Advanced Microeconomics - Consumer Theory (Marshallian and...

Question 1: Consumer Theory 1.1: In both the Marshallian and Hicksian consumer optimisation problems, it is assumed that consumers are supposed to be rational. The main focus of these problems are cost minimisation and utility maximisation, which play a huge part in consumer demand, but in real life, these are not the only problems that are considered. Also, it is assumed that every consumer’s indifference curve for two goods would be the same – they are very generalised models, and do not take into account other factors. For example, not many consumers would spend their entire budget on said goods – one thing to consider would be a consumer’s marginal propensity to consume and save. Though both of the problems provide a framework and†¦show more content†¦As the insurer doesn’t know which agents are high-risk or low risk, the company will not offer different types of full insurance to match risk-types, as high-risk agents will prefer contracts that are designed for low-ris k agents. To solve this, the insurer will offer low-risk agents less insurance – this ensures that high-risk types do not have the incentive to choose a contract for low-risk customers, as they will want more insurance, because they know they will need to claim more. This ensures that the insurance company maintains non-negative profit, as high-risk individuals cost more to insure. However, these solutions carry agency costs, because the result is less efficient than if symmetric information was present. I believe that risk neutrality of an insurance company is a sufficient condition for insurance to take place. Insurance companies are risk-neutral to maximise expected profits, therefore as the principal, will design contracts to achieve this, as well as making certain that the agent picks the desired effort (i.e to prevent a bad state of the world) for that contract, and to make sure that the agent even picks the contract in the first place. Making sure incentives are compatible, and ensuring participation by the correct risk types, are constraints on maximising expected profits. If an insurance company was risk-averse, without the availability of symmetric information, they cannot

The Importance Of Successful Support Or Assistance From...

way of successful support or assistance from the government or their local community, until the 1940s with the creation of groups and treatment centers focused on assisting addicts. As the progressive era of the United States came to an end, the abuse of drugs and alcohol began to reach all-time highs. Dr. Hamilton Wright declared that the Of all the nations of the world, the United States consumes most habit-forming drugs per capita.† and with statistics like 470,000 pounds of drugs consumed annually, more than France and the UK combined, it was clear to the US government that something would have to be done soon. This would come in the form of the historic Harrison Narcotic Act in 1914 which would assist in banning opiates and cocaine, and limiting other drugs being imported in. The Act would be the first in a series of prohibitions over the next few decades, most notably Prohibition in 1920. However these would prove ineffective to doing anything they set out to do, including curbing the number of current addicts. The only attempt at assistance would come in the form of special hospital wards in major cities or inebriation farms, like in Florida or Ke ntucky. Both these venues would prove harmful to those who entered into their care as practices at the time were brutal. In hospitals lobotomies and sterilizations had become popular due to it being a seemingly easy way to remove mental illness or to keep it from spreading to others. Inebriation farms meanwhile treatedShow MoreRelatedInfluence Of Developed Nations During The Development Of Post Colonial States1420 Words   |  6 PagesThe Influence of Developed Nations in the Development of Post-Colonial States Official Development Assistance (ODA) is a combination of loans and grants given to developing nations with the intent of furthering development in those nations. 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For my project I am going to design a new range of Alco-pop Free Essays

