Business report Essay Example | Topics and Well Written Essays - 1000 words

Business report - Essay Example Suppose opportunities are available to the organization and within your control then they can be classified as strengths. If potential threats are identified as soon as possible then they can be proactively dealt with since being informed is a kin to being forearmed. The current Rocked product line evoked interest among potential buyers in our survey and in the focus group although the current price is rather exaggerated. The major disadvantage that comes with this is that it discourages customers from going for the rocked product. The focus group also gave us insight into changes that might make the product more attractive to potential buyers. The most prioritized concern that needs to be addressed is the high cost. For recommendation, the product should be completely redesigned and should focus on only selling bracelets until the company expands its product line. The redesign serves to resolve issues found in primary research, while still maintaining the titanium performance aspect that has defined the target from conception. The product is currently jewelry that falls into the high-end jewelry market though we believe after hearing from the focus group that if the product is supposed to have some connection to physical activity it should not have the appearance of a high-end product. The bracelet should simply be a band of .5 millimeter knitting cord with a stone pendent that is held by 2 titanium hands. This new product design would address many of the problems of the current product and most importantly, it should be much cheaper to produce hence less production costs. A single strand of nylon, a cheap colored stone, and the two titanium hands will have much lower material costs along with lower labor costs. Besides, it will also create a lighter product that can be worn at all times. Lighter weight eliminates a degree of worry for those clients who are looking for jewelry that can be

Quantitative Case Study in Public Relation Campaign

Quantitative in Public Relation Campaign - Case Study Example In the same year, 12.8 per 100000 women died from breast cancer. Breast cancer when detected at an early stage can be treated. But when it is detected at a later stage, it cannot. Amputation is what will be done and if the cancer is systemic, then death will follow (Abdel-Fattah, Zaki, Bassili, el-Shazly & Tognoni, 2000). Due to these effects, it is important to begin promoting awareness for women and young girls to occasionally be undergoing breast cancer screening. The campaign purports to employ situational theory in assessing the level of awareness on breast cancer self examination technique (J. J. Scheurich et al. 2004). It is believed that breast cancer can be detected at personal level. The campaign main objectives is to promote the awareness to young girls and encourage them to be practicing breast cancer self examination (Abdel-Fattah et al, 2000). The study is focused on using the situational theory of public (STPs) to find out the level of knowledge about breast cancer among young girls (Abdel-Fattah et al, 2000). There is need to describe the level and extent in which breast cancer self examination is practiced by young girls of the target sample. Finally describe the perception of the young women concerning the causes, control and fatality of breast cancer (Abdelhadi, 2006). The memorable brand to be used in the entire campaign is a pink ribbon which is international symbol of breast cancer awareness (Abdelhadi, 2006). Participants and respondents will wear the ribbon as a sign of sending the message of awareness and to commit. Breast cancer is one of the most common types of cancer affecting women in developed and developing countries. Over the years, the disease has always been connected to manifest more on older women. Cancer has bee rated to have ousted HIV/AIDs and is now number one killer disease in the

Power Politics And Change In Social Work Social Work Essay

Power Politics And Change In Social Work Social Work Essay Following a referral to childrens social care, the local authority has a statutory obligation to consider whether there are concerns about impairment to the childs health and development or the child is suffering harm which justifies an initial assessment to establish whether this child is a child in need (HM Government 2010: 5.34). Regardless of the length and breath of the case itself, assessments have to be completed within set statutory timescales. An initial assessment has to be completed within 10 working days and core assessments within 35 working days. This essay proposes that removing current distinction between initial and core assessment and the associated fixed statutory timescales for their completion will improve the quality of assessment reports completed by childrens social workers. A development of a single assessment form to replace initial and core assessment form would give social workers additional time to reflect and review historical information collated and collaborate with other agencies before completing the assessment thus improving practice. Although it is acknowledged that there may be challenges in implementing this proposal, this essay pre-empts that this change would give social workers greater opportunities to complete direct work with children and incorporate their views and feelings into the assessment (Munro and Lushey 2012). In the view of the above proposal, the essay explores the influence of the wider national and European policy agenda on the change proposed and explores some of the potential challenges from social work context which may impact on the implementation of the proposed changes. Finally, drawing on Change Theory, I critically discuss how my proposal could be implemented, meeting the challenges previously identified. But first, initial and core assessments are defined. An initial assessment is a brief assessment completed on each child referred to the local authority within a maximum of 10 working days of the referral date. Where necessary, it determines whether the child is in need; whether there is reasonable reason to suspect that the child is suffering or likely to suffer from significant harm; whether the child requires any services and if so what types; finally, a recommendation is made whether a more detailed core assessment should be undertaken (HM Government 2010: 5.36). The meaning of need is explored under section 17 of the Children Act 1989. A child is said to be in need if: [He] is unlikely to reach or maintain a satisfactory level of health or development, or [his] health and development will be significantly impaired without the provision of servicesà ¢Ã¢â€š ¬Ã‚ ¦[or he] is disabled, (HM Government 1989). Section 47 of the Children Act 1989 places a duty on local authorities to make enquires when there is a reasonable cause to believe that a child who is found or lives in their municipality is suffering, or likely to suffer from significant harm. A completion of the core assessment is the means in which a section 47 enquiry is initiated and should be completed within 35 working days. In these circumstances, the aim of the local authority is to determine what form of intervention is required to safeguard and promote the welfare of the child (Ibid; Brown et al. 2012). A core assessment refers to an in-depth assessment which addresses key aspects of a childs needs. This assessment may be completed at different junctures depending on the childs needs; an existing child protection concern is not a requirement (Brown et al 2012). According to Department for Education (2011) 40% of core assessments bare no relation to section 47 enquiries. Harm under section 31(9) of the Children Act 1989 is defined as ill-treatment or the impairment of health or development; development means physical, intellectual, emotional, social or behavioural development; health means physical or mental health; and ill-treatment includes sexual abuse and forms of ill-treatment which are not physical (HM Government 1989). Completion of both an initial and core assessment has to be undertaken in accordance with Framework for the Assessment of Children in Need and Their Families (DOH 2000) and information regarding childrens needs should be obtained within the three general domains of that form the assessment triangle: the childs developmental needs; the parents and/or caregivers ability to respond to those needs; and wider family and environmental factors (HM Government 2010: 5.36, 5.62; Turney et al. 2011). Current statutory guidance on the completion of initial and core assessments are criticised for the following reasons: Firstly, imposition of a rigid timescale means that there is little time for social workers to meaningfully engage with children. This drive to meet performance targets may thus be at the expense of the quality of assessments, engagement with children and families and multi-agency collaboration with professionals (Hawkes 2005; Holland 2010; Munro and Lushey 2012). Secondly, current statutory assessment timescales are unrealistic especially the 10 working days set for the completion of initial assessment. It does not take into account that there might be some difficulties in engaging with certain families and assessments may as a result be form-led rather than needs led (Horwarth 2002). Turney et al. (2011) argued that the pressure to meet statutory timeframes set for initial and core assessment may lead to the developments of short cuts which may provide latent conditions for error and in turn increase the risk factors posed to vulnerable children. An assessment which is child-centred contains thorough, concise and accurate information; includes chronological information about family and wider history and makes good use of information from a wide net of sources is considered a good assessment (Turney et al 2011). A good assessment is crucial in improving outcomes for children as it can contribute to maintaining the welfare of children by preventing delays in the provision of support and services. Despite the Assessment Frameworks copious guidance in completing good assessment, (DOH 2000) research evidence continues to highlight on-going concerns of social workers assessment analysis (Dalzell and Sawyer 2007). Holland (2010) contends that strict imposition of tight timescales combined with high caseloads does not allow for in-depth analysis through critical reflection of available evidence. The need for the proposed change Replacing child in need initial and core assessment timescales with a single assessment form and removing fixed statutory timescales for the completion of initial and core assessment will improve quality of childrens social workers practice and increase the scope for practitioners to exercise their professional judgement. Although the single assessment forms will still retain the structure of Framework of the Assessment of Children in Needs and their Families (DOH 2000), it is hoped that this development will allow social workers to exercise their professional judgement about what information to record. Research studies and enquiries into child deaths and analysis of serious case reviews consistently report that the quality of social workers assessment reports have at times fallen short of the expected standard particularly in the following areas: failure to engage with the child, differential thresholds, inadequacies in information gathering, shortcomings in critical analysis, and shortfalls in inter-professional working (Turney et al. 2011). Whilst it is acknowledged that the implementation of a single assessment form may not necessarily eradicate some of the shortcomings of the current assessment forms highlighted above, it is hoped that removing timescales for completing assessment will improve quality of completed reports by creating an environment where workers are under less stress to extract all information during the first visit to the family and thus more attention can be paid on what is happening for the child. Moreover, reducing prescription concerning timescales would enable social workers to arrange to meet with children and families at a convenient time for the family rather than at short notice to meet statutory timescales. For cases whereby parents are reluctant to engage in services or cases where there are linguistic or cultural barriers to overcome, flexibility in timescales can be used as a mechanism to improve practice (Munro and Lushey 2011). Collaborative working relationship between social care services and families is essential in promoting the welfare of the child (DOH 2010). Having sufficient time to work at the childs pace is therefore crucial to improving practice. Moreover, assessments may take longer if family members have special needs which have to be met so that they can meaningfully contribute to assessment (Holland 2010). Whilst there is a need for assessments not to lose focus and direction, assessments need to be completed jointly by both social worker and the family within a context which takes into account issues of power, inequality and discrimination. Lack of flexibility within assessment is almost inevitably going to come at the cost of key