Pricing Strategy for Noreasters New Season in Springfield

To develop a pricing strategy for Nor’easter’s new season in Springfield, Larry Buckingham, the marketing director, relied on existing data from the League Sports Association and his own survey.Advertising We will write a custom case study sample on Pricing Strategy for Nor’easter’s New Season in Springfield specifically for you for only $16.05 $11/page Learn More The Association’s 2005 research examined the entire league market, making the data unreliable for drawing conclusions about the city’s minor league clientele. In light of this, Larry decided to conduct a survey to generate data for a better analysis of the market. In designing the survey, he consulted other minor league managers to learn their revenue generation models. Such information would help him formulate relevant questions for the survey. A preliminary test of the survey was conducted to evaluate how well the respondents understood the questions. Larry acquired the contacts of the residents from city’s national census and four firms. He mailed 10,000 survey questionnaires to a sample of the residents of which 625 responded. Since the survey focused on the minor league, Larry believed that its findings were representative of the market and thus, reliable. The research survey yielded multiple key findings. First, 21% of the fans attending Nor’easter’s match would opt for a one-game payment model while 11% will prefer a five-game package. Secondly, 31% of the fans would pay $10 compared to 27% and 22% who would pay $12 and $14, respectively, for single tickets. From these findings, Larry learnt that a large majority (highest percentage) of fans could pay more than $10 to watch one game, which implied that he could set a price higher than $10 for single tickets. For the 5-game tickets, respondents indicated that they could purchase them at a maximum price of $12. Additionally, grandstand seats were preferre d over bleacher ones, with a significant proportion (48%) willing to give an extra 10% to use them. The survey also revealed that 66% of the residents lived with young children.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In designing an effective pricing policy for the team, Larry must consider a number of factors. First, Nor’easter should sell a minimum of 300 full-season tickets to avoid exiting the Springfield market as the Falcons did. As the survey results indicated, most fans do not like purchasing full-season tickets. Another consideration relates to the median income of the locals, which stands at $31,000. This lower income makes them thrift spenders. However, the city is growing as more firms and financial institutions come in. Moreover, Nor’easter should consider ads and concessions as potential revenue sources. Larry should also consider the owner’s requirement that the team breaks even within a year. In view of these considerations, an ideal ticket-pricing plan should favor grandstand over bleacher seats because 48% of those interviewed reported that they could pay an extra 10% for them. In addition, as most residents could purchase 5-game tickets at a price range of $10 and $12, Larry should price them at $12 for the favorite seats and $10 for the less preferred ones. Considering the consumer interest in grandstand seats, this dual approach will enable Nor’easter to make a profit by targeting both client groups. Similarly, the organization should price full-season tickets and 20-game tickets at $6 and $10, respectively, as more people can pay $8-$10 for the former and $4-$8 for the latter. For the single tickets, a price of $12 and $14 for the bleacher and grandstand areas would be reasonable. Given the pricing plan stated above, the likelihood of the team breaking even within a year from the ticket revenues alone is slim. If it can sell above 75% of the tickets of each match, it may break even within that period. However, if ticket sales in each match are less than 75%, Nor’easter will need concession revenue to reach the break-even point.Advertising We will write a custom case study sample on Pricing Strategy for Nor’easter’s New Season in Springfield specifically for you for only $16.05 $11/page Learn More One approach Nor’easter can use to break even within a short duration is promoting the games to families. This segment spends more and visits sporting events regularly. Larry can also form partnerships with local enterprises to sell discounted group tickets to their staff. This case study on Pricing Strategy for Nor’easter’s New Season in Springfield was written and submitted by user GorillaMan to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Time Saving 101 Topics to Avoid Reading

Time Saving 101 Topics to Avoid Reading I read a lot of blogs, newsletters, magazines, and websites. As a fast reader and research guru, I can hardly resist to let some resource pass me First and foremost, give yourself credit for knowing what you need and what you dont. Not everyone is an expert and not every piece of expert advice is worth reading. Topics I will immediately discard: 1) Writers block. This is so dang personal that nobody can tell someone else what to do. I happen to be one who believes in either writing through writers block or taking a nap to wake up and start writing refreshed. I dont believe in it much, and I definitely dont want to hear about someone elses. 2) Self-editing. There are so many ways to self-edit, so many angles, so many levels. There isnt one right way. If you understand good writing and appreciate proper grammar, then figure it out. 3) The best way to market. Marketing depends on your extrovert level, your wallet, your tech savvy, your social media appreciation, your genre, your platform, your region, your experience in other arenas. The best way is to analyze your strengths, and the strengths of a handful of successful people you trust and admire, and just do it. 4) Outlining or pantser. I delete those instantly. Each writer has to test both ways and figure it out. 5) Religion or politics. Enough said. 6) Finding time to write. This isnt a secret. You make time, or you dont. You prioritize, or you dont. So many of these topics are the result of someone needing filler so they write about an evergreen subject. Some writers talk about these subjects because they are avoiding their more serious writing. Some want to sound experienced when they are not. Fact is, they are not unique topics. They are washing machine items, constantly spinning around in the tub. How do I know to discard them without reading them? I read the email subject lines, first lines in the first paragraph, and/or titles. Yes, I practice what we hear preached all the timeletting the opening hook dictate whether I read further or not. When I have 300-500 emails per day, I need some sort of gleaning mechanism, and why not that which we teachopening with a bang, or at least with enough meat to suck me in. And if the writer still wants to pick such a mundane topic, then they need to show me they have a new twist that will totally wow me.

