The Exploration Of The British Petroleum Essay - 1664 Words

Introduction British Petroleum is among the largest producers of oil and gas in the world. Headquartered in London, England it is one of only seven â€Å"supermajors† in the production of petroleum, in fact its performance in 2012 made it the sixth largest producer in its field and by market capitalization. It is also considered a vertically integrated company which operates in all areas of oil production including exploration, refining, distribution, and marketing. It has also recently expanded into biofuels and wind power. [2] A crisis for BP began in the middle of 2010, in the Gulf of Mexico on a British Petroleum project. The Deepwater Horizon Oil Rig exploded, sunk, and began leaking oil into the ocean for 87 days. It was finally capped on July 15th, 2010 after more than one failed attempt. Due to the explosion, eleven people went missing and were never found. This is among the most damaging ocean oil spills in the history of the oil industry, approximately 8% to 31% more volume than the previously recorded leak. The American government concluded that the amount of oil leaked was more than 4.9 million barrels or 210 million US gallons. [3] Stakeholders Employees are essential to most any operations. Organizations that keep their employees knowledgeable on current events transpiring within said organization are much more effective than employees kept in the dark. Employees who feel secure in their jobs are typically much more inclined to be productive than those whom areShow MoreRelatedThe Exploration Of British Petroleum1435 Words   |  6 Pagesi. Cover Page ii. Table of Content iii. Executive Summary iv. Report v. Work Cited â€Æ' Summary British Petroleum is one of the biggest oil and gas organizations around the world. British Petroleum had the rights to investigate the Macondo all around, situated in the Gulf of Mexico in 2009. Events like Deep Water Horizon explosion has also been taken place under the supervision of the British Petroleum company. Because of the absence of regulations, both inward and outward, and in additionally dueRead MoreThe Exploration Of British Petroleum1412 Words   |  6 Pages British Petroleum has a large operation in the United States and it has made investments to ensure that it develops these operations to maximize its production and increase profits. One such investment was the acquisition of the vast oil field at Prudhoe Bay, Alaska. This acquisition represented a good increase in the percentage of oil production in the United States and ensured that the company could increase its production and further its goals and objectives for the United States market. As earlyRead MoreConcep tual Framework And Literature Review Essay1644 Words   |  7 Pagesunder the Nigeria petroleum laws, the federal government appropriates the right over oil and gets all revenues accruing from its production. From this, it follows that the primary responsibility of developing the oil producing communities is that of the government. It should be noted that under the Nigeria’s petroleum laws, the oil companies do not have legal responsibility to develop the oil producing area, but their statutory obligation is to pay a royalty of 19% and a petroleum profit tax of 85%Read MorePetroleum And Energy Industry : Bp1724 Words   |  7 PagesBP is one of the biggest petroleum and energy companies in the world. It has a truly interesting history that stated very early in the 20th century in Persia, when an Australian/British magnate decided to explore the country’s soil in search of petroleum. After the success of such expedition (That at some point almost failed) the company d eveloped a rich market and expanded all through Western Europe, as well as some parts of Asia and Oceania. They also played a crucial role during the wars, by providingRead MoreBritish Petroleum1639 Words   |  7 PagesOil Company which is now known as British Petroleum (BP) was founded in 1909 and is one of the world’s leading international gas and oil companies. The multinational British company’s headquarters is located in London, United Kingdom and is one of the five largest oil companies in the world. The pioneer of the Middle Eastern oil industry, BP discovered oil in Iran before World War I and eventually became involved in all aspects of the oil industry, from exploration to marketing. Offering an arrayRead MoreSwot Analysis of Oil in Nigeria2736 Words   |  11 PagesNigeria Oil and Gas Exploration and Production Industry Investment Opportunities, Analysis and Forecasts of All Active and Planned Exploration Blocks and Oil and Gas Fields to 2012 Description: Nigeria Oil and Gas Exploration and Production Industry Investment Opportunities, Analysis and Forecasts of All Active and Planned Exploration Blocks and Oil and Gas Fields to 2012 Summary This profile is the essential source for top-level industry data and information relating to the Exploration and ProductionRead MoreA liking for science, and a passion towards technology enabled me to choose Earth Science as a600 Words   |  3 Pagesbetter understanding on every day science I took science subjects in my O and A levels. My bachelor degree in Applied Geology led me to acquire a strong background of concepts such as structural Geology, Basics of Geophysics, Exploration Geophysics, Physics of the Earth and Petroleum geology. With extensive research and discussions with my professors and professionals linked with oil and gas industry, I chose Geophysics as my area of interest for my graduation. I was then recruited by BGP InternationalRead MoreEssay about Drilling for Oil in The Gulf of Mexico985 Words   |  4 PagesAmerica has been dependant on oil since the 1800’s and the invention of modern machinery. From skin care products to the gasoline in our cars and engines, petroleum is the basis of almost everything we use for everyday life. Without oil the nation could not meet the energy demands we need to survive. Continued exploration has been the topic of heated debate among supporters and opponents, especially when it comes to offshore drilling. My goal here is to show the differing view points of drillingRead MorePetroleum And Natural Gas Exploration Essay1701 Words   |  7 Pages Executive Summary April 20, 2010 was the beginning of the end for British Petroleum. BP was started in 1901 by William Knox D’Arcy. Their mission is to operate oil and natural gas exploration, while marketing and distributing all over the globe. The primary issues the company faces are rebuilding their business after the tragic oil spill, their low oil prices and internal leadership promotions. Following the 2010 oil spill, all of BP’s top executives were fired, and the company has continuedRead MoreBritish Petroleum: Analysis of the Different Management Leadership Styles1506 Words   |  6 Pagesand Motivation Abstract In this paper, we will analyze British Petroleum which is a well known multinational firm. We will also assess the working culture of Britain which will mainly focus regarding its workforce and then provide some motivational strategies which can be linked with better productivity. Finally we will recommend different management leadership styles that would best fit our chosen firm. Overview British Petroleum is a well renowned multinational oil and gas firm which has

