Substitution and Income Effects - 1214 Words

Substitution and Income Effects Abstract This paper examines the effects of gasoline price increase over the period of a summer. It looks at the income effect and substitution effect of different scenarios to determine how the author should best make up the difference in cost based on the same income. Seven scenarios are examined; driving less, eating out less, less spent on maintenance, public transportation, bicycle, no vacation and fewer extra expenses. Using graphs to demonstrate the income effect and substitution effect, it is easier to see which is the best solution. Substitution and Income Effects Substitution and income effects are a part of everyday life. This paper examines the substitution and income effects of†¦show more content†¦The bicycle wouldn’t be able to substitute in as many instances as public transportation, however would still show some savings. The author would still be paying for gasoline to drive to and from work, approximately half of the gasoline budget, however, would save half by riding a bicycle the other half of the time. Thus, saving $120 a month. The total including the purchase of the bicycle would be $260 for the increased price, however, it would still be more than in the spring by $100. Vacation The author takes a vacation every summer by driving to the desired location. This causes increase in the amount of gasoline used, thus the amount spent on gasoline the week of vacation. If the author does not take vacation, then they would save money on gasoline and the cost of the vacation it’s self. They would also need less maintenance on the automobile. This would be both an income effect and a substitution effect. Other purchases Along with passing on vacation, the author could also shop less for clothing and cut back on the amount of money spent on groceries. Substituting clothing already owned and non-name brand foods would help to save money that could go towards paying for the higher gasoline prices. Conclusion There are changes that can be made to make up for the increase in gasoline prices. Some are income effects, some substitution effects, and others still are aShow MoreRelatedThe Macroeconomic Considerations of Rising Gas Prices on the Income and Substitution Effect1667 Words   |  7 Pagesto the income effect and substitution effect, consumers will react differently to various stimuli in the macroeconomic environment. In this instance, the doubling of gas prices will ultimately alter the attitudes, perceptions, and behaviors of consumers. As soon depicted in the scenarios above, rising gas prices will have an adverse effect on consumer behavior To begin, I believe it prudent to discuss the macroeconomic considerations of rising gas prices on both the income and substitution effectRead MoreConsumer Theory and Budget Line1291 Words   |  6 Pagesanswers the question. 1) Guy has an income (Y) of $50 with which he can purchase DVDs (D) at $10 each and haircuts (H) at $20 each. Which one of the following represents Guy s budget line? A) 50 = 10QD + 20Q H B) 50 = QD + QH C) 20Y = QD + 10Q H D) Y = 10QD - 20Q H E) Y = 50 + QD + QH 1) 2) David has an income of $30 to buy movie tickets and bus tickets. The price of a movie ticket is $6 and the price of a bus ticket is $2. What is David s real income? A) $38 B) $30 C) $32 D) 5 movieRead MoreIndifference Curve Analysis1267 Words   |  6 Pagesas bowed. This is due to the concept of the diminishing marginal rate of substitution between the two goods. The marginal rate of substitution is the amount of one good (i.e. work) that has to be given up if the consumer is to obtain one extra unit of the other good (leisure). The equation is below The marginal rate of substitution (MRS) = change in good X / change in good Y Using Figure 1, the marginal rate of substitution between point A and Point B is; MRS = -3 / 3 = -1 = 1 Note, the conventionRead MoreQuestions on Consumers Budget1358 Words   |  6 Pagesher income has remained constant, what has happened to prices? a. The price of X in graph (a) is higher than the price of X in graph (b). b. The price of Y in graph (a) is higher than the price of Y in graph (b). c. The prices of both X and Y are lower in graph (a). d. None of the above is true. ANS: A 3. Refer to Figure 21-1. Assume that a consumer faces the budget constraint shown in graph (a) in January and the budget constraint shown in graph (b) in February. If the consumer’s income hasRead MoreSolutions to Chapter 2 Labour Economics Essay1721 Words   |  7 Pagesat minimum subsistence and who aspire to middle class consumption patterns: This group values income highly relative to leisure, so the indifference curve is relatively flat. As the wage increases, the income constraint line rotates clockwise, and we would expect a relatively large increase in hours worked. This response is dominated by a substitution effect, but there may be a small income effect working in the direction of increased leisure. b) The wealthy who have acquired an abundanceRead MoreIntroduction Of Labor Supply Curve923 Words   |  4 Pagesthat when our income increases we try to long for more leisure. When we assume that both that both income and leisure are normal goods in which more is preferred to less, the average person faces the dilemma of how many work hours he should supply. This phenomenon