Does Karl Marx's account of the workings of the market economy help us Essay

Does Karl Marx's record of the activities of the market economy help us tounderstand the causes and likely results of the present worldwide financial emergency - Essay Example s school, British artistic pundit Frederic Jameson, and German humanist Max Weber all have explored and introduced Marxist points of view in their fields. Marx’s enduring impact has guaranteed his enduring spot in the visions of individuals across existence. Notwithstanding the current money related emergency, individuals in Germany have gone to Karl Marx for direction (Connolly). This is justifiable, given the broadly held idea that free enterprise private enterprise, the subject of so much Marxist bitterness, is the lowlife and driving force of the emergency. Therefore, it appears that crafted by Marx and other Leftist scholars may have some pertinence in making an enduring answer for the issue. As Machiavelli broadly stated, â€Å"For the incredible dominant part of humankind are happy with appearances, as if they were real factors, and are all the more frequently affected by the things that appear than by those that are† (Hacker 179). As taught residents, we should resolve not to be happy with the trivialities of the appearances, and look for the real world. Breaking down Marxist hypothesis and its effect permits us to comprehend what is past unimportant appearance. From the given realities of reality we can infer a regulating remedy for the world to follow: steps that include tuning in to the words endless in their insight. Karl Marx, as implied previously, left an enduring effect on numerous fields; of these maybe the human science of work specifically felt the biggest impact. He represented the on a very basic level political connection among boss and worker, just as the materiality of class struggle. This investigation stays urgent in the sociological assessment of work. Marx pushed forward the possibility of a sociological way to deal with work, which he delimited the extension â€Å"to the human science of the factory†. Marx’s examination gave the establishment of the connection among home and work. Alongside this came a portrayal of misuse regardless of class (Grint 95). Despite the fact that the essence of Marxist hypothesis has been

