The Short Run and the Long Run in Economics

The Short Run and the Long Run in Economics In economics, its extremely important to understand the distinction between the short run and the long run. As it turns out, the definition of these terms depends on whether they are being used in a microeconomic or macroeconomic context. There are even different ways of thinking about the microeconomic distinction between the short run and the long run. Production Decisions The long run is defined as the time horizon needed for a producer to have flexibility over all relevant production decisions. Most businesses make decisions not only about how many workers to employ at any given point in time (i.e. the amount of labor)  but also about what scale of an operation (i.e. size of factory, office, etc.) to put together and what production processes to use. Therefore, the long run is defined as the time horizon necessary not only to change the number of workers but also to scale the size of the factory up or down and alter production processes as desired. In contrast, economists often  define the short run as the time horizon over which the scale of an operation is fixed and the only available business decision is the number of workers to employ. (Technically, the short run could also represent a situation where the amount of labor is fixed and the amount of capital is variable, but this is fairly uncommon.)  The logic is that even taking various labor laws as a given, its usually easier to hire and fire workers than it is to significantly change a major production process or move to a new factory or office. (One reason for this likely has to do with long-term leases and such.) As such, the short run and the long run with respect to production decisions can be summarized as follows:   Short run: Quantity of labor is variable but the quantity of capital and production processes are fixed (i.e. taken as a given).Long run: Quantity of labor, the quantity of capital, and production processes are all variable (i.e. changeable). Measuring Costs The long run is sometimes defined as the time horizon over which there are no sunk fixed costs. In general, fixed costs are those that dont change as production quantity changes. In addition, sunk costs are those that cant be recovered after they are paid. A lease on a corporate headquarters, for example, would be a sunk cost if the business has to sign a lease for the office space. Furthermore, it would be a fixed cost because, after the scale of the operation is decided on, its not as though the company will need some incremental additional unit of headquarters for each additional unit of output it produces. Obviously the company would need a larger headquarters if it decided to make a significant expansion, but this scenario refers to the long-run decision of choosing a scale of production. There are no truly fixed costs in the long run since the firm is free to choose the scale of operation that determines the level at which the costs are fixed. In addition, there are no sunk costs in the long run, since the company has the option of not doing business at all and incurring a cost of zero. In summary, the short run and the long run in terms of cost can be summarized as follows:   Short run: Fixed costs are already paid and are unrecoverable (i.e. sunk).Long run: Fixed costs have yet to be decided on and paid, and thus are not truly fixed. The two definitions of the short run and the long run are really just two ways of saying the same thing since a firm doesnt incur any fixed costs until it chooses a quantity of capital (i.e. scale of production) and a production process. Market Entry and Exit Economists differentiate between the short run and the long run with regard to market dynamics as follows: Short run: The number of firms in an industry is fixed (even though firms can shut down and produce a quantity of zero).Long run: The number of firms in an industry is variable since firms can enter and exit the marketplace. Microeconomic Implications The distinction between the short run and the long run has a number of implications for differences in market behavior, which can be summarized as follows: The Short Run: Firms will produce if the market price at least covers variable costs, since fixed costs have already been paid and, as such, dont enter the decision-making process.Firms profits can be positive, negative, or zero. The Long Run: Firms will enter a market if the market price is high enough to result in positive profit.Firms will exit a market if the market price is low enough to result in negative profit.If all firms have the same costs, firm profits will be zero in the long run in a competitive market. (Those firms that have lower costs can maintain positive profit even in the long run.) Macroeconomic Implications In macroeconomics, the short run is generally defined as the time horizon over which the wages and prices of other inputs to production are sticky, or inflexible, and the long run is defined as the period of time over which these input prices have time to adjust. The reasoning is that output prices (i.e. prices of products sold to consumers) are more flexible than input prices (i.e. prices of materials used to make more products) because the latter is more constrained by long-term contracts and social factors and such. In particular, wages are thought to be especially sticky in a downward direction since workers tend to get upset when an employer tries to reduce compensation, even when the economy overall is experiencing a downturn. The distinction between the short run and the long run in macroeconomics is important because many macroeconomic models conclude that the tools of monetary and fiscal policy have real effects on the economy (i.e. affect production and employment) only in the short run and, in the long run, only affect nominal variables such as prices and nominal interest rates and have no effect on real economic quantities.

