The Medical Ethics Of Human Experimentation - 1793 Words

When one researches about the medical ethics in human experimentation, it is difficult to disregard the harsh realities of it. As Leonard Nimoy stated in his role as Spock in the movie, Star Trek II: The Wrath of Khan, â€Å"the needs of the many outweigh the needs of the few†. This is the cruel truth that be seen everywhere, but many people tend to ignore it since it is such a dreary thought. Many people, especially those in third world countries, are exploited every day. Large corporate companies come to typically poorer foreign nations, where there is a large gap between the rich and poor, to find cheaper workers. Many people in these foreigners tend to be desperate for money and immediately sign up for these jobs. Typical corporations would hire these people and make them work in inhumane working conditions such as long hours, less pay, and give no sanitation facilities. Although this happens on an everyday basis, there are very few people out there who challenge the large corporations. This example can also apply to medical ethics, sometimes a small amount of people have to suffer through experiments to help the general public. Although this is a morbid thought, it has been used in the past. During the mid-twentieth century, many American scientist believe that experimenting on a few people and making them suffer would create results that would be very beneficial to the general public. Today, most modern developed countries don’t believe in this ideology, but there areShow MoreRelatedAnimal Experimentation : The End Of Animal Testing1118 Words   |  5 PagesThe experimentation of animals has been used for a multitude of years for research to advance a scientific understanding of a living organism. To this day animals are being tested on for the use of human products. In 3D-printing human skin: The end of animal testing? by Jessica Mendoza, Speculative Philosophy, the Troubled Middle, and the Ethics of Animal Experimentation by Strachan Do nnelley, â€Å"Animals and Medical Science: A Vision of a New Era† by David O. Wiebers, Cruelty-free cosmetics benefitRead MoreExamination Of Past And Present Ethical Guidelines On Biomedical Research1368 Words   |  6 PagesEilidh Cowan Ethics of Biomedical Science Research Ioan Alexandru Beldean Examination of past and present ethical guidelines on biomedical research Ethics can be defined as a set of moral values informing one’s decisions. But this set of moral values can be influenced by many different things, such as various cultures, religions, and even technological advancements. This is called moral relativism, the idea that there are no real truths in ethics and what is right or wrong varies person by personRead MoreArgumentative Essay On Animal Testing859 Words   |  4 Pagesfield of health sciences is the use non-human test subjects by medical research institutions. Animals used for experimentation can provide extremely important information due to their physical and genetic similarities to humans. The tradeoff to furthering the field of medical science is that often times these experiments result in pain, suffering, and death of the test subjects. This raises serious ethical and moral questions about the use of animal experimentation. It is a matter of serious debate asRead MoreShould Animals Be Used For Scientific Experiments?1189 Words   |  5 PagesA dog is a man’s best friend, is a commonly used phrase to describe an intimate relationship between human and dog that has developed over the centuries. But is this popular phrase true? Are dogs truly a mans best friend? Some argue of course they are— they are friendly, loyal, and in most cases considered a part of the family. But there are those who will disagree—people from other parts of the world, and at different times in history. Take scientists from the nineteenth century, for example, whereRead MoreAnimal Testing For The Sole Benefit Of Humans979 Words   |  4 PagesFor years, there has been a debate regarding the use of animals in medical testing for the sole benefit of humans. Many people believe that testing on nonhuman animals solve the many issues that humans face, but most of the time animals are exploited and put through painful experimental processes. The purpose of this paper is to examine the possible alternatives to animal testing and the evaluate whether there is a reduction in animals being used for experiments. The author of this paper will examineRead MoreThe Cons of Animal Testing Essay1339 Words   |  6 PagesAt this moment, millions of animals know cold cages in laboratories as home, but why? Some of these animals are subjects for medical research purposes, while others are used out of pure curiosity and to test different products. Majority of these animals are used in painful experiments and are left in agony. While many of them die, a few animals survive, but these unfortunate ones wish they could be put out of their misery as well. Although scientists have resources they could use to lower the painRead MoreEssay about Animal Dilemma927 Words   |  4 Pagesare killed to discover new information on me dical discoveries, product testing, and for educational purposes. Many believe animal testing is inhumane because just like humans, animals feel pain as well, but others believe we should not treat animals as moral equals. However, in the recent years there have been new products introduced to decrease the use of animal testing or even possibly completely stopping it. Using animals for medical experimentation, product testing, and education is a controversialRead MoreAnimal Experimentation And Animal Testing1261 Words   |  6 PagesThis report explores the main arguments both for and against animal experimentation. The report begins with an introduction briefly outlining what animal experimentation refers to, introducing the three perspectives and highlighting the intention behind this investigation. The report then explores the positive and negative medical aspect of animal experimentation stating that it has resulted in vital vaccines benefitting both humans and animals, but also accepting it is not always reliable. The advantagesRead MoreAnimal Experimentation, Ethics, And Ethics1703 Words   |  7 Pages Animal experimentation and Ethics -Tseten dolkar The practice of experimentation on live animals as known as vivisection is prevalent since the old roman days. In the name of Science, Animals are being mistreated, exploited and murderedRead MoreAll Animals Are Equal Essay1744 Words   |  7 Pagescruelty and human rights, but when the issues are put together which will reign over the other? The author Peter Singer of â€Å"All Animals are Equal† and â€Å"Tools for Research† presents his argument for determining when animal experiments are justified. The author starts his paper with a counter argument, questioning if one would be willing to let thousands of people die if those people could be saved by experimentation on a single animal. The answer is a unanimous no; in our culture we value human life over

Paper on Depression Free Essays

Thresa BigMan University of phoenix PSY270 Week 4 Depression paper Depression is a mental illness that a lot of individuals have in today’s society. According to the University of Phoenix fundamentals of abnormal psychology, describes many different mood disorders that effect many people today, â€Å"Depression is a low, sad state in which life seems dark and its challenges overwhelming. Depression can be an illness that can be manageable to an individual that has mild symptoms there are cases of depression that can be so severe that it can take over someone’s life in the aspect that it is manageable with daily living assistance and treatment plans that include assisted living environment and anti-depressants. We will write a custom essay sample on Paper on Depression or any similar topic only for you Order Now Patients can even be misdiagnosed to have other disorders if not have a proper evaluation. Mania, the opposite of depression, is a state of breathless euphoria, or at least frenzied energy, in which people may have an exaggerated belief that the world is theirs for the taking. Most people with a mood disorder suffer only from depression, a pattern called unipolar depression. † When an individual has no history of mania and after the episode return to their normal mood others may experience periods of mania that o back and forth with periods of depression in a somewhat of a pattern is called bipolar disorder. (University of phoenix, 2011). Many individuals of all walks of life suffer from mood disorders according to the University of Phoenix Fundamentals of abnormal psychology (2011), â€Å"Mood disorders also have plagued such writers as Ernest Hemingway, Eugene O’Neill, Virginia Woolf, and Sylvia Plath. † Mood disorders have different stages of symptoms, according to the university of phoenix fundamentals of psychology (2011), â€Å"The symptoms, which often feed upon one another, span five areas of functioning: emotional, motivational, behavioral, cognitive, and physical. Emotional symptoms can have the individual feeling miserable, humiliated, and sad. In severe cases many individuals can suffer from anhedonia which can cause the patient to have the inability to feel pleasure. They begin to have no self-worth. Motivational symptoms can include according to the University of Phoenix Fundamentals of psychology (2011), â€Å"Depressed people typically lose the desire to pursue their usual activities. A lmost all report a lack of drive, initiative, and spontaneity. They may have to force themselves to go to work, talk with friends, eat meals, or have sex. The patient will not have any motivation to get up and get out of bed at times. Motivational symptoms could be that a patient doesn’t want to do anything and has to force one self to do the littlest of things in their daily life. Behavioral symptoms include behaviors where the individual becomes less active productive. Cognitive symptoms people see themselves in a very negative light and do not have a high self-worth when they accomplish something that is very substantial they do not see it in the right regards to see what they did was successful. Physical symptoms can include headaches, nausea, vomiting and sleeping issues. Physical symptoms can vary from person to person when it comes to mood disorders. Many times physical symptoms can often cloud proper diagnoses to mood disorders, according to the University of Phoenix Fundamentals of abnormal psychology (2011), â€Å"In fact, many depressions are misdiagnosed as medical problems at first. Disturbances in appetite and sleep are particularly common (Neckelmann et al. , 2007; Genchi et al. 2004). Most depressed people eat less, sleep less, and feel more fatigued than they did prior to the disorder. Proper diagnoses are often over looked because of all the physical symptoms that a person with a mood disorder can develop. Often the symptoms are treated before depression is diagnosed. When diagnosing unipolar depression, according to the University of Phoenix Fundamentals of abnormal psychology (2011), â€Å"People who experience a major depressive episode without having any history of mania receive a diagnosis of major depressive disorder. Individuals who display a longer-lasting but less disabling pattern of unipolar depression may receive a diagnosis of dysthymic disorder. Bipolar I disorder have full manic and major depressive episodes. Most of them experience an alternation of the episodes; for example, weeks of mania followed by a period of wellness, followed, in turn, by an episode of depression. Some people, however, have mixed episodes, in which they swing from manic to depressive symptoms and back again on the same day. In bipolar II disorder, hypomanic—that is, mildly manic—episodes alternate with major depressive episodes over the course of time. When dysthymic disorder leads to maojr depressive disorder, the sequence is called double depression (Taube-Schiff Lau, 2008). † Unipolar depression is often triggered when the individual is experiencing extreme stress. Forms of treatment for these types of mood disorders may include antidepressants, individual therapy, and in extreme cases an individual may have to be under constant care as the disorder has caused them to not be able to maintain their normal quality of life and may be harmful to themselves or others. Group and family therapy can be an effective form of treatment for patients. According to the University of Phoenix Fundamentals of abnormal psychology (2011), â€Å"Family-Social Treatments Therapists who use family and social approaches to treat depression help clients change how they deal with the close relationships in their lives. The most effective family-social approaches are interpersonal psychotherapy and couple therapy. † Anti-depressants are commonly given as a part of the treatment plan for a patient. According to the University of Phoenix Fundamentals of abnormal psychology (2011), â€Å"Two kinds of drugs discovered in the 1950s reduce the symptoms of depression: monoamine oxidase (MAO) inhibitors and tricyclic’s. † Proper diagnoses are the most important part about treating any mental disorder. Many times physical symptoms cloud the illness. When treating this disorder it is important to diagnose to be accurate because often these types of disorders are often prescribed antidepressants as a way to treat the illness. After proper accurate diagnoses developing a treatment plan to determine what types of treatments would the patient benefit from. Assisting the patient in a proper evaluation to diagnose correctly is also a way for the patient to learn what is a normal mood or reaction to events or stress that happens in their life time can help determine what the patient is experiencing and often even why. Treatment and proper diagnoses goes hand in hand they are as important to the patient. References University of phoenix. (2011). Fundamentals of psychology. Retrieved from University of phoenix, PSY270 website. How to cite Paper on Depression, Essay examples