principles such as partnership and empowerment. Hawkes (2005) suggests that there is just as much evidence about the impact of partnership and empowerment upon the outcomes of children as there is for the need to prevent delay and drift in assessment which may be c aused by flexibility measures of assessments. Influence of wider national and European policy agenda The need for a thorough assessment of children and families where there are child protection concerns is a key focus of many national policies in the UK. The Framework for the Assessment of Children in Need and Their Families (DOH 2000) for example acknowledges that improving assessment process is a critical aspect in improving social work practice with service users and ensuring multi-agency working. Although the framework offers guidance to social workers on how to meet the needs of children through a comprehensive process of assessment leading to action, its imposition of rigid timescales to complete assessments challenges some of the principles of the Children Act 1989. The guidance fails to take into account that the time it may take longer to engage with some families who may be initially hostile towards intervention. Moreover, due to lack of time to engage fully with children, social workers may be unable to ascertain and incorporate the childs feelings into assessment (Calder 2003). Similarly, the importance of timely and clear assessment was highlighted in Lord Laming report into the death of eight year old Victoria Climbie (DOH 2003). Lord Lamings enquiry led to the implementation of Children Act 2004 which emphasised the need for improve outcomes for all children. For children who come into attention of social services, these outcomes could be explored further in assessments. These outcomes are: being healthy, staying safe, making a positive contribution; and achieving economic wellbeing (HM Government 2004). As well as national policies, international legislations including the European Convention on Human Rights Act (1998) and United Nations Convention on the Rights of the Child (1989) influenced the proposed change as enshrined within these legislations is the need to protect child and their interests (ECHR 1998:Article1, 2; UNCRC 1989: Article 2, 3, 12) and advocating for a single assessment form is a means of ensuring childrens voices remain the central focus of assessments. Potential challenges from the wider social work context which could impact on the implementation of the proposed changes Although this essay has highlighted some of the potential benefits of having a single assessment form and removing fixed statutory timescales, some potential challenges which could impact on the implementation of the proposed changes are critically discussed here. First, increased flexibility concerning timescales does not necessarily mean that the potential benefits discussed previously will be realised because a key aspect in realising these benefits largely depends on the skill and capacity of individual social worker and wider organisational contexts in which they are working. Although the aim of a flexible timescale was proposed in this essay to enhance social workers understanding of childrens needs, should the proposal be implemented, some social workers may use it as an excuse to postpone complex decisions (Turney et al. 2011). Secondly, in the absence of timescales social workers may spend longer time completing assessments. Whilst it is acknowledged that the more information gathered, the longer it may take to analyse, however, in the absence of additional staffing, the extra time social workers are seemingly spending on direct work with children and families may place greater demands on the team. This in turn may lead to the following: longer working hours to compensate for the additional time spent on assessments; prioritising child protection cases which may result in delay and drift in cases, which based on the presenting issues appear less serious; or changes to the threshold for intervention (Broadhurst et al. 2010; Holmes et al. 2010). The effect of such challenges may therefore inhibit workers ability to conduct additional visits, engage in more direct work with families and therefore undermining the intended aim of the single assessment proposal (Monro and Lushey 2012). Change Theory Change is inevitable; it can be threatening, disruptive and difficult to manage as it involves adapting to new settings, working practices or personal circumstances (Hayes 2010). Although one of the core values of a social worker is to advocate for change on behalf of their service users (Dolgoff et al. 2008) as a profession, it has been quite resistant to change (Munson 2012). Whilst there is no standard formula in managing change, there is a body of useful theories which that can help analyse how to manage the challenges of change in order to improve on practice and ensure better outcomes for service users. Here, I draw on Kurt Lewins(1951) theory of change and discuss how developing a single assessment form to replace current initial and core assessment forms can be implemented meeting some of the challenges previously identified. Lewin (1951) argued that implementing change involves managing competing forces and actively facilitating the driving forces to achieve the desired change while seeking to reduce or eliminate restraining forces (Russell and Russell 2006). In the first step of his three step change model, Lewin contends that to implement change, change leaders will need to unfreeze the status quo. Individuals who will be affected by the change must be led to recognise why the change is necessary (Griffin and Moorhead 2011). Next, the change itself is implemented. Finally, refreezing involves reinforcing and supporting the change so it becomes a part of the system. Using Lewins model, the first step (unfreezing) implementing my proposed change would involve convincing Michael Gove, current Secretary of State for Education to grant local authorities dispensation of Working together to Safeguard children guidance because of its capability to improve social work practice with children and families. After this unfreezing is accomplished, a pilot scheme conducted with several local authorities analysing the likely impact of implementing my proposed change on practice will be introduced. If the results of the pilot scheme are positive, the scheme will be rolled out nationally (implementation). Following implementation, regular training, robust supervision and support systems will be introduced to support social workers in writing assessments (refreezing) in order to meet challenges previously identified. As influential as Lewins model of change is, some critics have argued that the model is too rigid and assumes change occurs in static steps. It is argued that Lewins theory lacks the flexibility required to fit with the chaotic process of change (Longo 2011). In relation to my proposed change, Lewins theory fails to.. Similarly, Williams et al. (2002) argue that whilst Lewins model of change is useful in conceptualising how to bring about change, it fails to explore how what causes individuals to accept or resist change. Similarly to Lewin (1951), Beckhard and Harris (1987) change model provide a useful analogy of what motivates individuals to change. They argue that for change to happen, the forces of change must outweigh the perceived costs of change (in terms of emotions, energy financial costs etc). Beckhard and Harris suggest that to successfully implement change, individuals need to be convinced that the present is problematic; individuals need to perceive desirable vision of the future and that there is a means of achieving it (Williams et al. 2002). Although this model is valuable to understanding how to manage planned change, similarly to Lewins (1951) theory, Beckhard and Harris (1987) also assume that that there is a logical, linear process to achieving change. Burke (2002) argues that in practice, planned change occurs in a spiral fashion rather in a linear line as suggested by both Lewin and Beckhard and Harris. According to Deutsch et al. (2006) there are many unintended and unanticipat ed consequences which may affect and be affected by planned, change efforts and neither of the change theories discussed above explore this in depth. Whilst a change in current policy of how initial and core assessment are being completed may appear irrational, a recommendation for such change was recently proposed by Eileen Munro in The Munro Review of Child Protection (Munro 2011). The Secretary of State for Education granted eight local authorities (Hackney, Knowsley, Cumbria, Kensington and Chelsea, Hammersmith and Fulham, Wandsworth and Islington) between March and September 2011 permission to carry out flexible assessment practices. Although a vast majority of social workers and managers were in favour of the single frame assessment form and findings from the pilot study reported that flexibility of assessment timescales improved practice and quality of assessments (Munro and Lushey 2012), this proposal has yet to be implemented nationally. This recommendation is good example of some of the challenges implementing change. As simply put by Chaudry et al. (1994) a good idea that is very difficult to implement is, after all not that good an idea. In conclusion, this essay has highlighted some of the potential benefits of developing a single assessment form which replaces current initial and core assessments and the associated fixed timescales for their completion when completing assessments children. Whilst this essay acknowledges that implementation of the proposal does not necessarily guarantee improvement in the quality of assessments produced by social workers or the amount of direct work completed with children and families, it is felt this flexibility in timescale will enhance social work practice with children (Munro 2011). Importance of supporting social workers via training and adequate supervision was also acknowledged in ensuring completed assessments are of good standard. As well has exploring the influence of national and European policy agenda on the proposed change, the essay also critically analysed how the proposal could be implemented drawing on Lewins (1991) model of change.

Anxiety And Depression In Afro-americans :: essays research papers fc

Anxiety And Depression In Afro-Americans   Ã‚  Ã‚  Ã‚  Ã‚  A major cause of mental health disorders such as depression and anxiety in individuals is stress. Defined stress is an internal response caused by the application of a stressor or anything that requires coping behaviour. For example the pressure of a job, supporting a family or getting an education are stressors that can result in depression and anxiety. Individuals and groups that have numerous resources or other coping mechanisms are better suited for coping with stress than are those who lack such resources. As a result, social and economic circumstances in North America suggest that the black and Latino communities have a higher risk for developing mental disorders than does the non-black make up of the United States. Hence this paper will attempt to demonstrate how due to socio-economic differences such as money, racism and increased exposure to violence, blacks have a greater chance to develop mental disorders such as depression and anxiety. Some definitions: Stress, Depression & Anxiety   Ã‚  Ã‚  Ã‚  Ã‚  Stress is everywhere in our lives and it can be found in two forms. The life of Afro-Americans is filled with both eustress and distress, but it is the high rate of distress due to socio-economic circumstances that are responsible for higher rates of depression and anxiety amongst them.   Ã‚  Ã‚  Ã‚  Ã‚  Depression is an emotional state characterized by extreme sadness, gloomy ruminations, feelings of worthlessness, loss of hope, and often apprehension, while anxiety is a generalized feeling of fear and apprehension. The number of reported cases combining both depression and anxiety with Afro- Americans has dramatically increased since the civil rights movement, when scientists began recording such causal relationships. In addition, statistics show that the rate of violence demonstrates a positive relationship of mental health disorders within the black community. Studies by Bell, Dixie-Bell and Thompson show that Afro-Americans have a 36% higher chance of developing depression than do non-blacks (Bell, Dixie-Bell, & Thompson, p.53). It is felt that a portion of these results can be attributed to the high incidence of violence and exposure within the black community. Economic Distress   Ã‚  Ã‚  Ã‚  Ã‚  Poverty and unemployment are rampant in Afro-American communities in the United States. Approximately 65% of the black community in the U.S. live in poverty or are unemployed (Bell et al., p.53). In comparison to other ethnic groups, this is the highest rate with the exception of the Latino community at 68.7%. The closest group above the blacks are the Chinese at 35%. Not only are most blacks poor and unemployed but, the future does not look promising in terms of job opportunities for Afro-Americans. This rampant spread of poverty within the black community causes great distress within the family unit.

