It Won#39t Be Soon Before Long free essay sample

It Wont Be Soon Before Long has really expressed Maroon 5s true talent. Their album, released in 2007, revolves around the idea of a break-up. The album carries us through the regrets of leaving a woman and having to move on with it. Although the album is about a break-up, the songs are upbeat and feature melodic surprises along the way. Adam Levine, James Valentine, Jesse Carmichael, Michael Madden, and Matt Flynn have all blended their talents to perform the most entertaining tracks. I dont find any of the songs a bore to listen to and they are all unique. The choruses of their songs are catchy and their lyrics are easy to remember so anyone can sing along at ease. Their tracks are well named with titles that suit the content of the song. The album title insists on the fact that breaking up is hard to do and that you must wait for the right moment. We will write a custom essay sample on It Won#39t Be Soon Before Long or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Maroon 5 keeps in mind that we can relate to their songs from previous experiences. They give focused performances but make sure not to release a dull and lifeless album. The album is worth every song and it features songs that do, indeed, cheer you up. If youre looking for a great pop-rock album, make sure to check out Maroon 5s, It Wont Be Soon Before Long.

”Hard Times” by Charles Dickens Essay Sample free essay sample

Josiah Bounderby falsely claims his success in life was a consequence of his difficult work and neer having aid from anyone in Charles Dickens’ Hard Times. Claiming to be a self-made adult male grants Mr. Bounderby broad esteem in Coketown. with the exclusion of Tom and Louisa Gradgrind and Mrs. Sparsit. who perceive him to be an impudent individual. Tom mirrors Mr. Bounderby’s selfish and hypocritical personality. but blames the old adult male for his stiff upbringing. Louisa can non look up to Mr. Bounderby while he unashamedly objectifies her when prosecuting her romantically. At the same clip. Mrs. Sparsit values Mr. Bounderby’s ability to assist her preserve her societal rank in Coketown instead than his accomplishments. These three characters see Mr. Bounderby though different points of position in comparing to the remainder of Coketown. influenced by the the function he plays in their lives. Similar to Mr. We will write a custom essay sample on †Hard Times† by Charles Dickens Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Bounderby. Tom claims to be a self-made adult male. However. Tom deems him to be unsophisticated. Upon Tom and Mr. Bounderby’s foremost encounter with Mr. Harthouse. Mr. Bounderby aggrandizes the â€Å"exact deepness of the trough [ he had ] lifted himself out of. better [ than ] any man† ( 120 ) . On the other manus. Tom first takes â€Å"an observation of his friend. † before enjoying about his ability to pull strings his manner to Mr. Bounderby’s side ( 127 ) . The bizarre behaviour Mr. Bounderby introduces himself has him look crackbrained in visible radiation of Tom’s composure and cautious attack. Tom’s careful appraisal of Mr. Harthouse alludes to his character’s dark attributes that manifest from his hate for Mr. Bounderby. Tom is profoundly disturbed as a consequence of his upbringing. for that ground he can non forgive Mr. Bounderby’s function in it. During a conversation with Louisa. Tom reveals his desire to â€Å"collect all the Facts†¦ and all the Figures. and all the people who found them. † so â€Å"put a thousand barrels of gunpowder under them. and blow them all together† ( 23 ) . The in writing phantasy Tom communicates to his sister depicting the annihilation of Thomas Gradgrind and Mr. Bounderby e xemplifies his dissatisfaction with himself and his bitterness towards them. Tom can non look up to Mr. Bounderby for his self-realized success because Tom blames him for his unrealized life. cognizing lone facts and nil on accomplishing felicity. Louisa portions Tom’s bitterness towards Mr. Bounderby and perceives him to be â€Å"a great trade rougher and non half so kind† ( 54 ) . Mr. Bounderby’s romantic chases aggravate Louisa. which consequence in her deficiency of regard. At the start