Individual project Essay Example for Free

Singular venture Essay Andy Rexford has begun a bungalow industry in his carport for cooking for the specialty showcase. Before long that market develops thus does his business. With this quick pace development in the business Andy has extended his business from one join machine to six line machine in the brief timeframe. As of late, Andy has built up a marketable strategy which unmistakably expresses the great future development and heaps of financing required. Andy doesn't have a lot of cash of his own to put resources into the business, so he is searching for the outer financing sources. In this report, I will talk about the various wellsprings of outer financing alongside their focal points and disadvantages, and afterward I will be chosen which source is the best for the Andy’s business. Wellsprings of financing: There are different wellsprings of financing the business however the most basic angle is to comprehend which sources are proper for that specific business and how much funds do we required. The appraisal of sources is absolutely critical. Alongside the judgment, it is likewise reliant on the fact that he is so ready to share the data about his business and proprietorship with others. Wellsprings of accounts are partitioned into 2 general classifications: - Internal financing - External financing. Andy’s reserve funds and pay are as of now been depleted during the time spent development, and he requires additionally financing. To assist Andy with taking the choice astutely I will talk about hardly any outside financing sources. Outside sources: External financing incorporates proprietorship capital and non-possession capital. These two classifications are partitioned into other a few classifications. For the efficient Andy’s following three non-possession capital financing is appropriate. †¢ Banks †¢ Venture financial specialists †¢ Small business affiliation (SBA) Banks: They are the budgetary foundation who loans the cash to the organizations and people and charges a measure of enthusiasm against it. They are the hardest spot to discover the funds as the bank doesn't give the advance effectively yet the time is been changing currently bank has come up a wide range of advance plans against which individuals are been given advances. A bank advance is considered as most wanted method of financing. Individuals considered it as the most attractive on the grounds that it is now and again fast on the off chance that you have great credit remaining in the market you can get an advance in a matter of moments. In addition, you can utilize that cash in different manners and responsible for none. In spite of the fact that there are a few focal points in getting an advance from the bank however there are a few impediments too. Disservices like, a few credits convey a prepayment bounty so the borrower couldn't pay the sum early (Scarborough, 2006). Adventure financial specialists: Venture speculators are those individuals who well off people, corporate and formal organizations who are eager to put resources into the new business and developing organizations. As a byproduct of giving the funding to the organizations, they as a rule require a level of possession in the organization alongside command over the vital course and installment grouped expenses. Private value gives capital and access to a system that can change an organization into an industry player, Karen E. Klein noted in Business Week. Be that as it may, the cost is high: a lump of your business. Like each other financing source, there are a few points of interest and weaknesses too. The fundamental bit of leeway for the new company is that they are not committed to reimburse the cash. Furthermore, the inclusion of the prominent agents can likewise build the believability of new business. The principle disservice a business person can have from the endeavor financial specialist is that they become the part proprietors of the business, and in this manner they have the rights have a state in the choices. The entrepreneur faces a weakening of their situation as proprietors and conceivable loss of intensity of controlling the business (Scarborough, 2006). Private venture affiliation: Small business affiliation is the associations in United States shaped by the administration that causes the business people to fire up their business. Private company affiliation goes about as the underwriter of credits for the individuals who don't fit the bill for the business advances. The focal points identified with the private company affiliation are that since it’s an administration framed association to