My Family Essay - 1091 Words

No one can’t meet a family like mine’s. My family is well diversified. Every family member plays an important role in all my family’s lives. In my family, there are four people: my father, my mother, my little brother and me. My father is one who brings money home and is also responsible for organizing and planning family trips. My mother is the one who is in charge for making meals and makes sure everyone eats at the appropriate times. My little brother is the pet of the family. He actually doesn’t have any responsibilities, for he’s the pet. I am the rock of support in my family. I always go beyond my parents’ expectations. I also support my younger cousins and little brother, by being a role model that they can look up to. Another†¦show more content†¦Doing what my parents tell me to do is just one of many reasons why I am a rock of support for my family. Not only do I support my parents, but I also support my younger cousins and brother. As an eldest brother and cousin, I feel I must be a good example for the young ones. There are numerous methods of showing my cousins and brother support. One main way is by providing advice on making the right choices. For example my brother had a problem at school with one of his classmates. As a mature and responsible older brother, I advised him to use the non-violent approach. I told him to go discuss the problem and try to resolve it peacefully. My brother then asked me why he shouldn’t fight his classmate. I explained how violence is the answer to anything. I advised him to first talk to his classmate in a professional manner. If then things get out of hand, I told him to let the teacher know the situation. In the end, my brother didn’t need to get the teacher involved. In fact, their conflict was resolved by talking through with each other. I also am very supportive of my little cousins. One way I help them out is by tutoring them once in a while. They come over to my house and I assist them with their school work. Not only I help my cousins with their homework, but I also support them recreationally. I play various sports and activities with them. As their older cousin/brother, I feel I should be a good role model to follow. I am also known for being thereShow MoreRelatedMy Family Of The Family1312 Words   |  6 Pages Because my parents’ families are so different, there are few strengths common to all three family sculptures. One strength that applies in most cases is that children near each other in age tend to have close relationships. My family of origin was broken down into pairs: Steven and Daniel, Julia and Michael, Alyssa and Natalie, and Matthew and Emily. All of these paired relationships were generally healthy, and it was within these pairs that we were assigned roles within the family. Because of thisRead MoreMy Family Of The Family1061 Words   |  5 PagesIntroduction A person’s family of original is their family he or she grew up in (Welch). This could be a family someone was brought up in or adopted into (Welch). In my case, my family of origin is my family related by blood because I grew up in this household my entire life. There are many types of subfamilies such as single parent families, childless or childfree families, stepfamilies, cohabiting, and same sex families. I was raised in a traditional family and so have all my ancestors tracing backRead MoreMy Family : A Family1205 Words   |  5 PagesMy family comes from a very different background between both my parents. In this family tree summary I will describe how my family emigrated from Ireland in the late 1800s and early 1900s to seek a different lifestyle. My mother and father come from very different backgrounds medically and with very different upbringings. My father, John, side of the family is very different from my mothers. My great great grandparents arrived from Ireland in the late 1800s arriving from Dublin in hope for a brighterRead MoreMy Family Of The Family1594 Words   |  7 PagesOur family of origin plays a large role in socializing us. Specifically, our family of origin â€Å"is the family in which we are raised and socialized to adhere to the customs and norms of the culture in which we live† (Welch, 2012, pg. 6). Who our family members are and how they live their lives influences us, helping to make us into the people we become. I owe a lot to all of my family members and a love them all very much. I grew up in a very family oriented environment which makes me place aRead MoreMy Family : A Family1474 Words   |  6 Pageslearned that my family may not be as dysfunctional as I thought. There are many families out there with crazy combinations of who and what makes up their family. 1/3 of people who married ha ve also been divorced before and people normally repartner within 3-5 years. The United States has one of the highest divorce rates, only Russia has a higher rate. My family is made up of my paternal and maternal biological families, my step father s family and some of my step mother s, along with my adoptive familyRead MoreMy Family And My Life1318 Words   |  6 Pages When I was 8, my family and I lived in small house in the city town. Our life was a little bit hard, everyone in the family is always busy, my mom went to work most of the time and my dad, too. My sister and me we both have school during the day and tutoring class after school. Sometimes, I only see my mom twice a week even though she is home everyday at midnight because of her busy work. My dad is in charged of taking me to school and picking me up after tutoring class, but he also have his jobRead MoreMy Family (My New Family) Essay521 Words   |  3 Pagesknowing my true identity? Starring at the pain of growing up not knowing my father, and watching my mother shut me out to be with a man, she hardly even knows? Watching as the pain and struggle has continuously tormented my heart leaving me the only escape of climbing into the unknown. Moving in with my aunt and uncle saved my life; they gave me the family I have always dreamed for. All my life I have questioned who I am? My mother was adopted and my father has been everywhere, but in my life. IRead MoreMy Family : An Extended Family946 Words   |  4 PagesIntroduction to Family My family consist of many people. My Father is Hector Abundis he is a very hard working man who and has been married to my mother Mary for 27 years now. My mom is very strong and also hardworking. I have three older brother Hector Jr is the oldest he’s 29 and is