Potato Chip Monopoly ECO204: Principles of Microeconomics Instructor: A monopoly is an industry composed of only one firm that produces a product for which there are no close substitutions and in which significant barriers exist to prevent new firms from entering into the industry (Case‚ 2009). In a different definition‚ it can be distinguished by a lack of financially viable competition to produce the goods or services as well as to substitute goods. Monopolies often refer to a procedure
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Microsoft Corporation is an American multinational software corporation headquartered in Redmond‚ Washington that develops‚ manufactures‚ licenses‚ and supports a wide range of products and services related to computing. The company was founded by Bill Gates and Paul Allen on April 4‚ 1975. Microsoft is the world’s largest software maker measured by revenues.[3] It is also one of theworld’s most valuable companies.[4] Microsoft was established to develop and sell BASIC interpreters for the Altair
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have some key concepts which point to what the good ultimately is: egoism‚ utilitarianism‚ and deontology. Egoism values the desires of the individual the most‚ and this is most important to the individual. Utilitarianism‚ on the other hand‚ needs to be impartial in order to value each individual’s happiness equally. Deontology also conflicts with both of these other theories because it is not consequentialist like utilitarianism‚ and does not always benefit the individual or anyone else involved. The
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2. Costing aircraft components A British Aerospace case study Introduction When we think about the cost of an aircraft‚ we tend to think of the cost of buying the product rather than the costs of running it! British Aerospace’s service to the customer does not stop at the aircraft acquisition stage‚ when the aeroplane is sold to the customer. If anything‚ this is when the customer relationship begins. This case study focuses upon the processes involved in costing aircraft components. Given the
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The History Of China The Great Leap Forward And Culture Revolution Student’s Name: Ziyi Xu Tutor’s Name: Ellie Ristic Submission Date: 25 Nov‚ 2014 Word count: 618 words Since 1949‚ Mao created People Republic of China‚ he became a leader in almost 27 years. The establishment of new China marks the opening of a new age. With the establishment of People’s Republic of China‚ Mao Zedong outlining general goals and main course for transforming China from agricultural country to industrial‚ and
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The prominant criticism of Utilitarianism is that it is extremely hard to predict the results of an action. The outcomes of all situations are hard to predict‚ so how can we possibly apply the rule of the greatest happiness for the greatest number if we do not know who will benefit most? It is also difficult to decide whether an outcome is morally good or bad. People have contrasting opinions on what they think is right or wrong and it depends on the individual who is making the decision. This causes
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We’ve seen that rule utilitarianism solves four out of five of the problems afflicting act utilitarianism. This isn’t bad. But does it have any problems of its own? I think it does‚ and I think the problems are related to the two questions that rule utilitarian would have us ask in order to assess the moral worth of any action. A Problem with Question 1 As we’ve seen‚ the first question rule utilitarianism has us ask is “What general rule would I be following if I did this particular action?”
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Act utilitarianism is a utilitarian theory of ethics which states that a person’s act is morally right if and only if it produces the greatest overall utility. In assessing a moral theory there are four adequate criteria which are: completeness‚ explanatory‚ practicability and moral conformation. For completeness‚ an ethical theory should support all meaningful moral claims‚ neglecting none of the claims. Next‚ there is explanatory power. For this assessment a theory should provide insight into what
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LUtilitarianism Utilitarianism is an ethical theory which acts as a guideline on how people should act in certain situations and was first introduced by a hedonist (pursuer of pleasure) named Jeremy Bentham who put forward the ‘Principle of Utility’ which said “The greatest happiness for the greatest number”. Utilitarianism is a theory which bases on the end purpose (teleological) of achieving pleasure‚ our decisions should be based on consequences in pursuit of the principle of utility (consequentialist)
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Ethics and moral is something that is very discussed in today’s society. Ethics is what refers to the principles of right and wrong whilst morals refer to what the individual’s judgements of right and wrong are based on. In other words‚ morals are in some sense more abstract and subjective and may even be based religion or personal beliefs. In comparison‚ ethics are more shared and practical principles that endorse equity in both social and business interactions (Moore). Different beliefs within
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