Production for Live Events TV Top-Up Free Essays

Presentation This report is planned so as to exhibit the principle slants in the lighting business. This report will show the new patterns and items in the lighting business alongside their consequences for the development of the innovative progressions. At long last, the report will introduce the principle focal points and burdens of lighting innovation alongside the difficulties that are forced on the new contestants and as of now settled brands. We will compose a custom article test on Creation for Live Events TV Top-Up or then again any comparable point just for you Request Now Foundation Lightning has become a significant piece of regular day to day existences and of occasions. Organizations attempt to think of new courses in lighting and projection so as to escalate the qualities of an occasion and shroud the shortcomings. Bowdin and Allen, (2012) recommend that lighting upgrades the general scene of an occasion while issues in lighting may diminish the nature of the occasion. Yee, (2007) states that lighting assumes a noteworthy job in reacting to the changing condition by moving the viewer’s center to the various territories along these lines building up a wide range of scenes inside the zone. Impact of outside patterns on the improvements in occasion lightning and projection innovation The ongoing patterns recommend that lighting is progressing alongside the perception of its significance in the occasions territory. This infers creative advancements are being created and presently there is a ton of new lighting items accessible available. For example, LED lighting has been available for quite a while. It doesn't require considerable measures of intensity and is easy to understand as far as establishment and upkeep (LEDs Magazine, 2010). In this manner, it is as yet the pioneer on the lighting market. Nonetheless, lighting advances into a progressively intelligent and remote component, as far as programming and upkeep. The interest for remote lights keeps on developing, recommending that it may turn into the following ‘most wanted’ item available. In any case, as it has been evaluated by a delegate of Kinetic Lighting, that these are very hard to flexibly (BizBach, 2011). Another significant development, which is popular available, is progressively vivi d lighting. This infers clients are looking for increasingly vivid and strong shading palettes (BizBach, 2011). As late reports recommend, 3D lighting may turn into the following pattern in the occasion and stage creation industry. There are imaginative 3D lighting items available, be that as it may, these depend on the incorporation of the customary blue and red hues to make a 3D impact (Parrish, 2002). Further developed renditions are respected to be troublesome in usage. Consequently, the present market is constrained to the arrangement of those frameworks for the occasions and creation (Parrish, 2002). These are progressively famous in usage for various short introductions. Focal points and Disadvantages of new turns of events The fundamental focal points of the new improvements are upgraded intuitiveness and cutting edge innovation. This suggests the requirements of present day buyers are fulfilled regarding conveyance of further developed and bright arrangements. Some new improvements are easy to use, while different advancements (for example 3D Lighting ) are very troublesome in usage and upkeep (Bizbach, 2011; LEDs Magazine, 2010). The lighting provider organizations have likewise begun to deliver increasingly natural arrangements. This suggests inventive lighting arrangements will in general line up with the general pattern of natural insurance and concern (Veitch and Gifford, 1996). Thus, this interests to clients who have gotten all the more naturally concerned. This has prompted the advancement of sun oriented lighting, which is a feasible, natural lighting arrangement (Pode, 2011). Difficulties for newcomers and more seasoned masters in occasion lightning and projection industry The principle challenges for newcomers in the occasion lighting and projection industry is ascribed to the high passage obstructions. As of now, the principle measures for being effective in the lighting market are the brand, the estimating and notoriety. This builds the boundaries to section into the market (LEDs Magazine, 2010). Alongside that, the lighting business has gotten very serious. This suggests there are a great deal of players available, who offer comparable items. On account of LED lighting, this suggests LED is getting all the more a product with a low value (Examiner, 2012). This abatements the brand estimation of the organizations inside the LED showcase. As opposed to that, organizations with inventive arrangements may enter the market, anyway there is a restricted measure of organizations that may create advancements, because of the requirement for huge assets (Examiner, 2012). Accordingly, the settled brands will in general put vigorously in innovative work, hence delivering the most recent developments. Accordingly, the lighting market is driven by the entrenched brands, which normally produce imaginative arrangements (Examiner, 2012). End This report was planned so as to show the ongoing patterns in the lighting and projection industry. It has been assessed that the lighting and projection industry is an exceptionally serious region, with high passage obstructions. Because of the expanded rivalry, some lighting items have become a product. The patterns show that the brand assumes an enormous job in the lighting market, where the settled organizations will in general produce developments available so as to protect their pieces of the overall industry. The primary advancements have incorporated the 3D lighting, remote and intuitive lighting arrangements. References BizBach. (2011). 7 Lighting Trends for 2011: LEDs, Interactive Projections, 3-D, and More Available: http://www.bizbash.com/7_lighting_trends_for_2011_leds_interactive_projections_3-d_and_more/new-york/story/20020/(Accessed on 1/1/13) Bowdin G., Allen J., O’Toole W., Harris R. (2011). Occasions Management. third ed., BH: UK Analyst. (2012). Serious Landscape for LED Lighting Industry: sway on US employments. Accessible: http://www.examiner.com/article/serious scene for-drove lighting-industry (Accessed on 01/01/13) LEDs Magazine. (2010). Lighting industry at the edge of the obscure. Accessible: http://ledsmagazine.com/highlights/7/7/2 (Accessed on 1/1/13). Parrish D. (2002). Propelled 3D lighting and compositing. Head Press: USA. Pode R. (2011). Sun based Lighting. Springer: London. Veitch J. Gifford R. (1996). Evaluating Beliefs about Lighting Effects on Health, Performance, Mood, and Social Behavior. Condition and Behavior. Vol.28, Iss.4, pp. 446-470 Yee R. (2007). Lighting Spaces: Roger Yee. Visual Reference Publications: USA Step by step instructions to refer to Production for Live Events TV Top-Up, Essay models

Interview with entrepreneur Essay Example | Topics and Well Written Essays - 1250 words

Meeting with business person - Essay Example The motivation behind why these people will propose to work for themselves is a result of the different benefits that are related with business enterprise. A portion of the advantages are turning into their own managers just as the capacity to appreciate opportunity on the regions of organizations (Erik, 2011). The innovativeness and imaginative nature of an individual forms the enterprise abilities in them. Since the 1700s numerous imaginative and inventive youthful experts have become business people and the main impetus behind their entrance into enterprise world are the different advantages that are related with business enterprise (Erik, 2011). Great act of enterprise requires utilization of characteristics like commitment, adaptability, assurance, and inventiveness. Part ONE Introduction The procedure of business enterprise begins with presentation of new things in territories where those presented things are absent. When the new things have been found these things are joined w ith the previously existing assets (Erik, 2011). The procedure of mix of these things with the previously existing assets involves imagination. ... The age of their vitality happens inside as a result of their engaged personalities and the inclination to make progress in all that they do. Ownership of naivety and adroitness simultaneously These individuals will in general have significant level of insight too naivety in wandering into new territories (Brown, 1989). The naivety starts from different intuition since this reasoning is related with partition of smart thoughts from awful ones. Capacity to consolidate both order and fun loving nature Creative individuals are constantly fit for joining both unreliability and obligation quality and they can work late around evening time not at all like uncreative people (Brown, 1989). Capacity to explore among creative mind and dream Creative individuals consistently have a feeling of the real world and this reality rises up out of creative mind that these individuals acquire from craftsmanship and science. Assets of contemplation and extraversion These assets can separate the character qualities in people and estimation of these distinctions is conceivable. Studies have indicated that these characteristics can be both found in inventive individuals. Stephen Murtagh appears to have a significant part of the above characteristics and this is on the grounds that through his endeavors AW Bell Machinery producing firm had the option to develop as a medium organization for the year (Casey, 2013). The organization couldn't send out its items in earlier years and through his exertion they had the option to turn around this culture and the organization could now trade a large portion of its items just as to think of inventive and imaginative items. Section TWO-Literature audit According to Teresa Amabile (1988), a portion of the variables that upgrade singular innovativeness are self inspiration, intellectual

