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Thursday, August 27, 2020
The Global Warming Debate Essay -- Climate Change Debate, 2015
An Earth-wide temperature boost isn't a champion to stoop previously - however a test to ascend to. A test we should ascend to. - Joe Lieberman Presentation An unnatural weather change is a dubious natural subject in todayââ¬â¢s society. A dangerous atmospheric devation is when ozone depleting substances (carbon dioxide, water fume, methane, chlorofluorocarbons, perfluorocarbons, and nitrous oxide) go about as a cover that protects the earth and keeps heat from getting away into space, which thusly makes the worldwide temperature rise. This ââ¬Å"greenhouse effectâ⬠is a normally happening marvel; without it, the earth would be unreasonably cold for any life to occupy. In any case, because of non-renewable energy source consuming and other human exercises, there is an abundance measure of ozone harming substances (predominantly carbon dioxide) in the climate. Despite the fact that there is noteworthy proof of an unnatural weather change, there are still cynics whom accept that a worldwide temperature alteration isn't happening. BACKROUND INFORMATION A worldwide temperature alteration is an expansion in the earthââ¬â¢s temperature because of the utilization of petroleum products and certain mechanical and farming procedures, which lead to a development of ozone depleting substances in the environment. Petroleum derivatives are vitality rich substances that have shaped from since quite a while ago covered plants and microorganisms. They give the greater part of the vitality that powers present day society. Non-renewable energy sources incorporate oil, coal and normal gases. Oil or unrefined petroleum, is a normally happening sleek, bituminous fluid made out of different natural materials. Coal is a strong, dim shaded fuel found in stores of sedimentary stone. It is scorched to deliver vitality and is utilized to fabricate steel. Regular gases are any burnable vaporous blend utilized as fuel to deliver vitality for local or modern use. ... ...e Backlash Against Global Warming Has Begun.â⬠The Market analyst. ââ¬Å"Sample Errors and Biases in the Global Warming Theory.â⬠. Date got to: 12 April 2000. ââ¬Å"Still Waiting for the Greenhouse.â⬠. Date gotten to: 12 April 2000. Taubes, Gary, ââ¬Å"Apocalypse Not.â⬠Science, Nov 7, 1997. ââ¬Å"Trends.â⬠EPA Global Warming Site Climate. . Date got to: 8 April 2000. ââ¬Å"Vector and Zoonotic Illnesses.â⬠. Date got to: 7 April 2000. ââ¬Å"What Future Changes in Climate Can We Expect.â⬠. Date got to: 12 April 2000. Joe Lieberman Quote http://www.brainyquote.com/cites/catchphrases/global_warming.html#H2fdTgav5l6VVGt8.99
Saturday, August 22, 2020
Case Analysis Study Example | Topics and Well Written Essays - 750 words
Examination - Case Study Example The organization, through its flexible and compelling promoting strategies, has ready to catch piece of the overall industry of around 11.0% by esteem and 11.2% by volume. Another source from where the organization gains a lot of its income is through selling food things. Imprints and Spencer is the main supplier with regards to selling fine quality food. The organization offers everything from new suppers to canned food things, exceptionally acclaimed and lauded scope of wines to different goods items. The organization has improved its rack accessibility and has embraced the procedure of recharging its food go. The proactive methodology has brought about an expansion of 1.8% in deals income from food business. The monetary year 2011 end up being another dynamic year for Marks and Spencer. During the present year, Marks and Spencerââ¬â¢s income expanded by 2% during the present year to a noteworthy ?9.7 billion. Albeit, because of increment in use owing extension plans of the orga nization, the working benefit decline by 2%. The organization, following its development methodology, seeks change its activity into multi channel business. The organization has made significant strides in contributing its immediate deals business which improved the income during the current monetary year. ... Pay explanation Revenue â⬠proceeding with tasks UK 8,733 8,568 8,164 8,309 7,978 International 1,007 969 898 713 611 Operating benefit â⬠proceeding with tasks UK 679 701 755 1,096 957 International 158 151 116 115 89 Total working benefit 837 852 871 1,211 1,046 Net intrigue payable (94) (160) (200) (141) (130) Pension account pay 38 11 35 59 21 Profit on customary exercises before tax assessment â⬠proceeding with activities 781 703 706 1,129 937 Analyzed between: Underlying benefit before charge 714 695 604 1,007 965 Adjustments to working benefit 66 8 102 122 (29) Income charge cost (182) (180) (199) (308) (278) Profit after tax collection 599 523 507 821 659 As very clear from the above correlation, the money related standpoint of the organization has improved. The expansion in bunch income essentially relates to the expansion in like-for-like deals just as the expansion of new stores and outlets, both in and outside of England. Since Marks and Spencer do a critical nu mber of its deals abroad, the companyââ¬â¢s income is significantly expanded because of the variance in swapping scale. In spite of the fact that the ongoing credit emergency and worldwide financial emergency end up being an obstacle, however the effect was balanced by judicious hazard the executives and adept distribution of capital speculation. The gross benefit to deals proportion for the year finished December 31, 2011 was 8.93% which has diminished by 0.67% during the present year. Regardless of the lessening in net benefit to deals proportion, the net benefit of the organization has expanded by ?16.2 million. The expansion in net benefit is because of the way that during the present year the organization didn't spend any excellent cost which it caused during the earlier year on key rebuild. What's more, the organization took solid measures to control its
Friday, August 21, 2020
Wind Essay Topics - Using Wind Energy
Wind Essay Topics - Using Wind EnergyWind essay topics are great when you need to know how to go about writing essays on subjects that have nothing to do with anything but having something to say. I am talking about something like the subject of wind, of which there are so many variations.One common topic is wind energy. There are various ways that wind energy can be utilized, and for those of us who aren't familiar with how to construct a windmill, a wind turbine, or something like a wind generator, it can get confusing. The main question that most people have is what they can use to power their home if their electricity provider is taking a dump and doesn't have any energy to sell. Is it possible to produce their own electricity and if so how long does it take?When you are studying your kit and trying to figure out how to build one, the last thing you want to do is become too focused on the exact model you buy. Because of this, there are a few things that you must understand. For i nstance, wind turbines can also be called wind mills. They are basically devices that capture the kinetic energy of the wind and convert it into electrical energy.Other than that, there are a few other essential parts of a windmill. I'll explain them below.The first thing to remember is that your system will only work at the initial stage. After you've purchased the equipment, you must start working on figuring out how to make it work. For that, you need to learn about how the magnets and bearings work, and the basics of windmill construction. Of course, there are some textbooks that focus on this topic, but it really isn't necessary to have that knowledge if you are only planning to build a small windmill.On the otherhand, if you intend to build a larger windmill and one that produce more power, you will want to have all the knowledge up front. Before you buy the equipment, you should visit your local library and find a few books on windmill construction, since they are the easiest to understand. When you buy them, go ahead and buy them from a store that sells windmill parts, as they will be more experienced than a store that sells only books.Once you have all the materials needed to build your windmill, you will need to figure out how to orient your machine so that it will gather energy from all sides. This is important because it will direct the energy in the right direction, and it can help make your turbine run at higher levels. As you get better, you will want to add more parts and build bigger and better turbines.The most important thing to remember when you are thinking about developing your own windmill is that you will be using this energy for many years to come. So, after you have done all the research and thought it through, you will be ready to go build one for yourself.