Bills Assignment Example | Topics and Well Written Essays - 1500 words

Bills - Assignment Example It is the responsibility of the US as a nation to prevent racial discrimination and to ensure better functionality of the legal system. Introduction The United States (US) is considered as one of the most racially diverse democratic countries in the world. Yet, the improvement of economic prosperity is not shared uniformly across the country. At present, the US communities have become relegated and a key aspect of relegation is unequal treatment of persons of different race that takes place incrementally across the entire range of the US criminal justice system. This racial inequality encourages public distrust in the criminal justice system and also obstructs the capability to assure public safety. Several individuals who are engaged in criminal justice system are intensely conscious regarding the issue of racial disparity and the way to counteract it (The Sentencing Project, 2008). In the year 2009, the Congress introduced a bill named H.R. 1412, the Justice and Integrity Act with the intention of addressing any unwarranted racial and ethnic disparity in the criminal justice system and also to enhance the public confidence in the justice system (The Library of Congress, 2010). Focusing on this aspect, the report is intended to discuss the racial disparities in the criminal justice system of the US so that the H.R. ... These discrepancies tend to widen rather than narrow the justice system. The level of discrepancy during the time of arrest does not stay stagnant for the successive phases of the justice system. The discrepancy accumulates as an individual goes deeper into the justice system (Hartney & Vuong, 2009). In accordance with the study of Weich & Angulo (1997), the disparity in the criminal justice system in the US had started at the initial phase. Quite frequently, police divisions unreasonably aim at minorities as criminal suspects. Police officers also implement different tactics against minorities which simply can shudder the integrity of the criminal justice system. The study of Weich & Angulo (1997) found racial disparity in the US criminal justice system. According to their study in Maryland, during 1995 to 1997, 70% drivers who were stopped and investigated by the police belonged to black community, where white men consisted of only 17.5%. Similarly in Florida, it has also been obse rved that in 1992, 70% people who were stopped on a specific highway belonged to black and Hispanic community and only 5% were whites. Furthermore, minorities were also found to be detained for longer time period in comparison with white men. On the basis of a study conducted by ABC news program in the year 1992, where two vehicles had been examined in which one was occupied with white men and the other one was occupied with black men. These vehicles were directed at the same road, with same vehicle model and at the same speed. However, it has been observed that the vehicle occupied with black males was stopped by the police multiple times, whereas the vehicle occupying white males was not stopped once (Weich & Angulo, 1997). The statistics of The

Explain how a new Container Terminal is influenced by the external Essay

Explain how a new Container Terminal is influenced by the external environment in which they wish to operate. Give relevant examples of external environments, ( - Essay Example At the very outset, the terminal faced problems in commencing its operations because of a long standing dispute between PRC and the United Kingdom in the allocation of the tender, with the PRC accusing the British Government of favoring British interests in the allocation of the tender. (www.en.wikipedia.org). As a result of the dispute, there was a delay in the execution of the project which also delayed the opening of the terminal and caused losses in Hong Kong, while other terminals such as Kwai Chung Container port suffered from over congestion. As a result, many ships bypassed Hong Kong altogether and moved on to other ports. The different structure of political institutions may also impact upon terminal operations. A study was conducted by Wang and Cullinane (2006) on the relative efficiency of European container terminals and their impact upon supply chain management. They examined 104 of Europe’s terminals and found that in general, the terminals in the UK and Western Europe were most efficient, as compared to container terminals in Eastern Europe. Changes in societal conditions can impact upon the working of computer terminals. For example, in the case of the Kelang Container Terminal in Malaysia, when Government control of the terminal was given up, there was a direct improvement in the domestic welfare of the local inhabitants. In the case of Container 9 in Hong Kong, the construction of the terminal was also delayed due to concerns from members of the public about pollution and a worsening of traffic conditions, hence social pressures can play a role in its operations. In the year 2005, there was heavy rain at Container Terminal 9 which caused a collapse of a stack of containers on a truck driver and resulted in further controversy. It also gave rise to more concern from members of the public about the safety and methods of stacking containers (www.en.wikipedia.org). A centralized software control system for the container terminal

Global Warming: Technical Solutions