Economics Test Bank Chapter 14

Chapter 14 Firms in Competitive Markets Multiple Choice 1. A FIRM HAS MARKET POWER IF IT CAN |a. |maximize profits. | |b. |minimize costs. | |c. |influence the market price of the good it sells. | |d. |hire as many workers as it needs at the prevailing wage rate. | ANS:CPTS:1DIF:1REF:14-0 NAT:AnalyticLOC:Perfect competitionTOP:Market power MSC:Definitional 2. A book store that has market power can |a. |influence the market price for the books it sells. | |b. |minimize costs more efficiently than its competitors. | |c. |reduce its advertising budget more so than its competitors. | |d. ignore profit-maximizing strategies when setting the price for its books. | ANS:APTS:1DIF:1REF:14-0 NAT:AnalyticLOC:Perfect competitionTOP:Market power MSC:Applicative 3. The analysis of competitive firms sheds light on the decisions that lie behind the |a. |demand curve. | |b. |supply curve. | |c. |way firms make pricing decisions in the not-for-profit sector of the economy. | |d. |way financial markets set interest rates. | ANS:BPTS:1DIF:1REF:14-0 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 4. For any competitive market, the supply curve is closely related to the |a. preferences of consumers who purchase products in that market. | |b. |income tax rates of consumers in that market. | |c. |firms’ costs of production in that market. | |d. |interest rates on government bonds. | ANS:CPTS:1DIF:1REF:14-0 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 5. Suppose a firm in each of the two markets listed below were to increase its price by 20 percent. In which pair would the firm in the first market listed experience a dramatic decline in sales, but the firm in the second market listed would not? |a. |corn and soybeans | |b. gasoline and restaurants | |c. |water and cable television | |d. |spiral notebooks and college textbooks | ANS:DPTS:1DIF:2REF:14-0 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Applica tive 6. Suppose a firm in each of the two markets listed below were to increase its price by 30 percent.In which pair would the firm in the first market listed experience a dramatic decline in sales, but the firm in the second market listed would not? |a. |oil and natural gas | |b. |cable television and gasoline | |c. |restaurants and MP3 players | |d. |movie theaters and ballpoint pens | ANS:BPTS:1DIF:2REF:14-0NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Applicative What is a Competitive Market? 1. A KEY CHARACTERISTIC OF A COMPETITIVE MARKET IS THAT |a. |government antitrust laws regulate competition. | |b. |producers sell nearly identical products. | |c. |firms minimize total costs. | |d. |firms have price setting power. | ANS:BPTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Definitional 2. Which of the following is not a characteristic of a competitive market? |a. |Buyers and sellers are price takers. | |b. |Each firm sells a virtually identical product. |c. |Entry is limited. | |d. |Each firm chooses an output level that maximizes profits. | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Definitional 3. Which of the following is a characteristic of a competitive market? |a. |There are many buyers but few sellers. | |b. |Firms sell differentiated products. | |c. |There are many barriers to entry. | |d. |Buyers and sellers are price takers. | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Definitional 4. Who is a price taker in a competitive market? |a. buyers only | |b. |sellers only | |c. |both buyers and sellers | |d. |neither buyers nor sellers | ANS:CPTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Definitional 5. Competitive markets are characterized by |a. |a small number of buyers and sellers. | |b. |unique products. | |c. the interdependence of firms. | |d. |free entry and exit by fi rms. | ANS:DPTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Definitional 6. A market is competitive if |(i) |firms have the flexibility to price their own product. | |(ii) |each buyer is small compared to the market. | |(iii) |each seller is small compared to the market. | |a. |(i) and (ii) only | |b. |(i) and (iii) only | |c. (ii) and (iii) only | |d. |(i), (ii), and (iii) | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 7. A firm that has little ability to influence market prices operates in a |a. |competitive market. | |b. |strategic market. | |c. |thin market. | |d. |power market. | ANS:APTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Definitional 8. In a competitive market, the actions of any single buyer or seller will |a. have a negligible impact on the market price. | |b. |have little effect on market equilibrium quantity but will affect market equilibr ium price. | |c. |affect marginal revenue and average revenue but not price. | |d. |adversely affect the profitability of more than one firm in the market. | ANS:APTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 9. In a competitive market, the actions of any single buyer or seller will |a. |discourage entry by competitors. | |b. |influence the profits of other firms in the market. | |c. |have a negligible impact on the market price. | |d. None of the above is correct. | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 10. Because the goods offered for sale in a competitive market are largely the same, |a. |there will be few sellers in the market. | |b. |there will be few buyers in the market. | |c. |only a few buyers will have market power. | |d. |sellers will have little reason to charge less than the going market price. | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:C ompetitive markets MSC:Interpretive 11. Which of the following is not a characteristic of a perfectly competitive market? a. |Firms are price takers. | |b. |Firms have difficulty entering the market. | |c. |There are many sellers in the market. | |d. |Goods offered for sale are largely the same. | ANS:BPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 12. Which of the following is not a characteristic of a perfectly competitive market? |a. |Firms are price takers. | |b. |Firms can freely enter the market. | |c. |Many firms have market power. | |d. |Goods offered for sale are largely the same. | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 3. Free entry means that |a. |the government pays any entry costs for individual firms. | |b. |no legal barriers prevent a firm from entering an industry. | |c. |a firm's marginal cost is zero. | |d. |a firm has no fixed costs in the short run. | ANS :BPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 14. Which of the following industries is most likely to exhibit the characteristic of free entry? |a. |nuclear power | |b. |municipal water and sewer | |c. dairy farming | |d. |airport security | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Applicative 15. Which of the following industries is most likely to exhibit the characteristic of free entry? |a. |cable television | |b. |satellite radio | |c. |mineral mining | |d. t-shirt silkscreening | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Applicative 16. Which of the following industries is least likely to exhibit the characteristic of free entry? |a. |restaurants | |b. |municipal water and sewer | |c. |soybean farming | |d. |selling running apparel | ANS:BPTS:1DIF:2REF:14-1NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Applicative 17. Which of the following industries is least likely to exhibit the characteristic of free entry? |a. |selling running apparel | |b. |wheat farming | |c. |yoga studios | |d. |satellite radio | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Applicative 8. When buyers in a competitive market take the selling price as given, they are said to be |a. |market entrants. | |b. |monopolists. | |c. |free riders. | |d. |price takers. | ANS:DPTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Definitional 19. When firms are said to be price takers, it implies that if a firm raises its price, |a. |buyers will go elsewhere. | |b. |buyers will pay the higher price in the short run. | |c. |competitors will also raise their prices. | |d. |firms in the industry will exercise market power. | ANS:APTS:1DIF:2REF:14-1NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 20. Which of the following statements best re flects a price-taking firm? |a. |If the firm were to charge more than the going price, it would sell none of its goods. | |b. |The firm has an incentive to charge less than the market price to earn higher revenue. | |c. |The firm can sell only a limited amount of output at the market price before the market price will fall. | |d. |Price-taking firms maximize profits by charging a price above marginal cost. | ANS:APTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 1. Why does a firm in a competitive industry charge the market price? |a. |If a firm charges less than the market price, it loses potential revenue. | |b. |If a firm charges more than the market price, it loses all its customers to other firms. | |c. |The firm can sell as many units of output as it wants to at the market price. | |d. |All of the above are correct. | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 22. In a competi tive market, no single producer can influence the market price because |a. |many other sellers are offering a product that is ssentially identical. | |b. |consumers have more influence over the market price than producers do. | |c. |government intervention prevents firms from influencing price. | |d. |producers agree not to change the price. | ANS:APTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 23. A competitive firm would benefit from charging a price below the market price because the firm would achieve |(i) |higher average revenue. | |(ii) |higher profits. | |(iii) |lower total costs. | |a. |(i) only | |b. (ii) and (iii) only | |c. |(i), (ii), and (iii) | |d. |None of the above is correct. | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 24. Which of the following characteristics of competitive markets is necessary for firms to be price takers? |(i) |There are many sellers. | |(i i) |Firms can freely enter or exit the market. | |(iii) |Goods offered for sale are largely the same. |a. |(i) and (ii) only | |b. |(i) and (iii) only | |c. |(ii) only | |d. |(i), (ii), and (iii) | ANS:BPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 25. Suppose a firm in a competitive market reduces its output by 20 percent. As a result, the price of its output is likely to |a. |increase. | |b. |remain unchanged. | |c. decrease by less than 20 percent. | |d. |decrease by more than 20 percent. | ANS:BPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Analytical 26. The Doris Dairy Farm sells milk to a dairy broker in Prairie du Chien, Wisconsin. Because the market for milk is generally considered to be competitive, the Doris Dairy Farm does not |a. |choose the quantity of milk to produce. | |b. |choose the price at which it sells its milk. | |c. |have any fixed costs of production. | |d. |set marginal re venue equal to marginal cost to maximize profit. | ANS:BPTS:1DIF:2REF:14-1NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 27. The Doris Dairy Farm sells milk to a dairy broker in Prairie du Chien, Wisconsin. Because the market for milk is generally considered to be competitive, the Doris Dairy Farm does not choose the |a. |quantity of milk to produce. | |b. |price at which it sells its milk. | |c. |profits it earns. | |d. |All of the above are correct. | ANS:BPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 28. In a competitive market, |a. |no single buyer or seller can influence the price of the product. |b. |there are only a small number of sellers. | |c. |the goods offered by the different sellers are unique. | |d. |accounting profit is driven to zero as firms freely enter and exit the market. | ANS:APTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 29. Which of the following statements regarding a competitive market is not correct? |a. |There are many buyers and many sellers in the market. | |b. |Because of firm location or product differences, some firms can charge a higher price than other firms and still | | |maintain their sales volume. | |c. Price and average revenue are equal. | |d. |Price and marginal revenue are equal. | ANS:BPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 30. Which of the following statements regarding a competitive market is not correct? |a. |There are many buyers and many sellers in the market. | |b. |Firms can freely enter or exit the market. | |c. |Price equals average revenue. | |d. |Price exceeds marginal revenue. | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 31. One of the defining characteristics of a perfectly competitive market is |a. a small number of sellers. | |b. |a large number of buyers and a smal l number of sellers. | |c. |a similar product. | |d. |significant advertising by firms to promote their products. | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Definitional 32. Which of the following firms is the closest to being a perfectly competitive firm? |a. |a hot dog vendor in New York | |b. |Microsoft Corporation | |c. |Ford Motor Company | |d. the campus bookstore | ANS:APTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Applicative 33. Which of the following firms is the closest to being a perfectly competitive firm? |a. |the New York Yankees | |b. |Apple, Inc. | |c. |DeBeers diamond wholesalers | |d. |a wheat farmer in Kansas |ANS:DPTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Applicative 34. Firms that operate in perfectly competitive markets try to |a. |maximize revenues. | |b. |maximize profits. | |c. |equate marginal revenue with average total cost. | |d. |A ll of the above are correct. | ANS:BPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 35. A seller in a competitive market can |a. |sell all he wants at the going price, so he has little reason to charge less. | |b. |influence the market price by adjusting his output. | |c. influence the profits earned by competing firms by adjusting his output. | |d. |All of the above are correct. | ANS:APTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 36. A seller in a competitive market |a. |can sell all he wants at the going price, so he has little reason to charge less. | |b. |will lose all his customers to other sellers if he raises his price. | |c. |considers the market price to be a â€Å"take it or leave it† price. | |d. |All of the above are correct. | ANS:DPTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 7. In a perfectly competitive market, |a. | no one seller can influence the price of the product. | |b. |price exceeds marginal revenue for each unit sold. | |c. |average revenue exceeds marginal revenue for each unit sold. | |d. |All of the above are correct. | ANS:APTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 38. For a firm in a competitive market, an increase in the quantity produced by the firm will result in |a. |a decrease in the product’s market price. | |b. |an increase in the product’s market price. | |c. |no change in the product’s market price. |d. |either an increase or no change in the product’s market price depending on the number of firms in the market. | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive 39. If Cathy’s Coffee Emporium sells its product in a competitive market, then |a. |the price of that product depends on the quantity of the product that Cathy’s Coffee E mporium produces and sells | | |because Cathy’s Coffee Emporium’s demand curve is downward sloping. | |b. |Cathy’s Coffee Emporium's total revenue must be proportional to its quantity of output. | |c. Cathy’s Coffee Emporium's total cost must be a constant multiple of its quantity of output. | |d. |Cathy’s Coffee Emporium's total revenue must be equal to its average revenue. | ANS:BPTS:1DIF:3REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Total revenue MSC:Analytical 40. Changes in the output of a perfectly competitive firm, without any change in the price of the product, will change the firm's |a. |total revenue. | |b. |marginal revenue. | |c. |average revenue. | |d. |All of the above are correct. | ANS:APTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Total revenue MSC:Analytical 41.If a firm in a perfectly competitive market triples the quantity of output sold, then total revenue will |a. |more than triple. | |b. |less than triple. | |c . |exactly triple. | |d. |Any of the above may be true depending on the firm’s labor productivity. | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Total revenue MSC:Analytical 42. When a competitive firm doubles the quantity of output it sells, its |a. |total revenue doubles. | |b. |average revenue doubles. | |c. |marginal revenue doubles. | |d. |profits must increase. | ANS:APTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Total revenueMSC:Analytical 43. If a firm in a competitive market doubles its number of units sold, total revenue for the firm will |a. |more than double. | |b. |double. | |c. |increase but by less than double. | |d. |may increase or decrease depending on the price elasticity of demand. | ANS:BPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Total revenue MSC:Analytical Table 14-1 |Quantity |Price | |0 |$5 | |1 |$5 | |2 |$5 | |3 |$5 | 4 |$5 | |5 |$5 | |6 |$5 | |7 |$5 | |8 |$5 | |9 |$5 | 44. Refer to Table 14-1. The price and quantity relationship in the table is most likely a demand curve faced by a firm in a |a. |monopoly. | |b. |concentrated market. | |c. |competitive market. | |d. |strategic market. | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Analytical 45. Refer to Table 14-1.Over which range of output is average revenue equal to price? |a. |1 to 5 units | |b. |3 to 7 units | |c. |5 to 9 units | |d. |Average revenue is equal to price over the entire range of output. | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Average revenue MSC:Analytical 46. Refer to Table 14-1. Over what range of output is marginal revenue declining? |a. 1 to 6 units | |b. |3 to 7 units | |c. |7 to 9 units | |d. |Marginal revenue is constant over the entire range of output. | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Marginal revenue MSC:Analytical 47. Refer to Table 14-1. If the firm doubles its output from 3 to 6 units, total revenue will |a. |increase by less than $15. | |b. |increase by exactly $15. |c. |increase by more than $15. | |d. |Total revenue cannot be determined from the information provided. | ANS:BPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Total revenue MSC:Applicative Table 14-2 The table represents a demand curve faced by a firm in a competitive market. |Price |Quantity | |$4 |0 | |$4 |1 | |$4 |2 | |$4 |3 | |$4 |4 | |$4 |5 | 48. Refer to Table 14-2. A firm operating in a competitive market maximizes total revenue by producing |a. |2 units. |b. |3 units. | |c. |4 units. | |d. |as many units as possible. | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Total revenue MSC:Applicative 49. Refer to Table 14-2. For a firm operating in a competitive market, the average revenue from selling 3 units is |a. |$12. | |b. |$4. | |c. |$3. | |d. |$1. 25. | ANS:BPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Average revenue MSC:Applicative 50. Refer to Table 14-2. For a f irm operating in a competitive market, the marginal revenue from selling the 3rd unit is |a. |$12. | |b. |$4. | |c. |$3. | |d. |$1. 25. | ANS:BPTS:1DIF:3REF:14-1NAT:AnalyticLOC:Perfect competitionTOP:Marginal revenue MSC:Applicative Table 14-3 |Quantity |Total Revenue | |0 |$0 | |1 |$7 | |2 |$14 | |3 |$21 | |4 |$28 | 51. Refer to Table 14-3. For a firm operating in a competitive market, the price is |a. |$0. | |b. |$7. | |c. |$14. | |d. |$21. | ANS:BPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Applicative 52.Refer to Table 14-3. For a firm operating in a competitive market, the marginal revenue is |a. |$0. | |b. |$7. | |c. |$14. | |d. |$21. | ANS:BPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Marginal revenue MSC:Applicative 53. Refer to Table 14-3. For a firm operating in a competitive market, the average revenue is |a. |$21. | |b. |$14. | |c. |$7. | |d. |$0. | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Average re venue MSC:Applicative Table 14-4 |Quantity |Total Revenue | |0 |$0 | |1 |$15 | 2 |$30 | |3 |$45 | |4 |$60 | 54. Refer to Table 14-4. For a firm operating in a competitive market, the price is |a. |$45. | |b. |$30. | |c. |$15. | |d. |$0. | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Applicative 55. Refer to Table 14-4. For a firm operating in a competitive market, the marginal revenue is |a. |$45. | |b. |$30. | |c. |$15. | |d. |$0. | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Marginal revenue MSC:Applicative 56.Refer to Table 14-4. For a firm operating in a competitive market, the average revenue is |a. |$45. | |b. |$30. | |c. |$15. | |d. |$0. | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Average revenue MSC:Applicative Table 14-5 |Quantity |Total Revenue | |12 |$132 | |13 |$143 | |14 |$154 | |15 |$165 | |16 |$176 | 57. Refer to Table 14-5.The price of the product is |a. |$9. | |b. |$11. | |c. |$13. | | d. |$15. | ANS:BPTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Competitive markets MSC:Applicative 58. Refer to Table 14-5. The average revenue when 14 units are produced and sold is |a. |$9. | |b. |$11. | |c. |$13. | |d. |$15. | ANS:BPTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Average revenue MSC:Analytical 59. Refer to Table 14-5. The marginal revenue of the 12th unit is |a. |$9. | |b. |$10. | |c. |$11 | |d. The marginal revenue cannot be determined without knowing the total revenue when 11 units are sold. | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Marginal revenue MSC:Analytical Table 14-6 The following table presents cost and revenue information for a firm operating in a competitive industry. |COSTS |REVENUES | |Quantity |Total |Marginal |Quantity |Price |Total |Marginal | |Produced |Cost |Cost |Demanded | Revenue |Revenue | |  0 |$100 |  Ã¢â‚¬â€ |  0 |  $120 | |  Ã¢â‚¬â€ | |  1 |$150 | |  1 |  $120 | | | |  2 |$202 | |  2 |  $120 | | | |  3 |$257 | |  3 |  $120 | | | |  4 |$317 | |  4 |  $120 | | | |  5 |$385 | |  5 |  $120 | | | |  6 |$465 | |  6 |  $120 | | | |  7 |$562 | |  7 |  $120 | | | |  8 |$682 | |  8 |  $120 | | | 60. Refer to Table 14-6. What is the total revenue from selling 7 units? |a. $120 | |b. |$490 | |c. |$562 | |d. |$840 | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Total revenue MSC:Applicative 61. Refer to Table 14-6. What is the total revenue from selling 4 units? |a. |$120 | |b. |$257 | |c. $317 | |d. |$480 | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Total revenue MSC:Applicative 62. Refer to Table 14-6. What is the marginal revenue from selling the 3rd unit? |a. |$55 | |b. |$120 | |c. |$137 | |d. |$140 | ANS:BPTS:1DIF:2REF:14-1NAT:AnalyticLOC:Perfect competitionTOP:Marginal revenue MSC:Applicative 63. Refer to Table 14-6. What is the average revenue when 4 units are sold? |a. |$60 | |b. |$120 | |c. |$125 | |d. |$197 | ANS:BPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Average revenue MSC:Applicative 64. Which of the following statements is correct? a. |For all firms, marginal revenue equals the price of the good. | |b. |Only for competitive firms does average revenue equal the price of the good. | |c. |Marginal revenue can be calculated as total revenue divided by the quantity sold. | |d. |Only for competitive firms does average revenue equal marginal revenue. | ANS:DPTS:1DIF:3REF:14-1 NAT:AnalyticLOC:Perfect competition TOP:Average revenue | Marginal revenueMSC:Interpretive 65. Suppose a firm in a competitive market earned $1,000 in total revenue and had a marginal revenue of $10 for the last unit produced and sold. What is the average revenue per unit, and how many units were sold? |a. $5 and 50 units | |b. |$5 and 100 units | |c. |$10 and 50 units | |d. |$10 and 100 units | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionT OP:Average revenue MSC:Applicative 66. Which of the following statements regarding a competitive firm is correct? |a. |Because demand is downward sloping, if a firm increases its level of output, the firm will have to charge a lower | | |price to sell the additional output. | |b. If a firm raises its price, the firm may be able to increase its total revenue even though it will sell fewer units. | |c. |By lowering its price below the market price, the firm will benefit from selling more units at the lower price than | | |it could have sold by charging the market price. | |d. |For all firms, average revenue equals the price of the good. | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Average revenue MSC:Analytical 67. Suppose a firm in a competitive market produces and sells 150 units of output and earns $1,800 in total revenue from the sales. If the firm increases its output to 200 units, the average revenue of the 200th unit will be |a. less than $12. | |b. |more th an $12. | |c. |$12. | |d. |Any of the above may be correct depending on the price elasticity of demand for the product. | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Average revenue MSC:Analytical 68. Suppose a firm in a competitive market produces and sells 150 units of output and earns $1,800 in total revenue from the sales. If the firm increases its output to 200 units, total revenue will be |a. |$2,000. | |b. |$2,400. | |c. |$4,200. | |d. |We do not have enough information to answer the question. | ANS:BPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Total revenue MSC:Analytical 69.Firms operating in competitive markets produce output levels where marginal revenue equals |a. |price. | |b. |average revenue. | |c. |total revenue divided by output. | |d. |All of the above are correct. | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competition TOP:Marginal revenue | Average revenueMSC:Applicative 70. For a competitive firm, |a. |total revenue equals a verage revenue. | |b. |total revenue equals marginal revenue. | |c. |total cost equals marginal revenue. | |d. |average revenue equals marginal revenue. | ANS:DPTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competition TOP:Marginal revenue | Average revenueMSC:Definitional 71.Suppose that a firm operating in perfectly competitive market sells 100 units of output. Its total revenues from the sale are $500. Which of the following statements is correct? |(i) |Marginal revenue equals $5. | |(ii) |Average revenue equals $5. | |(iii) |Price equals $5. | |a. |(i) only | |b. |(iii) only | |c. |(i) and (ii) only | |d. |(i), (ii), and (iii) | ANS:DPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Marginal revenue | Average revenueMSC:Analytical 72. Suppose that a firm operating in perfectly competitive market sells 200 units of output at a price of $3 each. Which of the following statements is correct? |(i) |Marginal revenue equals $3. | |(ii) |Average revenue equals $600. | |(iii) |Ave rage revenue exceeds marginal revenue, but we don’t know by how much. | |a. |(i) only | |b. |(iii) only | |c. |(i) and (ii) only | |d. (i), (ii), and (iii) | ANS:APTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competition TOP:Marginal revenue | Average revenueMSC:Analytical 73. Suppose that a firm operating in perfectly competitive market sells 300 units of output at a price of $3 each. Which of the following statements is correct? |(i) |Marginal revenue equals $3. | |(ii) |Average revenue equals $100. | |(iii) |Total revenue equals $300. | |a. |(i) only | |b. |(iii) only | |c. (i) and (ii) only | |d. |(i), (ii), and (iii) | ANS:APTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competition TOP:Marginal revenue | Average revenueMSC:Analytical 74. Suppose that a firm operating in perfectly competitive market sells 400 units of output at a price of $4 each. Which of the following statements is correct? |(i) |Marginal revenue equals $4. | |(ii) |Average revenue equals $100. | |(iii) |Total revenue equals $1,600. | |a. |(i) only | |b. (iii) only | |c. |(i) and (iii) only | |d. |(i), (ii), and (iii) | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competition TOP:Marginal revenue | Average revenueMSC:Analytical 75. For a firm operating in a competitive industry, which of the following statements is not correct? |a. |Price equals average revenue. | |b. |Price equals marginal revenue. | |c. |Total revenue is constant. | |d. |Marginal revenue is constant. | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Marginal revenue | Average revenueMSC:Interpretive 76. For a firm in a perfectly competitive market, the price of the good is always |a. |equal to marginal revenue. | |b. |equal to total revenue. | |c. |greater than average revenue. | |d. |equal to the firm’s efficient scale of output. | ANS:APTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Marginal revenue MSC:Interpretive 77. Suppose a firm in a competitive market produces and se lls 8 units of output and has a marginal revenue of $8. 00. What would be the firm's total revenue if it instead produced and sold 4 units of output? |a. |$4 | |b. |$8 | |c. $32 | |d. |$64 | ANS:CPTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Marginal revenue MSC:Applicative 78. Whenever a perfectly competitive firm chooses to change its level of output, its marginal revenue |a. |increases if MR < ATC and decreases if MR > ATC. | |b. |does not change. | |c. |increases. | |d. |decreases. | ANS:BPTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Marginal revenue MSC:Interpretive 79. Suppose that in a competitive market the equilibrium price is $2. 50.What is marginal revenue for the last unit sold by the typical firm in this market? |a. |less than $2. 50 | |b. |more than $2. 50 | |c. |exactly $2. 50 | |d. |The marginal revenue cannot be determined without knowing the actual quantity sold by the typical firm. | ANS:CPTS:1DIF:1REF:14-1 NAT:AnalyticLOC:Perfect competi tionTOP:Marginal revenue MSC:Interpretive 80. For an individual firm operating in a competitive market, marginal revenue equals |a. |average revenue and the price for all levels of output. | |b. |average revenue, which is greater than the price for all levels of output. | |c. average revenue, the price, and marginal cost for all levels of output. | |d. |marginal cost, which is greater than average revenue for all levels of output. | ANS:APTS:1DIF:2REF:14-1 NAT:AnalyticLOC:Perfect competition TOP:Marginal revenue | Average revenueMSC:Interpretive 81. If the market elasticity of demand for potatoes is -0. 3 in a perfectly competitive market, then the individual farmer's elasticity of demand |a. |will also be -0. 3. | |b. |depends on how large a crop the farmer produces. | |c. |will range between -0. 3 and -1. 0. | |d. |will be infinite. | ANS:DPTS:1DIF:3REF:14-1 NAT:AnalyticLOC:Perfect competitionTOP:Elasticity MSC:AnalyticalProfit Maximization and the Competitive Firm's Supply Curve 1. IF A COMPETITIVE FIRM IS CURRENTLY PRODUCING A LEVEL OF OUTPUT AT WHICH MARGINAL REVENUE EXCEEDS MARGINAL COST, THEN |a. |a one-unit increase in output will increase the firm's profit. | |b. |a one-unit decrease in output will increase the firm's profit. | |c. |total revenue exceeds total cost. | |d. |total cost exceeds total revenue. | ANS:APTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Analytical 2. If a competitive firm is currently producing a level of output at which marginal cost exceeds marginal revenue, then |a. |a one-unit increase in output will increase the firm's profit. | |b. a one-unit decrease in output will increase the firm's profit. | |c. |total revenue exceeds total cost. | |d. |total cost exceeds total revenue. | ANS:BPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Analytical 3. If a competitive firm is currently producing a level of output at which marginal cost exceeds marginal revenue, then |a . |average revenue exceeds marginal cost. | |b. |the firm is earning a positive profit. | |c. |decreasing output would increase the firm's profit. | |d. |All of the above are correct. | ANS:CPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Analytical 4. Comparing marginal revenue to marginal cost (i) |reveals the contribution of the last unit of production to total profit. | |(ii) |is helpful in making profit-maximizing production decisions. | |(iii) |tells a firm whether its fixed costs are too high. | |a. |(i) only | |b. |(i) and (ii) only | |c. |(ii) and (iii) only | |d. |(i) and (iii) only | ANS:BPTS:1DIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Interpretive 5. At the profit-maximizing level of output, |a. |marginal revenue equals average total cost. | |b. |marginal revenue equals average variable cost. | |c. |marginal revenue equals marginal cost. | |d. |average revenue equals average total cost. | ANS:CPTS:1DIF:2RE F:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Interpretive 6. The intersection of a firm's marginal revenue and marginal cost curves determines the level of output at which |a. |total revenue is equal to variable cost. | |b. |total revenue is equal to fixed cost. | |c. |total revenue is equal to total cost. | |d. |profit is maximized. | ANS:DPTS:1DIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Interpretive 7. For a certain firm, the 100th unit of output that the firm produces has a marginal revenue of $10 and a marginal cost of $7. It follows that the |a. |production of the 100th unit of output increases the firm's profit by $3. | |b. |production of the 100th unit of output increases the firm's average total cost by $7. | |c. |firm's profit-maximizing level of output is less than 100 units. | |d. |production of the 99th unit of output must increase the firm’s profit by less than $3. | ANS:APTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perf ect competitionTOP:Competitive firms MSC:Analytical 8.For a certain firm, the 100th unit of output that the firm produces has a marginal revenue of $10 and a marginal cost of $11. It follows that the |a. |production of the 100th unit of output increases the firm's profit by $1. | |b. |production of the 100th unit of output increases the firm's average total cost by $1. | |c. |firm's profit-maximizing level of output is less than 100 units. | |d. |production of the 110th unit of output must increase the firm’s profit but by less than $1. | ANS:CPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Analytical 9. A certain competitive firm sells its output for $20 per unit. The 50th unit of output that the firm produces has a marginal cost of $22.Production of the 50th unit of output does not necessarily |a. |increase the firm's total revenue by $20. | |b. |increase the firm's total cost by $22. | |c. |decrease the firm's profit by $2. | |d. |increase t he firm’s average variable cost by $0. 