Tuesday, May 26, 2020
The United States versus Paramount Pictures, Inc. Essay
The United States v. Paramount Pictures, Inc. (1947) case deals with monopolies and antitrust laws. I chose the trusts/monopolies topic due to my interest in finance and economics. Since elementary school, I have been fascinated by John D. Rockefellerââ¬â¢s story about his oil monopoly. This history has caused me to be interested in monopolies and trusts. I began enjoy reading about the elite who obtained their wealth illegally. After reading and watching The Great Gatsby and watching the movie Catch Me If You Can, I have been fascinated with counterfeit wealth and how people may have gotten away with breaking the law. My favorite thing about APUSH is learning how the economy has changed over time and how that has affected the lifestyle of theâ⬠¦show more contentâ⬠¦These ââ¬Å"Big Fiveâ⬠created an alliance of theater chains that monopolies on the profits of moviesââ¬â¢ first-run and absolutely crushed other independent production countries. The Paramount case wen t into Federal Court in New York in 1940. The was a consent decree; the compromise allowed the Big Five to retain their chains in exchange for restriction on block-booking(selling multiple movies to a theater as a unit). This also outlawed blind bidding, so all films were required to be shown to the buyers before selling them (SIMPP, 2002). The independent exhibitors were unhappy with this decision, because it still gives a tremendous amount of power to the Big Five. Companies like Universal and Columbia didnââ¬â¢t own theaters and relied heavily on block-booking. The independent producers created the Society of Independent Motion Picture Producers (SIMPP). The case turned around when SIMPP was created (SIMPP, 2002). There was an opposition to the Big Five, but the problem was the independent producers werenââ¬â¢t united. The Consent of Decree of 1940 expired and the Justice Department began the ââ¬Å"New York Equity Suitâ⬠(SIMPP, 2002). This case now involved the original Big Five producing companies and three smaller companies who were unhappy with the ruling of the consent of decree such as Universal and Columbia. These three companies were known as the ââ¬Å"Little Threeâ⬠SIMPP spent $10,000 to unsuccessfully file an amicus curiae brief. They didnââ¬â¢t have enough time for the approvalShow MoreRelatedThe Studio System Essay14396 Words à |à 58 Pagesbiggest industries in the United States, indeed the World, the internal workings of the dream factory that is Hollywood is little understood outside the business. The Hollywood Studio System: A History is the first book to describe and analyse the complete development, classic operation, and reinvention of the global corporate entities which produce and distribute most of the films we watch. Starting in 1920, Adolph Zukor, head of Paramount Pictures, over the decadeRead MoreStudy Habits and the Academic Performance of the Pupils.7856 Words à |à 32 Pagesa fact they want or passage in literature dose not make you a good student. There are number of ways to study more effectively. Some students try to think a fact they wanted to remember with something they already know. Others use rhymes, mental picture and other memory aids called mnemonic devices to help recall certain information. (Greenberg, 1992) Moreover, one of the most basic approaches to learning any information is simply to repeat it by rote. Typically this will include reading overRead MoreHuman Development: Basic Trust vs. Basic Mistrust (Birth to 18 Months)2084 Words à |à 9 Pagessupport system, Benjamin developed the basis of self-esteem and autonomy that would continue to be challenged and strengthened in the next stages of development. Stage 3: Initiative vs. Guilt (3 to 6 Years) The third stage of Eriksonââ¬â¢s theory states that the preschooler must ââ¬Å"face the crisis of taking their own initiativeâ⬠(Zastrow Kirst-Ashman, 2007, pg. 258). This third stage is a period of intense curiosity, exploration, and initiative as the preschooler approaches tasks requiring moreRead MoreCVF Analysis: Amazon, Inc. Essay examples3015 Words à |à 13 Pagessuccess for the company. Stakeholders are all the individuals that have an interest in the company such as employees, customers, and the surrounding community. Amazon.com is publicly traded company, meaning its stock is accessible to the public (Amazon Inc., 2013). A company that is public deals with the uncertainty of the market but must try and sustain loyalty. If stockholders are not able to trust in the company they feel their stock is jeopardized. When the corporation is able to focus on keepingRead MoreFailures of International Mergers and Acquisitions8716 Words à |à 35 Pagescontents Introduction 3 Types of Mergers 3 Types of Acquisitions 4 Motives behind MA 5 Problems faced in Mergers and Acquisitions 6 Problems faced in Cross Border Mergers and Acquisitions 7 Sonys Acquisition of Columbia Pictures 8 Sony 8 Columbia Pictures 9 Analysis: Star Framework 9 Fig: Choice of Entry Mode 15 Failure of the Acquisition 15 Reasons for the Failure 16 Merger between Daimler-Benz and Chrysler Corporation 18 Daimler-Benz 18 Chrysler Corporation 18 Analysis: StarRead MoreSupply Chain Analysis of Mattel7209 Words à |à 29 PagesMattel recorded revenues of $ 5.65 billion in 2006 and $ 5.97 billion in 2007. Mattelââ¬â¢s key competitors in the traditional toy industry include Hasbro, Bandai, Lego, The