For my project I am going to design a new range of Alco-pop. I choose this idea as I feel there is room in the current market to introduce a new brand. The current and most popular Alco-pops at present would be drinks such as Bacardi breeder, WKD and red square. We will write a custom essay sample on For my project I am going to design a new range of Alco-pop or any similar topic only for you Order Now These products are available in a range of flavours and have a volume on average of about 5. 5% alcohol; prices vary depending on where the product is purchased. The product I will be basing my advertising campaign around will be a new range of Alco-pop available in five different florescent flavours and designed to glow in the dark, the product will be un-missable due to the bold colours so I will be using this to my advantage to capture public attention. However my project is new to the market and the brand name and product is unknown, this will make introducing the product difficult therefore the advertising campaign will need to be effective. The audience I am aiming the product at will be young outgoing eighteen to thirty year olds. This age is the younger age of clubbers that will be more willing to experiment with new products on the market where as the older audience will be more set in there way as to what they drink. Also the audience will be drinking in more trendy modern bars and clubs in which I plan to match with the product image. The product will be named â€Å"Gloe† due to its obvious glow in the dark stature, with the name of the product being â€Å"Gloe† and the product being new on the market I need a name that people can remember therefore if they realise the drink glows in the dark the name will relates to the product. I have also removed the â€Å"w† and replaced it with â€Å"e† I have done this to imprint the brand with product recognition. The product will be available in a glass bottle, with the product name stuck on at the front. The label of the product will be mainly transparent with just the letter arrangement of â€Å"Gloe† in bold capital letters. The brand slogan will be â€Å"Gloes through† as this compliments the brand name and I am hoping to relate it in some way to the adverts I will be creating. The image I would like the product to be associated with is that of a new, modern, trendy product with slight individuality, a carefree drink that looks good, tastes great and is the only solution to a healthy night out. For the campaign I will be creating three advertisements one will be a billboard poster another will be an advertisement in a magazine and the third will be a large bus-stop poster. I have chosen these three types of media as the billboard is a large advertisement that is difficult to miss I will be placing it around the city centre where most of the nightlife will be and it will also be busy during daytime. The magazine article will be placed in magazines for men like FHM and women in magazines such as Cosmopolitian, New Look, More and 19 these are the younger trendy magazines that appeal to the target audience of the product and have discovered similar advertisements in these whilst researching. The bus-stop poster will be used as a lot of younger people use public transport due to convience and also the cost of cars and petrol. The poster will be placed in a bus station as they can become extremely busy during everyday rush hour. Each of my adverts will display the product and slogan in the top right hand corner of all of the adverts. The first advert featured in the bus-stop will be a pitch black background with a large bottle of â€Å"Gloe† centred in the foreground. The bottle will have a glowing light around it in one of the florescent colours I will use. How to cite For my project I am going to design a new range of Alco-pop, Papers