of the novel. Louisa and Tom are caught by their male parent glancing into the circus and Mr. Bounderby guides their father’s choler towards the circus people alternatively of the kids. after which Mr. Bounderby harrasses Louisa for a buss as agencies of compensation. She raises her cheek â€Å"ungraciously† for him and one time he is gone she rubs the same cheek until â€Å"it was firing red† denoting to her brother that he could â€Å"cut the piece out with [ his ] penknife† and she â€Å"wouldn’t cry† ( 25 ) . More disturbed by his romantic chases than his engagement in her childhood. Mr. Bounderby abandons his function of guardian to one of an antagonizer in Louisa’s life. Mrs. Sparsit is obsessed with keeping a good societal ranking after her blue elect household fell to hard times and recognizes that Mr. Bounderby is the best manner to accomplish her end. Although Mrs. Sparsit needs Mr. Bounderby. she does non esteem him while taking â€Å"such commiseration on Mr. Bounderby to his face† so calls â€Å"his portrayal a Noodle to its face. with the greatest bitterness and contempt† after his bank had been robbed ( 188 ) . Mrs. Sparsit is a dissembler to Mr. Bounderby. whom she perceives as a simpleton. so that she may be able to remain in is good graces since she depends on him to maintain her respectable in the eyes of society. Furthermore. Mrs. Sparsit cares small about the alterations in Mr. Bounderby’s life. since they are non friends. as long they do non impact her societal ranking. After get marrieding Louisa. Mr. Bounderby offers Mrs. Sparsit an flat at the Bank to which her lone concern was non â€Å"‘descending lower in the societal scale’† ( 102 ) . Incarnating pure egoism. Mrs. Sparsit uses Mr. Bounderby as a tool which she manipulates to acquire what she desires. Coketown’s Utilitarian-like society allow Mr. Bounderby to ridiculously glee about his supposed self-made success ; however. Tom and Louisa Gradgrind. along with Mrs. Sparsit all take offense to Mr. Bounderby. The function Mr. Bounderby plays in each of the characters’ lives helps them admit his defect which prevent them from look up toing him. Tom’s bitterness. Louisa’s abhor of his romantic chases. and Mrs. Sparsit’s egoism all let them to stay unphased by Mr. Bounderby†™s repute. Work Cited Dickens. Charles. Hard Times. New York: Oxford UP. 2008. Print.

Marlen Esparza free essay sample

In Nathaniel Rich’s essay, â€Å"Marlen Esparza: Going the distance†, stated thatMarlenEsparza has a real talent for boxing. Talent is a natural ability, reflect the intelligence, great acumen, easy to cultivate and bring into play in future. Marlen Esparza who was born in Houston is a young American boxer and gets high achievement in the contest. When people look at Marlen, they will think she is a little girl, but actually she has a power and talent inside. To write this essay and affirm Esparzas talent, authors found information and interviewed not only Marlen Esparza but also her family and coach. The author is not the only person who confirms Esparzas endowment in the field of boxing, others also praised her ability. To prove his claim, Rich gives the myriad information in the essay to assert more of Esparzas talent. Everyone has at least one natural talent in a certain field. We will write a custom essay sample on Marlen Esparza or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Some people show their talent very early when they are kids, but some people just find their talent until they become adults. Marlen Esparza’s talent was revealed in the sports field when she was youngand the author suggests, Marlen was always desperate to compete against her brothers† (851). Although Esparza’s father desired one of his sons become a boxing legend, his younger daughter had an interest in boxing than his sons. Boxing is a sport that requires strong, healthy and high endurance, but Marlen who is a girl did not fearless when she dared to fight boxing with her brothers. This action showed a passion of a young girl who likes playing boxing that is mainly for boys instead of play activities for girls. In addition, a girl who could beat her brothersdemonstrated that she is very strong and have good stamina to pursue