Microeconimics Simester Assignment Essay Example | Topics and Well Written Essays - 1500 words

Microeconimics Simester Assignment - Essay Example The factors that commonly influence demand conditions (with other things held constant) are, changes in tastes and preferences, income of people influences the demand of normal and inferior goods, changes in the size of population, weather, changing expectations and prices of other related goods such as substitutes and complements. Changes in these factors will shift the demand curve. As the demand for bio-fuels increase, this will result in a higher level of production of bio-fuels. Bio-fuel usually use both corn and sugar as inputs where the yield of these crops is utilized in the production process (Vidal n.d.) As a result of an increase in demand of the bio-fuel, a substantial rise was reported in the demand of corn. Corn is now required as a source of food as well as an input for bio-fuel production. The image shows the increase in price as a result of the increase in demand of crops. The previous demand used to be D1 which was added with the demand of crops for bio-fuels and th is resulted in the new demand curve D1+D2. This graph also shows how an addition to the demand has resulted in the increase of prices of crops to PC*. If the increased demand is not addressed by added production, then the prices rise because the market forces come into play and determine the market prices (AmosWEB n.d.). The above graph shows that the supply curve does not shift and merely extended and as a result the prices have increased. ii) Supply refers to the quantity of a product that the producers are willing and ready to produce at a given price. The graph below shows supply function. The supply function is upward sloping. This is because the greater the price, the greater will be incentive to produce more and hence the supply will increase. Changes in supply curve can occur because of a number of reasons such as change in technology, the cost of producing other goods and services such as substitutes, taxes and subsidies, changes in input costs, number of producers in the m arket and weather. Change in these factors causes the supply curve to shift. In this case, since the product under consideration is corn which is an agricultural product, it is a difficult task to enter the industry of producing corn because there is often a limitation of land availability. The optimum solution seems to improve the agricultural and conversion technology. If there is an improvement in the seed quality, then it will result in a greater yield which will increase the supply. Also, there is often wastage in the conversion process but this wastage can be controlled if a new technique and technology is introduced. This will result in added supply available for consumption and thus the overall supply increases. As the supply increases in this case, the prices of the crops will go down. Here, the image on the right shows that the increase in demand has shifted the curve towards the right, even the supply curve is shifted to the right because of improvement in production tech niques. This increase in supply is greater than the increase in demand and has helped to keep the price down despite the increase in demand. In our case, the supply of the crop has increased as a result of an improvement in agricultural and conversion technology and this will result in keeping the prices lower. iii) The bio-fuels are the new addition in the oils industry throughout the world. The formulation of ethanol has addressed the growing concerns of

Asssignment Essay Example | Topics and Well Written Essays - 500 words

Asssignment - Essay Example While the archaeologist focuses on the study of material objects to learn about human behavior, the ethnologist concentrates on the study of human behavior as it can be see, experienced and discussed with those whose culture is to be understood. Fundamental to Cintron’s approach is descriptive ethnography. Ethnography is the systematic description of culture based on firsthand observation. Whenever possible, the ethnologist becomes ethnographer by going to live among the people under study. He started the book by sharing a story regarding the collection baskets inside the church. (Page 1). A drunken man entered the house of God and made his way towards halfway to the altar while kneeling and uttering his prayers due to his remorseful state. The churchgoers were surprised with the scenario including the author himself. The commotion and somewhat disturbance of the ongoing religious gathering, the men who wielded the baskets picked up the drunken man and led him outside the church away from the churchgoers who politely and dutifully give donations thru the collection baskets. Aware of his experiences and knowledge, Cintron considers his book as the emptying of the basket (page 3). He stated that he had done his part of wielding the collection basket to people for him to gain insights and thoughts regarding their lives as well as the culture that they dwell in. This collection of reality was organized and documented by Cintron to be able to come up with a well-thought of book that will share the experiences of the people that he interacted with during the wielding of the basket. Cintron wanted to emphasize how ethos is bound up with logos. In other words, the rational argument does not necessarily persuade when reason is made pure. The pure kind of rationality does not exist outside the soup of human affairs. The author stated his Puerto Rican heritage. He was raised in Texas and his parents are both Puerto Ricans. His father was a