Economics Coursework Example | Topics and Well Written Essays - 1000 words

Economics - Coursework Example ‘Much of the competition between these oligopolistic firms is usually in terms of marketing of their particular brand’ (Sloman, pp. 197-198 2008), although the marketing techniques may differ considerably from one industry to another. There is a huge deal of interdependence between firms in an oligopoly. The abstract tells us that they have power in many ways in terms of regulating prices and agreements. The decisions made by the rivals will affect each firm. Firms, hence affecting their decisions recognize this interdependence (Sloman, pp. 197-198 2008). 2) Explain two reasons for your answer in question 1? It is an understanding that the type of the market structure is oligopolistic because of the fact that a few numbers of firms have a larger share of the market. In addition, when there are collusions as in the above case, so it shows that the type of market structure is oligopolistic. In addition, all the six companies mentioned do not always compete aggressively (Bi anco, 2011). It has been an observation that the companies have merged/collusion, which is done only in cases of an oligopoly where there are a few number of firms and they have a considerable, share in the market. It shows that ‘the policies of each company greatly influence those of the other firms, because of the few sellers present’ (World Book, Inc, pp. 735, 2007). 3) What are the 6 Firm concentration ratios for the global pesticide industry? The global pesticide industry (Swanson, pp. 52-59, 2002) is expected to have a larger ratio in the market because there are these 6 large firms only which have an edge over the market. It is expected that they will have a monopoly due the collusions that have taken place. This will result in an extensive market share (Leiberman, pp. 23-25, 2007). 4) What is meant by a cartel? Cartel is a form of collusion. There are other type of collusions like the horizontal and the vertical collusion, and the joint product development (Worl d Book, Inc, pp. 251, 2007). It is an association that is formed by various producers of a particular industry to control the market for their product. By restricting the available supply, the selling price is usually raised in a cartel. Usually, a cartel consists of privately owned companies in one country or another. Some governments may also form a cartel. In order to succeed, a cartel should be having a few members. However, the cartel must include all or most of the producers in a country to have monopoly in the product. It is necessary for the product to have less substitutes and it is favorable of the product is scarce (World Book, Inc, pp. 240-242, 2007). Like the case of chemical industry in an agriculture market. In a cartel, the selling price of a product is usually set at a higher price. In order to obtain this higher price, the cartel limits the output that is expected of each member, hence assigning each member a share of the market. There is a high probability for the cartel to fail if a large number of members cheat on these arrangements (World Book, Inc, pp. 252, 2007). 5) Give two features of the collusions by the companies There are explicit collusions and tacit collusions. In explicit collusion, it is the easiest way for firms to ensure that all the profit maximizing output will be in maintenance. Such

Why I desire to become a nurse practitioner Essay

Why I desire to become a nurse practitioner - Essay Example It also has plenty of oppurtunities today for specialization and career advancements. Nursing requires life-long learning as new challenges confront the medical profession everyday. Hence, I am committed to go in for advanced education and training in the diagnosis and management of common medical conditions including chronic illnesses. I would thus be able to provide a broad range of service as do physicians. I feel committed to it and I would maintain close working relations with the physicians. Nursing involves working with people and I have always been good at it. I love interacting with people. Besides, I have compassion for people and I feel overwhelmed when patients are unable to pay the medical bills. I love holistic healing and would encourage the patients to draw upon their inner strength; I would them motivate to learn to heal themselves. As a Nurse Practitioner (NP) I would be able to suggest less expensive treatment and inform them about health care. Perhaps I owe these qualities to my mom, because it seems to run in the family. I know being a NP requires individualized care. Prevention, wellness, and patient education have to be top priorities. Experiences, frustrations and contentment, which I can clearly see on my mom and brother’s face, urge me to move ahead in the profession. Each day comes with a new challenge and requires the skills for strong decision-making (SMC). There are ongoing changes in nursing and the healthcare system. It is demanding on the family life too but in nursing one never gets bored. It is a respectable and a noble profession too despite long hours, emotional load and the health care risks. As a NP I would require tremendous amount of patience, listening skills, I would have to do a lot of counseling, diagnosing and treating acute illnesses. As a NP I would have to deal with the patient’s family and even suggest lifestyle and environment changes. In