Middleton Doll Company, Atari, Electronic Arts, Blitz Games, Leapfrog Enterprises, Inc. and several others (Datamonitor). Mattel is a designer, manufacturer, and marketer of traditional toy products. Mattels products are sold directly to retailers and wholesalers in 150 countries in North America, Europe, Asia and Latin America. TheRead MoreCorporation (Fisch) Outline Penn Law Essay62808 Words à |à 252 Pages ââ" ª Sole Proprietorship- single owner firm ââ" ª Partnership- an association of two or more persons to carry on as co-owners of a business for profit ââ" ª Corporation- a special business form created by state law, requiring cooperation of the state ââ" ª Modern firms have additional options â⬠¢ LLCs, LLPs, BusinessTrusts, etc ââ" ª Key components â⬠¢ Nature of ownership â⬠¢ Formality of structure Read MoreNetflix Strategy27689 Words à |à 111 PagesExhibit 16: Average Inventory Holding Period ..62 Exhibit 17: Industry Financial Ratios ..63 Exhibit 18: Netflix, Inc. Organizational Chart ..69 Exhibit 19: BCG Matrix ..69 Exhibit 20: VRIO Framework ..70 Exhibit 21: Value Chain ..71 Exhibit 22: Netflix, Inc. 2008 Income Statement ..71 Exhibit 23: Cost of Debt/Cost of Equity ..72 Exhibit 24: WACC Weights ..73 Exhibit 25: Netflix, Inc. Income Statement Plus Warner Bros. Agreement Changes ..74 Exhibit 26: Cost of Debt/Cost of Equity ..75 Exhibit 27:Read MoreMcdonalds Case Study Project Managment9278 Words à |à 38 Pagesto assist to the same type of clients. When McDonalds begun to give its first steps restaurants of quick food they didnt exist, so soon he became the leader of the sector. It was starting from that Ray Kroc organized the company McDonalds System, Inc., March 2 1955 when other companies were already in the business a nd McDonalds it was beginning to lose its advantage in front of other companies like Burger King, Kentucky Fried Chicken or Chicken Delight. Kroc was then in one of the most competitiveRead MoreCost Accounting134556 Words à |à 539 PagesCompanies try to recover all costs, hence some estimate of total costs is needed. (This could be an opportunity to discuss short-run and long-run costs with students, noting that in the long run, all costs must be covered.) à © The McGraw-Hill Companies, Inc., 1997 Solutions Manual, Chapter 1 1 1ââ¬â5. Costs that could be shared among housemates might include a share of the rent, food, utilities, and other related costs. Costs that would differ with the addition of another person are the differential costs
Friday, May 15, 2020
Dactylic Hexameter
Dactylic Hexameter is a very important meter in Greek and Latin poetry. It is especially associated with epic poetry, and so is referred to as heroic. The very words dactylic hexameter often stand for epic poetry. Why Dactyl? Dactyl is the Greek for finger. [Note: The Homeric epithet for the goddess Eos (Dawn) is rhododactylos or rosy-fingered.] There are 3 phalanges in a finger and, likewise, there are 3 parts of a dactyl. Presumably, the first phalanx is the longest in the ideal finger, while the others are shorter and about the same length, since long, short, short is the form of the dactyl foot. The phalanges here refer to the syllables; thus, there is a long syllable, followed by two short ones, at least in the basic form. Technically, a short syllable is one mora and a long is two morae in length of time. Since the meter in question is dactylic hexameter, there are 6 sets of the dactyls. The dactylic foot is formed with one long followed by two short syllables. This may be represented with a long mark (for example, the underscore symbol _) followed by two short marks (e.g., U). Put together a dactylic foot can be written as _UU. Since were discussing dactylic hexameter, a line of poetry written in dactylic hexameter could be written like this:_UU_UU_UU_UU_UU_UU. If you count, youll see 6 underscores and 12 Us, making up six feet. However, dactylic hexameter lines can also be composed using substitutions for the dactyls. (Remember: The dactyl, as stated above, is one long and two short or, converted to morae, 4 morae.) A long is two morae, so a dactyl, which is the equivalent of two longs, is four morae long. Thus, the meter known as spondee (represented as two underscores: _ _), which is also the equivalent of 4 morae, can substitute for a dactyl. In this case, there would be two syllables and both would be long, rather than three syllables. In contrast with the other five feet, the last foot of the line of dactylic hexameter is usually not a dactyl. It may be a spondee (_ _) or a shortened spondee, with only 3 morae. In a shortened spondee, there would be two syllables, the first long and the second short (_ U). In addition to the actual form of the line of the dactylic hexameter, there are various conventions about where substitutions are likely and where word and syllable breaks should occur [see caesura and diaresis]. Dactylic hexameter describes Homeric epic meter (Iliad and Odyssey) and that of Vergils (Aeneid). It is also used in shorter poetry. In (Yale U Press, 1988), Sara Mack discusses Ovids 2 meters, dactylic hexameter and elegiac couplets. Ovid uses the dactylic hexameter for his Metamorphoses. Mack describes a metrical foot as like a whole note, the long syllable as like a half note and the short syllables as like quarter notes. This (half note, quarter note, quarter note) seems a very useful description for understanding a dactylic foot.
