Important Things in University Life Essay Example for Free

Important Things in University Life Essay It has already passed almost one year since I entered Kasetsart University. Now, I think that it is good for me to talk about something important in university life. I want to focus on an aspect this time. It is also relevant to my aim which I had had when I entered this university. It is the language study. I am majoring in faculty of Engineering, so almost of my friends are not good in English subject. But fortunately that in secondary school I was studied in English program school, so my English was slightly better than almost of my friends. In the first semester I did not have an English class because of my o-net score is more than the standard of foundation English two, so I was passed to study foundation English three. Many of my friends told me that they don’t like English subject. It’s naturally common in engineering student. But I think the second language such as English is very important in our everyday life. In the future when we have to work or have to communicate with the foreigner, the person who have better skills in English will get more chance and gain more advantage to those who have lower skills. So, I always pay attention to every detail in English class and always practice my English skills every time I can because of the reason I told before. In conclusion, I want to say that English subject is very important in University life and extremely important in the future life. One reason is because of the AEC or Asean Economic Community that allows the foreigner to get a job in our country and allow us to get a job at other countries. So, English skills will help us deal with the foreigner, help us have a chance to get a good job and even help us have a good future.

Need for collaborative projects in business courses Essay Example for Free

Need for collaborative projects in business courses Essay Group projects are integral to the business curriculum and can be useful in developing students skills and abilities as managers. However, faculty encounter several problems with group projects, including assessing students efforts, aiding good communication and coordination among members, and making sure the project is a truly collaborative effort. Technology may aid in addressing these problems; electronic discussion boards and chat rooms, for example, can help faculty and students enhance collaboration and increase the accountability of group members. Keywords: Discussion boards, chat rooms, collaborative learning, student projects INCREASED GLOBAL COMPETITION and other changes in the business environment over the last several years have led organizations to restructure themselves. One aspect of that restructuring is a shifting of responsibility and decision making downward and a movement toward self-directed work teams (Cohen, 1993). To prepare students to thrive in this environment, we obviously need to teach them effective teamwork and communication skills. This article describes two tools that can help accomplish this task, the electronic discussion board and the chat room. These can foster interdependence in group projects and deeper, active learning. First, we discuss the need for and benefits of collaborative projects, the problems of group work, and the role of technology in such projects. We then provide recommendations for incorporating these electronic tools in business communication classes. Need for Collaborative Projects in Business Courses. As many researchers have noted, the structural shift towards teams occurring in many organizations should be reflected in the classroom (Bobbitt, Inks, Kemp, Mayo, 2000). Using groups in class thus prepares students to work collaboratively in the business environment while promoting collaborative learning in the classroom itself. The first benefit of group work in the classroom is that it teaches students how to work collaboratively in the business environment. Business organizations repeatedly indicate that the increased use of teams in the real world has increased students need for exposure and experience with teams (Buckenmyer, 2000). Companies that use teams creatively spend many hours and dollars training individuals to work in teams and training managers to manage teams. Through working in groups, students can enhance their abilities in setting goals, delegating work, and dealing with conflict (Colbeck, Campbell, Bjorklund, 2000). They can also improve their communication, leadership, problem solving, and technical skills. All of these skills are highly rated by recruiters and employers and will help graduates meet the demands and rigors of the workplace (McNally, 1994). The second benefit of group work is that these projects promote collaborative learning. University educators have embraced cooperative learning methods as ways to engage students and to foster cooperation (Ravenscroft, 1997). Researchers have found that the values of Generation X are highly individualistic, visually-oriented, and aligned with information technology, not with the sharing of information (Buckenmyer, 2000). Thus, group course projects, with proper guidance, can help these students learn to deal effectively with others. Group work learning can be an excellent way of encouraging the development of higher cognitive skills in students (Thorley Gregory, 1994) and can be effective even for relatively quiet group members. When groups work well, students consistently fare better in class, on tests, and in attitudes towards the instructor and each other (Jones Brickner, 1996). The quality of learning is improved by peer support, with students gaining experience in communication, negotiation, organization, and task management. Cooperative methods have been recognized as effective ways to motivate students to become actively involved in learning. The collaborative group project creates a forum that allows students to take an active approach towards their own education. The security of working within a group provides an excellent entree into the progression to independent and autonomous learning (Maguire Edmondson, 2001). Problems with Group Projects The many benefits of collaborative projects, however, are often offset by problems. First, a common problem is the failure of the group to work together effectively. Students may exert an individual effort but are unable to coordinate their efforts effectively with their group members to achieve any kind of synergistic benefits (Tullar, Kaiser, Balthazard, 1998). Group members need to be contributing their ideas, questioning and learning from each other, and building on the efforts of the other members. For collaborative learning to occur, students must coordinate the diverse skills and abilities of their group members to address a complex task (Tullar et al. , 1998). A second