The Advantage of Marginal Analysis for Decision Making

The Advantage of Marginal Analysis for Decision Making From an economists perspective, making choices involves making decisions at the margin that is, making decisions based on small changes in resources: How should I spend the next hour?How should I spend the next dollar? In fact, economist Greg Mankiw lists under the 10 principles of economics in his popular economics textbook the notion that rational people think at the margin.  On the surface, this seems like a strange way of considering the choices made by people and firms. It is rare that someone would consciously ask themselves How will I spend dollar number 24,387? or How will I spend dollar number 24,388? The idea of marginal analysis doesnt require that people explicitly think in this way, just that their actions are consistent with what they would do if they did think in this way.    Approaching decision making from a marginal analysis perspective does have some distinct advantages: Doing so leads to the optimal decisions being made, subject to preferences, resources and informational constraints.It makes the problem less messy from an analytic point of view, as we are not trying to analyze a million decisions at once.While this does not exactly mimic conscious decision-making processes, it does provide results similar to the decisions people actually make. That is, people may not think using this method, but the decisions they make are as if they do. Marginal analysis can be applied to both individual and firm decision making. For firms, profit maximization is achieved by weighing marginal revenue versus marginal cost. For individuals, utility maximization is achieved by weighing the  marginal benefit versus marginal cost. Note, however, that in both contexts the decision maker is performing an incremental form of cost-benefit analysis. Marginal Analysis: An Example To gain some more insight, consider the decision regarding how many hours to work, where the benefits and costs of working are designated by the following chart:Hour - Hourly Wage - Value of TimeHour 1: $10 - $2Hour 2: $10 - $2Hour 3: $10 - $3Hour 4: $10 - $3Hour 5: $10 - $4Hour 6: $10 - $5Hour 7: $10 - $6Hour 8: $10 - $8Hour 9: $15 - $9Hour 10: $15 - $12Hour 11: $15 - $18Hour 12: $15 - $20The hourly wage represents what one earns for working an extra hour - it is the marginal gain or the marginal benefit.The value of time is essentially an opportunity cost   it is how much one values having that hour off. In this example, it represents a marginal cost what it costs an individual to work an additional hour. The increase in marginal costs is a common phenomenon; one usually doesnt mind working a few hours since there are 24 hours in a day. She still has plenty of time to do other things. However, as an individual starts to work more hours, it reduces the number of hours she has for other activities. She has to start giving up more and more valuable opportunities to work those extra hours.It is clear that she should work the first hour, as she gains $10 in marginal benefits and loses only $2 in marginal costs, for a net gain of $8.By the same logic, she should work the second and third hours as well. She will want to work until the time at which the marginal cost exceeds the marginal benefit. She will also want to work the 10th hour as she receives a net benefit of #3 (marginal benefit of $15, marginal cost of $12). However, she will not want to work the 11th hour, as the marginal cost ($18) exceeds the marginal benefit ($15) by three dollars.Thus marginal analysis suggests that rational maximizing behavior is to work for 10 hours. More generally, optimal outcomes are achieved by examining marginal benefit and marginal cost for each incremental action and performing all of the actions where marginal benefit exceeds the  marginal cost and none of the actions where marginal cost exceeds the  marginal benefit. Because marginal benefits tend to decrease as one does more of an activity but marginal costs tend to increase, the  marginal analysis will usually define a unique optimal level of activity.

Reflective reports Essay Example | Topics and Well Written Essays - 3500 words

Reflective reports - Essay Example Since that time, I learnt to improve my communication skills through several means. In most of the cases however, my learning in communication happened on the job. This means that different work situations presented different ways in which I had to approach communication. For example there was one time when a 46-year-old female was transported in her bed to the Minor Injury Unit at Western General Hospital in Edinburgh, as the physician requested a lumbar spine X-ray for her after she fell down the stairs. The radiographer and I had difficulty communicating with the patient because she has aphasia, which is defined as a loss of language function and which is a result of injury to the language centres in the brain (Ehrlich and Coakes 2013). Before I started positioning the patient for the lumbar spine X-ray procedure, I asked the nurse who accompanied her about the way that she communicated with the patient. The nurse revealed that the patient was able to read and write and so she wrote what she wanted to say to the patient on a piece of paper and gave it to her so she could read it. Based on this, I brought a piece of paper with me and wrote down what would happen during the procedure as well as some instructions for the patient. I then gave her the piece of paper so she could read what I wrote. The patient read what I gave her and she wrote that she understood what I was trying to tell her and she felt more comfortable after having received this written explanation. As a result of this communication, we successfully carried out the examination. Alder and Carlton (2010) and Watkins (2001) note that good communication and compassionate care also have a great impact on the practitioner. In radiography, good communication with the patient helps him/her understand what the radiographer is expecting from him/her during the procedure, which will

