(In the figure, good X is an inferior good because as income increases, the amount bought decreases.Thus, there is inverse relationship between income and demand for an inferior good.Since, giffen goods always have negative income effect, they must always be inferior goods, but not inferior good is not always a giffen good.Alternatively, when rise in income of a customer leads to fall in his demand for a good, that good is called an inferior good.Example: Fine wine is an example of giffen good.
1428 words (3.6 pages)
“That is to say, a good will alone in good in all circumstances and in that sense is an absolute or unconditioned good”.If there are two different people with the same results obtained and if their wills are opposing each other, than the person that possessed a good will in his intentions is the “good” one.“It is impossible to conceive anything at all in the world, or even out of it, which can be taken as good without qualification, except a good will”.At the same time a good will does not need all these qualities to be good.The most important thing to understand, according to Kant is that the goodness of a good will is not evaluated through the result it achieves and the result itself has nothing to with the goodness of the good will an...
1946 words (4.9 pages)
In his views regarding how the good life can be achieved, Plato indicated that happiness and a truly virtuous life could be useful in the quest to achieve the good life.Though Aristotle argues that the good life is pleasurable, those who seek pleasures in life do not lead the good life.In his arguments on the good life, Socrates stressed that virtues are the most valuable possessions in an individualâ€™s life, hence leading to the good life.In his argument concerning the good life, Plato argues that an individual in society who tends to live the good life is one who is truly happy in his life.Although it is essential to the good life, Aristotle points out that being virtuous does not identify with the good life because it may entail livi...
2280 words (5.7 pages)
If people are in need and another person helps them out or does a good deed for them, it may also bring the doer of the good deed a sense of accomplishment, pride or other feelings of cheerfulness.While doing good deeds helps out others, it really can most help out the person doing the good deed.Also, when one does good deeds for others, they may have good deeds done to them back.Doing good deeds just makes the community a better place, and the more good deeds people do, the better chance they have for good deeds to be done unto them.I believe so, because doing good deeds not only feels good to one’s self, but also makes a positive impact on whom the good deed was affecting.
575 words (1.4 pages)
Any good where the income effect more than compensates for the substitution effect is a giffen good.In order to be a true Giffen good, price must be the only thing that changes to get a change in quantity demand, and a Giffen good should not be confused with products bought as status symbols or for conspicuous consumption (such a situation would indicate a Veblen good ).In the Giffen good situation, the income effect dominates, leading public to buy more of the good, even as its price rises.If a price change modifies consumers’ perception of the good, they should be analysed as Veblen goods.It is for this reason that a lot of text books use the term Giffen paradox rather than Giffen good.
2211 words (5.5 pages)
He responded “You are wrong, sir, if you think that a man who is any good at all should take into account the risk of life or death; he should look to this only in his actions, whether what he does is right or wrong, whether he is acting like a good or a bad man” Here we have a very cut and dry explanation of the good man, he who does not concern himself with petty personal wants but only whether his actions are good and just.Aristotle sets out a clear boundary between what he considers a good man and a good citizen.So being a good person does not mean you have to by association be a good citizen they are two distinctly different states, it is only in the best of regimes that the good person is also the good citizen.The good man can be ...
904 words (2.3 pages)
Consumers will buy more of the substitute good instead of good A.When the price of a good falls in the market, naturally there will less producers willing to supply that particular good thus a decrease in quantity supplied in that good.Less consumer will buy good A and thus a decrease in demand of good A.Then there is an increase of supplier to supply good A because in the market there are a lot of compliment good resulting in an increase in supply of the good A.Law of demand states that the quantity demanded of a good will decrease when price of the good increase (N. Gregory Mankiw 2008).
2329 words (5.8 pages)
In summary, when the degree of elasticity for good XY is negative, the types of goods is complimentary; when the degree of elasticity for good XY is positive, the types of goods is substitute goods; when the degree of elasticity for good XY is equal to zero, , the types of goods is no related goods.While, if the good A is substitute for good B, when the price of good A increase, thus the coefficient value is positive.In conclusion, although the concept of demand and supply are introduce to separate, it is the combination of these those forces that determine how much of a service or good is consume and produce in an economy and at what price.Price elasticity of supply is a measurement of the responsiveness in the quantity supplied to a ch...
1413 words (3.5 pages)
He argues that good cannot be defined by considering the fact that “whatever definition be offered, it may be always asked, with significance, of the complex so defined, whether it is itself good” 4.What he means by this argument is that, if we, for instance, equate ‘good’ with doing what is pleasurable (which seems reasonable) then, Moore points out, that it can still be asked “is it good to do what is pleasurable?” Therefore, it remains an open question (hence the name of the argument) whether something is ‘good’, irrespective of it being pleasurable.Moore accepts that the argument does not demonstrate that pleasure is not the only test for an action’s goodness, all it demonstrates is that what is pleasurable cannot be known by simply ...