How to Write an A+ Aviation Research Paper

How to Write an A+ Aviation Research Paper Aviation is an exciting subject, and the chances are that if you are to write a research paper on a topic in aviation, you will come to enjoy the process. There are lots of sources, topics you can write about, examples you can provide, and the list goes on. Aviation is wide and vast, and if you have faced an aviation research paper, you will have to do preliminary research the issue you think is impressive enough. You will likely not encounter research on defining aviation. For example, the professor asking you, what aviation is and or what it is not. Earlier generations did such, and your professor would consider that too unchallenging for students of today. A lot of knowledge has been exchanged ever since the Wright Brothers made their first flight and so defining aviation is more or less not even an academic question. Before we go even further, research is a big word to a student. It means tedious literature searches, reading, sampling, testing, interviewing, observing, and so forth. So mind that no matter what you are walking into, it will require serious attention. You may probably ask yourself, why an aviation research paper? Could there have been another research topic after all? As a student who is preparing to take up some essential duties and responsibilities in a future career that may be aviation, you have to enter the job market when ready. The professor is bound by duty to make you the best professional there can be. In that case, an easy academic task will not help you get there. Challenging ones tend to stretch your mental capabilities which employers need out here. The first step is settling on a topic. Choose the Topic to Hit the Audience You have to understand that your professor is keeping an eye on a few critical items when it comes to a research paper which is why you have to exercise care and wittiness when choosing one. Not every topic is a winning topic. And even if so, there are topics that just automatically align you with good grades; those deal with current issues that have raised controversy in the academia. How about some examples of such problems? Discuss some transformative events in the aviation industry that led to milestone innovations towards safety. How has terrorism impacted the aviation industry? Discuss passenger’s perception change as well as the changes made by the federal government and their impact on the aviation industry. Does the loss of Malaysian Airlines MH370 signal a new threat to the aviation industry? What could be some potential solutions to such a problem? In the age of global warming, the aviation industry has come under ridicule for releasing greenhouse gases in the upper atmosphere. How accurate is such a statement? Innovations in the aircraft have recently opted for carbon fiber fuselage. To what extent do you think the material is safe enough? Is it a better option compared to aluminum or even titanium? How far has jet fuel innovation gone? Is there a reason to continue improving the quality of jet fuel? How will technology impact the future aviation industry? Do incidences of hacking threaten the industry or are they incidental events? Now we all know quite well that we cannot enter the professor’s mind and understand his/her topic appraisal criteria. But remember, this as a rule of thumb for many academicians. How well has the student tackled the topic? Does the student seem to understand what they are writing? Is there sufficient evidence supporting the claims made? Does each new point hang on relevant and verifiable evidence? To what extent do the arguments reflect trends, events, and incidents of relevance to the academia? Does the paper merely seek to complete an assignment or does it demonstrate an analytical thinker beyond the restrictions of academics? How â€Å"independent† does the language in the article sound? Did the writer incorporate own thoughts or did they lift off experiences from other material? Every rubric sent to you by the professor is more likely to elucidate on the areas you need to address. It will be easy to know what topic would fulfill the rubric and what ways of developing the paper will earn you more marks. If there is no rubric provided, then the above criteria need to be taken to heart. The rubric is in that case implied and not explicitly stated. Sometimes, your professor would just like to know how well you can develop the paper without being too â€Å"spoon-fed† in the process. However, here are a few keynotes on how to choose a winning topic. Ensure you are comfortable with the topic: Research is not an easy endeavor as it may seem. The first thing you want to make sure is that you are very comfortable with the topic you chose. Let it not be too challenging to the point that will eventually be fumbling while developing the paper. And do not settle on such an easy topic just for the sake of it. Ensure sufficient literature and examples is surrounding the topic: Research papers are typically detailed papers with a distinct direction and purpose. One of the defining features of any research paper is the ability to draw from other literature and relevant examples that feed into the authority and authenticity of your article. So only settle on a topic that fulfills such criteria. Ensure the topic is compelling and worth inquiry: Researches have been conducted for decades, and you might think that a good aviation research topic has already been done somewhere else. To stand from the crowd and make the professor give attention to your paper, make sure the topic is compelling and screaming attention. Something to do with a current issue, a critical matter, or along the lines of an ongoing debate could attract more attention. If you noticed, the given topics stretch your reasoning to think what is beyond the ordinary. That is what your professor wants to get from you. But before you begin the writing process, here are some pre-writing tips that will help with the research. Start the Writing Properly Conduct preliminary research: Before you begin wiring, you need to have a broader perspective on your research topic. Search relevant literature and read lots of them to find out what knowledge loophole your research can fill. Your professor will want to understand how you flesh out your ideas, and that is where preliminary investigation comes in. Thesis: Theses denominate every research paper. The thesis is your main argument. It is the main argument about aviation that pushed you to write the aviation research paper. All your discussions will revolve around the thesis. Make sure your thesis is straightforward, defensible, and has to be a standalone sentence preferable appearing as the last within the introduction. Outline: If you do not like outlines, then this is unfortunate because