Journalism/Media/Television Essay Example For Students

Journalism/Media/Television Essay Journalism/Media/Television Essay 27 Influential Years of 60 Minutes 27 Years of Influential 60 Minutes Since 1968 America has been better enlightened than previously concerning current events and happenings around the world. A considerable factor for this occurrence is the television program 60 Minutes which debuted on the air in September of 1968. Many other television newsmagazines have been produced since its creation, however none have possessed the longevity nor the influence of 60 Minutes. In fact, 60 Minutes, which is owned by CBS News, was the first regular network news program to cover actual stories as opposed to topics. Today, similar newsmagazines can be seen every night of the week on various stations, all of which were sparked by the inception of 60 Minutes. All of the tabloid television programs being shown today are also a result of 60 Minutes and its bold, gutsy, gotcha style of television journalism. 60 Minutes changed the way that the American public receives its television news, stemming forth a whole new format of television broadcast journalism. 60 Minutes has a vast history of stories covered, yet the format has remained unchanged. Don Hewett, creator and producer of 60 Minutes, has been the subject of much criticism for his stubbornness. Since its origin, 60 Minutes has continued to adhere to the same formula that made it such a success. The hidden-camera interviews, the surprising of unsuspecting alleged crooks with a bombardment of questions, the longevity of the featured reporters, all of these are what made 60 Minutes a successfinishing in the top 10 Nielson ratings for 17 consecutive seasons and counting. Other than the fact that it changed from black- and-white to color with the new technology, the appearance of 60 Minutes has remained consistent. There is no reason to change a thing about such a prosperous show according to Hewitt. Not only has the format remained constant but the reporters have as well. Mike Wallace, and Harry Reasoner both appeared on the first episode of 60 Minutes. Reasoner, who passed away in 1991, left CBS in 1970 to pursue a news anchoring position at ABC but later returned to 60 Minutes, in 1978, until his death. Wallace and Morley Safer, who started in 1970, are still featured reporters as well as Ed Bradley (who joined the team in 1981) and newcomers Lesley Stahl and Steve Kroft. 60 Minutes would not be the same without the weekly commentary of Andy Rooney. Rooney started making a regular appearance in 1978 offering humorous, sometimes controversial annotations about everyday life. A well known prime time TV news anchor who did much of his best work at 60 Minutes is Dan Rather. When Rather joined the other prestigious journalists he had a reputation as a tough, aggressive reporter; in other words, he fit in perfectly. Rather left in 1981 to takeover The CBS Evening News, leaving with him a hard-nosed investigator who would do whatever it took to capture the whole story. All of these factors combined to form a one-of-a-kind TV newsmagazine with solid ratings; clones were destined to follow. Following in the wake of success, many spin-offs were created in an attempt to grab a piece of the action. There were many reasons for following the suite of 60 Minutes and not many reasons not to. The biggest incentive (in the eyes of the other network executives) for striving to reproduce 60 Minutes was the substantial amount of revenue created by this program. 60 Minutes requires a remarkably less amount of money to produce than a situation comedy. And because the CBS network owns the show, these were earnings that went straight to the corporation. 60 Minutes has turned out to be quite a goldmine for CBS because the program has not only brought in the highest profit of any other show in history, but most of all their other shows combined. .ub005f23bcd975880659ab0282b33fa7f , .ub005f23bcd975880659ab0282b33fa7f .postImageUrl , .ub005f23bcd975880659ab0282b33fa7f .centered-text-area { min-height: 80px; position: relative; } .ub005f23bcd975880659ab0282b33fa7f , .ub005f23bcd975880659ab0282b33fa7f:hover , .ub005f23bcd975880659ab0282b33fa7f:visited , .ub005f23bcd975880659ab0282b33fa7f:active { border:0!important; } .ub005f23bcd975880659ab0282b33fa7f .clearfix:after { content: ""; display: table; clear: both; } .ub005f23bcd975880659ab0282b33fa7f { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ub005f23bcd975880659ab0282b33fa7f:active , .ub005f23bcd975880659ab0282b33fa7f:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ub005f23bcd975880659ab0282b33fa7f .centered-text-area { width: 100%; position: relative ; } .ub005f23bcd975880659ab0282b33fa7f .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ub005f23bcd975880659ab0282b33fa7f .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ub005f23bcd975880659ab0282b33fa7f .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ub005f23bcd975880659ab0282b33fa7f:hover .ctaButton { background-color: #34495E!important; } .ub005f23bcd975880659ab0282b33fa7f .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ub005f23bcd975880659ab0282b33fa7f .ub005f23bcd975880659ab0282b33fa7f-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ub005f23bcd975880659ab0282b33fa7f:after { content: ""; display: block; clear: both; } READ: Mihai Eminescu Essay It comes as no surprise that other networks dived into the newsmagazine business. Some of the more notable programs to cash in on the new format for broadcasting news include Prime Time Live, 20/20, and Entertainment Tonight. Entertainment Tonight branched off into a less newsworthy, more Hollywood scene which later set the pace for PM Magazine, .