currently in college as well. Next is my brother Arturo he is very intelligent and also the brother I am the closet to. After him is my brother Jesse he is 25 Then, there’s me the baby until my parents adopted my now littleRead MoreDefining Family : My Family1453 Words   |  6 PagesDefining Family My family consist of three people that live in my household. My mother, Janette who is 43 years old African American woman. She has a high school diploma and took some classes at Joliet Junior College, but she drop out because she couldn’t handle it. She works at a warehouse whom she is the team leader and since her income is what supports this family it would put my family in the lower income bracket. My older brother, Dionte who is 26 years old African American man. He has a highRead MoreMy Family Of The Family Tree2126 Words   |  9 PagesI derive most of my identity from my Mother’s side of the family tree, so this autobiography will be a little lopsided; much like my personality. My maternal grandmother’s family came from Sonder Stenderup of Jutland, Denmark and my maternal grandfather’s family is of German descent. The original family name was Gron, however my great grandfather change the surname to Green in order to sound more American. My mothe r’s grandparents came from Jutland, Denmark in 1905 and my grandmother was born in

Dissociative Identity Disorder And The Media - 1878 Words

This paper discusses Dissociative Identity Disorder and the relevance and portrayal of this mental illness in the American television show, United States of Tara. Tara’s family deals with her mental illness in different ways, which is evaluated in this paper. Also discussed in detail are the characters in the show. Tara has seven separate alters; each has their own personality and characteristics. They all have a role to play in Tara’s mental illness. Additionally, each alter is useful during specific stressful situations, which is analyzed in this paper. The characteristics of Dissociative Identity Disorder are discussed, according to the findings in Comer’s 2008 publication of Fundamentals of Abnormal Psychology. Later, these findings are compared to the show and its portrayal of this Dissociative Identity Disorder. DISSOCIATIVE IDENTITY DISORDER’S ROLE IN THE MEDIA Dissociative Identity Disorder’s Role in the Media: United States of Tara Mental illness is more common than our society leads us to believe. This is mostly due to the fact that there remains a societal stigma against mental illness, which makes it difficult to be discussed, or understood in depth. However, there are people that are at the forefront of breaking these stigmas; a lot of whom reside in Hollywood. One show that attempted to showcase mental illness and family dynamics is United States of Tara. This show ran for about 3 years and had 3 seasons before it was cancelled. United States ofShow MoreRelatedDissociative Identity Disorder And Media Depictions3153 Words   |  13 PagesDissociative Identity Disorder and Media Depictions We live in a world where the entertainment industry is thriving. Over the years, there have been several films, books, and television shows that depict a disorder that is most currently known as Dissociative Identity Disorder, previously known as Multiple Personality Disorder. Some of the most disturbing film and television scenes are those that involve a person dramatically switching from their dominant self to a dark and demented alter ego, oftenRead MoreDissociative Identity Disorder ( Multiple Personality )1397 Words   |  6 PagesDissociative Identity Disorder can be difficult to diagnosis as mentioned before. However, a scale has been developed to help a professional with their diagnosis of individuals that may suffer from this mental illness. There have been many studies conducted to test the reliability and validity of this scale. The scale is referred to as The Dissociative Experiences Scale (DES) and was developed to help measure dissociation in individuals. The Dissociat ive Experiences Scale is a twenty-eight item self-reportRead MoreDissociative Identity Disorder : Dissociative Identification Disorder1485 Words   |  6 PagesDissociative Identity Disorder Dissociative Identity Disorder is a mental disorder where an individual experiences two or more distinct personalities. When an individual is diagnosed with Dissociative Identity Disorder, one personality has dominant control of an individual. This personality controls how a person may act and how they live everyday life. A person diagnosed with this disease may or may not be aware of their alternate personalities. Each personality is contrasting of each other withRead MoreDissociative Identity Disorder ( Mpd )1170 Words   |  5 PagesDissociative Identity Disorder, commonly referred to as Multiple Personality Disorder, has been one of the more controversial diagnoses in psychology and psychiatry. On one side of the debate, many psychologists and psychiatrists believe the disorder to be an actual phenomenon that occurs in individuals that have suffered through some traumatic experience. On the other side of the debate, however, are the many psychologists and psychiatrists that beli eve the disorder is simply the result of a therapist’sRead MoreDissociative Identity Disorder : The Strange Case Of Dr. Jekyll And Mr. Hyde Essay857 Words   |  4 PagesDissociative Identity Disorder Formerly known as multiple personality disorder, dissociative identity disorder is a condition where a person has two or more distinct personalities. There have been lots of examples of dissociative identity disorder in media. One of the more well-known is the book The Strange Case of Dr. Jekyll and Mr. Hyde. Thesis: In the television series Breaking Bad the main character Walt has Dissociative Identity Disorder. Sadly educated and non- educated individuals oftenRead MoreDifferent Perspectives On Dissociative Identity Disorder1710 Words   |  7 Pageson life, sometimes even leading to Dissociative Identity Disorder. Even though Dissociative Identity Disorder has a place in The Diagnostic and Statistical Manual of Mental Disorders, the legitimacy of the psychiatric disorder is still a very much a controversial issue. In these two articles, â€Å"Multiple Personality -- Is It Mental Disorder, Myth, or Metaphor?