Robert Frosts Stay against Confusion - 766 Words

Term Paper: Robert Frost’s Stay against Confusion Robert Frost’s poetic techniques serve as his own â€Å"momentary stay against confusion,† or as a buffer against mortality and meaninglessness in several different ways; in the next few examples, I intend to prove this. Firstly, however, a little information about Robert Frost and his works must be provided in order to understand some references and information given. Robert Frost is an iconic poet in American literature today, and is seen as one of the most well known, popular, or respected twentieth century American poets. In his lifetime, Frost received four Pulitzer Prizes for Poetry, and the Congressional Gold Medal. However, Robert Frost’s life was not always full of fame and wealth; he had a very difficult life from the very beginning. At age 11, his father died of tuberculosis; fifteen years later, his mother died of cancer. Frost committed his younger sister to a mental hospital, and many years later, committed his own daughter to a mental hospital as well. Both Robert and his wife Elinor suffered from depression throughout their lives, but considering the premature deaths of three of their children and the suicide of another, both maintained sanity very well. (1) Robert Frost spent much of his life studying the existence of everything around him. He studied the everyday ins and outs of other people and nature, and very often contemplated the point of human life and religion. Many of these topics, especiallyShow MoreRelatedSummary Of The Figure A Poem Makes By Robert Frost996 Words   |  4 PagesThe works of poet Robert Frost may at first appear simplistic, but upon a second glance, there is more to be seen. The works of Frost â€Å"can be seen as a thoughtful reply to high modernism’s fondness for obscurity and difficulty† (Baym 218). The purpose of this paper is to analyze Frost’s own work through applying his personal philosophies regarding the true nature and purpose of poetry upon his own poem â€Å"Out, out-†. To truly analyze the poem â€Å"Out, out-† through Frost’s own ideology of the nature ofRead More Robert Frost Essay612 Words   |  3 Pagesnbsp;nbsp;nbsp;nbsp;nbsp;â€Å"Nature is always hinting at us. It hints over and over again. And suddenly we take the hint.† This quote was taken from Robert Frost and demonstrates his feelings toward nature. Robert Frost is a well known American poet who draws on nature as t he subject of his poems. There are three main things that account for Robert Frost’s poetry. In his poems, he uses familiar subjects, like nature, people doing everyday things and simple language to express his thoughts. His poemsRead MoreRobert Frost s Writing Style1589 Words   |  7 Pages Robert Frost once said, â€Å"The figure a poem makes. It begins in delight and ends in wisdom... in a clarification of life - not necessarily a great clarification, such as sects and cults are founded on, but in a momentary stay against confusion† (Robert Frost Quotes). This same kind of thinking opened the door for metaphorical poetry that helped to show the poets transparency. His love for the social outcast and the struggles of his life are exhibited greatly in his poems. Robert Frost helpedRead MoreModern Frost Essay1977 Words   |  8 PagesThe Modern Frost Robert Frost once said In order to know who we are, we must know opposites. Few of his poems demonstrate this sentiment as well as Directive and Desert Places. On the surface, the poem Directive details a person returning to an old rural town to find it deserted and in the process of being reclaimed by nature. The poem is told by someone who is either omniscient or very close to the main figure of the poem. The narrator of the poem can be seen as some sort of guru,Read MoreThe Theme of Symbolism in Literary Works2267 Words   |  10 Pagesperspectives. The Road Not Taken was written by Robert Frost in 1916, and is a poem about someone making a decision to go down one path versus another, and how taking the â€Å"path least traveled† is the best way (Clugston, Sec. 2.2: How Use of Persona Effects Your Response To Literature, para. 4). The symbolism that is being displayed in the poem is that of the literal and physical path that the storyteller is contemplating walking down, against the action of taking a path or making a choice in life

Family Dynamics in The Metamorphosis Essay - 743 Words

What does The Metamorphosis. suggest about caring, patience, communication, love, loyalty, shame, secrecy, duty in the context of family life? The definition of family dynamics refers to the way members of the family interact with each other in relation to the group as a whole. A lot of influences affect the dynamics between family members such as traditions, communication styles, behavioral patterns and emotional interdependence. In Franz Kafka’s Metamorphosis relates to how humans and their offspring are capable of changing and interpreting different life experiences in the family that can transform the dynamic bond. Metamorphosis is a story about a family who depends on the responsible child, the caretaker of the family. As the†¦show more content†¦Now homebound Gregor is now able to be apart of family conversations. Metamorphosis shows Gregor yearning for human contact from his family, but it also shows his family eagerly alienating him from their life. With continuous alienation, Gregor loss interest in his family and no longer desires to have contact with them. Kafka shows families that are experiencing a financial crisis; a loss, unemployment, abuse or an