Oliver Cromwell free essay sample

Oliver Cromwell: A Visionary Among Parliamentarians Due: January 11, 2013 6 Oliver Cromwell rose from his humble heritage in English society to become the Lord Protector of England, Scotland, and Ireland, the first and only man without royal blood to do so. His played a prominent role in bringing about the trial and beheading of King Charles I; he took control of the Parliaments professional Army and went forth on the most cruel military action England had ever undertaken against the neighbouring nations; and he accomplished a level of religious freedom that had been unaccepted in England for the past hundred years. Oliver Cromwell was indeed a unique leader, one who wanted what was best for his fellow countrymen and completely devoted himself to his life as a Parliamentarian. Oliver Cromwell should be judged by history for his actions as a visionary who championed Parliamentarian values. Everything Cromwell did was what he believed to be in the best interest of England and its people. We will write a custom essay sample on Oliver Cromwell or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Oliver Cromwell supported the Parliament and continued to be an active member of it even though King Charles I had distanced himself from the Parliament and was ruling according to his own will with no regard to the law. Cromwell had played a substantial role in the execution of King Charles I, not because he entertained any selfish ideas concerning Charles throne, but because he truly believed England would be better off without the trouble-causing head of state. Through this, he taught the people the fundamental value of holding their rulers accountable. [1] Cromwell also helped to form the New Model Army. The New Model Army was a professional army formed in a sense by the people for the people. Social class had no worth in the Army, all men were equal and were recruited according to ability, not wealth or social status. 2] Cromwell was well known for his aptitude for military tactics and strategies; he lead his regiment, the Ironsides, to victory in every battle they fought. He fought to protect England from invaders, from the disputing neighbours, Scotland and Ireland, and also to keep 6 the order of government he believed would work best for both the upper and lower class of citizens. Cromwell u sed the authority given to him as the Lord Protector in an attempt to reform the people of England, in what he called â€Å"Godly reformation†. Cromwell devised a programme designed to cleanse the people of their sinful habits such as drinking, immorality and general trouble-making. [3] He was a man who sought to give England â€Å"not what they want, but what is good for them. †[4] Oliver Cromwell was not the sort of man to support a ruling of the Parliament and then sit back and hope it was carried through; he personally ushered in the end of the English Civil War by defeating an uprising of Charles II supporters in 1650 amp; 1651. Despite continued opposition throughout his years, Cromwell did not back down or leave the public to fend for themselves, instead he led them ceaselessly until there was peace once more among the countries. The definition of a visionary is someone who acts bravely in support of an idea, despite all odds and then popularizes it. [5] An example of Cromwell having done this was with the proposal of overthrowing Charles I, as Cromwell was a big contributor to that final decision, not merely because of his voiced support but also the leading effect he had on people. They were prone to following his lead, not only because he was a very influential and intelligent man, but also because he was not afraid of changing tradition and he constantly had Englands best interests in mind. During his lifetime, Oliver Cromwell successfully served England as a Member of the Long Parliament, as the New Model Armys leader and as their Lord Protector. Oliver Cromwells strong Puritan beliefs lent an extremist edge to his decisions and actions during his life, however, faith did not hold superiority over his Parliamentarian contributions. Cromwell may have held fast to the Puritan religion, but it did not keep him from being a fierce and merciless soldier on the battlefield, fighting for the Parliaments professional Army. Cromwell was born 6 a commoner of humble beginnings but achieved his respect and lofty position in the Long Parliament due to his rise through the military until he was Commander-in-Chief of the New Model Army, in which he aided the recruitment and command. He also created and led the formidable cavalry force called â€Å"the Ironsides†, who were reputed for their courage and strength in battles and remained undefeated . He was convinced that he and his Ironsides were doing the will of God, and accordingly attributed all of their victories on the battlefield to the glory of God. Regarding the Battle of Marston Moor, Cromwell is recorded to have said in a letter to his brother-in-law â€Å"truly England and the Church of God hath had a great favour from the Lord, in this great victory given us, such as the like never was since this war began. †[6] Cromwell preferred his soldiers to be of the same religious beliefs as himself as he enlisted them, although many of his men would become Puritans while in the service of the New Model Army under Cromwells leadership. In a letter to his nephew, Colonel Valentine Walton, on July 5, 1644, Cromwell spoke of his unfaltering loyalty to the Parliament and his desire to see due authority to be granted to the Members of Parliament: We study the glory of God, and the honour and liberty of parliament, for which we unanimously fight, without seeking our own interests I profess I could never satisfy myself on the justness of this war, but from the authority of the parliament to maintain itself in its rights; and in this cause I hope to prove myself an honest man and single-hearted. 7] Cromwell sought what he called â€Å"liberty of conscience†; a range of freedom granted to the various Protestant groups in England to practice their faith in peace, not being bothered by anyone and to not be a bother to anyone themselves. [8] For the past hundred years, England had not tolerated any sort of people with differing religious backgrounds to populate its land, but in 1657, Cromwell established the religious a cceptance of Jews so that they were once again able to live within Englands borders and he 6 encouraged their immigration. 9] It was well known amongst the people around Cromwell that he was a man who lived by his faith, who promoted Puritanism to others and changed the principles of the Parliament that differed with what he believed in. However, Cromwell was quick to take action on Parliamentarian business when needed, his motions to change the Church and such other endeavours temporarily forgotten as he was sent out on political business. As England prepared for a fully launched civil war, Oliver Cromwell was one of the MPs who was sent out to places such as Huntingdon nd Elys to recruit men â€Å"for the defence of the realm†. [10] Oliver Cromwell may have been a very strictly religious man who wanted to serve God in everything he did, but his real ambition was to see the Parliament granted the authority it deserved and to improve the laws the people lived by. Oliver Cromwell was a very authoritative and influential figure in his time, and became to the people â€Å"a king in everything but name†, although he was never truly their â€Å"King†. Cromwell served England as their Lord Protector, yet he refused the offer to become the next King of England on multiple occasions. 11] Cromwell was a solid supporter of the execution of King Charles I, once he realized that Charles had gone too far from the Parliament to be reasoned with. Cromwell later defeated and exiled the heir to the throne, Charles I I, thus leaving England without their traditional monarch. Having said this, it should be understood that Cromwell was not against the monarchy; he had wished to replace the late Charles I with one of his sons but none proved to be suitable. The original heir, Charles II, was not crowned the next king as the young prince had taken up an allegiance with the Scots and attempted to invade England. 12] On March 17, 1649, not long after the execution of Charles I, the Long Parliament passed an act stating that the monarchy had been terminated, thus making England a 6 Commonwealth and free state, and also promoting the Rump Parliament and Council State to the position of being the overriding authority of the nation. [13] For the five years during which Oliver Cromwell held the title of Lord Protector, he ultimately had the ability to make laws and govern the people as he saw fit. He wished for the government to work smoothly and in co-ordinance with one another, but had no patience for th ose that did not. Oliver Cromwell had the Rump Parliament disassembled on April 20,1653, with these words; â€Å"You have sat here too long for the good you do. Depart, I say, and let us have done with you. In the name of God, go! †[14] The responsibilities and influence once held by the Rump Parliament were handed over to the Barebones Parliament; the Nominated Assembly that Cromwell constituted in July of 1653. The members of this Parliament were selected for their religious spirit and open-mindedness and were expected to bring uprightness into the Commonwealth. [15] His influence over the New Model Army as a definite contributing factor to Cromwells position as Lord Protector. Cromwell faced his share of opposition against his restrictions on drinking and merrymaking, and often had to resort to using military force to carry out his laws as he did not have the ultimate authority of punishment that a King would have. Oliver Cromwell was the king-like figure of England, but he never accepted th e crown nor the title of King of England. Oliver Cromwell accomplished much during his time as a politician and Member of the Long Parliament, the colonel of Englands first Parliamentarian army, and in the resurrected position of Lord Protector. He was a key figure in the English Civil War and in the regicide of King Charles I, and then took the full responsibilities of ruling the country without a king to lead them. Cromwell should be viewed by history as a visionary who achieved much for the sake of England and against all odds championed the Parliamentarian values. Bibliography Halsall, Paul. †Oliver Cromwell: A letter to his brother-in-law after the Battle of Marston Moore. 1644† Modern History Sourcebook. 9 January 2013. http://www. fordham. edu/halsall/mod/1644cromwell-marston. asp Morrill, John. â€Å"Oliver Cromwell†. BBC History. 7 January 2013. http://www. bbc. co. k/history/british/civil_war_revolution/cromwell_01. shtml Author Unknown. â€Å"Oliver Cromwell†. Heritage History. 8 January 2013. http://www. heritage-history. com/www/heritage. php? Dir=charactersamp;FileName=cromwell2. php Phillips, Charles. The Illustrated Encyclopedia of Royal Britain. Leicestershire, Hermes House, Anness Publishing Ltd, 2006: 150 + Plant, David. â€Å"Biography of Oliver Cromwell. † British Commonwealth and Civil Wars. 2 January 2013. http://www. british-civil-wars. co. uk/biog/oliver-cromwell. htm Trueman, Chris. â€Å"The New Model Army†. History Learning Site. 5 January 2013. http://www. historylearningsite. co. k/new_model_army. htm Author Unknown. â€Å"The Rump Dissolved. † www. parliment. uk. 5 January 2013. http://www. parliament. uk/about/living-heritage/evolutionofparliament/parliamentaryauthority/civilwar/overview/rump-dissolved/ [ 1 ]. John Morrill, â€Å"Oliver Cromwell†, BBC History. (February 17, 2011) http://www. bbc. co. uk/history/british/civil_war_revolution/cromwell_01. shtml [ 2 ]. Chris Trueman, â€Å"The New Model Army†, History Learning Site. http://www. historylearningsite. co. uk/new_model_army. htm [ 3 ]. â€Å"Cromwell and Religion†, The Cromwell Association. 2001-2005 http://www. olivercromwell. rg/cromwell_and_religion. htm [ 4 ]. â€Å"Quotes of Olive r Cromwell†, The Cromwell Association. 2001-2005 http://www. olivercromwell. org/quotes1. htm [ 5 ]. Dictionary. com, â€Å"Visionary†, http://dictionary. reference. com/browse/visionary? s=t [ 6 ]. Paul Halsall, â€Å"Modern History Sourcebook†, (July 1998) http://www. fordham. edu/halsall/mod/1644cromwell-marston. asp [ 7 ]. Wikiquote, â€Å"Oliver Cromwell†, http://en. wikiquote. org/wiki/Oliver_Cromwell#Quotes_about_Cromwell [ 8 ]. â€Å"Cromwell and Religion†, The Cromwell Association, 2005 http://www. olivercromwell. org/cromwell_and_religion. htm [ 9 ]. â€Å"Oliver Cromwell†, Heritage History, 2007-2012 ttp://www. heritage-history. com/www/heritage. php? Dir=charactersamp;FileName=cromwell2. php [ 10 ]. John Morrill, â€Å"Oliver Cromwell†, BBC History. (February 17, 2011) http://www. bbc. co. uk/history/british/civil_war_revolution/cromwell_01. shtml [ 11 ]. David Plant, â€Å"Biography of Oliver Cromwell†, British Civi l Wars and Commonwealth, http://www. british-civil-wars. co. uk/biog/oliver-cromwell. htm [ 12 ]. Ibid. [ 13 ]. Charles Phillips, â€Å"Commonwealth and Protectorate†, The Illustrated Encyclopedia of Royal Britain. (Anness Publishing Ltd. 2006, 2011) 154 [ 14 ]. Ibid. , 154. [ 15 ]. www. parliament. uk,