† published in the Huffington Post website by Frances(2014) and Dimensions of â€Å"Multiple Personality Disorder† by Murray(1994) published by theRead MoreDissociative Identity Disorder And Multiple Personality Disorder1384 Words   |  6 PagesDissociative Identity Disorder (DID for short and popularly known as multiple personality disorder) is one of the more fascinating and simultaneously terrifying of the formal mental disorders. Probably due in part to DID’s fantastic, almost unbelievable nature, it is also one of the more controversial disorders that has been formally included in the DSM (Diagnostic and Statistical Manual of Mental Disorders). In the most recent DSM, DSM-5, the signature criteria for DID is the â€Å"disruption of identityRead MoreDissociative Identity Disorder ( Dissociative Personality )1254 Words   |  6 PagesDissociative identity disorder (previously known as multiple personality disorder) is thought to be a complex mental condition that is likely brought on by numerous variables, including serious injury amid early adolescence generally compelling, repetitive physical, sexual, or psychological mistreatment. The greater part of us have encountered mild dissociation, which resemble wandering off in fantasy land or losing all sense of direction at the time while taking a shot at an undertaking. In anyRead MoreDissociative Identity Disorder And The Disorder919 Words   |  4 PagesDisorder and Topic The disorder I chose to research for my paper was Dissociative Identity Disorder. Dissociative Identity Disorder is formerly known as multiple personality disorder and is characterized as an individual presenting two or more alternate personalities. Those said personalities are said to essentially help an individual escape the stress and overwhelming struggles of everyday life (Traub, 2009). As for my topic I chose to explore was whether or not Dissociative Identity DisorderRead MoreMental Illness And Its Stigma1363 Words   |  6 Pagesderives a belief that those who have mental disorders are not suffering from a real disease, resulting in a negative view of those who suffer. There are three ways to defy this stigma that everyone, from media producers to the sufferers themselves, must participate in to break down the shame and dishonor surrounding mental illness. Mental illness is a real disease and causes a stigma that those who suffer are dangerous and are the cause of their di sorder What exactly is a mental illness? â€Å"Mental

Symptoms And Treatment Of Skin Cancer - 1774 Words

Skin Cancer Research Paper Sarah Klein was once a teenager with psoriasis, skin build up that causes an itchy patch. Her primary doctor had recommended her to use ultraviolet rays as a solution, but little did they know that was going to cause her to have stage IV metastatic melanoma once she was older with a family. In the human body there are the processes of mitosis and apoptosis, the necessary functions the body needs for proper growth and development. But there are times when new cells grow at the wrong times and the old cells do not die at the right time, this begins to cluster the extra cells and creates a tumor. Tumors may be malignant, beginning the process of cancer. According to the Cancer Source Book, in the United States the most common cancer is skin cancer along with its subtypes of Melanoma, Squamous Carcinoma and Basal Carcinoma (Bellenir et al, 2007). Fortunately, these skin cancers can be localized, removed easily and rarely life threating. Skin cancer can have multiple causes that affects the skin. Day-to-day environment, genetic makeup, and age can all affect the intensity of the tumor in each individual. For cancer to fully develop there has to be multiple changes in the deoxyribonucleic acid (DNA) for one cell to create a cancer cell and form a tumor. Each person has their own genetic changes that may cause cancer to grow and spread faster or to move slowly and restrain the cancer cells from spreading. Simple freckles or pigmentedShow MoreRelatedSkin Cancer : Symptoms And Treatment1462 Words   |  6 Pages Skin Cancer Project Wong,KaYan. Li,Suzy. Chen,Xu 10/06/2015 Tuesday ^-^ Skin Cancer Skin cancer is one of the most common cancers in our society. It also can be said that it is the abnormal growth of the skin cells. The Skin Cancer Foundation reports that one in every five Americans will experience skin cancer during their lifetime. Cancers are mostly caused by the overexposure of UV radiation that damages the human DNA which lead to DNA mutation. There are three types of skin cancer, squamousRead MoreSymptoms And Treatment Of Skin Cancer1357 Words   |  6 Pagesincidence of non melanoma skin cancer and actinic keratosis (AK) has increased. The tumours are treated with the help of chemotherapy, radiotherapy, surgery, and topical therapies to manage superficial carcinoma and actinic keratosis. This review briefs about skin physiology, non melanoma skin cancer, relationship between actinic keratosis(AK) and skin cancer, different drugs used in dermal preparations for management of actinic keratosis and novel approaches for targeting drugs to skin neoplasm and actini cRead MoreSymptoms And Treatment Of Melanoma982 Words   |  4 Pagesmalignant (cancer) cells form in the skin cells called melanocytes (cells that give the skin color). It can also occur in the eye and is called intraocular or ocular melanoma; however it can happen anywhere on the body. It is the most dangerous of the common forms of skin cancer and oftens appears as a growing coloured skin spot, usually occuring in adults, but it is sometimes found in children and adolescents. The disease is more aggressive than basal cell skin cancer or squamous cell skin cancer. CAUSE:Read MoreMelanoma Skin Cancer Essay1064 Words   |  5 Pageslargest organ of the human body is your skin. It is your body’s first line of defense against infections, injuries, heat, and sunlight. It also helps in controlling the temperature of your body and getting rid of the excess water and salt by sweating it out. Skin cancer is also known as cancer of the sun. Excessive amounts of ultra violet lights affect your skin in negative ways, possibly leading to Melanoma skin cancer. Melanoma is the most serious type of skin cancer there is and can often times be fatalRead MoreThe System Of The Human Body1429 Words   |  6 Pagesin the function of the human body. The system is made up of the skin and skin derivatives such as hair, nails, glands and receptors and provides the body with a line of defence against foreign, infectious pathogens (Moore et al., 2013). The skin is the most vulnerable organ to injury and disease as it is an external organ and the largest organ of the body, contributing to