Wednesday, May 6, 2020
The Problem Of Juvenile Delinquency Essay - 1877 Words
Abstract 250 words Introduction The problem of juvenile delinquency is not new to the society. It occurs in all societies simple as well as complex. Juvenile Delinquency is committing of criminal acts or offences by minors, i.e. juveniles (individuals younger than the statutory age of majority). These acts does not follow under the category of ââ¬Ëcrimesââ¬â¢ as they would be for adults. Rather, crimes committed by minors or juveniles are called ââ¬Ëdelinquent actsââ¬â¢. It is not only a legal problem but also a psychological problem and the one who has to tackle it has to consider both psychological and familial angles of the problem. It includes two types of behaviors, i.e. status and delinquent offences. Status offences are the ones which are inappropriate or unhealthy for children and the adolescents and thus the behavior is prohibited because of the age of the offender. Smoking, drinking, truancy and running away from home are some examples of status offences. Delinquent offences mean violation of legal statutes. For example, murder, rape, assault, harassment, stalking, robbery, etc. Special courts are established with specially trained Magistrates for the trial of the delinquents. Instead of a ââ¬Ëtrialââ¬â¢, the juvenile has ââ¬Ëadjudicationââ¬â¢, after which he/she receives a ââ¬Ëdispositionââ¬â¢ and a sentence. It also provides for the formation of reformatory schools for the delinquents. In a developing country like India the problem of juvenile neglect and delinquency is considerably increasingShow MoreRelatedJuvenile Delinquency Is A Problem1508 Words à |à 7 PagesJuvenile Delinquency When looking into the history of United States and elsewhere juvenile delinquency is a problem and has been one for over a century. Like other systems in place, the system involving juvenile delinquents has gone through many stages. In the case of the juvenile delinquency, it has gone through four stages, with us presently in the fourth. The causes behind juvenile delinquency are still unknown even today. Some blame it on the current culture, the over-exposure to violenceRead MoreThe Problem Of Juvenile Delinquency Essay1201 Words à |à 5 PagesJuvenile delinquents are defined as being minors between the ages of 10 and 18. To be considered an delinquent the minor has committed some act that violates the law. These acts arenââ¬â¢t called crimes as they would be for adults. Rather than being called crimes, when committed by minors these acts are called delinquent acts. Delinquent acts generally fall into two categories. The first type of delinquent act is one that would be co nsidered a crime had an adult committed it. The second type of delinquentRead MoreThe Problem Of Juvenile Delinquency894 Words à |à 4 Pagesmost are just beginning puberty, these young boys and girls are becoming juvenile delinquents because they chose the wrong path or the wrong path was laid out for them. THEORIES AND CAUSE OF JUVENILE DELIQUENCY There are many theories and causes to why some juveniles end up being juvenile delinquents. The first is that peer groups can play a major role in oneââ¬â¢s life between the ages of twelve and eighteen, pressuring juveniles to abandon their home life and join street gangs. Society can play aRead MoreThe Problem Of Juvenile Delinquency1792 Words à |à 8 PagesJUVENILE DELINQUENCY Various experts can give us many theories on the causes of juvenile delinquency, including one s economic background, substance abuse, delinquent peer groups, repeated exposure to violence, increased availability of firearms and media violence, however, I feel that the number one cause of juvenile delinquency is the breakdown of families, including lack of parental control over children. It is ironic in America, today, one must have a driver s license to operate a vehicleRead MoreProblem of Juvenile Delinquency1935 Words à |à 8 PagesUnit 2 Project Philippe Francois the problem of juvenile Delinquency This paper explains that juvenile delinquency, it will make the argument on how to reduce it and bring light to this problem which is fast becoming one of the largest problems facing urban America. It can lead to law-breaking juvenile, which often can lead to adult lives as career criminals. Over the years experts have given us many theories on the causes of juvenile delinquency, including ones economic background, parentsRead MoreThe Problem Of Juvenile Delinquency3617 Words à |à 15 PagesAbtract Setting the problem Juvenile delinquency can be closely related to many sociology problems across the United States, Americaââ¬â¢s youth in the 21st century are more at risk that this present time frame compared to 10-15 year. Delinquency has a close relationship with poverty and low-income houses, however low income does not only influence house but employment and education. Therefore, Research shows juvenile delinquency is an increasing social problem that has many contributing influencesRead MoreJuvenile Delinquency Is Not A Problem3877 Words à |à 16 Pagesdecades juvenile violence crime has grown twice as quickly as that of the