Benchmarking Money Transfer Services

Benchmarking Money Transfer Services Free Online Research Papers Money transfer overseas is that process in which money can be transferred from one location to another. Various companies are offering this type of services to a large number of customers. Money transfer process is fast, reliable, as well as convenient to manage. By these methods, money can be sent or received in any part of the world without any harassment. Western Union Money Transfer was incorporated in the year 1851 and is a leading financial services provider specializing in money transfer business in the United States. Western Union Money Transfer offers a wide variety of services to its customers, which include money orders, consumer-to-consumer money transfer and many other types of commercial services. In 2006, the number of operating units of the Western Union Money Transfer was 2700,000 with branches of this renowned financial service in more than 200 countries worldwide. When it comes to sending money from place to place, Western Union is the most well-known money-transfer company around. While Western Union is the forerunner in this service industry there are alternatives. Western Unions main competition is from MoneyGram. MoneyGram allows customers to send and receive money through 75000 centers throughout 175 countries across the world. MoneyGram has been providing trusted payment and financial services since 1940. MoneyGram diversity of branches gives you choice and convenience, with many offering extended hours so you can send and receive money at a time that’s convenient for you. MoneyGram claims to be cheaper than the leading money transfer provider, although costs may vary by country and the amount of the international money transfer. Furthermore, Western Union started a strategy to decrease their prices in 2009, and they could be cheaper than MoneyGram. This issue will be presented and analyzed through this research. 1.2 Problem Presentation In this case study, I’m working with Ahli Bank (quality assurance department), who are looking forward to improve the performance of MoneyGram service in Jordanian market. They need to measure the level of people awareness of their money transfer service as a main competitor of the leading Money transfer service Western Union, taking in consideration that Western Union has a monopolistic position in Jordan. They need also to know how satisfied the current customers with their service in order to make any improvements and to be able to close the service gaps. They need also to plan their marketing strategy accordingly, so they need to know where they should align their plans, how they could increase their market share by increasing people awareness in the first place. They need a real comparison between two services to take a full image about the current situation, and how could Western Union succeed with continuous efforts for improving themselves, and rewarding their cust omers to keep their loyalty. They need to collect Jordanian feedback and measure their responses, measure their awareness, and loyalty level. So, which attributes should be measured? How much do a quick response, the spread and costs affect customers’ satisfaction? How should they gather the customer expectations? How should the company fulfill these expectations? How could they close the service gap? How could they achieve and sustain a competitive advantage? And how could they shine in money transfer industry in Jordanian market?! 1.3 Why benchmarking Benchmarking is the master key to becoming the best; and it is one of the most effective means to identify improvements which can make a significant difference to our service. This improvement could be defined as increasing customer satisfaction in the most effective manner. In this research, we are trying to provide Ahli Bank with solid data about the awareness and performance of MoneyGram service comparing with the main competitor Western Union. 1.4 Purpose 1. To highlight money transfer services in Jordan. 2. To benchmark money transfer services – MoneyGram and Western Union – in the following dimensions: Spread Cost Awareness SERVQUAL five dimensions: Reliability Responsiveness Assurance; Empathy, and Tangibility 3. To discover the gaps between MoneyGram and Western Union, and come up with recommendation that may close the gaps and help Ahli Bank to improve the performance of MoneyGram. 1.5 Strategy The strategy in this project as follows: 1. Distributing a survey which built on SERVQUAL model, the results of this survey are analyzed and measured to give us a feedback about the gap between MoneyGram and the money transfer leader Western Union. 2. Visiting the suppliers of money transfer services (banks, and money exchange agents) 3. Electronic awareness survey to measure the awareness level of MoneyGram service as a competitor of Western Union. 4. Calculating the net promoter score NPS, to measure the responses on the recommend question, and measure the loyalty of customers. 5. Collecting information about the cost and spread of both services. 1.6 Limitations 1. Limited time to complete the study. So we can’t conduct interviews with money transfer users to get more information about their needs and attitudes. 2. Confidentiality of data regarding the visited agents, especially when they know the visit is for research purposes. 3. Confidentiality of Ahli bank documents: all data are gathered outside the bank, using surveys and mystery shopping. 4. Jordanian culture: Jordanian can’t understand the importance and added values of research, so they keep their information confidential, they are preservatives from participating in surveys, and they are not aware of their requirements and needs when they are answering the service quality questions. These issues complicate data collection process. 2.0 Methodology 2.1 Process Analysis – Flowchart The following flowchart represents the process of sending and receiving money through money transfer agents. 2.2 SERVQUAL Survey SERVQUAL is an instrument for measuring how customers perceive the quality of a service. This method is based on the five quality dimensions: Tangibles – the appearance of the physical facilities and materials related to the service Reliability – the ability to perform the service accurately and dependably Responsiveness – the willingness to help customers and provide prompt service Assurance – the competence of the system and its security, credibility and courtesy Empathy – the ease of access, approachability and effort taken to understand customers’ requirements The data obtained from this tool can be used to compute service† quality gaps. By examining these various gap scores a company can not only asses its overall quality of service as perceived by customers but also identify the key dimensions, and facets within those dimensions, on which it should focus its quality improvement efforts. Our survey in this project is based on SERVQUAL instrument, with 20 questions to cover the service quality five dimensions, 4 questions each (See Appendix 1). We had distributed the survey in Arabic language, and we tried to cover different age groups, different education levels, and different occupations. 2.2.1 Survey Analysis Sample size: 64 participants (Random sampling) 48 responses were included in our analysis. (75%) 16 responses were excluded from our analysis (25%). These responses were from Ahli bank employees, which could bias our analysis to MoneyGram. Western Union users: 67% of the sample ïÆ'   81% using money exchange subagents 19% using banks MoneyGram users: 23% of the sample ïÆ'   18% using money exchange subagents 82% using banks Other services users (SpeedCash, Wire transfer †¦): 10% of the sample ïÆ'  supplied by banks Sample demographics: Demographic variables Segments and percentages Gender 52% Male 48% Female Age group 2% Less than 21 48% 21 to 30 25% 31 to 40 17% Above 41 years Educational level 45% Bachelor 6% Master and above 13% College and less 36% Unspecified Occupation Teachers, Lawyers, Pharmacists, Managers, students†¦ Table 1: SERVQUAL survey sample demographics 2.2.2 SERVQUAL methodology 1. The answers of survey 20 questions were entered in an Excel sheet, where the answers of Western Union users separated from the answers of MoneyGram users. 2. Find the average score for every statement of 20 statements. 3. Calculate the Gap Score for each of the statements where the Gap Score = Perception – Expectation. (We have considered the expected score to be 4.25 for all questions) 4. Obtain an average Gap Score for each dimension of service quality by finding the average gap score for the statements that constitute the dimension. 5. Calculate the importance weights for each of the five dimensions of service quality constituting the SERVQUAL scale. The sum of the weights should add up to 100. We had distributed the dimensions statements (in Appendix 2) for some people where every statement represents a one specific dimension (Sample: 30 participants) The average weight score for each dimension after analyzing the responses is displayed in the table 2. 6. Calculate the weighted average gap score for each of the five dimensions of service quality multiplying the average gap score for every dimension by the weighted scores. Then sum the calculated scores to obtain the average weighted gap score. (See table 2) 7. Calculate the weighted average score for each of the five dimensions of service quality by weighting the average score to the weight for each dimension (for example: Tangibility weighted score = ( 3.84 * 18.93 )/5 = 14.55). Then sum the calculated scores to obtain the average weighted score. (See table 3) 2.2.3 Findings Our results for Western Union and MoneyGram in the following tables: Dimension Western Union MoneyGram Average Gap Score Weight Weighted Gap Score Average Gap Score Weight Weighted Gap Score Tangibility -0.41 18.93 -7.69 -0.55 18.93 -10.33 Reliability -0.32 22.78 -7.29 -0.43 22.78 -9.84 Responsiveness -0.25 22.44 -5.61 -0.41 22.44 -9.18 Assurance -0.14 18.9 -2.66 -0.41 18.9 -7.73 Empathy -0.38 16.95 -6.36 -0.64 16.95 -10.79 Average Weighted gap score -29.61 -47.86 Dimension Western Union MoneyGram Average Score Weight Weighted Score Average Score Weight Weighted Score Tangibility 3.84 18.93 14.55 3.70 18.93 14.03 Reliability 3.93 22.78 17.90 3.82 22.78 17.40 Responsiveness 4.00 22.44 17.95 3.84 22.44 17.24 Assurance 4.11 18.9 15.53 3.84 18.9 14.52 Empathy 3.88 16.95 13.14 3.61 16.95 12.25 Average Weighted score 79.08 75.43 Table 2: SERVQUAL Weighted Gaps Scores Table 3: SERVQUAL Weighted Scores Chart 1: Displaying weighted gap scores Chart 2: Displaying weighted scores Implications 1. A negative Gap score indicates that the actual service (the Perceived score) was less than what was expected. Accordingly, we can find that the two services are supplied under expectation, but with higher gap for MoneyGram service. 2. The highest gaps are in tangibility and empathy dimensions for MoneyGram, they should work more on these two dimensions to provide them in more quality oriented manner. 2.3 Awareness Survey Electronic survey had been created using Vista survey (vista-survey.com/). It was arranged logically, so the questions that will be presented are related to the previous answers. For example, if the participant said that he never heard about MoneyGram, I will not ask him if he ever used MoneyGram service. (The complete sets of questions in the awareness survey are listed in Appendix 4). 2.3.1 Survey Analysis Sample size: 73 participants Western Union users ïÆ'   56% (40 participants) MoneyGram users ïÆ'   8% (6 participants) Other services users ïÆ'   5% Not current users of money transfer services ïÆ'   34% Sample Demographics: Demographic variables Segments and percentages Gender 52% Male 48% Female Age group 7% 18 to 25 47% 26 to 30 27% 31 to 35 5% 36 to 40 14% Above 41 Employment Status 79% Employed full time 3% Employed part time 12% Homemaker Full time student 3% Retired 3% Currently unemployed 2.4 Net Promoter Score (NPS) NPS is a management tool that can be used to gauge the loyalty of a firms customer relationships. We can calculate NPS based on the answer of the recommend question in the survey, the answers are classified as follows: Promoters – who answered YES are loyal enthusiasts who will keep buying and refer others, fueling growth. Passives – who answered Not Sure are satisfied but unenthusiastic customers who are vulnerable to competitive offerings. Detractors – who answered NO are unhappy customers who can damage your brand and impede growth through negative word-of-mouth. NPS captures two key behaviors: 1. Buyer economics (the value of the customer) 2. Referral economics (their potential value through referral). The first deals with an individual’s own choices and the second with how those choices influence others. The difference- the net- is the metric of interest. It takes into account the positive impact of Promoters (higher repurchase rates and referrals) and the negative impact of Detractors (negative comments, lower repurchase rates) to yield a summary metric. Higher percentages of Detractors also link to reduced growth rates. This evidence shows that it is not just Promoters but the absence of Detractors that create a positive growth engine. The ultimate question (The recommend question) We asked the following question in our survey to calculate NPS: Q. Would you recommend the service provider for other people? Results from SERVQUAL survey: Western Union users MoneyGram users YES 84% 74% Not Sure 13% 26% NO 3% 0% NPS = Promoters – Detractors NPS (Western Union) = 84% – 3% = 81% NPS (MoneyGram) = 74% 0% = 74% Results from electronic awareness survey: Western Union users MoneyGram users Absolutely, all of the time (Promoters) 36% 17% Most of the time (Promoters) 39% 67% May or may not (Passives) 15% 17% Probably not (Detractors) 5% 0% Would never recommend (Detractors) 5% 0% NPS = Promoters – Detractors NPS (Western Union) = (36% + 39%) – (5% + 5%) = 65% NPS (MoneyGram) = (17% + 67%) – 0% = 84% Implications: NPS for Western Union is greater than MoneyGram, so Western Union users could promote the service more than MoneyGram users. We have some passives for both services (higher for MoneyGram); those can be attracted by competition easily. MoneyGram in the two surveys doesn’t’ have detractors. This is a good indication of potential growth. But in this study, we can relate this result to the few no. of participants from MoneyGram users. That’s because, we used random sampling, and we expect the percentage of MoneyGram users in the sample is reflecting the actual no. of users. The two scores are considered quite high, we need more research and interviewing people with open-ended questions to elaborate more about their attitude toward their money transfer service, and this should be conducted by Ahli bank on 60% of MoneyGram users as this research has limited time to be finished. NPS is a good methodology to adapt it. It needs more research, and group discussions to be implemented in the bank. 2.5 Area of study Our area of study is Gardenz Street. We did choose this street as it has a well and large coverage of money transfer agencies. We have found that the spread of the services over the banks and money exchange agencies in this area as follows: 15% MoneyGram 85% Western Union International spreading of the two services as follows: 97% for Western Union 3% for MoneyGram We can find that these international spreading numbers are reflected into Jordanian market, regardless that the spread in our area of study was quite higher than international numbers. 