there is just no way you can develop a quality aviation research paper without one. Your professor will likely want to see your outline. He/she can use it as a fair assessment of the quality of your work. But even then, you need an outline as a guide to flesh out your paper. Mind the Set Paper Structure of Your Research Paper We have come far off. Just as a reminder, we introduced aviation research, then talked about how to choose a winning topic. We provided examples of worthy topics, then talked about three basic pre-writing tips. Let us talk about how an aviation research paper needs to be structured. Introduction It is standard that every research paper has an introduction. You cannot express yourself unless you let your readers understand what you have in mind or what you decided to undertake before presenting or writing. The introduction is your entry point. It is where the reader your professor begins to understand what your paper is all about. Your introduction should invoke your professor’s interest and entice him/her to read along. Justify why you had to conduct the research and what you will be writing about in brief. The last sentence of your introduction should be your thesis. Do not overwhelm the reader with too many explanations in the introduction. Make it short, intriguing, and up-to-the-point. Body After the introduction, here comes the body. Consider the body of your aviation research paper as the bulk of everything you will be writing. The body of your aviation research paper flows according to the way your arguments flow, and you must ensure that ideas are successive. When you present an idea and develop it in a paragraph, the next one should succeed seamlessly. Do your best to make the reading of your work coherent. The body must contain the following: Headings: Your headings must capture a compelling theme you would like to put across. Make your headings short, on-point; use them only when necessary. In other words, use headings sparingly. Paragraphing: Use paragraphs to develop the body. The body of your aviation research paper is built on paragraphs. Make sure that each paragraph discusses or details an idea. Succession: Each paragraph should end in such a way that it leads to the next. As we mentioned before, each paragraph builds from the previous one into the next. It creates the much-needed coherence for your professor to understand your arguments. Conclusion After exhaustively writing the body, the research paper needs a formal conclusion to cap it all. A conclusion serves at least three purposes. Reiterating the main points: After reading through the long body, a reader may lose track of the ideas that you have presented. To remind them again, you need to mention them while concluding. Confirming or disconfirming the thesis statement: Do you remember that the thesis guided your aviation research paper from the beginning. You sort out to confirm or disconfirm the hypothesis. The midsection of the conclusion should be dedicated to making a logical explanation why the outcome of the study turned out so. Elucidating gaps and paving the way for new research: While developing your research paper, you must have come across some grey areas that were not directly related to your thesis. If not, then your findings could have suggested that more may need to be done to confirm a claim you made. Take the last part of your conclusion to tell the reader about an area that may require further study in the future. The Outline Do you remember that an outline is crucial for your aviation research paper? Any competent research paper will need an outline that guides its development. Think of an outline as the items that will appear in your article from top to bottom. The outline primarily deals with the arrangement of the ideas (i.e., topics) and sub-ideas (i.e., subheadings) as you can see in the example below. Introduction Entry point _____________ Justification _______________ Thesis statement ______________ Body Heading #1 ____________ Point #1 ____________ Point #2 _____________ Point #3 ______________ Heading #2 _____________ Point #1 ___________ Point #2 ____________ Point #3 ____________ Conclusion Reiteration __________ Thesis confirmation/disconfirmation ___________ Future research ___________ Remember to keep your outline as brief as possible without explaining more than is necessary. Your outline gives the reader a sneak peek into your research paper and should, therefore, keep words to a minimum. Your professor is looking for the arrangement of the paper, and the ideas you present and not necessarily the content of your paper. He/she will look for that in the paper itself and not the outline. The Must-Do Polishing Activities Our Writers Advice Assuming you have developed your paper according to this aviation research paper guide from top to bottom from the introduction to the conclusion, what do you do next? Well, the very last phase is perfecting your paper. As a student writing a research paper, language proficiency is not taken lightly by the professor assessing your work. Not at all. Therefore you must perfect your paper in such a way that it is flawless by the time you are submitting it to your professor. The following are some of the tips that could help you perfect the aviation research paper you have tirelessly developed. Walk off the table: Writing is a tedious mental process, and most likely by the time you are done writing your aviation research paper, you will be exhausted. Such a state is not ideal for perfecting your paper. You need a vibrant mind, and the only way to do that is by giving yourself some rest, preferably for about 24 hours, and returning to your work after. With a sharp and refreshed mind, you will be able to identify even small mistakes. Perfect the paper: It is virtually impossible to write without errors. For example, you may confuse ‘their’ and ‘there’ so many times in your paper. The word editor may not identify such syntactical errors, and you will have only one option: going through your paper word for word. Identify all mistakes, check the use of language, spelling, tenses, and so forth. One more reading: Professors are keen when it comes to paper perfection. The rubrics they provide always mention language mechanics as one of the fundamental criteria that will be assessed. So to avoid losing marks, read through your paper one more time. References: One more important part of your paper is the list of references. As you go through your paper one more time, make sure that all in-text citations are placed correctly, and that they feature in the reference list. The citation technique must be consistent throughout your paper. Following these aviation research paper writing tips, you have all chances to produce a worthy research paper that will definitely bring you an appropriate mark. Good luck!

