Compare lancasters 'characteristics' approach to consumer demand with Essay

Compare lancasters 'characteristics' approach to consumer demand with the standard neo-classical approach. What is lancaster's c - Essay Example Take any microeconomics book and one would be able to see a lot about consumer demand and supply, pricing strategy, branding and supply chain management in detail. These theories and strategies are (Lee & Keen, 2002, p- 7) mostly framed on various concepts which evolved throughout the time for centuries. The neoclassical economic theories are the most famous among them. They are used extensively in economics till date. Neoclassical theory basically explains the output of employment. According to it, the value of the product is determined by the time spend to create it and the labor cost involved. Consumers buy the product for their pleasure(utility). Every consumer purchases a product to make their life easier or pleasurable in one way or another (Clark, n.d.). The theory emphasizes, the people who work more, earn more and hence purchase more. Every business uses neoclassical theories mentioned in these books for creating value for their products and marketing them to a certain exten t. Over the years, many strategies like the prospect theory started to evolve in the place of the neoclassical theory. Lancaster's model of consumer demand which explores the characteristics of the goods is widely applicable to the modern day businesses where no major physical entity is involved. He argues a person buys the characteristics of the product not the real product. He simply states â€Å"goods are what are thought of as goods†. According to the theory, a consumer actually pays for some characteristic of the product like the nutrient content in the milk which will be useful to them. This paper compares the Lancaster theory with the neoclassical concepts and analyzes how the former one is more suitable to the modern day businesses. Lancaster’s Concept The "New Economic Theory of Consumer Behavior" redefined the way the economists look at business. According to the theory, every product is considered as a set of characteristics that are useful to the customer ( Wierenga). This model is multidimensional and helps in maximizing the profits of modern day businesses like cloud computing and software as a service where only the characteristics of the product are utilized by the customers. The Lancaster model is not as famous as the other economic theories. Only a very few scholars have tried to prove its benefits with empirical data. Ratchford has proved the model is applicable when a customer is given a choice to choose one particular product from various alternatives. Lancaster model opposes the traditional demand theory model emphasized widely by the neoclassical theory. The main advantage of this approach is it gives us a chance to explore the technological attributes of the product in a much better way (Marcin, 1992). According to the neoclassical theory, only goods concerned with the basic needs like food, shelter and entertainment are considered as commodities of high demand. They deal with customer choice with budget constraint as the m ain factor influencing the customer behavior. The customer will choose a product that is useful to them in maximum ways and still stays affordable. The Lancaster model on the other hand insists, the goods themselves are not purchased, but only their characteristics, which are in turn shaped by observing the customer b

Gathering instruments Essay Example | Topics and Well Written Essays - 1000 words

Gathering instruments - Essay Example Test results Interview on Increased wait-time effectiveness Teacher Tallying worksheet Teacher assessment in comparison with wait-time journaling The research will have four data sources that will be used to gather for the analysis of the experiment based on the question: What are the effects of increased wait time on the quantity of correct responses from elementary ELL students in a classroom? Data collection process is simple for the clients to comprehend following that the interview will be based on set answers, for example, a student will have to choose one option provided in the questionnaire. The first technique of gathering data will be the results obtained from the test that will be used to show the effect of increased wait-time on students. The test will have distributed grade 5 questions of different subjects including mathematics, Biology, English and Science. This test will have questions that require different cognitive levels. The researcher will then record the number of correct and incorrect responses from each of the ELL students. The test result will provide analysis on correct answers prior to increasing wait-time and after when the wait-time is increased depending on the cognitive level of the questions. The test will have 50 questions of which 10 will be read to the students for one week with normal wait-time and then a repeat of the trend for the next one week with increased wait-time . The researcher will use the test to find out whether increased wait-time has an effect on the quantity of correct responses from the two ELL students. Secondly, the researcher will conduct an interview that will be transformed into a percentile pie chart to indicate how normal wait-time (session #1) and increased wait-time (session #2) affects the quantity of correct responses from the two ELL students. For two weeks, the students will be requested to select a session, which provided sufficient time for critical thinking in giving correct responses. The re searcher will tally the interview responses to see the change in the trend of correct responses given by students. The two sessions will be formulated into a chart that will indicate the effect on the quantity of correct responses after increased wait-time is implemented. The third data collection technique will be a teachers tally on the number of correct response from the student. The quantity of correct responses after increasing wait-time will be tabulated in a table against a table that will be indicating the number of correct responses prior to increased wait-time. The table will be then analyzed used mathematical formulae to determine to determine the effect on correct responses after the implementation of increased wait-time. Lastly, the final data source will be an assessment of the responses given by the students. The researcher will assess every response given by the students in comparison with the wait-time allowed for every question. This will also include behavior asse ssment on the willingness of a student to give a response that directly affects the nature of the response, either correct or incorrect. Additionally, the researcher will analyze the effect of increased wait-time on a student’s cognitive level in responding to various questions. In conclusion, the four data sources will provide accurate data that will be analyzed collectively to