boxing. Inside her, talent seed had been budding when she was young. In his essay, Rich maintains, â€Å"She attacked that other little girl like a pit bull, like a grasshopper†¦Her determination and stamina surprised me. That other girl was trying to survive! † (851). Bull is a symbol of strength, aggressive, eager to win, and if it see the red color, it will butt against an opponent. While Marlen fights with the other girls, she looks like a bull with full of energetic to win,ready to strike and hit the opponent. If the other girls were trying to survive to pass exercises, Marlen did not get tired or bewail the painful difficulties, and she was more and more vigorous during exercises. Indeed, only those who have a gift for boxing and passion as Marlen, who can train hard without a break. She also proved that talent can just develop if people practice, cultivate everyday and never give up. Nathaniel reveals in essay that â€Å"Marlen Esparza is currently ranked ninth in the world† (853). It wasnot easy to be one of the top ten in the world, but Marlene already did that. For over 12 years, she has spent countless time to practice with hope that will attend the exams in the country and international. Her talent was recognized when she won the bronze medal in an International Olympic Committee at the London Games in 2012. In international competitions, she defeated opponents who were very proficient in boxing from other countries, so this proved that she is a great player with good technique and quick reflex while playing. Moreover, her talent has represented the younger generation potential of the United States to attend in the international arena. Everyone thought she had everything after she achieved high performance in competitions, but actually she also has to confront obstacles in life. She shared in the essay thatâ€Å"I get mad. I don’t date. I haven’t gone out in a long time†¦I don’t have Facebook, because I’d be jealous of everybody. I don’t want to know what I’m missing. † (854). All of her time, she just practices every day becauseboxing seems to be all to her, and it also took away her free time that perhaps she can go out with friends or date with a guy. An ordinary girl can do anything they like, but Esparzas talent made her become a special girl. Behind the medal of the competition, the price for the medal is sometimes lonely when she does not have friends and jealous of normal girls. For this reason, she did not feel very happy from her victory. If she can balance her life between boxing and entertainment, she will not be pressured and feel sad anymore. Additionally, the author maintains, â€Å"Esparza plans on quitting after the Olympics because while male fighters can earn millions, female professionals rarely make more than $10,000 and often must fight abroad† (855). In todays society, people are still sexist in sports field because they think men are stronger and important, so they have more priority for men. Both men and women must rigorous exercise in the long time, but the amount of money of the women is very small for a title. Not only Marlen but also female fighters feel underprivileged and unfair because they cannot live with little money. As a consequence, the thought of quitting sports is often seen in the female athletes since the society do not really have respect for their talent. The gender discrimination is the real reasonto prevent the development of female talent. Esparza intended to quit boxing after the International Olympic Committee, and she will go to medical school, but noone make sure that it will truly better for her or not. Her talent is boxing which is a sport that she is very passionate. More than 12 years to pursue boxing, she love boxing and it gives her power to do intense exercise. She is really herself when she lives with boxing because it is her dream. On the other hand, if she went to medical school, it will be a completely different field. Marlen cannot study well, and it will waste time to study when she does not have an interest in the medical. She will be an anesthesiologist all her life, but if one day, when she misses boxing, she cannot go back because numerous other young talents have developed at that time.