illness can cause a breakdown in communication as a whole. Once Gregor is unable to communicate, he becomes an observer of the world around him. His insect form symbolizes the emptiness, insignificant and an outcast, which he was at work and at home. Kafka’s Metamorphosis suggests to his readers to take a glimpse inside a dysfunctional atmosphere triggered from a painful childhood, to see how influential each member of the family contributes to the dynamics, but also to learn how to make light of the situation with acceptance. Kafka is reflecting on his own relationship with his family in Metamorphosis. He sees himself in Gregor, or is he him. The story brings to the forefront on how parents need to anticipate the family needs and take proactive steps to ensure healthy family dynamics during any stressful or critical situation. A family that has functional dynamics has the ability to offer support, concern and love to each other when a chronic conflict orShow MoreRelatedFamily Dynamics in Peter Shaffer’s Equus and Metamorphosis by Franz Kafka1068 Words   |  5 PagesThe two novels Equus and The Metamorphosis carry comparable themes which isolate the main character from the father figure within each story. Kafka and Schaffer both contrast similar ideas of rejection within a father and son relationship in Equus and The Metamorphosis, to imitate the way society policies its members through family disagreements. The family differences about religion in one novel, and the stress because of a major transformation which causes the parent to work in another, createsRead MoreThe Metamorphosis By Franz Kafka1147 Words   |   5 PagesAP Language 27 October 2015 The Metamorphosis Franz Kafka led a life filled with struggles, particularly evident in his relationship with his father. His experiences and feelings in life are manifested throughout his writings, as the themes in his life dominate the themes of his works, especially so in his novella, The Metamorphosis. Through his extended metaphor of Samsa as a vermin, Kafka illustrates the family dynamic present throughout his life, that of his family, and particularly his father,Read MoreUnsettling Dreams: an Analysis of the Metamorphosis1042 Words   |  5 PagesUnsettling Dreams: An Analysis of The Metamorphosis Through his essay â€Å"Competing Theories of Identity in The Metamorphosis†, Kevin W. Sweeny explores three different concepts of identity that are brought to light in Franz Kafka’s novella The Metamorphosis. While our social role and conscious mind help establish our character, ultimately our material body determines how we identify, to ourselves and the general public. Through The Metamorphosis, Kafka explores how losing control of the body canRead MoreThe Metamorphosis By Franz Kafka1614 Words   |  7 PagesA metamorphosis can be described as a change in structure, form, or appearance, or as a change in form from one stage to the next in an organism’s life. In Franz Kafka’s novella, â€Å"The Metamorphosis†, change is a major theme. The theme of change is significant as the main character, Gregor Samsa, a traveling salesman, undergoes a metamorphosis of his own as he experiences changes living as a giant insect. However, Gregor’s journ ey through his new life is not subjective, as his transformation provokesRead MoreAnalysis Of Franz Kafka s Just Like Gregor Samsa 1441 Words   |  6 PagesJaime Florez Christine Warrington Global Lierature II 3 November 2014 Analytical Assessment Essay Just like Gregor Samsa, the protagonist from Metamorphosis, Franz Kafka had an incredibly similar life. Kafka was born on July 3, 1883 in Bohemia, now known as Prague in Czech Republic. He was raised in a middle class Jewish family; however, due to the fact that Jews were seen as an uneducated and inferior race his father taught them (Kafka and his two sisters) German. Just like Mr. Samsa (Gregor’s father)Read MoreEssay on Metamorphosis and Postmodernism1122 Words   |  5 PagesThe twentieth century has been marked as a time of great suffering and advancement in human history. One product of this dynamic time is the theory of postmodernism. According to Thomas McEvilley, postmodernism happened in America after people started to realize that history was cruel and that people were not really progressing much. This directly discredited the pre-existing theory of modernism which took its ideology from the three pillars: progress, hierarchy of cultures, universals. McEvilleyRead MoreThe Dehumanizing Effect of Alienation and the Restoration of Self Identity in Franz Kafka’s The Metamorphosis788 Words   |  3 PagesIn the novella â€Å"The Metamorphosis†, Franz Kafka focuses on the topic of alienation and considers its underlying effect on self identity. The alienation Kafka promotes is propagated towards the main character Gregor Samsa, who inevitably transforms into a giant cockroach. The alienation by family relations affects him to the extent that he prioritizes his extensive need to be the family’s provider before his own well-being. This overwhelming need to provide inevitably diminishes Gregor’s ability toRead MoreThe True Metamorphosis.. Franz Kafka Owns A Part Of The1448 Words   |  6 PagesThe True Metamorphosis. Franz Kafka owns a part of the human emotional spectrum, which the world can now call the Kafkaesque, a term for someone who exhibits nightmarish qualities of Kafka’s fictional world (Franz Kafka). Kafka’s twisted world is in no way pleasant, very Kafkaesque. It feels like a nightmare, and yet it is a place where many people, if only for a moment, will end up. Kafka’s most appreciated