Proactive and Retroactive Interference Explained

Proactive and Retroactive Interference Explained The human mind is like a book with an infinite amount of pages and more and more pages are added every single day because we are constantly bombarded with information left and right.What we retain from this information is actually the memory we hold in our mind.In order for us to even remember certain information we first need to come into contact with it, in other words we need to learn it and given the fact that, as I said, we collect new information every day what happens with the old memory of the things we already learned, and vice versa, is a question we today will try to answer.We see that there is some kind of interference going on in our brain when we want to recall old memory because of the things we recently learned or on the other hand the things we learned recently could be mixed up with the things we knew before that.And this is a common occurrence because we cant help but try to use all of our information stored in our brain in order to give an answer to the tasks, str uggles, and obligations of our day-to-day life.The idea is that this interference occurs because our long-term and short-term memories interfere with and disrupt each other meaning we forget things because both of those memories are used when we try to recall certain information.There are two types of interference:Proactive interference old memories disrupt new ones.Retroactive interference â€" new memories disrupt old ones.PROACTIVE INTERFERENCEAs I said, proactive interference occurs when the memories we already know restrain our capacity to recall the information we only recently learned which leads to us not being able to remember and understand that information.And this is so common that everyone has had an experience with proactive interference especially when we are trying to comprehend similar subjects such as learning a new language or trying to remember two lists of groceries to buy.Also, there is a connection between forgetting working memories and proactive interference because we couldnt forget our working memory if it wasnt for proactive interference meaning that we would easily be able to distinguish between old and new memory without any interference.But we know that this isn’t the case because our working memory serves one purpose and that is a quick and immediate conceptual and linguistic processing.It’s just short-term memory we use right then and there without much thinking because if we were to think of it too much we wouldn’t be as effective when using it.So our brain does a fairly great job in filtering the information we don’t need, using the information we need right now, and storing information that we will need later.Where does that leave proactive interference you may ask?As it turns out we cant remember exactly when we learned old and new information, for example, you learned some things at school which you use every day like calculating, reading, writing and so on, but you cant remember the exact day, hour and minute youv e learned those things.If you can, congratulations, you have an awesome memory.For most of us, that isnt relevant information we need to know in order to use the information we learned at school and we just look at the memories in our brain as a whole instead of time-specific data.In other words, our brain doesn’t care if it is old or new memory we need to use, it is using both memories in order to solve a specific problem.This means that proactive interference is sometimes unavoidable.EXAMPLES OF PROACTIVE INTERFERENCEI’m going to list some of the most common examples of this occurrence I’m sure all of us will recognize and in one point or another in our lives have experienced:Every New Year, after the first of January most people catch themselves to write the previous year when writing dates. This is particularly common with students when they come back from winter holidays and they start to write a new lesson or even while taking a test.This second example is specifically m eant for women who once they get married and change their last name sometimes tend to say their previous last name without thinking about it.  When you start learning a new language, for example, Italian, but you’ve learned Spanish before that, what you may experience is that you could end up mixing the vocabulary or grammar of the two languages simply because you’re already used to how the first language is spoken.Also, a common example is when we get a new phone number and then when someone asks us for the number we may fall into the trap of giving them our old one because we are just getting used to the new phone number.The last example I want to make is when we read a book we already read before and then all of a sudden it feels as we are reading a completely different book because we either didn’t remember the whole story or the things we do remember about it just vaguely slip our mind so now it seems as we are filling the gaps of the version we created in our minds when we first read the book.There are a number of specific examples we could add but these are some of the more common ones which I’m sure you will pay attention to from now one once you’ve learned about them.RETROACTIVE INTERFERENCEIn contrast to proactive interference, retroactive interference is the occurrence when new information gets in the way of our old memories meaning we get a disrupted image of the things we already know by learning or implementing new things.As in proactive interference, this is also a very common situation to be in and a lot of things depend on its occurrence, for example if you are perhaps a martial artist trying to learn new moves, you will find it hard to recall the old physical moves because the new moves you’ve learned are much fresher in memory and were more recently practiced.To get back to the point I made when talking about proactive interference, in retroactive interference, there seems to be an issue of unlearning the things youve known befor e by overwriting them with new information.This could be a huge problem considering the fact that if you rewrite old memory using new memory, there is no guarantee that this new memory will be more useful or even will you be able to recall to it better in the future.What I’m trying to say is that if we dont catch ourselves not being able to recall our old memory which is disrupted by new information, we could fall into the trap of doing a disfavor to our brain by in some way suppressing old information and exchanging it with a new one.I could imagine this being a good thing when for example you hated math and everything you know about math seems to you like torture but suddenly you’ve learned something from your friend who is a mathematician or you’ve watched an informative video about math so now you realize that math isn’t that bad just that what you’ve learned now is more effective and useful than what you’ve learned from learning it for 8 years in school.I mean the s ame goes for any other subject you’ve hated in school, so in reality, retroactive interference is a double-edged sword depending on how you view it.EXAMPLES OF RETROACTIVE INTERFERENCEJust as with proactive interference, the retroactive interference we experience from time-to-time is a common circumstance so lets list a few more frequent examples:One of the most common examples of retroactive interference is when a student remembers better what he learned at the end of the school year in comparison to the beginning of the school year.Another common example is when you start learning a new language, for instance, German, and let us say youve learned French before that, now when you try to speak French, the new words youve learned in German will start to pop-up interfering with your knowledge of French.When you learn new dance moves and later try to dance like you used to before, you may experience that you’re unable to do so because the new dance moves you’ve learned now someho w seem to be in the way of the old ones so you mix them