How to Get Into NYU 4 Key Tips to Build a Great Application

How to Get Into NYU 4 Key Tips to Build a Great Application SAT / ACT Prep Online Guides and Tips If you want to go to NYU, you’ll need to make sure your application is strong enough to stand out from the crowd of other applicants. NYU’s acceptance rate is falling every year, so you’ll need all parts of your application to be competitive if you hope to be admitted to NYU. In this article, we’ll teach you everything you need to know to get into NYU. First, we’ll talk about how hard it is to get into NYU in the first place, taking a look at the average test scores and grades of admitted applicants. Next, we’ll discuss NYU’s admissions requirements and essays. Finally, we’ll give tips to teach you how to get into NYU. How Hard Is It To Get Into NYU? NYU has been getting more and more competitive over the recent years. In 2018, NYU’s acceptance rate fell to a record low: 19%. That means that NYU admits 19 out of every 100 applicants. An acceptance rate of just 19% means that NYU is highly selective - and getting even more so. Just a few years ago, NYU’s acceptance rate was in the 35%, meaning that it’s fallen by nearly half in a short while. Each subsequent year, NYU admits a smaller and smaller percentage of students, meaning that the acceptance rate for the Class of 2023 may be even more competitive than 2022’s was. What Is NYU Looking for in Its Students? NYU prizes diversity: it has the highest number of international students in the United States and students from all 50 states in the US. In 2017, 20% of NYU’s incoming freshmen class was from outside of the US. NYU also sends more students abroad than any other American university, so it’s safe to say that the university values exposing its students to other cultures and ways of life. With satellite campuses in fourteen different countries around the world, NYU has unparalleled opportunities to broaden your horizons. While the university prizes diversity, it’s equally clear that NYU prizes strong academics and hard work. While acceptance rates reached a record low this year, the average test scores of admitted students reached a record high, meaning that incoming students are exceptionally well-qualified, too. Can You Apply to NYU Early? NYU offers early decision to applicants that are certain NYU is the right school for them. If you apply for early decision admission, and are admitted under the early decision notification, you are expected to enroll at NYU. In addition, you have to withdraw your applications from other schools, and cannot submit new applications. Early decision offers to NYU are binding, unless you don’t receive enough financial aid to be able to attend. If you don’t get into NYU during the early decision period, you won’t be able to apply again regular decision. NYU offers two early decision dates: November 1 and January 1. Students who apply at the November 1 deadline receive their decision on December 15; students who apply on January 1 learn on February 15. It can pay off to apply early to NYU. For the Class of 2021, for instance, the overall admissions rate was roughly 28% while early decision candidates were admitted at a rate of roughly 38%. That means that you have a statistically higher chance of getting admitted to NYU early than you do as a regular decision candidate - provided, of course, that your application is strong. NYU Application Deadlines and Requirements NYU has three degree-granting campuses: New York, Abu Dhabi, and Shanghai. The admissions process is the same for all three schools. In order to apply as a first-year at NYU, you must be either: Currently in high school, even if taking college courses, or Participating in a dual-enrollment program, even if you’re earning enough credits for an associate’s degree, or Graduated with a GED or high school diploma equivalency test and not enrolled in a degree-seeking program. To apply, you’ll need to complete the Common Application and have a recommendation from your guidance counselor and up to two teachers. NYU doesn’t accept the Coalition or Universal applications. You'll also need to send in your official high school transcripts and official transcripts for any college-level work you've completed. If you're applying to the Steinhardt School of Culture, Education, and Human Development and Tisch School of the Arts, you'll need to complete an audition or submit a portfolio of work in place of standardized testing. Steinhardt requires an audition or portfolio for all applicants to the Music Department with the exception of Educational Theatre, and a portfolio for those applying to Studio Art. Tisch requires an audition or portfolio for applicants to all programs with the exception of Interactive Media Arts. If you didn't apply to Steinhardt or Tisch, you'll need to submit your standardized test scores. Regular decisions applicants must submit their applications by January 1 and are notified on April 1. Want to get into NYU or your personal top choice college? We can help. PrepScholar Admissions is the world's best admissions consulting service. We combine world-class admissions counselors with our data-driven, proprietary admissions strategies. We've overseen thousands of students get into their top choice schools, from state colleges to the Ivy League. Learn more about PrepScholar Admissions to maximize your chance of getting in. What GPA Do I Need to Get Into NYU? Most students admitted to NYU have a GPA of 3.6 or higher, which means that you’ll want to achieve at least a 3.6 to be seriously considered as an applicant. In order to achieve a 3.6, you’ll need to earn mostly A’s and A-’s on your coursework. If your GPA is below 3.6, you can try to make up for that on other parts of your application, like your test scores or your portfolio, if you’re applying to Tisch or Steinhardt. What Test Scores Do I Need to Get Into NYU? NYU requires that you submit standardized test scores unless you’re applying to Steinhardt or Tisch, where your portfolio can take the