piece of literature, â€Å"The Metamorphosis,† creates an extension of Kafka’s life throughRead MoreIsolation and Alienation in the Metamorphosis1524 Words   |  7 PagesLanguage A: Literature The Written Assignment Alienation and Isolation in The Metamorphosis May 2013 Word Count: 1480 The Metamorphosis by Franz Kafka is a reflection on how alienation and isolation begin and develop in a society by employing the characters in his novella as a representation of society as a whole. Using Gregor’s manager to demonstrate the initiation of isolation and alienation of a person, Gregor as the person being isolated and the inhabitants of the Samsa household as the otherRead MoreFranz Kafka s The Metamorphosis814 Words   |  4 Pages When Franz Kafka first penned his short novel The Metamorphosis in 1915, he had no idea that it would become one of the most influential pieces of fiction of the twentieth century, continuously being studied in colleges and universities across the Western world. The novel rotates around the life of a man named Gregor Samsa, who wakes up on a routine day, and suddenly finds himself transformed into an insect. As the story progresses, the reader can see how Gregor’s physical transformation triggers

Decision Making Process Of The B2B And B2C Companies †Free Samples

Question: Discuss about theDecision Making Process Of The B2B And B2C Companies Answer: Introduction There are several businesses that are currently operational in the global market and each one of them have their own and unique style of operating in the market. There are several kinds of organizations that are functioning in the economy and two of them are Business to Business (B2B) organizations and Business-to-Consumer (B2C) organizations. The B2B companies provides and goods and services to the other businesses and are not connecting to the consumers directly and on the other hand B2C companies provides products and services to the consumers directly (Reijonen et al. 2015). The development of an organization is dependent on the decisions that are undertaken by the management of an organization. The decisions that are undertaken are dependent on the various factors. One of the critical factors with respect to which decision making process is dependent is the wants and demands that are seen in the market (Swani, Brown and Milne 2014). Hence, the market and the marketers have an in fluence on the decision making process of the B2B and B2C companies. This essay would therefore look to assess the influences that marketers have on the various decision making stages of B2B and B2C companies. Discussion B2B business have a complex decision making process in comparison to the B2C. The decision makers of the B2B businesses are obligated to the judgments and therefore have complex requirements in comparison to the consumer buyers. The consumers have rational and emotional requirements at a personal extent and on the other hand the B2B buyers have the needs at the level of the organization along with the personal level. The decisions that are taken by the management of B2B business are based on the influences from the market. The B2B purchasers are more rational as the purchasers are mostly other businesses and therefore before undertaking any kind of purchases they go through all the details and the quality of the product or the service that is being offered and accordingly take the decisions of purchasing a product (Swani et al. 2017). The B2B purchasers are relatively rational and therefore makes the job of the company a bit simpler as in this scenario, they just need to manufacture and design efficient and demanding products and thereafter sell them at a good price along with delivering them on time. However, there exists accountability that has a control on most of the B2B buyers and therefore trust and security are the main issues. The B2B purchasers do not wish to risk their livelihood and reputation by purchasing a product or a service that is unreliable. Therefore, the emotional factors like trust and security becomes critical. This leads to additional stress on brand, reputation and other factors that addresses reliability and consistency during the entire life of a product or a service that is being purchased. The B2B buying units are limited in the market as there are fewer number of customers who dominate the livelihood of the B2B business and therefore a database management is essential for the business (Liu et al. 2016). Customer relationship management process at the current time period permits the databases of the B2B businesses to remain updated with all the details of the important members and even keep record of the contact and transactional record. The limited number of units of purchase in the B2B markets and the focus on expense among the highest purchasers are provided with a dedicated value services that will explain the significance of the suppliers. Therefore, it becomes pertinent for the B2B companies to plan accordingly and satisfy the expectations or else they might lose the market. Cortez and Johnston (2017) explained that need based segment in B2B market are very less and therefore the job of the B2B marketer becomes much simpler. However, having knowledge about the suitable customers who fits in various segments are essential. Therefore the B2B companies construct their decisions based on creating an agreement on what the segments and how they have been differentiated. Hence, the companies require certain amount of investment on undertaking research on the same. The companies therefore looks to