2.6 Mystery Shopping Duration: 3 days Location: Banks and money exchange agents in Gardenz Street. Tool: Checklist (see Appendix 3) The visited suppliers: Western Union MoneyGram Banks Housing bank Jordan Kuwait bank Commercial bank Jordan bank Ahli bank Money exchange agents Petra ME Aboud ME AlFurat ME AlAlami ME Abu Shaikha ME Mesharbesh ME AlRaed ME Summary: The above listed money transfer suppliers were visited. These suppliers are located in our study area (Gardenz Street). We are looking in our visits to check if the standards are implemented and to which level they are performed. We have covered the following dimensions in the visits: the sign, promotion and feature knowledge, application filling, and extra benefits provided to customers. Analysis: Suppliers average scores: Western Union MoneyGram Banks 3.51 3.19 Money exchange agents 2.72 2.6 Field Observations: 1. The banks supply the service in more quality oriented manner. That’s because the banks are well prepared for providing financial services, and the money transfer is one of the main services delivered to customers. 2. It was obvious that the banks don’t give attention and priority for money transfer service as one of their services, so they don’t have a specific employee for this service, the customer should wait in a queue most of the time, and you could wait a long time to find the responsible part inside the branch to deliver the service to you. 3. The money exchange agent can supply the service without long waiting time, they have specific employee to serve you, and the time for delivering the service is more convenient for customers. But the money exchange agents don’t follow standards in tangibility (cleanness, modern equipments), and their employees don’t have the required knowledge in delivering this service. 4. The sign of Western Union is attractive in its color and size in most suppliers’ offices. That’s doesn’t apply on MoneyGram at all, it could takes you long time to perceive an agent while you are passing by the car. 2.7 Price Comparison (Transfer Fees) The transfer fees are set from the international companies of both services. Sending $1000 from Jordan to the following countries: MoneyGram Western Union Egypt $12 $15 Philippines $12 $15 Srilanka $19.9 $15 Indonesia $9 $10 Emirates $50 $47 Implications: There are some countries were MoneyGram is cheaper than Western Union. Western Union revised their prices and minimized them since one month from starting this study. It was more expensive than MoneyGram. Western Union used the same low transfer fee for all the countries which have high number of labors inside Jordan. Those labors are the most targeted customers who care about the prices to be low and competitive. 3.0 Outcome 1. Benchmarking results Based on the previous analysis, each one of the following criteria will be given a rate out of 5, to be able to determine the gap between the two services. Western Union MoneyGram SERVQUAL Dimensions 3 2 Market Share 5 1 Awareness 4 1 Price 4 4 Spread 5 2 The above table shows that the Western Union is better performing in most criteria, and the price is the only one that provided on the same level from both services. 2. Awareness The following pie chart illustrates the awareness level of MoneyGram in Jordanian market (based on awareness survey results) 3. Service quality The service quality in which money transfer service is supplied should be revised and work on for both services to be more reliable and competitive, but MoneyGram should work more on service quality as it has higher gap from expected performance than Western Union in SERVQUAL dimensions. 4. Spread The spread of MoneyGram suppliers over the studied area was in very low percentage comparing with Western Union. But we can find lower percentage in international spreading of MoneyGram which could reflect on most areas inside Jordan (3% MoneyGram, 97% Western Union) 5. Customers Preference The customers would like to use money exchange agencies for transferring money for their prompt service and availability for longer period of time, but the most suppliers of MoneyGram are banks!!! 6. Money Transfer Fees The transfer fees of the two services could be on the same level, some countries are cheaper for Western Union, and some are cheaper for MoneyGram. 4.0 Recommendations 1. Increase the number of money exchange agents who supply the service on the quality standards of the contactor (Ahli bank). That’s because most of money transfer users prefer to use money exchange agencies for this service. 2. Apply NPS score and its improvement methodology. NPS when combined with appropriate diagnostics and follow-up actions; it drives improvements in customer loyalty and enables profitable growth. Ask the customers the recommend question, calculate NPS form time to time, and seek to increase the promoters and decrease the detractors. 3. Increase Awareness level. Jordanian people are not aware of MoneyGram service as a main competitor of Western Union, and a reliable service for money transfer, and half of them they don’t hear about it before. Accordingly, Ahli bank should start awareness campaign and creative marketing to increase the awareness level. 4. Apply quality standards for money exchange subagents. They should implement Ahli bank quality standards, to deliver the money transfer service as customers’ expectations. That could be applied by providing them with training on service quality, and continuous monitoring for their commitment to standards. International company should assign a budget for these training as well. 5. Review prices with the international company. Provide the customers with affordable and competitive prices to keep their loyalties. Moreover, offer them extra benefits like special discounts and gifts in continuous manner. 6. Review the sign with the international company. It should have more attractive colors and design, and which should reflect the brand all of the time, and the color should be positioned in customer mind for MoneyGram as we always perceive the yellow color for Western Union. 7. Activate online money transfer for Jordan. The online money transfer is available through MoneyGram website for some specific countries. They should negotiate with the international company to make Jordan one of them, so customers can send money from and to Jordan electronically with lesser transfer fees. 8. Continuous quality improvements and benchmarking. Find new area for improvement; evaluate the processes, benchmark against competitors continuously. References http://finance.mapsofworld.com/money/transfer/western-union.html,  © Mapsofworld.com 2008 https://www.moneygram.com/,  © 2009 MoneyGram Ms. Rawan Sharabi Ahli Bank Quality Manager Email: rawansa@hotmail.com Appendix 1 – SERVQUAL Survey Talal Abu Ghazaleh College of Business Questionnaire The following survey is built to benchmark the money transfer services and to assess the quality in providing this service. As a user of money transfer service, we would like you to participate in this survey. All data will remain confidential in strict accordance with the ethical standards. Please answer the following questions as accurately as possible. Thank you for helping me to complete this dissertation research. Which money transfer service are you using? Moneygram Western Union Other What is the service provider channel that you are using the money transfer service through (Name the bank or the money exchange agency)? Why did you choose it for this service? Read the following items carefully which concerns money transfer service that you are using: Circle one number for each statement: Strongly Disagree (1), Disagree (2), Not Sure (3), Agree (4) and Strongly Agree (5) 1. The service provider has modern looking equipment. (LCD, furniture, PCs, printers, queuing system, ) 1 2 3 4 5 2. The service provider has clean office and equipments 1 2 3 4 5 3. The service providers reception desk employees are neat appearing (well dressed, well shaved, suitable makeup, ) 1 2 3 4 5 4. Materials associated with the service (such as postures, brochures) are visually appealing at the service provider. 1 2 3 4 5 5. When the service provider promises to do something by a certain time, it does so. 1 2 3 4 5 6. When you have a problem, the service provider shows a sincere interest in solving it. 1 2 3 4 5 7. The service provider performs the service right the first time. 1 2 3 4 5 8. The service provider insists on error free records. 1 2 3 4 5 9. Employees in the service provider tell you exactly when the services will be performed. 1 2 3 4 5 10. Employees in the service provider give you prompt service. 1 2 3 4 5 11. Employees in the service provider are always willing to help you. 1 2 3 4 5 12. Employees in the service provider are never too busy to respond to your request. 1 2 3 4 5 13. The behaviour of employees in the service provider instils confidence in you. 1 2 3 4 5 14. You feel safe in your transactions with the service provider. 1 2 3 4 5 15. Employees in the service provider are consistently courteous with you. 1 2 3 4 5 16. Employees in the service provider have the knowledge to answer your questions. 1 2 3 4 5 17. The service provider has operating hours convenient to all its customers. 1 2 3 4 5 18. The service provider has employees who give you personal attention. 1 2 3 4 5 19. The employees of the service provider understand your specific needs. 1 2 3 4 5 20. The service provider has your best interests at heart. 1 2 3 4 5 Would you recommend the service provider for other people? Yes No Not sure Name(Optional): _____________________________ Gender: Male Female Age: _______________ Nationality: ___________________________________ Education: ____________________________________ Occupation: ___________________________________ Appendix 2 – Survey Dimensions Weighting German Jordanian University Questionnaire Money Transfer Services Benchmarking Listed below are the five sets of features pertaining to money transfer suppliers. We would like to know how much each of these sets of service features is important to you. Please set the points for each of the following features according to how important it is to you (Points: from 1 to 5). Features Points 1. The appearance of the suppliers’ physical facilities, equipment, personnel and communication materials. 2. The suppliers’ ability to perform the promised service dependably and accurately 3. The suppliers’ willingness to help customers and provide prompt service. 4. The knowledge and courtesy of the suppliers’ employees and their ability to convey trust and confidence. 5. The caring individual attention the supplier provides its customers. 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Please answer the following questions as accurately as possible. Thank you for helping me to complete this dissertation research. 1. Have you ever heard of MoneyGram service before? ( ) Yes ( ) No ( ) Not sure 2. How did you first hear about MoneyGram service? ( ) Magazine ( ) Radio ( ) Internet ( ) TV ( ) Friend or relative ( ) Other If Other, please specify: 4. Are you currently using the money transfer service? ( ) Yes ( ) No 5. Which is the money transfer service you are using? [ ] MoneyGram [ ] Western Union [ ] Express [ ] Other If Other, please specify: 6. Overall, how would you rate MoneyGram service? ( ) Excellent ( ) Very Good ( ) Good ( ) Fair ( ) Poor 8. What is your favorite thing about MoneyGram service? 9. Would you recommend your money transfer service to another person? ( ) Absolutely, all of the time ( ) Most of the time ( ) May or may not ( ) Probably not ( ) Would never recommend 10. Name (Optional): 11. Your age: ( ) Under 18 ( ) 18 to 25 ( ) 26 to 30 ( ) 31 to 35 ( ) 36 to 40 ( ) 41 to 45 ( ) 46 to 50 ( ) 51 or older 12. Your Gender: ( ) Male ( ) Female 13. Which category best describes your employment status? ( ) Employed full time ( ) Employed part time ( ) Homemaker ( ) Full time student ( ) Retired ( ) Currently unemployed ( ) Disabled ( ) Dont Know/Not Applicable Table of Contents 1.0 Introduction 4 1.1 Background 4 1.2 Problem Presentation 5 1.3 Why benchmarking 5 1.4 Purpose 5 1.5 Strategy 6 1.6 Limitations 6 2.0 Methodology 6 2.1 Process Analysis – Flowchart 6 2.2 SERVQUAL Survey 8 2.2.1 Survey Analysis 8 2.2.2 SERVQUAL methodology 9 2.2.3 Findings 10 2.3 Awareness Survey 12 2.3.1 Survey Analysis 12 2.4 Net Promoter Score (NPS) 14 2.5 Area of study 15 2.6 Mystery Shopping 16 2.7 Price Comparison (Transfer Fees) 18 3.0 Outcome 20 4.0 Recommendations 22 References 23 Appendix 1 – SERVQUAL Survey 24 Appendix 2 – Survey Dimensions Weighting 27 Appendix 3 – Mystery Shopping Checklist 28 Appendix 4 MoneyGram Awareness Survey 29 Research Papers on Benchmarking Money Transfer Services Twilight of the UAWThe Effects of Illegal ImmigrationNever Been Kicked Out of a Place This NicePETSTEL analysis of IndiaAnalysis of Ebay Expanding into AsiaInfluences of Socio-Economic Status of Married MalesBionic Assembly System: A New Concept of SelfRiordan Manufacturing Production PlanThe Project Managment Office SystemOpen Architechture a white paper