44. | ANS:DPTS:1DIF:3REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Analytical 10. Sam sells soybeans to a broker in Chicago, Illinois. Because the market for soybeans is generally considered to be competitive, Sam maximizes his profit by choosing |a. |to produce the quantity at which average variable cost is minimized. | |b. |to produce the quantity at which average fixed cost is minimized. |c. |to sell at a price where marginal cost is equal to average total cost. | |d. |the quantity at which market price is equal to Sam's marginal cost of production. | ANS:DPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Analytical 11. If a competitive firm is selling 1,000 units of its product at a price of $9 per unit and earning a positive profit, then |a. |its total cost is less than $9,000. | |b. |its marginal revenue is less than $9. | |c. |its average revenue is greater than $9. | |d. |the firm cannot be a competitive firm because competitive firms cannot earn positive profits. | ANS:APTS:1DIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Analytical 12. If a competitive firm is selling 1,000 units of its product at a price of $8 per unit and earning a positive profit, then |a. |its average revenue is greater than $8. | |b. |its marginal revenue is less than $8. | |c. |its total cost is less than $8,000. | |d. |All of the above are correct. | ANS:CPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Analytical 13. Max sells maps. The map industry is competitive. Max hires a business consultant to analyze his company’s financial records. The consultant recommends that Max increase his production. The consultant must have concluded that Max’s |a. total revenues exceed his total accounting costs. | |b. |marginal revenue exceeds his total cost. | |c. |marginal revenue exceeds his marginal cost. | |d. |margina l cost exceeds his marginal revenue. | ANS:CPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Interpretive 14. Christopher is a professional tennis player who gives tennis lessons. The industry is competitive. Christopher hires a business consultant to analyze his financial records. The consultant recommends that Christopher give fewer tennis lessons. The consultant must have concluded that Christopher’s |a. |total revenues exceed his total accounting costs. | |b. marginal revenue exceeds his total cost. | |c. |marginal revenue exceeds his marginal cost. | |d. |marginal cost exceeds his marginal revenue. | ANS:DPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Interpretive 15. Laura is a gourmet chef who runs a small catering business in a competitive industry. Laura specializes in making wedding cakes. Laura sells 20 wedding cakes per month. Her monthly total revenue is $5,000. The marginal cost of making a wedding cake is $300. In order to maximize profits, Laura should |a. |make more than 20 wedding cakes per month. | |b. |make fewer than 20 wedding cakes per month. | |c. continue to make 20 wedding cakes per month. | |d. |We do not have enough information with which to answer the question. | ANS:BPTS:1DIF:3REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Analytical 16. Laura is a gourmet chef who runs a small catering business in a competitive industry. Laura specializes in making wedding cakes. Laura sells 20 wedding cakes per month. Her monthly total revenue is $5,000. The marginal cost of making a wedding cake is $200. In order to maximize profits, Laura should |a. |make more than 20 wedding cakes per month. | |b. |make fewer than 20 wedding cakes per month. | |c. |continue to make 20 wedding cakes per month. | |d. We do not have enough information with which to answer the question. | ANS:APTS:1DIF:3REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MS C:Analytical 17. Marcia is a fashion designer who runs a small clothing business in a competitive industry. Marcia specializes in making designer dresses. Marcia sells 10 dresses per month. Her monthly total revenue is $5,000. The marginal cost of making a dress is $400. In order to maximize profits, Marcia should |a. |make more than 10 dresses per month. | |b. |make fewer than 10 dresses per month. | |c. |continue to make 10 dresses per month. | |d. |We do not have enough information with which to answer the question. | ANS:APTS:1DIF:3REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Analytical 18. Marcia is a fashion designer who runs a small clothing business in a competitive industry. Marcia specializes in making designer dresses. Marcia sells 10 dresses per month. Her monthly total revenue is $5,000. The marginal cost of making a dress is $500. In order to maximize profits, Marcia should |a. |make more than 10 dresses per month. | |b. |make fewer than 10 dres ses per month. | |c. |continue to make 10 dresses per month. | |d. |We do not have enough information with which to answer the question. | ANS:CPTS:1DIF:3REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Analytical 19.Marcia is a fashion designer who runs a small clothing business in a competitive industry. Marcia specializes in making designer dresses. Marcia sells 10 dresses per month. Her monthly total revenue is $5,000. The marginal cost of making a dress is $600. In order to maximize profits, Marcia should |a. |make more than 10 dresses per month. | |b. |make fewer than 10 dresses per month. | |c. |continue to make 10 dresses per month. | |d. |We do not have enough information with which to answer the question. | ANS:BPTS:1DIF:3REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Analytical 20. A competitive firm has been selling its output for $20 per unit and has been maximizing its profit, which is positive.Then, the price rises to $25, a nd the firm makes whatever adjustments are necessary to maximize its profit at the now-higher price. Once the firm has adjusted, its |a. |quantity of output is higher than it was previously. | |b. |average total cost is higher than it was previously. | |c. |marginal revenue is higher than it was previously. | |d. |All of the above are correct. | ANS:DPTS:1DIF:3REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Interpretive 21. A competitive firm has been selling its output for $20 per unit and has been maximizing its profit, which is positive. Then, the price falls to $18, and the firm makes whatever adjustments are necessary to maximize its profit at the now-lower price. Once the firm has adjusted, its |a. quantity of output is lower than it was previously. | |b. |average total cost is lower than it was previously. | |c. |marginal cost is higher than it was previously. | |d. |All of the above are correct. | ANS:APTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competit ionTOP:Competitive firms MSC:Interpretive 22. A competitive firm has been selling its output for $10 per unit and has been maximizing its profit. Then, the price rises to $14, and the firm makes whatever adjustments are necessary to maximize its profit at the now-higher price. Once the firm has adjusted, its |a. |marginal revenue is lower than it was previously. | |b. |marginal cost is lower than it was previously. | |c. quantity of output is higher than it was previously. | |d. |All of the above are correct. | ANS:CPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Interpretive 23. When profit-maximizing firms in competitive markets are earning profits, |a. |market demand must exceed market supply at the market equilibrium price. | |b. |market supply must exceed market demand at the market equilibrium price. | |c. |new firms will enter the market. | |d. |the most inefficient firms will be encouraged to leave the market. | ANS:CPTS:1DIF:2REF:14-2 NAT:Ana lyticLOC:Perfect competitionTOP:Competitive markets MSC:Interpretive Table 14-7Suppose that a firm in a competitive market faces the following revenues and costs: | |Marginal |Marginal | |Quantity |Cost |Revenue | |12 |$5 |$9 | |13 |$6 |$9 | |14 |$7 |$9 | |15 |$8 |$9 | |16 |$9 |$9 | |17 |$10   |$9 | 24. Refer to Table 14-7. If the firm is currently producing 14 units, what would you advise the owners? |a. |decrease quantity to 13 units | |b. |increase quantity to 17 units | |c. |continue to operate at 14 units | |d. increase quantity to 16 units | ANS:DPTS:1DIF:1REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Profit maximization MSC:Applicative 25. Refer to Table 14-7. If the firm is maximizing profit, how much profit is it earning? |a. |$0 | |b. |$1 | |c. |$10 | |d. |There is insufficient data to determine the firm’s profit. | ANS:DPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Profit MSC:Applicative Table 14-8Suppose that a firm in a competitive market faces the following revenues and costs: |Quantity |Total Revenue |Total Cost | |0 |$0 |$3 | |1 |$7 |$5 | |2 |$14 |$8 | |3 |$21 |$12 | |4 |$28 |$17 | |5 |$35 |$23 | |6 |$42 |$30 | |7 |$49 |$38 | 26. Refer to Table 14-8.The firm will not produce an output level beyond |a. |4 units. | |b. |5 units. | |c. |6 units. | |d. |7 units. | ANS:CPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Profit maximization MSC:Applicative 27. Refer to Table 14-8. The firm will produce a quantity greater than 4 because at 4 units of output, marginal cost |a. |is less than marginal revenue. | |b. |equals marginal revenue. | |c. |is greater than marginal revenue. | |d. |is minimized. | ANS:APTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Profit maximization MSC:Applicative 28. Refer to Table 14-8. In order to maximize profits, the firm will produce |a. |1 unit of output because marginal cost is minimized. | |b. 4 units of output because marginal revenue exceeds marginal cost. | |c. |6 units of output because marginal revenue equals marginal cost. | |d. |8 units of output because total revenue is maximized. | ANS:CPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Profit maximization MSC:Applicative Table 14-9 Suppose that a firm in a competitive market faces the following revenues and costs: |Quantity |Total Revenue |Total Cost | |0 |$0 |$10 | |1 | $9 | $14 | |2 $18 | $19 | |3 |$27 | $25 | |4 |$36 | $32 | |5 |$45 | $40 | |6 |$54 | $49 | |7 |$63 | $59 | |8 |$72 | $70 | |9 |$81 | $82 | 29. Refer to Table 14-9. If the firm produces 4 units of output, |a. |marginal cost is $4. | |b. |total revenue is greater than variable cost. | |c. |marginal revenue is less than marginal cost. | |d. |the firm is maximizing profit. | ANS:BPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Competitive firms MSC:Analytical 30. Refer to Table 14-9. At which quantity of output is marginal revenue equal to marginal cost? |a. 3 units | |b. |6 units | |c. |8 