Global Warming: Technical Solutions Evaluate the Technological Solutions Available to Ameliorate Global Warming Introduction Global warming has been proven to be the direct result of anthropogenic causes or man-made interventions with nature. Starting with the Industrial Revolution of the late 18th Century, technologies have been developed that resulted in the accumulation of greenhouse gases in the atmosphere which trap the sun’s radiant energy. This enhanced greenhouse effect gradually raises the earth’s surface temperatures and is projected to create irregular environmental conditions, namely: the melting of polar ice caps, rising of sea level, profound agricultural changes resulting from climate change, extinction of species, abnormal weather conditions, increased incidence of tropical diseases, disappearance of ecological niches and disruption of drinking water supply, (Global Warming, 2004). Since global warming offers a great potential to create catastrophic effects on the environment as a whole, it becomes a global issue, requiring the involvement of the whole international community in finding ways to ameliorate its adverse effects, (Baird, 2006). Global greenhouse gas emissions that are causing global warming come from different sectors. Figure I below shows the global greenhouse gas emissions by sector data: Land use change and forestry contribute the highest greenhouse gas emission rate (19%); followed by electricity (16%); agriculture (14%); transport (13%); other fuel combustion (11%); manufacturing and construction (10%); waste (4%); and industrial (3%) and combined heat and power (3%). The Pew Center on Global Climate Change (Undated, p. 1) asserts that â€Å"because there are so many sources of these gases, there are also many options for reducing emission.† This paper evaluates the available technological solutions to ameliorate global warming by presenting the advantages and disadvantages of each option. Moreover, such solutions will be presented on a sectoral basis, starting with land use, forestry and agriculture; followed by electricity, and finally by the transportation sector. Land Use, Forestry and Agriculture Sector Technology Land use and forestry technology includes carbon accounting, sequestration, and biofuel production. 1. Carbon Accounting and Sequestration According to the Intergovernmental Panel on Climate Change or IPCC (2000), carbon stock enhancement from land use, land –use change and forestry activities are reversible and therefore require careful accounting. Carbon accounting technology, which involves land-based accounting and activity based accounting, provides accurate and transparent data on carbon stocks and/or changes in greenhouse gas emissions by sources and removals by sink. These data are required to assess compliance with the commitments under the Kyoto Protocol. Moreover, carbon accounting will help determine relevant carbon pools that can be used in the production of an alternative source of fuel, such as biofuels. Changes in carbon stocks can be technically determined with the use of activity data, remote-sensing techniques, models derived from statistical analysis, flux measurement, soil sampling and ecological surveys. However, the cost of carbon accounting increases as precision and landscape heterogeneit y increases, (IPCC, 2000). As a result of careful carbon accounting, excess carbon can then be captured or sequestered in order to be utilized as fuel source. An example of carbon sequestration technology is the Integrated Gasification and Combined Cycle Process or IGCC, which allows for easy sequestration of carbon for long term storage in underground geological formations. However, the Pew Center on Global Climate Change (Undated), cautions that further research is needed to test the viability of large scale underground storage of carbon in a long term scale. 2. Biofuel Technology Biofuel production or biomass gasification ensures lower greenhouse gas emission levels by converting waste wood and biomass into biofuels that could replace fossil fuels. The report of the Pew Center on Global Climate Change (Undated, p. 4), maintains that agricultural lands can be planted with carbon-dioxide fixing trees that can be used for fuel production. This will result to land use changes that may have multiple indirect benefits such as improvement of soil, air and water quality; and increase in wildlife habitat. However, study findings suggest that the cultivation of corn and soybeans for biofuel production produces adverse environmental impacts, such as the leaching of pesticides and nitrogen and phosphorus from fertilizers into water resources, (Manuel, 2007). Moreover, biofuels are from two to four times more expensive than fossil fuels and are not believed to compete well in the marketplace. For example, â€Å"a fuel –cost comparison indicates that while gasoline could be refined for 15 to 16 cents per liter (in the late 1980s), the cost of biofuels ranged from an average of about 30 cents per liter (for methanol derived from biomass) to 63 cents per liter (for ethanol derived from beets in the United Kingdom)†, (Barbier et al. 1991, p. 142; cited in Johansen, 2002, p. 266). Electricity Sector Technology According to the Pew Center on Global Climate Change Report (Undated), power plants and coal combustion that supply electric power account for the greenhouse gas emissions on the electricity sector. Technological solutions available for this sector to address global warming include: 1. Integrated Gasification and Combined Cycle Process The Integrated Gasification and Combined Cycle Process or IGCC, is a power generation technology that improves the efficiency of electric power and heat generation with the use of a combination of fossil fuels and renewable energy. It enables clean gas production and the reduction in carbon dioxide emissions with the use of high performance gas turbines, (Abela, et al., 2007). Moreover, air pollutants such as particulate matter, sulphur, nitrogen and mercury are removed from the gasified coal before combustion, (Abela, et al., 2007). However, the major disadvantage of using this technology is its high cost of operation, which is about 20% more than the operating cost of a traditional coal plant, (Wikipedia, undated). 