approximately 15% of the body’s weight (Hackman, 2014). The skin also helps to maintain homeostasis in the body as well as containingRead MoreBreast Cancer : A Disease That Comes Unexpectedly Essay1072 Words   |  5 PagesBreast cancer is a disease that comes unexpectedly; many people tend to overlook the symptoms. There are different types of breast cancers that require treatments and surgery. The course of treatment varies from patient to patient because there are many factors that can contribute to a patient’s treatment plan. Once the plan is in place, there are many things that will need to be done in order to ensure that the cancer will not return. Trying to beat cancer can be a long, extraneous, and in someRead More Skin Cancer Essay1529 Words   |  7 PagesSkin Cancer Skin cancer is a disease that can affect any one. Skin cancer includes many types that can be classified as severe or superficial. Consequently, treatement of skin cancer depends on the degree of severity a person has. In the following paper, we will shed lights on the types of skin cancer and its causes. Finally, we will investigate how to treat the different types of cancer and how to avoid it. Skin cancer is a term used to describe cancer in skin tisssues. The skin is made ofRead MoreSymptoms And Treatment Of Surgery Essay936 Words   |  4 Pages1990’s as something called the Isolate limb infusion (ILI) has now been given a much less invasive name called the Isolate Limb Perfusion (ILP). They differ from each other in that it is performed by going through the unbroken skin rather than doing it surgically. Another treatment option that has been used is called Cryotherapy. This type of therapy results in tumor antigen release through local trauma to the area and this results in having the potential to evoke an integral anti-melanoma immune responseRead MoreSocial Media And Its Effects On My Life1571 Words   |  7 PagesCancer. The dreaded word no one wants to hear. It brings us feeling of loss, hopelessness, pain, and anger. Almost everyone I know has been affected by cancer in one way or another, whether it being losing someone to it, suffering from, or overcomin g. We see it all over television, social media, newspapers when they think they’ve found another treatment, they’re a little closer to what they think might be the cure, or someone we know has won or lost their battle. It does not discriminate who it affectsRead MoreBreast Cancer : The Second Most Common Cancer1403 Words   |  6 PagesIn the United States, breast cancer is the second most common cancer in women. Although it can occur in both men and women, it is very rare in men. An individual’s breast has many components. It contains glands, ducts and breast tissue that contains fat, connective tissue, lymph nodes and blood vessels. The most common type of breast cancer in the U.S. is ducts carcinoma. This type of cancer begins within the cells of the ducts, but it can also begin in the cells of the lobules and other tissues

Economics Notes B-Com free essay sample

ECONOMICS: It is a social science (social science is a science, which studies any aspect of human life) which studies as to how the scarce resources, which have alternative uses should be allocated/utilized so that maximum goods are produced i. e. , maximum wants are satisfied. Basic concept Goods/resources: Anything that provides satisfaction or utility is called goods/resources. Characteristics of resources: †¢ They are scarce †¢ They have alternative uses. Scarcity of resources When demand for a resource exceeds its existing supply that resource is said to be scarce. Note: scarcity and shortage are the two different things. Shortage is a temporary phenomenon i. e. , when supply falls short of the demand temporarily. The problem of scarcity leads to 3 issues (I) What (II) How (III) for whom to produce. Alternative uses When a man can satisfy more that one want with the same resource or can produce more than one product from one resource then the resource is said to have alternative uses. Equilibrium: It is a state when the economy is making full use of resources or when maximum goods are produced. Opportunity cost: The cost of an item measured in term of the alternative forgone is called its opportunity cost. For instance, if government decides to produce more hospitals and fewer schools, the increase in the number of hospitals has an opportunity cost in terms of the number of school forgone. BRANCHES OF ECONOMICS: MICROECONOMICS AND MACROECONOMICS Micro and Macro are the two major subdivisions in the field of economics. Micro examines the economy in miniature, while macro concerns itself with economic aggregates, such as gross domestic product or national Income, unemployment rates etc. Microeconomics Microeconomics studies the economy in miniature, considering specific sectors or industries, and the interactions of households and firms within these markets. Features of Micro 2 The major areas of study in microeconomics include firms optimal production, the impact of public policy on particular markets, and issues related to prices. Significance Because so much of microeconomics examines issues related to prices of goods and services, micro is sometimes referred to as price theory. Macroeconomics Macroeconomics takes a big picture approach to the economy, studying economy wide phenomena and issues affecting the economy as a whole. Features of Macro Major concepts in macroeconomics include unemployment, inflation, productivity, government budget and gross domestic product (GDP). Business Cycles Business cycles, a term for fluctuating periods of economic strength and weakness, are a major topic of study in macroeconomics. Microeconomics detail explanation: Microeconomics is a branch of economics which focuses on the market attitude of the individual customers and organizations which enables the business to understand the market behavior in micro perspective. Micro economics enables the business organizations to take decisions on the smaller and critical aspects; it also takes the factors affecting such decisions into consideration. Macroeconomics detail explanation: Macroeconomics is that branch of economics which studies the economics in a broader sense. Here the behavior of the economy is studied as a whole, such as Gross National Product (GDP) on an economy and how it is affected by changes in unemployment, national income, rate of growth, and price levels and how an increase/decrease in net exports would affect a nations