The Man That Was Used Up By Edgar Allan Poe - 1261 Words

The concept of a man-machine mixture was widespread in science fiction before World War II. As early as 1843, Edgar Allan Poe described a man with extensive prostheses in the short story The Man That Was Used Up. In 1911, Jean de la Hire introduced the Nyctalope, a science fiction hero who was perhaps the first literary cyborg, in Le Mystà ¨re des XV (later translated as The Nyctalope on Mars).[7][8][9] Edmond Hamilton presented space explorers with a mixture of organic and machine parts in his novel The Comet Doom in 1928. He later featured the talking, living brain of an old scientist, Simon Wright, floating around in a transparent case, in all the adventures of his famous hero, Captain Future. He uses the term explicitly in the 1962 short story, After a Judgment Day, to describe the mechanical analogs called Charlies, explaining that [c]yborgs, they had been called from the first one in the 1960s...cybernetic organisms. In the short story No Woman Born in 1944, C. L. Moore wrote of Deirdre, a dancer, whose body was burned completely and whose brain was placed in a faceless but beautiful and supple mechanical body. The term was coined by Manfred E. Clynes and Nathan S. Kline in 1960 to refer to their conception of an enhanced human being who could survive in extraterrestrial environments: â€Å" For the exogenously extended organizational complex functioning as an integrated homeostatic system unconsciously, we propose the term Cyborg . – Manfred E. Clynes andShow MoreRelatedAn Analysis Of Edgar Allan Poe s The Black Cat 1650 Words   |  7 PagesLife Edgar Allan Poe is a very talked about writer. He has a dark, mysterious, gothic writing style. Poe was a troubled man that struggled in a lot of different areas in his life. It is believed that all of Edgar Allan Poe’s short stories were connected to his tragic life events. â€Å"The Black Cat† is one of Edgar’s well-known short stories. It is about a man that endured a series of tragic events. This man was very feminine and his lack of masculinity soon got the best of him. One day the man beganRead MoreThe Dark Side of Writing: Edagar Allan Poe and Stephen King Essay1478 Words   |  6 PagesEdgar Allan Poe and Stephen King are famous for their works in horror. Who are these authors and why do they write these horrifying tales? Edgar Allan Poe’s life and literary works are more ominous than Stephen King’s life and literary work. Edgar Allan Poe had a morose story of his life. His life started out with his parents dying when Poe was only three years old. He was adopted by a wealthy tobacco merchant, John Allan and his wife, Frances Valentine Allan. John Allan raised Edgar Allan Poe toRead MoreThe Mysterious Life of Edgar Allan Poe1660 Words   |  7 Pagesof reading. There are novels, nonfiction works and tons of different genres. But, some people like a story that is short and to the point; Edgar Allan Poe is an author who can provide that. Although he had a rough life, Poe worked very hard to become the skillful author that is known today. Some people like horror stories and others like romances. Edgar Allan Poe is a widely accepted poet and author. He is known for his sullen horror stories and all of the tragedies in his life. Two of his most knownRead MoreThe Life of Edgar Allan Poe1279 Words   |  6 PagesA Dream Within a Dream: The Life of Edgar Allan Poe As short fiction has become a more accepted genre in literary circles, Edgar Allan Poe’s stories become more popular. He’s story passed on and on, and he now consider to be the father of the short story by many. His stories were strong and powerful, one called them mystery. Not only his story, but also his life. Edgar Allan Poe was a famous detective story, science fiction, horror fiction, symbolism story and aestheticismRead MoreAnalysis of â€Å"The Raven† Essay1264 Words   |  6 PagesNoted for its supernatural atmosphere and musically rhythmic tone, â€Å"The Raven† by Edgar Allan Poe was first published in 1845. Once published, â€Å"The Raven† made Edgar Allan Poe widely popular, although he did not flourish financially. Poe received a large amount of attention from critics, who not only interpreted, but critiqued his work. He claimed to have structured the poem logically and systematically, so that the poem would appeal to not only critical tastes, but popular as well. The writingRead MoreIsolation In The Fall Of The House Of Usher1211 Words   |  5 PagesWorld famous poet, Edgar Allan Poe, once wrote in one of his poems, â€Å"From childhood’s hour I have not been. As others were, I have not seen. As others saw, I could not awaken. My heart to joy at the same tone. And all I loved, I loved alone.