energize the representative, they are charging exceptionally low loan cost as in contrast with the business banks. SBA takes a speedy choice with respect to the endorsements of advances to the individuals. There are numerous favorable circumstances appended to the SBA that makes it is attractive for the representative however there is a miserable side of this advance also. Since its administration advance regardless of what befalls your business you need to take care of this credit before some other obligation. Also, there is more desk work required than in business bank. The administration needs to ensure that you are really qualified for this specific advance or not. Andy’s wellspring of financing: Andy ought to choose the bank credit as it suits to the prerequisites of his business. Eventual fate of his business is brilliant and there is an assurance that his business will get twofold the size inside next two years. So giving the possession in his business would not be fitting on the off chance that he needs to have all the benefit, and he can have them as the self evident actuality. Concerning the SBA, they have long reimbursement plan however the rate is a low yet 20-30 years timeframe doesn't worth for that sort of credit. Since Andy just needs $700,000, which can be reimbursed inside 2 years in light of the fact that the yearly benefit of Andy is 750,000. He can without much of a stretch result this credit with 2 years. Thus it is appropriate for Andy to take the bank advance. End: There are different wellsprings of accounts. Some financing should be possible inside while some can be acquired from others. On account of Andy his procuring is as of now been devoured in the development of the business. So it is recommended to him that he should take the bank advance since he doesn't have to give the proprietorship to the endeavor financial specialists and doesn't have to give entire life to pay that credit. Bank credit will be the most alluring recommendation as Andy can pay this advance result this advance inside two years. In addition, he doesn't have to give any proprietorship to anybody.

Blog Archive B-School Chart of the Week When Did You Decide to Apply

Blog Archive B-School Chart of the Week When Did You Decide to Apply Although quantifying a school’s profile certainly does not tell you everything, it can sometimes be helpful in simplifying the many differences between the various MBA programs. Each week, we bring you a chart to help you decide which of the schools’ strengths speak to you. We recently asked aspiring MBAs to answer a variety of survey questions about their business school prospects and perspectives. Now the results are in, and for those who are curious about their fellow applicants’ views on business school, we will be sharing some of the collected data in our B-School Chart of the Week blog series. Perhaps you have had business school on your radar for quite a while. Actually committing yourself to the admissions process, however, requires some definite foresight and planning. Understandably, then, when we asked, “When did you decide to apply to business school?,” the majority of respondents said that the timing of their decision occurred more than a year before the typical start of the application season in Julyâ€"42% in aggregate. Such long-term planning appeared to be prevalent among international applicants in particular, 36% of whom indicated that they made the decision to apply more than a year in advanceâ€"while an additional 12% said that they had made the decision more than two years in advance. U.S. candidates’ most common response, on the other hand, was August to December of the previous yearâ€"six to 12 months before the beginning of application season. Still, some applicants seem to decide to pursue an MBA within a relatively narrow time frame. Of the U.S. candidates who responded to our survey, 14% noted they made the call in July, the same month application season began (compared with only 8% of international applicants), and 7% within the three months before that, between April and June (12% of international). Taken in aggregate, comparable percentages in each group decided to apply within the same calendar year as the application deadline (36% overall, 35% of U.S. applicants and 36% international). Although you can never really start too early or too late in preparing and optimizing your candidacy, remember that when you ultimately decide to apply to business school will determine which admissions round(s) you should target and how you will need to prioritize the various components of your application timeline. Share ThisTweet B-School Charts