IMG Article Example | Topics and Well Written Essays - 500 words - 1

IMG - Article Example Signing deals with various celebrity athletes like Tiger woods among others and significant expansion in terms of the firm’s structure and function explains its economy of scale. It is worth to note that IMG is currently facing challenges of its already large scale of operation in regard to its emerging competitors. The company is evidently out of control as it grapples with management challenges. This can be seen from mass exit of employees, signed athletes and the rising criticism on the issue of conflict of interest. The facts presented in this case study shows that IMG grew exponentially due to its initial competitive advantage but later ran out of managerial techniques as far as sustainable and maintenance of value creation activities are concerned (Hitt,et al. 67-9). The emergence of market dynamics with increasing competing firms that have embraced technology and strategic pricing policy is putting the IMG under significant threat of failure hence the relevance of the company â€Å"out of control†. In the contemporary turbulent market, it is advisable that McCormack or his successors need to boost the size and diversity of IMG’s portfolio of businesses. This is in line with the changing market conditions in which diversification would help it cushion losses from one aspect of their portfolio. For it to manage competitive strength in the market, it only needs to reorganize its management techniques that should be coupled with a shift towards global standard in order to survive among the several new entrants in the industry. One approach of strategic management that would revive IMG is to blend outsourcing of skilled personnel with its own employees. This would provide hybrid technique that would serve to help it deliver quality services to its diverse clients. This implies that IMG would do a better job for its clients if it contracted with

Transitional Curriculum in Aesthetic Teaching Essay Example for Free

Transitional Curriculum in Aesthetic Teaching Essay According to the author, teacher self-efficacy is a belief in one’s self to organize and execute actions for the students to learn. He presented the abstract which he himself doing it for the past two decades of teaching. The objectives of the study is to validate the writer’s voice of teaching experience based on Albert Bandura’s self-efficacy which include the objectives of finding important aspects in successful curriculum revision, determining the reasons in revising the curriculum in Aesthetic Teaching, identifying factors and analysing units in book revision including approaches and methods, and generate success stories of the revised books had to clients as well as proposing plans to upgrade the teacher’s attitudinal change. Short literature review focuses on the past learning concepts and theories that supported his studies with emphasis on progression, curriculum realignment. Qualitative research was primarily used in his studies with grounded theory, content analysis, descriptions, and narratives from verbal testimonies as primary methodologies with the use of simple percentages and ranks. The reasons in writing his books were categorized into three themes of personal regard, professional stewardship, and social responsibility. CHED Competencies, PRC/LET Competencies and NCBTS domains were the factors in a series of revisions. The author believed in his studies and came up with the good and sound results and concluded that any action initiated is mandated by the school, writer’s personality and experiences with others, client’s needs and feedbacks, trends and curricular standards, and philosophical frameworks determine self-efficacy in whatever curriculum decision undertaken. He also concluded that revised books had contributed to a non-stressful learning environment as a threshold for student’s academic freedom that enhanced career performance.

Religion in American Politics Essay -- Role of Religious Lobbies

The United States of America has the most diverse religious population in the world. In places like Iraq, Syria, Israel, Afghanistan, Yemen, and other countries too numerous to mention, countless lives are lost over religious differences. In America, a Protestant can live happily next door to a Jew, who might live across the street from a Muslim, or a Catholic, or a Sikh, or even a Humanist! This is in no small way attributed to the fact that the US Constitution’s First Amendment includes what is known as the establishment clause, which states that â€Å"Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof,† effectively separating affairs of religious institutions from secular, governmental institutions. That is, however, no guarantee that American politics will turn a blind eye to religious beliefs. In fact, in the past few decades, political agendas have been turning more and more religious in nature(Paraschivesc u 2012:22). In 1960 John F. Kennedy was elected the first Roman Catholic President of the United States, putting an end to the 171-year tradition of presidents, beginning with George Washington, that were from Protestant backgrounds. While many conservative Protestants scoffed at Kennedy as trying to break down the wall of separation between church and state and bring Catholic teachings into American government, Kennedy eloquently replied by saying, â€Å"I believe in an America where the separation of church and state is absolute—where no Catholic prelate would tell [a Catholic] president how to act and no Protestant minister would tell his parishioners for whom to vote.† Kennedy went on to elaborate that no faith-based educational institution should be granted money by t... ...olitical system for as long as Americans are religious. References Chapp, C. B. (2012). Religious rhetoric and American politics: The endurance of civil religion in electoral campaigns. Ithaca, NY: Cornell University Press. Fowler, Robert Booth, and Allen D. Hertzke. 1995. Religion and Politics in America: Faith, Culture and Strategic Choices. Boulder, Colorado: Westview Press. Hertzke, Allen D. 1989. â€Å"The Role of Religious Lobbies.† Religion in American Politics. Ed. Charles W. Dunn. Washingtonc D.C.: Congressional Quarterly. Kosmin, Barry A., and Seymour P. Lachman. 1993. One Nation Under God: Religion in Contemporary American Society. New York: Harmony Books. Paraschivescu, M. (2012). ‘We the People’ and God, religion and the political discourse in the United States of America. Journal for the Study of Religions and Ideologies, 11(33), 21-38.