is known as the income-leisure choice of a worker. By referring to the work-leisure choice model, we may try to understand as how the utility of a worker can be maximized by choosing a certain combination of leisure and income, within a givenRead MoreRegression Analysis On Effect Of Personal Income On Hours Worked Per Week1253 Words   |  6 PagesRegression Analysis on Effect of Personal Income on Hours Worked per Week Formulation of the Question: The main purpose of this paper is to determine whether substitution effect or income effect is dominant in the labor market in America by analyzing the effect of personal income on hours worked per week. Will a high income individual choose to work additional hours in order to generate more income? Or will the same individual choose not to work as much since his income is enough to fulfill hisRead More Demand Curves Essay828 Words   |  4 Pagescharacteristic can be shown by a demand curve. A demand curve is a graphical representation of the data in table with values of demand called a demand schedule. A good that is in greater demand do to income increases is known as a normal good. A inferior good is a good that is in less demand even though the income increases. When this situation occurs the demand curve is positive sloping. A giffen good is a special type of inferior good where demand increases when price increases. The graph below is a sampleRead MoreEffect of Increase of No n-Labor Income in Desired Working Hours1568 Words   |  7 Pages1) Effect of Increase of Non-Labour Income in Desired Working Hours Assuming that the individual has zero non-labour income and faces the income budget line of JZ, the individual would choose point A as the ‘optimal’ utility-maximizing point as it is the highest attainable indifference curve(tangent to the income budget line or MRS = |w/p|). At this point A, the individual will work Ls1 hours, enjoy La leisure hours and enjoy an income of Ca. Assuming the individual has attained a source of non-labourRead MoreHow will a Change in the Interest Rate Change the Future Essay803 Words   |  4 Pagestwo-period model of intertemporal choice tries to interpret based on the current time period (e.g. this month) and a prediction of the future time period (e.g. next month) what consumers will be able to spend, borrow or save according to their levels of income and interest rates. In this assignment however we are mostly concerned on the changes of interest rate and specifically the impact an increase in the level of interest rates would have to c onsumers who are either savers or borrowers in the first period

Information Privacy Computer And Information Sciences

Information Privacy Aaliyah Hibbler Department of Mathematics, Computer and Information Sciences Mississippi Valley State University 14000 Highway 82 West, Itta Bena, MS 38941, United States aaliyah.hibbler@mvsu.edu Abstract This paper describes and informs the reader of material about Information Privacy. It gives a background as to what Information Privacy is, and educates the reader on more about the subject. This paper includes definitions, past and present examples and details about the subject, and Laws relating to the subject. I. Introduction What is Information privacy? Some may think that information privacy is pretty much not an important or even an irrelevant topic. But little do they know there are laws specifically made for such a topic. Information privacy is not just keeping your information a secret. Are you aware there are people who do not care about information privacy, called hackers? Hackers are a person(s) who uses computers to gain access to data without permissions. Now that you have been informed of that detail let’s do a breakdown of what is information privacy exactly. Information privacy can also be referred to as data privacy, it is practically information that is stored on a computer based system that the user can decide on whether to share with a 3rd party or not. Reference [1]states that information privacy is the combination of communications privacy (the ability to communicate with others without those communications being monitored byShow MoreRelatedThe Privacy Preserving Data Mining1046 Words   |  5 Pagesproviders. Previously there is no interaction between the customer and the data provider. And when the client sends a query, the mediator forwards the information to all data holders and via exchange of the acknowledgements, the mediator generates the connection with the data providers[4]. There are various techniques suggested in the area of the Privacy Preserving Data Mining but one exceed over the other on the basis of different criteria. Algorithms are categorized based on utility, performance,Read MoreThe Implications Of Internet Surveillance On Today s Society1444 Words   |  6 Pagesin which we do need the Internet to be a surveillance state. Schneier constructs a convincing case that by using the Internet, our privacy is given up without a fight. There are many implications that Internet surveillance has on our society, be it positive or negative. Nonetheless, there is a need for strong policies to exist to limit outright violations of privacy. In current American society, the concept of data collection and monitoring is ever-present, leading one to agree that we live in aRead MoreImplementing Electronic Charts For