Movie Vs. Movie Theater - 794 Words

When I was dating with my ex girlfriend, we love watch movie together. One day, we went a movie theater, and watch this movie together. This movie’s genre is a horror or thriller. Honestly, I do not like to watch a horror movie, and I cannot remember why we decided to watch this movie in spite of my dislike for the genre. As a result, we gave up watching this movie, because it was not interesting for us, and my ex girlfriend did not watch it any more. We left from the theater and moved to another theater. Fortunately, because of the Korean movie theater’s structure, we could watch another movie without paying. The reason why I decided to write a review of this movie even though I did not watch it totally is that this movie is about the desire for a house and an apartment. Nowadays, I am considering going back to South Korea after graduation. The main reason why I want to go back to Korea is the difficulty of getting regular job in the US. By my insufficient English abil ity, it is not possible to find a good job opportunity in the US. The second reason is that I want to meet new girlfriend and have a home. I want to make a family. I need an apartment. In the movie, the hero slandered his elder brother on a charge of a sexual harassment to a young girl. Because of the incident, his elder brother was left out from his parents and the hero inherited the every asset of his parents. When the hero and his family came back from the US, the hero got news that his elder brotherShow MoreRelatedMovie Vs. Movie Theater992 Words   |  4 PagesThe experience of watching a movie from a local move theater and your house are very different. The differences include: comfort, privacy, price, and overall experience, because you will have different opinions on which you would prefer when you include all of these factors. Going to a movie with your friends and family could be a nice night spent out of the house, but to others staying home watching a movie with their l oved ones could be a greater experience. Watching movies is always somethingRead MoreWatching a Movie at Home vs. Theater Essay example667 Words   |  3 Pagesor in the theaters on a big screen where the film is been displayed with a movie projector onto a large projection screen at the front of the auditorium. Watching a movie at home or in theater is an enjoyable experience for everyone depending on personal preferences. In a theater, one can watch movies as soon as they are released without having to wait until they are released on a DVD or shown on a local television channel. At the same time, watching a movie in a theaterRead MoreLegal Analysis Of Lee P. Cao And Louann P1053 Words   |  5 Pagesduplex. Tommy VS Movie Theater (1) A representation of fact was made; The problematic fact in the case of Tommy v. Multiplex concerns the time at which the movie would begin. There are several times at which this information was shown. When Tommy saw in the newspaper that there would be a blockbuster movie playing at 1:00 pm at the local multiplex, was the first time that a representation was made. After this, the movie and its time were also listed on the marquee outside of the theater. This representationRead MoreCompare and Contrast Watching a Movie at Home vs. Going to the Theatre1011 Words   |  5 PagesTricia Fischer English 1010 Professor Busi 9/9/11 CHOOSING TO WATCH A MOVIE AT HOME OR IN THEATRES. Watching a film on TV is better than watching in theaters this how I’m going to prove my comparisons. Its annoying when you hear from friends what happens in the movie and it ruins the whole thing. It just isnt the same! It depends on, how good your surround system is and how big your TV is, and economic hardships today. It does not mean that the enjoyment of watching movies needs to beRead MoreThe Movie Exhibition Industry Case Analysis2199 Words   |  9 Pagesexhibitors. Finally, exhibitors are movie theaters owners, controlling anywhere from a single-screen theater in a local community to a nationwide chain of multiplexes. Exhibitors are not vertically integrated with distributors and fully independent to pursue their own profit-maximizing strategies. There are three primary sources of revenue for exhibitors: concessions, advertising, and box office receipts. Exhibitors seek to maximize their profit from selling movie tickets and concessions. Overall,Read MoreEssay Who are the People rating movies?2851 Words   |  12 Pagesallow their children to watch certain movies by using the film rating system. The film rating system went into effect on November 1, 1968. Even though the decision of whether or not to use the film rating system is voluntary, the vast majority of theaters in The United States enforce the Classification and Rating Administration’s guidelines. This was a voluntary system sponsored by the Motion Picture Association of America and the National Association of Theatre Owners. The MotionRead MoreArundel Partners Case Analysis Essay1441 Words   |  6 Pagesby one or more major movie studios. Movie rights are to be purchased prior to films being made. Arundel wants to come up with a decision to either purchase all the sequel rights for a studios entire production during a specified period of time or purchase a specified number of major films. Arundels profitability is dependent upon the price it pays for a portfolio of sequel rights. Our analysis of Arundels proposal includes a net present value calculation of each movie production company. InRead MoreArundel Partners Case Analysis Essay1499 Words   |  6 Pagesby one or more major movie studios. Movie rights are to be purchased prior to films being made. Arundel wants to come up with a decision to either purchase all the sequel rights for a studios entire production during a specified period of time or purchase a specified number of major films. Arundels profitability is dependent up on the price it pays for a portfolio of sequel rights. Our analysis of Arundels proposal includes a net present value calculation of each movie production company. InRead MoreSolutions to Arundel Partners Case1450 Words   |  6 Pagesproduced by one or more major movie studios. Movie rights are to be purchased prior to films being made. Arundel wants to come up with a decision to either purchase all the sequel rights for a studios entire production during a specified period of time or purchase a specified number of major films. Arundels profitability is dependent upon the price it pays for a portfolio of sequel rights. Our analysis of Arundels proposal includes a net present value calculation of each movie production company. InRead MoreHome Movie Rental Industry2485 Words   |  10 PagesOperations Management Principles (MGM340-1302A-04) Professor Charles Cullinane Home Movie Rental Industry Roxane Billiot May 5, 2013 I. Introduction to home movie rental industry A. Netflix 1. Background 2. History B. Redbox 1. Background 2. History II. Operational objective C. Netflix 1. Mission Statement 2. Expectations D. Redbox 1. Mission Statement 2. Expectations III. Specific operational challenges IV. Metrics E. Customer satisfaction