† In those lines, Poe demonstrates his love for being alone because his childhood was full of isolation, meaning that the writer grew used to the feeling. Since boyhood throughout his adult life, Edgar Allan Poe endured through a series of unfortunate events.Read MoreEdgar Allan Poes Sorrows1033 Words   |  5 Pagessorrows. Edgar Allan Poe is considered one of the greatest of his time. He lived with his parents No sooner than his father had left his mother passed. She died from tuberculosis at the mere age of twenty four. Poe and his siblings were by her side until her last breath. He later became the dependent of John Allan of Richmond, Virginia hence Allan being Poe’s middle name. The Allans were quite fond of young Poe as they had no children. Frances Allan was very motherly and nurturing towards Poe whichRead MoreThe Oval Portrait By Edgar Allan Poe1490 Words   |  6 Pages Edgar Allan Poe’s Short Stories Edgar Allan Poe is a much known author. He is known for writing dark and mysterious stories and poems. â€Å"His imaginative storytelling led to literary innovations, earning him the nickname Father of the Detective Story (Edgar Allan Poe Biography.com). When writing stories he wanted the readers to have that one emotion or feeling when reading his writing. Poe has very many stories he is known for two of those short stories being; â€Å"The Oval Portrait† and â€Å"The CaskRead MoreEdgar Allan Poe; Fame Inspired by a Tragic Life865 Words   |  4 Pagespoet, Edgar Allan Poe, had been plagued by grief from an early age. He was an amazing poet and author who just happened to have a darker story. Many who have studied this prestigious man feel that his works, though magnificent, were extremely dark. Some believe it was nothing more then a fancy for him to spin such gruesome tales. Others feel his work was manipulated by the misfortune of his past. These people have actually found evidence that agrees with this statement. The works of Edgar Allan PoeRead MoreEdgar Allan Poe and the Horror Story Essay1401 Words   |  6 Pagesmore! I admit the deed! –tear up the planks! here, here! - It is the beating of his hideous heart!’†(Poe). Edgar Allan Poe, a brilliant writer and poet, is well known for his creation of the horror short story and mystery novel. He has written suspenseful short-stories such as â€Å"The Raven† and â€Å"The Tell-Tale Heart† where in both stories it has the reader on edge till the very end. For example, â€Å"The Tell-Tale Heart† is about the main character taking care of an older man and begins to despise the old

Company Overviews of Nike and Reebok Essay - 3983 Words

Company Overviews of Nike and Reebok In 1964 in Oregon, Phil Knight and Bill Bowerman join together to make a new enterprise; each contributed about $500 to the partnership. The company started bringing low priced and high tech athletic shoes from Japan to replace the German domination of athletic shoes in the industry. In 1971, a graphic design student created the Swoosh trademark for a $35 fee. In the same year Jeff Johnson, Blue Ribbon Sports’ first employee, made his most durable contribution to the company in coming up with a new name, Nike, after the Greek goddess of victory. NIKE is the worlds #1 shoemaker and controls over 20% of the US athletic shoe market. Reebok Reebok’s ancestor-based company came from the United Kingdom†¦show more content†¦Many of the product lines lack differentiation, most of the shoes look different, but they are basically the same. The products are highly perishable, and the product life cycles are extremely short. Lastly, the rivals are diverse in strategies, origins and personalities. Each one of the major rivals is identified with a certain marketing approach, and also symbolized by the paid support of famous sport stars. Suppliers The bargaining power of suppliers is medium to high since it is dominated by relatively few companies. The product is unique, and the switching costs are high. With the materials being used to manufacture shoes are typically considered raw materials. Because the materials are not very expensive and they are not hard to come by, so the cost of making shoes is not very high. It is also possible for the suppliers, especially in foreign manufacturing to integrate forwards into the industrys business especially in overseas markets and become a rival to the industry. Substitutes The threat of substitute products is low. The industry is upgrading the products frequently to cope with flashy fads and the hottest fashion. There are not too many close substitute products to athletic shoes. What else would you wear when you run? Of course, multipurpose shoes such as cross trainers may impose a possible substitute threat to the current highly diversified range of athletic shoes on the market. In the end, however, consumers have very bigShow MoreRelatedAdidas: Will Restructuring Its Business Lineup Allow It to Catch Nike?1072 Words   |  5 PagesAdidas: Will Restructuring Its Business Lineup Allow It to Catch Nike? I. CASE OVERVIEW For almost two decades throughout the 1960s and 1970s, Adidas became