Graduation Speech Essay - 1978 Words

I want to say CONGRATULATIONS to the class of 2012. I greatly appreciate sharing my journey with you. I believe the greater the difficulty, the greater the glory and the glory is what we celebrate tonight. When I was first asked to speak in front of the graduation committee, I said to myself, I cant do this, what do I have to say anyway, I dont have time, Im in the middle of midterms and its just something else I have to prepare for. After pondering over all these excuses, Im here and I have an answer to my own questions. The reason Im here is because my achievements are much greater than me. I owe most of my success to the faculty, staff, and students of Shelton Community College. I need to show my gratitude and†¦show more content†¦It was a whole new world to me. It wasnt dirty, burnt, and there was no graffiti on the walls. I didnt even see any students pants sagging (well, I did) but it wasnt due to the gun located in their belt buckle. That was when I first realized that just maybe I MIGHT not hate college as much as I currently hated high school. I left Washington and went back to California after my summer visit to finish out my last two years at Milor High School. I graduated, completely disgusted with my environment. I knew the only way I would become someone that people could look up to and respect would be if I left California. I packed up my 1986 Ford Escort with over 200,000 miles on it and drove to Washington state. I got my own apartment, supported myself, worked full time, and finally decided it was time to go to college. What college did I choose? Shelton Community College, the school that made a huge impression on me as a teen-ager. This was the most challenging experience in my life, at the time. I worked from 8 a.m.-5 p.m., went to class on my lunch hour, took night classes until 10 p.m., and did homework on the weekends. Some may wonder if I had a social life, the answer is NO, but I maintained a 3.5 GPA for 31/2 years. In the words of Washington Irving, LittleShow MoreRelatedGraduation Speech : My Graduation E ssay1022 Words   |  5 Pages My Graduation A Graduation ceremony is one of the major steps in life, it marks the start of new changes in our lives. It ushers us into growing up and be responsible for our actions. It marks a new dawn of embracing life experiences, cultivation of good work ethics and eventually culminates in chasing our dreams. On my graduation day, I woke up to the sweet aroma of the breakfast my sister was making. I sat down to eat when the food was ready. It took me about 2 hours to finishRead MoreGraduation Speech1128 Words   |  5 PagesSasenarine Tomby Graduation Speech 2011 Good afternoon [name of members of the head table], teachers, parents, students, fellow graduates and distinguished guests. I must first and foremost thank God for this blessing and honor to stand before you today as Valedictorian of the Class of 2011. Yet, today is not only my day to shine. Every graduate present here is deserving of high praise and recognition and I would like to congratulate each of you on reaching this milestone in life. IRead MoreGraduation Speech650 Words   |  3 PagesCongratulations everyone, congratulations. If youre participating in this graduation ceremony, youve taken the next step toward your future goals and dreams. For those of you that just finished your transfer degrees, congratulations. To those of you that came back to school after a few years off to get a better education, congratulations. To those of you that came to get a certificate or learn IT or computer programming so you can get a better job, congratulations. Now that youre moving onRead More Graduation Speech Essay1010 Words   |  5 PagesLadies, gentlemen, parents, friends, family, staff, fellow students: Instead of taking up more time and reading my speech, it is available to you at http://www.olen’s_speech.com. Thank you. No, just kidding. But seriously folks... Today we are gathered here to celebrate our graduation from 12 long years of schooling. The education granted to us has been a privilege. One so graciously given to us by the citizens of our state, by our community, and by our parents. Today would not beRead More Graduation Speech Essay1009 Words   |  5 Pagesyou might ever sit through. Most of us, though, and I regret that I am in this group, will sit through many more ceremonies -- ceremonies longer and more tedious that this or anything else you can imagine. If you think this is bad, try a college graduation. Think, that is, attend a wedding. And, if just for a moment you think that that is bad, just be thankful you have never attended or will attend a Bar Mitzvah. The only ceremony I think anybody would truly enjoy attending is a funeral. But, onlyRead MoreEssay on Graduation Speech830 Words   |  4 Pagesthe senior class president. A few weeks ago, I was told that I would be speaking at graduation. I was asked to put together a speech for tonight -- Ive become experienced at speech writing over the past couple of weeks. The speech that you are hearing is the fourth one Ive written, the recycle bin needs to be emptied at home and I need a new highlighter. Thank you, Mr. Mier, you get an A+ for your help as my speech teacher but an F for saving trees. Tonight Id like to talk to three groupsRead MoreAn Example of a Graduation Speech653 Words   |  3 Pageswriting papers, doing homework, taking an occasional pop quiz, and of course taking countless exams, it is that time that we all anticipate†¦Graduation! Purpose Statement: Since the majority of us are seniors, and graduation is a little less than a month away, I am going to provide you with some historical background information and some fun facts about graduation in order to make the occasion even more meaningful than it already is. Road Map: Most of you could probably agree that high school wasRead More Graduation Speech Essay1516 Words   |  7 Pagesstudy abroad, and with the great help of the Turner family, Ms. Joy Fitzpatrick who is the international student program coordinator, and my parents, I entered America as an international student on March 11, 2001, only one week after my high school graduation in Japan. It seems as though yesterday when I saw my host mom crying at the airport to see me landed to America safely, as if she were welcoming back her own daughter. I still recall the very first class I took. I was so scared and nervous thatRead More Graduation Speech Essay1115 Words   |  5 Pagesthis graduation speech, several people suggested including a profound quote offering â€Å"encouraging advice to the young graduates†, and then there were others who said, â€Å"eh don’t worry about it, no one listens to those anyway.