place of test scores. NYU accepts a wide variety of test scores, though most students submit SAT or ACT scores. Here’s the full breadth of scores NYU accepts: SAT; or ACT; or International Baccalaureate (IB) Diploma; or Three (3) SAT Subject Test scores; or Three (3) AP Exam scores; or Three (3) IB higher-level exam scores if not an IB Diploma candidate; or Other international examinations that show you completed, or if submitting predicted results show you will complete, your secondary education. You can find more information on these international examinations here. For this article, we’ll focus mainly on SAT and ACT scores, since those are what the majority of applicants submit. While NYU doesn’t have cut offs for SAT or ACT scores, you’ll need to make sure your scores are competitive with the average scores of admitted applicants. Let’s take a look at those. What SAT Scores Do I Need to Get Into NYU? As NYU’s acceptance rate lowers, the average SAT score of admitted applicants rises. The Class of 2022 had the highest average SAT composite score yet: 1440. That means you’ll need to score at (or very near) 1440 to be considered competitive with your fellow applicants. NYU doesn’t state which SAT scores they accept on their website (all, highest, etc), so you’ll need to contact the admissions office to learn which of your scores factor in. What ACT Scores Do I Need to Get Into NYU? NYU’s average ACT score is also rising. The average ACT score of admitted applicants to NYU is 30. Even though NYU likely says they have no minimum ACT requirement, if you apply with a 28 or below, you'll have a hard time getting in, unless you have something else very impressive in your application. There are so many applicants scoring 30 and above that a 28 will look academically weak. NYU Application Essays You'll need to submit both the regular Common App materials as well as an NYU supplement, which includes a short essay, for your NYU application. The NYU essay prompt asks you to answer the simple question: why do you want to go to NYU? Here’s the text of the prompt in full: We would like to know more about your interest in NYU. We are particularly interested in knowing what motivated you to apply to NYU and more specifically, why you have applied or expressed interest in a particular campus, school, college, program, and/or area of study? If you have applied to more than one, please tell us why you are interested in each of the campuses, schools, colleges, or programs to which you have applied. You may be focused or undecided, or simply open to the options within NYU's global network; regardless, we want to understand - Why NYU? The essay has a 400 word limit, which means that you have space to really expand on what specifically attracts you to NYU. While you should make it clear why you want to attend NYU with your essay, you don't need to agonize for hours over it. Ultimately, other parts of your application (including your test scores and grades/course rigor, and letters of recommendation) are more important factors to your acceptance. You just need to show that you've done at least a little research into NYU and why you want to apply there in particular. For a more in-depth look at how to answer this prompt, check out our article dedicated specifically to acing this essay. Tips for Getting Into NYU It’s difficult to get into NYU†¦ and it’s getting more difficult every year! If you want to be admitted to NYU this year, follow these key tips for how to get into NYU. #1: Reflect NYU’s Values NYU values diversity and providing its students with a truly global experience. If you want your application to stand out, you can talk about a.) how these values are important to you, too, and b.) how you’ll take advantage of this policy when you go to NYU. You can talk about this as part of your why NYU essay. Be sure to have concrete examples of how you’ll engage with this mindset - don’t just say it would be fun to go party in another country, have specific programs, classes or experiences in mind. #2: Polish Your Application As NYU gets more and more competitive, you’ll need to put more and more effort into making your application equally competitive. Your test scores should meet or exceed the average scores of admitted applicants, as should your grades. Ask for letters of recommendation from teachers who really know you and your work to give an idea of why NYU can’t live without you. #3: Wow With Your Portfolio If you’re applying to Steinhardt or Tisch, your portfolio needs to be stellar. Pick examples of your work that showcase your specific talents and individuality. Your portfolio should have a point-of-view and personality - don’t submit generic work that could be attributed to anyone. #4: Have a Spike When you’re applying to college, it’s tempting to seem well-rounded and interested in all the things. Don’t do that. Your application won’t stand out if you’re mediocre in band, on the track team, and on student council. It will stand out if you travel to Japan to perform with a world-class performance ensemble or qualify for the Olympic trials in shot put. When your focus is on one thing, you’ll be better at it than if you have to split your time and attention. What’s Next? Looking for application tips for other selective schools? Read our complete guides to the University of California system and to the Georgetown application. Should you apply early or regular decision to college? Find out the pros and cons of early decision in this article. Want to build the best possible college application? We can help. PrepScholar Admissions is the world's best admissions consulting service. We combine world-class admissions counselors with our data-driven, proprietary admissions strategies. We've overseen thousands of students get into their top choice schools, from state colleges to the Ivy League. We know what kinds of students colleges want to admit. We want to get you admitted to your dream schools. Learn more about PrepScholar Admissions to maximize your chance of getting in.