Patients1398 Words   |  6 PagesThe healthcare environment has grown more complex and continues to evolve every day (McGonigle Mastrian, 2012). For example, we use computers for charting, accessing patient medical records, and for medication administration. The goal of the increasing technology in nursing is to ultimately improve the health of populations and communication between all involved in the care of patients. Technology is constantly changing in nursing and we have to change with it. Technology can have a potentiallyRead MoreComputer Ethics Awareness Among University Students Essay895 Words   |  4 PagesIntroduction 1.1 Background Computers are the core technology of our times and apparently, the most important technology to be invented and used by man . Without computers and computer networks, especially, the Internet, activities of most organizations, such as banks, schools, government agencies would simply grind to a halt. Modern societys dependence on the use of information technology, make it more vulnerable to computer malfunction caused by unreliable software and to computer misuse (Forrester andRead MoreThe Paperwork Reduction Act Of 19801382 Words   |  6 Pagesthe collection of certain information to the Office of Management and Budget (OMB). Within the OMB, the Office of Information and Regulatory Affairs (OIRA) was established with specific authority to regulate matters regarding federal information and to establish information policies. These information policies were intended to reduce the total amount of paperwork handled by the United States government and the general public.† This ac t established the Office of Information and Regulatory Affairs withinRead MoreSecurity Enhancement Strategies And Strategies1660 Words   |  7 PagesSECURITY ENHANCEMENT STRATEGIES: Some of the strategies and defensive measures that can be incorporated in the cloud environment to overcome the threats and challenges mentioned in the above section are as follows. In order to provide protection to the computer system and to the network, Intrusion Detection System (IDS) could be employed, which will detect hostile activities in the host or network and generates alerts to provide notifications regarding such malicious intrusions. IDS also has the abilityRead MoreImpact Of Legislation On Vanderbilt University Medical Center1234 Words   |  5 Pagesthe more cyber-attacks are occurring. Many of our information are on computer networks and we like to think that our information is well protect. But how protected is our information? Cybersecurity bills are introduced in Congress almost every year. These bills regularly imply to permit organizations and the government to divulge dangerous information for a â€Å"cybersecurity† reason to secure and safeguard against attacks against networks and computer systems. Keywords: Cybersecurity, InfrastructureRead MoreThe Ethical Relationship Between Technology and Medicine Essay1315 Words   |  6 PagesSociety is not the only dynamic entity in the doctor-patient relationship. Medicine as a science is in perpetual change, while medicine as an art is marked by constancy and fidelity. The science of medicine and the rapid change of technology applied to medicine, involving the possibility that there may be conflict between the practice, innovation and what the public demand. This conflict could undermine the social contract of medicine and it must be addressed firmly. Provided that the practice isRead MorePersonal Statement : Computer Science781 Words   |  4 Pagesalways been deeply fascinated with computer technology. When I was growing, computers were not highly prevalent in Saudi Arabia; furthermore, the first computer I had did not even have access to the Internet. However, I was born in an age that enabled me to fully appreciate the increasi ng complexity of technological innovation, allowing my skills and knowledge to grow with these advancements. Following my fascination with technology, I studied computer science as an undergraduate student at TaibahRead MoreUses and Abuses of Biochip Technology1704 Words   |  7 Pagesthe number of his name.... Bible scholars fear that this passage reflects the modern world, and its use of numbers for authentic identification. Imagine the potential of a computer chip to help or hinder the identification process. We are arriving at a time in history when our government is forming an alliance with science and technology. As our generation increasingly embraces technological advances, we continue to witness the ongoing neglect of our personal liberties and private lives. The

Sociology of Sports †Baseball Free Essays