up.Just as in the example for proactive interference, when you get a new phone number, you might not be able to remember your old one because you’re not using it anymore and you don’t have any use of knowing it.As you see these situations have surely happened to you once or twice and maybe not at all but it’s important to know which situations can trigger retroactive interference so you can try to avoid making mistakes in the future.SIMILARITIES BETWEEN PROACTIVE AND RETROACTIVE INTERFERENCEAlthough they cause the opposite effect of one another, both proactive and retroactive interferences do have some similarities which can be observed in their common occurrence.They are both based on the Interference theory, which suggests that the interference must result in either one way or the other.They rely on context in order for the interference to actually occur meaning they can both be triggered by the same situation, for inst ance when learning a new language or getting a new phone number as we mentioned before.The competition and association of old and new memories are what causes the disruption of memory in both of these interferences.These similarities mean that they have the same root just not the same consequence and it all depends on the situation that we’re in and also on our perception in that given moment.DIFFERENCES BETWEEN PROACTIVE AND RETROACTIVE INTERFERENCEWeve explained the main difference between these two interferences in terms that the first one disrupts new memories with old ones and the other disrupts old memories with new ones, but now we should explain how exactly do both interferences affect our mind and memory.Competition and unlearning â€" The competition between old and new memories is what causes both interferences but in the case of retroactive interference the process of unlearning is also an important occurrence.Forgetting â€" In terms of proactive interference, not being able to retain new information and quickly forgetting our working memory sounds bad and it is, while for instance when we talk about retroactive interference it lets us forget the information we dont need at that given time and replaces it with new information.Rest time â€" It is strange how rest time doesn’t seem to have any effect on proactive interference but in the case of retroactive interference it does have a significant impact on a person’s ability to block it out.We see that these differences have a great impact on the overall consequences of the interferences and do shed some light on why in some situations there is no rule whether we will experience one or the other interference.THE WEAKNESS OF THE INTERFERENCE THEORYEven though we explained what proactive and retroactive interference is, there are some shortcomings which should be examined in order for us to understand whether this is a common phenomenon related to all the information we receive or is there more to it.What the critics of the Interference theory have to say is that its main weakness comes from the lack of evidence that this interference could occur in all the information we retain and that just the information in a similar format causes the interference.This means that the interference is more likely to occur in situations when the old memory and the new memory compete with each other based on a related subject.To make a perfect example of these claims I will use the examples I already gave for both the proactive and retroactive interference and that is learning a new language which either disrupts the language they already learned or the previous language disrupts the use of this new one.We clearly see that both interferences can occur in the same situation and that is learning a new language, but this is only if we learned a language before that and for instance our native language would not be disrupted in one way or another mainly because we already use it constantly and do n’t have to recall it at all.The same goes for the other examples I’ve given and this is quite strong evidence which backs up the skeptics of the theory, but there are also plenty of psychologists who suggest that the theory is still true.THE STRENGTH OF THE INTERFERENCE THEORYNow that we’ve heard what the critics have to say, we should focus on the part of the theory which does have some chance of being true and is essentially based on the arguments which the critics use to abolish the theory.The argument is that the interference occurs in situations with a similar format and by that the overall occurrence of the interference is confirmed and even agreed upon by both skeptics and non-skeptics of the theory.The second argument for the theory is that it is such a common occurrence in every-day life that there is a great number of examples and even tests which have been carried out on the side of proving the plausibility of the theory.Whether you believe the weaknesses or the st rengths of the theory, the reality is that both proactive and retroactive interferences are occurring when we don’t even think about it or not.Truth be told, this theory has been researched for a little less than some sixty years so there are more questions to be opened and answered on this topic but that doesn’t mean it’s a false theory just that it needs further research done.I’m sure that in the future there will be more psychologists interested in this field of psychology and these kinds of articles help to shed some light on such topics.ODOR MEMORYIt seems that there is one memory that the proactive and retroactive interference cant disrupt and that is odor memory.Believe it or not, our ability to memorize certain smells and fragrance is so powerful that we can without any problems recall if weve already smelled that scent before or not.Psychologists believe that we’ve developed this ability to memorize certain scents back when we were cavemen in order to detect dange r by knowing which plants are poisonous or not to know to eat them and also by knowing the scent of the pheromones of animals that are in our near presence.Also, our ability to smell is directly connected to our ability to taste food which means that we also cant mix-up similar tastes of food leading to a conclusion that there still are some weaknesses to the interference theory which should be further put to the test.It’s amazing how this ability survived the test of time and how it can now be applied to the study of interference theory but most importantly how it can help us to understand the memory of the human mind which as it shows is more based on experience than on abstract thoughts.All in all, this is an interesting point to make when talking about the interference theory, whether it serves as an argument for those who are opposed to it or not is a matter of psychological studies which should be kept in the laboratories for now. WHY IT IS IMPORTANT TO UNDERSTAND THESE INTE RFERENCESThe main goal of understanding the cause of these interferences should be to know how to stop them from occurring or at least minimizing their effect because they can put you in awkward situations you don’t want to be in.Let’s take for example learning a new language and then not being able to use it properly because you’re bombarded with the grammar of the language you’ve learned previously.A quick fix to this problem is to try to recall both translations in your native language so that way you will select the translation you need.How do you think linguists and polyglots function?Because theyve mastered the languages they speak to such extent that they know a whole vocabulary of words and their brain is wired that way not to mix them up, so you can learn a thing or two from them and the things we talked about today in order to resolve this problem.Another point I want to make is that, although these interferences are a common occurrence they are not the cause of me mory loss just the process of forgetting the information you don’t need which isn’t that bad.Once you understand what they are and what causes them you will be one step ahead of knowing how to avoid the interferences from happening. FINAL WORDIn conclusion, I would like to summarize everything weve talked about today by saying that these interferences are normal and dont need to bother you too much if you experience them from time-to-time but also that by understanding them you will be more likely to spot if the interference is to come up.And although they can sometimes be embarrassing such as the situation when a woman mistakenly says her previous last name, they are a good mechanism for knowing how our brain works and reacts to similar content and to information we don’t even think about.There isnt really any evidence that these interferences are a sign of memory loss or some neurotic disorders rather that they are proof that your brain is working its best to use all the mem ory and knowledge it has.So if you think of it that way, if youre experiencing proactive and retroactive interference it means that youre using your brain to its full capacity, were not machines so a mix-up here and it is acceptable.