† Fortunately, I was actually able to take from both suggestions and found a happy balance. You see, I won’t tell you today to: â€Å"Dare to dream† or â€Å"Find your own vision† or even to â€Å"Strive for excellence,† or any trite clichà © that’s ever been said in a graduation speech. SoRead More Graduation Speech Essay560 Words   |  3 PagesWhen they were trying to find someone to give this speech they first asked the most intelligent, smart person they could find. But she turned them down. So then they asked the most beautiful, lovely, attractive person they could find. She also turned them down. Next they asked the nicest, sweetest, kindest, most sincere person they could find. Then I decided it would be rude to turn them down three times in a row, so here I am. How many people here like tomato soup? Come on, raise your hand if

Comparison Between Market Structures Free Essays

string(7666) " from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equal to zero\) †¢ Since MR=P\(=D=AR\), when MR=MC, P=MC †¢ When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms †¢ MR = MC where MC is rising \(revenue from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equal to zero\) †¢ Since PMR, when MR=MC, PMC MR = MC where MC is rising \(revenue from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equal to zero\) †¢ Since PMR, when MR=MC, PMC †¢ MR = MC where MC is rising \(revenue from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equal to zero\) †¢ Since PMR, when MR=MC, PMC M eaning of SR Equilibrium †¢ When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms †¢ When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms Meaning of LR Equilibrium Profitability in SR †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Perfect Competition \$ MC AC P0 Supernormal Profits †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Monopolistic Competition \$ MC AC Supernormal Profits †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Oligopoly \$ MC †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Monopoly \$ MC AC Supernormal Profits AR=MR=DD P0 P0 AC Supernormal Profits P0 AR=DD MR Q0 Quantity Q0 Quantity Q0 MR AR=DD MR Quantity Q0 AR=DD Quantity 3 Perfect Competition †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Perfect Competition \$ MC AC P0 AR=MR=DD Monopolistic Competition †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Monopolistic Competition \$ MC AC P0 Oligopoly †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Oligopoly \$ MC AC P0 Monopoly †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Monopoly \$ MC AC P0 AR=DD MR Q0 Quantity Q0 Quantity Q0 MR AR=DD MR Quantity Q0 AR=DD Quantity †¢ Subnormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Perfect Competition \$ MC AC Subnormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Monopolistic Competition \$ AC MC Subnormal Profits †¢ Subnormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Oligopoly \$ MC AC Subnormal Profits †¢ Subn ormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Monopoly \$ AC MC Subnormal Profits P0 Subnormal Profits AR=MR=DD P0 P0 P0 AR=DD MR Q0 Quantity Q0 Quantity Q0 MR AR=DD MR Quantity Q0 AR=DD Quantity Profitability in LR Necessarily makes normal profit because of free entry and exit from the industry †¢ Supernormal profits – beyond optimum capacity \(Overutilisation where AC is rising\) †¢ Normal profits – optimum capacity \(Full utilisation where AC is at its minimum\) †¢ Subnormal profits – below optimum capacity \(Underutilisation where AC is falling\) Necessarily makes normal profit because of free entry and exit from the industry †¢ Supernormal profits – below optimum capacity \(Underutilisation where AC is falling\) †¢ Normal profits – below capacity \(Underutilisation where AC is falling\) †¢ Subnormal profits – below optimum capacity \(Underutilisation where AC is falling\) Can be making either normal or supernormal profits because of the presence of entry to the industry †¢ Supernormal profits – below optimum capacity \(Underutilisation where AC is falling\) †¢ Normal profits – below capacity \(Underutilisation where AC is falling\) †¢ Subnormal profits – below optimum capacity \(Underutilisation where AC is falling\) Can be making either normal or supernormal profits because of the presence of entry to the industry †¢ Supernormal profits – below optimum capacity \(Underutilisation where AC is falling\) †¢ Normal profits – below capacity \(Underutilisation where AC is falling\) †¢ Subnormal profits – below optimum capacity \(Underutilisation where AC is falling\) Plant Utilisation in SR 4 Perfect Competition Plant Utilisation in LR Normal profits – optimum capacity \(Full utilisation where AC is at its minimum\) Monopolistic Competition Normal profits – below optimum capacity \(Underutilisation where AC is falling\) Oligopoly †¢ Normal profits – below optimum capacity \(Underutilisation where AC is falling\) †¢ Supernormal profits – below optimum capacity \(Underutilisation where AC is falling\) Monopoly †¢ Normal profits – below optimum capacity \(Underutilisation where AC is falling\) †¢ Supernormal profits – below optimum capacity \(Underutilisation where AC is falling\) Allocative Efficiency Allocative efficiency is attained where P=MC Allocative efficiency is NOT attained because PMC Allocative efficiency is NOT attained because PMC Allocative efficiency is NOT attained because PMC EXCEPT when the monopolist is practising first degree \(perfect\) price discrimination Productive Efficiency \(NEW vs OLD definition\) NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is attained where profit-maximising level of output is at the minimum LRAC NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is NOT attained because profit maximising level of output is falling LRAC \(underutilisation\) NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is NOT attained because profit maximising level of output is falling LRAC \(underutilisation\) NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is NOT attained because profit maximising level of output is falling LRAC \(underutilisation\) Distinction between Firm and Industry †¢ Industry consists of many small firms producing an identical product\." A COMPARATIVE STUDY OF MARKET STRUCTURES Perfect Competition No. of Firms A large number, each being small. Monopolistic Competition A large number, each have some amount of market power. We will write a custom essay sample on Comparison Between Market Structures or any similar topic only for you Order Now Oligopoly A small number, each being mutually interdependent. Monopoly Only one firm, possessing full control in the market. Size of Firms Small. Therefore each is a price taker. Relatively small but possessing some ability in setting price. Relatively big but bases its decision on other firms. Very large and is able to influence price or output but not both simultaneously. Nature of Product Homogeneous Differentiated Differentiated Unique Knowledge of Product Perfect knowledge of market by buyers and sellers Imperfect knowledge of market by buyers and sellers Imperfect knowledge of market by buyers and sellers Imperfect knowledge of market by buyers and sellers Barriers Free entry and exit from industry Free entry and exit from industry Barriers of entry and exit from industry Barriers of entry and exit from industry Mobility of Factors Perfect Mobility Perfect Mobility Imperfect Mobility Imperfect Mobility Extent of Price Control/Pricing Policy None by individual firms who take the market prevailing price Firms may either set price or output, constrained by its demand curve Firms may either set price or output, constrained by the actions of rival firms Firms may either set price or output, constrained by its demand curve Non-price Competition No advertising or other forms of promotion because of perfect competition †¢ Perfectly price elastic – each firm is a price taker because of all the above conditions †¢ D=P=AR=MR †¢ Price is constant at all levels of output †¢ The industry’s demand and supply determine the market price Advertising and other forms of promotion may take place Advertising and other forms of promotion may take place because of price rigidity †¢ Kinked demand curve – price rigidity exists because of all the above conditions †¢ D=AR and ARMR †¢ The oligoplistic firm determines the market price or output, taking into account its competitor’s reaction No advertising or other forms of promotion because of the absence of competition †¢ Relatively price inelastic – firm is a price setter because of all the above conditions †¢ D=AR and ARMR †¢ The monopolist determines the market price or output but not both simultaneously because it is constrained by the demand curve Demand Curve/Price Line/AR curve †¢ Relatively price elastic – each firm has some ability to set price because of all the above conditions †¢ D=AR and ARMR †¢ The monopolistically competitive firm determines the market price or output but not both simultaneously because it is constrained by the demand curve 1 Perfect Competition Relationship between the demand curves of the Firm and Industry Price Price S P2 D1 D2 D0 P0 P1 AR2 AR0 AR1 Monopolistic Competition Demand Curve of the Firm $ Oligopoly Demand Curve of the Firm $ Monopoly Demand Curve of the Firm / Industry $ P2 P0 P1 MR Quantity Firm Quantity AR=DD Quantity MR AR=DD Quantity MR AR=DD Quantity Q1 Q0 Q2 Industry TR Curve †¢ TR = P x Q †¢ Because P is constant, TR curve is a linear upward-sloping from left to right Revenue Curves under Perfect Competition $ $ 60 TR †¢ TR = P x Q †¢ Because P falls when Q rises, TR curve is an inverted U-shape Revenue Curves under Monopolistic Competition $ †¢ TR = P x Q †¢ Because P falls when Q rises, TR curve is an inverted U-shape Revenue Curves under Oligopoly $ TR = P x Q †¢ Because P falls when Q rises, TR curve is an inverted U-shape Revenue Curves under Monopoly $ 10 AR=MR=DD AR=DD Quantity $ AR=DD Quantity MR Quantity 6 Quantity $ MR AR=DD Quantity $ MR TR Quantity TR Quantity TR Quantity MR Curve †¢ Identical to P and AR, that is, D=P=AR=MR †¢ Constant †¢ MR is less than AR, with the gradient of the MR curve twice as steep as the AR curve (implying that the MR cuts the quantity axis at half the length at which the AR cuts the quantity axis) †¢ Downward sloping, that is, is falling as quantity increases MR is less than AR, with the gradient of the MR curve twice as steep as the AR curve (implying that the MR cuts the quantity axis at half the length at which the AR cuts the quantity axis) †¢ Downward sloping, that is, is falling as quantity increases †¢ Presence of a broken line, implying the presence of price rigidity †¢ MR is less than AR, with the gradient of the MR curve twice as steep as the AR curve (implying that the MR cuts the quantity axis at half the length at which the AR cuts the quantity axis) †¢ Downward sloping, that is, is falling as quantity increases 2 Perfect Competition MC/AC Curves †¢ U-shaped in SR because of Law of Diminishing Returns †¢ U-shaped in LR because of internal economies and diseconomies of scale Monopolistic Competition †¢ U-shaped in SR because of Law of Diminishing Returns †¢ U-shaped in LR because of internal economies and diseconomies of scale Oligopoly †¢ U-shaped in SR because of Law of Diminishing Returns †¢ U-shaped in LR because of internal economies and diseconomies of scale Monopoly †¢ U-shaped in SR because of Law of Diminishing Returns †¢ U-shaped in LR because of internal economies and diseconomies of scale Profit-maximising Condition †¢ MR = MC where MC is rising (revenue from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equal to zero) †¢ Since MR=P(=D=AR), when MR=MC, P=MC †¢ When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms †¢ MR = MC where MC is rising (revenue from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equal to zero) †¢ Since PMR, when MR=MC, PMC MR = MC where MC is rising (revenue from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equal to zero) †¢ Since PMR, when MR=MC, PMC †¢ MR = MC where MC is rising (revenue from the last unit of output is equal to the cost of producing the last unit, therefore marginal profit is equ al to zero) †¢ Since PMR, when MR=MC, PMC Meaning of SR Equilibrium †¢ When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms †¢ When individual firms no longer reshuffle output †¢ When maximum profits are attained †¢ SR equilibrium conditions are fulfilled, and †¢ No entry of new firms and no exit of existing firms Meaning of LR Equilibrium Profitability in SR †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Perfect Competition $ MC AC P0 Supernormal Profits †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Monopolistic Competition $ MC AC Supernormal Profits †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Oligopoly $ MC †¢ Supernormal profits when the firm earns profits which are in excess of what is necessary to induce it to remain in the industry Supernormal Profits under Monopoly $ MC AC Supernormal Profits AR=MR=DD P0 P0 AC Supernormal Profits P0 AR=DD MR Q0 Quantity Q0 Quantity Q0 MR AR=DD MR Quantity Q0 AR=DD Quantity 3 Perfect Competition †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Perfect Competition $ MC AC P0 AR=MR=DD Monopolistic Competition †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Monopolistic Competition $ MC AC P0 Oligopoly †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Oligopoly $ MC AC P0 Monopoly †¢ Normal profits refers to that level of profits that is just sufficient to induce the firm to stay in the industry Normal Profits under Monopoly $ MC AC P0 AR=DD MR Q0 Quantity Q0 Quantity Q0 MR AR=DD MR Quantity Q0 AR=DD Quantity †¢ Subnormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Perfect Competition $ MC AC Subnormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Monopolistic Competition $ AC MC Subnormal Profits †¢ Subnormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Oligopoly $ MC AC Subnormal Profits †¢ Subnormal profits occur when the firm earns less profits than what is necessary to induce it to remain in the industry Subnormal Profits under Monopoly $ AC MC Subnormal Profits P0 Subnormal Profits AR=MR=DD P0 P0 P0 AR=DD MR Q0 Quantity Q0 Quantity Q0 MR AR=DD MR Quantity Q0 AR=DD Quantity Profitability in LR Necessarily makes normal profit because of free entry and exit from the industry †¢ Supernormal profits – beyond optimum capacity (Overutilisation where AC is rising) †¢ Normal profits – optimum capacity (Full utilisation where AC is at its minimum) †¢ Subnormal profits – below optimum capacity (Underutilisation where AC is falling) Necessarily makes normal profit because of free entry and exit from the industry †¢ Supernormal profits – below optimum capacity (Underutilisation where AC is falling) †¢ Normal profits – below capacity (Underutilisation where AC is falling) †¢ Subnormal profits – below optimum capacity (Underutilisation where AC is falling) Can be making either normal or supernormal profits because of the presence of entry to the industry †¢ Supernormal profits – below optimum capacity (Underutilisation where AC is falling) †¢ Normal profits – below capacity (Underutilisation where AC is falling) †¢ Subnormal profits – below optimum capacity (Underutilisation where AC is falling) Can be making either normal or supernormal profits because of the presence of entry to the industry †¢ Supernormal profits – below optimum capacity (Underutilisation where AC is falling) †¢ Normal profits – below capacity (Underutilisation where AC is falling) †¢ Subnormal profits – below optimum capacity (Underutilisation where AC is falling) Plant Utilisation in SR 4 Perfect Competition Plant Utilisation in LR Normal profits – optimum capacity (Full utilisation where AC is at its minimum) Monopolistic Competition Normal profits – below optimum capacity (Underutilisation where AC is falling) Oligopoly †¢ Normal profits – below optimum capacity (Underutilisation where AC is falling) †¢ Supernormal profits – below optimum capacity (Underutilisation where AC is falling) Monopoly †¢ Normal profits – below optimum capacity (Underutilisation where AC is falling) †¢ Supernormal profits – below optimum capacity (Underutilisation where AC is falling) Allocative Efficiency Allocative efficiency is attained where P=MC Allocative efficiency is NOT attained because PMC Allocative efficiency is NOT attained because PMC Allocative efficiency is NOT attained because PMC EXCEPT when the monopolist is practising first degree (perfect) price discrimination Productive Efficiency (NEW vs OLD definition) NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is attained where profit-maximising level of output is at the minimum LRAC NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is NOT attained because profit maximising level of output is falling LRAC (underutilisation) NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is NOT attained because profit maximising level of output is falling LRAC (underutilisation) NEW: Productive efficiency is attained where profit-maximising level of output is at the LRAC OLD: Productive efficiency is NOT attained because profit maximising level of output is falling LRAC (underutilisation) Distinction between Firm and Industry †¢ Industry consists of many small firms producing an identical product. Therefore, there exists a distinction between firms and industry †¢ Firm’s demand curve is perfectly elastic because it is a price taker; industry’s demand curve is downward sloping †¢ SHORT-RUN – Price ? Average Variable Cost (Total Revenue ? Total Variable Cost) †¢ LONG-RUN – Price ? Average Total Cost (Total Revenue ? Total Cost) The portion of MC curve that is above the average variable cost †¢ Industry consists of many relatively small firms producing differentiated products. Therefore, there exists a distinction between firms and industry †¢ Firm’s demand curve and the industry’s demand curve is both downward sloping Industry consists of a few large firms producing differentiated products. Therefore, there exists a distinction between firms and industry †¢ Firm’s demand curve and the industry’s demand curve is kinked implying the presence of price rigidity †¢ Industry consists of only one firm producing a unique product. Therefore, there exists NO distinction between firms and industry †¢ Firm’s demand curve is the industry’s demand curve and it is downward sloping Shut-down condition †¢ SHORT-RUN – Price ? Average Variable Cost (Total Revenue ? Total Variable Cost) †¢ LONG-RUN – Price ? Average Total Cost (Total Revenue ? Total Cost) Cannot be determined because there is no unique price to a quantity and viceversa †¢ SHORT-RUN – Price ? Average Variable Cost (Total Revenue ? Total Variable Cost) †¢ LONG-RUN – Price ? Average Total Cost (Total Revenue ? Total Cost) Cannot be determined because of the presence of price rigidity †¢ SHORT-RUN – Price ? Average Variable Cost (Total Revenue ? Total Variable Cost) †¢ LONG-RUN – Price ? Average Total Cost (Total Revenue ? Total Cost) Cannot be determined because there is no unique price to a quantity and viceversa Supply Curve in SR 5 How to cite Comparison Between Market Structures, Papers