Agias, from the Doachos Monument

Agias, from the Doachos Monument Agias, from the Doachos MonumentThroughout the history of Greek art, the fourth century classical, or late classical, includes very careful attention to the anatomy of the human body. This is especially true in the sculptures created. There were even formulas for calculating the "ideal" proportions of the human body that sculptors would follow. A proficient example of a sculpture from this period is the Agias, from the Doachos Monument. The sculptor is believed to be Lysippos. The monument was a gift from King Doachos of Thessaly dedicated to Delphi, and was built in 344-343 B.C.E. A marble copy survives today and is at the museum in Delphi, but the original bronze was probably melted down. A cast of the sculpture can be seen today in the Metropolitan Museum of Art Cast Collection in Fairfield University's Loyola Hall.The sculpture of Agias has very well toned and formed body muscle.Metropolitan Museum of Art, New York, USA : Carrol...Being that he was a Greek wrestler or boxer, his muscles are very well developed, and the sculptor accented this by deep grooves to exhibit definition. The sculpture stands in a contrapposto pose, halfway between stillness and motion. The sculpture is in more of a naturalistic state, and not as idealized as previous sculptures. The body definition is not as emphasized and not as well defined in comparison to other sculptures, such as the kouros we have seen in the Met. The sculpture's legs and torso are elongated, and the head seems to be smaller in proportion. Agias stands about 2 meters tall. When looking at the sculpture from the doorway, you can see a slight "S" curve in the body, which was a trademark of Praxitles. The shift in the weight of the body, and its balance is very realistic. When looking from closer, one can...

Marketing Report for Teejay's Assignment Example | Topics and Well Written Essays - 1500 words

Marketing Report for Teejay's - Assignment Example Proposed Market Teejays is a growing organization with a strong presence in the UK market. Therefore, the company requires a market that is equally growing and promising in the future. As such, the best market for Teejays would be China. Presently, China is one of the fastest growing market for customer care and other related outsourcing services. Also the country is set to be a new economic super power within few years. What makes China the potential market for Teejays is the country’s shift in the market focus. â€Å"Till today, the domestic market is still the principal part of China’s call center market, accounting for about 80 per cent, while Japan and South Korea have been China’s major offshoring markets, where China is in absolute dominance.† (Chunyan, 2010) But now the country has realized the importance of expanding the market to the western countries. This necessitates vigorous training of the potential employees as unlike the competitors India or Philippines, China has low proficiency in English language. The Chinese government has begun huge investment in English which throws out huge market opportunities for companies like Teejays. (Graddol, 2008) â€Å"Chinese people are bad at expressing themselves orally in a foreign language, however, they are good at reading and writing in it.† (Hongbing, 2010) The huge focus by the Chinese government on call centres as an economic power plant makes the Chinese market one of the most promising among the world. The Chinese government has even coined the term ‘Call Economy’ in order to represent the massive size of call centres to the Chinese Economy. (CCC, 2010) The Chinese economy was so far being dominated by manufacturing sector. But now the service sector is experiencing massive growth to emerge as the backbone of the economy. The annual growth rate in the Chinese call centre jobs is 15%. In 2009 itself more than 5 billion Euros were invested in the call cent re market. Way back in 2006, Chinese government has launched a project which designated 10 Chinese cities mainly for developing call centres and related service companies. Apart from that the country’s investment in the education sector is massive in order to equip the employable people to take up offshore business. As Teejays is primarily a call centre training consultant, it has huge potential market in China. Prospective call centre employees require improvement in their language proficiency. Government is also providing various supportive measures in order to foster the development of such training institutes. China has witnessed well known call centre companies entering the market in the recent years. â€Å"Growth in the number of Call Centers and number of agent positions seats in China is steadily increasing, and the revenue growth for technology vendors selling enterprise Call Center solutions has been in the double digits.† (APRG, 2011) With the boom in the ca ll centre industry, there is a huge growth in the revenue of technology vendors. Call centre training institutes have similar opportunity for increasing the market share and revenue. The increased presence of multinational companies in China has necessitated the need for better customer relationship management. Companies have