Paper 2 Essay Example | Topics and Well Written Essays - 1000 words - 5

Paper 2 - Essay Example Researchers such as Brown, Day and Sherrard discovered the correlation between summarizing, plagiarizing and patch writing (Howard, Tricia & Tanya 179). These three despite their distinct differences are all forms of plagiarism and many academic institutions recognize them as such. The academic integrity policies of various academic institutions treat patchwriting as plagiarism. Patchwriting involves the copying heavily from a source that is a writer chooses to paraphrase his or her cited sources too closely (Howard, Tricia & Tanya 179). Many academicians argue that patchwriting is not a serious academic offence; however, it is a form of academic dishonesty. The academic integrity policies refer to it as a moral failure. By patchwriting, a student fails to display his or her mastery of the subject being tested. It displays the lack of effort in understanding the content and fosters habits that are detrimental to the learning process. Patchwriting is often because of writers trying to summarize or paraphrase cited texts. Patchwriting is not only confined to students, but professors also fall victim to this act. According to Roig, a substantial number of psychology professor patchwrite content that is not in their field (Howard, Tricia & Tanya 179). Other researchers such as Howard argue that patchwriting is a form of learning tactic employed by students and not a literary crime (Howard, Tricia & Tanya 179). Non-native speakers of English patchwrite their academic work despite their academic level. In Pecorari’s research on patchwriting (), it was found that non-native English speaking students used this technique even in their dissertations (Howard, Tricia & Tanya 179). These findings were collaborated by Shi (2004) who researched the practice in Chinese college students. The Marymount University Academic Integrity Policy details the values and principles that aid in maintaining academic integrity in the institution. Academic integrity, in this

Pediatric radiography discussion Case Study Example | Topics and Well Written Essays - 750 words

Pediatric radiography discussion - Case Study Example age receptor is then placed on the holder mount and the device is able to rotate the image in the posterior and the anterior positions without actually moving the child. The digital version has the image recorded in the flat panel detector, hence it does not require a cassette holder. When stockinettes are used, they are to be made in a tubular manner. The device comes in various sizes, where the 3 inch one is recommended for the small infants, whereas the 4 inch one is recommended for larger children. The device should be doubled and placed on the patient’s arms to cover the arms up to the shoulders. A part from being used to immobilize the arms, it is also used to act as a pillow. There are several types of gentle tapes that are used for surgical and immobilization procedures and sensitive skins. Adhesive tapes should not be used as it may show on the radiograph and create artifact that could obscure the anatomic parts of interest. Some patients also have a reaction to the adhesive tape. Adhesive tapes can also injure the fragile skin of the infants. Therefore, the tape should be twisted so that the adhesive surface is not against the skin. Gauze pads can also be placed between the skin and adhesive tape so that the ape is used effectively. Most of the sandbags are used as weights or immobilization devices for bigger children. These bags should be made specifically for immobilization of pediatric patients so as to be effective for this purpose. A strong canvas type material and children’s coarse sterilized playing sand should be used. The coarse sand is usually recommended so that, in case the bag can break open, the sand becomes more easily cleaned up, hence the chances of causing artifacts on the radiograph s are minimized. Two sandbags are recommended, but the sandbags should not be overfilled with sand since this will make the bag stiff. The bag needs to be pliable enough to mold to the part when placed on the child’s limb. During pediatric