capital account or how GDP would be affected by unemployment rate. Limitation of microeconomics †¢ †¢ †¢ It studies part of the economy and not the whole. It assumes full employment which is rare phenomena; it is therefore, an unrealistic assumption. It assumes laissez faire policy in the economy which is no longer in practice in any country. Limitation of macroeconomics †¢ †¢ †¢ It ignores the welfare of the individual. It looks at the economy as a whole and ignores its internal composition. It is concerned only with the economy-wide decisions and not the individual decisions. Economics is the science of scarcity and choice 3 Economics is a social science which studies as to how the scarce resources, which have alternative uses should be allocated/utilized so that maximum goods are produced i. e. , maximum wants are satisfied. When consumers want exceed the resources available to produce the goods and services, to satisfy consumer wants, there is a scarcity of goods and services. Consumers have to make a choice about which wants they will satisfy. This involves an opportunity cost because some other choice will remain unsatisfied. If there were enough of the goods and services which consumers wanted then they would not need to worry about how they each got a share e. g. air is a free good because there is no restriction on it supply and therefore it is supplied free of charges. However, most goods are economic goods because they are relatively scarce due to the fact that the resources available to produce these goods are scarce. By resources is meant factors of production (land, labor, capital. And enterprise) and these are limited in supply and are said to be scarce. On the other hand consumers’ wants are virtually unlimited because consumers want houses and bigger houses. Clothes and more clothes, foods and better quality food, consumer want are unending. Since the supply of goods and services is not adequate to satisfy all of the consumer wants, consumers must make a choice. Most consumers have a scale of preferences and will therefore choose to satisfy some want but not others. Conclusion: All economic problems arise out of the inadequacy of resources which forces on consumers, producers and the government, the problem of choice. Whatever choice is made, it will involve an opportunity cost. Production possibility frontier (PPF): Production possibility frontier (PPF) graphically represents the possibilities of producing different combination of two goods by employing all the existing resources of an economy most efficiently. Assumptions: †¢ †¢ †¢ The economy is operating at full employment. Factors of production are fixed in supply; Technology remains the same. Illustration: Suppose that a society can spend its resources on two products, guns and food. The society resources are limited. Therefore, there are restrictions on the amount of guns and food that can be produced, which can be shown by PPF. 4 Guns Production Possibilities Curve G G1 Ga P R Technically Infeasible Area G2 Gb Q S Productively Inefficient Area O FbF1 Fa F2 F Food Figure 1 PPC for the Society The curve from point G to F in figure 1 shows the various combinations of guns and food that a society can make, if it uses its limited resources efficiently. a) The society can choose to make †¢ G units of guns and no food; †¢ F units of food and no guns ; †¢ G1 units of guns and F1 units of food point P on the curve †¢ G2 units of guns and F2 units of food point Q on the curve b) The combination of (Gb, Fb) at point S is within the PPF showing inefficient utilization of resources whereas combination (Ga, Fa) at point R is outside the PPF which is not technically feasible or attainable by the economy by employing all its existing resources. The PPF is an important idea in economics which illustrates the need to make a choice about what to produce when it is not possible to have everything i. e. when there is scarcity. Shift in PPF: Production possibility curve may shift due to changes in availability of resources or development in technology. †¢ If the PPF moves outwards to the right, it is refer to as economic growth †¢ If the PPF moves inwards to the left, it means the economy cannot produce as much as before 5 Past Examination Question: Q 1 Distinguish between micro and macro economics (10) [Q1a 2010 (R)] Q 2 â€Å"Economics is a science of scarcity and choice†. Discuss. [Q1b 2010 (R)] Q 3 Write short note on Production Possibility Curve [Q4a 2010 (R)] Q 4 Write short note on micro and macro economics [Q4a 2010 (P)] Q 5 Write short note on micro and macro economics [Q4a 2009 (R)] Q 6 Write short note on micro and macro economics [Q4a 2008 (R)] Q 7 â€Å"Economics is a science of scarcity and choice†. Discuss. [Q1a 2008 (P)] Q 8 Explain micro and macro approaches of Economics Analysis [Q1b 2008 (P)] Q 9 Explain the concept of micro and macro economics and describe their importance in formulation of economics policies. Q1 2007 (R)] Q 10 Write short note on micro and macro economics [Q4d 2007 (P)] Q 11 Write short note on Production Possibility Curve [Q4c 2006 (P)] 6 Law of Demand: Demand: Demand for a good â€Å"X† means different quantities of â€Å"X†, which the potential buyers are able and willing to buy, at different market prices of the good, in the given span of time. Here ability and willingness of the buyer is nec essary to create demand in the market. The demand schedule and the demand curve: Demand is the function of price. It changes with respect to price. The relationship between demand and price can be shown graphically by a demand curve. Table of price and Demand Price (P) 5 4 3 2 1 Quantity demanded (Q) 10 20 30 40 50 The market demand curve: A market demand curve is drawn from a demand schedule, expressing the expected total quantity of the good that would be demanded by all consumers together, at any given price. Market demand schedule Px 800 700 600 500 400 300 A 4 5 7 9 12 15 B 5 6 7 8 11 18 C 3 4 5 6 8 12 D 5 6 7 8 9 11 E 3 3 4 6 8 12 Px 800 700 600 500 400 300 Td 20 24 30 37 48 68 Law of demand: 7 Other things remaining constant as the price of a good â€Å"X† falls its quantity demanded increases, and when its price rises, the quantity demanded of â€Å"X† falls. This law indicates that quantity of â€Å"X† demanded varies inversely with the price. It is the relationship of cause (change in price) and effect (change in quantity demanded). Demand curve is negatively sloped indicating that quantity of â₠¬Å"X† demanded varies inversely with the