the best-selling brand of sporting goods in the world. Founded in 1920 in Herzogenaurach, North Bavarian, Germany by Adolph (Adi) Dassler, Adidas then well known for pioneering athletic footwear with kind of revolutionary invention in athletic footwear and equipment in which Adi Dassler alone accumulating 700 patents and property rightsRead MoreReebok Swot Analysis1314 Words   |  6 PagesSWOT Analysis Reebok experienced a period of strong growth and success in the 80 s and 90 s, though new developments in the sports market are challenging Reebok and are changing its competitive situation. The following analysis gives an overview of were Reebok is standing at the moment and what their challenges for the future are. On the basis of this analysis Reebok can set out their strategy for the future and anticipate on the opportunities and threats they are facing. Strengths SizeRead MoreAdidas : A Competitive Company1522 Words   |  7 PagesCompany Overview Adidas was registered as a company Germany, 1949. They are a multinational corporation now that produces sports clothing, casual clothing, sports gear, and accessories. Adidas are a holding company which means that they own other companies. The companies that are under Adidas groups are Reebok Sportswear Company, Taylor Made-Adidas Golf Company, Rockport Company, and CCM-Hockey. Each of these Companies under Adidas Company produces different or some similar materials for sale. Read MoreTaking a Look at Nike Inc.974 Words   |  4 PagesBrief Overview Nike, Inc. is a multinational corporation that designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories for a variety of sports and fitness activities. In 1964, it started its empire as a company that distributed Japanese running shoes, Tiger, in the United States with the name Blue Ribbon Sports in 1964. Nike founders—Bill Bowerman and Phil Knight—had a great coach-student relationship when both were still at University of Oregon; Bowerman wasRead MoreAdidas S.W.O.T Analysis1363 Words   |  6 PagesIncrease female participation in athletics ?Adidas by Stella McCartney? * Collaborate with other online retailers to offer Adidas products * Possibility of outsourcing the web development and e-commerce to a third party developer Threats * Nike s strong reputation in the footwear and apparel industry * Negative image created by the sponsored athletes (i.e. Kobe Bryant and his sexual assault case) * Increase in the Price of Raw materials * Continuing challenges in import/exportRead MoreNike Reebok4026 Words   |  17 PagesCompany Overviews Nike In 1964 in Oregon, Phil Knight and Bill Bowerman join together to make a new enterprise; each contributed about $500 to the partnership. The company started bringing low priced and high tech athletic shoes from Japan to replace the German domination of athletic shoes in the industry. In 1971, a graphic design student created the Swoosh trademark for a $35 fee. In the same year Jeff Johnson, Blue Ribbon Sports first employee, made his most durable contribution to theRead MoreThe Company s Creation And Expansion Essay1554 Words   |  7 Pages Adidas Group Company Report An in-depth analysis on the company’s creation and expansion Michael De La Rosa Lynn University History and Subsidiaries Adidas AG, headquarters in Herzogenaurach, Bavaria, was registered on August 18th, 1949 by Adolf(Adi) Dassler. As of today, adidas stands and the world’s second largest sportswear manufacturer in the entire world, following only Nike. Adidas AG is the holding company for the adidas group which consists of Reebok, TaylorMade-AdidasRead MoreReebok Marketing Plan11312 Words   |  46 PagesReebok Realflex | By The Breezers: Mannan Wu Abbey Barnes Chase Carraro Mohammed Baamer Deborah Dani Dylan By The Breezers: Mannan Wu Abbey Barnes Chase Carraro Mohammed Baamer Deborah Dani Dylan Final Marketing Plan | Professor Quinlan-Wilder November 16, 2011 Marketing 2800 Professor Quinlan-Wilder November 16, 2011 Marketing 2800 | | Executive Summary Reebok prides itself on creating products to enhance athletic ability. Upon formation of the company, ReebokRead MoreNike Marketing Plan Essay1675 Words   |  7 Pagesendeavors to recommend a viable marketing plan for the footwear giant, Nike. The plan has been adequately substantiated with thorough research on different factors affecting the firm along with various ways of addressing future challenges. This research paper highlights that Nike is confronted with multifarious issues which need to be negotiated amicably. Result of the study concludes that there is still a world waiting for the Nike to be exploited, outsmarting its competitors employing its innovativeRead MoreScale of Adidas1886 Words   |  8 Pagese-commerce Weaknesses -American athletes endorsed by adidas are not as popular as Nike’s -Nike gaining ground on European soccer market -Public dissent over use of sweatshops -E-commerce is limited to USA -Direct sale to consumers is creating conflicts with its own resellers. -High prices in some products. -Online customer service not ‘helpful’ or easy to find. Opportunities -Acquisition of Reebok. -Growing strength in golf industry through TaylorMade and recent acquisition of Maxfli