problem is that often group members simply divide a project so that each individual writes a portion. Then, just before the project is due, the students bring in their disks and combine files without coordinating their efforts or talents effectively. Third, group work often leads to unequal contributions of members, resulting in hitchhikers and workhorses (Cottell Millis, 1993). These hitchhikers, also called free riders and social loafers, can cause problems in the workflow of the group, as they do not do their fair share. Members of the group have difficulty addressing the free-rider problem and documenting the problem and their efforts to solve it (Gremler, Hoffman, Keaveney, Wright, 2000). The issue becomes one students word against anothers as the teacher tries to determine fair individual grades. Finally, group projects are often assigned without the allocation of class time for groups to develop cooperative skills or to become cohesive (Michaelsen, 1992). There is limited time in class to discuss both the needed topics and the mechanics of group management. In many cases, groups meet on evenings and weekends when faculty members are not available for assistance. Additionally, many group members are geographically and temporally dispersed, which makes organizing face-to-face group meetings difficult. The Role of Technology in Enhancing Collaborative Learning Active and cooperative learning approaches will be counterproductive unless they are thoughtfully implemented and well supported. Communication tools like discussion boards and chat rooms can be effective in inter-team collaboration as well as in faculty-student communication. These tools can help ease the problems discussed in the previous section. By solving these problems with technology, faculty can address three learning goals: empowering students, improving their communication skills, and developing their ability to work collaboratively. Finally, these technological communication tools offer teaching opportunities by allowing faculty to be more accessible to students and to track students efforts better. Addressing Group Project Problems Internet-based tools can be a tremendous help in coordinating team efforts, particularly when the team is geographically (whether by a few miles or a few thousand miles) or temporally dispersed (Kaiser, Tullar, McKowen, 2000). With technology, groups can meet either synchronously, using chat rooms, or asynchronously, using threaded discussion boards, in which group members contribute to the group discussion at times convenient to their schedules over a defined time period. These tools enable everyone in the group to talk at the same time or at their convenience by typing their comments into the forum that instantly distributes their comments. Additionally, strong personalities have greater difficulty dominating the group as everyone has equal access to the floor. Students may feel more comfortable presenting ideas this way than in a face-to-face meeting, and the quality and professionalism of their ideas may be higher, knowing that their participation is being monitored. The discussion forum also gives all students ample time for reflection so students responses are often more thoughtful than those in face-to-face situations. Studies have illustrated this level of increased and more evenly distributed participation from students in computer-supported groups (Tullar et al. , 1998). Addressing Learning Goals Projects provide opportunities for experiential learning, that is, students apply what they have learned to real-world situations and thus develop decision-making skills. But in doing so, projects often produce anxiety as students struggle to determine what answer the instructor wants. However, with these projects, whether it be a case, a report of a business issue, or a business plan, faculty are typically not searching for one right answer, but rather are concerned with the process that students use in solving problems. Teaching students to ask the right questions is thought to be more important than giving students the right answers. In the real world, there is neither one right answer nor is there a sage on a stage that can direct students to the right answer. Students need to learn how to find and to support the answers for themselves. The use of electronic discussion boards and chat rooms can aid student learning in the struggle through the project process. Thus, three learning goals can be addressed through the use of electronic discussion boards and chat rooms with experiential group projects: (1) empowering students to become active participants in their learning, (2) increasing students communication skills in describing and solving problems, and (3) enhancing students abilities to collaborate and work with others in developing their own resources in solving problems. To achieve these goals, education must involve interactivity among instructors, students, and the materials, and electronic discussion boards and chat rooms can enrich that interactivity. Providing Additional Teaching Opportunities Another advantage of these tools is the opportunity for faculty to participate in the discussions and e-mails. Faculty can use these tools to demonstrate concern for students and to provide additional accessibility and feedback. In fact, the transactional distance encourages faculty to maintain a facilitative role rather than an authoritative role (Moore, 1993). Finally, these tools make it easier for faculty and students to keep track of what everyone has said as there is a written record (Kaiser et al. , 2000). Students have the opportunity to reorganize and reshape their understanding of course content. The Web-based tools allow thoughts to be captured for future examination, elaboration, and extension. The end result is usually more robust and thoughtful discussions. In fact, threaded discussions can extend the time that both instructors and students invest in the course (Bruce Hwang, 2001). Recommendations for Using These Tools Many universities are starting to use various computer course tools or platforms to promote online learning. These platforms, such as BlackBoard or WebCT, can be used to design either Web-based or Web-assisted courses. For several years, we have used discussion groups and chat rooms in Web-based classes but have also found that communication can be enhanced in traditional classes through use of these tools. Since more business organizations are using electronic tools, such as Lotus Notes, to facilitate group meetings, using them in the classroom helps students further prepare for their careers. However, the wise faculty member will be advised that these tools should be used judiciously. Therefore, based on our experience, the following suggestions are made to faculty who are considering the use of Web-based tools. Discussion Boards