units | |d. |9 units | ANS:BPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Profit maximization MSC:Applicative 31. Refer to Table 14-9. In order to maximize profit, the firm will produce a level of output where marginal revenue is equal to |a. |$6. | |b. |$7. | |c. |$8. | |d. |$9. | ANS:DPTS:1DIF:2REF:14-2NAT:AnalyticLOC:Perfect competitionTOP:Profit maximization MSC:Applicative 32. Refer to Table 14-9. In order to maximize profit, the firm will produce a level of output where marginal cost is equal to |a. |$5. | |b. |$7. | |c. |$9. | |d. |$10. | ANS:CPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Profit maximization MSC:Applicative 33. Refer to Table 14-9. The maximum profit available to the firm is |a. |$2. | |b. |$3. | |c. |$4. | |d. |$5. | ANS:DPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Profit maximization MSC:Applicative 34. Refer to Table 14-9. If the firm’s marginal cost is $11, it should |a. |increase production to maximize profit. | |b. increase the pri ce of the product to maximize profit. | |c. |advertise to attract additional buyers to maximize profit. | |d. |reduce production to increase profit. | ANS:DPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Profit maximization MSC:Analytical 35. Refer to Table 14-9. If the firm’s marginal cost is $5, it should |a. |reduce fixed costs by lowering production. | |b. |increase production to maximize profit. | |c. |decrease production to maximize profit. | |d. |maintain its current level of production to maximize profit. | ANS:BPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Profit maximization MSC:Analytical Table 14-10Suppose that a firm in a competitive market faces the following revenues and costs: |Quantity |Total Revenue |Total Cost | |0 |$0 |$3 | |1 |$7 |$5 | |2 |$14 |$9 | |3 |$21 |$15 | |4 |$28 |$23 | |5 |$35 |$33 | |6 |$42 |$45 | |7 |$49 |$59 | 36. Refer to Table 14-10. The marginal cost of producing the 4th unit is |a. |$7. | |b. |$8. | |c. |$10. | |d. | $23. | ANS:BPTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Marginal cost MSC:Applicative 37. Refer to Table 14-10. At which level of production will the firm maximize profit? |a. |3 units | |b. |4 units | |c. |5 units | |d. 6 units | ANS:APTS:1DIF:2REF:14-2 NAT:AnalyticLOC:Perfect competitionTOP:Profit maximization MSC:Applicative 38. Refer to Table 14-10. If the firm produces the profit-maximizing level of production, how much profit will the firm earn? |a. |$2 | |b. |$4 | |c. |$6 | |d. |$8 | ANS:CPTS:1DIF:2REF:14-2

Psychological Profile of Elvis Presley

Analysis of Elvis Presley Deborah Cantin Colorado Technical University Partially Resubmitted From Phases 1, 2, 3, 4 IPs Abstract This paper covers a brief biographical and psychological profile that explores the subject’s childhood, work, personal life, lifetime accomplishments, and philosophy. In addition, I will discuss his inner perspectives using the Cognitive Perspective to describe the two aspects of Mr. Presley’s behavior. I will also discuss his MBTI ® Type along with examples to explain my interpretation.His Psychosocial developmental stages examined through his Infancy, Childhood, Adolescence, and Adult hood. We examine these stages using Erick Erickson’s work. His youth compared to Kohlberg’s work on Moral Reasoning through adulthood. My subject died so this analysis ends at age 50. Another area of analysis is his strong desire to achieve success and how he handled getting his needs met. What seemed to inspire Elvis towards achieving what he h ad in life? Analysis of Elvis Presley I decided to choose Elvis Aaron Presley, as my subject for this Individual Project.I chose him as my subject, to help comprehend his dynamic personality. It is my intention to investigate Mr. Presley’s biological nature along with how the loss of his twin brother deeply affected his character development. Another key factor to consider is how the passing of his mother contributed enormously to whom and what Elvis Aaron Presley eventually became later in life. In my opinion, he was tremendously talented and more respected than any star today. Elvis Presley is a living legend who brought to life the Rock n Roll era. Part I – Case Study Mr.Elvis Aaron Presley was born on January 8, 1935 in Tupelo, Mississippi. His parents Vernon and Gladys Presley were a poor family. He had a twin brother named Jesse Garon, who was stillborn, (Elvis Presley, 2012). Gladys doted on her only living boy, and he loved her too. The emotional bond between t hem ran deep. Elvis loved and adored her. She was everything to him, and he became emotionally attached to his mother. His parents raised him in a warm nurturing environment. Since they were extremely poor, his father moved the family to wherever there was work.Gladys Presley raised Elvis in a God fearing close-knit family; they attended church and sang in the choir. When he was 10 years old, his father bought him a guitar. He learned how to play guitar then entered and won a talent contest. After graduating from Humes High School, he worked several odd jobs. Later on, he cut his first demo disc at Sun Studio. Mr. Sam Phillips took an interest in him and gave Elvis his first real break in the music business. Elvis’ first hit single was â€Å"That’s All Right†. He sang this song in tribute to his mother Gladys, who he dearly loved and cherished.Elvis’ personal life, filled with sorrow, began at his birth. The loss of his twin brother, Jesse appears to have added to this sorrow. Mr. Presley had a natural talent for music, and an independent spirit. All of his life, he searched for love and compassion. His solace seemed to be in music. He embraced his talent, as a way of reaching out to people. When Elvis picked-up his guitar and performed his songs, his whole personality changed. Teenagers followed Elvis in crowds. This was due to his southern charm and handsome appearance. When Elvis began to sing his hips would follow suit.He later explained that his hips were something that he could not control. The adults considered these movements sexually suggestive to young women. The television cameras only showed Elvis’ figure singing from the waist up on the Ed Sullivan Show. His lifetime accomplishments included some gold and platinum records. During Elvis’ lifetime, he starred in 31 movies. Some of his more popular songs are Jail House Rock, Love Me Tender and Suspicion Minds. According to (Elvis Presley, 2012), â€Å"Elvis had no less than 149 songs appear on Billboard’s Hot 100 Pop Chart†.His music is popular today, and demonstrated through generations of teenagers, speaks to his popularity. Elvis loved his Graceland home. His gravesite located in the Meditation Garden on Graceland’s grounds. The Meditation Garden is fitting for the King’s final resting place. It is here that Elvis loved to meditate and contemplate his spiritual side. Graceland draws millions of tourists each year from all over the World. Elvis’ beliefs demonstrated that he loved people. He gave expensive gifts to his staff and loved ones, such as cars and homes. His spiritual beliefs stayed with him throughout his life.Elvis constantly searched, for the meaning of life and truth. This quest for knowledge inspired him to read several books, and earnestly seek out spiritual mentors. Gospel music played a large role in developing Elvis’ passion for music and spirituality. Every rehearsal session began and ended with a Gospel song or two. â€Å"Cognitive Psychology revolves around the notion that if we need to know what makes people tick; then figure out which processes are going on in their minds. Psychologist theorized, from this study, that cognition is a mental act or process by which information exists, (McLeod, 2012)†.Erik Erickson believed that people develop in the context of their environments, with the forces of society exerting strong influences on the social world of people in all places of the development, (Board, 2012, pp. 95, 96). The psychobiography of Elvis directly relates to the different stages of Erickson’s cognitive theory, which includes distinct stages like infancy, pre childhood, post childhood, schooling, teenage, initial adulthood, adulthood and old age. In Elvis’ case, his mother raised him in an Assembly of God religious family. He and his parents attended church and sang in the choir.When he was 10 years old (play time acco rding to Erikson’s model), his father bought him a guitar. He learned how to play guitar then entered and won a talent contest. This behavior directly relates to the Initiative vs. Guilt theory, described by Erikson’s model. Later, he cut his first demo at Sun Studio. Mr. Sam Phillips took an interest in Elvis and gave him his first break in the music business. Elvis’ first hit single was â€Å"That’s All Right. † He sang this song in tribute to his mother Gladys, who he dearly loved and cherished. This stage described as the Industry vs.Inferiority in Erikson’s theory. During the adolescent age, Elvis appeared to be a person with an independent spirit. He started searching for love and compassion from people, and he became involved with people of all ages through his music. On stage, Elvis performed with stored up passion, and found that he had charm with which he attracted millions of teenagers and other fans. Elvis knew that he had good l ooks, and that was the focal point of his connectivity with his fans. Kohlberg describes this stage as moral reasoning. In this phase, the social rules govern an individual’s perspective on morality.The In the moral acts stage, the adolescent performs to please others and this was the case with Elvis, who used to sing songs to please his fans. Kohlberg maintains that most adults pass through this stage of thinking. An individual’s morals and behaviors determined by peer acceptance. This type of behavior may be good or lead to bad behavior to gain acceptance, and continues through adulthood. Elvis was a person who was a master of all traits. He sold record-breaking copies of his albums. He was a recognized star on the silver screen.He worked in major film projects, and he was the guest on several television shows. Elvis sung 149 songs and some of them remained for eighty weeks in the Top song lists, and topped the billboard. Elvis’s trophy room filled with awards in gold and platinum and â€Å"Norway, Yugoslavia, Japan, Australia, South Africa, England, Sweden, Germany, France, Canada, Belgium, and The Netherlands†, were some of the awards received from several countries to Elvis, (Enterprises, E. P, 2012)†. Maslow’s opinion also ties into Elvis’ need for love and trust. Elvis satisfied this requirement through his many fans.I have satisfied this requirement by accepting the fact that it will never happen. Perfectionism demanded stricter and more intense perceived performance levels. Later in his adulthood, he probably realized this was unrealistic. All of these theories directly show that Elvis could not control his rise to fame. His fear caused him to seek peace and security in women and drugs. Elvis sought comfort and unconditional love. He married Priscilla with the hope of having a fairy-tale marriage. Later, he found an unconditional relationship with his daughter, Lisa Marie. In both cases, he ended up more alone than ever.Elvis’s achievements described by the McClelland’s theory of achievements, states that human