Economics Business Price Regulation and Natural Monopoly

Question: Discuss about the Economics Business for Price Regulation and Natural Monopoly. Answer: Introduction Natural monopoly exists in an economy when the operation of a single firm in a market is socially optimal. Efficiency in production and resource allocation are both achieved in a natural monopoly (Nowotny, Smith, Trebing, 2012). There are high amount of fixed cost in some industries, where a single firm can operate efficiently. The size of the market, cost of operation, availability of resources, and market structure of the industry naturally restricts the entry of other firms in the industry. A single firm can obtain economies of scale during single operation. Production by multi firm is costly in this market. John Stuart Mill advocated for government regulations in the natural monopoly market (Crozet, Nash, Preston, 2012). The study analyses different types of costs exist in a monopoly market and price determination strategy in the natural monopoly market. Natural monopoly in an economy exists in the sectors such as railways, telecommunication and infrastructure. There is a tendency of the natural monopolists to exploit the market charging higher prices. Hence, government often takes initiative to control price in natural monopoly to bring efficiency and correcting market failure. This essay analyses costs and benefits of natural monopoly in a specific market structure. Benefits of natural monopoly It is generally seen in the economy that increase in competition brings operational efficiency by increasing supply and keeping downward pressure on the market price of a product. Firms gain allocative efficiency also regarding resources. However, in some cases it is seen that market demand is not much to necessitate operation of more than one firm in the market (Joskow Wolfram, 2012). The rationale behind existence of single firm is that multiple firm have higher average cost compared to the average cost of a single firm at a given scale of operation. A single firm with large scale can operate on the falling portion of the total average cost curve, where economies of scale exist. Natural monopoly is commonly seen for the services such as water supply, electricity, railways, garbage cleaning in cities (Minamihashi, 2012). Economies of scale exists firm operates at the falling segment of average cost curve. Cost per unit of production decreases over a long range of output. Average total cost falls as the fixed cost remains same and the variable costs decreases due to increasing returns to scale. Baldwin, Cave, Lodge (2012) mentioned that natural monopoly is a problem for the economy if it is unregulated. A firm in a natural monopoly framework may charge a higher price for a smaller output if it is unregulated. Government thus intervenes in the market to bring social optimality in price and output decision. The above diagram depicts that average cost is falling continuously over the production. Average total cost curve lies above the marginal cost curve. Economies of scale exist on the falling segment of LRAC curve. Natural monopoly is generally seen in the market for necessary goods, which requires expensive infrastructure and high fixed cost for production (Crew, 2012). Therefore, entry in this market is not easy. A firm is a price setter in a monopoly market. A natural monopolist wants to maximise profit by producing at the level where marginal cost curve cuts the marginal revenue curve and sets price equalling with its average revenue. At this level, price is P1 and quantity production is Q1. P1AFC1 is the economic profit of the firm. In this situation, if price is unregulated, profits are excessive and more than the competitive profit. High level of profit is charged by producing little output. It indicates both production and resource allocation inefficiency. Role of government and costs of natural monopoly In order to correct the production and allocation inefficiency, regulators can choose any of the two options such as average cost pricing or marginal cost pricing. Average cost pricing is adopted to gain allocative efficiency. P = average revenue = MC is the level, where price is much less than that is charged by a monopolist. Quantity is also greater in this case. At this point, as P ATC, firm makes economic losses. Average cost is above the marginal cost. However that price is socially desirable, when thinking about consumer welfare (Williams, 2016). A firm cannot be able to continue production by incurring loss in long run. In that case, government has to