Instructors and students can compose and post messages electronically on electronic discussion boards. Both public and private discussion forums can be implemented. With many computing platforms, such as WebCT, faculty can set up public forums to start threaded discussions for the class to which the students can respond electronically. Students can use these public forums to post questions to which the entire class can respond, such as for help in finding information for the project. A project normally seems easier when the instructor is discussing it in class and few questions arise. However, students questions occasionally occur after class or on weekends. The discussion board allows the opportunity for students to post problems asynchronously and to receive input from the class. The burden is no longer on the instructor to solve every problem as it occurs but is on the students to work with each other as well as with the instructor in solving problems. This is a tremendous lesson for students to learn to deal with problem solving in the real world. When an employer gives an employee a project or task to do, he/she expects the employee to do it on his/her own and not ask for assistance from the employer every step of the way. Students have to learn to be problem solvers on their own, and the use of electronic discussion boards helps develop that skill. The professors role is to help get the conversation started. For example, the instructor can post a question on the public project discussion board asking at which sites people are having success finding information for the project. The students can then respond. Those students who respond in a useful manner will be rewarded, such as with a participation grade. Those students or groups who do not respond can be asked on the discussion board for their input. When students see the progress other students are making, they may be spurred to work harder. Additionally, the faculty need to check the discussion board frequently to see if any misinformation is being spread, to ensure netiquette is being practiced, and to restart the conversation as needed. Finally, faculty can take questions that the students ask individually and request that the students post them on the discussion board. In that way the instructor only has to respond once, and similar inquiries can then be referred to that response. This will eve ntually build a culture in the class where the instructor is not seen as the sole source for information, and the students learn to work with each other in solving problems. Additionally, instructors can create private forums to be used to divide students into groups for class exercises or for the use of asynchronous coordination of group projects in which group members cannot all meet at the same time. The instructor can visit these public and private forums to track group progress, to encourage students to help each other to solve problems, and to provide assistance as needed after the students have tried first on their own. In the private group forums, the students are encouraged to use the board to organize group meetings, to post their research findings, and to post drafts of their work for their group members to see and make comments. The professor can encourage individual group members to post their contributions to the paper to the private forum for the other members to see and post suggestions. This would increase group collaboration in a manner that can be documented. After the group has collaborated on a draft of the project, the instructor can offer suggestions. Finally, instructors should consider requiring the groups to post progress reports on their efforts periodically during the term. These progress reports describe what the group has accomplished, what the groups plans are, if there are any problems, and if there are, how they are being addressed. The instructor should provide guidelines as to what the groups should have accomplished by the progress report dates so the students can determine if they are on track. While these reports could be submitted on paper, doing it through the discussion board makes it easier for group members to be aware of what has been submitted. Chat Rooms. With chat rooms, students can meet electronically at the same time no matter where they are, as long as they have Internet access. Each group can have its own chat room, with the instructor joining in from home or office in one of several ways. The group can meet first and then have a designated time when the instructor logs in to answer questions. The instructor can leave when the questions are answered or give the group time to discuss among themselves and then check back later. For project work, it is important that instructors periodically meet with student groups to answer questions, address problems, and provide guidance. The chat room may be a useful tool in meeting with students out of class. The students can meet with the instructor for a practice chat to get the students comfortable with the technology. The instructor can request that the groups meet with him/her several times during the term to discuss their progress. These meetings can be either in the office during office hours or during designated chat office hours, such as on Sunday nights when the instructor is at home. With traditional classes, groups should have the option to meet in person with the professor, particularly early on in the project. For those students who cannot come during office hours, the chat room provides an excellent way to interact, although instructors may want to set clear boundaries or specific hours for when they are willing to meet in the chat room. When the instructor is meeting with groups via chat, patience is needed. It can be confusing when everyone is typing in questions. While the instructor prepares an answer to one question, several more students questions can appear. The instructor needs to make it clear that he/she will discuss questions in the order in which they appear. On the other hand, there may be times when the chat room is silent while the students are preparing their questions. The instructor may want to prompt to see if there are any other questions but should give the students some time if needed. Finally, no one should log off until everyone has finished. Someone may be in the middle of preparing something to post and the silence is seen as the end of the session, or someone may have left the room for a minute and has come back to find an empty chat room. Therefore, a practice chat session may be helpful with these issues. Grading Student Use of Discussion Boards and Chat Rooms Grading student responses in both the discussion forum and chat room can present challenges. Many times there may be a group grade for a project that is then adjusted for the individual students grade base on his/her