Mexican american women and oppression

Mexican American women are facing a lot of problems including ethnicity racial discrimination and social inequalities like lack of medical and educational assistance. The paper produces a brief overview of women facing oppression in America and how did they response against itIntroductionThe make use of concrete examples will illustrate the major points of the article. Mothers, Mexican immigrant women who preserve their cultural honesty in all arenas, chiefly in the schools, are often anxious of anyone actually or seemingly connected to U.S. establishment. (Geiter, L. 2000).But, pedagogy of hope, based on Vygotskian main beliefs (as we shall see below), can establish a correlation amongst way of life, language, and cognition as the organization to understand the role of culture in arbitrate the program of information and thinker improvement. This arbitration through appropriate cultural symbols for the purpose of constructing educational knowledge (or via â€Å"assisted performanceà ¢â‚¬ ) must translate instruction into pedagogical practices that permit migrant children to engage in their possess progress, to invest their own artistic and linguistic capital, and to go forward without unfairness.Accordingly, in spite of the inherent challenges and difficulties faced by ethnographers, serious ethnography with a Vygotskian outlook continues to be one of the most promising fields in the hands of educational researchers unswerving to the full improvement of immigrant children, because it is a latest avenue to create pedagogy of hope in actual lessons. (Geiter, L. 2000).The clearly pernicious consequences of working in damaging and oppressive environments influence women in the most grave period of their lives — all through childbearing age — and this, in turn, affects children and the entire family and Exposure to pesticides, hunger, tiring substantial activities, and high stress, coupled with lack of medical attention, consequences in serious chroni c health troubles for Mexican families.ExplanationOppression faced by Mexican America and kinds of work they didMexican American Women Farm workers in do not have medicinal insurance nor can they have enough money to pay health center' fees and they resort to home therapy and prayer When they are laid off, they can use joblessness benefits, go on happiness, and receive medical assistance, but only if they are permissible inhabitants or American people. (Tomes, N. (2000)The women of the farm in US. Soil does have access to a small local hospital that helps with vaccinations, information, and recommendation they have not given the educational facilities. This health center, the US. Soil Community Health Center, has received not enough state support from the Health Department of the State of California. And according to a recent report from this clinic, US. Soil has a very giant youth population, with 38.5 percent of its total inhabitants less than nineteen years of age, and a very tin y older population of only 7.6 percent above sixty-five years of period.Life expectation in the US. Soil is minor though than that in urban areas. El Rocao's economic index advises extreme poverty and malnutrition: 5.13 percent of all live delivery s are low weight, and 16.22 percent are delivery to Mexican women below nineteen years of age. Medical consideration for pregnant women is scarce and late; in 37 percent of the pregnancies, women did not have access to a medical doctor until after the first trimester; and newborn mortality (measured as the number of infants dead per one thousand exist delivery) is 6.76 (Health and Welfare Department of California, 1994).When we go to relations and walking around in El Rocao, one gets the impression that the Mexican women workers are always exhausted and that physical survival demands a great deal of vigor each day and inconsistently, the only time people rest is when they are out of labor, when they are sick, or when they are planning to travel to Mexico. (Geiter, L. 2000).Carmen is the archetype of the lots of young and uneducated women I interviewed: although in poor health — with arthritis, ear disease, allergic reactions to pesticides, at times bodily weak, and unable to obtain medical care — she is committed to carry on the struggle for a better life and she is decisive in her actions and passionate concerning her faiths.She chats concerning her parents (both worked in California as farm workers) with great respect as role models in the fields, parents who skilled her early in life the importance of functioning hard, never giving up, and by no means taking whatever thing from others. She claims the respect of the Americans with her distinguished behavior. She highlight to her four children, ages 6 to 16, the need to be accountable and importunate and the oldest and the two youngest are boys, and all three are measured exceptional in school; their scores in mathematics are amongst the highest in th eir module.The 12-year-old girl is chosen as mentally retarded and goes to special education classes at times with a giggle and at times in tears; Carmen explained incidents of racial intolerance and unfriendliness by U.S. schoolchildren and She is bitter concerning the insensitivity of some bosses at work; indeed, recent humiliations and abuse suffered at work still bring to the surface profound feelings of anger and indignity. In general, she is deeply sad that as a young mother she missed important intimate moments with her young children, such as not being able to embrace them when they were asking for friendliness, as she was always too busy or too exhausted and In protest, for many years, she refused to chat in English.Actually only recently has she decided to use English and to prepare for her nationality examination in order to stay in the United States. This is a major change in her life, but she thinks she will ultimately have dual nationality in Mexico and the United Stat es what chase is an outline of Carmen's narrative. (Geiter, L. 2000).Carmen's narrativeIn fact her family started coming to the United States together as a family in 1961 (prior to that Carmen's father had worked as a farm worker for quite a few years) her father was not comfortable transferring his children to the local schools since he recognize they would not be bothered of her. Then on Carmen was sent back to Mexico to acquire some schooling in Michoacan. Nevertheless, while there was plenty work in Articia (near Los Angeles, California), Carmen works at house. (Hall, J. M., Stevens, P. E., & Meleis, A. I., 1994)Mexican American traveledMexicans primary moved to Washington Territory in the 1860s, most of the family raising sheep’s in the valleys and they all were seeking for a good future tahts why they came to US. In the twentieth century, above all after the start of World War II,  Mexican refugees  from the Southwest and immigrants from Mexico, together with women, made up a great part of the labor strength that brought in Yakima County's yield and In the last half of the twentieth century, Mexican American women unspecified prominent roles in society and in political principles.   (Hall, J. M., Stevens, P. E., & Meleis, A. I., 1994)The passage was full of hardships and they moved along with families because family experienced horrendous hardship arriving in â€Å"bitterly cold weather.Oppression and transformation over different periodsDue to the particular theory of the the activism, resistance, and politics generally exclude persona actions, like directing for the mexican language or for mexiccan speakers either in one's home or one's scociety, as explained by a lot of activists. Despite of, various thought provkers always tends to focus on a particular, citizen performances and activities like political nominatiuos   coutering, and demonstrations that occur in supreme arenas, unions, and political groups. (Hall, J. M., Stevens, P. E. , & Meleis, A. I., 1994)There were various era of oppression and cruelty on mexican american women as various case studies of the white feminist movement in the america and in the decade of   the 1960s there was a feelof the tensions, constraints, and struggles that was faces by women both in the New Left movement and in the human rights movement.The domination and rule of the Male in each of these sociopolitical reaction movements shared directly to the rise of a feminist movement among white women all through this time typical era.   It is a sense that, however, recent thought provokers are experiencing notions of activism and resistance in front and it is due to the fact of their particaular sole reliance on a very typical dominant arenas to define the site of politics.Information after many researches shows Mexican Americans women are leading a miserable life as on top of all immigrants have the lowest of the income per month and they have maximum shortage rates, highest con centration in the employment market most especially in blue collar/service grouping.According to some very fresh examination we can say that currently census fact and statistics can show numerous true fact and information that for Mexican American women as a whole and habitually not for separate their groups, but when separate groups are report Mexican Americans have the top working class characters and lowest living average and class of life standards.   (Hall, J. M., Stevens, P. E., & Meleis, A. I., 1994)The struggle and the association with labor, Mexican Americana and Asian Americans has been bulwarks of vigor for recent advances and Up till now while the Democrat legislatures of California and Texas pass drivers authorize laws for undocumented immigrants, the Republican governors veto them, and the Republican dominated Congress moves the trouble countrywide. (Hammersley, M. 1992)Mexican American women has left no stone unturned to successful over come the situation faced, but it is also very vital and significant that they hear other equally real stories of victory. We can say virtually any Mexican American community these days there are men and women who have left behind the migrant river or other forms of poverty and built very flourishing and enviable lives. We know that Teachers should invite a number of those everyday women heroes who had worked a lot in this regard into their classrooms to share their experiences, or assign students to carry out oral olden times interviews in their personal and active communities. (Hammersley, M. 1992)If we see this analysis is a refreshing and critical examination of a patriarchal rite of passage into Mexicans heterosexual womanhood, an expression of Catholic popular religiosity, and a fiscally expensive cultural tradition in the midst of resist for ethnic self-definition. Third, a thought-provoking inspection of the internationally acclaimed novel and movie Like ‘Water for Chocolate invites the reader to d eem a queer alternative to look at the metaphors that come into view when both culinary appetites and human enthusiasm are cooked in fire (Lewis, M. A., DeVellis, B. M., & Sleath, 2002)To conceptualize the learning findings of Mexican American women we have situated the discussion within the perspective of cruelty and struggle adjacent to it that is in olden times ingrained in the U.S.-Mexico border region and inside it. Cruelty generally involves a systematic and inappropriate control of nation by those with more supremacy and for oppression to take place; a power-laden, unequal relationship must stay alive. (Lewis, M. A., DeVellis, B. M., & Sleath, 2002)The individuals in this affiliation or health care encounter (Mexican women immigrants and U.S. health care providers) are uneven on the basis of personal power derived from assets, education, racial uniqueness, prestige, and other personal or national distinctiveness. By and large nature of unequal power in the relationship betwee n the U.S. TB health care provider and the women sets up a struggle that extends beyond the LTBI diagnosis and suggestions for preventive treatment. It is also a struggle over the discrepancies of how the past (BCG) and present (LTBI) illness-prevention actions should be understood and reconciled, a struggle to identify causes and assess blame, a arguable effort to give partisan import to Mexico's TB prevention program. (Lewis, M. A., DeVellis, B. M., & Sleath, 2002)ReferencesGeiter, L. (2000). Ending neglect: The elimination of tuberculosis in the United States. Institute of Medicine Committee on the Elimination of Tuberculosis in the United States. Washington, DC: National Academies Press.Hall, J. M., Stevens, P. E., & Meleis, A. I. (1994). Marginalization: A guiding concept for valuing diversity in nursing knowledge improvement. Advances in Nursing Science, 16, 23Hammersley, M. (1992). What's wrong with ethnography? New York: Rutledge.Lewis, M. A., DeVellis, B. M., & Sleath, B. ( 2002). Social influence and interpersonal communication in health behavior. In K. Glens, B. K. Rimer, & F. M. Lewis (Eds.), Health behavior and health education: Theory, research, and practice (pp. 240-264). San Francisco: Jossey-BassNevins, J. (2002). Operation Gatekeeper. New York: RutledgeStaudt, K., & Coronado, I. (2002). Fronteras no mas: Toward social justice at the U.S-Mexico border. New York: Palgrave MacmillanTomes, N. (2000). The making of a germ panic, then and now. American Journal of Public Health, 90, 191-198.