1200 words (3 pages)
Consumer surplus can show by the below diagram, PO represents the price of a good, QO represents the quantity of a good, PQ represents the demand of the good.From it, we can know if the price of good rise, consumer surplus will drop, otherwise, if the price of good fall, consumer surplus will rise.For example, good A has a larger demand than good B in the market, so the company may choose the method of production which the point is near the point N on the curve.Producer surplus can show by the above diagram, PO represents the price of a good, QO represents the quantity of a good, PQ represents the demand of the good.For a company, they can produce 600 units of good A and 200 units of good B in a time period.
2522 words (6.3 pages)
The title even has “good” in it… and according to Kant, goodness in its purest form is good will.But the allusions above illustrate that the Misfit was indeed a Christ-like figure with good intentions; good will .What he’s really trying to say is that good will is good in its objective form.His view was good anything is under good will .I think that this is good will, because, yes, reproduction is selfish in a way, but if you have the good will to be a good parent, by teaching your children, and trying to make them model their lives after yours, if you truly believe you can be a good mother/father, then you are acting on good will much more than selfishness.
837 words (2.1 pages)
Pure Public Goods .The private goods are sometimes used to refer to club goods as it creates a sense of rivalry; this is because club goods can create a sense of rivalry for individuals outside the club.Private Goods .Excludability refers to the extent to which the good consumed is limited to certain groups of consumer, and rival refers to the extent the consumption of a particular good limits the consumption of others who wants to consume that particular good.Also, some goods are characterized as rival and excludable in consumption, these goods are called private goods.
445 words (1.1 pages)
The law of supply states that the higher price of a good is the quantity supplied for that good and vice versa... A measurement of how much the quantity demanded of a good responds to a change in price of that good.In contrast, if the good C is a complimentary good for good D, demand for good C decline when the price of good D increases... Price elasticity of supply is a measurement of the responsiveness in the quantity supplied to a change in price of that good.The law of demand states that the higher the price of a good, the lower the quantity demands for that good and vice versa.
2745 words (6.9 pages)
Summing up my essay if a good is inferior, a drop in income (represented by a price increase) increases the quantity of the good that is demanded.When the price falls there are two reasons why there will be more demand and this includes the substitution effect and income effect .the impact that a change in the price of a good has that effect on the quantity demanded of the good which then leads to the change of price of the good (substitution).the impact of a change in the quantity demanded of the good due to the change of their real income not being able to meet the quantity of goods that will satisfy them but still buy the good anyway but only have to make it lesser.A giffen good is an inferior good with the unique characteristic that ...
1268 words (3.2 pages)
a) Where the buyer buys the goods without seeing them but only relying on the description given.Condition as to Description — In this the goods corresponds to the description.Condition as to Merchantability – In this goods correspond to merchantable quality.Merchantable quality refers that the goods would be saleable commercially at their full value with the description by which they are known in the market.Conditions in a sale by Sample as well as by Description: In this goods correspond to sample as well as description.
1423 words (3.6 pages)
Here I will examine the public goods and the crucial characteristics that a public good is required to have, to be a public good as well as the issues and problems that it presents in the society when it comes to determining public policy for such goods.To solve the problems of such free riders we can look at following three issues as identified by McMillian: The first issue is that consumer may not be willing to pay for the good such as NHS.It is relevant in the case where non-excludability and non-rivalry in consumption of public good by the consumer will establish the consumption of the goods without contributing towards its production.It causes particular problems in the case of Non-rival good consumption aspect of public goods that ...
1855 words (4.6 pages)
Nietzsche continues that “…later one forgot how this approval originated and, simply because unegoistic actions were always habitually praised as good, one also felt them to be good- as if they were something good in themselves” (Nietzsche 25).The modern conceptions of good and bad come from a practical and believable story where “one approved unegoistic actions and called them good from the point of view of those to whom they were done, that is to say, those to whom they were useful…” (Nietzsche 25).The need for an opposing view of what is moral and good is needed for the man of resentment to redefine what he thinks is moral and good, yet Nietzsche argues that the slave morality does not consist of its own definition; it simply labels w...
1957 words (4.9 pages)
The issue with demand revelation is if everyone’s consuming the same good, how do we know how much of the good the person wants?However a more precise technical definition of a public good, and a definition that is used quite frequently by economists, is Samuelson’s definition, which states that a “public good is a good that, once produced for some consumers, can be consumed by additional consumers at no additional cost” (Stephen Shmanske, 1991, pge 3).He believed that if transaction costs were low, it would be easier for those who benefit from the public good to find each other and so provide an adequate level of production.Once the good is non-excludable, no one has the property rights to that particular good and so everyone can consum...
1619 words (4.0 pages)
The Income Demand Curve for a Normal Good .The Income Demand Curve for an Inferior Good .As the price rises, and the good becomes relatively more expensive, consumers substitute into buying cheaper goods and thus demand for the more expensive good falls.If the good accounts for a large part of their budget, then a change in its price will have a significant effect on the average price of goods bought by that consumer.If, however, the good is inferior, the fall in income works to increase demand, counteracting the substitution effect.
909 words (2.3 pages)
These are the reasons people use to choose between good and evil.Whether to be good or evil.It is probably one of the biggest reasons people give to explain drastic actions either good or evil.We are born with the great ability to be good.Your conscious plays a small part in being good and evil.