CRJ 565 AL 6 Essay Example | Topics and Well Written Essays - 750 words

CRJ 565 AL 6 - Essay Example Management allocates resources that are required to develop new products, and therefore it is important for it to be (DuBrin, pp.1-10). The students recommend that the management of Rapid Cash Store should review its business activities. In the recommendation, the student proposes that the store should diversify its operations and move away from the business of lending money. He cites the previous financial performance of the company indicates that the store is on the verge of collapsing. Although the student’s suggestion is a noble idea, the decision can be made as a last resort. In a market where retailers are making a kill by offering discounts, all Sam has to do it to provide competitive interest rates. Sam has to reconsider the decision of offering high-interest rates. All he has to do is to reduce the interest rates and monitor the effect to the performance of the store (DuBrin, pp.330-340). The third students provide an interesting discussion on the importance of having strategic plans. The students suggest that Manchester Foods should have a clear mission and vision on what they intend to achieve in terms of new product development. Equally, like the first student Kim has a very noble idea. For any project to succeed, proper planning has to be made. Resources are in nature, and, therefore, appropriate mechanism has to be laid on how to utilize them and attain the desired results. Furthermore, the students encourage the firm to acquire other subsidiary businesses that are in the same industry but offer different products. In doing so, Manchester Foods could have succeeded in developing new products. In addition, the student proposes that the Manchester Foods should conduct a market research before developing a new product. A market will help the firm to establish the needs of customers so that they can be into the new product. Lastly, Riggans

Nissan Essay Example | Topics and Well Written Essays - 2250 words

Nissan - Essay Example These cars were developed first in the late 1960s and have continued to be modified to adapt to the changing the changing trends to date. On the other hand, there is the Nissan Patrol is a suburban utility vehicle (SUV) that was developed around 1951 to compete with car brands such as Toyota’s Land Cruiser. This car has been advanced over the generations and currently it is in its sixth generation, which began in 2010. The Patrol occurs has a four-wheel drive and is available in either short-wheelbase with three doors or long-wheelbase with five door chassis. Both cars come in a variety of models that have continued to attract customers due to the continued development. The development of Nissan Skyline GT-R brand has a long history that is linked to the previous products developed by Nissan. Prince Automobile Company was the first company to use the word ‘Skyline’- they developed sedan cars that fell on a line of Skyline products. However, after the merger with Nissan-Datsun, it adopted the Skyline series of cars. Skyline cars were developed with rear wheel drive, an aspect that continued to the 1990s when other manufacturers started focusing on shifting the drive to the front wheels. The adoption of the GT-R cars for racing purposes made them to have direct market while at other instances some of the versions such as the KPGC110 2000 GT-R made very little sales, a situation that was attributed to a looming energy crisis at the time. Just before the development of Nissan Skyline GT-R, there was the S54 2000 GT-B that was a powerful racecar at the time. The GT-R series saw the development of PGC10 2000 GT-R, which made very impressive wins over a period of almost two years. There were a number of racing victories that were associated with this particular car from 1964 to the time it was discontinued in 1972. The Nissan Motorsport (Nismo) has been on the forefront of developing this car to

Economics Questions and Answers on Resources and Profit