contribution to the groups project. Additionally, students may be individually graded for their participation in the course. Some students will initially shy away from using the discussion board, as they would prefer to do things the way they always have and do not want to learn a new technology. Other students, particularly those who are too shy to speak up in class, may welcome this new opportunity. It is up to the instructor to provide the incentive to become involved. While a positive attitude may help the instructor in encouraging students, making posts part of their grade, such as a portion of their participation grade, probably ensures the best results. Instructor can grade the posting on several issues: clarity of thought/grammer, quality of comments/critical thinking, and usefulness/participation in responding to other posts. In evaluating the group projects to determine individual grades, instructors often have students submit group evaluations. The information on these evaluations can be substantiated or compared to what has occurred on the groups private discussion forum and what has been documented in the progress posts. If a group member is not contribution, it is the responsibility of the group to communicate this the instructor and to attempt to deal with the problem before the final project is submitted. The use of the discussion board and chat room can be a tremendous help in tracking a groups activities. This puts more responsibility on the students to document and address the issues before it is too late. It also aids instructors in making fairer assessments of individual efforts. To better manage the communication tools, instructors should set up clear guidelines for grading, such as describing how many new posts and response posts are required per week, as well as how often the students are expected to check the discussion board. For example, the professor may want each group to submit a bi-weekly progress report on its project. The instructor may also want to review netiquette as well as set limits as to how many posts students can make on public forums to avoid overwhelming the discussion board. The instructor needs to stress that it is the quality of the posts and not the quantity that counts and provide students with feedback to encourage its proper use. Finally, the instructor can also utilize student management tools that are included in the computing platforms like WebCT to determine when and how many posts the students are making. Additionally, search commands can be used to find all the posts one student has made in order to track an individual students progress. Conclusion Teamwork and group meetings are entrenched elements of an increasingly global environment. As a result, business faculty must prepare their students, as future managers, to collaborate with groups effectively. Electronic meeting tools, such as discussion boards and chat rooms, can play a key role in that training. These tools can enhance and empower student learning and collaboration as well as increase communication and problem solving skills. By collaborating more effectively in school, students will be better prepared to collaborate effectively in the workplace (Kaiser et al. , 2000). These tools also offer additional teaching benefits. They are very useful in documenting student effort and accountability for fair contribution. They also provide a means for faculty to be conveniently accessible and to provide feedback outside of class time. Additionally, electronic tools help students learn to develop their own resources. These tools then can be a tremendous aid for faculty to address group project problems, to help their students achieve learning goals, and to provide additional teaching opportunities to interact with their students. Thus, by using electronic discussion boards and chat rooms, such as with group projects, faculty can effectively enhance their students collaborative learning. References Bobbitt, L. M. , Inks, S. A. , Kemp, K. J. , Mayo, D. T. (2000). Integrating marketing courses to enhance team-based experiential learning. Journal of Marketing Education, 22(1), 15-24. Bruce, S. M. , Hwang, T. T. (2001). Web-based teacher preparation in visual impairment: Course development, teaching, learning and quality assurance. Journal of Visual Impairment Blindness, 95(10), 609-622. Buckenmyer, J. A. (2000). Using teams for class activities: Making course/classroom teams work. Journal of Education for Business, 76(2), 98-107. Cohen, G. (1993). New approaches to teams and teamwork. In J. R. Galbraith E. E. Lawler, III (Eds. ). Organizing for the future (pp. 194-226). San Francisco: Jossey-Bass. Colbeck, C. L. , Campbell, S. E. , Bjorklund, S. A. (2000, January/February). Grouping in the dark: What college students learn from group projects. The Journal of Higher Education, 71(1), 60-83. Cottell, P. G. Millis, B. (1993, Spring). Cooperative learning structures in the instruction of accounting. Issues in Accounting Education, 8, 40-59. Gremler, D. D. , Hoffman, K. D. , Keaveney, S. M. , Wright, L. K. (2000). Experiential learning exercises in services marketing courses. Journal of Marketing Education, 22(1), 35-44. Jones, J. D. , Brickner, D. (1996). Implementation of cooperative learning in a large-enrollment basic mechanics class. ASEE Annual Conference Proceedings [CD-Rom]. Kaiser, P. R. , Tuller, W. L, McKowen, D. (2000). Student team projects by Internet. Business Communication Quarterly, 63(4), 75-82. Maguire, S. , Edmondson, S. (2001). Student evaluation and assessment of group projects. Journal of Geography in Higher Education, 25(2), 209-217. McNally, J. (1994). Working in groups and teams. In L. Thorley R. Gregory (Eds. ). Using group-based learning in higher education (pp. 113-120). London: Kogan Page. Michaelsen, L. K. (1992). Team learning: A comprehensive approach for harnessing the power of small groups in higher education. To Improve the Academy, 11, 107-122. Moore, M. (1993). Theory of transactional distance. In D. Keegan (Ed. ). Theoretical principles of distance education (pp. 22-38). New York: Rutledge. Ravenscroft, S. P. (1997). In support of cooperative learning. Issues in Accounting Education, 12(1), 187-190. Reeves, T. (1996). Relevant readings. Technology in teacher education: From electronic tutor to cognitive tool. Action in Teacher Education, 27(4), 74-78. Thorley, L. , Gregory, R. (Eds. ) (1994). Using Group-based Learning in Higher Education. London: Kogan Page. Tullar, W. L. , Kaiser, P. R. , Balthazard, P. A. (1998). Group work and electronic meeting systems: From boardroom to classroom. Business Communication Quarterly, 61(4), 53-65. Address correspondence to Jacqueline K. Eastman, Department of Marketing/Economics, College of Business Administration, Valdosta State University, Valdosta GA 31698 (e-mail: [emailprotected] edu).