price. Assumption of the law: The following factors should remain constant. †¢ Prices of related goods; †¢ Consumer’s income; †¢ Consumer’s preferences; †¢ Weather conditions; †¢ Population; and †¢ Future expectations. Change in demand: When there is a change in other factors that affect demand, the relationship between quantity demanded and price will also change, and there will a shift in the demand curve either upward or downward and the relationship between price and quantity demanded will also change. The diagram shows change in demand (shift in demand curve) due to change in other factors that affect price rather than the price itself. Change in quantity demanded: If price of a good change (goes up or down), given no change in other factors that affect price, then there will be a change in the quantity demanded. The change in quantity demanded is graphically represented as movement along demand curve. The diagram shows the change in quantity demanded due to the change in price. Supply: The different quantities of a good say â€Å"X†, which the potential producers (firms) are willing and able to sell at different prices of the good in the market. Law of supply: Other things remaining constant, as the price of the good â€Å"X† rises in the market its quantity supplied also increases and when the price falls the quantity of the good supplied also falls. 8 Market Supply Schedule Px 500 400 300 200 A B C D E Px Sd 50 40 20 30 60 500 200 45 38 17 25 55 400 180 40 30 12 20 48 300 150 30 20 10 15 25 200 100 Supply curve: It is positively sloped i. e. it moves upward from left to right, indicating that as the price rise quantity supplied also rises. Assumption of the law: †¢ Price of the input should not change; †¢ Government policy should not change; †¢ Demand condition should not change; †¢ Technology should remain the same; and †¢ Production environment should not change. Change in quantity supplied: It is caused by change in price of the good. When the supply for a good changes because of change in its price while other things remaining constant there will be a movement along the supply curve. Graphically it can be represented as: Shift in supply curve: It is caused by other factors other than price (price remains unchanged). It is graphically said shift in the supply curve. It can be represented as: How price is determined? The price of a good say ‘x’ is determined in the market through the free interaction of twin market forces of demand and supply. As a result of free interaction of demand and supply of ‘x’ a price say ‘P’ is set in the market. It is the price at which quantity of ‘x’ demanded equal to its quantity supplied. Demand and Supply schedule: Demand 70 100 150 200 320 Px 500 400 300 200 150 Supply 200 180 150 100 70 9 4) Elasticity: Elasticity can be defined as ratio of change in dependant variable with respect to independent variable Types of elasticity of demand 1. price elasticity 2. income elasticity 3. cross elasticity 1) Price Elasticity of demand: The responsiveness of quantity of a good say ‘x’ demanded to the change in its price. The rate at which quantity of ‘x’ demanded increases or decreases in response to a given decrease or increase in price. E/d = %change in quantity demanded of ‘x’ % change in the price of the ‘x’ With respect to elasticity the goods can be: I) Price elastic II) Price inelastic I) Price elastic: When small change in price of a good causes a relatively large change in its quantity demanded, the demand is price elastic. E. g. a 10% fall in the price of T. V set results in 20% increase in the demand for it. Price elastic demand = % change in demand gt; % change in price II) Price inelastic: When large change in the price of a goods results in relatively a small change in its quantity demanded, the demand is price inelastic. E. g. 20% change in the price of salt results in only 0. 5% change in its demand. Price inelastic demand = % change in demand lt; % change in price 2) Income elasticity of demand: Responsiveness of demand too the change in consumer’s income is called income elasticity. It measures at what rate the demand increase in reference to a given rise or fall in c onsumer’s income. (y = Income) Ey = %change in the quantity demanded of a good %change in consumer’s income I) Income elastic demand: When relatively small change in income causes large change in demand for a good, then the demand for the good is income elastic. change in demand gt; %change in income i. e. (Ey gt; 1) II) Income inelastic demand: When relatively large change in income causes a small change in demand for a good, then the demand for the good is income inelastic. %change in demand lt; %change in income i. e. (Ey lt; 1) Ey may be =1, when % change in demand = % change in income. 3) Cross Elasticity: It means the responsiveness of demand of one good to the change in the price of another good i. e. it is the ratio of change in demand for a good say ‘x’ to the given change in the price of another good say ‘y’. Through the concept of cross elasticity of 10 demand the relationship between two goods is determined I. e. whether two goods complementary, substitute or neutral. †¢ If the change in price of one good say ‘y’ causes inverse change in the demand for the other good say ‘x’ then these goods are called complementary goods. †¢ If a change in price of one good say ‘y’ causes direct change in the demand for the other good say ‘x’ then these goods are called substitute goods. Measurement approaches. There are three methods to measure the elasticity of demand 1. otal revenue method; 2. proportional or percentage method; 3. geometrical method 1) Total revenue method: In this method we compare the total outlay of the consumer before and after variation in price. Here elasticity of demand is expressed in three ways. (a) unity (b) greater than unity and (c) less than unity. I. e. E=1, Egt;1 Elt;1. E = 1: When one percent change in th e price of a good cause exactly one percent change in its quantity demanded or firm’s total revenue remains constant after the change in the price of good, the elasticity of demand is equal to 1. P Total revenue 10 10 100 5 20 100 In the above example revenue before the change in price = revenue after the change in price. Q Egt;1 (price elastic demand) If the percent change in demand is greater than the percent change in price or firm’s total revenue varies inversely with the price of good i. e. as the price of the good fall firm total revenue increases and it decreases as the price of the good rises, elasticity is greater than 1 or demand is known as Price Elastic. P Q Total revenue 10 10 100 8 20 160 In the above example revenue before the fall in price lt; (is less than) revenue after the fall in price. 