2. Renewable Energy Sources Renewable energy sources such as the wind, solar and water can produce electricity without releasing greenhouse gases and are thus important in the amelioration of global warming. a. Wind Power Wind power technology harnesses the power of the wind which is an indirect form of solar power, to supply energy. Some have propeller type devices, while others have vertical axis designs, which possess the ability to accept wind from any direction. According to Elliott (2003), wind power is already an essential source of energy; and that in 2002, the total generating capacity has reached 24,000 megawatts, with costs decreasing significantly with technology development. However, this technology often has large space requirements, due to the need of the wind turbines to be grouped together in wind farms, in order to facilitate sharing of connections to the power grid. Moreover, there should be a separation of about 5 to 15 blade diameters between individual wind turbines, in order to â€Å"prevent turbulent interactions in wind farm arrays† , (Elliott, 2003, p. 135). b. Solar Power Radiant energy can be captured and utilized to generate electricity which may be used to operate solar batteries or may be transmitted along normal transmission lines. Radiant energy is collected in a photovoltaic cell, which is a bimetallic unit that allows direct conversion of sunlight to electricity. The only drawback of utilizing photovoltaic cells is its high cost. However, recent â€Å"developments in the semiconductor industry have significantly brought down prices†, (Elliott, 2003, p.132). Electric power generation has also been accomplished with the use of big solar heat-concentrating mirrors and parabolic troughs and dishes that track the sun across the sky and focus its rays so as to raise steam, (Elliott, 2003, p130), and consequently produce electricity. One major disadvantage of using solar power technology is that it works only during the day and requires electrical storage mechanisms at night. Additionally, radiant heat is insufficient in cold regions and in ar eas with extensive cloudy periods, resulting in low amount of energy collection. c. Water Power Hydropower is the world’s biggest renewable source of energy. It is deemed as one of the most acceptable and cleanest technologies whereby a unit of water produces hydropower cumulatively by passing through the turbines of many dams along the descent of a river†, (Gibbons, 1986, p. 86). According to Elliott (2003, p. 151), â€Å"there is around 650 GW of installed capacity in place, mostly in 300 large projects. However, in recent years, there have been social and environmental concerns about large hydros, and some new projects have met with opposition†. Its adverse environmental impacts include the destruction of large areas of natural vegetation and agricultural land for water storage; biodiversity loss, flooding and displacement of population, (Elliott, 2003). 3. Geothermal Power Geothermal power is not considered a renewable resource when used at rates of extraction greater than their natural replenishment. With sustainable use, however, geothermal power can be effectively harnessed to provide electricity. Geothermal energy comes from the heat of the earth and can be categorized into geopressured, magma, hydrothermal and hot dry rock, (Wright, 2002, p. 362). According to Hobbs (1995, cited in Wright, 2002, p. 362), commercial operations are mostly in the form of hydrothermal systems â€Å"where wells are about 2000 metres deep with reservoir temperatures of 180 to 270 °C.† Although geothermal systems produce less than 0.2 percent of the carbon dioxide produced by coal or oil-fired plant, they also emit non-condensable gases such as small quantities of sulphur dioxide, methane, hydrogen sulphide, nitrogen and hydrogen. Additionally, such systems cause induced seismicity and ground subsidence. They are also capital-intensive investments that require f inancial and technical assistance, (Wright, 2002, p. 362). Transport System Technology The transportation sector has one of the highest greenhouse gas emissions rate, after land use and forestry, electricity and agriculture sectors. The Pew Center on Global Climate Change (Undated), recommends the use of â€Å"off the shell† technologies that are currently available in the market, which significantly reduce greenhouse gas emissions of conventional cars and trucks. These â€Å"off the shell† technologies focus on increasing energy efficiency, fuel blending and the use of advanced diesels and hybrids. Additionally, long term technological options to reduce greenhouse gas emissions are now gradually being developed which include the use of biofuels, electric vehicles and hydrogen fuel cells. a. Fuel Blending Fuel blending involves the mixing of ethanol and other biofuels with gasoline to produce more-environment friendly fuels. The Pew Center on Global Climate Change (Undated, p. 4), asserts that corn-based ethanol can reduce greenhouse emissions to at least 30% â€Å"for each gallon of regular gasoline that it