There are several theoretical perspectives of looking at sports from the sociology of sports view including conflict, functionalist, interactions, and feminist. The most useful though, in looking at the sociology of sports is the functionalist view. Functionalist regard sports as an almost religious institution that uses ritual and ceremony to reinforce the common values of a society (Ekern, 2013). We will write a custom essay sample on Sociology of Sports – Baseball or any similar topic only for you Order Now This means that functionalist view sports by the competition and patriotism of the younger generation and assist in maintaining a person’s physical condition. Not only do sports function as a safety valve for the viewers and the athletes for shedding destructive and tension energy in a way that is socially acceptable, but sports also assist in the joining of members of a community. The functionalist view seems to be the most appropriate over the other views in examining the sociology of sports. There are many reasons why the functionalist view is the most useful to use in viewing the sociology of sports. A big reason why the functionalist view is better is because many small communities spread throughout the world are built upon sports, especially in small communities that are not near any big cities. Sports are all they have in common and motivate the communities. Another reason is that the spectators and athletes always act in a different manner when they are either watching the sport or playing it, which is usually in an aggressive manner. When they are not watching the sport or discussing it they are usually completely different people. The last good reason is that it does help to maintain a person’s physical appearance, whether it is athletes staying in shape so they can be in top condition to compete or people that are ran by the idea of sports and want to stay in shape just like the athletes do. Sociology of sports, also referred to as sports sociology, is the study of the relationship between sports and society (Crossman, 2013). Aside from the functionalist view on sports sociology there other areas of study that are closely looked at, such as sports and gender, sports and media, and sports and gender and identity. Sports and gender targets man and women playing sports. Women were not even allowed to play sports until after the 1930’s because it was considered too masculine for them. Even in today’s age you never hear of women playing football or hockey, except maybe as a kid at school, and that is even very rare. Nowadays though in some sports they have a men’s team and a women’s team, such as basketball. There are even women that train in wrestling and boxing. The media is also another study of the sociology of sports that plays the games on the television. While the media will cover the men on football, basketball, baseball, hockey, boxing and pro wrestling, the sports that are usually covered for the women are figure skating, diving, gymnastics, and skiing. The media will also keep the audiences informed of player’s accomplishments and achievements. The gender identity of sports is another topic that often looked at because of sports having gender specific roles that is acceptable by society. Women are generally always treated more harshly in sports than men especially at younger ages. One reason that sports engage scholarly interests is because of the teaching of important values (Lewis, 2008). Sports sociology has studied higher education and sport and sport as a functional alternative to religion. Gender and racial discrimination in sports have also been studied, as well as social mobility on the basis of sport success that includes race and gender Another area that has been studied is the social problems of the sport that includes drugs, sports violence, and injuries. As you can see, all areas and aspects of sports, whether it was in the past or present day have been studied and as always to any debate everyone has a different view and perspective. There is no right or wrong answers to the sociology of sports, just opinions on different circumstances. The reason that people participate in sports, whether it is a fan, player, or a business is for the love of the sport and the profits. Some people just love the sport, while others try to make as big a profit as they can. Sports answer to a humans needs by providing a competitive entertaining experience. Sports can be explained from a sociological point of view as a necessity to most community’s different needs and circumstances. Baseball is a favorite pastime that dates as far back as 2000 B. C. with a ball and stick type games. However, the first rules were written by Alexander Cartwright, considered to be the Father of modern baseball (Penn, 2006). Alexander was part of the NY Knickerbockers, which was the first organization to play baseball in America that was established on September 23, 1845. In 1858, the National Association of Base Ball Players (NABBP) were created and known as the first baseball league. It wasn’t until 1860 though, that it was commonly referred to as â€Å"the National pastime† in several publications. Baseball is one of America’s most played sports and continually competitive against other teams and between individuals, especially in today’s age of baseball. The Sociodemographic description of fans and players of baseball is simple. The average MLB player rakes in over $2,000,000 a year if they are eligible for arbitration, which could come from disparate socioeconomic groups and from different countries. The average fan has an income of 30,000 to 40,000 a year and the high up luxury seats are for professionals that are in a very high income bracket and the corporate types. Being that baseball is very popular and has a very high income potential, it is definitely a professional sport. Baseball fits in to contemporary American life by giving fans something to always talk about. This sport gives society a certain set of values that fans and players live by. There are also culture trends that have impacted