1 Elt;1: (price inelastic demand) Elasticity is less than one or demand is price inelastic when percent change in demand is less than percent change in price or total revenue of the firm varies directly with the price of good. P Q Total revenue 10 10 100 6 12 72 In the above example revenue before the fall in price gt; (is greater than) revenue after the fall in pric e. 2) Proportional or percentage method: Point elasticity of demand: When there is a small change in the quantity demanded of a product in response to a small change in its price, there will appear just a point on the demand curve. The measurement of demand at that point can be done with the help of following formula. Ed = %change in quantity demanded %change in price Ed = Q ? P Q P ( refers to the change or frictional change) This point elasticity is measured geometrically in case demand curve is a downwards sloping straight line. Elasticity of demand at any point of this demand curve equal to the demand curve below the point divided by the part above the point. For instance in DD’ demand curve at point M the elasticity is given by: Ed = MD’ MD To measure elasticity of demand at curve first draw a tangent to that curve DD’. The elasticity of demand will be part of the tangent above the point divided by the part below. 3) Geometrical method: Arc elasticity of demand: Mathematically Arc elasticity of demand is the measure of elasticity of demand between 2 distinct point on a given demand curve e. g. on the given demand curve Dx arc elasticity is measure between A B. Arc elasticity is measured by dividing the average of the change in the quantities demanded by the average of price. 12 Two hypothetical cases of elasticity of demand are assumed and they are as follows. Case 1: Perfectly or infinitely elastic demand: It means that any quantity can be sold or purchase only at the prevailing price. Graphically, perfect elastic demand is represented by horizontal demand curve. Therefore, it means that elasticity of demand is infinite at given price. Case II: Perfectly inelastic demand: It is another extreme case of elasticity which is just opposite to the 1st case (perfectly elastic demand). It means regardless of the change in price the demand remains the same. There is no change in quantity demanded even if price is changed to a large extent. Graphically it can be represented as vertical demand curve. 5) Determinants of Elasticity Many factors influence elasticity, some of which include: 1. Necessities versus Luxuries It is harder to find substitutes for necessities so quantity demanded will change less. 2. Availability of Close Substitutes If there are close substitutes, buyers will move away from more expensive items and demand will be elastic. 3. Definition of the Market The more broadly we define an item, the more possible substitutes and the more elastic the demand. 4. Time Horizon The longer the time available, the easier to find substitutes and the more elastic the demand. 5. Relative Size of Purchase Purchases which are a very small portion of total expenditure tend to be more inelastic, because consumers are not worried about the extra expenditure. 13 Past Examination Questions: Q 1 Define price Elasticity of demand? Q 2 Differentiate between: i. Price elasticity of demand ii. Cross elasticity of demand iii. Income elasticity of demand [Q2a 2b 2010 (R)] Q 3 Define price Elasticity of demand? [Q2a 2010 (P)] Q 4 How the Price elasticity of demand is measured? Explain. Q2b 2010 (P)] Q 5 Write short note on change in demand and change in quantity demanded. [Q4c 2010 (P)] Q 6 Define price Elasticity of demand? [Q3a 2009 (P)] Q 7 Distinguish among Price, Income and cross Elasticity of demand. [Q3b 2009 (P)] Q 8 Define price Elasticity of demand and compare it with Cross elasticity of demand. [Q2a 2008 (R)] [Q2b 2008 (R)] Q 9 How the Price elastici ty of demand is measured? Explain. Q 10 Write short note on Point and Arc elasticity of demand [Q4a 2008 (P)] Q 11 Write short note on Point elasticity of demand and Arc elasticity of demand [Q4c 2007 (R)] Q 12 Define price Elasticity of demand? And Differentiate between: i. Price elasticity of demand ii. Cross elasticity of demand iii. Income elasticity of demand [Q1a 1b 2007 (P)] Q 13 Write short note on change in demand and change in quantity demanded. [Q4b 2007 (P)] Q 14 What is the different between Law of Demand and Elasticity of Demand. [Q1a 2006 (R)] Q 15 Differentiate between: i. Price elasticity of demand ii. Cross elasticity of demand iii. Income elasticity of demand [Q1a 2006 (R)] Q 16 What is meant by Elasticity of demand? Explain its various kinds. Q1a 2006 (P)] Q 17 Describe the concept of Point and Arc elasticity of demand [Q1b 2006 (R)] 14 Consumer’s equilibrium: â€Å"A consumer is said to be equilibrium when he gets maximum level of satisfaction by spending his limited income on purchase of any two goods†. A rational consumer will therefore attempt to reach the highest possible indifferent curve and try to obtain maximum level of satisfaction by spending his limited income. Consumer’ s equilibrium with the help of indifference curve: In order to get the consumer’s equilibrium through indifference curve analysis following assumptions are made: 1. A consumer has a scale or preference for different combination of any two goods and it remain constant throughout the analysis. 2. A consumer has a fixed amount of income to be spend on any two goods and he is spent his entire income on the purchase of the two goods and does not save any part of his income. 3. Prices per unit of two goods X and Y are given and remain constant throughout the analysis. 4. The two goods are perfectly divisible and substitutable to some extent. 5. All the units of goods are homogeneous. 