Life Insurance Legal Contract

Question: Discuss about a Case Study on Life Insurance for Legal Contract ? Answer: Introduction Life insurance can be defined as a legal contract or agreement between insurer and insurance policy holder in which it is promised on the part of the insurer to the policy holder or his or her designated beneficiary to pay a sum of money after death of the insured person (Cockerell, 2005). This thesis provides both theoretical and analytical ideas about the concepts of traditional net cost method and interest adjusted method that are applicable in the process of computing cost of life insurance. Presently, it has become necessary on the part of policy holders to understand these concepts so that they can avoid the losses that may occur to them as a result of inaccurate cost variations that exist most of the times among similar or comparable life insurance policies(Murphy, 2010). Because of these erroneous cost variations, different levels of costs get associated with the same level of insurance protection offered by different insurance companies. This means that purchase of high cost policy do not always confirm additional insurance protection thereby resulting in wastage of the extra dollars paid (McKnight et al., 2012). Thus, in order to avoid such circumstances, it is necessary to understand the advantages or benefits of interest adjusted cost method over traditional cost method and this thesis is expected to pave for the same. Thesis statement It is important to accumulate and disseminate detailed ideas regarding the concepts of traditional cost methods and interest adjusted cost methods of calculating cost of life insurance so that the advantages and disadvantages of one over the other can be comprehended on the part of policy holders in an efficient manner and cost methods associated with highest levels of advantages can be applied so as to make sure minimum loss and maximum advantage from a life insurance policy. Purpose of the paper The main purposes of the paper are to communicate the advantages of the interest adjusted cost method over traditional cost method to the users of insurance policy and to educate purchasers of life insurance policies on how to deal with a life insurance agent in the process of purchasing life insurance policies. Overview of the paper This thesis covers case study summary and the theoretical and practical discussions on the advantages of interest adjusted cost method of calculating insurance policy cost over traditional cost method. This paper also discusses how clients should assess quality of insurance agents before purchasing insurance policies. Body Background information It has often been observed that due to the presence of erroneous variations in costs of life insurance among comparable life insurance policies considerable amounts of additional costs are incurred on the part of the insurance policy holders for the same amount of insurance protection (Hardy et al., 2007). In other words, costs vary across similar sort of insurance protections offered by different policies of different companies and this most of the times result in incurrence of extra dollars on the part of policy holders (Vogel Blair, 2007). Advantages of interest adjusted cost method over traditional cost method It is important on the part of the clients to assess relative advantages and disadvantages of costing methods and apply the same in a beneficial manner while selecting insurance policies (Maclean, 2009). It is also important on the part of researchers to communicate to the users of insurance policy holders that when it comes to insurance policy cost, interest adjusted cost methods are more accurate that traditional cost methods. This is mainly because of the fact that traditional net cost method used in the process of ascertaining life insurance cost fails to take in to account time value of money and these shows insurance to be free which is false. On the other hand, interest adjusted cost methods are more accurate in the sense that they take in to account time value of money through application of interest factor to each cost element (Zartman Price, 2011). Again, in the context of traditional cash value life insurance policies, data on annual rates of return are not easily avai lable to the consumers. This drawback is absent in the case of interest adjusted life insurance policies as the same make yearly rates of return easily available to the customers. Insurance industry and insurance agents It goes without saying that selling is always a tough job and selling life insurance is even tougher (Huebner Black, 2006). In the insurance industry of today, competition is extremely fierce and under such circumstances, insurance agents are made to sell insurance policies without providing them with sufficient training. Moreover, they are made to work under immense sales pressure so that they can accomplish targeted sales without fault. This is not only the case with new agents but also with mature agents. Under such circumstances, some agents resort to dishonest sales practices such as misrepresentation of insurance to clients or recommendation of