Sunday, February 16, 2020

Indifference curve analysis Essay Example | Topics and Well Written Essays - 1500 words

Indifference curve analysis - Essay Example The indifference curve is a particular selection of such combinations of goods, from out of the plot area, and all combinations on an indifference curve represent the fact that the consumer derives the same amount of total utility from consumption. Since utility derived from variously combined two goods on an indifference curve is same; the consumer is said to be indifferent between various combinations of two goods and the curve carrying all such combinations is termed as the indifference curve. Normally, with desirable goods on both axes (say, apples and oranges) the curve has a certain shape, further from the origin when both quantities are positive than when one is zero. (Definition,2006)Convexity to the origin of the indifference curves is explained by the fact that as one consumes more of one good its overall utility diminishes and tendencies to replace it with other increase. An example could illustrate this construct: It has been stated above that indifference curve carries mostly hypothetical pairs of goods combination ,amongst which the consumer is indifferent.However,the consumer cannot purchase quite a few of these combinations due to two factors. One is the prices of the two goods and the other is his income or budget available for expenditure on these two goods. Budget is an unalterable constraint while prices can be taken care of by moving from one good to the other. Continuing with the example above, suppose each apple was priced at $2 and each orange at $2.5 and given the fact that the consumer had an unalterable budget allocated for purchasing these two goods at $ 50 we observe that the consumer could either purchase 25 apples and no oranges or 20 oranges and no apples in two situations of exhausting the entire budget. However in neither of these situations the consumer maximizes his utility as he is away from his indifference curve despite exhausting his budget. In fact these two point s represent the two extremes of the budget line and lie on the horizontal and vertical axes respectively. In the figure below the line formed by joining the points (0, 20) and (25, 0) is the budget line. Budget line forms a triangular area with the two axes. This triangular area is the area of feasible purchases. The budget line, and everything inside it, is called the "feasible set" or the "consumption opportunity set."(Modern,2006).All combinations of apples and oranges plotted in this triangular area can be purchased from out of the given budget. This area is depicted by red lines. All goods combinations falling out of this triangular area cannot be purchased as they would not fit in with the budget constraint. This are is depicted with blue lines.Thus budget line narrows down the choice available to the consumer. In case the consumer increases his budget for the two goods across the board (say consequent to

Sunday, February 2, 2020

ECommerce Dissertation Example | Topics and Well Written Essays - 3000 words

ECommerce - Dissertation Example The second part will develop e-marketing strategies for the organization illustrating the best fit and marketing mix for the organization. The third part would find solution projected at the problems faced and thereby design and develop the strategies highlighted. The next part of the report would consider the budget for the projects and subsequent allocations. Lastly, legal and ethical issues related to the projected are also required to be given importance. Identification of Problems and Prioritization This part of the report discussed the problems that are currently being faced by the company and that would be faced in the setup and implementation of the new center in Birmingham. The IT Academy in its new center intends to open systems wherein they could offer on-line course enrolment and the prospective students could pay the fees online. They need to develop and highly efficient enquiry and student query system that addresses the queries if the student and that had an in-build F AQ section to address frequently asked questions by the students. An uploading and downloading system needs to be developed online at the company website wherein teachers and staff could upload their notes and assignment and students could upload their papers and download notes uploaded. IT Academy for promoting its newly set campus also needs appropriate e-Marketing strategies to continuously promote the academy and the courses offered by it. The e-Marketing techniques when implemented should reflect the strong brand name of the academy and its fundamental power of delivering student courses. The company, at some point of time in future also intends to use advanced technology for delivering its courses to the students. It intends to deliver live lectures with the help of wireless networks so that it could deliver lectures globally at any point of time. This will help the academy to build its brand presence globally and irrespective of the location of the student. But as discussed e arlier, for all this to happen IT academy needs to revamp its network with the help of e-commerce technologies and advertise with the help of e-marketing strategies. For solving the problems and meeting the requirements intended by the academy a proper prioritization plan is required by the company. The prioritizations plan describes how the problem solving approach would be determined and which problem is primary and would be solved first. Prioritization of activities is done primarily on the basis of priority of requirements and linking of activities. In my report developing a proper ecommerce model which is linked to the business model of the IT academy is the prior activity. This is because every other activity is basically linked to the success of this activity. This would act as a base of offering on-line courses and also payment of feed online. This will also build an online system that could handle online queries of the student. Also, based on the effectiveness of ecommerce of IT Academy successful e-marketing strategies could be implemented. So revamping of the e-commerce technology in IT Academic will be priority in my report. E-marketing Strategies After