6. Consumer is a rational person attempts to get maximum level of satisfaction. According to indifference curve analysis a consumer is in equilibrium at a point on his price line where it is tangent to an indifference curve, which is convex at that point. In other words, he is in equilibrium, when diminishing marginal rate of substitution i. e. , the rate at which he is willing to substitutes â€Å"x† for â€Å"y† equal to the price ratio of â€Å"x† for â€Å"y† i. e. , the rate at which he can substitute â€Å"x† for â€Å"y†. Price line AC is tangent to ICii at point B which is the equilibrium point and the perpendicular from point B to x and y-axis represents quantities of goods ‘X’ and ‘Y’ respectively. Indifference curve (IC): An indifference curve is a curve which shows various combinations of two or more goods where each combination gives equal level of satisfaction, because of which a consumer is indifferent. That is, at each point on the curve, the consumer has no preference for one combination over another. In other words, they are all equally preferred. Properties of IC: †¢ The indifference curves has negative slope. †¢ The shape of the curve is always convex to the origin. †¢ Two indifference curves never intersect. ) The indifference curves has negative slope: It has negative slope i. e. it moves downward from left to right. 15 X 4 5 6 8 12 Y 14 10 8 6 5 Combinations A B C D E It has negative slope because when the consumer increase consumption of one of the goods say X he will have to reduce Y to keep his level of satisfaction constant. In other words Indifference curves slopes downwards from left to right indicating that as the quantity of commodity X incre ases, the amount of commodity Y should fall in order that the level of satisfaction from every combination should remain the same. ) The shape of the curve is always convex to the origin: The convexity of an Indifference curve is explained by the law of diminishing marginal rate of substitution. Marginal rate of substitution between goods X and Y is the quantity of good Y which the consumer is willing to give up for every additional unit of X, so that the level of satisfaction remains the same, from all the successive combinations. X 14 10 8 6 5 Y 4 5 6 8 12 Combinations A B C D E 3) Two indifference curves never intersect: No two Indifference curve intercept with each other. In order to prove that two indifference curve do not intercept with each other. Let us draw two Indifference curve (IC1 IC2) intercepting with each other at point B, As shown in the diagram. If two indifference curves intercepts (as shown in the diagram) then satisfaction at point A= satisfaction at point B and satisfaction at point B = satisfaction at point C because 1 indifference curve shows equal level of satisfaction at all level and therefore satisfaction at point A = C. But logically it is meaning less and unacceptable because each indifferent curve represents a particular level of satisfaction to the consumer, which is different from other Indifference Curve. Income Effect on Consumer Equilibrium Income Effect is the effect on the consumer equilibrium exclusively as a result of change in money income, while all the other things including prices of related goods remaining constant. 16 †¢ A rise in the income of a consumer shifts the Budget line to the right upward on higher IC and it makes possible for a consumer to buy more units of both commodities resulting in higher level of satisfaction and equilibrium point go upward. A fall in the income shifts the Budget line to the left side on lower IC and so there will be a fall in the buying of both the commodities which results in lower level of satisfaction and equilibrium point move downward. †¢ †¢ If we draw a line which touches all the consumer equilibrium points, we will get Income Consumption Curve (ICC). ICC shows how the consumption of two goods is affected by change in income when prices are constant. NORMAL GOODS AND INCOME EFFECT When demand for a good varies directly with consumer’s income i. e. onsumer buys more of good than before when income rises and vice versa. The income effect on such goods is positive and such goods are called Normal goods. INFERIOR GOODS AND INCOME EFFECT †¢ The good which is purchased less with the increase in income is called Inferior Good, or a good the demand for which falls as income rises is called Inferior good. Where one of the goods is inferior then: †¢ If good on Vertical Axis is bou ght more as income rises so good on Horizontal Axis is Inferior good. †¢ If good on Horizontal Axis is bought more as income rises so good on Vertical Axis is Inferior good. 7 Substitution effect: Substitution effect explain the effect of change in the relative price of a good say â€Å"x† on consumer’s demand for â€Å"x† while his real income and other things remains constant. Let’s suppose a consumer is in equilibrium at point E buying OK and OM quantities of goods X and Y respectively. Here it is presumed that price of good Y and consumer’s nominal income remains unchanged while the price of X falls indicated by the new price line AB’. If nothing happens consumer will move on to the higher equilibrium point E’ on IC2 and will become better off. Lets assume that the gain in consumer’s real income caused by the fall in the price of ‘x’ is with drawn by reducing his nominal income to the same extent as the fall in the price of ‘x’ i. e. there is compensating variation in income. The movement from original equilibrium point E to another equilibrium point on fictitious price line (Q) is called substitution effect. So the substitution effect is that when the price of x falls, the consumer buys more of x than before because he substitute x (which is now relatively cheaper) for Y (which is now relatively dearer). But due to compensating variation in ncome he remains on the original indifference curve i. e. he neither become better off nor worse off than before. Price effect: Price effect explains the effect of change in the price of a good say â€Å"x† on consumer’s demand for â€Å"x† while price of â€Å"y† and consumer’s nominal income remain constant. As the pr ice of â€Å"x† falls while other things (price of good â€Å"y† and consumer’s nominal income) remains constant, consumer demand for â€Å"x† increases and by virtue of that he becomes better off than before and conversely as the price of ‘x’ rises his demand for ‘x’ decreases and he becomes worse off than before. This change is because of the change in consumer’s real income. Actually the price effect is the total effect of change in the price of ‘x’ on his demand for ‘x’, which is sum of the two effects i. e. †¢ Income effect †¢ Substitution effect 18 P. E = I. E + S. E As such it can be calculated that when the price of ‘x’ falls consumer’s demand for ‘x’ increases because of income effect and substitution effect which combine together are known as price effect. B) Differentiate between indifference curve and Iso-quant? Indifference curve †¢ Iso-quant †¢