Econ and Ethics Essay

Submitted By r2sanders
Words: 581
Pages: 3
Open Document
Supply, Demand and Monopolistic Competition-Economic and Ethical Issues

Racquel McPhatter
Dr. Flegle
BUS508 The Business Enterprise Winter 2010
10-29-09

Supply, Demand and Monopolistic competition
In our reading we see that Shelly Acres became very successful when she began selling pies using her grandmother’s recipe. As mentioned in the text, Shelly was not prepared for the amount of product customers were demanding. We see that in order for Mrs. Acres Homemade Pies to keep up with demand, Shelly had to borrow money and increase her staff (Ferrell & Hirt, pg.30, para 2). Awareness levels were highest amongst consumers and or small businesses throughout the community. In the short term, the quality of the product speaks for it’s self therefore Shelly needs to expand the facility and staff and keep the price the same (Ferrell & Hirt, pg.30, para 2). In the law of demand we know that people buy more of a product at a lower price than they would a higher price (Ferrell & Hirt, pg.44, para 3). If Shelly increases the price there is a large chance that her profits will be decreased as well as the demand for pies.
As it relates to the supply and demand in the long-term, Shelly will be able to take more time in reviewing resources and costs. This will allow her to make a better decision on how she would like to continue operating her business. Shelly can see and predict her profit if the price of the pies were to be increased. At the point where the supply and the demand curve intersect, you will see the equilibrium price. From the supply side, if you increase the supply, the equilibrium price decreases, and the quantity increase, therefore you will have a new equilibrium price (Ferrell & Hirt, pg. 54, para 4). The new price can be lower than before depending on consumers and how much they are willing to pay for products. Basically, an increase in demand raises both the equilibrium price and quantity (Ferrell & Hirt pg. 54, para 3).
In a monopolistic competition, Soft drinks differs slightly from it’s competitors because of the various flavors one could produce. I will introduce the factors of production and provide examples of natural, human and financial resources. You want to provide products that stand out above the rest. Make
Show More

Related Documents: Econ and Ethics Essay

Essay on Money: Management and Semester

...... __________ ___________________ ................................................................................. __________ ECON 2333 Macroeconomic Principles ....................................................... __________ ___________________ ................................................................................. __________ ECON 2433 Microeconomic Principles ........................................................ __________ Visual and Performing Arts ___________________…

Words 808 - Pages 4

Essay on Finance: Economics and Macro Model Class

ECON 1202.2J PRINCIPLES OF ECONOMICS: MACRO Winter 2012 Program Learning Objectives: The learning goals of the Bachelor of Commerce program are communication, information literacy, critical thinking, team work, and ethics and social responsibility. These are explained in detail on our website (http://www.sobey.smu.ca/programs/bcomm/program.html). The learning objectives for this course are: Communication  Prepare professional written reports/assignments  Prepare and deliver professional…

Words 698 - Pages 3

Essay on Maxed Out Econ

Qufan Wu Prof. Eileen Stillwaggon ECON 103-C 10/31/2014 Maxed Out Facing this world with various credit card companies, investors and pawnshops, we feel like that as the middle class, we live at the bottom of the society, squeezed by the high rate of interest and stressed by the reality. However, we cannot get rid of this serious and terrible situation since people always need to survive, and many abuse it. This so-called “Money chain”, like the food chain that gradually consumes the…

Words 598 - Pages 3

GBM Textbooks Essay example

1 Canadian Business English Nelson http://www.hed.nelson.com/nelsonhed/student.do?topicid=270E&sortby=copy&type=all_radio&courseid=BC02&product_isbn=9780176509439&disciplinenumber=401&stuurl=http%3A%2F%2Fwww.nelson.com%2Fbusinessenglish6e%2Fstudent ECON-701 Economic Analysis for Managers Economics for Managers, Third Edition Pearson http://www.pearsonhighered.com/bookseller/product/Economics-for-Managers/9780132773706.page INTL-711 International Entrepreneurship Global Business, Third Edition Nelson…

Words 657 - Pages 3

Notes for all Semester Essay

Trans-nationality Index (TNI) Developed by the UNCTAD United Nations Conference on Trade and Development Based on three things Revenue (Home Country vs. Host Country) Assets Employees Globalization: is the interconnection of countries , shrinking the world, link between international trade, politics, and culture. Technology improvement McDonaldization Price Culture Business Model Customer Demand Lower Price Higher quality Individuals, Companies, Countries More markets, trade routes…

Words 1896 - Pages 8

Finance: International Trade and Economic Development Essay examples

Chapter1 Globalization refers to the shift toward a more integrated and interdependent world economy. Globalization of markets- national markets are merging into one huge marketplace. Globalization of production- firms are basing individual productive activities at the optimal world locations for the particular activities. Factors of production: labor, energy, land, capital *Factors leading to the trend of globalization: declining trade barriers and changes in communication information…

Words 2203 - Pages 9

Essay about Ethics In Finance Class 10

Ethics in Finance – Class 10 Erin.roach@ryerson.ca for internship stream at rbc, email for application process and more info Financial Regulation One problem with financial regulations is it happens after a financial disaster Sarbanes-Oxley Act Executives are personally accountable of big mistakes Improved corporate government regime – giving right incentives External auditors – take responsibility and have the right incentives Enhanced & timely disclosure – leveled playing field for insiders…

Words 887 - Pages 4

Examples Of Course Syllabus

Course Syllabus Course Number/Section/Name: MGT 4336 Prerequisites (if any): MGT 3330, Senior standing Professor: Dr. Jonathan Shaffer Class Days/Times/Location or Other Format: Online Office Location: Classroom Center 213M Office Hours: All office hours are by appointment. However, I am usually in my office from 9am to 5pm each day. Feel free to stop by or call my office anytime to confirm that I am there. Office Phone: 806-651-2489 E-Mail: jshaffer@wtamu.edu Terms of…

Words 4224 - Pages 17

in defense of globalization Essay example

done to ameloriate that distress." He does not add that few of these empathic young people are willing to sacrifice their dollars to help - that may be an unfair criticism, considering how little dollars most of them have. He references the empirical ethics of Hume and Smith, noting that while humans feel under "Hume's concentric circles of reducing loyalty and empathy ... the Internet and CNN have [taken] Hume's outermost circle and turn it into the innermost." When we see and hear the cries of the…

Words 1564 - Pages 7

intermediate accounting 2 test bank Essay

Intermediate Accounting Kieso 15th Edition Test Bank Click here to download the solutions manual / test bank INSTANTLY!!! http://www.solutionsmanualtestbanks.com/2013/05/intermediate-acc ounting-kieso-15th-edition-test-bank.html Intermediate Intermediate Intermediate Intermediate Accounting Accounting Accounting Accounting Kieso Kieso Kieso Kieso 15th Edition Test Bank 15th Edition Test Bank Weygandt Warfield 15th Edition Test Bank Weygandt Warfield 15th Edition Test Bank…

Words 8328 - Pages 34