Macroeconomics and Microeconomics - MicroFB Essay

Macroeconomics and Microeconomics - MicroFB - Essay Example For example, when a 20% increase in vehicles results from a 20% increase in investment on manufacturing equipments, then the firm could be experiencing constant returns to scale. Question three Economic profit refers to the difference between total revenue and opportunity cost. For instance, Pesso invests $1,000 to begin a business in a particular year which she earns $1,200 in profits. But if she had not begun the business she could have earned a salary of $4,500. In such a case, the economic loss is $250 (1,200 – 1000 – 450). Question four Law of diminishing marginal returns states that as new workers continue to increase, the marginal product of any additional worker will at some instant be lower than that of the previous worker. For instance, if a company employs workers to produce its commodities, at some point in time each additional worker will provide lower output than the previous worker, if all other factors remain unchanged. Question five Marginal product of labor refers to the change in output resulting from hiring an additional worker. For example, if a pizza restaurant with three employees makes 100 pizzas in a day and 120 pizzas with four employees, the marginal product of labor is 20 pizzas (120 – 100). ... For instance, a firm that has spent $10 million acquiring a machine which is not yet installed has to consider the $10 million sunk because it cannot recover the money. Question eight The principal-agent problem refers to the conflict of interest that occurs when an agent is hired by a principal to conduct specific tasks that are extremely costly but in the best interest of the principal. For example, the problem will occur when a company hires a rating agency to set a credit rating and the agency is objective to give a higher rating than that which is deserved in fear of losing future contracts. Question nine Equilibrium price refers to the market price where demand of a good equals the supply. For example, when a market is able to produce 100 pizzas which exactly equal the demand of the pizzas, the price at which the pizzas are offered is the equilibrium price. Question ten Tragedy of the commons can be defined as the dilemma that arises from the situation in which many individuals , working independently and only consulting own interest, will eventually diminish a shared scarce resource even when it is apparent that the action is not in the long-term benefit of all. For instance, if the activities of a mining company affect a natural spring that is the source of water for local people and animals, the occurrence is a tragedy of the commons. PART THREE Question one Economies and diseconomies of scale refer to two completely opposite models. Economies of scale occur at a point when the quantity produced by a firm offers the firm the low cost advantage and the firm earns the minimum cost advantage. Conversely, diseconomies of scale occur at a point when the firm produces less than the amount of the input costs and the

Holocaust - Dr. Mengele Research Paper Example | Topics and Well Written Essays - 4750 words

Holocaust - Dr. Mengele - Research Paper Example According to the discussion it it is clear that apart from millions of victims, the Nazi holocaust had its own heroes, martyrs and villains. Dr. Joseph Mengele is one of the most hated villains of that epoch. History describes Dr. Mengele as â€Å"the SS physician at Auschwitz†, and â€Å"the angel of death.† He was a doctor, who conducted cruel medical experiments on hundreds of Jewish prisoners during the period when he was stationed at the notorious Nazi concentration camp, Auschwitz that killed thousands of Jews by burning them alive in mass gas chambers and crematoria. He conducted weird and cruel clinical experiments on the Jewish prisoners as if they were guinea pigs. The most intriguing aspect of his personality was his utter indifference towards others’ suffering, and the way he even did not spare children as objects of his experiments.This paper stresses that the paradox presented by the personality of Dr. Mengele has intrigued the world ever since the cruelties of the holocaust came out in public. But the best way to remember this person would be as a reminder that, given such odd circumstances of fascist mass hostility, even the normal human being is capable of inflicting unbecoming cruelties on fellow humans. And more significantly, it has to be understood that in such a circumstance, a person with even a slight psycho-pathetic mindset could turn into a real and grave danger to humanity-Hitler being the number one example for this.   But when perused from closer premises, the Nazi mindset can be understood as an outcome of ideological frenzy overpowering all humane feelings and responses, a dangerous human possibility indeed, that was revealed before our eyes through the Nazi holocaust, as never revealed before. Here the term, ideology can be understood as â€Å"any idea or set of ideas that provides a prescriptive view of life.†16 An ideology can either be â€Å"a formalized and presumably conscious world view† or it can simply be â€Å"unconscious shared group fantasies, which have the power to charge up the entire group with sufficient energy to trigger unified mass action.†17 In this context, Dr. Mengele has to be understood not as a rare exception