adults. Childhood experiences plays a very significant role in the development of criminality in a juvenile, generally this trait of criminality is not noticeable in the early life, but if they are acted upon future delinquency can be avoided. Juvenile delinquency is not a problem in just one corner of the earth but it is a problem faced worldwide in every country. In order to tackle with problems like juvenile delinquency effortsRead MoreThe Problem Of Juvenile Delinquency1498 Words à |à 6 PagesJuvenile delinquents vary from ages ten to eighteen who have committed an act that violates the law. With every crime that is committed, there is a victim who has been impacted negatively. In Hampden County and all throughout the country, juvenile delinquents have victimized other juveniles, but also parents, business owners and even complete strangers. My job as a Victim/Witness Intern was to be the voice for those who donââ¬â¢t have one in a court of law. All of the victims and witnesses are tryingRead MoreJuvenile Delinquency : A Serious Problem999 Words à |à 4 PagesJuvenile delinquency is a serious problem in the United States as a whole, and especially in the state of Illinois. Illinois is known for having crime problems especially in the urban Chicagoland areas. Implementing juvenile delinquency intervention programs ma y be the first step to combating this crime problem. There is potential to reduce future crime if the youths of today can be reached and helped with these programs. I have picked four programs which I believe will help combat these delinquencyRead MoreThe Problem Of Juvenile Delinquency892 Words à |à 4 PagesStudy Group. In the year 2004 girls made up thirty percent of all juvenile arrest. However, the question still remains whether it is an increase in juvenile delinquency or societyââ¬â¢s response to girlââ¬â¢s behavior. In order to find out the answers to these questions the office of Juvenile Justice and Delinquency prevention created the Girls Study Group. To fight the statistics and improve the lives of girls in danger of juvenile delinquency. Resiliency is the power to be able to deal with a tremendous
Tuesday, May 5, 2020
Price and Market for Analysis of Airlines Pricing -myassignmenthelp
Question: Discuss about thePrice and Marketfor Analysis of Airlines Pricing Strategy. Answer: Introduction Airlines have always practiced charging different prices from different customers. In the huge world of aviation history, this phenomenon of different prices exists for every airline, small or big. The airlines charge different prices for the tickets based on flying class, extra services such as meal cost, luggage cost, time of ticket sales, time of flying, season, privilege membership etc. This is termed as price discrimination in economics. The practice of selling the same product or service at different prices to different consumers for maximizing revenue and profit is known as price discrimination (Baumol and Blinder 2015). The sellers act as a monopolist or oligopolists and determine the price through price discrimination. In the airlines industry, the price of the tickets fluctuates over the period of sales. It rises rapidly when the departure date approaches. It is a very important phenomenon because an individual pays a price for the seat, which might be significantly differe nt from the person sitting next to him. This practice helps the airlines to maximize profits multiple times than what they would have made otherwise. This phenomenon is also known as price differentiation or intertemporal price discrimination. This occurs when heterogeneous customers take entry into the market at different point of time, this creates incentives and opportunities for the airlines to discriminate the price and maximize profits (Moulin 2014). The following report focuses on economic analysis of the pricing strategy by the airlines. Price Discrimination Various Aspects of the Exchange Process Price discrimination is a very common practice in the business world. Firms apply this practice to get different prices from different customers. This is a pricing strategy that enables the firms to charge differentiated prices for the same good or service. Under pure price differentiation, the firms charge the maximum price to each consumer, which he is willing to pay. In the common practice, it is seen that firms make segmentations of the consumers based on different attributes and make separate target groups and charge different prices to different customer groups (Varian 2014). When the profit from separate markets is greater than the profit from the combined market, the firms go for price discrimination. The relative demand elasticities of the markets determine the level of price discrimination. In a relatively inelastic market, the price is charged at a higher rate and in the relatively elastic market, price is charged at a lower rate (Baumol and Blinder 2015). Figure 1: Price Discrimination (Source: Varian 2014) There are three types of price discrimination, namely, first degree, second degree and third degree. First degree discrimination arises when a firm charges the