Doctrine Of Precedent Essay Research Paper This free essay sample

Doctrine Of Precedent Essay, Research Paper This essay outlines the manner in which tribunals use the system of case in point in make up ones minding instances. Different methods of law-making will be identified, and the authorization of Judgess to do Torahs will be described. It will province the operation of philosophy of case in point, including binding and persuasive case in point, every bit good as ratio decidendi and obiter pronouncement. Explained besides, is the jobs encountered with the philosophy of case in point and the methods available to get the better of case in point. Case jurisprudence is made by the Judgess in the tribunals either when a new instance is before them or when the justice interprets a legislative act. The tribunals are limited in their power to do jurisprudence, nevertheless, through the tribunal hierarchy and the philosophy of case in point. Judge-made Torahs are recorded determinations of Judgess that have been written down and collected over clip. There are two chief countries of judge-made Torahs. The first country is Common jurisprudence, which is judge-made jurisprudence in countries where no statute law applies, whilst the other country is Judicial Interpretation, which is justice made jurisprudence relating to the reading of the words used in statute law. A case in point is the determination of a tribunal that is used as an authorization for making the same determination in a ulterior instance. The regulation that similar instances should be decided in a similar manner International Relations and Security Network t the centre of our thought of justness. If people are to be treated every bit before the jurisprudence, so legal rules or past determinations must be followed and applied to later instances. There are rigorous regulations that guide Judgess in doing and using case in points. First if tribunals are to be consistent in the application of case in points, Judgess must cognize what earlier determinations are case in points. In other words, these determinations need to be recorded. Merely major instances are of all time recorded. Recorded instances, which contain some new development, are published in a lasting signifier known as jurisprudence studies. Law studies enter the judgement in a instance. This is a formal statement by the justice which gives the facts of the instance, the determination between the parties and the grounds given by the justice for the determination reached. This will frequently include a drawn-out treatment of other beginnings of information or other instances, which support the ground for the determination, which is known as the ratio decidendi, which will be discussed in more item further on in the essay. The philosophy of case in point is a set of rules regulating the manner in which tribunals must cover with instances they are make up ones minding. The philosophy is besides known as the philosophy of Stare Decisis. Let the determination base. The following paragraph explains the operation of philosophy of case in point. The philosophy of judicial case in point is at the bosom of the common jurisprudence system of rights and responsibilities, developed through determinations of the tribunals. The philosophy of case in point is of import because it allows for a system of entreaties, where by person who is dissatisfied with a determination can appeal to a higher tribunal. When a determination is reached, the ground for the determination bases and is portion of the jurisprudence that is adhering on, or guides the tribunals in ulterior instances. Consistency and predictability is promoted by the system of following old instances because it means that all instances are decided in a similar mode. The philosophy of case in point requires that similar instances be decided likewise. If a instance before the tribunal has facts and raises issues similar to those of a antecedently distinct instance, so the present instance will be decided in the same manner as the earlier one. In this manner, the earlier instance, referred to as a case in point will hold provided a legal footing on which the later instance and subsequent instances could be decided. By and large, lower tribunals are bound to follow the determinations of tribunals higher than them in the same hierarchy. The closely affiliated rule of the philosophy of case in point is defined as the policy of tribunals to stand by case in point and non to upset a settled point. Adhering case in point is a case in point that must be followed. A case in point will be considered to be adhering when the facts in the old instance are similar to the instance being considered by the justice, or the case in point was set by a higher tribunal in the same tribunal system. If a justice fails to use a binding case in point, that failure will supply the land for an entreaty. Merely the ratio decidendi of a instance is adhering. Obiter pronouncement are neer adhering. Decisions from other hierarchies or from a tribunal lower in the same hierarchy can move as persuasive case in point. This is influential on other tribunals but non adhering. In such a instance, a tribunal may be persuaded by the determination but it is non bound to follow it. In every tribunal instance the presiding justice is required to show to the tribunal a statement that outlines his or her judgement and the legal logical thinking behind that judgement. Within this judgement are two classs of statements of legal rule which must be considered. These are ratio decidendi, or ground for make up ones minding ; and obiter pronouncement, something said by the manner. Often it is hard to separate between the ratio and pronouncement within a judgement, which creates jobs for a justice trying to follow that rule. The ratio decidendi, the ground for make up ones minding, is the land or evidences upon which a instance was decided. The ratio is a proposition of jurisprudence that may do a peculiar instance a case in point for the hereafter. The ratio of a instance is deducted from an analysis of the facts of the instance and the written judgements of the Judgess. A ulterior tribunal will use the ratio, or regulation, when they use the earlier instance as a case in point. It is sometimes rather hard to work out what is the ratio of a instance. Where a figure of Judgess have heard a instance, they might hold reached