train the marketing team, sales and other departments so that effective level of segmentation can be undertaken. The B2B companies have knowledge that their customers are long term buyers. The customers generally looks to purchase products and services that would serve them for a longer time period and therefore the organizations try to design their products in such a manner that they would be able to satisfy their customers. The B2B business develop plans like providing free trials with the help of which the customers can have knowledge about the product and accordingly can think about purchasing the product if desired (Zhang et al. 2016). The B2B companies does not depend on providing proper level of packaging but relies more on giving the quality as the B2B purchasers demand for quality rather than packaging. The organizations look to create personal relationships with the customers with the help of which the company can be able to increase their level of sales and maintain competitive edge (Kumar and Pansari 2016). On the other hand, the B2C companies look to construct their plans and policies according to the desires of the final consumers. The final consumers purchase product in accordance to the attractiveness of the product and therefore the companies generally look to make their product attractive by adding in new and unique features with the help of which the company would be able to increase their sales (Agnihotri et al. 2016). The quality of the product has an impact on the minds of the consumers and therefore the B2C companies have a quality management team who has the authority to monitor the product and service and thereby maintain the quality that is desired by the consumers. The price of the product is even a critical factor for the B2C companies as availability of competition in the market would lead to reduction in sales (Sequeira et al. 2015). Hence, the companies in their decision making process develops a price for the product or the service that is suitable for the market and the marketers would be happy to pay that price in order to fulfil their desire. The decision making process of the B2C companies even have the idea of promotional activities as the promotion of the product in front of the final consumers would increase the sales as well. The companies therefore advertise their product and accordingly construct plans and policies that like providing discounts and other features on their products and services and thereby improve the sales and revenue for them (Moore, Raymond and Hopkins 2015). It is seen that there exists a huge difference in the decision making process of B2B and B2C companies as the products are relatively different and desires of the consumers are different. Conclusion The essay that had the intention of answering the marketer influence on the B2B and B2C business have explained that the market has a key role to play with the help of which the companies can course their decision making process and thereby assist in the development of the operational activities of the company. The marketers are the main factors with respect to which all the organizations operate their business and therefore all organizations focus on the demand and desires that are seen in the market. The process of decision making is vital and therefore all the operations of the business encompasses around them. The management of the organizations assesses the market on a frequent basis in order to have an understanding of what are the changes that are taking place in the market and accordingly transform their process of decision making and increase their level of profit and maintain competitive edge. References Agnihotri, R., Dingus, R., Hu, M.Y. and Krush, M.T., 2016. Social media: Influencing customer satisfaction in B2B sales.Industrial Marketing Management,53, pp.172-180. Cortez, R.M. and Johnston, W.J., 2017. The future of B2B marketing theory: A historical and prospective analysis.Industrial Marketing Management,66, pp.90-102. Kumar, V. and Pansari, A., 2016. Competitive advantage through engagement.Journal of Marketing Research,53(4), pp.497-514. Liu, J., Dai, R., Wei, X.D. and Li, Y., 2016. Information revelation and customer decision-making process of repeat-bidding name-your-own-price auction.Decision Support Systems,90, pp.46-55. Moore, J.N., Raymond, M.A. and Hopkins, C.D., 2015. Social selling: A comparison of social media usage across process stage, markets, and sales job functions.Journal of Marketing Theory and Practice,23(1), pp.1-20. Reijonen, H., Hirvonen, S., Nagy, G., Laukkanen, T. and Gabrielsson, M., 2015. The impact of entrepreneurial orientation on B2B branding and business growth in emerging markets.Industrial Marketing Management,51, pp.35-46. Sequeira, N., da Silva, R.V., Ramos, M. and Alwi, S.F.S., 2015. Measuring corporate reputation in B2B markets: the corporate personality adapted scale.IUP Journal of Knowledge Management,13(3), p.31. Swani, K., Brown, B.P. and Milne, G.R., 2014. Should tweets differ for B2B and B2C? An analysis of Fortune 500 companies' Twitter communications.Industrial Marketing Management,43(5), pp.873-881. Swani, K., Milne, G.R., Brown, B.P., Assaf, A.G. and Donthu, N., 2017. What messages to post? Evaluating the popularity of social media communications in business versus consumer markets.Industrial Marketing Management,62, pp.77-87. Zhang, J., Jiang, Y., Shabbir, R. and Zhu, M., 2016. How brand orientation impacts B2B service brand equity? An empirical study among Chinese firms.Journal of Business Industrial Marketing,31(1), pp.83-98.