policies to clients that maximise commission and do not fulfil client needs (Zartman Price, 2011). In this regard, it is important to educate the clients about the matter that interest adjusted insurance costing method is more accurate than traditional method and an agent calculating cost of a proposed insurance policy through tradition al costing method can be considered incompetent and unacceptable. To be ideally educated, an insurance agent must be a Chartered Financial Consultant (ChFC) or Chartered Life Underwriter (CLU) or Chartered Financial Planner. Moreover, he or she must be technically competent and a good advisor (Magee, 2010). Calculations and inferences Computation of annual net cost per $1000 Annual net cost = (tenure of life insurance x annual premium) total dividends for 20 years cash value at the end of 20 years = [(20 x 230) 1613 3620]/ (20 x 10) = - $3.165 The above figure of annual net cost is indicative of the fact that the insures will have to pay $3.165 to the client each year for every $1000 of life insurance coverage bought on the part of the client(Gerber, 2008). No insurance company is expected to accept this as this a loss go the company. Computation of annual surrender cost index per $1000 Annual surrender cost index = [(tenure of life insurance x Annuity due factor for 20 years) accumulated value of dividends for 20 years cash value at the end of 20 years] / annuity due factor for 20 years x 100 = [(230 x 34.719) 2353 - 3620)] / (34.719 x 10) = $0.58 The above figure of annual surrender cost index indicates that if the stated policy is held on the part of the client for 20 years and then surrendered, it would cost $0.58 per $1000 per year(Gaines, 2012). Computation of annual net payment cost index per $1000 Annual net payment cost index = [(tenure of life insurance x Annuity due factor for 20 years) accumulated value of dividends for 20 years] / annuity due factor for 20 years x 100 = [(230 x 34.719) 2353)] / (34.719 x 10) = $1.622 The above figure of annual net payment cost index indicates that if the stated policy is held by the client for 20 years and then the client continue to hold it or died, it would cost $1.62 per $1000 per year(Gaines, 2008). Conclusion Lessons learned An educationally competent insurance agent is a Chartered Financial Consultant (ChFC) or Chartered Life Underwriter (CLU) or Chartered Financial Planner (Raynes, 2013). In addition to having proper educational qualifications, an insurance agent needs to be technically competent and a good advisor. Interest adjusted cost method is more appropriate than traditional cost method because of the fact that the former one takes in to account time value of money(Gaines, 2010). In order for an insurance company to make profit, annual net cost index has to be positive Annual net payment cost index is usually higher than annual surrender cost index (Zartman and Price, 2014) Recommendations A number of recommendations have been given at the end of the thesis. First an insurance clients should take in to account professional qualifications, technical competencies and advisory capabilities of an agent before purchasing a life insurance from him or her. Second an insurance client should make sure that his or her insurance costs are calculated through interest adjusted cost methods and not through traditional cost method as the former one is more efficient than the later one(Gerber, 2008). Third, an insurance company should not make a deal until and unless annual net cost index is positive, otherwise the company would make a loss from the deal. References Cockerell, H. (2005). Insurance. London: English Universities Press. Gaines, P. (2008). Interest-adjusted index. Cincinnati: National Underwriter Co. Gaines, P. (2010). Interest-adjusted index; life insurance payment and cost comparisons. Cincinnati. Gaines, P. (2012). Cost facts on life insurance: interest-adjusted method. Cincinnati: National Underwriter Co. Gerber, H. (2008). Life insurance mathematics. Berlin: Springer. Hardy, E., Huebner, S., Michelbacher, G. and Mudgett, B. (2007). Insurance. New York: Alexander Hamilton Institute. Huebner, S., Black, K. (2006).Life insurance. Englewood Cliffs, N.J.: Prentice-Hall. Maclean, J. (2005).Life insurance. New York: McGraw-Hill. Maclean, J. (2009). Life insurance. New York: McGraw-Hill. Magee, J. (2010). Life insurance. Homewood, Ill.: R.D. Irwin. McGill, D. (2013). Life insurance. Homewood, Ill.: R.D. Irwin. McKnight, R., Reuter, J., Zitzewitz, E. (2012).Insurance as delegated purchasing. Cambridge, Mass.: National Bureau of Economic Research. Murphy, S. (2010).Investing in life. Baltimore, Md.: Johns Hopkins University Press. Raynes, H. (2013). Insurance. London: Oxford University Press. Sneyd, M. (2013).Insurance. New York: Prentice Hall. Vogel, R., Blair, R. (2007).Health insurance administrative costs. Washington, D.C.: U.S. Department of Health, Education, and Welfare, Social Security Administration, Office of Research and Statistics. Zartman, L. and Price, W. (2014). Life insurance. New Haven: Yale University Press. Zartman, L., Price, W. (2011).Life insurance. New Haven: Yale University Press.