Economics Questions and Answers on Resources and Profit Assignment Questions: Question 1: The removal of imperfections in the market leads to an increase in efficiency in the allocation of resources. Discuss whether you agree with this view (25 marks) Question 2: Explain what is meant by normal and abnormal profit and when such profits might occur (12 marks) Discuss the three reasons as to why people demand money, according to the liquidity preference theory (13 marks) Table of Contents (Jump to) Question 1: A. Allocative Efficiency and Perfectly Competitive Market B. Allocative Efficiency and Monopoly Question 2 (a): A. Perfect Competition B. Monopoly C. Monopolistic Competition Question 2 (b) A. Transaction Motive B. Precautionary Motive C. Speculative Motive Referencing List of Figures (Jump to) Figure 1: Pure Competition MSC MSB Curves Figure 2: Consumer Surplus Producer Surplus Figure 3: The short run and long run in perfect competition Figure 4: The short run and long run monopoly market Figure 5: The short run and long run monopolistic competition Figure 6: Money Demand Curves (liquidity preference theory) Question 1: The removal of imperfections in the market leads to an increase in efficiency in the allocation of resources. Discuss whether you agree with this view (25 marks) A. Allocative Efficiency and Perfectly Competitive Market Allocative Efficiency occurs when it is not possible to reallocate resources in order to make someone better off without making at least another person worse off. It arises where: Marginal Social Cost (MSC) = Marginal Social Benefit (MSB). The MSC refers any extra cost to society of producing one more unit of output. The law of diminishing returns implies that MSC will be upward sloping. On the other hand, the MSB is any extra benefit to society of producing one more unit of output. The law of diminishing marginal utility implies that MSB will be downward sloping. For example: If the 20th unit of output is produced, then it costs the society $10, but yields a benefit of $20. Thus, the society’s welfare increases by $10 (i.e. MSB – MSC). Since MSB is greater than MSC, people is better off. On the contrary, it is not in the society’s interest to produce the 40th unit. In perfect competition, both consumer surplus and producer surplus is maximised (as illustrated by figure 1), where the price is equal to the marginal cost. The consumer surplus is the total net benefit enjoyed by all consumers buying the product. For instance, a consumer paying $20 for a product whose market price is $15; thus enjoying the benefit of $5 ($20 $15 = $5). Producer surplus is the difference between the market price the producer receives and the marginal cost of producing this unit. Demand curves measure the maximum price that consumers are willing to pay for a given quantity of a good. Hence, the demand curve is a measure of marginal benefit (or marginal utility) to the consumer. Therefore, in absence of externalities, MSB = D = P. In perfectly competitive market, the supply curve is a measure of the marginal cost in the industry. In the absence of externalities, MSC = S = MC. Therefore, an efficient allocation of resources under perfect competition happens when price equals to marginal cost, i.e. P = MC, in the short and long run. B. Allocative Efficiency and Monopoly Monopoly market structure is one of the major sources of market imperfections. A monopoly is having one firm producing and selling a product with the existence of barriers to entry. A monopolist is a price taker. The monopolist can set the price or the output, but not both. They can even earn abnormal profits at the expense of efficiency and welfare of consumer and society. Since price is higher than marginal cost, this will lead to a loss of allocative efficiency and a failure of the market. In fact, the monopolist is extracting a price from consumer that is higher than the cost of resources required. Thus, at price Pm, the monopolist is charging a higher price and restricting output to Qm, whereby capturing a portion of the consumer surplus. Under monopoly, there is a portion (triangle ABC) where both the consumer surplus and producer surplus are recovered. This is known as â€Å"deadweight loss†. Figure 2: Consumer Surplus Producer Surplus Imperfections in the market leads to misallocation and underutilisation of resources and reduction in consumer surplus since price is greater than marginal cost, i.e. P > MC. But imperfections in market do have some benefits such as: Monopolist are supplying products on a very large scale, thus they may be in a better place to exploit increasing returns to scale leading to a fall in average total costs of production. This reduction in costs will lead to an increase in monopoly profits, but some gains in productive efficiency may pass onto consumer in the form of lower prices. Earning abnormal profits in the long run may lead to faster rate of technological development thereby reducing costs and producing of better quality. Supernormal profits may be used to invest in research and development programmes that have the potential to bring dynamic efficiency gains to consumers in the markets. Question 2 (a): Explain what is meant by normal and abnormal profit and when such profits might occur? (12 marks) Normal profit is the minimum