Managerial Economics free essay sample

Identify the fixed and variable inputs. The firms w x L is fixed through out the production process, so $300 is the fixed cost. Firms, cost of capital r x K is the variable cost. It is variable through out the production process. Gus Bonilla MBA 217 Managerial Economics Individual Assignment b. What are the firm’s fixed costs? Cost of labor is the Firms fixed costs, it is equal to $300 c. What is the variable cost of producing 475 units of output? The variable cost are $75 x 6 = $450 d. How many units of the variable input should be used to maximize profits? Profit maximization is achieved when MR=MC. Since the firm runs in a competitive market MR=Price= $2. MC=MR, achieved in between 450 and 475 units of out put, and minimum ATC is achieved at 450 units. So, profit maximizing output is at around 450 units e. What are the maximum profits this firm can earn? Profit is maximized at 450 units of output. We will write a custom essay sample on Managerial Economics or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page TR= 900 TC= 675 Profit= TR- Tc = 900- 675 = $225 f. Over what range of the variable input usage do increasing marginal returns exist? Increasing marginal returns from point 0 units of VC to 3 units. Gus Bonilla MBA 217 Managerial Economics Individual Assignment g. Over what range of the variable input usage do decreasing marginal returns exist? From unit #4 of Variable input (K) onwards there will be decreasing marginal returns h. Over what range of input usage do negative marginal returns exist? From input units 7th onwards there will be negative returns, as the firm incurs losses from this point. Where its ATC is higher than the MR. ) Explain the difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution? Law of diminishing marginal returns: According to the law of diminishing marginal returns, the margin product will fall if we decide to add more inputs. ?In other words, In a production system, having fixed and variable inputs, keeping the fixed inputs constant, as more of a variable input is added, each additional unit of input yields less and less additional output. Law of diminishing marginal rate of technical substitution: This law suggests that it takes a large amount of capital to replace a unit of labor when capital use is high but little labor is used. As labor becomes more abundant and capital becomes scarcer, however, less capital is required to replace an additional unit of labor. In other words, the law of diminishing marginal rate of technical substitution indicates that it is relatively difficult to replace additional quantities of an input when the level of that input becomes relatively low. Managerial Economics free essay sample Microeconomics, also known as price theory or Marshallian economics which is the main source of concepts and analytical tools for Managerial economics. To illustrate various micro-economic concepts such as elasticity of demand, marginal cost, the short and the long runs, various market forms, etc. , all are of great significance to managerial economics. The chief contribution of Macroeconomics is in the area of forecasting. The modern theory of income and employment has direct implications for forecasting general business conditions. As the prospects of an individual firm often depend greatly on general business conditions, individual firm forecasts depend on general business forecasts. Definition of Managerial Economics According to McNair and Meriam, Managerial Economics consists of the use of economic modes of thought to analyze business situation. Spencer and Siegelman have defined Managerial Economics as The integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management. We will write a custom essay sample on Managerial Economics or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page We may, therefore define Managerial Economics as the discipline which deals with the application of economic theory to business management. Managerial Economics thus lies on the borderline between economics and business management and serves as a bridge between economics and business management. Chart 1 – Economics, Business Management and Managerial Economics. Nature of Managerial Economics Managerial Economics and Business economics are the two terms, which, at times have been used interchangeably. Of late, however, the term Managerial Economics has become more popular and seems to displace progressively the term Business Economics. The prime function of a management executive in a business organization is decision making and forward planning. Decision Making means the process of selecting one action from two or more alternative courses of action whereas forward planning means establishing plans for the future. The question of choice arises because resources such as capital, land, labour and management are limited and can be employed in alternative uses. The decision making function thus becomes one of making choices or decisions that will provide the most efficient means of attaining a desired end, say, profit maximization. Once decision is made about the particular goal to be achieved, plans as to production, pricing, capital, raw materials, labour, etc. , are prepared. Forward planning thus goes hand in hand with decision making. A significant characteristic of the conditions, in which business organizations work and take decisions, is uncertainty. And this fact of uncertainty not only makes the function of decision making and forward planning complicated but adds a different dimension to it. If knowledge of the future were perfect, plans could be formulated without error and hence without any need for subsequent revision. In the real world, however, the business manager rarely has complete information and the estimates about future predicted as best as possible. As plans are implemented over time, more facts become known so that in their light, plans may have to be revised, and a different course of action being adopted. Managers are thus engaged in a continuous process of decision making through an uncertain future and the overall problem confronting them is one of adjusting to uncertainty. In fulfilling the function of decision making in an uncertainty framework, economic theory can be pressed into service with considerable advantage. Economic theory deals with a number of concepts and principles relating, for example, to profit, demand, cost, pricing production, competition, business cycles, national income, etc. , which aided by allied disciplines like Accounting. Statistics and Mathematics can be used to solve or at least throw some light upon the problems of business management. The way economic analysis can be used towards solving business problems constitutes the subject matter of Managerial Economics. Characteristics of Managerial Economics Managerial Economics is micro-economic in character. Managerial Economics largely uses that body of economic concepts and principles, which is known as Theory of the firm or Economics of the firm. In addition, it also seeks to apply Profit Theory, which forms part of