Economics Assignment Example | Topics and Well Written Essays - 500 words - 4

Economics - Assignment Example The policy will become costly because the government will be forced to implement the same policy of buying up the surplus of wheat to prevent price from falling. Moreover, the policy 2 is costly than the policy 1 when the government faces a problem in dealing with the excess wheat it bought. The policy is costly because if government opts to purchase the wheat, but it sells it to developing countries at a rock bottom prices. The government can also sell the surplus to farmers by feeding animals or offering it at a reduced price prices to those in need of it, in other countries. However, the policy of paying the farmers the supply price is costly than that of buying the surplus because the price paid to farmers in inevitably higher than the price received from the sale of surplus. 1f) both Policies will produce equal net economic benefit because the cost associated with both policies affect the society directly, and are subtracted from the producer and consumer surplus. From the graph, the net economic benefit is shown by the triangle Q1P1QE. a) In the real world environments, firms are not identical because technology changes continually and diverse firms have different histories. The change in technology will cause the firm to reduce the cost of production, and in turn causes downshift of in each firm’s marginal cost curve. Meanwhile, the short run supply curve that is the total of the firm’s marginal cost curves will shifts downwards. According to Lipsey and Chrystal (2007, 146), the firm’s produces economic profits and output at which price equals marginal cost. In the perfect competition, the marginal cost curve is greater and stiffer than average cost curve. Meanwhile, there will be no new entrants attracted to the industry because the average cost minimizing output is greater. In the short run, the entry of new firms shifts the supply curve to the right. Each firm old and new will cover its total cost by producing at a

Example and illustration Essay Example | Topics and Well Written Essays - 500 words

Example and illustration - Essay Example â€Å"Korean families will always leave their shoes off inside the home. Slippers are often given in exchange for your shoes at the door. This is even true in the case of more traditional workplaces. So, be sure you are wearing clean socks when you go for a visit† (Facts about Korea) Koreans give more respect to their home and workplace compared to other cultures. Another peculiar aspect of Korean social life is the respect derived by the elders. Korean culture is strongly associated with Confucianism and as per Confucianist traditions; elders must be given proper respect by the younger ones. Seniority is determined by age, position in the family, job position, being a teacher, etc. Elders can speak anything to the young people whereas the young people always keep respect while talking to the elder people. It is a common thing in Korea that, when two strangers meet together they will ask the age of the other in order to take precautions in their communication. While drinking or smoking the younger one often try to do it in the company of others of lesser age. Even the direct eye contacts will be avoided by while communicating with elders by the younger ones. Direct eye contacts consider as the symbol of authority and the younger people never look into the eyes of the elder ones in order to mark their respect. Moreover the younger ones always accept complements, gifts or anything from elder ones with both hands (Korean Customs – Respect) The third speciality in Korean culture is the way in which the Koreans start their talk. As per the western culture, people often ask â€Å"How are you?† when they start their conversation with another one. In Korea, the conversation starts with an enquiry about whether the other person who was in touch has taken food or not. In some other cases, the conversation may start from an enquiry like â€Å"where are you going?† Koreans are very much keen in providing food to the others. To conclude, Koreans exhibit