maximum price for each unit that a consumer is willing to pay. This process captures the entire consumer surplus for the firm. The second degree occurs when the firms charge different price for different quantities of a product or service consumed. For example, when a firm gives discount on bulk purchases, then second degree discrimination is practiced. In third degree, a company applies price discrimination to different customer groups (Nicholson and Snyder 2014). In case of airlines, the industry has the market with different customer segments. From high value business customers to lower income class and holiday tourists, the airlines have one of the most diverse and segmented markets. The third degree discrimination is most common in this industry. The airline companies make different segments of market based on income, needs, tastes and preferences, and prices accordingly (Chandra and Lederman 2015). The airline companies and different groups of customers are the agents in this system. An airline charges higher price for a particular flight, whose demand is high. Similarly, people prefer to travel on weekends; hence, the weekend flights are more expensive than weekday flights. Price differentiation occurs in the economy and business class tickets, for additional services such as, meals on board, extra leg room, blankets, books, magazines, headphones, luggage, booking time, flying schedule, on and off season, choice of destination etc. Hence , the airlines charges price for convenience. The business class tickets are way too costly than the economy class tickets, but the comfort is much more in the business class, with special services such as extra leg room, complementary meals, extra luggage allowance etc. Again, the flight, which departs at midnight is priced lower than the one that departs in a convenient time in the day. Time of purchase is also crucial in this industry. As the departure date closes in, the price rises considerably. Lower price comes with certain disadvantages such as non transferable and non refundable tickets, no extra luggage allowance, no complementary meals etc. (Escobari and Jindapon 2014). The equilibrium outcome is achieved when the combined profit is maximized. The airlines use techniques, like, Expected Marginal Seat Revenue (EMSR) for optimizing the fare. This system depends on choice and distance of destination, revenue generating opportunities across the network. When the difference between the cost of flying, that is, fuel cost and operating cost and the revenue earned is maximized, equilibrium is reached and fare is decided for different groups of customers (Lazarev 2013). Factors Affecting market Outcomes Over Time There are many factors that can affect the market outcome over time. Firstly, the customer profiling made by the airlines help to set the prices. The airlines can make reasonable assumptions on the profile of passenger traffic on a route and set the prices accordingly. For example, the price for a holiday destination is different from that for a business destination. Similarly, when the airlines assume that tourists generally book for an early morning flight, and months before the holidays, then they are tempted to raise the price high for the seats on the holiday destination routes and would adjust later based on the market demand. On a business route, the airlines start with lower fare to fill up a minimum capacity and then start raising the prices. Majority of the companies have introduced privilege services for high value passengers such as frequent flier miles and extra add on services, like transferable tickets, extra leg room, meals, gifts, discounts etc. (Dai, Liu and Serfes 2014). Secondly, the cost reduction is another major factor that could affect the market outcome. In a competitive industry, fuel efficiency and reduction of total cost can give advantage to the airline companies. This can result in decline in the ticket prices and increase in popularity. Through technological improvement, market integration, and market competition, the companies can develop profit maximizing strategies and fuel efficiency (Marshall 2015). Thirdly, the regulatory policies by the governments affect the market prices for the airlines. In a free market environment, the companies can determine their own pricing as per the competitive advantage to reach their goals in short and long term. However, if the government starts to regulate the prices to reduce the market exploitation, then the impact of price discrimination would be reduced (Chandra and Lederman 2015). Welfare Implications of the Exchange Outcome and Scope for Public Policy Intervention (efficiency vs equity) The exchange outcomes include the operating cost reduction, fuel efficiency and government regulatory policies. With the technological improvement, the airlines can reduce its cost of operations. It also helps in achieving fuel efficiency. This would result in fall in the ticket prices, which would be beneficial for the customers. In this context, the concept of efficiency and equity can be illustrated. Efficiency refers to optimal production and allocation of the