Distribution Theories in Economics. Managerial Economics is pragmatic. It avoids difficult abstract issues of economic theory but involves complications ignored in economic theory to face the overall situation in which decisions are made. Economic theory appropriately ignores the variety of backgrounds and training found in individual firms but Managerial Economics considers the particular environment of decision making. Managerial Economics belongs to normative economics rather than positive economics (also sometimes known as Descriptive Economics). In other words, it is prescriptive rather than descriptive. The main body of economic theory confines itself to descriptive hypothesis, attempting to generalize about the relations among different variables without judgment about what is desirable or undesirable. For instance, the law of demand states that as price increases. Demand goes down or vice-versa but this statement does not tell whether the outcome is good or bad. Managerial Economics, however, is concerned with what decisions ought to be made and hence involves value judgements. Uses of Managerial Economics Managerial economics accomplishes several objectives. First, it presents those aspects of traditional economics, which are relevant for business decision making it real life. For the purpose, it calls from economic theory the concepts, principles and techniques of analysis which have a bearing on the decision making process. These are, if necessary, adapted or modified with a view to enable the manager take better decisions. Thus, managerial economics accomplishes the objective of building suitable tool kit from traditional economics. Secondly, it also incorporates useful ideas from other disciplines such a psychology, sociology, etc. , if they are found relevant for decision making. In fact managerial economics takes the aid of other academic disciplines having a bearing upon the business decisions of a manager in view of the various explicit and implicit constraints subject to which resource allocation is to be optimized. Thirdly, managerial economics helps in reaching a variety of business decisions. 1. What products and services should be produced? . What inputs and production techniques should be used? 3. How much output should be produced and at what prices it should be sold? 4. What are the best sizes and locations of new plants? 5. How should the available capital be allocated? Fourthly, managerial economics makes a manager a more competent model builder. Thus he can capture the essential relatio nships which characterize a situation while leaving out the cluttering details and peripheral relationships. Fifthly, at the level of the firm, where for various functional areas functional specialists or functional departments exist, e. . , finance, marketing, personal production, etc. , managerial economics serves as an integrating agent by coordinating the different areas and bringing to bear on the decisions of each department or specialist the implications pertaining to other functional areas. It thus enables business decision making not in watertight compartments but in an integrated perspective, the significance of which lies in the fact that the functional departments or specialists often enjoy considerable autonomy and achieve their desired goals. Finally, managerial economics takes cognizance of the interaction between the firm and society and accomplishes the key role of business as an agent in the attainment of social and economic welfare. It has come to be realized that business part from its obligations to shareholders has certain social obligations. Managerial economics focuses attention on these social obligations as constraints subject to which business decisions are to be taken. In so doing, it serves as an instrument in rehiring the economic welfare of the society through socially oriented business decisions. Role and Responsibilities of a Managerial Economist A managerial economist can play a very important role by assisting the Management in using the increasingly specialized skills and sophisticated techniques which are required to solve the difficult problems of successful decision making and forward planning. That is why, in business concerns, his importance is being growingly recognized. In developed countries like the U. S. A. , large companies employ one or more economists. In our country (India) too, big industrial houses have come to recognize the need for managerial economists, and there are frequent advertisements for such positions. Tatas and Hindustan Lever employ economists. Indian Petrochemicals Corporation Ltd. , a Government of India undertaking, also keeps an economist. Let us examine in specific terms how a managerial economist can contribute to decision making in business. In this connection, two important questions need to be considered :- 1. What role does he play in business, that is, what particular management problems lend themselves to solution through economic analysis? 2. How can the managerial economist best serve management, that is, what are the responsibilities of a successful managerial economist? Role of a Managerial Economist One of the principal objectives of any management in its decision making process is to determine the key factors which will influence the business over the period ahead. In general, these factors can be divided into two category, viz. , (i) External and (ii) Internal. The external factors lie outside the control of management because they are external to the firm and are said to constitute business environment. The internal factors lie within the scope and operations of a firm and hence within the control of management, and they are known as business operations. To illustrate, a business firm is free to take decisions about what to invest, where to invest, how much labour to employ and what to pay for it, how to price its products and so on but all these decisions are taken within the framework of a particular business environment and the firm’s degree of freedom depends on such factors as the government’s economic policy, the actions of its competitors and the like. * Adequate knowledge about the world economy literature: An analysis and forecast of external factors constituting general business conditions, e. . , prices, national income and output, volume of trade, etc. , are of great significance since every business from is affected by them. Certain important relevant questions in this connection are as follows :- 1. What is the outlook for the national economy? What are the most important local, regional or worldwide economic trends? What phase of the business cycle lies immediately ahead? 2. What about population shifts a nd the resultant ups and downs in regional purchasing power? 3. What are the demands prospects in new as well as established markets? Will changes in social behavior and fashions tend to expand or limit the sales of a company’s products, or possibly make the products obsolete? 4. Where are the market and customer opportunities likely to expand or contract most rapidly? 