History of the Telephone and Telegraph in the Europe

History of telegraphy in Europe The ancient telegraph comprised of drums, mirrors that reflected light and smoke signals. Through several attempts scientists invented a way of conveying messages through a telegraph (Brock 34). The earliest scientists Webster’s defined a telegraph as an equipment or apparatus used in communication at a distance by sending coded signals (Maximilian 12). Samuel Morse came up with the SOS code that is still in use till today (Lewis 45).Advertising We will write a custom essay sample on History of the Telephone and Telegraph in the Europe specifically for you for only $16.05 $11/page Learn More He identified this when he went for studies in Europe and on his return he discovered it while communicating with fellow passengers on electricity in the year 1832. He built his first experiment in the year 1843, between Washington and Baltimore, after obtaining a loan from the Congress. It enabled him to send his first message to Chappes system which was â€Å"what hath God wrought.†Chappes replied and told him the following â€Å"if you succeed you will bask in glory (Gabler 22).† Bain Alexander and the Royal House made the introduction of the arrival of the patent between 1846 and 1849. This was a more advanced patent since it could send and receive printed messages by using a keyboard at both ends. It was also faster than Morse invention. Although both telegraphs had the same idea of sending messages, the new model used a discolored paper treated with chemicals to give a printed text. Around 1851 ten different telegraph firms were established in New York. It created much competition among the firms in different cities in Europe. The competition grew stiff that the companies started losing messages without taking responsibility. This led to integration of all the competing companies to form a consolidated industry. Integration and merging of firms took place most between 1853 and 1857 (Max imilian 24). This led to the formation and signing of the â€Å"treaty of six nations† it provided for the six large competing firms to merge together (Brock 47). The last face of integration took place between 1857 and 1866. This is when only two main firms remained namely the American Telegraph Company and the Western Union. The Western union had an advantage over the competing firm leading to the federal government to respond by introducing legislation bills (Gabler 28). Most of the bills were opposed by the Western Union and the few that passed only helped the Western industry to monopolize the market. The arrival of Jay Gould with his Pacific and Atlantic Telegraph company in 1874 posed great danger to the Western (Lewis 49). This made the Western Union agree to join hands together with the new company in 1881. A more dangerous competitor arrived in 1880s. This is the Postal Telegraph Company that was headed by John Mackey. He made a network through buying of less econom ic firms and merging together to form a network with a wide economic scale to create competition against the Western Union although it did not bore much fruits (Maximilian 36).Advertising Looking for essay on other technology? Let's see if we can help you! Get your first paper with 15% OFF Learn More Transition from Telegraph to Telephone A transition is a turning point from one face to another. Telegraphs were invented long a way in 1830s. They served people while developing from stage to stage until in 1876 when Alexander Graham introduced the new technology of the bell patents (telephone). It was largely referred to as the talking telegraph (Gabler 36). The arrival of the new technology posed a lot of pressure on the telegraph owners by over talking through their market. This found the Western Union at cross roads. They had to decide on investing or continue getting more profit from the then flourishing telegraph business. The management made a wrong choice to stick on their telegraph mission without focusing ahead (Brock 56). The Alexander Graham’s taking telegraph took over the local communication rating up to 97%. This was after the long telephone lines and posts were erected throughout the nation It had had now defeated the telegraph in the local competition (Lewis, 52). The same trend was transferred to the international market where the talking telegraph was highly appreciated by people of all walks of life. Development time frame YEAR DEVELOPMENT 1837 Wheatstone and cooke patent telegraph in England 1838 Electro-magnetic Telegraph patent by Morse approved 1843 A message sent from Washington to Baltimore for the first time 1846 First Telegraph line from New York to Washington completed Approval of printing telegraph houses 1848 Press formed telegraph traffic 1849 Approval of Bain’s electro-chemical 1851 Sibley Hiram associates combine with Mississippi valley and New York to form Western Union Telegraph u sed to coordinate trains first 1857 Six nation treaty signed 1859 Transat tic cable laid to Ireland and Valencia from Newfoundland 1861 Completion of Transatlantic Telegraph (1) 1866 Transatlantic is laid (1)successfully Western Union merged together with remaining rivals 1867 Inauguration of stock ticker 1870 Money order services introduced 1876 Bell patents by Alexander Graham, telephone 1908 Western Union controlled by ATT 1924 Tele type system offered by ATT 1926 Formation of stock tickers from San Francisco to New York 1930 500 words could be printed using high speed tickers 1945 Merging of Postal Telegraph Company and Western Union 1962 Western Union provided telex for printing internationally 1974 Westar satellites put in place by Western Union 1988 Western Telecommunication changed to Western Union Cooperation, the company focused on money transfer and loan services Conclusion Telegraph is appreciated for accelerating industrialization in the American states (Brock 34). It also made business dealings easy through sending of messages from one are to another. This mode of communication faced a stiff competition from the telephone until it got faced off (Lewis 58). The main reason why the telegraph got defeated is that the management preferred financial matters like the money orders (Gabler 47). There are some services that were set by the telegraphs and are still in operation. A good example is the telegram that cost $9.95 for every 250 words. The telephone has really improved its outlook and what gave rise to the current mobile phones (Maximilian 38). Works Cited Brock, Gerald W. The Telecommunications Industry: The Dynamics of Market Structure. Harvard University Press, 2001 Coe, Lewis. 2009. The Telegraph, Chicago: SAGE, 2009Advertising We will write a custom essay sample on History of the Telephone and Telegraph in the Europe specifically for you for only $16.05 $11/page Learn More Gab ler, Edwin. The American Telegrapher: A Social History, New Jersey: Rutgers University Press, 2005. Maximilian Victor Berthold, History of the Telephone and Telegraph in the Argentine New York: Free press, 2004. This essay on History of the Telephone and Telegraph in the Europe was written and submitted by user Mckayla T. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Free Essays on Why An Mba