replaces†. b. Diesels and Hybrids Diesel and hybrid engines offer excellent fuel economy and overall fuel efficiency. However, they also emit air pollutants such as nitrogen oxides and particulates. Newer diesel engine models, however, use very sophisticated fuel-injection systems, which result in vehicles that have better acceleration with reduced emissions, vibration, and noise†, (Doyle, 2000, p. 383). Moreover, because diesels and hybrids afford excellent fuel economy, they use less gas on a per mile basis, thereby producing less greenhouse gas emissions compared to conventional cars and trucks. â€Å"When both technologies are combined in a diesel hybrid vehicle, it can yield a 65-percent reduction in greenhouse gas emissions per mile†, (Green and Schafer, 2003; cited in The Pew Center on Global Climate Change Undated, p.6). c. Biofuels As previously mentioned, biofuels offer cleaner emissions than regular gasoline. Agricultural and forest products can be processed to produce ethanol that may be combined with gasoline and enable significant reductions in greenhouse gas emissions. Corn-based, cellulosic and sugar-cane-based ethanols have been proven to significantly reduce emissions, (The Pew Center on Global Climate Change, Undated). d. Electric Vehicles Electric vehicles offer cleaner emissions by reducing the amount of pollutant and greenhouse gas release in the air. They release â€Å"30 percent less hydrocarbons and 15 percent less nitrogen oxides† than conventional vehicles, (Doyle, 2000, p. 289). In the past, electric cars needed advances in battery storage. Thus, the â€Å"plug-in† hybrid was developed in order to solve the battery storage problem. The â€Å"plug-in† hybrid â€Å"is a gas- electric vehicle that can be charged at home overnight†, (The Pew Center on Global Climate Change, Undated). e. Hydrogen Fuel Cells Hydrogen fuel cells â€Å"produce power by combining oxygen with hydrogen to create water†, (The Pew Center on Global Climate Change, Undated, p.6). Hydrogen is obtained from natural gas by reforming and is combined with oxygen that is readily available in the air, which generates electricity continuously. The fuel cells replace combustion turbines in integrated cycles, resulting in increased fuel efficiency of 46-55 percent. However, there is a need to find ways to produce hydrogen with minimal emissions, (The Pew Center on Global Climate Change, Undated). Conclusion A careful analysis of the global greenhouse gas emissions by sector is essential in identifying the needed technological solutions to help curb or reduce gas emissions. By focusing the effort to reduce emissions of the higher contributing sectors, the overall efforts to address global warming effects can be effectively channeled. Thus, it is imperative to focus on the available technologies that address the adverse effects of global warming on the following sectors: land use and forestry, electricity, agriculture and transport. In its comprehensive report on technological solutions for climate change amelioration, the Pew Center on Global Climate Change (Undated, p.2), claims that â€Å"there is no single, silver bullet technology that will deliver the reductions in emissions that are needed to protect the climate†. It further recommends the integration of a portfolio of solutions wherein the identification of useful technologies should be based on the analysis of key economic sectors. Moreover, it suggests that policy makers should prioritize the creation of incentives that will release the power of the marketplace in developing solutions. In the final analysis, further research and development of more exact and cost-effective portfolio of technologies that ameliorate global warming effects must be advocated. References: Abela, M., Bonavita, N., Martini, R., 2007. Advanced process control at an integrated gasification combined cycle plant. Available from: http://library.abb.com/GLOBAL/SCOT/scot267.nsf/VerityDisplay/62CF14177B1A39D2852572FB004B4EB3/$File/AC2%20ISAB_ABB.pdf. [Accessed: 11 August 2007]. Baird, S. L., 2006. Climate Change: A Runaway Train? The Human Species Has Reshaped Earths Landscapes on an Ever-Larger and Lasting Scale. The Technology Teacher, 66(4), 14+ Doyle, J. 2000. Taken for a Ride: Detroits Big Three and the Politics of Pollution. New York: Four Walls Eight Windows. Elliott, D., 2003. Energy, Society Environment. New York: Routledge. Gibbons, D. C., 1986. The Economic Value of Water. Washington, DC: Resources for the Future. Global Warming. 2004. In the Columbia Encyclopedia (6th Ed.). New York: Columbia University Press Intergovernmental Panel on Climate Change (IPCC), 2000. IPCC Special Report: Land Use, Land Use Change and Forestry. Summary for Policy Makers. Available from: http://www.grida.no/climate/ipcc/spmpdf/srl-e.pdf. [Accessed: 10 August 2007}. Johansen, B. E., 2002. The Global Warming Desk Reference. Westport, CT: Greenwood Press. Manuel, J., 2007. Battle of the Biofuels. Environmental Health Perspectives, 115(2), 92+. The Pew Center on Global Climate Change. Undated. Climate Data: A Sect oral Perspective. Climate Change 101: Understanding and Responding to Global Climate Change. Available from: http://www.pewtrusts.org/pdf/pew_climate_101_techsolutions.pdf. [Accessed: 10 August, 2007]. Wikipedia. Undated. Combined Cycle. Available from: http://en.wikipedia.org/wiki/Combined_cycle#_note-0. [Accessed: 11 August 2007]. Wright, R. M., 2002. Energy and Sustainable Development. In Natural Resource Management for Sustainable Development in the Caribbean, Goodbody, I. Thomas-Hope, E. (Eds.) (pp. 307-385). Barbados: Canoe Press.