The True Meaning of Terrorism Essay - 813 Words

The True Meaning of Terrorism Think of the word terrorism. What is the first thing that comes to mind? One might think of kidnapping, assassination, bombing, or even genocide and guerrilla warfare. Because it is such a broad and complex issue, an all-encompassing definition is hard to formulate. The United States Department of Defence defines terrorism as†¦ The calculated use of violence or the threat of violence to inculcate fear; intended to coerce or to intimidate governments or societies in the pursuit of goals that are generally political, religious or ideological. Terrorism, then, is a type of political crime that makes use of murder and destruction or the threat of such violence in order to promote change. It is a†¦show more content†¦In 1991, The Red Army Fraction assassinated Detlev Rohwedder, the head of the government unit responsible for rebuilding the East German economy. One of the more famous incidents caused by revolutionary terrorists is the 1993 bombing of the World Trade Center in New York City. [T]he group responsible was demonstrating its hatred of U.S. policies in the Middle East.(4) Political terrorism, or right-wing militants, tend to follow an extreme authoritarian ideology and conduct anti-government activities. Political terrorists in the United States tend to be heavily armed groups organized around such themes as white supremacy, Nazism, militant tax resistance, and religious revisionism.(5) Two of the more famous incidents in the United States are the Oklahoma City Bombing and the Branch Davidian cult standoff in Waco, Texas. Nationalistic terrorism is designed to promote the interests of minority ethnic or religious groups that have been persecuted under majority rule(6) The most popular nationalistic terrorist group would have to be the Irish Republican Army (IRA). 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Post Modernism vs. Modernism - 870 Words

Modernism vs. Post Modernism The ideas of modernism and post modernism are fundamentally different. Modernism is the belief that human beings can improve their environment, using scientific knowledge, technology and putting all of those things into practice. Modernism is prevalent in the field of arts. The concept of post modernism looks at the ideas behind modernism and questions whether they really exist. (wikipedia) Modernism began in the early 1800s. It emerged with Manet and Baudelaire in painting and literature respectively. It was initially called avant-garde and today it means to change the current state of being. In the late 1800s developments in science and technology dominated most of modernist thoughts. Some of the†¦show more content†¦Logically this makes post modernist thought eligible for scrutiny under its own rules. Some of the post modern thinkers are Martin Heidegger and Michel Foucault. Michael Foucault wrote We must see our rituals for what they are: com pletely arbitrary things, tired of games and irony, it is good to be dirty and bearded, to have long hair, to look like a girl when one is a boy (and vice versa); one must put in play, show up, transform, and reverse the systems which quietly order us about. As far as I am concerned, that is what I try to do in my work. Heidegger added: ...thinking begins only when we have come to know that reason, glorified for centuries, is the most stiff-necked adversary of thought. (Chagani) These two proponents of post modernism were concerned that thinking would be limited by the standards set in society. They believed that breaking away from these norms was the only way to continue growing. Chagani, Fayaz (1998). Post Modernism. Retrieved December 4, 2006, from Geocities Web site: http://www.geocities.com/Athens/Agora/9095/postmodernism.html Post Modernism. Retrieved December 4, 2006, from Wikipedia Web site: http://en.wikipedia.org/wiki/Post_modernism Modernism. Retrieved December 4, 2006, from Wikipedia Web site:Show MoreRelatedModernism vs. Post-Modernism1338 Words   |  6 PagesModernism  sociologically, is a discipline that arose in direct response to the social problems of modernity (Harriss 2000, 325); the term most generally refers to the social conditions, processes, and discourses of 1438-1789 and extending to the 1970s or later (Toulmin 1992, 3–5). 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Though, at the same time, they differ in many ways. These distinctions can be seen in the two works of literature, â€Å"Death of a Salesman† by Arthur Miller and â€Å"Glengarry Glen Ross† by David Mamet. â€Å"Death of a Salesman† represents the modernist literature. Modernism is a style of literature that came about after World War I in Europe. It emerged in the United States in the late 1920s. ModernismRead MorePostmodernism : Modernism And Postmodernism2457 Words   |  10 PagesThis paper outlines, argues and evaluates the key ideas used in debates about modernism and postmodernism. In order to understand and evaluate the key ideas the terms modernism and postmodernism had to be defined. I found much difficulty in finding a clear and concise definition of the two terms and so I researched and formed a train of thoughts into one definition. Modernism, beginning in the late nineteenth century and early twentieth century within Europe and America, was a movement mainly pioneeredRead MoreThe Contributions of Post Development Theory3644 Words   |  15 Pagespolitical ideologies. This was the moment also to commence to make some certain judgments regarding the project of development and its basic tenets which led to the raise of the new approach called Post Development (PD) theory. PD has also some common roots and values in the fundamentals of Post-modernism as well. These theories emerged during the 1980s and reached their climax during 1990s. However, since the rise of these theories, in the development agenda, some critiques and debates has come outRead MoreModernist Modernism : High Modernism Vs. Low Modernism1944 Words   |  8 Pages Modern or Modernist? 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They are strongly opposed to the universalist premises of realism, liberalism, Marxism and post-Marxism, and are highly critical of the general phenomenon of the

The second is the exegetical or neoAugustinian Free Essays

Our work is a literary analysis of `Beowulf` that focuses on the literary work but not history of the poem. It’s going to be research how the story could be viewed as heroism with the death of the hero. We will write a custom essay sample on The second is the exegetical or neoAugustinian or any similar topic only for you Order Now But at first we should review critical writings. Two main critical approaches have dominated the field in the last thirty years. The first is the application to Old English verse of the oral-formulaic theory that Milman Parry and Albert Lord developed out of their study of contemporary South-Slavic oral poetry. 1 The second is the exegetical or neoAugustinian form of interpretation associated particularly with the name of D. W. Robertson in the area of medieval English literature. 2 A major reason for the popularity of the first two theories is that they seem to offer structured approaches to a poetry that for many modern readers lacks any clear and familiar structure. Imagine for a moment the naive first reactions to Beowulf of a reader hitherto accustomed only to modern literature (i. e. , literature in Modern English, since Shakespeare). Such a reader will respond quickly and positively to some of the poem’s descriptions of violent action; will find curiously attractive some of the exotic atmosphere of mead-hall and dragon-mound; and may experience familiar emotions when reading a few highly lyrical passages. But surely he or she will find large sections of the poem imaginatively inert — slowmoving, redundant, didactic, often simply opaque. Such a reader -I might as well confess that this devil’s advocate I have in mind is myself at a very early stage — may wonder why in the world the poet has chosen to direct his attention where he does. Why does he keep tirelessly making the same points and telling the same kindsof illustrative stories over and over, yet spend so pitifully little time on the literary things we have been taught to think important? On characterization, for instance, with its problems of development, complexity, clear motivation; on richness of detail in the natural and physical background; on informal, natural, and â€Å"real† interactions between people; on a broad or â€Å"rounded† or ironic view of the world the poet presents. If we judge Beowulf by novelistic standards, it shows us a cast of ornately dressed and stuffed (or stuffy) mannequins, always ready to restate the obvious, acting out rituals as obscure as they are strenuous. The importance of Beowulf in establishing, from a literary-critical viewpoint, the definitive epic style in Old English poetry cannot be exaggerated. Beowulf and the Waldere fragments were held to constitute ‘the only narrative poems in an old Teutonic dialect that in respect of their scale can be compared with the epics of other lands’. 3 For most readers today the epic quality of Beowulf is not in doubt. 4 Since Beowulf was obviously ‘epic’, it must be an originally orally composed poem to which Christian colouring was later added. 