Fuel cells Research Paper Example | Topics and Well Written Essays - 1000 words

Fuel cells - Research Paper Example The fuel cell also comprises of an electrolyte which functions to transfer the electrically charged components across electrodes. According to the University of Stathclyde Engineering (2015), fuel cells convert the energy from convectional fuels directly into direct current electrical energy. This results in added advantages in the use of fuel cells during the production of electricity. The major advantages associated with the use of fuel cells in the production of electricity include high efficiency, reliability and responsivity levels, low production of emissions, flexible use of fuels, flexibility in the size and application of the fuel cells, a longer life and the quiet mode of operation. In regard to high efficiency levels, fuel cells have been established to be better efficient due to lack of thermodynamic laws known to limit Carnot Cycle efficiencies. Theoretically, fuel cells can attain efficiency levels of 83% which is however lower in practice and stands at 50%. The operation mechanism of fuel cells operation ensures increased efficacy due to the lack of an intermediate conversion into heat that is the case with conventional power schemes. Fuel cells have also been established to attain full power of operation with half an hour and their high responsivity (Fuel Cells, 2015). With the use of fuel cells in the production of electricity, only a quester of th e maintenance procedures currently used in convectional power production techniques is required. Apart from the preferred fuel for use in fuel cells which is hydrogen, several other alternatives are present including biogas, coal, propane, methanol, ethanol, petroleum among others. This presents an increased flexibility in fuel requirements and its lack of pollution and noise disturbance increases its suitability as a power production method. Following the flexibility in fuel requirements for use in the production of power using a fuel

UPA Essay Example | Topics and Well Written Essays - 750 words

UPA - Essay Example As the essay declares a theoretical framework guides research and clarifies what exactly is the purpose of the research. Even though the research question tends to be misleading as the article progresses the purpose of research becomes clear. This research was based on a preconceived notion that the triage is higher when UAPs handle the emergency department. This can produce unbiased results. This also implies that the theoretical framework on the nursing theory constantly guided the author in her research. Not knowing what the real framework can be a problem. The author has used a developmental framework. This paper stresses that while the introduction of the subject tends to be slightly confusing in the beginning the problem has been properly highlighted in the text later. The flow of the subject is efficiently handled. Current and proper references used and cited wherever necessary. The author is not trying to prove that her preconceived notions were correct. The actual results are quoted which revealed that contrary to belief the triage time taken by licensed nurses or by the UAPs did not differ. It convinces the reader to remove this myth from the mind that triage is faster when nurses handle it. Issues have been well argued and presented. References have been cited from various books on this subject. The author still suggests another ‘study to compare the educational level of the triage nurse†¦Ã¢â‚¬â„¢ implying that this has not been covered so far. At times the author tends to contradict her own statements.

Noise Pollution Essay Example | Topics and Well Written Essays - 500 words

Noise Pollution - Essay Example The management also should let their employees wear protection from noise to avoid hearing defect. Next is, they should have a specific noise peaks hours. Just like in the City of Bloomington, they imposed rules about noise control to take care the health and welfare of citizenry around its city. From parties to all amplified music are going to undergo with the noise control policy. If ever one breaks the policy will be subject to a 50 dollar fine or a charge of disorderly conduct. SITUATION B: Radon gas emits Alpha particles which may cause lung cancer if inhaled by an individual. Several friends of yours are purchasing a new home in an area where you understand that radon gas may be common. Radon is a naturally occurring radioactive gas produced by the radioactive decay of the element radium. It usually enters a house or building through openings in the ground, and its presence increases the risk of lung cancer. I'll advice my friend to conduct a radon test in the place where they will purchase a new home. This procedure will enable them to be much informed the level of abundance of radon in the place. B... If the house tests below 4 pCi/L most experts agree that there is a relatively low probability of significant health risk at this low level of exposure. However, we recommend retesting the radon levels once you move in, to verify this low reading.