The 1848 Revolution, the Second Reich, and the First World War Essay

The 1848 Revolution, the Second Reich, and the First World War - Essay Example In 1848 Europe saw a series of revolution starting from France and which later drew Germany in. Numerous groups were involved in the revolution that demanded the restoration of the old forms of administration, liberal constitution, economic freedom, and the nationalist demands for the consolidation of Germany. The pressure was being exerted by various different forces and each had a different objective. By 1849 all revolutionary endeavors had halted and during the 1850s the German economy grew as production of coal, iron and textile started. During the Wilhelmine period Germany saw a brisk industrialization. A series of changes occurring between 1871 and 1914, Germany transformed its role. Industrialization took place throughout as the population grew and economic instability rose. The working class people of Germany faced a transition from living in the countryside to dwelling in cities. During the â€Å"restoration† period, the German territories grew in regional power due t o improved power, enhancement in government, and centralization of state power. In particular Prussia grew stronger not only population wise but also territorially and economically. In terms of demographics it was now equivalent to Austria even though both had conservative regimes (Fulbrook, 105). With only slight variations, the social, economical and legal reforms still remained the same as they were in Napoleonic period. In the years following 1815 a number of student bodies were formed and after the reaction by conservatives on the murder of an anti-liberal playwright these bodies were disbanded (Fulbrook, 7). Liberals grew in power who wanted to limit the powers held by the rulers and wanted to establish a new establishment. Reforms in education resulted in an educational growth and hence a more educated workforce (Fulbrook, 109). Economic production, changes in the political groundwork, and socio-economic changes spurred political turbulence (Fulbrook, 114). Following a revolu tion in France various groups within Germany also revolted each having a different aim. The demands included restoration of the old estates, a liberal constitution, economic freedom, and unification of Germany. The liberals took advantage of the political upheaval to demand changes nationwide and the unification of Germany (Fulbrook, 117). In Austria the conservative government was replaced by liberals. In Prussia due to a misunderstanding of the king’s orders by the soldiers resulted in a fight. In order to avoid a civil war, the king himself wore revolutionary clothes and rode throughout Berlin. It was easy to demand for a unified Germany however it was difficult to define a border. By May 1849 the revolution had ended. The implications of the revolution were various including dissolution of a feudal system on lands and economical advancement. After the decline of the revolution, a conservative constitution was regained. Despite this a rapid economical progress took place i n Germany. With the start of production in coal, iron, and textile, more and more people started being employed into the workforce (Fulbrook, 122). Cultural unity was being promoted through festivals, contests, and other events. The spread of cultural and educational institutions encouraged cultural and educational progress particularly in science (Fulbrook, 123). In the 1871 â€Å"unification† of Germany was a result of the Prussian expansion and colonialism of non-Prussian lands. Bismarck organized the

Report Research Paper Example | Topics and Well Written Essays - 250 words - 1

Report - Research Paper Example This makes it extremely hard for such businesses to structure their operations toward meeting fully the demands of their customers (Noel 67). It was found out that most companies and businesses ignore the importance of information relating to consumer behavior. More than half of the businesses have failed to put into consideration the significance of data regarding the consumers; responses and behavior patterns in the market. Just about two-thirds of firms use the information they have to make decisions (Linehan 100). From the above statistics, it is noticeable that companies ignore the role consumer behavior plays in their market performance. It is suggested that all firms should focus and invest in unearthing information about their consumers’ behaviors. The data collected should be interpreted and utilized in formulating strategic decisions that aim at improving sales performance (Hanley and Morgan

Civil Rights vs Public Order Essay Example for Free

Civil Rights vs Public Order Essay Civil Rights means that people have the right to be treated no better or no worse than any other of their fellow citizens. It is the rights to personally liberty for everyone. Most importantly, it’s their freedom. Here in recent years, we have been giving up many of our civil rights in the name of public order. I’m going to present evidence to back up my opinion. Whereas I must first define what public order is. Public order is the idea that everyone in the public behaves themselves. It’s the lack of crimes being committed and everybody obeying the laws and rules. Public order itself means everything is safe and secure. This in itself is a great thing, but at what cost? My example would have to be 9/11 and the after effects of terrorist threats. Our nation was attacked by terrorists that had hijacked airplanes. Flights are grounded for a while after this event. Flights once again resume. Every so often, there is a threat of terrorism involving an airplane. To maintain public order in the airports and on the planes themselves, new rule about flying had to be implemented. Airport security now has the power to see inside of our clothing, they get can conduct the most invasive of searches, and can even pull you out at random for additional screening. In the wake of these events, many people have been outraged about all of the invasive procedures they need to undergo just to make a flight to see someone. This has also affected the sale of airline tickets, as a lot of people are no longer willing to put up with it in order to fly. Many civil rights taken away right there in the name of safety. My opinion on this matter is actually quite simple. I honestly believe things were better in a pre 9/11 world. Flying used to be such a great experience. Not only has security changed, but what you can and can’t take on board an airplane has as well. They want to pull out things as harmless as video games, cigarettes, and a bottle of water. Our society functions a lot better when it didn’t have to be constantly watched.