Essay on Economics - 730 Words

Ep = - 0.36, P = 4 -0.36 = 4/(4-a) -0.36 (4-a) = 4 0.36a = 5.4 a = 5.4/0.36 = 15 Consider the following production functions: ? Y = 10K1/2L1/2 ? Y = 2K + 3L a. Fixing labor employment (L) at 16 units, what is the marginal product of capital when capital employment is 25, 35, and 45 for each production function? Do these production functions exhibit diminishing returns to capital employment? Explain. b. Are labor and capital complements under these production functions? Explain. c. Do these production functions have the property of constant returns to scale? Explain. d. Is either production function a â€Å"Cobb-Douglas† function? Explain. ï‚ · n economics, the Cobb–Douglas functional form of production functions is widely used to represent†¦show more content†¦There is now doubt over whether constancy over time exists. History Paul Douglas explained that his first formulation of the Cobb–Douglas production function was developed in 1927; when seeking a functional form to relate estimates he had calculated for workers and capital, he spoke with mathematician and colleague Charles Cobb, who suggested a function of the form Y = bL^kC^{1-k}, previously used by Knut Wicksell. Estimating this using least squares, he obtained a result for the marginal productivity of capital k to 0.75—which was subsequently confirmed by the National Bureau of Economic Research to be 0.741. Later work in the 1940s prompted them to allow for the exponents on C and L to vary, resulting in estimates that subsequently proved to be very close to improved measure of productivity developed at that time.[1] A major criticism at the time was that estimates of the production function, although seemingly accurate, were based on such sparse data that it was hard to give them much credibility. Douglas remarked I must admit I was discouraged by this criticism and thought of giving up the effort, but there was something which told me I should hold on.[1] The breakthrough came in using US census data, which was cross-sectional andShow MoreRelatedEconomics And Economics On Economics Essay1142 Words   |  5 PagesWhen we talk about economics we must first defined the word. Economics is a social science that studies human behavior and how to allocate our limited (scares) resources, efficiently and effectively to meet our unlimited human wants. Now as we dive deeper in to the field of economics we realized that there are two separate categories that the study of economics breaks off into. The first is macroeconomics, macroeconomics is the study of the whole picture when it comes to economics. 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A Note On Sound Money Amendment - 993 Words

Name: Speikes, Foster D. Date: 2/10/2016 Class: Robert Yowell Sound Money Amendment For as long as money has existed, governments have sought to control its supply for their own benefit. The ancient Romans, for instance, regularly debased their coins so that, by the end of the 3rd century AD, the actual content of silver had declined to less than 5% purity. The debasement of and inflation of the money supply has historically been a tool of governments to expand their power. In conventional economics, which this paper will assume as a positive background in defending the feasibility of a sound money amendment, the result is a redistribution of real wealth from savers to the government, the banking and finance system, and other†¦show more content†¦In other words, schemes of redistribution which are organized to counter the symptoms of government interference in sound money misdirect our focus from a cause (debasement of the currency for government and friend’s benefit at the expense of everyone else) to a â€Å"solution† proposed by the sam e organization which caused the problem! It would be like proposing to solve mob violence by making the Capo di tutti capi police chief. The amendment would therefore be formulated to prohibit government interference in the production of any money supply. All money would be private, with contracts between individual depositors, lenders, banks, and other financial parties being enforced like any other privately agreed contract. This is obviously a political impossibility at the moment, but the contemporary global socioeconomic order is poised for massive reforms in the wake of a collapse of the financial system and/or political revolutions. The regular operation of the global financial order is so thoroughly corrupted by government interference that all three political cultures would be able to agree that a sound money amendment would be an improvement. Individualists would be pleased that restrictions on the financial autonomy of individuals, communities, and other organizations wou ld be removed. At present, financial options for individuals and organizations are substantially restricted due to an