the same decision but for really different grounds, or it might be hard to work out what facts each of the Judgess saw as of import to his or her determination. For illustration in Donoghue v Stevenson [ 1932 ] AC 562, the Judgess of the House of Lords were non consentaneous as to the issue of whether a maker would be responsible for the harm caused to a consumer through the careless production of a merchandise, in this instance a bottle of ginger beer. The bulk of their Lordships held that the maker was apt for negligent/careless production that caused harm to a consumer ( she became badly ) where the consumer used the merchandise in the mode intended by the maker ( she drank it ) . This duty or responsibility of attention existed even though the consumer had non straight purchased the merchandise from the manufacturer. Other members of the House of Lords required there to be a contractual relationship before the maker was apt. The ratio of this instance has been taken from the bulk position. Even though the instance dealt specifically with the production and ingestion of a bottle of ginger beer, the ratio or rule of the instance that emerges from the determination has a broader significance. The ratio of the instance could be stated as follows. A maker has a responsibility of attention to guarantee that what they produce will be safe to devour. Therefore, the ratio is the chief legal point that has to be decided. A helpful expression was suggested for the ratio decidendi. Suppose that in a certain instance, facts A, B and C exist, and say that the tribunal finds that facts B and C are material and fact A immaterial, and so reaches decision X ( e.g. judgement for the complainant, or judgement for the suspect ) . Then the philosophy of case in point enables us to state that in any future instance in which facts B and C exist, or in which facts A and B and C exist, the decision must be X. if in a future instance A, B, C and D exist, and the fact D is held to be material, the first instance will non be a direct authorization, though it may be of value as an analogy. Obiter pronouncement, a thing said by the manner, is a statement made by a justice of rules of jurisprudence which relate to conjectural facts, instead than to the peculiar facts of the instance being determined. Often, a justice raises relevant comparings or illustrations in obiter comments. An illustration of the difference between ratio and obiter is seen in Cohen v Sellar [ 1926 ] 1 KB 536. in that instance, the complainant and suspect were engaged to be married but the battle had come to an terminal. Both parties claimed to be entitled to the diamond battle pealing given by the suspect, Mr. Sellar, to the complainant, Miss Cohen. The justice held that the complainant, Miss Cohen, was entitled to maintain the ring, because the suspect, Mr Seller, had breached his promise to get married her. This was the ratio of the instance. The justice remarked that in instances where the adult female has refused to transport out her promise to get married, or an battle is broken off by common consent, the adult female is bound to return the battle ring to the adult male. These statements by the justice were obiter. There are many jobs involved with construing past determinations. The philosophy of case in point is basically rather simple, although it may be hard to follow established rules developed by tribunals in earlier instances. Judges and attorneies frequently encounter many jobs in following and using case in points. There are a figure of grounds for this. It is D ifficult to happen the ratio decidendi. A Judgess concluding judgement is normally rather drawn-out, incorporating many remarks and comments about the facts of the instance, mention to other instances, statements about what the justice considers might be or should be, every bit good as the grounds for the concluding determination. It may be hard to find what is obiter and what is the ratio of a instance. Some instances consist of multiple ratios. Most instances affecting a new case in point will be heard in a tribunal before a figure of Judgess, possibly three, five or seven Judgess. While the Judgess may hold on the concluding result of the instance, each justice may hold different grounds for that determination or legal sentiment. This makes it really hard to make up ones mind which is the cardinal rule of the instance. In some cases, one or more Judgess may dissent from the concluding determination. It becomes progressively hard to pull out the ratio in state of affairss where Judgess dissent or disagree with the concluding determinations. In some cases, a instance may hold more than one ratio, doing it necessary to give precedence to the more important and cardinal ratio of the instance. No two instances are precisely the same. There may be a figure of factual and legal similarities. Each instance has its ain distinctive features that distinguish it from earlier instances. Consequently, it may be hard to use rules established in one instance to a new set of fortunes or facts. The volume of jurisprudence and instances creates a trouble in turn uping the instance that will be most applicable to the 1 before the tribunal. Over clip, there may be a figure of instances affecting a peculiar country of jurisprudence, and happening the most appropriate instance may be hard. A justice or attorney may hold failed to follow all the relevant instance jurisprudence, or a peculiarly important instance, where the facts in inquiry are important. In some tribunals, case in points may conflict. Where a justice is faced with conflicting governments, a determination will hold to be made about which authorization to follow. Factors that may act upon this determination may be the position of the tribunal, position of the justice, the figure of Judgess presiding over the old instances, and whether subsequent tribunals have followed that determination. Many Judgess are loath to go from long-established case in points, even when the result of the instance before them would ensue in an unfairness. There may be jobs with taking history of all parties. Any determinations will necessitate to be reasoned one that considers the parties before the tribunal, any relevant yesteryear case in points, that the determination will stand up to any unfavorable judgment, and the consequence of the concluding result. In condemnable instances, the ultimate consequence of the determination may affect penalty or puting the individual free. Another job may be listening and groking all entries. While it is assumed that Judgess by their assignment are