behavior is described by three needs- Need for Power, Achievement, and Affiliation. In Mr. Presley’s case, his need for power and acceptance played an important role. The need for integration demonstrated through the social interests of Elvis. The need for action arises in people who are above-average performers. In this instance, he was an above-average performer, so he had a powerful desire to win by better performances, (Elvis Presley, 2012). Elvis handled his needs by connecting with people through his music.This provided the pleasure of his call for acceptance, need for achievement, and his motivational need. Elvis was addicted to sex and drugs. These addictions caused him to seek out more and more ways to satisfy his need for affection and confidence. As his fame grew, the need for privacy and trust became foremost in his make-believe world. Parano ia engulfed him, and he began to develop a need for security. He formed and hired his own Memphis Mafia to meet this need. The use of illegal and prescription drugs became a necessity due to his exhausting routine of late-night rehearsals and elaborate parties.No one could exist in this type of life without the aid of drugs. Elvis took pills to wake-up and go to sleep. Each day was a vicious cycle that led to his addiction to pills. Later in life, he developed obesity and constipation problems that were probably due to his food and drug addictions. I believe that Elvis Presley’s MBTI ® type is Extraverted Sensing Feeling Perceptive (ESFP) (Myers, 2012) . This type of personality is very comfortable in front of audiences and loves to entertain. They are in touch with their feelings and value the needs of others.Elvis Presley demonstrated this type by giving lavish gifts to his friends and staff members. In the songs that he sang to his beloved fans, obviously he needed the l ove and support from them. Elvis was fresh and well ahead of his years in other areas. He was not afraid to break the rules and even create new standards for generations to follow. Elvis loved life and his audience. He provided the inspiration and motivation that rocked a whole generation and generations to come. Elvis Presley was born with natural talents who provided a framework for today’s musicians today; however, fame, sex and drugs, eventually led to his downfall.The death of his beloved mother may have contributed to his demand for approval and security. I often wonder, what would have happened had his mother lived a longer life? Would his life have been changed or remained the same? In essence, he was his own enemy. Fear and isolation probably contributed to his downfall too. Part II – Psychological Conjecture Elvis was an awesome personality. He appeared normal and displayed some abnormal tendencies. Music provided the outlet, for his wandering spirit and zest , for knowledge. When he was performing his music, this met his emotional and social needs.Elvis showed needs of fulfillment, for which he depended on the fans. Elvis had a serious need for perfection. This probably stemmed from his very strict childhood. Elvis provided the motivational role model that showed me, what celebrity status could do to individuals, who could not possibly measure up to their preconceived ideas of success. I grew up with Elvis’ music and looked up to him. It seems that when his fame was burning out, he also gave up hope. His abnormal behavior characterized by his preoccupation with food, sex, and women. He used food for comfort and control.His obsessive desire for love and companionship, ended up in unsuccessful attempts towards happiness. Fame and fortune provided the women and sexual outlets for his pleasure. These only provided fleeting moments of happiness in his life. As his fame grew, his desires eventually overcame his ability to maintain them . Even up to the days before his death, he continued to surround himself with younger women that he could control. Glaucoma and obesity were health obstacles that he could not overcome. â€Å"People must be able to realize human potential. This technique focuses on nity of mind, unaltered states of consciousness, as a means of realizing full human potential, (Hamilton, 2001). This approach focuses on the subject and emphasizes the concept of making choices. Not all behavior is pre-determined. All individuals are unique and have an innate drive to achieve their maximum potential, (McLeod, 2007). One of the disadvantages of this approach is lack of a specific treatment program. Treatment plans proved ineffective in treating severe mental illnesses. Humanism ignores the human unconscious mind. The concept of free will is in opposition to the deterministic laws of science, (McLeod, 2007).Part III – Psychology I have learned that Psychology uses methods that are determined by the uniqueness of people. The environment plays a huge factor in the way a human thinks and learns. An individual’s intelligence level is often, determined by their environment or life experiences. Their family upbringing may provide the motivation to either motivate or demotivate an individual to seek further academic studies or opportunities for advancement. Psychology is very useful in the workplace in counseling situations where behaviors need improvement.Learning the different methods helps the supervisor or co-worker to understand others better. Every workplace has a mixture of different personality types and intelligence levels. This mixture may include Introverts or Extroverts in the work place. There may be natural leaders and followers too. After taking this class, I have discovered that it would take me a lifetime to understand the human psyche. I have visions of endless written case studies and counseling sessions. Writing reports does not top my list of fun activiti es. I have no desire to pursue Psychology as a career choice.This class has taught me to take a good look at my childhood and it was quite painful. I now understand why my mom treated me so badly. It directly relates to the fact that she was a foster child. My mother married at age 17. I was born two years later so she was not mature enough to be a mother. In my adulthood, I have come to realize that I am responsible for my life. My behavior determines what I want to achieve in life. Growing up in a horrible environment only made me more determined to succeed. This culminated in a Perfectionist attitude and overachiever persona.My choice of career field as a Technical Recruiter is a perfect match for my skill sets, intelligence, and emotional abilities. I will apply these lessons in counseling my employees in the workplace. My friends also will benefit from learning these techniques. The best thing that I have learned is how to understand my mother’s behavior and attitude tow ards me. I now realize that I can never measure up to my mother’s unrealistic expectations. The thing that really matters is what I think of myself. Unconditional love only exists with God, because, human beings are fallible and incapable of fulfilling my needs for love and acceptance.My future study plans involve completing my degree program and taking time to enjoy myself, free of unrealistic expectations and demands for my time. This class has taught me to relax and enjoy the unique individual that I have become. Gone is the lonely little child that needed mom’s love and acceptance. I have learned through this class that I have value and worth that can help others to succeed. My strongest desire is to help other people with bad childhoods become successful, despite the challenges ahead. It is true that time does heal all wounds.Forgiveness is difficult, but it does nourish the body and the soul. The mantra is true, until you are able to understand your own psycholog ical profile; it makes it very difficult to understand others. The first step in understanding this mantra is discovering who you are as a person. This is an easy step for me, since I know myself inside and out. My psychological make-up determines what and who I am. It is crucial and sometimes painful to analyze yourself. My MBTI ® is a tool used to determine this for me. The second step is applying the mantra to other people’s personalities.Through this class, I have already started to apply the theories and concepts that I have learned to work and in my personal life. My own behavior is made-up of personal choices and moral decisions. My intelligence level is in a sense, relying on my own internal motivational desires. These directly relate to Maslow’s theory in achieving a balanced life. A lens is something that you look through to examine something. My personality shows that I see a glass, as half full. There is always a solution to any problem. Sometimes, it tak es a long time to find solutions, but they are out there.I am an optimistic person that sees life, as a challenge. I have found that learning APA is very hard for me. I do not really understand the reasons why. Perhaps, I am just making it harder than it has to be. I have learned through my lenses that life happens. Sometimes, I see the world, as moving too fast. There are times that I do not always see what is in front of me. When these moments occur, I slow down and examine the situation. Nine times out of ten, the solution was right in front of me! Putting on my psychological lens using Maslow’s theory helps me to keep my life balanced.It is vital to have a healthy balance between wants and needs. My needs are important to me. Happiness is determined upon how I look at life in general. My spouse is not responsible for making me happy. Joy and happiness are fleeting moments that depend upon circumstances. Love is a choice and I decision. I make this choice every day in my m arriage. This thought process, keeps my marriage strong. Through the Humanistic lens, I am responsible for my own behavior. My parents are not responsible for my behavior or choice in life. I must take responsibility for my own actions.Even though, my childhood was a nightmare, I have changed the ways I view my mother and father. This type of upbringing, only served to make me an independent person. Failure is not an option. Survival is my primary behavior. It is true, only the strong make it through a horrible childhood. This class had taught me to see other people in a new light. The different personality types help me to understand why people behave the way they do. I have used the theories that I have learned at work and in my personal life. Psychology is a very complex field, and I realize that it takes a lifetime o understand, all of the different spectrums. References Bacon, A. (n. d. ). Kohlberg's model. Retrieved March 08, 2012, from Developmental Psychology/Cognitive Devel opment Mind 2 Matters: http://www. ablongman. com/html/mindmatters2/html/m7/m717. html Board, B. (2010). Introduction to psychology. (1st ed. ). [Electronic Version]. Retrieved from http://campus. ctuonline. edu Elvis Presley. (2012). Elvis Presley. 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Retrieved February 26, 2012, from Myers Briggs Foundation: http://www. myersbriggs. org/my-mbti-personality-type/mbti-basics/the-16-mbti-types. asp Warrilow, S. (2012). Maslow theory of motivation. Retrieved February 26, 2012, from Strategies for managing change: http://www. strategies-for-managing- change. com/maslow-theory-of-motivation. html