Definition and Use of Strikethrough

Definition and Use of Strikethrough A strikethrough is a horizontal line drawn through text, used to indicate the deletion of an error or the removal of text in a draft. If your work is edited or proofed professionally on paper, understanding common revision and editing symbols and abbreviations will help you process the suggested changes. Strikethroughs are used to recommend the deletion of material in traditional editing processes.In modern social-media contexts, a strikethrough thats shown is sometimes used ironically.In some technical contexts, the history of document changes, including struck passages, serves a valuable public purpose. Conventional Uses of Strikethroughs In document editing, both by hand and through computer-aided editing, a strikethrough conveys the editors intent that the material in question ought to be deleted. A strikethrough is a basic copyediting symbol; in ink-on-paper proofreading, a strikethrough is accompanied by a loop at the end of the line to signify deletion. Editing using the track-changes feature in Microsoft Word, by contrast, indicates the deletion through the use of a red strikethrough. When you revise the document using Words reviewing tools, youll either accept or reject the proposed deletion. If you accept it, the struck text vanishes; if you reject it, the strikethrough vanishes and the text remains as-is.   When you encounter strikethroughs in documents that display in black, it suggests that someone intends an edit but isnt using the Track Changes feature. Public Use Cases for Strikethroughs Beyond the one-to-one document editing, the strikethrough can serve as a public record of changes, reflecting who made what revision at what time. The use of sophisticated version-control systems like Git, Subversion, or Mercurial allow people to change a document (usually with symbols that resemble a Track Changes project, including strikethroughs), but each change is captured with a version record that can be viewed over time. For example, Washington, D.C. publishes city laws using a service called Github. Anyone can view the districts complete set of regulations, including noting what changes were made at specific dates. One author proposed a minor typographic tweak to the districts online laws - a change that the D.C. legal administrator accepted. Not many municipalities, let alone other governmental agencies or public corporations, publish their official documents in this manner, but if more people did, it might enhance transparency and public engagement. Alternative Uses of Strikethroughs Online communication sometimes uses these strikethroughs to communicate, usually with intended humorous irony, that the non-stricken language is official and the text with a strike-through represents the writers genuine, unfiltered opinion. In this context, the strikethrough isnt actually a proofreading symbol, but rather a line through the text. In Microsoft Word or Microsoft Outlook, you can apply a strikethrough (or a double-strikethrough) effect on text without invoking any sort of editing tools. You can even color it red to mimic a track-changes edit. This alternative use of strike-through text: Is intended to be viewedReflects an opinion that shouldnt be expressed using that wordingCan sometimes lightly veil an insultHas nothing to do with document editing Youll see this alternative approach most often in blog postings and social media, where the implied snark is more accepted than it might be in formal business contexts.

Three Basic Functions That Hierarchical Systems Can Be Designed to Essay

Three Basic Functions That Hierarchical Systems Can Be Designed to Fulfil - Essay Example An organisation is often an entity that aims at commercialisation a solution to the members of the public. It is therefore a fabrication of the people who own control the production and those who are funding the business. These people are often the owners and shareholders of the business. They therefore have the power to get things done in the organisation.The owners of organisations have the power and authority to produce what the company was set up to produce. However, since they might not be capable of managing and running the day-to-day affairs of the organisation, they will need to get other people to do it for them. This is known as delegation. Delegation enables owners to grant authority to people who do their work for them. The people to whom power is delegated have to be accountable to the people who granted them that authority.Due to accountability, there is the need for communication between various people in the organisation so that each of them are in touch with updates on their requirements and expectations. As different delegates operate in a given entity, an organisational culture forms and there are relationships with stakeholders. This brings up the need for some structures to support the organisation and maintain consistency.Hierarchical Structure Weber identified three main things in the bureaucratical model (Walonic, 1993). First of all, an organisation must have a hierarchical structure because there is the need for division of labour.... First of all, an organisation must have a hierarchical structure because there is the need for division of labour. In other words, the people in authority needs to divide up work to specific tasks and functions which can be effectively discharged by people they can employ. This therefore means that work will be divided amongst different people who will be expected to discharge them within the tenets of the organisation. Division of labour automatically comes with the idea of specialisation. Specialisation boils down to the fact that each division of work will master its responsibilities and continue to perfect its operations and outputs as it operates. The concept of specialisation ensures that standards are set and people with the most appropriate qualifications and experience can be appointed to discharge the job. Secondly, Weber identifies that hierarchical structures exist in organisations to ensure that a formal set of rules can be instituted. This effectively means that importa nt rules and ideas can be made and observed by members of the organisation through a defined framework. This ensure stability of the organisation. This is because the problem of chaos and anarchy can be eliminated and different people in the organisation can get a standard to which they can operate. Secondly, the idea of formal rules in the hierarchical structure ensures that there is uniformity and people are aware of what to do and how to do it. Thirdly, the hierarchical structure ensures that leadership and behaviour of the people in the company is rational and legal in nature. In other words, the hierarchical structure ensures that the most efficient systems and justified methods and tools are utilised in an organisation. This therefore means that the

Apples Supply Chain Essay Example | Topics and Well Written Essays - 2750 words

Apples Supply Chain - Essay Example Apple’s supply chain management is under strict surveillance. The production and management of the product is checked at every point by the designers and the authorities. The designers of Apple’s I-Phone work closely with their suppliers so that they can control them. They work with the suppliers and the manufacturers all through the production procedure so that they can have a close look at every minute detail of the goods. On the other hand, some electronics manufacturers deploy the entire industrial process of the supply chain into the hands of the third party service provider like Solectron or Flextronics (Nahmias and Olsen, 2015).One of the distinguishing features of Apple Inc. is that it invests huge sum of money in the creativity and design of its I-phone. They make sure that they have acquired licenses and made acquisitions of technology firms beforehand so that they can use their products in its series of goods and services. They also supervise market research and conducts product-testing to upgrade their products with the aim of achieving higher profit. Quality defects of the items are identified and plans are sketched out to minimize the danger of quality degradation. Apple Inc. stands first when it comes to branding. So to maintain its uniqueness, it spends massively in its Research and Development (Satariano, Burrows, 2011).Since it focuses solely on the innovation of its products, it misses out with increasing the number of features in its devices. Dell has a number of configurations.