the sport of baseball. In fact, look at the roster of just about any Major League Baseball team, and you’ll find many of the most talented players coming from Latin American countries (Thomas, 2007). The media constantly reports on baseball, which gives the fans something to always talk, such as if they lost or won a game. If you look at the players, most of them are younger in age and usually are not over 40. All major league players are also male, which affect the views for the fans on the sport. As a beginning sociologist, the meaning of baseball as a social institution is very clear. Baseball is talked about, whether it is off season or every game, either loss or win, that gives fans something to always talk about. Over half of America enjoys this past time and every single one of them has their own opinion, depending on their team of choice and the opposing teams. Baseball is a sport that is great to attend in person, in order to get the full effect of the national past time. The baseball game that I had the chance of observing was the Rangers versus the Angels. The setting of the baseball field was split between the Ranger fans, which was a home game and the Angels fans. The field was a big diamond shape with for bases that the players have to run after a successful hit to the ball that the pitcher is throwing at them. There were also players from the opposing team that were stationed at each base and in the field closer to the stands. I notice that the environment changed drastically after each successful hit that made it close to the stands. Most of the fans would stand with excitement and all the players would scramble to get the ball and the player that hit it would try to run to as many bases before the is taken control of. The fans that were at the game that I attended were in their mid 20s to early 40s. The fans were a majority of men, but there were women there too. It seemed like a majority of the fans also wore their favorite player shirts and got excited every time the player hit the ball. It seemed that the fans age ration compared to the players were on the same levels. Most baseball player retires by time their 40, so the age comparison was evenly matched, from what I saw. The social behaviors that stood out were most fans would purchase a hot dog and beer from the concessions. It is always tradition to purchase a hot dog†, some of the fans would say. Fans would also be in groups for supporting their favorite teams. One special language and knowledge that characterizes the sport is Home Run. One particular behavior that I witnessed at the game was that when one team is winning the fans are excited and cheering and when their favorite team is losing they are booing and unhappy. Being at th e Rangers game made me aware of people’s behavior and surroundings and was a great experience to participate in. Sports use to be a big part of my life when I was a kid. I can remember collecting the Tops baseball cards with the hard piece of gum in it. It seems that every time I got some money I would go purchase the cards. Now that I look back, I realize that was my sociology behavior of being a fan. I also played baseball in school a lot, as well as other sports, such as football and basketball. When I was playing my attitude always changed to a competitive nature and I always got the mindset of crushing the opposing team. When I look back, I was two different people when I switched from a fan to a player and vice versa. The experiences of being a fan and a player as a kid didn’t have a huge impact to my adult life. I think that maybe that I played and watched sports too much as a kid, because I don’t have much interest in sports in my adult life. I read the newspaper to learn who wins and who is playing, but that is about it. I just learn enough to hold a conversation with my coworkers and friends and that’s it. So I guess the role that it plays in my life is that I played and watched it so much that it has caused me to lose interest in it. I can see how my experiences can connect me to others who are sports fans and participants. Sports are very big for kids in school and always have been. Most kids have shared the experiences that I have growing up. I’m not sure if they still sell Tops, but nonetheless kids are easily influenced and they do what everyone else is doing. Since so many adults like to watch sports and participate, it is a good assumption to say that most kids participate in some way or another, whether it is being a fan or participating in the sport itself. References Crossman, A. (2013). Sociology of Sports. Retrieved from http://sociology.about.com/od/Disciplines/a/Sociology-Of-Sports.htm. Ekern, J. (2013). Looking at Sports from Four Theoretical Perspectives. Retrieved from Article at Colorado Technical University Online. Lewis, J. (2008). Sociology of Sports. Retrieved from Kent State University at http://www.cengage.com/custom/enrichment_modules/data/0495598127_Sociology_of_Sports-mod_watermark.pdf. Penn, F. (2006). Early History of Baseball in America. Retrieved from Favorite Traditions. Com at http://www.favoritetraditions.com/baseball.html. Thomas, W. (2007). Sports – How Culture Impacts Our Choices. Retrieved from Ezine Articles at http://ezinearticles.com/?Sports—How-Culture-Impacts-Our-Choicesid=932334. How to cite Sociology of Sports – Baseball, Papers