Stakeholder Involvement Management Theory †Myassignmenthelp.Com

Question: Discuss About The Stakeholder Involvement Management Theory? Answer: Intrpoducation Tourism is a significant part of urban planning. In order to blend the modern and cultural perspectives in the development the participation of numerous stakeholders is necessary(Harrison Wicks, 2013). The community, travelers, employees, business owners, public and private developers are some of the crucial stakeholders. These are important because of they are the beneficiaries and they facilitate the successful completion of the project. However, the multilevel number of stakeholders tends to give rise to conflict of interests(Giezen, 2012). The stakeholder theory points out the importance of creating value across all parties involved including competitors and suppliers. The development of new streets cannot happen successfully without putting into consideration the peoples lifestyle, community needs and the local council plans. Available resources determine the extent to which the upgrade takes place. In the Brisbane plan, there is the priority and main plan. This is important be cause it prevents a conflict of interest. For example, the transformation of the riverfront considers Howard Smith Wharves, Queens Wharf and William Street precinct and City Reach as co-projects. Contemporary urban tourism influences change in location(Ashworth Page, 2011). Important factors influencing this change revolves around the Place and People elements. These shape the development of urban centers. The service industries in the project includes hotels, restaurants, shopping malls and recreation parks. Business travelers search for locations with amenities and quality services. Clean and green cities are a major attraction today. Internal and external stakeholders are important in complex multiple stakeholder projects(Waligo, Clarke, Hawkins, 2013) The City Bridges have a design that considers ways of crossing and connecting the city with its neighborhoods. The development of the Kangaroo point bridge and Victoria Bridge must have an insight of the best way to link with its neighbors. City Boulevards streets have a dynamic platforms that befits its users lifestyle of urban life. It improves culture, economy and city movements. As development planners consider giving city dwellers better roads, they also have to ensure the satisfaction and security of business owners. Focusing on Queen Street affects street users in Edward Street, Adelaide Street and Elizabeth Streets. In the same way, the development of a Green Spine with a subtropics corridor connecting Wickham and Roma Street Parkland comes as a boost to the City Botanic Gardens, Wickham and Roma Street beneficiaries. Grand projects require a multidisciplinary approach(Rydin, et al., 2012). The grand arrivals transit stations redeveloped to facilitate the transportation also shows a unique architecture and public space. This means it has intertwined projects like the central station and Roma Street station. Stakeholders profiling helps to clarify the extent of their involvement. For example the Transit city, provides convenient and comfortable travel within the high capacity transit system and it includes the revitalization of the underground system needs to match new development and city interconnections. This is visible in its distinctive architecture, which is a blend of the modern subtropical design and is natural beauty. Strategic development compliments the neighborhood plan and design with a subtropical heritage loop and its 24/7 event city which improves trading hours, considers the stakeholder value(Morrison, 2013). Therefore, the 2014 Brisbane plan ensures that the creative economic center provides a meeting place and creative industry to meet all kinds of nee ds. Brisbane is a haven for business and cultural tourists. Developing a successful business center needs consultations from all parties involved or affected. Street lighting benefits the businesses and assures visitors of security. Professionals in engineering, construction and project development come into play for a successful project. Culture as an important people element features greatly in this urban plan. The Howard Smith Wharves shows an exclusive destination with a landmark site filled with heritage details. Within the plan is the development of an environment that considers the peoples outdoor lifestyle. The location is a revitalized natural asset whose reflection resembles its geographical natural beauty and the dwellers heritage. It is also a tourist attraction center with events. The crucial economic factor is the people and places(Vanhove, 2011). The project has a framework and river walk link with refurbished building and it shows the redevelopment of a commercial location. Conflict of interest could arise between the Queens Wharf and William Street precinct because of the refurbished city buildings, venues of entertainment and waterfront city. Stakeholders here include the Ministry of local government, business owners, the Museum management and the Brisbane City Council. Employees working on the creat ion of beautiful sceneries like the Spring Hill to Kangaroo Point may detest poor salaries and unsafe working conditions. This stakeholder partnership agenda seeks to create a breathtaking retail environment with benefits such as an ample footpath, spacious green environment and improved buildings. It provides a beautiful public space with lighting and functional streets. In conclusion, the success of a city refurbishment plan involves the project workers, project managers, city dwellers, the business community and its ministries. The involvement of professionals in the project calls for consultations from all sectors. The technical and advisory teams work together to deliver a satisfactory location. People and place is an important factor in an urban development project because the location targets and involves people. The Brisbane plan is an example of a city development with a myriad of stakeholders. It includes development partners, beneficiaries and interested parties. Those affected in the project are the host community members, professional project developers, city visitors or travelers, the business community, the national government, local government and competitors. The people and place shapes the success of the service sector to determine the successful completion of the successful completion of the project. The development of Brisbane as a tourist and business location inputs attributes that attracts people to its places. Nature, landmark sites and heritage attractions are some of these attractions. Therefore, the refurbishment of a city must incorporate stakeholder interests. In order to avoid a conflict of interest, it is necessary to prioritize and to engage the stakeholders in the process. References Ashworth, G., Page, S. J. (2011). Urban tourism research: Recent progress and current paradoxes. Tourism Management, 32(1), 1-15. Giezen, M. (2012). Keeping it simple? A case study into the advantages and disadvantages of reducing compelxity in mega project planning. International Journal of Proect Management, 30(7), 781-790. Harrison, J. s., Wicks, A. C. (2013). Stakeholder theory, value, and firm performance. Business Ethics Quarterly , 97-124. Morrison, A. M. (2013). Market. Routledge. Rydin, Y., Bleahu, A., Davies, M., Davila, J. D., Friel, S., De Grandis, G., Lai, K. M. (2012). Shaping cities for health: complexity and the planning of urban environments in the 21st Century. Lancet, 2079. Vanhove, N. (2011). The economics of tourism destinations. Routledge. Waligo, V. M., Clarke, J., Hawkins, R. (2013). Implementing sustainainable tourism: A multi-stakeholder involvement management framework. Tourism management, 36, 342-353.