5 Now look more closely at the strange text of Beowulf. On written pages, written (at least in this sole surviving manuscript) about the year 1000, though probably copied from earlier versions, 6 we find a text largely composed of formulas. A concrete instance may serve to illustrate this idea of limitation. That highly conventional beast the dragon is a simple example. If a dragon, a wyrm, a draca, appears in a given passage, we can be sure that the terms applied to it and the actions it performs will all lie well within a small compass of convention. In what follows, the numbers in parentheses indicate my rough count of the â€Å"formulaic† epithets and phrases applied to various aspects of the dragon in Beowulf. The count can only be approximate, since there is much overlapping. It will be noted at once that some aspects are copiously, even redundantly, exemplified and restated. Though there is ample variation within each of these tight clusters of patterns, and though this variation indeed forms a striking feature of the style (admittedly one our novice reader will need some time to appreciate), the examples of variation never range far outside a drastically restricted number of fixed bases. We might call these bases normal expectations. Oral poetry as we see it in Beowulf is precisely, almost forbiddingly, the poetry of normal expectations. They appear in all its patterns. More specific terms for some of these patterns (though my use of terms will lack the rigorous clarity of definition the theorist demands) include the following: epithets habitually attached to characters or objects (ece drihten ‘eternal lord’ or eald sweord ‘ancient sword’, the attributes riveted tight to their nouns); type-characters (the gracious mead-pouring queen Wealhtheow); traditional narrative sequences (voyages, gift-giving, fights); gnomic assertions of permanent ethical values (swa sceal man don ‘thus should a man [always] do’); certain heavily symbolic objects (weapons, ships, halls, barrows); stock settings and props (benches to sit on, cups to drink from); habitual use of contrast to highlight and define (the pairing for effect of good Sigemund and wicked Heremod); certain recognizable emotional tones or attitudes (boasting, the â€Å"elegiac† tone), with their own characteristic vocabularies. Such a catalogue is only an inc omplete outline, and in any case is deficient because it cannot show the complicated interweaving of these separate constituents that is so fundamentally typical of the verse. Although medievalists are perfectly familiar with flat type-characters of the kind we find in Beowulf, such characters may present some problem to readers more accustomed to the subtleties of characterization in later literature. Traditional types — the venerable and wise old king, the intensely suffering woman, the hero oddly and remotely wrapped in his sacred violence, the ravening monster from hell, the â€Å"twisted† young king unceremoniously pitched headlong off Fortune’s Wheel — these types can seem childishly simple. Exactly: they are indeed the archetypal folk characters of our fairy-tales. Let us first consider the case of Unferth, a character who has constantly been made more interesting than he really is, obsessively rounded by the critics into more complex and pleasing shapes. If Unferth really is a traditional type-character in medieval literature, then variants of the basic type should help us find the proper category for him. Some classifications that have been suggested would label Unferth as Evil Counsellor, or All-Licensed Fool, or Official Court Guest-Tester, or Tolerated Coward (like Sir Kay in some Arthurian tales), or Raw Youth (like the rustic Perceval), perhaps in need of the guidance of a seasoned warrior-mentor who will polish his manners and heighten his courage. Yet Unferth seems to wander across the boundaries between these categories in a confusing way. He may be some new type unrecorded elsewhere, a combination of several types, or even no type at all but a new invention of the poet, though this last is unlikely. The major stumbling block to critics, of course, has been the disparity between the fact, on the one hand, that Unferth is shown not only as failing the explicit test of heroism at the mere’s edge (1465-71a) but as being sharply condemned by Beowulf (in the heat of the flyting, 581b-94) not only for cowardice but for having killed his own brothers, and the fact, on the other hand, that he evidently retains a place of honor at Hrothgar’s court and generously lends Beowulf his sword, an act for which the hero warmly thanks him. In terms of the dominant heroic values of the poem, how can Unferth thus show himself to be both bad and good? Unferth has important role as a spokesman for the community of Danes. Beowulf’s notable tact in his successive parleys with the Danes he met as he made his way to Heorot seemed to be evidence for his own awareness of this potential tension. The Danes must determine whether the Geat is nothing but a wandering showoff and braggart, coming fordolgilpe and forwlenco, out of foolish boastfulness and pride. If he is, it would be truly humiliating for them to betray their own desperate need for help by treating such a heroic charlatan with respect. Thus, even if Beowulf’s very well-chosen words had placated some of the Danes, it is likely that not all were ready to embrace the visitor. Unferth’s sharp challenge of Beowulf may thus dramatically fill a psychological need for the Danes as a whole. At the least, taking Unferth as the spokesman for many Danes obviates any necessity to explain why they show no disapproval of his challenge to Beowulf. Unferth does not stay around in the hall long enough to be killed by Grendel. But seeing him as one of these boasters over the ale-cup would explain later references to Unferth as a braggart. We should remember that we do not ever hear Unferth bragging, though the poet tells us (499-505) that Unferth dislikes hearing any warrior praised as being any better than he is, an attitude consistent with being a braggart. But his only speech, the challenge to Beowulf, is no brag. There Unferth makes the charge that it is Beowulf who is an empty braggart with a low heroic credit rating, whereas Breca, Beowulf’s competitor in the swimming-race, is not. Later, when Unferth gives the sword Hrunting to Beowulf to use in the mere-fight, the poet tells us that the Dane does not remember what he had said when he was drunk (1465-68a). What must be referred to here is not the occasion of his attack on Beowulf which we witnessed but some boast we never actually heard (but can infer from Hrothgar’s description just quoted), since the poet’s remark is immediately followed by the statement that Unferth himself did not dare to risk his own life in the mere. This is not a very distinctive failure. Neither did any other Dane. In this, Unferth once again seems merely representative. But only if he had been a conspicuous braggart in the past would his behavior now be considered reprehensible or even noteworthy. That the poet sees Unferth as representative Dane may, however, find some additional support elsewhere. It should be noted that Beowulf himself takes Unferth’s attack on him to be a Danish attack, one that requires a counterattack as much against the whole nation as against Unferth individually. In his reply (starting at 581b) he begins by addressing Unferth quite personally indeed, pointing out that, while he knows evidence that Unferth has killed his own brothers (a serious charge of fratricide later validated by the poet, 1167-68), and perhaps by treachery, if the phrase peah pin wit duge ‘though your wit is keen’ (589) implies some clever plotting, there is even more sensational evidence, twelve whole years of it, that Unferth has not been giving Grendel any trouble whatsoever. But Beowulf then moves on at once to broaden the charge to include all Danes. Eower leode (596) is a plural really addressed over Unferth’s head to the listening Danes, and it is followed by the plural terms Sigescyldinga, leode Deniga, Gardenum. None of these people, though they may not be brother-slayers, have ever given Grendel any trouble either. It will take a Geat to do that. Unferth is then a symbol of national rather than merely private inadequacy. The closing lines of Beowulf’s reply modulate out of mockery and into reassurance. Here Unferth may well stand for the Everydane who, the hero promises, will be able to go happy and safe to his morning mead in Heorot next day, after Grendel has been taken out of the way. But before we speak further of comradeship, we must deal with Beowulf’s devastating assertion that Unferth will be damned for killing his brothers. The remark is made in the context of a Germanic flyting or word-battle. Unferth’s challenge follows close on a long boasting speech by Beowulf (407-55) and Hrothgar’s description of the failure of the Danish hall-boasters to survive their encounters with Grendel. This combination of speeches sets up a testing situation. If the Danes’ many boasts about defeating Grendel could never be carried out, and if Beowulf’s boast about beating Breca in the swimming-contest could never be carried out, why then should anyone expect that the hero’s present boast offers any promise of fulfillment? Such is the gist of Unferth’s speech, but its tone is even more important. It is full of the taunting terms of hot heroic competitiveness: wunne ‘struggled’; ymb sund flite ‘competed in swimming’; he ? e ? t sunde oferflat ‘he beat you at swimming’; h? fde mare m? gen ‘he had greater strength’. All this language is couched to stir the quick anger of any proud and touchy rival. Even though brother-slaying can be viewed as a terrible crime, as it certainly is by Beowulf when he wants to be accusatory, it can also be mentioned rather neutrally and casually, as I think is done here. Unferth’s virtue of great courage or spirit is in the main clause, and he is granted amnesty for fratricide in the subordinate clause. Critics have not generally accepted this particular subordination of importance, but I see no reason not to take this passage as straightforward and without any bitter irony, even though the poet himself may be more critical of Unferth’s murderous past than the Danes seem to be. But this does not mean that the text here contains a patronizing allusion to the Danes’ lamentable and inexplicable blindness to Unferth’s real and rotten nature; it merely shows that they are not presently engaged in a flyting with him. A flyting would be the appropriate occasion to dredge up and bring forth such bits of past scandal, but the duration of a flyting is limited and time-bound. Yet, though Unferth is thoroughly beaten in the flyting and proved to be inferior to Beowulf in heroic achievement, he does not seem to be especially humiliated in this scene, partly because the poet’s eye is, as always, on Beowulf’s greatness and partly because Unferth as a Dane must accept the evidence that only a nearsupernatural hero could have made any mark on Grendel. The Danes would much rather have saved their own great hall themselves but plainly they could not. So now they cheerfully set to work restoring Heorot to order (991 ff. ), and, though nothing is said about it, one would not be entirely surprised to hear that Unferth was turning to and joining in the task. If then we see the argument between Unferth and Beowulf as coming to a full stop here, it seems most unlikely that Unferth’s later loan of a sword to Beowulf for the fight with Grendel’s mother is to be construed as a reopening of hostilities, or as a malicious act reflecting ill-feeling and resentment. It has been surmised that Unferth might know Hrunting to be a defective weapon. 7 How to cite The second is the exegetical or neoAugustinian, Papers