Oligopoly versus monopoly competition Essay

Differences Between Oligopoly and Monopolistic Competition Market Structures Market structure refers to the interconnected characteristics of a market, which include the number of firms, level and forms of competition and extent of product differentiation (Business Dictionary, 2012). Based on these parameters, several market structures are defined and this essay will focus on two of them, namely monopolistic competition and oligopolistic markets, by discussing the differences among them and their impact on the customers. Oligopolistic market is defined as a market that is dominated by few large firms, and that these firms are mutually dependent, where they have to monitor the actions of other competitors closely and act accordingly in response to that (Ison and Wall, 2007). These firms target bigger markets, at regional, national and even international level. Examples of oligopolistic markets include airline, petroleum and bank industries (Economics Online, 2012). On the other hand, monopolistic competition market refers to a market with large number of firms, each producing slightly different product, i. e. their products are unique in its own right and hence the firms have a certain degree of monopoly power (Ison and Wall, 2007). In general, these firms target a smaller market size, say at a local or regional level (Economics Online, 2012). For example, restaurants, hair saloons and boutiques are all examples under this market structure. Firms in oligopoly market have a certain degree of control over the price of their products (Ison and Wall, 2007). However, there is interdependence in price making between the firms. For non-collusive oligopoly, any price making decision will have to take into account the likely reaction of the other firms to ensure market share (Economics Online, 2012). Hence, there is a potential for price war, where the firms try to beat each other by lowering the price, without any increase in demand for their products, as illustrated by the Kinked Demand Curve (Figure 1; Economics Help, 2012). Such circumstance is undesirable as their profits might be diminished and the consumers will be the only beneficiaries. In contrast, in the case of collusive oligopoly, the firms collude among themselves by agreeing on a price of products to avoid price war. Owing to the significant market share they own, they can set the price high to gain supernormal profit (Geoff Riley, 2006). Figure 1. Kinked demand curve (Economics Help, 2012). In monopolistic competition, the firms have only little control over the price (Ison and Wall, 2007). This is because the extensive differentiation of products means the firms face constant competition from others, and may easily be replaced if their price is deemed unreasonable, despite certain unique features of their products. Oligopoly and monopolistic competition market structures also differ in term of profit making. Firms in oligopolistic can make supernormal profit all the time and there are several reasons to this (Ison and Wall, 2007; Amos Web, 2012). Firstly, they own significant market share in a huge market, therefore the sales volume is high. Secondly, average cost of production is low as they produce in bulk. Thirdly, as discussed before, they have the ability to set price, especially in the case of collusive oligopoly (Amos Web, 2012). For instance, Tesco is a chain supermarket that is found everywhere in the UK (hence huge market size) and as they purchase their products from suppliers in bulk, the cost is kept at minimum, thereby maximising their profits (Mearday, 2009). In contrast, for monopolistic competition, profit making is not for sure. However, theoretically speaking, there are two stages to the profit making by firms in monopolistic competition (Ison and Wall, 2012; Bized, 2001). In short run, the firms can set the price high to obtain supernormal profit (represented by shaded region in Figure 2A). As the abnormal profit they make in short run attracts many potential rivals, the firms must then set the price low to stay competitive in long run (Figure 2B). For example, in Canada, the price of personal computers was very expensive when they were first introduced into the market, but as the number of computer manufacturers increased, the price of personal computers has been declining over the past decade (Figure 3; Statistics Canada, 2011). B B A A Cost Cost Price Price Figure 2. (A) Profit maximisation in short run in monopolistic competition. (B) Normal profit making in long run in monopolistic competition (Bized, 2001). Figure 3. Change of computer price by different purchasers. (Statistics Canada, 2011). Mode of competition is also different between the firms