5. Will overseas markets expand or contract, and how will new foreign government legislation’s affect operation of the overseas plants? 6. Will the availability and cost of credit tend to increase or decrease buying? Are money or credit conditions ahead likely to be easy or tight? 7. What the prices of raw materials and finished products are likely to be? 8. Is competition likely to increase or decrease? 9. What are the main components of the five-year plan? What are the areas where outlays have been increased? What are the segments, which have suffered a cut in their outlay? 10. What is the outlook regarding government’s economic policies and regulations? 11. What about changes in defense expenditure, tax rates, tariffs and import restrictions? 12. Will Reserve Bank’s decisions stimulate or depress industrial production and consumer spending? How will these decisions affect the company’s cost, credit, sales and profits? Reasonably accurate answers to these and similar questions can enable management to chalk out more wisely the scope and direction of their own business plans and to determine the timing of their specific actions. And it is these questions which present some of the areas where a managerial economist can make effective contribution. The managerial economist has not only to study the economic trends at the macro level but must also interpret their relevance to the particular industry / firm where he works. He has to digest the ever growing economic literature and advise top management by means of short, business like practical notes. In a mixed economy like India, the managerial economist pragmatically interprets the intentions of controls and evaluates their impact. He acts as a bridge between the government and the industry, translating the government’s intentions and transmitting the reactions of the industry. In fact, government policies charge out of the performance of industry, the expectations of the people and political expediency. With regard to Business Operations: A managerial economist can also be helpful to the management in making decisions relating to the internal operations of a firm in respect of such problems as price, rate of operations, investment, expansion or contraction. Certain relevant questions in this context would be as follows :- 1. What will be a reasonable sales and profit budget for the next year? 2. What will be the most appropriate production Sc hedules and inventory policies for the next six months? 3. What changes in wage and price policies should be made now? . How much cash will be available next month and how should it be invested? Responsibilities of a Managerial Economist Having examined the significant opportunities before a managerial economist to contribute to managerial decision making, let us now examine how he can best serve the management. For this, he must thoroughly recognize his responsibilities and obligations. A managerial economist can serve management best only if he always keeps in mind the main objective of his business, viz. , to make a profit on its invested capital. His academic training and the critical comments from people outside the business may lead a managerial economist to adopt an apologetic or defensive attitude towards profits. Once management notices this, his effectiveness is almost sure to be lost. In fact, he cannot expect to succeed in serving management unless he has a strong personal conviction that profits are essential and that his chief obligation is to help enhance the ability of the firm to make profits. Most management decisions necessarily concern the future, which is rather uncertain. It is, therefore, absolutely essential that a managerial economist recognizes his responsibility to make successful forecasts. By making best possible forecasts and through constant efforts to improve upon them, he should aim at minimizing, if not completely eliminating, the risks involved in uncertainties, so that the management can follow a more orderly course of business planning. At times, he will have to reassure the management that an important trend will continue; in other cases, he may have to point out the probabilities of a turning point in some activity of importance to management. In any case, he must be willing to make considered but fairly positive statements about impending economic developments, based upon the best possible information and analysis and stake his reputation upon his judgment. Nothing will build management confidence to a managerial economist more quickly and thoroughly than a record of successful forecasts, well-documented in advance and modestly evaluated when the actual results become available. A few corollaries to the above proposition need also be emphasized here. First, he has a major responsibility to alert management at the earliest possible moment in case he discovers an error in his forecast. By promptly drawing attention to changes in forecasting conditions, he will not only assist management in making appropriate adjustment in policies and programs but will also be able to strengthen his own position as a member of the management team by keeping his fingers on the economic pulse of the business. Secondly, he must establish and maintain many contacts with individuals and data sources, which would not be immediately available to the other members of the management. Extensive familiarity with reference sources and material is essential, but it is still more important that he knows individuals who are specialists in particular fields having a bearing on his work. For this purpose, he should join professional associations and take active part in them. In fact, one of the best means of determining the caliber of a managerial economist is to evaluate his ability to obtain information quickly by personal contacts rather than by lengthy research from either readily available or obscure reference sources. Within any business, there may be a wealth of knowledge and experience but the managerial economist would be really useful if he can supplement the existing know-how with additional information and in the quickest possible manner. Again, if a managerial economist is to be really helpful to the management in successful decision making and forward planning, he must be able to earn full status on the business team. He should be ready and even offer himself to take up special assignments, be that in study teams, committees or special projects. Thus, a managerial economist can only function effectively in an atmosphere where his success or failure can be traced not only to his basic ability, training and experience, but also to his personality and capacity to win continuing support for himself and his professional ideas. Of course, he should be able to express himself clearly and simply and must always try to minimize the use of technical terminology in communicating with his management executives. This is because, it is well-known that if management does not understand, it will almost automatically reject. Further, intellectually he must be in tune with industry’s thinking in order to serve sensibly . Specific Functions: A further idea of the role of managerial economists can be seen from the following specific functions performed by them as revealed by a survey pertaining to Britain conducted by K. J. W. Alexander and Alexander G. Kemp :- 1. Sales forecasting. 