Nature Of Competition Collusion And Pricing Airline Industry Economics Essay

Nature Of Competition Collusion And Pricing Airline Industry Economics Essay The enactment of the Airline Deregulation Act of 1978 eliminated price and entry regulation of the domestic airline industry. Since then the U.S. airline industry has grown tremendously. The US domestic market competes in an oligopoly landscapes. Hence there is certain level of barriers to competition. For example, control over the computerised reservation systems used by travel agents provided the majors with a powerful weapon for disadvantaging smaller competitors. American Airlines Sabre system and Uniteds Apollo system together accounted for three-quarters of all national computer reservation systems by the late 1980s. Control of this important avenue for travel agents to make reservations enabled the majors to discriminate against smaller firms in a variety of ways-from instituting screen bias favouring the on-screen presentation of the controlling firms flights, to charging exorbitant fees to other carriers for displaying their flights on these computer systems (transferring up wards of a half-billion dollars annually from the smallest to the largest carriers).[2] More recently, the Big Five carriers have joined together to collectively market their tickets online through their Orbitz Web site-an alliance that may enable them to better coordinate their non-competitive oligopoly pricing and to circumvent rules put into place to prevent them from anticompetitive using their computer reservation systems while, at the same time, disadvantaging competing distributors of air tickets.[3] Predatory Pricing Furthermore, dominant carriers were suppressing competition through predatory pricing. For example, when Spirit Airlines attempted to penetrate Northwests Detroit hub with a one-way Detroit-Philadelphia fare of $49, Northwest Airline responded by slashing its average fare on the route by 71% (from $170 to $49) and scheduling 30% more seats. Once Spirit abandoned the route, Northwest raised its fare to $230 and cut its seat capacity.[36] Similarly, when Frontier Airlines initiated service from Denver (United-dominated hub) to Billings, Montana, it offered an average $100 fare, half the prevailing fare charged by United. United slashed its fare to match Frontier; when Frontier exited the route, United raised its fare above its original level.[37] Collusion Collusion is a difficult game to play when the number of conspiring rivals is large. It is hard to keep a hundred firms in line when their cost structures differ, when their production facilities vary, and when some have an incentive to cheat on a price agreement or to violate output restrictions. Numbers make a difference. When numbers are large, conspiracies are difficult to organize, difficult to conceal, and difficult to enforce. However, public policy faces a serious challenge in oligopolistic industries like the case of the Airline industry where major carriers eschew outright collusion and rely instead on a course of conduct characterised as tacit collusion, or recognition of mutual interdependence to resemble the effects of outright conspiracy. The mechanics of tacit collusion is apparent particularly in an oligopoly market dominated by a few major players. Each carrier naturally recognises the mutual interdependence between it and its rivals. Carrier X knows that it if were to cut price in order to increase its market share, its aggression would immediately be detected by carriers Y and Z, which would respond with retaliatory price cuts of their own. Market shares would be unaffected, but all carriers would now operate at lower prices and profits. Henceforth, Carrier X cannot expect to increase its market share or revenue at the expense of its rivals. It cannot afford to calculate in terms of maximising its own profits in isolation but instead must constantly ask whether a particular decision on price or output will be not only in its own self-interest, but also in the best interests of its rivals. By recognising mutual oligopolistic interdependence, it must be concerned with group profits and group welfare. In other word, under oligopoly landscape, independent, aggressive, genuinely competitive behaviour is perceived as counterproductive-an irrational strategy for the individual carrier. In an oligopoly, groupthink will influence a carriers strategy when it is contemplating price increases as it cannot act alone. In other word, groupthink replaces the calculus of individual advantage, and each carrier must behave as a responsible member of the oligopoly group rather than as a reckless, self-seeking competitor. In oligopolies, this recognition of mutual interdependence may extend to non-price competition. For example, if carrier A refrains from aggressive price competition but seeks to increase its market share through aggressive innovation program, it cannot expect its rivals to sit idly by. It must expect them to increase their research efforts as a simple matter of self-defence, thereby nullifying its expected gains. Anticipating such retaliation which could erode oligopoly profits- carrier A might refrain from innovation for the same reasons it would avoid price-cutting. Rationality again commands responsible nonaggressive behaviours; the most effective profit-maximisation rule under oligopoly is to get ahead by getting along. Nevertheless, the level of oligopolistic