capable of this, it must be remembered that the legal issues that confront tribunals have become progressively complex, raising hard inquiries of jurisprudence, and may affect proficient affairs pertinent to a specialist country. Many instances may take yearss, hebdomads or months to be determined. When a case in point is adhering, a lower tribunal must follow that determination. However, the application of the philosophy of case in point is non every bit stiff as it appears. It is possible for the determinations established in the higher tribunals to be overcome, should the facts of the instance warrant it. There are several methods available to get the better of case in point. These methods are: overruling, change by reversaling, disapproving, and distinguishing. When a determination is adhering on a lower tribunal that determination must be followed. However, the instance can be appealed to a higher tribunal and, where the facts or fortunes have changed ; the case in point is out of day of the month or irrelevant for case, the higher tribunal can overturn the determination. This so creates a new case in point. Change by reversaling involves the same instance, foremost heard in the lower tribunal, and so heard on entreaty in a higher tribunal. The original determination is overturned, or reversed, puting aside the first legal rules in favor of the new rules. Disapproving is simply showing an unfavorable sentiment of a legal rule in an effort to oppugn the authorization of that rule. This method is peculiarly utile when a tribunal of lower or equal standing can non overturn or separate the recognized rule. Hopefully, the parties will appeal to the instance to a higher tribunal with the authorization to overturn the bing authorization. Distinguishing involves looking at the facts of the instance and happening stuff differences between them. Consequently tribunals lower in the hierarchy, of equal standing or higher in the hierarchy can get the better of an constituted legal rule. The justice must sketch where the facts are different and explicate why it would non be merely to use the bing legal rules to those facts. Rylands v Fletcher [ 1868 ] LR 3 HL 330 is an illustration of a instance that subsequent tribunals have sought to avoid by separating. In Rylands V Fletcher the suspect had constructed a reservoir on his land from which H2O escaped, doing the complainant s mine to inundation. The House of Lords held the suspect apt in amendss, on the land that individuals who accumulate things on their land which are likely to make mischief if they escape, must be purely apt if an flight occurs. The fact that the suspect was personally free from incrimination was held to be irrelevant. In Rylands V Fetcher the House of Lords established a new rule of tortious liability, which was perceived to run harshly. Much later, the High Court abolished this Rule in Rylands V Fletcher in the Australian context for this really ground. Fifty old ages after Rylands instance, in Rickards V Lothian [ 1913 ] AC 263 the complainant sought compensation on the footing of the regulation in Rylands V Fletcher. In Rickards V Lothian an flood from a H2O basin on the suspect s premises caused extended harm to the complainant s premises on the floor below. The Privy Council agreed with the complainant that the suspect had accumulated something on his land that was probably to make damage if it escaped ; that H2O had escaped and it had caused harm to the complainant s belongings. However, the tribunal besides found that an unknown 3rd party had stopped up the suspect s basin and turned on the pat. This unlawful intercession by a 3rd party, which had non occurred in Rylands V Fletcher, was a material fact upon which the case in point could non be distinguished. The suspect was held non apt for the flight of the H2O. In Australia, there is still a demand to keep the usage of the philosophy because it provides a degree of coherence and consistence in the jurisprudence and society. Many initiates believe that some of the recent determinations handed down by the High Court have departed from the Doctrine of Precedent, this could non be further from the instance. The tribunal has ever departed from case in point, in 1913 the High Court concluded that it could go from the case in point, and should such a proper instance arise, they would make so. When the High Court overrules adhering case in points, this does non propose a lessening in the usage of case in point as a rule. Some believe the philosophy of precedent brings inflexibleness and limits the tribunal s ability to follow rapid alterations in society. Such advantages are overridden by warrants of nonpartisanship and the proviso of certainty and stableness. Precedent besides underpins the function and public outlooks of Judgess as to their nonpa rtisanship and rigorous attachment to the jurisprudence. There are strong statements against the unrestrained power of the high tribunal to map in its originative capacity, as an extreme of this would endanger the usage of the Doctrine of Precedent. Unlike parliament, tribunals do non hold consultative commissions nor are they accountable for their determinations. However, in the terminal it is up to parliament to make up ones mind, through a system of cheques and balances inherent in the Australian system of authorities and jurisprudence. If parliament is dissatisfied with a determination of the high tribunal it can simply overturn its determination every bit long as it does non impeach upon the commissariats contained within the fundamental law. With the dynamic nature of the High Court as Australia s highest tribunal has come the demand for a alteration in the precedential stature of many of its past determinations from purely adhering to persuasive. The tribunals attachment to and usage of the philosophy of case in point as a cardinal rule of common jurisprudence has non decreased. The philosophy has encompassed both binding and persuasive determinations despite the accent upon those which are important. A system based on case in point will be rational, will be adaptative to varied and altering fortunes, will take into history all the assortments of human experience, will be extremely practical and will be composed by the finest heads of many coevalss, tuned to a all right balance and learned in the art of observing legal issues and deciding legal jobs. As the Court enters the following century, so excessively will the foundations upon which Australia became a state and with it, the beliefs of an full thaw pot of people ev ery bit diverse as the universe itself. 332