Managerial Economics free essay sample

Identify the fixed and variable inputs. The firms w x L is fixed through out the production process, so $300 is the fixed cost. Firms, cost of capital r x K is the variable cost. It is variable through out the production process. Gus Bonilla MBA 217 Managerial Economics Individual Assignment b. What are the firm’s fixed costs? Cost of labor is the Firms fixed costs, it is equal to $300 c. What is the variable cost of producing 475 units of output? The variable cost are $75 x 6 = $450 d. How many units of the variable input should be used to maximize profits? Profit maximization is achieved when MR=MC. Since the firm runs in a competitive market MR=Price= $2. MC=MR, achieved in between 450 and 475 units of out put, and minimum ATC is achieved at 450 units. So, profit maximizing output is at around 450 units e. What are the maximum profits this firm can earn? Profit is maximized at 450 units of output. We will write a custom essay sample on Managerial Economics or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page TR= 900 TC= 675 Profit= TR- Tc = 900- 675 = $225 f. Over what range of the variable input usage do increasing marginal returns exist? Increasing marginal returns from point 0 units of VC to 3 units. Gus Bonilla MBA 217 Managerial Economics Individual Assignment g. Over what range of the variable input usage do decreasing marginal returns exist? From unit #4 of Variable input (K) onwards there will be decreasing marginal returns h. Over what range of input usage do negative marginal returns exist? From input units 7th onwards there will be negative returns, as the firm incurs losses from this point. Where its ATC is higher than the MR. ) Explain the difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution? Law of diminishing marginal returns: According to the law of diminishing marginal returns, the margin product will fall if we decide to add more inputs. ?In other words, In a production system, having fixed and variable inputs, keeping the fixed inputs constant, as more of a variable input is added, each additional unit of input yields less and less additional output. Law of diminishing marginal rate of technical substitution: This law suggests that it takes a large amount of capital to replace a unit of labor when capital use is high but little labor is used. As labor becomes more abundant and capital becomes scarcer, however, less capital is required to replace an additional unit of labor. In other words, the law of diminishing marginal rate of technical substitution indicates that it is relatively difficult to replace additional quantities of an input when the level of that input becomes relatively low. Managerial Economics free essay sample Microeconomics, also known as price theory or Marshallian economics which is the main source of concepts and analytical tools for Managerial economics. To illustrate various micro-economic concepts such as elasticity of demand, marginal cost, the short and the long runs, various market forms, etc. , all are of great significance to managerial economics. The chief contribution of Macroeconomics is in the area of forecasting. The modern theory of income and employment has direct implications for forecasting general business conditions. As the prospects of an individual firm often depend greatly on general business conditions, individual firm forecasts depend on general business forecasts. Definition of Managerial Economics According to McNair and Meriam, Managerial Economics consists of the use of economic modes of thought to analyze business situation. Spencer and Siegelman have defined Managerial Economics as The integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management. We will write a custom essay sample on Managerial Economics or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page We may, therefore define Managerial Economics as the discipline which deals with the application of economic theory to business management. Managerial Economics thus lies on the borderline between economics and business management and serves as a bridge between economics and business management. Chart 1 – Economics, Business Management and Managerial Economics. Nature of Managerial Economics Managerial Economics and Business economics are the two terms, which, at times have been used interchangeably. Of late, however, the term Managerial Economics has become more popular and seems to displace progressively the term Business Economics. The prime function of a management executive in a business organization is decision making and forward planning. Decision Making means the process of selecting one action from two or more alternative courses of action whereas forward planning means establishing plans for the future. The question of choice arises because resources such as capital, land, labour and management are limited and can be employed in alternative uses. The decision making function thus becomes one of making choices or decisions that will provide the most efficient means of attaining a desired end, say, profit maximization. Once decision is made about the particular goal to be achieved, plans as to production, pricing, capital, raw materials, labour, etc. , are prepared. Forward planning thus goes hand in hand with decision making. A significant characteristic of the conditions, in which business organizations work and take decisions, is uncertainty. And this fact of uncertainty not only makes the function of decision making and forward planning complicated but adds a different dimension to it. If knowledge of the future were perfect, plans could be formulated without error and hence without any need for subsequent revision. In the real world, however, the business manager rarely has complete information and the estimates about future predicted as best as possible. As plans are implemented over time, more facts become known so that in their light, plans may have to be revised, and a different course of action being adopted. Managers are thus engaged in a continuous process of decision making through an uncertain future and the overall problem confronting them is one of adjusting to uncertainty. In fulfilling the function of decision making in an uncertainty framework, economic theory can be pressed into service with considerable advantage. Economic theory deals with a number of concepts and principles relating, for example, to profit, demand, cost, pricing production, competition, business cycles, national income, etc. , which aided by allied disciplines like Accounting. Statistics and Mathematics can be used to solve or at least throw some light upon the problems of business management. The way economic analysis can be used towards solving business problems constitutes the subject matter of Managerial Economics. Characteristics of Managerial Economics Managerial Economics is micro-economic in character. Managerial Economics largely uses that body of economic concepts and principles, which is known as Theory of the firm or Economics of the firm. In addition, it also seeks to apply Profit Theory, which forms part of Distribution Theories in Economics. Managerial Economics is pragmatic. It avoids difficult abstract issues of economic theory but involves complications ignored in economic theory to face the overall situation in which decisions are made. Economic theory appropriately ignores the variety of backgrounds and training found in individual firms but Managerial Economics considers the particular environment of decision making. Managerial Economics belongs to normative economics rather than positive economics (also sometimes known as Descriptive Economics). In other words, it is prescriptive rather than descriptive. The main body of economic theory confines itself to descriptive hypothesis, attempting to generalize about the relations among different variables without judgment about what is desirable or undesirable. For instance, the law of demand states that as price increases. Demand goes down or vice-versa but this statement does not tell whether the outcome is good or bad. Managerial Economics, however, is concerned with what decisions ought to be made and hence involves value judgements. Uses of Managerial Economics Managerial economics accomplishes several objectives. First, it presents those aspects of traditional economics, which are relevant for business decision making it real life. For the purpose, it calls from economic theory the concepts, principles and techniques of analysis which have a bearing on the decision making process. These are, if necessary, adapted or modified with a view to enable the manager take better decisions. Thus, managerial economics accomplishes the objective of building suitable tool kit from traditional economics. Secondly, it also incorporates useful ideas from other disciplines such a psychology, sociology, etc. , if they are found relevant for decision making. In fact managerial economics takes the aid of other academic disciplines having a bearing upon the business decisions of a manager in view of the various explicit and implicit constraints subject to which resource allocation is to be optimized. Thirdly, managerial economics helps in reaching a variety of business decisions. 