i’ th’ adage?'; (I, vii, 43-46). Her feelings are so strong that Macbeth gives in completely. She is very ambitious, not only for herself but also for Macbeth “Glamis thou art, and Cawdor, and shalt be what thou art promised.'; (I, v, 15-16). She has such a determination to get for Macbeth what he wants “Only look up clear. To alter favor ev... ...V, v, 17-18). Macbeth fights and dies bravely, for it was his nemesis have his head shopped off by a man not born of woman “Behold where stands th’ usurper’s cursed head. The time is free';(Macduff, V, viii, 54-55). Their characteristics showed how they completed each other, so the relationship was stable. For Macbeth was weak and needed a woman with great determination and strength, such as Lady Macbeth, to support him and make him goes forward on his plans. We also can see how the relationship fell apart according to the sequence of events, which lead them to “switch positions';, he became strong and she became weak, and how they died for the bad they’ve done. “What’s more to do which would be planted newly with the time, as calling home our exiled friends abroad that fled the snares of watchful tyranny, producing forth the cruel ministers of this dead butcher and his fiendlike queen—who, as ‘tis thought, by self and violent hands took off her life—this, and what needful else that calls upon us, by the grace of Grace we will perform in measure, time and place.'; (Malcolm, 65-74)

Environmental Pollution Essay

1. Effects on Climate Land pollution can affect the general environment of the Earth. Land pollutions leads to loss in the forest cover of Earth. This is in turn going to affect the amount of rain. Less rains mean lesser vegetation. The effect of all different kinds of pollution will eventually lead to problems like acid rains, greenhouse effect, global warming. All of these problems have already initiated and need to be curbed before the situation runs out of control. 2. Extinction of Species One of the major causes of concern is the extinction of species. Species are pushed towards endangerment and extinction primarily by two processes. Habitat fragmentation is the fragmentation of the natural habitat of an organism; cause primarily by urban sprawl. Habitat destruction, on the other hand, is when land clearing adversely affects animals special such that their natural habitat is lost. Both the actions can cause some species to go extinct and others to become invasive. 3. Biomagnification Biomagnification is the process in which certain non-biodegradable substances go on accumulating in the food-chain (in one or more species). The most common example is of methylmercury in fish and mercury in eagles. Not only does biomagnification put the particular species at risk, it puts all the species above and below it at risk, and ultimately affects the food pyramid. 4. Effects on Biodiversity Species extinction and biomagnification is going to overthrow the balance of nature very significantly. The main reason for this is disturbance created in the food chain. To give you a very simple example – on account of biomagnification of mercury in eagles, they might go extinct in the subsequent years. However, we know eagles prey on snakes. Less (or no) eagles will then result in more number of snakes! As you may have realized, land pollution is indeed going to affect a lot more things than we though it will. Hence, I leave you with some corrective measure you can take on a personal level to reduce land pollution. Encourage organic farming – buy organic food. Proper garbage disposal – separate your garbage before you give it to the garbage collector; and strictly say NO to plastic. Encourage recycling – buy recycled products, notebooks, paper, etc. Restrict use of herbicides and pesticides – they are not only used in farm, but in your own backyard as well. If we reduce our contribution to garbage and litter, therein itself we will be able to significantly reduce land pollution and probably curb it entirely in the near future. Also do realize this isn’t only about land pollution; it is about all kinds of pollution. We need to take steps to prevent damaging our Earth. We have no other place to go. Read more at Buzzle: http://www.buzzle.com/articles/causes-and-effects-of-land-pollution.html

Pursuing A Master s Student Affairs - 1412 Words

As a student affairs graduate student, I would like to consider my decisions to pursue my degree. I decided to pursue a master’s in student affairs because of my involvement as an undergraduate student. While in undergraduate, I was involved with Alpha Phi Alpha Fraternity, Campus Activities Board Directors, Student Support Services, Student Government Association, Residential Housing, and the Department of Student Developments. Pursuing a Master’s degree has always been an interest of mines, but I never knew what degree to pursue. While working as a student worker for the department of student activities, I gained a love for the college campus environment. This love led to my decision to pursue a master’s in student affairs. Reflecting on the material learning in this course, I would like to think the Chickering’s Seven Vectors and Schlossberg’s Transition Theory has helped me gain more self-awareness about my development and identity. 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