interdependence and collusion varies from situation to situation. It depends on such factors as whether the oligopoly is tightly knit (small number of firms) or loosely knit (a larger number);whether it is homogeneous or heterogeneous; whether it is symmetrical (having firms of roughly equal size) or asymmetrical (with one firm disproportionately larger); whether or not the industry is mature (having had time to develop its internal arrangements and institutions to promote cooperation); whether the industry is populated by reasonable managers or by a few mavericks. In the US domestic market, the advent of the Internet has increased the efficient of signaling or collusion. Carriers can see what the competition is doing immediately by going to the Internet that allow them to react quickly by adjusting their own prices. This is a far cry from the days when price books were set in type and could not be changed for months. Now most prices can be adjusted several times a day, if needed. Apparently, this is a game that the airlines are particularly adept at. As consumers have more transparent access to real-time flight pricing through online services like Orbitz, so the airlines are almost obligated to adjust to each other. This is particularly apparent on routes where there is no rogue player, like Southwest Airlines or JetBlue as they are (within limits) free to adjust prices upward. As long as the members of the oligopoly with real selling power tacitly agree that a major price war is not in their interest, chances are that prices can quickly readj ust themselves, keeping in mind the balance of costs and optimal prices for maintaining profitable sales levels. Nevertheless, the combined market share of the Big Five network airlines (Delta, United, American, US Airways, and Northwest ) that peaked in 1992 has been declining since deregulation [ *]. Furthermore, with the influx of several low-cost carriers, tacit collusion is becoming difficult to organize, conceal and enforce even though oligopolistic rationality and its collusive consequences are inevitable concomitants of oligopoly industry structure. Pricing Pricing is important for the carriers. If prices are too low or too high, it can drag down profits. Thus, it is important for the carriers to derive profitable airfares and discourages unprofitable one. To maximise profits, the carriers should set prices so that marginal revenue just equals marginal cost. In other words, it should use profit-maximising prices as the starting point. The economic model of pricing ****show diagram****, which is called marginal cost pricing, clearly identifies a pricing strategy that will maximise profits. This pricing strategy also identifies the information needed to set prices, thus simplifying the process. In other words, the profit-maximising price is where the incremental margin percentage equals the reciprocal of the absolute value of the price elasticity demand  [1]  [ **] Based on pricing rule, the carriers should adjust its price where there are changes in the price elasticity of demand or marginal cost since the carriers compete under oligopoly landscapes with homogeneous services. Airfares have dropped significantly over the years [***] since deregulation which helped to simulate competition resulting in the entrance of several low-cost carriers. This could partially due to regulator and oligopolies increase efficiencies, putting direct or indirect price pressure on their suppliers as well as putting pressure on the wages and benefits of their employees Hence there is growing belief is that oligopolies can be price-neutral as opposed to manipulating prices. The strategic variable for airline carrier is price in the short run. Generally without product and service differentiation, the basic service offered by the carriers would be homogeneous. Under the Bertrand model, the carriers which produce at constant marginal cost and compete aggressively on price in order to gain a bigger share of the market. Under such condition, the market equilibrium is perfectly competitive pricing. However, in a loosely knit oligopoly structure, the individual carrier has incentive to offer heterogeneous services. Through heterogeneous services, it can charge personalised pricing or group pricing based on passenger willing-to-pay to achieve higher profits. For example, if carrier X sells its airfares at a single, it loses in two ways. Firstly, some passenger would be willing to pay more than $100 for a ticket during the last hour of the flight. Secondly the carrier does not sell to passengers who are willing to pay more than $50 but less than $60. This is illustrated in the graphic below, where P=price and Q=quantity. By charging such passengers at different price, the carrier could profitably sell to a much larger passenger base. Furthermore, with differentiated services, should one carrier cut its price below other carriers price; it would take away only part of the other carriers entire demand. Thus, carriers should have strong incentive to differentiate its offering in order to raise their equilibrium prices. However, there is a risk of loosing the market if the services are not on par with its pricing and demand. The carriers must balance their desire for market share at the same time avoid head-to-head price competition since the less differentiation in their services, the more direct will be in price competition among them and the lower would be incremental margins.