Why the MBA† is a question, I have asked myself several times. As I started to work in corporate America, I saw getting my MBA as a tool for advancement. My professional goals were to climb the corporate ladder as quickly as possible, and to make lots of money along the way. Getting my MBA was the tool that would help me accomplish my goals. A fifteen year break from school would put this goal on hold. Fortunately, the companies I have worked for showed me that it takes more than a piece of paper to build a successful company. How quickly I had forgotten how I went from a caregiver in a group home to running a network of group homes, or how I went from a front line employee with my present employer to a management position in a year’s time. These accomplishments are why I continually ask myself why get my MBA? I have status within my company, and community. I am financially stable, and to be honest I could take my bi-annual salary increases, bonuses, and one day retir e comfortably. This all sounds good and ten years ago, I would have been quite content to go this route. Unfortunately, I continue to mature, and find myself in a position to make a statement to my children, and to myself. Most who know me would say that a message from me would be about athletics, and the importance of being the best that you can be athletically. That is not the message thatI want to give to my kids. I do want them to be the best that they can be, but not on a basketball court but in the classroom. I have accomplished many things both athletically and professionally. However, I realize now that those accomplishments were hollow. At any time, my basketball coach could have taken my scholarship or chose not to play me. The State of Rhode Island could have come to my office and relieved me of my duties because I did not have my degree. (The position required a master’s degree) My current employer could have placed someone else in my posit... Free Essays on Why An Mba Free Essays on Why An Mba Why the MBA† is a question, I have asked myself several times. As I started to work in corporate America, I saw getting my MBA as a tool for advancement. My professional goals were to climb the corporate ladder as quickly as possible, and to make lots of money along the way. Getting my MBA was the tool that would help me accomplish my goals. A fifteen year break from school would put this goal on hold. Fortunately, the companies I have worked for showed me that it takes more than a piece of paper to build a successful company. How quickly I had forgotten how I went from a caregiver in a group home to running a network of group homes, or how I went from a front line employee with my present employer to a management position in a year’s time. These accomplishments are why I continually ask myself why get my MBA? I have status within my company, and community. I am financially stable, and to be honest I could take my bi-annual salary increases, bonuses, and one day retir e comfortably. This all sounds good and ten years ago, I would have been quite content to go this route. Unfortunately, I continue to mature, and find myself in a position to make a statement to my children, and to myself. Most who know me would say that a message from me would be about athletics, and the importance of being the best that you can be athletically. That is not the message thatI want to give to my kids. I do want them to be the best that they can be, but not on a basketball court but in the classroom. I have accomplished many things both athletically and professionally. However, I realize now that those accomplishments were hollow. At any time, my basketball coach could have taken my scholarship or chose not to play me. The State of Rhode Island could have come to my office and relieved me of my duties because I did not have my degree. (The position required a master’s degree) My current employer could have placed someone else in my posit...

Benefits of Environmental Management Essay Example | Topics and Well Written Essays - 2000 words

Benefits of Environmental Management - Essay Example Successful environmental management will evaluate all opportunities for cost savings, the most common benefits derive from a review of resource/ energy utilization and its efficiency, forcing full consideration of alternative energy sources and their cost-effectiveness. The other primary element will be the minimization of waste and result and cost of disposal. Many companies have addressed the management system for customer requirements related to quality and ISO9000. The range and diversity of customer needs and expectations are constantly growing with many customers increasing preference for use of suppliers and sub-contractors who can demonstrate that they are good environmental citizens. No customer would want to risk a tarnished reputation (or non-compliance to legislation) from the poor environmental performance of their suppliers and sub-contractors. The safest option for the customer is to use suppliers and sub-contractors who can demonstrate their positive environmental performance. The scope and severity of environmental legislation are ever increasing. A management system that ensures recognition of the requirements and compliance with them will ensure that fines are avoided and the staff is not imprisoned in addition to avoidance of the publicity that inevitably follows an environmental prosecution. The investors are increasingly moving to green portfolio's, and it is interesting that the financial performance of these portfolios has been good in comparison to more traditional investment. In seeking additional investment for the organization it is sensible to ensure the widest scope and this is only aided by a demonstrably sound environmental performance. Insurance companies are fully aware of the risk to their policies from the poor environmental performance of the insured. Companies with a sound and effective environmental management system are able to demonstrate that they pose less risk to the insurance company and create a negotiating tool for lower premiums. Some insurance companies now require an environmental audit of the company prior to agreeing on the cover.  Ã‚