given resources with the existing factors of production. On the other hand, equity refers to the way the distribution of resources occurs throughout the entire society. In the airlines industry, efficiency can be achieved in many ways, through quality of product, quality of services and effective pricing (Czerny and Zhang 2014). Technological development can make the flights fuel efficient and increase the level of comfort with the flight. These are preferred by majority of travellers. However, the airlines want to reap off the entire consumer surplus; hence, their revenue is increased at the cost of consumer surplus. There is a scope of welfare in this system, as people can afford comfort by paying a certain cost (Friedman 2017). When the demand functions in several different markets are obtained from the distributions of the reservation prices, with a difference only in averages, there exists certain conditions, which leads to higher output and higher welfare in case of third degree price discrimination in the airlines industry (Cowan 2016). According to Varian (2014), welfare is reduced under price discrimination when the production is not increasing compared to the production under uniform pricing. However, the airlines charge price according to the affordability of the public and offer the services accordingly. This increases welfare. On the other hand, the exchange outcome explains that equity is not achieved. The distribution of resources throughout the society is not equal and the welfare is not generated by it. The airlines distribute the services for all kinds of sections within the society. However, they offer different services for different passenger groups at different prices. Hence, people afford the tickets and services as per their income status. Thus, equity is not achieved through price discrimination (Marshall 2015). The governmental policies work as the public policy intervention in the airlines industry. It should put a price cap on the pricing. After the deregulation of airlines happened in 1978, the airline companies started to make profits by charging different prices from different customers, although the fares became cheap and affordable. The practice is still going on. However, the combined profits of the industry are going down and customer satisfaction level is also going down (Moreno-Izquierdo, Ramn-Rodrguez and Ribes 2015). Due to deregulation, fares were reduced, along with that, the volatile fuel price, international competition with less labour cost, led to welfare generation for the consumers. However, to achieve equity, price discrimination should be reduced, but since, the airlines need to make profits, regulation by the government should be limited to safety (Borenstein, S. and Rose 2014). Conclusion It is a very old practice by the airlines of the world to charge different price for the same product to different groups of consumers. It is a profit maximizing strategy by the airlines. It makes segments of the customers on the basis of income and tastes and preferences. The customers pay different prices for the same services. The airlines make a trade off between high price more convenience and low price less convenience system. The business and economy class have different type of services, such as extra baggage allowance, complementary meals and alcohol, extra leg space etc. Based on the timing of ticket purchase, time of flying, the ticket prices differ. However, through price discrimination, the airlines achieve cost reduction and efficiency, but equity is not achieved. It can be concluded that through government intervention, price cap can be imposed on the business class tickets, but that would not be profitable for the airline companies. The government can impose regulatio ns on safety standard, but price discrimination would continue to be practiced by the airlines industry. References Baumol, W.J. and Blinder, A.S., 2015.Microeconomics: Principles and policy. Cengage Learning. Borenstein, S. and Rose, N.L., 2014. How airline markets work or do they? Regulatory reform in the airline industry. InEconomic Regulation and Its Reform: What Have We Learned?(pp. 63-135). University of Chicago Press. 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The welfare effects of intertemporal price discrimination: an empirical analysis of airline pricing in US monopoly markets.Unpublished manuscript. Marshall, G., 2015. Hassle costs and price discrimination: An empirical welfare analysis.American Economic Journal: Applied Economics,7(3), pp.123-146. Moreno-Izquierdo, L., Ramn-Rodrguez, A. and Ribes, J.P., 2015. The impact of the internet on the pricing strategies of the European low cost airlines.European Journal of Operational Research,246(2), pp.651-660. Moulin, H., 2014.Cooperative microeconomics: a game-theoretic introduction. Princeton University Press. Nicholson, W. and Snyder, C.M., 2014.Intermediate microeconomics and its application. Cengage Learning. Varian, H.R., 2014.Intermediate Microeconomics: A Modern Approach: Ninth International Student Edition. WW Norton Company.
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