1. What products and services should be produced? . What inputs and production techniques should be used? 3. How much output should be produced and at what prices it should be sold? 4. What are the best sizes and locations of new plants? 5. How should the available capital be allocated? Fourthly, managerial economics makes a manager a more competent model builder. Thus he can capture the essential relatio nships which characterize a situation while leaving out the cluttering details and peripheral relationships. Fifthly, at the level of the firm, where for various functional areas functional specialists or functional departments exist, e. . , finance, marketing, personal production, etc. , managerial economics serves as an integrating agent by coordinating the different areas and bringing to bear on the decisions of each department or specialist the implications pertaining to other functional areas. It thus enables business decision making not in watertight compartments but in an integrated perspective, the significance of which lies in the fact that the functional departments or specialists often enjoy considerable autonomy and achieve their desired goals. Finally, managerial economics takes cognizance of the interaction between the firm and society and accomplishes the key role of business as an agent in the attainment of social and economic welfare. It has come to be realized that business part from its obligations to shareholders has certain social obligations. Managerial economics focuses attention on these social obligations as constraints subject to which business decisions are to be taken. In so doing, it serves as an instrument in rehiring the economic welfare of the society through socially oriented business decisions. Role and Responsibilities of a Managerial Economist A managerial economist can play a very important role by assisting the Management in using the increasingly specialized skills and sophisticated techniques which are required to solve the difficult problems of successful decision making and forward planning. That is why, in business concerns, his importance is being growingly recognized. In developed countries like the U. S. A. , large companies employ one or more economists. In our country (India) too, big industrial houses have come to recognize the need for managerial economists, and there are frequent advertisements for such positions. Tatas and Hindustan Lever employ economists. Indian Petrochemicals Corporation Ltd. , a Government of India undertaking, also keeps an economist. Let us examine in specific terms how a managerial economist can contribute to decision making in business. In this connection, two important questions need to be considered :- 1. What role does he play in business, that is, what particular management problems lend themselves to solution through economic analysis? 2. How can the managerial economist best serve management, that is, what are the responsibilities of a successful managerial economist? Role of a Managerial Economist One of the principal objectives of any management in its decision making process is to determine the key factors which will influence the business over the period ahead. In general, these factors can be divided into two category, viz. , (i) External and (ii) Internal. The external factors lie outside the control of management because they are external to the firm and are said to constitute business environment. The internal factors lie within the scope and operations of a firm and hence within the control of management, and they are known as business operations. To illustrate, a business firm is free to take decisions about what to invest, where to invest, how much labour to employ and what to pay for it, how to price its products and so on but all these decisions are taken within the framework of a particular business environment and the firm’s degree of freedom depends on such factors as the government’s economic policy, the actions of its competitors and the like. * Adequate knowledge about the world economy literature: An analysis and forecast of external factors constituting general business conditions, e. . , prices, national income and output, volume of trade, etc. , are of great significance since every business from is affected by them. Certain important relevant questions in this connection are as follows :- 1. What is the outlook for the national economy? What are the most important local, regional or worldwide economic trends? What phase of the business cycle lies immediately ahead? 2. What about population shifts a nd the resultant ups and downs in regional purchasing power? 3. What are the demands prospects in new as well as established markets? Will changes in social behavior and fashions tend to expand or limit the sales of a company’s products, or possibly make the products obsolete? 4. Where are the market and customer opportunities likely to expand or contract most rapidly? 5. Will overseas markets expand or contract, and how will new foreign government legislation’s affect operation of the overseas plants? 6. Will the availability and cost of credit tend to increase or decrease buying? Are money or credit conditions ahead likely to be easy or tight? 7. What the prices of raw materials and finished products are likely to be? 8. Is competition likely to increase or decrease? 9. What are the main components of the five-year plan? What are the areas where outlays have been increased? What are the segments, which have suffered a cut in their outlay? 10. What is the outlook regarding government’s economic policies and regulations? 11. What about changes in defense expenditure, tax rates, tariffs and import restrictions? 12. Will Reserve Bank’s decisions stimulate or depress industrial production and consumer spending? How will these decisions affect the company’s cost, credit, sales and profits? Reasonably accurate answers to these and similar questions can enable management to chalk out more wisely the scope and direction of their own business plans and to determine the timing of their specific actions. And it is these questions which present some of the areas where a managerial economist can make effective contribution. The managerial economist has not only to study the economic trends at the macro level but must also interpret their relevance to the particular industry / firm where he works. He has to digest the ever growing economic literature and advise top management by means of short, business like practical notes. In a mixed economy like India, the managerial economist pragmatically interprets the intentions of controls and evaluates their impact. He acts as a bridge between the government and the industry, translating the government’s intentions and transmitting the reactions of the industry. In fact, government policies charge out of the performance of industry, the expectations of the people and political expediency. With regard to Business Operations: A managerial economist can also be helpful to the management in making decisions relating to the internal operations of a firm in respect of such problems as price, rate of operations, investment, expansion or contraction. Certain relevant questions in this context would be as follows :- 1. What will be a reasonable sales and profit budget for the next year? 2. What will be the most appropriate production Sc hedules and inventory policies for the next six months? 3. What changes in wage and price policies should be made now? . How much cash will be available next month and how should it be invested? Responsibilities of a Managerial Economist Having examined the significant opportunities before a managerial economist to contribute to managerial decision making, let us now examine how he can best serve the management. For this, he must thoroughly recognize his responsibilities and obligations. A managerial economist can serve management best only if he always keeps in mind the main objective of his business, viz. , to make a profit on its invested capital. His academic training and the critical comments from people outside the business may lead a managerial economist to adopt an apologetic or defensive attitude towards profits. Once management notices this, his effectiveness is almost sure to be lost. In fact, he cannot expect to succeed in serving management unless he has a strong personal conviction that profits are essential and that his chief obligation is to help enhance the ability of the firm to make profits. Most management decisions necessarily concern the future, which is rather uncertain. It is, therefore, absolutely essential that a managerial economist recognizes his responsibility to make successful forecasts. By making best possible forecasts and through constant efforts to improve upon them, he should aim at minimizing, if not completely eliminating, the risks involved in uncertainties, so that the management can follow a more orderly course of business planning. At times, he will have to reassure the management that an important trend will continue; in other cases, he may have to point out the probabilities of a turning point in some activity of importance to management. In any case, he must be willing to make considered but fairly positive statements about impending economic developments, based