provide subsidy to keep the firm in business. Large amount of subsidy increases government expense. It is not optimal to finance a loss making firm for long term. Therefore, P= LRMC is not welfare maximising price. Government has several options to minimise the extent of monopolisation such as average cost pricing, taxes and subsidies, price ceiling. Marginal cost pricing is associated with some extent of welfare loss and requires government assistance (Makholm, 2015). Therefore, government has another option such as average cost pricing. This is similar to the competitive pricing. Firm produces output at the level Q* and is able to set price at P* level, where price is equal to the average revenue like a competitive firm. At this level, firm incurs only normal profit. This is a optimal solution from both consumer and producer end as the firm does not make any loss and the total output in the market is Q*, which is greater than monopoly output and less than marginal cost pricing output (Numa, 2012). Regulation is required in the market to correct the market failure. Firm in a monopoly market behaves to maximise profits. Profit maximisation leads to increase in price lowering output. In the view of (Poudineh Jamasb, 2014), monopoly price leads to transfer of wealth from consumers to sellers. As the seller charges a higher price to the consumers, some consumers leave the market without buying the product. Therefore, deadweight loss is created in the market leading to the welfare loss. A part of the consumer surplus, which is lost but not appropriated by the suppliers (Westphal, 2014). The triangle ABD is the deadweight loss in the market. Example of natural monopoly The analysis can be done using the example from Australian economy. There are controversies regarding the presence of natural monopoly nature in the telecommunication model in Australia. It has been argued that as per structure of the geographical area of Australia, every house and business premise in Australia requires single electrical connection and water pipe line. Therefore, single telecommunication connection is enough for residents. LeMay (2014) stated that National Broadband Network provides telecommunication infrastructure such as electricity cables, water, gas, sewerage pipes. In this given infrastructure and demand, multiple telecommunication connection may lead to inefficient use of societys resources. Wastage of resources has some economic cost. Wastage of resources has some opportunity costs as the wastage resources could have been used in other productive purpose. However, (Hilmer, 2014) stated that NBN in Australia is not a natural monopoly and this body is under government regulation. The argument is that natural monopoly does not require any legislative protection. NBN has potential competitor in the market such as TPG telecom. Therefore, in order to keep this monopoly power of NBN, government support is required. The practice of cross subsidy prevails in Australia economy in case of telecommunication services. As per the cross subsidy, urban users have to pay more of cost of providing telecom services. On the other hand, rural users pay less than the cost. This is a kind of price discrimination applied by monopolists to hold the market share. Cross subsidy make the monopoly power weaker to allow potential competitors (Preston, 2012). Hence, government often impose price ceiling to restrict market price to fall further. Ramsey pricing is a type of price discrimination seen in natural monopoly. Effect of technology and need for government regulation Hiriart Thomas (2013) cited that technology has changed much in the production process of telecommunication industry. Development of microwave and satellite technology has provided strong substitute for the traditional cable network. Technological progress generally reduces production cost or brings innovation in existing products. Innovation in product or service creates economies of scope for the monopolists. According to classical argument, a monopolist has less incentive to promote technological progress and hence investment in the research and development for innovation. As the main aim of the monopolist is profit maximisation, technological innovation may reduce the profit level by reducing price. However, Nowotny, Smith Trebing (2012) argued against this view by saying that technical progress brings production efficiency and reduces cost of operation. Moreover, product differentiation due to product innovation creates economies of scope for the firm such as NBN Co in Austral ia. A natural monopolist can make huge profit by setting price equating with average revenue and producing at the level where MC cuts Mr Curve. However, this price is not social welfare maximising as discussed above. Moreover, in the view of (Minamihashi, 2012), a natural monopolist firm may not introduce new product or service