Use Of Mathematics On Economic Profit Maximization

The Use of Mathematics in Economic Profit Maximization Introduction: Economics is a social science that deals with how individuals, governments, firms, and nations make decisions on allocating scarce resources to satisfy their unlimited wants. Economists use theories and mathematical models to provide solutions to many problems in decision making and forecasting in economics. I have decided to take a look at how math is used in the study of economics, specifically in economic models such as the profit maximization model or the demand model. This year I decided to take an economics course and so far we have looked at markets and businesses and I thought it would be interesting to research more on how firms use math to maximize profits for this math exploration. The objective of a business is generally to maximize profits. Firms generally use the profit maximization model and the demand model to help predict the price-output of a firm under changing market conditions. Accounting Profit: Profit is the difference between the total revenue subtracted by the total cost. Total revenue is simply the total amount of money that a firm receives from its sales and total cost means the monetary cost of production. Accounting profit can be modelled with a very simple equation of: Ï€= TR-TC where Ï€ stands for the profits made, TR for total revenue, and TC for total monetary cost of production (Ï€ is used to represent profit since the variable P is used to stand for price). Thus if aShow MoreRelatedRole of Mathematics in Business Economics1407 Words   |  6 PagesRole Of Mathematics in Business amp; Economics Introduction: Mathematics have been one of the primary elements of business and economics since ancient times, when farmers had to count the animals in their possession and merchants had to have a clear picture of their goods value. With the introduction of money as the universal legal tender, all goods acquired a numerical value, making math calculations even more important. Furthermore, in the competitive global market environment of today, businessesRead MoreMacro Micro Economics2304 Words   |  10 Pagesâ€Å"Economics has never been a science - and it is even less now than a few years ago.†Ã¢â‚¬ ¦Paul Samuelson INTRODUCTION Economics  is the  social science  that analyzes the  production,  distribution, and  consumption  of  goods  and  services. A focus of the subject is how  economic agents  behave or interact and how  economies  work. A given economy is the result of a process that involves its  technological evolution,  history  and  social organization, as well as its  geography,  natural resource endowment, and  ecologyRead MoreThe Illusion Of The Epoch : Neoclassical Economics As A Case Study1740 Words   |  7 Pages Henry titled The Illusion of the Epoch: Neoclassical Economics as a Case Study. This essay written by John F. Henry is an examination of ideas put forward by Karl Marx as well as Friedrich Engel in The German Ideology and their correlation with the principles of neoclassical economics. This idea is referred to as the â€Å"Illusion of the epoch† and is described by Henry as being â€Å"A conceptual framework in which the ideas of th e dominant economic class are the dominant ideas in a society and increasinglyRead MoreQuantitative Methods for Business Paper1652 Words   |  7 Pagesmathematical and reproducible. Regression analysis is an example of one such technique. Statistical analysis is also an example of a quantitative technique. Quantitative techniques are applied for business analysis to optimize decision making IE profit maximization and cost minimization. It covers linear programming models and other special algorithms, inventory and production models. Albert Humphrey, a management consultant who specialized in organizational management, devised the SWOT analysisRead MoreProfit Maximization vs Wealth Maximization5736 Words   |  23 PagesA PROJECT REPORT ON â€Å"PROFIT MAXIMIZATION V/S WEALTH MAXIMIZATION† Submitted to In requirement of partial fulfillment of Master of Business Administration (MBA) Submitted on Submitted by PREFACE As a part of the curriculum of the MBA Program of the _________________, the students are required to undergo project work in addition to their theoretical study so as to enable them to have the knowledge of theoretical aspects taught in the class room with its practical application. As students of managementRead MoreSimplex Method Essay1189 Words   |  5 Pagesweek creating paintings.    The profits for each painting are: A: $400, B: $800, C: $1000   How many paintings should the artist create (and what sizes) within 1 year to maximize profits? What would the artist’s maximum profits be? Objective Function and Constraints To find the objective function and constraints present in the situation described evaluation of the elements present is needed. The objective function is the equation to determine the profit from selling paintings in the threeRead MoreJohn F. Nash s A Beautiful Mind Mathematician1448 Words   |  6 Pages John F. Nash shared the 1994 Nobel Prize with John Harsanyi and Reinhard Selten in economics for their work on the theory of non-cooperative games, in other words John Nash received a Nobel Prize for his work in Game theory. Except for one course in economics that he took as an undergraduate, Nash had not any formal training in economics. John Nash had a Ph.D. in mathematics in 1950, but the Nobel Prize he received four decades later was for the contribution he made to game theoryRead MoreEconomic Tool and Concepts1121 Words   |  5 PagesEconomic Tool and Concepts HCS/552 August 19, 2013 Economic Tool and Concepts The health care industry has been experience for many century the shortage of nurses. It is perceive by the health care industry the shortage of nursing supply than the demand across the country. The demand for nurses in every health care organization growth in a daily basic as the technology advance. The consumers are always demanding for more personalize and quality of health care services at the time they areRead MoreHayek Essay1379 Words   |  6 PagesDiscussion Questions: â€Å"The Use of Knowledge in Society†, Hayek, Friedrich A. 1. â€Å"The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess (H.3)† a. What does Hayek mean by a â€Å"rational economic order†? Hayek â€Å"rationalRead MoreRelation and Uses of Mathematics in Other Subjects6462 Words   |  26 PagesMaths and other subjects relation Mathematics and its importance Mathematics is a fundamental part of human thought and logic, and integral to attempts at understanding the world and ourselves. Mathematics provides an effective way of building mental discipline and encourages logical reasoning and mental rigor. In addition, mathematical knowledge plays a crucial role in understanding the contents of other school subjects such as science, social studies, and even music and art. Firstly, we ask