A Worn Path Essay -- Character analysis, Phoenix

Ambiguity in â€Å"A Worn Path† has a significant impact on the story's presentation . The story does not know the trip's purpose until the end, when Phoenix herself remembers. This ambiguity of purpose impacts atmosphere and believability and creates a more direct experience of Phoenix's trip. If the journey's purpose was clear from the start, the story would either feel different or need adjustments in writing. The ambiguity impacts how information is interpreted, the choice of narration, and the expressive result of the work. Several details are given throughout Phoenix's trip without relevance to her destination. Every detail stands out because it is not known why Phoenix is traveling. This can lead to premature conclusions about Phoenix's goal. For example, she has concerns about her dress being torn, she has need to go under a barbed wire fence, and after the fence she sees â€Å"Big dead trees, like black men with one arm, were standing in the purple stalks of the withered cotton field† (1286). These details could lead to speculation that Phoenix is in the antebellum South, and is trying to return to the plantation hastily and subtly. A torn dress may reveal her night activities and the fence may be around the plantation itself. The image of one-armed black men standing in cotton fields invokes the antebellum South because of the association of cotton fields with slavery and the potential of amputation as a sort of punishment. It is not immediately known whether these images are related to Ph oenix's past, present, or neither. The story came out in 1941, so if she is around 90 and the story takes places in 1941, she could reasonably have memories of slavery. However, the fact that when she encounters a white man she is not questio... ...that her forgetfulness caused his death, either with the lye incident itself or afterwards. This is ambiguous, which emphasizes Phoenix's language and her personality instead of plot. The effect of her descriptions of him has more impact on the understanding of Phoenix and her relation with the world than on plot and closure. The ambiguity in â€Å"A Worn Path† impacts the story in several ways. It changes how the details are approached, discarding expectations. It helps the story become more immersive. It shifts the emphasis of the story from plot to the trip itself, Phoenix's personality, and the environment. It probably impacted decisions regarding the narrator. It emphasizes Phoenix's state and casts doubt on the grandson's status. Ultimately, the ambiguity in â€Å"A Worn Path† impacts how it is read, the expressive impact of the story, and the technical aspects of it.

The Supernatural in Shakespeares Macbeth :: GCSE English Literature Coursework

The Supernatural in Macbeth Displays of supernatural activities were used throughout Macbeth, and evidence of this was brought out in the appearances of the three Witches. In Shakespeare's day, special effects were not used in his plays. Therefore, the dramatic performances and the suspenseful scenes were the fundamental qualities to making a great play. Shakespeare used the element of the unknown to evoke fear in the minds of his audience. By allowing the Witches to see into the future, it made Macbeth more suspenseful. With their prophecies about Macbeth?s future, they intrigue the audience to see if they are correct. The Witches were a symbol of evil, and Shakespeare uses this fear of the devil to give his plays an additional eerie and haunting effect. Shakespeare also used an evil character that can easily influence the main character in his stories, in this case, it was Lady Macbeth. It is essential that   Lady Macbeth and the three Witches create the plot of Macbeth. Without the Witches powers of forete lling the future and the evil persuasions of his wife, Lady Macbeth, Macbeth would have never become king.   Ã‚  Ã‚   The expression "weird sisters", used from the 1400's, means "Fatal sisters". The word "weird" or in Old English Wyrd was a noun meaning Fate. In Act 1, Scene 3, The three Witches describe themselves as fore-tellers of   destiny, and they all introduce themselves to Macbeth and Banquo as "The weird sisters, hand in hand". The appearance that the three Witches possess is that of pure evil. In the starting of the scene, each of the three Witches describe their wickedness with a proud manner. For example, when they asked the Second Witch where she had been, she replied, "Killing swine". This statement shows how the Witches enjoyed being devilish. The impression that the audience gets of Witches is that they are hideously evil. In Shakespeare's time, witches were believed to have supernatural powers, they could transform themselves into other shapes, usually animals. When the First Witch describes where she had been, she referred to sailing across the sea in a sieve and tra nsforming into a rat without a tail, But in a sieve I'll thither sail, and like a rat without a tail, I'll do, I'll do, and I'll do?. Witches were also believed to   fortunetellers. The three Witches prophecies in Macbeth, foreshadow later events in the play.

