Category: Industry

Each firm under imperfect competition or monopolistic competition produces different commodities which are close substitutes.This makes the output and price policies of an individual firm’s product partially dependent on the output and price policies of its rivals.In other words, the average revenue curve and the average cost curve of each firm will be partially affected by the price and output policies of its rivals. ADVERTISEMENTS: Since each firm can also increase or decrease the price of its commodity by its own action, the average revenue curve of each firm slopes downwards.It should be remembered that under perfect competition the average revenue curve of each firm is a horizontal straight line. It is so because no firm by its individual action increases or decreases the price of its commodity.Further in the…

There is no definite theory of price-output determination under oligopoly. The reason being that there is interdependence in the decision-behaviour of oligopolistic firms and the uncertainty about the reaction patterns of rival firms.The demand curve of each firm is uncertain. Due to interdependence in the behaviour of firms and uncertain reaction patterns, there can be a variety of behaviour patterns.Different economists have made different assumptions about the aims of oligopolist firms and they assumed different behaviour patterns of firms accordingly. ADVERTISEMENTS: Different behaviour patterns may be-(i) rivals may decide to co-operate in the pursuit of their objectives, (ii) they may fight each other to increase their market shares, and (iii) agreements may be of wide variety.Therefore, a large variety of models about price-output determination under oligopoly have been developed by…

Free sample essay Energy Crisis in India. Energy is the motive power that keeps the wheels moving and other things live and dynamic. Energy forms the foundation of all our industrial, agricultural and developmental activities. Life itself is energy based.Energy is crucial for all our growth and development. There are a number of sources of energy, such as fossil fuel, wind, water and the sun. Fossil fuel has been the conventional source of our energy needs and under it come coal, lignite, petroleum and natural gas. Another source of traditional energy is fuel wood, animal waste and agricultural residues but these are known as non-commercial fuels. Unfortunately, the sources of conventional energy are depleting quite quickly. These conventional and natural sources of energy are not sufficient to meet our ever-increasing…

Free sample essay on the importance of Self-Reliance. Self-Reliance or self-help is a must to achieve success, happiness and progress. It is of no use to wait for others to help, assist and guide. The saying, “God helps those who help themselves,” very beautifully and aptly underlines the truth.Only the week and helpless call on gods for help instead of putting their own shoulders to the wheel. One must learn to trust one’s own hands, power and strength instead of depending on good luck and the grace of the gods. Man is his own friend or foe. It is he himself who can make or mar his fortune. One is what one chooses to be. Lord Buddha taught man to be one’s own lamp and light and not to depend…

Trees are very important for our survival in many ways. They clean the soil by filtering sewage and chemicals used in farms. They help control noise pollution and reduce flash flooding. Trees absorb carbon dioxide which contributes to global warming. They also clean the air by absorbing pollutants like carbon monoxide and sulphur dioxide. They also help to lower temperatures. They give shade during the summer and act as windbreaks during winter if they are located on the windward side. They also prevent soil erosion. It is seen that the presence of trees in an area can increase property values by at least 15%. For all these reasons it is very important for us to save trees and increase the green cover of the earth. We can start by planting…

Every day, some young boy or girls in some small town in India hops on a bus or train with dreams in their eyes and a song in their heart, hoping it make it big in the world of films. Many falls by the wayside but some go on to become big names in an industry which is the largest in the world. The Indian film industry is built on the dreams of millions of such people. The country produces more than 1000 films every year in over 20 languages. A feat which even Hollywood cannot match! The major film studios are found in Mumbai, Chennai, Hyderabad and Kolkata. Other cities too produce many films in regional languages like Malayalam, Kannada, Bhojpuri, etc. When we talk of national appeal, it…

Over the years, the functions of tour manufacturers have diversified considerably. Obviously, the scope, pattern, structure and size of tour operation have increased manifold.Today, tour operators are faced with intense international pressure in the form of competition and to cope with that they are to design and develop tour packages to meet the requirements of the ever demanding and sophisticated consumers.Indeed, they must have a good grasp and knowledge of the tourist generating market and of the quality-price ratio of the packages they plan to introduce. Image Source: easytourtravels.com ADVERTISEMENTS: Many tour operators simply feel that they cannot design/plan tours because they do not have adequate knowledge, skills, expertise and enough ‘something’ to accomplish market requirements. However, if they approach it in a systematic, scientific and businesslike manner, can plan,…

During the last two decades, the tour operator industry has responded positively with ever expanding needs for new and variety of tour packages demanded by the tourists.If the pattern continues, this shall definitely lead to development of new sophisticated tour packages and new tour operators specialized in the provisioning of these.Today, tour operators are offering variety of tour packages to cater the requirements of inbound, outbound and domestic tourism markets. The main packages are: Image Source: easytourtravels.com Types of Packages 1. Independent Tour: Independent tour is prepared to the individual/particular traveler’s specification. In this tour, a traveler is free and independent to select any component for his journey. The travel agency/tour operator puts the components of the ‘Tour’ together, working directly with the vendors – airlines, hotels, cruise lines, transport…

The other day, I had accompanied my father to Chhatrapati Shivaji Terminus, better known as Victoria Terminus (Mumbai Railway Station) to receive an extended relative of ours, coming from Chennai by CST Mail.How the name Bombay became Mumbai? It derived its name from Mumbadevi, the pattern Goddess of the Kalis, a fishing community and its oldest inhabitants. Wow! What a beehive of activities going in there non-stop from morning till late night. Of all the Indian Metros, it is Mumbai that has something unique; the capital city of Maharashtra, where approximately 15 million people live, very rich and equally very poor.It is the world’s largest movie industry and the Mumbaikars show an inclination to western culture. The very building of CST speaks volume about Gothic architecture! With richly carved domes,…

During World War II, the air transport industry has been affected very badly at the world level, in general and, in the USA, UK, Germany, India, France and Canada, in particular.The International Air Transport Association, a successor to the International Air Transport Association formed at Hague in 1919, a nodal organization, was founded in 1945 by the airlines of certain countries with the prime objective of overcoming the complexities and problems arising from the rapid expansion of civil air services and World War II.As a non-governmental organization, it derived its legal existence from a special Act passed by the Canadian Parliament in December 1945. The IATA closely resembles with the International Civil Aviation Organization in terms of its activities and organizational structure. Image Source: news.gtp.gr ADVERTISEMENTS: The IATA is voluntary,…