Types of Racism Free Essays

Racism should not be ignored. There are two types of racism in the world. The two types of racism are overt racism and institutional racism. We will write a custom essay sample on Types of Racism or any similar topic only for you Order Now â€Å"Overt racism, especially in its contribution to the racist impact of qualification requirements on blacks. † 1. Overt racism contributes to a social and residential segregation, thereby isolating blacks at every income level from white society. â€Å"As a result of overtly racist â€Å"last-hired, first fired† policies toward blacks and the favoring of whites for on-the-job training, many blacks have been unable to gain work experience, particularly special working skills. 2. Overt racist action is when harm is inflicted or a benefit withheld either because of the perpetrator†s racial bias against the victim or because the perpetuator is prejudice of others. Institutional racism is when a person or firm has a practice that is race-neutral but still has an adverse impact in blacks as a group. Institutional racism also reinforces future racism by contributing to the presence of blacks at the bottom of the employment level. â€Å"The adverse effect on blacks of these neutral practices also contributes to the perpetuation of racist attitudes. 3. Individuals growing up in a society where blacks are visibly predominant in the lowest jobs tend to believe that blacks naturally belong there. â€Å"Recent studies show that less-educated workers can be trained by employers for skilled positions that are frequently reserved for college graduates. † 4. Black academics were initially excluded by racist attitudes from many white departments. Whites who are no more productive than blacks will tend to receive a better payoff. â€Å"Whites have eleven times the wealth of blacks; one-third of all blacks have no major assets what so ver except for the cash that they have on hand. † 5. Blacks wanted to get rid of Jim Crow laws. Jim laws made blacks segregated from the white community. Blacks couldn†t use white facilities to buy products instead, blacks had to buy from their facilities. â€Å"A University of Chicago investigation showed that because of persistent prejudice suburban blacks are more likely to suffer segregation than other minorities of equal income and social status. † 6. There were other signs of racism in the past like the trading of blacks slaves from Africa. Blacks who didn†t want to be a slave either revolted against their masters or committed suicide. Masters were very harsh on the blacks. Masters would punish and beat the slaves for no reason. There were a lot of anti-racist role models that were heroes to the blacks. Rosa Parks was famous role model because she stood up for what she believed in. She sat in the bus seat not letting any white sit in her seat. Rosa Parks was arrested for that reason. Because of her actions that she took after she got out of jail, racial segregation became illegal. Elizabeth Eckford braved the angry white crowds by herself when she was the first black person to get accepted into Little Rock High, which was an all white school. Martin Luther king Jr. was another brave role model. Martin Luther King Jr. always made flights to states to help the community win over racial segregation. Martin Luther King Jr. always brought huge crowds wherever he made a speech. He made very inspiring speeches to the blacks, which gave them more courage to protest against the whites. Martin Luther King Jr. was probably the most inspiring person this century because he led the blacks to freedom. He is so inspiring that he will become a saint. Segregation started in the late 1980s even though slavery existed for more than two hundred years. Segregation laws were rapidly affecting blacks. More laws were made in the early 1900s because of the inspiration of Jim Crow laws. â€Å"During the second half of the 1980s, racial violence against blacks increased nationwide. In 1988, a white supremacist movement of violent skin-headed youths, whose weapons included knives, baseball bats, and their own steel-toed boots, sprang up spontaneously in cities throughout the nation. 7. This lowered the blacks courage to fight against the whites. â€Å"Many blacks are excluded by requirements for work experience because as students they have been barred from white schools where relevant training was available or had been denied work experience and training by prejudice supervisors and employers. â€Å"8. Blacks lack of personal connections to the job market, but it arises in large part from segregation created by overtly racist practices. â€Å"As job losers, blacks tend to move down to unskilled temporary work, or to no work at all. † 9. Since blacks can†t find good jobs, they usually make the community bad by stealing and joining gangs to keep themselves alive. â€Å"It is still true that the more disagreeable the job, the greater the chance of finding a high proportion of blacks doing it. † 10. Cities don†t know that they need to have better working conditions for blacks or they will have as much suffer as blacks do. â€Å"Hiring by personal connections also tends to keep blacks at the bottom of the occupational ladder. † 11. It keeps them down because blacks don†t have many connections to people who own a store. Blacks felt the racist impact of such past hiring discrimination when, as less senior, they were less likely to gain work promotion and more likely to lose their jobs in economic recessions. † 12. Whites have been the first in line for hiring, training, promotion, and desirable job positions because of racism. White people either have been responsible for racism or have passively benefited from it. Since there are firms that don†t hire blacks in very low wages, white people have to either take the jobs and get low payment and bad working conditions, or don†t take the job and don†t get anything to help the community that the job provides. The whites also benefited from racism. Whites tend to get more promotions because there are no black competitions. Whites also benefited from housing discrimination where racism was strong. There have been a lot of cases of mass murders in a county. There was a case where, in one summer, eighty blacks have been beaten, thirty-five shot, five murdered, and more that twenty churches burnt down by the Ku Klux Klan (KKK). Most KKK members usually got away for the murders and damages they committed. KKK members only started getting accused after segregation became illegal. But still, only blacks who were brutally murdered had a trial against the KKK. KKK groups are very confident about passing through a conviction. The KKK was always there where the black protesters were. They were there to intimidate them. They also wanted to start a fight whenever they had an opportunity too. â€Å"The isolation of blacks from white society is also sustained by widespread racist attitudes that exclude blacks from white clubs and social circles where networks leading to jobs are formed. † 13. Blacks not only suffer from discrimination but being isolated from a white community. Blacks lack personal connections to residents of all-white suburbs where many new jobs have been created. † 14. The adverse effect on blacks is exacerbated when suburban employers rely on walk-in applicants from these neighborhoods. â€Å"According to a 1981 study, black school districts in the black belt states receive less funding and inferior education by comparison with economically similar white districts, in a part as a result of local (white) decision making. † 15. White decision-making affects blacks a lot because the whites want to help their school funding more than the blacks school funding. The racism of government practices encouraged race discrimination by landlords who blocked the escape of blacks from ghettos, and by employers and unions who refused to hire, promote, or train them, as well as widespread communication of an insulting stereotype of blacks, derogatory to their ability and character. † 16. Because racist treatment of blacks in business and professional reduced family income, it hurt their sons and daughters. â€Å"Among these black parents injuries, they suffered discrimination policies of federal agencies in allocation of business loans, low-interest mortgages, agrarian price supporters, and government contracts. 17. There are a lot of different remedies for almost every issue involving racism. One of the reasons for avoiding racism is that blacks willingness to accept lower wages and adverse working conditions reduce labor†s bargaining power generally with management. â€Å"Although long-term black employees have the benefit of high sonority ranking, after the 1964 Civil Rights Act many continued to suffer the racist impact of departmental sonority arrangements. † 18. Under such arrangements, a worker who transfers from one department to another loses all sonority credit.   Because of programs that help families over racism, black children start to have more black role models, which creates more self-confidence. â€Å"Complaints can be lodged in a court or administration under title seven of the 1964 Civil Rights Act, which prohibits such discrimination, and may be pursued against a firm or a union on behalf of an identifiable individual or group. † 19. Other ways of avoiding racism could be real dangerous. One way is to stand firm where there are firms who practice racism. Doing this would give blacks a chance to end racism in that firm. Blacks could move away if they feel too intimidated by the whites. â€Å"In some situations where blacks are notoriously scarce, the courts have approved â€Å"set-asides,† which unlike goals, reserve a specific number of positions for minorities only. † 20. They could also hold strikes against the government facilities so that they would stop the racism in the community. â€Å"Because blacks are disproportionately represented in the bottom-level positions, their personal recruitment tends to maintain occupational segregation. † 21. There are other things that help blacks like some programs that give shelter, food, clothing, and caring. One more way is to ignore the people who are intimidating you. Almost every remedy has its adverse effects. Complaint remedies could be deficient in a number of ways. â€Å"Since the complaint remedy requires proof of bias, it does not apply to institutional race-neutral policies. Yet qualification standards can be manipulated by prejudiced employers to exclude blacks, especially, as we have seen, vague personality standards. How to cite Types of Racism, Essay examples