Inflation Essays -- Economics

Inflation INFLATION CAN OUR ECONOMY GROW WITHOUT IT? INFLATION CAN OUR ECONOMY GROW WITHOUT IT? What is inflation? The definition of inflation, according to Webster’s Revised Unabridged Dictionary, is â€Å"an undue expansion or increase, from overissue.† Although, Webster’s is considered by most to be the overall best dictionary, WordNet states the meaning of inflation a lot clearer by saying, â€Å"it’s a general and progressive increase in prices.† It occurs when the value of goods rises faster than the value of money. The usual approximate measure of this is the Consumer Price Index, which weigh the prices of different goods according to importance in a typical budget and then shows how much the prices of these goods have increased. This immediately raises some problems; for example, the weight of the goods must change over time. The importance of computers was not measured in the price index 100 years ago. Another problem is the failure of the price index to capture changes in quality. The qualit y of a good may have improved by 20%, while the price has only risen by 10%. The consumer price index doesn’t feel this should be a factor, but many would disagree. Hence, inflation is not easy to define in practice. This should be kept in mind when discussing how to defeat inflation. There have been numerous theories on how to defeat inflation and even some theories on whether, or not, it should be defeated at all. Some say that inflation is not only expected, but often, needed. Economists believe that in order for the economy to expand and grow, there has to be some level of inflation. Therefore, the opposite holds true as well. If you want to lower inflation, you have to accept a semi-standard economy. They call this tradeoff the Phillips Curve. The Phillips Curve is thought to be the â€Å"proper† way of balancing economic growth and inflation. For this reason the Federal Reserve is always looking for the perfect equilibrium at which we can maximize our economic growth while keeping inflation as minimal as possible. They do this by increasing and decreasing interest rates. Although, Economists and the Federal Reserve abide by the Phillips Curve as a general rule for not letting inflation get out of hand, it has been proven many times in the past that it is possible to have a very healthy and prosperous economy without raising inflation at all. There are even exa... ...creased. This would show a truer relation of the prices of goods to the inflation of the economy. I can see the Federal Reserves reasoning behind raising interest rates to slow down the economy and lower inflation, but they need to realize that the rate of inflation is not completely dependant upon the rise and fall of the economies well-being. The past has proven to us numerous times that the economy is quite capable of being stable and prosperous without effecting the inflation rate in a negative way. That’s why I feel that it would be in the nations best interest to continue letting the economy expand into bigger and better things without raising interest rates to unneeded proportions. WORKS CITED Forbes, Steve. â€Å"Bad Idea Begets Bad Economy.† Forbes. Oct. 9, 1995: p23. Dentzer, Susan. â€Å"Honey, I Shrunk the Price Tag.† U.S. News & World Report. Sept. 23, 1996: p72. Forbes, Steve. â€Å"Stop Stunting Our Prosperity.† Forbes. Oct. 16, 1995: p27. â€Å"Inflation.† Hypertext Webster Gateway. Jan. 20, 1999: internet. http://work.ucsd.edu:5141/cgi-bin/http_webster?inflation Bootle, Roger. â€Å"Chapter 2-Prices.† The Death of Inflation. Nicholas Brealey Publishing. 1996: p488-489.

Program Evaluation and Review Technique/Critical path method Essay

Project management triangle is the symbol that represents the money, time and scope items in a project, which has been modeled by Harold Kerzner. Given the wide range of project management tools available, the key to selecting the right one is to understand that different tools are needed along the different stages of a project life cycle. Graphical displays such as gantt-charts usually make the information easy to identify; and we can easily use it for tracking cost, schedule and performance. Gantt charts are used for exhibiting program progress or defining specific work required to accomplish an objective. They often include such items as listing of activities, activity duration, schedule dates, and progress-to-date. PERT also is used which stands for â€Å"Program evaluation and review technique†. It is also called â€Å"critical path method†. It is an event-oriented planning aid, usually computerized used to estimate project duration when there is uncertainty in estimates of duration times for individual activities. It helps the project team to order the activities that must be completed to implement a decision. A Work Breakdown Structure is a results-oriented family tree that captures all the work of a project in an organized way. WBS breaks down project into major modules by breaking down into activities and, finally, into individual tasks. Identifies activities, tasks, resource requirements and relationships between modules and activities. The prime benefit of WBS is its effective aid in the planning process. As WBS evolves, it becomes easier to revise and update plans. Responsibilities can be assigned at different points of the WBS hierarchical tree, both managerial and technological. The main rationale behind crashing activities is to analyze the normal activity costs and costs under maximum crashing and to find the shortest times with crashing. And we must realize that new paths may become critical and make sure that all of the alternatives are true. And the main rationale to use PERT or CPM is the approach of timing. With CPM, we define that activities have certain completion times with minimal deviations. With PERT approach, we assume that activities have average completion times with a standard deviation, therefore time is an uncertainty.