2. Industrial market research. 3. Economic analysis of competing companies. . Pricing problems of industry. 5. Capital projects. 6. Production programs. 7. Security/investment analysis and forecasts. 8. Advice on trade and public relations. 9. Advice on primary commodities. 10. Advice on foreign exchange. 11. Economic analysis of agriculture. 12. Analysis of underdeveloped economics. 13. Environmental forecasting. The managerial economist has to gather economic data, analyze all pertinent information about the bu siness environment and prepare position papers on issues facing the firm and the industry. In the case of industries prone to rapid technological advances, he may have to make a continuous assessment of the impact of changing technology. He may have to evaluate the capital budget in the light of short and long-range financial, profit and market potentialities. Very often, he may have to prepare speeches for the corporate executives. It is thus clear that in practice managerial economists perform many and varied functions. However, of these, marketing functions, i. e. , sales forecasting and industrial market research, has been the most important. For this purpose, they may compile statistical records of the sales performance of their own business and those relating to their rivals, carry our analysis of these records and report on trends in demand, their market shares, and the relative efficiency of their retail outlets. Thus while carrying out their functions; they may have to undertake detailed statistical analysis. There are, of course, differences in the relative importance of the various functions performed from firm to firm and in the degree of sophistication of the methods used in carrying them out. But there is no doubt that the job of a managerial economist requires alertness and the ability to work under pressure. Economic Intelligence Besides these functions involving sophisticated analysis, managerial economist may also provide general intelligence service supplying management with economic information of general interest such as competitors prices and products, tax rates, tariff rates, etc. In fact, a good deal of published material is already available and it would be useful for a firm to have someone who understands it. The managerial economist can do the job with competence. Participating in Public Debates Many well-known business economists participate in public debates. Their advice and views are being sought by the government and society alike. Their practical experience in business and industry adds stature to their views. Their public recognition enhances their stature in the organization itself. Indian Context In the Indian context, a managerial economist is expected to perform the following functions :- 1. Macro-forecasting for demand and supply. . Production planning at macro and micro levels. 3. Capacity planning and product-mix determination. 4. Economics of various productions lines. 5. Economic feasibility of new production lines/processes and projects. 6. Assistance in preparation of overall development plans. 7. Preparation of periodical economic reports bearing on various matters such as the company’s product-lines, future growth opportunities, market pricing situation, genera l business, and various national/international factors affecting industry and business. . Preparing briefs, speeches, articles and papers for top management for various Chambers, Committees, Seminars, Conferences, etc. 9. Keeping management informed o various national and international developments on economic/industrial matters. With the adoption of the New Economic Policy, the macro-economic Environment in India is changing fast at a pace that has been rarely witnessed before. And these changes have tremendous implications for business. The managerial economist has to play a much more significant role. He has to constantly gauge the possibilities of translating the rapidly changing economic scenario into viable business opportunities. As India marches towards globalization, he will have to interpret the global economic events and find out how his firm can avail itself of the various export opportunities or of establishing plants abroad either wholly owned or in association with local partners. Practice questions on Unit :1 1. Define Managerial Economics . 2. How does Managerial Economics differ from Economics? 3. List the vital characteristics of the subject Managerial Economics. 4. Write a short note on the specific functions of a Managerial economist with regard to Indian context. 5. Elucidate the scope of Managerial economics along with its nature. 6. Discuss in detail Role and responsibilities of a Managerial economist . Managerial Economics free essay sample The major technique that we used in order to extract the data given is by using SPSS program which is by linear regression analysis. Regression analysis  includes any techniques for modeling and analyzing several variables, when the focus is on the relationship between a  dependent variable  and one or more independent variables. More specifically, regression analysis helps one understand how the typical value of the dependent variable changes when any one of the independent variables is varied, while the other independent variables are held fixed. Most commonly, regression analysis estimates the  conditional expectation  of the dependent variable given the independent variables that is, the  average value  of the dependent variable when the independent variables are held fixed. In all cases, the estimation target is a  function  of the independent variables called the  regression function. In regression analysis, it is also of interest to characterize the variation of the dependent variable around the regression function, which can be described by a  probability distribution. We will write a custom essay sample on Managerial Economics or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Regression analysis is also used to understand which among the independent variables are related to the dependent variable, and to explore the forms of these relationships. In restricted circumstances, regression analysis can be used to infer  causal relationships  between the independent and dependent variables. By using SPSS program, we can identify and analyze the regression result. From there, we can also found the related concept of elasticity being formed. The concept of elasticity is introduced as the tools for measuring the responsiveness of quantity demanded to changes in various factors. The first major section is considered regresiion analysis which is a statistical method for fitting the equation to set the data. It is used for demand estimation and we can analyse the result by using regression analysis. Finally, by using SPSS program, it is easier to identify and analyze the price ticket and the demand which have been effect from various sector.