level of profit that a company needs to remain competitive in the market. If firms in an industry are making normal profit, then there is no reasons for them to leave or for other firms to join the industry. Normal profit occurs when revenue equals cost. Abnormal profit (or super normal profit) is profit in excess of normal profit. If firms in an industry are making abnormal profit, then there is a reason for other firms to join the industry if they can. Abnormal profit occurs when the revenue is greater than the costs. A. Perfect Competition In the short run, firms can make abnormal profits or losses, whereas they can only make normal profits in the long run, as illustrated below: Figure 3: The short run and long run in perfect competition B. Monopoly Monopolies can earn abnormal profits in the short run and in the long run due to the existence of strong barriers to entry. Figure 4: The short run and long run monopoly market C. Monopolistic Competition Monopolistic competition involves many sellers with differentiated products, e.g. shoe producers or restaurants. In the short run, firms can make abnormal profit whereas in the long run, other firms will be attracted by the abnormal profits causing firms’ demand to fall until only normal profits are made. Figure 5: The short run and long run monopolistic competition As a conclusion, if firms are making abnormal profits, other firms will be attracted by such profit, and will try to enter that particular market to reap some of that profits. As a result, firms in perfectly competitive market and monopolistic competitive market will enjoy normal profit with the entrance of new firms in the long run. On the other hand, firms in monopoly market will enjoy abnormal profits both in the short run and in the long run due to the existence of strong barriers to entry. Question 2 (b) Discuss the three reasons as to why people demand money, according to the liquidity preference theory (13 marks) According to Keynes’ Liquidity Preference theory, people demand moneyand hold their wealth in monetary form because of the following three main reasons: A. Transaction Motive Day-to-day transactions are performed by both individuals and firms. An individual person holds cash in order to meet his/her daily expenditures. Business holds cash to meet its current needs such as payments of raw materials, etc†¦ Therefore, we can say that money needed by consumers, businessmen and others, is known as the demand for money for transactions motive. This demand depends upon the following: Size of the income: If income is high, more will be available for daily transactions and vice versa. Time gap between receipts of income: If a person gets his pay daily, he/she will demand less cash and vice versa. Spending habit: If a person is spent a lot, he/she will do more transactions and thus will demand more money. B. Precautionary Motive Precautionary motive for holding money refers to the desire to hold cash for unforeseen contingencies such as illness, accidents, unemployment, etc Business keeps cash reserve to safeguard their future. This type of demand for liquidity is called demand for precautionary motive. This demand depends upon many factors: Size of the income: If a person earns a high income, he/she will demand more money for safeguarding his future. Nature of the person: Some persons are optimistic, i.e. they anticipate less of future risk and danger, and hence they will demand less money for precautionary motive. On the other hand, pessimistic persons foresee dangers, calamities, and emergencies in the future, and hence, they want to have more cash with them. Farsightedness: They are persons who can proper guess of the future, and thus they will keep more money (in cash) with then in case of more emergencies expectation and vice versa. C. Speculative Motive The speculative motive relates to the desire to hold cash and take advantage of future changes in the rate of interest or bond prices. For instance, if the price of bond is expected to rise, meaning the rate of interest is expected to fall, then people will buy bonds and sell later when the price rises, and vice versa. According to Keynes, â€Å"the higher the rate of interest, the lower the speculative demand for money and vice versa†. Figure 6: Money Demand Curves (liquidity preference theory) Keynes hold that the transaction and precautionary motives are completely interest inelastic, whereas the speculative demand for money is a smooth curve which slopes downward from left to right, as illustrated in above figure. References GILLESPIE, A (2001) Advanced Economics through Diagrams. 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