An Antidote Of Modern Society Stoicism - 1058 Words

An Antidote to Modern Society: Stoicism In the early days of the United States, Jefferson laments to his friend Thomas Paine â€Å"many of the high and important characters are in need of learning the lessons of republicanism.† Jefferson encourages Paine to â€Å"Go on then in doing with your pen what in other times was done with the sword† (Jefferson). Echoing the adage â€Å"The pen is mightier than the sword†, this proverb is the basis of Bernays’ philosophy. When Bernays revolutionized public relations, he did so by operating on the mind. His legacy is prevalent to this day, as displayed by the seemingly limitless amounts of advertisements seen daily. Since it is intellectually lazy to fall victim to propaganda, adopting a practical philosophy such as Stoicism can serve to resist those who wish to manipulate. The nephew of psychoanalysis giant Sigmund Freud, Edward Bernays applied his uncle’s research to modern society. Written on his tombstone is â€Å"the father of public relations †, as his campaigns transformed how companies interact with society. Bernays expresses his justification for public relations in his book Propaganda. In the opening chapter, Organizing Chaos, Bernays asserts â€Å"The conscious and intelligent manipulation of the organized habits and opinions of the masses is an important element in democratic society† (9). He specifies â€Å"economic life would become hopelessly jammed. To avoid such confusion, society consents†¦ through propaganda of allShow MoreRelatedOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 PagesLandscape Gerda Lerner, Fireweed: A Political Autobiography Allida M. Black, ed., Modern American Queer History Eric Sandweiss, St. Louis: The Evolution of an American Urban Landscape Sam Wineburg, Historical Thinking and Other Unnatural Acts: Charting the Future of Teaching the Past Sharon Hartman Strom, Political Woman: Florence Luscomb and the Legacy of Radical Reform Michael Adas, ed., Agricultural and Pastoral Societies in Ancient and Classical History Jack Metzgar, Striking Steel: Solidarity