Porters Five Forces of Competition Essay Example for Free

Porters Five Forces of Competition Essay Porter’s Lesson: Michael E. Porter’s article, the five competitive forces that shape strategy, is an article that dissects the true underlying factors of competition and industrial structure. Throughout the context of the article, Porter thoroughly explains how competition and profitability does not only derive from production of goods and services or the level of sophistication of a firm. Instead, he claims that in order for an industry to be truly competitive and profitable, the industry as a whole must hold a solid structure. Porter educates the audience by introducing the five key forces of strategy that will essentially lead to a firm’s prevalence of competitiveness. He labels these forces as direct competition, customers, suppliers, potential entrants, and substitute products. Porter claims that each of these forces of competition plays their roles within any competitive and even temporarily non-competitive industry. Porter’s main lesson for his audience is that in order for an individual firm or an industry to succeed, it must strategically know how to react to any shift within the industry, whether its competitiveness, supply and demand, economical issues, potential entrants, or even natural issues. Porter also strives to explain how a company could or could not earn a return on investment based on the intensity of the competition within the industry. All in all, Porter explicitly explains each of the five forces that shape an industries competition with a breakdown of different factors for each force, as well as real life examples that make the topic very clear for the audience to understand his lesson. Analysis of the Lesson: Of the five forces, Porter clearly educated the reader about the importance of potential entrants and their threat to an industry. I felt that one of Porter’s greater lessons in this matter was when he described the seven major sources of entry barriers, and how an incumbent can strategize to react to the competitiveness of the industry if a desired entrant were to exist. One aspect that really sparked my interest was when Porter went about explaining the entrant’s hesitancy of entering into an industry based on the level of retaliation from the existing firms within the market. On the other hand, it was also interesting to know that the entrant could also alarm the incumbents, when the entrant has a large amount of capital to invest as they enter from another market which they succeeded in. Another force that Porter dissected is what most people would think of in reaction to the term competition, and that is direct competition of one firm and another, or for the lack of a better word, rivalry. Porter made a statement, and that was, â€Å"The degree to which rivalry drives down an industry’s profit potential depends, first, on the intensity with which companies compete and, second, on the basis on which they compete.† As Porter discussed the different factors that affect the intensity of a rivalry, he noted that intense rivalry tends to destruct profitability if the battle between two firms is focusing solely on price because at that point, price competition is simply transferring profits directly from an industry to its customers, which will ultimately result in the degradation of an industry. I couldn’t agree more with Porter about the fact that when it comes to rivalry between multiple firms, the industry can find an advantage when each competitor aims to serve the needs of different customer segments, by focusing on a variety of price, products, services, features, or brand identities. Most people would think of a rivalry in terms of competition, and not necessarily take the time to think of other factors that are just as important when it comes to an industry’s competitiveness. Many are so focused on what goes on within their own market that they forget to acknowledge the outside forces until it slaps a firm across the face. Porter used an example of the photographic industry as he explained the importance of substitute products. Here he argued that long time competitors such as Kodak Fuji, two large photographic film companies, were in a position to lose profitability if they didn’t focus on outside forces, such as the entry of digital cameras. Although they are not as profitable as before, both companies made large investments, along with large amounts of research and development, and both prevailed in continuing to be somewhat profitable and slightly competitive in their industry rather than falling off all together. After reading that example, I instantly thought of different firms that didn’t focus on innovating at times where substitute products came into play, and those companies are no longer around. A few examples of companies that fell or are bound to fall are Blockbuster, Circuit City, Best Buy, K-Mart, and Sears. Once Porter ended his presentation of the five forces of competition and profitability, he continued to approach his final lesson, and that is the value created if a strategist accurately analyzes the five forces of competition within an industry. He enlightened the audience that if a strategist understands the competition within the industry, he will not only prevail beyond existing rivals, but could also uncover new opportunities such as differences in customers, suppliers, substitutes, potential entrants, and rivals that can become the basis for distinct strategies leading to superior performance. The only minor detail I felt that should have been added to this section on value is the possibility of losing value based on time devoted towards each force. Porter most definitely stated the facts when explaining the potential for new opportunities if understanding the industry as a whole. One thing he didn’t explain is what could also happen if a strategist possibly focuses on one aspect for too long, or fails to devote enough time to one competitive force versus another. I would imagine that this could possibly cause problems to arise rather than opportunity if a firm were to not manage its strategic time wisely. My Takeaways: I am fortunate that I am currently involved in a family business that allows me to relate to so many aspects of this article. My family currently owns and operates a five-store, soon to be six, supermarket chain in several parts of southern California. Like many other businesses, the everyday operation of a supermarket is exposed to countless aspects of business and its overall environment. I myself am within the world of supermarkets six out of the seven days in the week, and I can most definitely admit that this article completely enhanced my understanding of the terms competition and profitability. The amount of connections I could make with topics in this article to my everyday work is countless. For this paper, I’ll simply discuss what stood out most. First, I’ll have to give my takeaway on price competition and bargaining power. Item prices throughout the stores are what I’d consider to be the bullets in a gunfight between two competing supermarkets. There was a topic I discussed in my analysis that stated, â€Å"Firms that solely focus on price competition ultimately gives industry profitability to the customer.† In the supermarket industry, buyers constantly negotiate with suppliers for the lowest costs to provide customers with the most aggressive prices. This also relates to the section on buying power that Porter touches on. Here I learned, any store can simply raise prices or drop prices at store level, but the company that will prevail is that who is dominant in getting the lowest cost from the supplier, resulting in more aggressive margins verse the competitor. If both you and your competitor have the same price on one item, allow the competitor to give its profit to the customers by you being the one to pay less for the supply. The second factor that I can relate to which I will discuss is threat of new entrants and retaliation. If someone pulls up a map of supermarkets in a specific area, they will find seven to ten different supermarkets in a five mile radius. Competition from one company to another usually occurs within each region. At times, successful independent supermarket chains will raise awareness of other supermarket chains in a specific region by preparing to open a new store or buying out a current store that is not profitable. This is when the incumbents will do everything in their power to keep their customers from going to the new store that is most likely going to enter with highly aggressive pricing. At this time, you will see incumbent’s prices dropping, promotions increasing, advertisements become incredibly aggressive, prizes being given out, and any other form of retaliation a company can perform to keep its market share. As stated before, the connections are countless, and I could truthfully admit that I could write a twenty page paper on all the topics I can relate to in this article. I discussed a few relations above, but I must also state that this does not limit what I took away from Porter’s article that I can apply to my family’s business today. All in all, it was a highly educational read and a great tool for any business who seeks to increase competitiveness and profitability, let alone a great tool for any individual who plans to one day be a successful businessman.

Who Jesus is for you :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Jesus was raised in Nazareth in the home of Joseph, a carpenter, and his wife Mary. Jesus most likely went to school in a room attached to the synagogue. He was a faithful Jew and followed all the Jewish customs. Jesus was a human being. God took on a human form in Jesus in order to live life like we do. God ‘s love for us is unconditional and infinite. To communicate with us in a personnel way like we do with our friends and family, there was no better way for God to be with us than for God to become one of us. Jesus walked along the same roadways and experienced the same trials and tribulations as other people. Accepting Jesus as fully human is as important as accepting him as fully divine. Jesus experienced stress, anger, frustration and loneliness but he chose never to respond sinfully to these experiences. Given the choice between popularity and telling people the truth, he chose the path that ultimately turned people against him and led to his death.   Ã‚  Ã‚  Ã‚  Ã‚  Jesus is a role model for me. Like Jesus I have been baptized in the faith. I was baptized as an infant whereas Jesus was baptized by his cousin John the Baptist when he was about thirty years old. During his life Jesus was tempted in the desert by the devil three times to give up his complete dependence on God and accept the easy forms of power the devil offered. Jesus resisted for he knew that only his faith in God would give him the power. As I grow up many times I am tempted to do the wrong things. Doing the wrong thing is sometimes easier than doing what is right. Understanding that Jesus also faced these obstacles and that prayer can help you resist in these tough situations in life is reassuring to me.   Ã‚  Ã‚  Ã‚  Ã‚  Jesus taught his disciples and us how to pray. He taught people to pray simply and trustingly to God as father, without trying to impress God with fancy language. Through Jesus I learned to talk to God like a son does to his father; to say what is in your heart, to ask for guidance when you need to make tough decisions. Jesus has taught me to be thankful for all the blessing I have in life. Blessing are not necessarily being rich in material goods. But being rich in the things that matter most like the love and respect of family and friends.