unless the marginal cost of production is than that of previous product or service. In the presence of external forces, a natural monopolist can feel pressure for spending time and money on RD in order to gain competitive advantage as seen in case of NBN of Australia. In this situation, where there is scope of free entry, natural monopolist may be feared to lose market share in an unregulated market (Baldwin, Cave, Lodge, 2012). At this stage, regulation in the form of average pricing may be effective to restrict entry of new firm in the market. At the average cost pricing level, natural monopolist earns only normal profit, where average total cost equals to average revenue. Hence, all the costs are covered with the total revenue earned. Firm gains no super normal profit. Therefore, there is no incentive for external firms to enter into the market. It can be said from this analysis that in the presence of technological progresses, government regulation and average cost pricing can correct market failure. Price regulators need to set price at the level, where both allocative and productive efficiency achieved. Conclusion The above study has discussed on the price regulation policy in a natural monopoly market. Natural monopoly is created in a market automatically due to presence of economies of scale and the market structure. In this type of market structure, fixed cost is very high. Therefore, a single firm with huge potential can operate in this market to supply products or services as per demand. The firm achieves economies of scale after the start of production process as average cost is falling continuously over a long range of output. Average cost falls due to increasing returns to scale in production. The nature of a monopolist is to produce output at the level, MR = MC. However, it sets price equating with average cost. This price output combination is not social optimal as most of the consumers surplus is appropriated by the monopolist. Therefore, regulation in this market is required to bring efficiency in resource allocation and production. Government has two options such as marginal cost pricing and average cost pricing. MC pricing is beneficial for consumers. However, at this level, firm incurs loss in long run. Therefore, no firm can sustain in the market by making loss. In this situation government has to provide subsidy at a large scale. Subsidy often distorts market by creating inefficiency. Therefore, average cost pricing is optimal for society. Firm gets normal profit by charging a competitive price and producing output greater than unregulated monopoly and less than marginal cost pricing. References Baldwin, R., Cave, M., Lodge, M. (2012). Understanding regulation: theory, strategy, and practice. Oxford University Press on Demand. Crew, M. A. (2012). Competition and the Regulation of Utilities (Vol. 7). Springer Science Business Media. Crozet, Y., Nash, C., Preston, J. (2012). Beyond the quiet life of a natural monopoly: Regulatory challenges ahead for Europes rail sector. Brussels: CERRE. Hilmer, F. (2014). New technologies will crack flawed NBN model. Retrieved December 24, 2016, from www.afr.com: https://www.afr.com/technology/web/nbn/new-technologies-will-crack-flawed-nbn-model-20140427-if7aj Hiriart, Y., Thomas, L. (2013). The Optimal Regulation of a Risky Monopoly. Joskow, P. L., Wolfram, C. D. (2012). Dynamic pricing of electricity. The American Economic Review, 102(3),, 381-385. LeMay, R. (2014). Labor's NBN is a natural monopoly, but the Coalition's is not. Retrieved December 24, 2016, from delimiter.com.au: https://delimiter.com.au/2014/05/06/labors-nbn-natural-monopoly-coalitions/ Makholm, J. D. (2015). Regulation of natural gas in the United States, Canada, and Europe: Prospects for a low carbon fuel. Review of Environmental Economics and Policy, reu017. Minamihashi, N. (2012). Natural monopoly and distorted competition: evidence from unbundling fiber-optic networks. Nowotny, K., Smith, D. B., Trebing, H. M. (2012). Public utility regulation: The economic and social control of industry (Vol. 17). Springer Science Business Media. Numa, G. (2012). Dupuit and walras on the natural monopoly in transport industries: what they really wrote and meant. History of Political Economy, 44(1), 69-95. Poudineh, R., Jamasb, T. (2014). Determinants of investment under incentive regulation: The case of the Norwegian electricity distribution networks. Energy Economics. Preston, J. (2012). Beyond the quiet life of a natural monopoly: Regulatory challenges ahead for Europes rail sector. Brussels: Centre on Regulation in Europe, . Issue paper,2. Westphal, K. (2014). Institutional change in European natural gas markets and implications for energy security: Lessons from the German case. . Energy Policy, 74, 35-43. Williams, J. (2016). Economic insights on market structure and competition. Addiction, 111(12), 2094-2095.