789 words (2.0 pages)
The firm need to fully use their resources given to maintain 70 units of goods and 48 units of services, it can make the graph look more efficiency.Besides, if the firm increase more labour, then the production for goods and services can be increase.Beside, base on the law of demand, when the price of goods or services increase, then the quantity of goods and services will decrease.Demand means an economic principle that use to describe a consumer’s desire and willingness to pay price for a specific goods and services.When the price of goods or services decrease, then the quantity of goods or services offered by suppliers decrease.
1023 words (2.6 pages)
You’ll find that doing good makes you feel good.To be able to truly have these things, you must be good.I think I am a good person, for reasons I don’t wish to disclose, but think about this.I think that the sole reason that you should be good is that you are more likely to be happy.This is classed as a good action in this theory because I am not causing any harm to the child, who is drowning, and therefore I am not creating harm myself, and so I am good.
1341 words (3.4 pages)
The argument with the Divine Command Theory and whether or not humans are inherently good or evil is that if a supreme being is naturally and historically good, why would it create something inherently bad?Therefore, a supreme being’s definition of good is the ultimate good, and is what makes us inherently good according to the Divine Command Theory.At the end of day, individual humans will perceive good and bad differently thus, the argument of are humans inherently good or evil will always be biased and based on an individual’s experiences and beliefs.In addition, the Divine Command theory also states that being inherently good does not necessarily mean to be good according to what society says is good, but what a supreme being defines...
1423 words (3.6 pages)
I think, “To live what is not life,” means you are not living a good life, you are not happy and you cannot see the light at the end of the tunnel.When you only experience the sad times, you are not truly living.I think that is “to live what is not life”, because life is supposed to have good times and sad times.One also prioritizes the more important things in life.Living deliberately is to think about your actions, and to make good choices based on the consequences of those actions.Viewpoint 2 .
4912 words (12.3 pages)
He has a highly robust check on what we might subjectively believe to be good or evil, namely, God’s laws.He is aware that there are “intellectual limitations [that] prevents us from apprehending what is good (Floyd 1).” Floyd adds, “Cognitive errors and excessive passion can distort our moral views and, in turn, incline us towards the wrong things (1).” We do what we think is good, regardless of whether it is indeed good or bad.My suggestion: State his view of what makes an act good or evil and under what circumstances consequences may serve to make an act good or evil.There should be a fine line between what is good or evil, one that is not solely dependent on what an individual thinks is good or bad.They are mistaken in their view of ...
1684 words (4.2 pages)
A good knife is better than a bad knife, but when we use the word good we are probably talking about sharpness or shininess, however a good knife isn’t morally better than a bad knife.The moral sense of good refers to actions, consequences, situations, people, characters, choices and lifestyles.We can know what good is through our knowledge of good things, we recognize goodness when we see it, and just know that it is good.And therefore everyone knows what good is and normative ethical theories just simply shows use a good way to behave and what is ‘good’, ‘bad’, ‘right’ and ‘wrong’.This therefore shows also that everyone must know what good is to be able to practise being good using a certain kind of behavior.
1161 words (2.9 pages)
Any two of the followings: a) fire or theft of goods b) deterioration in the quality of goods as long as they are not sold out.From that shop which a. charges reasonable price b. provides after sales services c. provides variety in goods according to our tastes and preferences d. provides facilities like credit sales, home delivery etc.Wholesalers are those middlemen in the channel of distribution who deal with goods in bulk quantity.Help in marketing by assembling and display of goods.They sell goods to retailers and in some cases directly to consumers.
3911 words (9.8 pages)
Most people are not purely good or purely evil.The good is usually buried with people and I believe that everyone is born good until showed otherwise.Thus, even in the most evil person imaginable, it’s possible to find good characteristics.Shakespeare’s quote, “The evil that men do lives after them; the good is oft interred with their bones,” means that if you do more evil than good in your life you will be remembered as a bad person after your death.Many people believe there is a lot of good, but in our world there is more evil than good.
855 words (2.1 pages)
If the glasses were broken before Mr Marshall paid and took delivery of them, they were not goods of satisfactory quality  and he will be entitled to a refund.Therefore, if the goods were not safe and durable (to the extent that glasses should be expected to be) Mr Marshall would be entitled to a refund.The Sale of Goods Act 1979 .S7 will not apply, because it is not for the sale of specific goods.S 14(2b) SOGA provides that to be of satisfactory quality, goods must be fit for all purposes for which the goods are commonly supplied.
2686 words (6.7 pages)
(Genesis 1:27, “God created man in his own image.”) This tells humans that they are required to be good, as good as God.The Divine Command theory states that things are good because God commands them; so the Ten Commandments are good because they are what God commands.So in response to the Euthyphro dilemma, in the Hebrew Scriptures what the Jews understand to be good is good because it is loved or commanded by God – not for any other reason.So not only is God morally good and requires humans to be good, but God’s creation is also good.The commands are to be morally good, just as god is morally good.
2339 words (5.8 pages)