in oligopoly and monopolistic competition. Oligopoly is characterized by imperfect competition, mainly due to high barriers for entry to market (Economics Online, 2012). This is due to various reasons including exclusive resources ownership, extensive relevant knowledge, patent and copyright, other government restrictions, managerial challenge and high start-up cost. (Economics Online, 2012; Amos Web, 2012). Airline industry is a typical example of that, as setting up an airline companies requires huge financial resource and compliance to strict rules and regulations imposed by the authority (Amos Web, 2012). For example, in Malaysia, the second airline, AirAsia was only established in 2001 (AirAsia, 2012), 46 years after the establishment of Malaysia Airline in 1947 (Malaysia Airline, 2012). In contrast, there is near perfect competition in monopolistic competition market, as there is freedom to enter or exit the market due to low entry barrier (Economic Online, 2012; Amos Web, 2012). As opposed to oligopolistic market, the start up cost for firms in monopolistic competition market is much lower, as the market size they target is smaller (Ison and Wall, 2007; Economic Online, 2012). Also, as discussed before, product differentiation in this market means each firm has a somewhat unique product, fulfilling the demand of a certain group of consumers in the market. Moreover, there is less restriction from the government and starting firm does not require exclusive knowledge. For example, one can easily open a restaurant, as long as he or she has a unique menu to offer. In conclusion, oligopoly and monopolistic competition represents two distinct market structures. From consumers’ point of view, monopolistic competition is more preferable. Through monopolistic competition among the firms, consumers enjoy to choose from a wider range of products, which are available at more competitive prices. This is because the firms always try to enhance their products with better innovation and keep their prices down to attract customers. Oligopoly on the other hand is less desirable for consumers as products can often be overly-priced since the firms have a greater control over price. References: 1. Business Dictionary (2012) Market Structure. BusinessDictionary. com. Retrieved on 6th March 2012, from: http://www. businessdictionary. com/definition/market-structure. html#ixzz1olN7AqYq . 2. Mearday, J. (2009) Characteristic of Monopolistic Competition – Welker’s Wikinomi. Retrieved on 2nd March 2012, from: http://welkerswikinomics. wetpaint. com/page/Characteristics+of+Monopolistic+Competition 3. Riley, G. (2006) Oligopoly – Overview. Tutor2u. Retrieved on 5th March 2012, from: http://tutor2u. net/economics/revision-notes/a2-micro-oligopoly-overview. html. 4. Riley, G. (2006) Monopoly & Economic Efficiency. Tutor2u. Retrieved on 12th March 2012, from: http://tutor2u. net/economics/revision-notes/a2-micro-monopoly-economic-efficiency. html. 5. Amos Web Encyclonomic (2012) Oligopoly, Characteristics. AmosWeb Encyclonopic Webpedia. Retrieved on 7th March 2012, from: http://www.amosweb. com/cgi-bin/awb_nav. pl? s=wpd&c=dsp&k=oligopoly,+characteristics . 6. Amos Web Encyclonomic (2012) Monopolistic Competition, Characteristics. AmosWeb Encyclonopic Webpedia. Retrieved on 8th March 2012, from: http://www. amosweb. com/cgi-bin/awb_nav. pl? s=wpd&c=dsp&k=monopolistic+competition,+characteristics . 7. Ison, S. and Wall, S. (2007) Economics (Fourth Edition), Prentice Hall, London. 8. Malaysia Airline (2012) Cooperate Info – Our Story. Malaysia Airlines. Retrieved from 12th March 2012 http://www. malaysiaairlines.com/uk/en/corporate-info/our-story. html 9. AirAsia (2012) Company Profile. Airasia. com. Retrieved on 12th March 2012. http://www. airasia. com/gb/en/corporate/corporateprofile. page. 10. Economics online (2012) Oligopoly. Economics Online. Retrieved on 12th March 2012, from: http://economicsonline. co. uk/Business_economics/Oligopoly. html. 11. Economics online (2012) Monopolistic Competition. Economics Online. Retrieved on 12th March 2012, from: http://economicsonline. co. uk/Business_economics/Monopolistic_competition. html . 12. Statistics Canada (2011) Computer prices continue their decline. Statistics Canada. Retrieved on 13th March 2012, from http://www. statcan. gc. ca/pub/11-402-x/2011000/chap/information/information02-eng. htm . 13. Economics Help (2012) Oligopoly. Economics. Help. Retrieved on 13th March 2012, from: http://www. economicshelp. org/microessays/markets/oligopoly. html . 14. Bized (2001) Monopolistic Competition – Short run to long run. Biz/ed. Retrieved on 13th March 2012, from http://www. bized. co. uk/reference/diagrams/Monopolistic-Competition—Short-Run-to-Long-Run.