Answer to Chapter

Chapter 5 – Mankiw SOLUTIONS TO TEXT PROBLEMS: Quick Quizzes 1. The price elasticity of demand is a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price. When demand is inelastic (a price elasticity less than 1), a price increase raises total revenue, and a price decrease reduces total revenue. When demand is elastic (a price elasticity greater than 1), a price increase reduces total revenue, and a price decrease increases total revenue.When demand is unit elastic (a price elasticity equal to 1), a change in price does not affect total revenue. 2. The price elasticity of supply is a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price. The price elasticity of supply might be different in the lo ng run than in the short run because over short periods of time, firms cannot easily change the sizes of their factories to make more or less of a good.Thus, in the short run, the quantity supplied is not very responsive to the price. However, over longer periods, firms can build new factories, expand existing factories, close old factories, or they can enter or exit a market. So, in the long run, the quantity supplied can respond substantially to a change in price. 3. A drought that destroys half of all farm crops could be good for farmers (at least those unaffected by the drought) if the demand for the crops is inelastic.The shift to the left of the supply curve leads to a price increase that will raise total revenue if the price elasticity of demand is less than 1. No one farmer would have an incentive to destroy his crops in the absence of a drought because he takes the market price as given. Only if all farmers destroyed a portion of their crops together, for example through a government program, would this plan work to make farmers better off. Questions for Review 1. The price elasticity of demand measures how much quantity demanded responds to a change in price.The income elasticity of demand measures how much quantity demanded responds to changes in consumer income. 2. The determinants of the price elasticity of demand include how available close substitutes are, whether the good is a necessity or a luxury, how broadly defined the market is, and the time horizon. Luxury goods have greater price elasticities than necessities, goods with close substitutes have greater elasticities, goods in more narrowly defined markets have greater elasticities, and the elasticity of demand is greater the longer the time horizon. . The main advantage of using the mid-point formula is that it uses a constant base whether the change in price or quantity demanded is an increase or a decrease. 87 88 Chapter 5/Elasticity and Its Application 4. An elasticity greater than one means that demand is elastic. When the elasticity is greater than one, the percentage change in quantity demanded exceeds the percentage change in price. When the elasticity equals zero, demand is perfectly inelastic. There is no change in quantity demanded when there is a change in price. 5.Figure 1 presents a supply-and-demand diagram, showing the equilibrium price, the equilibrium quantity, and the total revenue received by producers. Total revenue equals the equilibrium price times the equilibrium quantity, which is the area of the rectangle shown in the figure. Figure 1 6. If demand is elastic, an increase in price reduces total revenue. With elastic demand, the quantity demanded falls by a greater percentage than the price rises. As a result, total revenue declines. 7. A good with income elasticity less than zero is called an inferior good because as income rises, the quantity demanded declines. . The price elasticity of supply is calculated as the percentage change in quantit y supplied divided by the percentage change in price. It measures how much quantity supplied responds to changes in price. 9. The price elasticity of supply of Picasso paintings is zero, because no matter how high price rises, no more can ever be produced. 10. The price elasticity of supply is usually larger in the long run than it is in the short run. Over short periods of time, firms cannot easily change the sizes of their factories to make more or less of a good, so the quantity supplied is not very responsive to price.Over longer periods, firms can build new factories or close old ones, so the quantity supplied is more responsive to price. 11. Because the demand for drugs is likely to be inelastic, an increase in price will lead to a rise in total expenditure. Therefore, drug users may resort to theft or burglary to support their habits. Chapter 5/Elasticity and Its Application Problems and Applications 89 1. a. Mystery novels have more elastic demand than required textbooks, be cause mystery novels have close substitutes and are a luxury good, while required textbooks are a necessity with no close substitutes.If the price of mystery novels were to rise, readers could substitute other types of novels, or buy fewer novels altogether. But if the price of required textbooks were to rise, students would have little choice but to pay the higher price. Thus, the quantity demanded of required textbooks is less responsive to price than the quantity demanded of mystery novels. b. Beethoven recordings have more elastic demand than classical music recordings in general. Beethoven recordings are a narrower market than classical music recordings, so it is easy to find close substitutes for them.If the price of Beethoven recordings were to rise, people could substitute other classical recordings, like Mozart. But if the price of all classical recordings were to rise, substitution would be more difficult. (A transition from classical music to rap is unlikely! ) Thus, the quantity demanded of classical recordings is less responsive to price than the quantity demanded of Beethoven recordings. c. Subway rides during the next five years have more elastic demand than subway rides during the next six months. Goods have a more elastic demand over longer time horizons.If the fare for a subway ride was to rise temporarily, consumers could not switch to other forms of transportation without great expense or great inconvenience. But if the fare for a subway ride was to remain high for a long time, people would gradually switch to alternative forms of transportation. As a result, the quantity demanded of subway rides during the next six months will be less responsive to changes in the price than the quantity demanded of subway rides during the next five years. d. Root beer has more elastic demand than water.Root beer is a luxury with close substitutes, while water is a necessity with no close substitutes. If the price of water were to rise, consumers have littl e choice but to pay the higher price. But if the price of root beer were to rise, consumers could easily switch to other sodas. So the quantity demanded of root beer is more responsive to changes in price than the quantity demanded of water. 2. a. For business travelers, the price elasticity of demand when the price of tickets rises from $200 to $250 is [(2,000 – 1,900)/1,950]/[(250 – 200)/225] = 0. 05/0. 22 = 0. 23.For vacationers, the price elasticity of demand when the price of tickets rises from $200 to $250 is [(800 – 600)/700] / [(250 – 200)/225] = 0. 29/0. 22 = 1. 32. b. The price elasticity of demand for vacationers is higher than the elasticity for business travelers because vacationers can choose more easily a different mode of transportation (like driving or taking the train). Business travelers are less likely to do so because time is more important to them and their schedules are less adaptable. 3. a. The percentage change in price is equal t o (2. 20 – 1. 00)/2. 00 = 0. = 20%. If the price elasticity of demand is 0. 2, quantity demanded will fall by 4% in the short run [0. 20 ? 0. 20]. If the price elasticity of demand is 0. 7, quantity demanded will fall by 14% in the long run [0. 7 ? 0. 2]. b. Over time, consumers can make adjustments to their homes by purchasing alternative heat sources such as natural gas or electric furnaces. Thus, they can respond more easily to the change in the price of heating oil in the long run than in the short run. 90 Chapter 5/Elasticity and Its Application 4. If quantity demanded fell, price must have risen.If total revenue rose, then the percentage increase in the price must be greater than the percentage decline in quantity demanded. Therefore, demand is inelastic. 5. Both Billy and Valerie may be correct. If demand increases, but supply is â€Å"totally† inelastic, equilibrium price will rise but the equilibrium quantity will remain the same. This would also occur if supp ly decreases and demand is â€Å"totally† inelastic. Marian is incorrect. If supply and demand both rise, equilibrium quantity will increase, but the impact on equilibrium price is indeterminate. 6. a. If our income is $10,000, your price elasticity of demand as the price of compact discs rises from $8 to $10 is [(40 – 32)/36]/[(10 – 8)/9] =0. 22/0. 22 = 1. If your income is $12,000, the elasticity is [(50 – 45)/47. 5]/[(10 – 8)/9] = 0. 11/0. 22 = 0. 5. b. If the price is $12, your income elasticity of demand as your income increases from $10,000 to $12,000 is [(30 – 24)/27]/[(12,000 – 10,000)/11,000] = 0. 22/0. 18 = 1. 22. If the price is $16, your income elasticity of demand as your income increases from $10,000 to $12,000 is [(12 – 8)/10]/[(12,000 – 10,000)/11,000] = 0. 40/0. 18 = 2. 2. 7.Yes, an increase in income would decrease the demand for good X because the income elasticity is less than zero, indicating that go od X is an inferior good. A decrease in the price of good Y will decrease the demand for good X because the two goods are substitutes (as indicated by a cross-price elasticity that is greater than zero). 8. a. If Maria always spends one-third of her income on clothing, then her income elasticity of demand is one, because maintaining her clothing expenditures as a constant fraction of her income means the percentage change in her quantity of clothing must equal her percentage change in income. . Maria's price elasticity of clothing demand is also one, because every percentage point increase in the price of clothing would lead her to reduce her quantity purchased by the same percentage. c. Because Maria spends a smaller proportion of her income on clothing, then for any given price, her quantity demanded will be lower. Thus, her demand curve has shifted to the left. Because she will again spend a constant fraction of her income on clothing, her income and price elasticities of demand remain one. 9. a. If quantity demanded falls by 4. 3% when price rises by 20%, the price elasticity of demand is 4. /20 = 0. 215, which is fairly inelastic. b. Because the demand is inelastic, the Transit Authority's revenue rises when the fare rises. c. The elasticity estimate might be unreliable because it is only the first month after the fare increase. As time goes by, people may switch to other means of transportation in response to the price increase. So the elasticity may be larger in the long run than it is in the short run. 10. Tom's price elasticity of demand is zero, because he wants the same quantity regardless of the price. Jerry's price elasticity of demand is one, ecause he spends the same amount on gas, no matter what the price, which means his percentage change in quantity is equal to the percentage change in price. Chapter 5/Elasticity and Its Application 91 11. a. With a price elasticity of demand of 0. 4, reducing the quantity demanded of cigarettes by 20% requir es a 50% increase in price, because 20/50 = 0. 4. With the price of cigarettes currently $2, this would require an increase in the price to $3. 33 a pack using the midpoint method (note that ($3. 33 – $2)/$2. 67 = . 50). b. The policy will have a larger effect five years from now than it does one year from now.The elasticity is larger in the long run, because it may take some time for people to reduce their cigarette usage. The habit of smoking is hard to break in the short run. c. Because teenagers do not have as much income as adults, they are likely to have a higher price elasticity of demand. Also, adults are more likely to be addicted to cigarettes, making it more difficult to reduce their quantity demanded in response to a higher price. 12. In order to determine whether you should raise or lower the price of admissions, you need to know if the demand is elastic or inelastic.If demand is elastic, a decline in the price of admissions will increase total revenue. If demand is inelastic, an increase in the price of admissions will cause total revenue to rise. 13. a. As Figure 2 shows, the increase in supply reduces the equilibrium price and increases the equilibrium quantity in both markets. b. In the market for pharmaceutical drugs (with inelastic demand), the increase in supply leads to a relatively large decline in the equilibrium price and a small increase in the equilibrium quantity. Figure 2 c.In the market for computers (with elastic demand), the increase in supply leads to a relatively large increase in the equilibrium quantity and a small decline in the equilibrium price. d. Because demand is inelastic in the market for pharmaceutical drugs, the percentage increase in quantity will be lower than the percentage decrease in price; thus, total 92 Chapter 5/Elasticity and Its Application consumer spending will decline. Because demand is elastic in the market for computers, the percentage increase in quantity will be greater than the percentage de crease in price, so total consumer spending will increase. 4. a. As Figure 3 shows, the increase in demand increases both the equilibrium price and the equilibrium quantity in both markets. b. In the market for beachfront resorts (with inelastic supply), the increase in demand leads to a relatively large increase in the equilibrium price and a small increase in the equilibrium quantity. c. In the market for automobiles (with elastic supply), the increase in demand leads to a relatively large increase in the equilibrium quantity and a small increase in equilibrium price. d.In both markets, total consumer spending rises, because both equilibrium price and equilibrium quantity rise. Figure 3 15. a. Farmers whose crops were not destroyed benefited because the destruction of some of the crops reduced the supply, causing the equilibrium price to rise. b. To tell whether farmers as a group were hurt or helped by the floods, you would need to know the price elasticity of demand. It could be that the total revenue received by all farmers as a group actually rose. 16. A worldwide drought could increase the total revenue of farmers if the price elasticity of demand for grain is inelastic.The drought reduces the supply of grain, but if demand is inelastic, the reduction of supply causes a large increase in price. Total farm revenue would rise as a result. If there is only a drought in Kansas, Kansas’ production is not a large enough proportion of the total farm product to have much impact on the price. As a result, price does not change (or changes by only a slight amount), while the output by Kansas farmers declines, thus reducing their income. 17. The quantity demanded at various prices is shown in the table below:Chapter 5/Elasticity and Its Application Price 1 2 3 4 5 6 Quantity Demanded 60 30 20 15 12 10 93 Figure 4 The demand curve is shown in Figure 4. When price rises from $1 to $2 (a 66. 67 % increase), quantity demanded falls from 60 to 30 (a 66. 67% decr ease). Therefore, the price elasticity of demand is equal to one. When price rises from $5 to $6 (an 18. 18% increase), quantity demanded falls from 12 to 10 (an 18. 18% decline). Again the price elasticity is equal to one. A linear demand curve has a price elasticity that declines in absolute value as price falls. This demand curve has a constant elasticity equal to one.