upon the best possible information and analysis and stake his reputation upon his judgment. Nothing will build management confidence to a managerial economist more quickly and thoroughly than a record of successful forecasts, well-documented in advance and modestly evaluated when the actual results become available. A few corollaries to the above proposition need also be emphasized here. First, he has a major responsibility to alert management at the earliest possible moment in case he discovers an error in his forecast. By promptly drawing attention to changes in forecasting conditions, he will not only assist management in making appropriate adjustment in policies and programs but will also be able to strengthen his own position as a member of the management team by keeping his fingers on the economic pulse of the business. Secondly, he must establish and maintain many contacts with individuals and data sources, which would not be immediately available to the other members of the management. Extensive familiarity with reference sources and material is essential, but it is still more important that he knows individuals who are specialists in particular fields having a bearing on his work. For this purpose, he should join professional associations and take active part in them. In fact, one of the best means of determining the caliber of a managerial economist is to evaluate his ability to obtain information quickly by personal contacts rather than by lengthy research from either readily available or obscure reference sources. Within any business, there may be a wealth of knowledge and experience but the managerial economist would be really useful if he can supplement the existing know-how with additional information and in the quickest possible manner. Again, if a managerial economist is to be really helpful to the management in successful decision making and forward planning, he must be able to earn full status on the business team. He should be ready and even offer himself to take up special assignments, be that in study teams, committees or special projects. Thus, a managerial economist can only function effectively in an atmosphere where his success or failure can be traced not only to his basic ability, training and experience, but also to his personality and capacity to win continuing support for himself and his professional ideas. Of course, he should be able to express himself clearly and simply and must always try to minimize the use of technical terminology in communicating with his management executives. This is because, it is well-known that if management does not understand, it will almost automatically reject. Further, intellectually he must be in tune with industry’s thinking in order to serve sensibly . Specific Functions: A further idea of the role of managerial economists can be seen from the following specific functions performed by them as revealed by a survey pertaining to Britain conducted by K. J. W. Alexander and Alexander G. Kemp :- 1. Sales forecasting. 2. Industrial market research. 3. Economic analysis of competing companies. . Pricing problems of industry. 5. Capital projects. 6. Production programs. 7. Security/investment analysis and forecasts. 8. Advice on trade and public relations. 9. Advice on primary commodities. 10. Advice on foreign exchange. 11. Economic analysis of agriculture. 12. Analysis of underdeveloped economics. 13. Environmental forecasting. The managerial economist has to gather economic data, analyze all pertinent information about the bu siness environment and prepare position papers on issues facing the firm and the industry. In the case of industries prone to rapid technological advances, he may have to make a continuous assessment of the impact of changing technology. He may have to evaluate the capital budget in the light of short and long-range financial, profit and market potentialities. Very often, he may have to prepare speeches for the corporate executives. It is thus clear that in practice managerial economists perform many and varied functions. However, of these, marketing functions, i. e. , sales forecasting and industrial market research, has been the most important. For this purpose, they may compile statistical records of the sales performance of their own business and those relating to their rivals, carry our analysis of these records and report on trends in demand, their market shares, and the relative efficiency of their retail outlets. Thus while carrying out their functions; they may have to undertake detailed statistical analysis. There are, of course, differences in the relative importance of the various functions performed from firm to firm and in the degree of sophistication of the methods used in carrying them out. But there is no doubt that the job of a managerial economist requires alertness and the ability to work under pressure. Economic Intelligence Besides these functions involving sophisticated analysis, managerial economist may also provide general intelligence service supplying management with economic information of general interest such as competitors prices and products, tax rates, tariff rates, etc. In fact, a good deal of published material is already available and it would be useful for a firm to have someone who understands it. The managerial economist can do the job with competence. Participating in Public Debates Many well-known business economists participate in public debates. Their advice and views are being sought by the government and society alike. Their practical experience in business and industry adds stature to their views. Their public recognition enhances their stature in the organization itself. Indian Context In the Indian context, a managerial economist is expected to perform the following functions :- 1. Macro-forecasting for demand and supply. . Production planning at macro and micro levels. 3. Capacity planning and product-mix determination. 4. Economics of various productions lines. 5. Economic feasibility of new production lines/processes and projects. 6. Assistance in preparation of overall development plans. 7. Preparation of periodical economic reports bearing on various matters such as the company’s product-lines, future growth opportunities, market pricing situation, genera l business, and various national/international factors affecting industry and business. . Preparing briefs, speeches, articles and papers for top management for various Chambers, Committees, Seminars, Conferences, etc. 9. Keeping management informed o various national and international developments on economic/industrial matters. With the adoption of the New Economic Policy, the macro-economic Environment in India is changing fast at a pace that has been rarely witnessed before. And these changes have tremendous implications for business. The managerial economist has to play a much more significant role. He has to constantly gauge the possibilities of translating the rapidly changing economic scenario into viable business opportunities. As India marches towards globalization, he will have to interpret the global economic events and find out how his firm can avail itself of the various export opportunities or of establishing plants abroad either wholly owned or in association with local partners. Practice questions on Unit :1 1. Define Managerial Economics . 2. How does Managerial Economics differ from Economics? 3. List the vital characteristics of the subject Managerial Economics. 4. Write a short note on the specific functions of a Managerial economist with regard to Indian context. 5. Elucidate the scope of Managerial economics along with its nature. 6. Discuss in detail Role and responsibilities of a Managerial economist . Managerial Economics free essay sample The major technique that we used in order to extract the data given is by using SPSS program which is by linear regression analysis. Regression analysis  includes any techniques for modeling and analyzing several variables, when the focus is on the relationship between a  dependent variable  and one or more independent variables. More specifically, regression analysis helps one understand how the typical value of the dependent variable changes when any one of the independent variables is varied, while the other independent variables are held fixed. Most commonly, regression analysis estimates the  conditional expectation  of the dependent variable given the independent variables that is, the  average value  of the dependent variable when the independent variables are held fixed. In all cases, the estimation target is a  function  of the independent variables called the  regression function. In regression analysis, it is also of interest to characterize the variation of the dependent variable around the regression function, which can be described by a  probability distribution. We will write a custom essay sample on Managerial Economics or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Regression analysis is also used to understand which among the independent variables are related to the dependent variable, and to explore the forms of these relationships. In restricted circumstances, regression analysis can be used to infer  causal relationships  between the independent and dependent variables. By using SPSS program, we can identify and analyze the regression result. From there, we can also found the related concept of elasticity being formed. The concept of elasticity is introduced as the tools for measuring the responsiveness of quantity demanded to changes in various factors. The first major section is considered regresiion analysis which is a statistical method for fitting the equation to set the data. It is used for demand estimation and we can analyse the result by using regression analysis. Finally, by using SPSS program, it is easier to identify and analyze the price ticket and the demand which have been effect from various sector.