History of Islam

Islam is the religion of the Arabic and Iranian world of which Hazrat Muhammad (P.B.U.H) was the prophet. He lived from 570A.D to 632A.D.The word Islam is derived from ‘silm’ which means peace, obedience and submission. It signifies submission to the will of God. Islam is one of the few great and wide-spread religions of the world. The adherents of Islam are called as Muslims.Islam came later than the other great monotheistic religions, like Judaism and Christianity. It drew its inspiration mainly from Judaism and Nestorianism. Muhammad (P.B.U.H) accepted the inspiration of the Old Testament and claimed to be a successor to Moses, and although he did no recognize Jesus as God, he did recognize Him as a prophet sent by God to guide the humanity on the path of spirituality.The sacred book of Islam is called as Quran. This book is written in Arabic and Muslims memorize the whole or part of it. Like Orthodox Judaism Islam is a literal-minded religion lived in everyday life. No Muslim is in any doubt as to exactly how he should carry on in the events of his day.Muhammad’s (P.BU.H) main achievements were the destruction of idolatry, the welding of warring tribes into one community, the progress of a conquest which led after his death to the great and cultured empire which spread throughout the Middle East into North Africa, north India, and ultimately to Spain. That it did not spread all over Europe was due to the Muslim defeat by Charles Martel at Tours in 732.After the death of Hazrat Muhammad (P.B.U.H) the reigns of govt come into the hands of his successors called as ‘Khalifas†. The first four caliphs are declared as the pious caliphs or ‘Khulfa-e-Rashideen’. The first one among them was Abu Bakr Siddique (R.A). He remained khalifa of Muslims from 632A.D to 634A.D. He on his taking the charge of govt in his own hands fought wars of apostasy (the Battle of Yamama 633A.D).These wars were fought against people who declare themselves as prophets and those who refuse to pay ‘Zakat’. The next in line were Umar (Aug 634-Nov 644), Usman (644-656A.D) and Ali(656-661A.D). These four rulers were selected to govern by four different selection processes. They established a system of government which is monarchical and ruled a vast empire according to the rules and regulations set by Hazrat Muhammad (P.B.U.H) and the holy Quran.During the reign of these four caliphs the Islamic state extended its borders extensively. Slowly this system of Government degenerated into a worldly empire which becomes power-hungry and corrupted. Though, physically the Islamic empire was spreading vast but politically there were many fissures in it. That corrupted it a lot.After the death of Umar, Usman succeed the throne but he was accused of favoritism and nepotism. He was murdered and succeeded by Ali. But the Muslims had been divided by then into groups and factions that were at daggers drawn towards each other beca use of political and ideological differences and a civil war(657-659A.D) started between them that was also declared as the ‘first Fitna’ in Islam.The civil war was fought between Ali on one side and Amir Muawiyah on the other. In reality the jealousy and rivalry between the two tribes, banu Hashim (the tribe to which Hazrat Muhammad P.B.U.H and Ali belongs) and banu Ummayah (the tribe of Usman, Abu Safiyan and Muawiyah), had been going on for the long time even before the birth of Hazrat Muhammad (P.B.U.H).‘The battle of Camel’ between Ali and Muawiyah remained indecisive and Ali was murdered by a Hwariji. After his death Muawiyah succeeded the throne (661-680A.D). Thus lay down the foundation of the hereditary Umayyad caliphate.Amir Muawiyah extends further the boundaries of Muslim state with the help of an able Muslim general Uqba bin Nafi. When he nominated his son Yazid (680-683A.D) as his successor he gave birth to the second Fitna (683-685A.D) in Isl amic empire. Imam Hussain, the grandson of Hazrat Muhammad (P.B.U.H) also laid claim on the ruler ship of the Islamic empire. His revolt failed to succeed and the clan of banu Ummayah ruled for another seventy years.During their reign Muslim world extended to North Africa and Central Asia as well as to many other places. There economic position improved greatly. There religion got recognition all over the world as Muslims spread themselves in far and wide of the globe. This new empire was tolerant towards the religious freedom of its non-Muslim subjects though a tax called ‘jizyah’ was imposed on them. With the introduction of non-Arab Muslims into the Islamic empire the tension grew within the state.