Reflection On Self Assessment Reflection Essay Example For Students

Reflection On Self Assessment Reflection Essay Coton Staver MGT394 Taylor Self-Assessment Reflection 7 a) Resistance to Change b) I had an RTC Score of 2.94, which means that I have average rating when it comes to resistance-to-change. I scored the following in each area: Routine Seeking- 2.20, Emotional Reaction- 4.00, Short-term Focus- 2.50, and Cognitive Rigidity 3.25. c) Strengths: When it comes to strengths, I scored lower in the Routine Seeking and Short-term Focus categories. Therefore, I have lower resistance to these two areas. Routine Seeking encompasses the idea that as an individual, I like to have a daily routine, and often rely on that for structure. Once in a while, I do enjoy breaking my routines up and doing something unexpected or unplanned. As for Short-term Focus, I often do not focus too much on the short term effects, but rely heavily on the longterm effects to change my attitude toward a certain situation. I am fully aware of the short-term inconvenience, but can still see the potential long-term benefits that may come out of the situation. I take this into consideration when making decisions about change. For Example, I highly like routine while at work. I work in the floral department at the JDK Group in Camp Hill, and generally have a routine that I go through during the week. The type of environment I work in allows for man y changes and different situations based of of each clients needs. Every Monday, I arrive at 8AM, and begin by pulling the production sheets and wedding/event files for†¦