Natural Philosophy in Islam - 775 Words

This is the awakening of a new era in natural philosophy supported in the Islamic empire that affects social structures, cultures and attitude towards learning. One may ask, how do the features of my society explain its achievements in natural philosophy? And, how did Al-Kindi and Averroes change the course of history in natural philosophy? While it seems like the days of enlightenment in natural philosophy have slowed as a result of upheaval in kingdoms because of warfare and economic collapses in Europe and the Middle-East. However, circumstances are less severe in Islamic empire that now stretches from North Africa and Spain to India. In the discussion of natural philosophy credit goes to the influential works of Aristotle and Plato,†¦show more content†¦174) says, â€Å"Mathematics became essential for a wide variety of commercial, legal, and governmental purposes. One of the great discoveries in mathematics is â€Å"the creations of ‘0’ a number that had never existed before instead â€Å"0† meant absence of numbers.† (Lecture notes, January 10). The Islamic scholars’ contribution to natural philosophy is unique because It is said by (Lindberg, p. 165) that â€Å"this is the story of transmission of learning.† Forecast of the current Islamic educational structure shows little advancements in the future. The attitude of Islamic empire towards learning can be described as careless because lack of advancements (Lindberg, p. 175) says, â€Å"Islamic education did nothing to prohibit the foreign sciences; but neither did it do much to support them†. However, we see a different side in Europe because they have slowly begun to recover and rebuild societies. The teaching of Islamic translations and expansion of Greek natural philosophies and other Islamic discoveries are now being taught in European universities. It is safe to say Islamic contribution to natural philosophy has changed the course of history and humanity can embark on a new journey of natural philosophy and advance into theShow MoreRelatedReligious Worksheet.1034 Words   |  5 PagesUniversity of Phoenix Material Islam Worksheet 1. Explain the meaning of the name, Islam. To understand the religion Islam the most important thing is to understand the meaning of the name. As one can see that Islam is not named after a person like in Christianity after Jesus Christ. Islam is the true religion of Allah and as such, its name represents the main principle of Allah â€Å"God† religion the total submission to the will of Allah. Islam means the submission or surrender of one’s willRead MoreChristianity And Islam : The Fundamental Nature Of Knowledge, Reality, And Existence865 Words   |  4 Pagesmoral system† (Hopfe 4). Philosophy is the â€Å"study of the fundamental nature of knowledge, reality, and existence† (Definition of Philosophy). Sometimes religion and philosophy overlap and the border between the two becomes blurred as individuals search for meaning and fulfillment in their lives. People around the world believe they have found the answers to life’s questions in the religions of Christianity or Islam, as well as i n the philosophy of Buddhism. Although Islam and Christianity have specificRead MoreIslamic and Catholic Views on Genetic Engineering1265 Words   |  6 PagesPrimary and Secondary sources found that Gene Enhancement had no place in the religions of Catholicism and Islam; both believe it is selfish, unnecessary and unethical. It is an embellishment to human vanity and additionally, insults human integrity when the offspring is affected by the technology. (What is the Catholic view on genetic engineering? - Mary Meets Dolly. 12/ 05/ 2014.) The Catholic Church In 1983, Pope John Paul II mentioned in an address â€Å"genetic enhancement was permissible- indeedRead MoreMetaphysical Thought : Muhammad Iqbal And Character Thinking1663 Words   |  7 Pagestheories and demonstrates the phenomenon with the new theory found by the future experts. Metaphysics as an interesting phenomenon because metaphysics is always directly related to human nature in daily life. Metaphysics in Islam cannot be researched philosophically. The cause of Islam as a dictum comes from God, while science as a treasure scholar. This study uses a historical approach by focusing on biographical research and character thinking. Data collection using documentation method. The documentationRead MorePhilosophy And Philosophy Of Religion Essay1681 Words   |  7 PagesPhilosophy of religion is basically the philosophy with questions regarding the religion, the nature and the existence of god and also the religious vocabulary and texts followed by the people. The religious ph ilosophy and philosophy of religion are very different from each other, in philosophy of religion we discuss the questions regarding the nature of religion as a whole rather than seeking the problems brought by a particular religious system. In philosophy of religion we discuss the questionRead MoreFaith Diversity Essay examples1251 Words   |  6 PagesAbstract This paper will look and examine four diverse faiths: Christianity, Buddhism, Rastafarianism and Islam spiritual perspective on healing. In Christianity, prayer is a way that a person can stay healthy physically, mentally and spiritually. Health is viewed by having a strong spiritual relationship with the Lord and living ones life by the word of God. Buddhist need a balance of health both mentally and physically in order to achieve optimal health. They way that they are able to restoreRead MoreMalcolm X s Philosophy Of Black Pride, Black Nationalism, And Pan Africanism Essay1011 Words   |  5 PagesThe Autobiography of Malcolm X informs the reader about Malcolm X’s philosophy of black pride, black nationalism, and pan-Africanism. There are a billion reasons to care when it comes to a book about a human rights activist. I want to take a look at something more personal. There is always time for change. Who would have thought that a little kid from the country who bounced aro und between foster homes, detention centers, and jails would have done anything with his life? I might have guessed thatRead MoreSummary Of The Looming Tower By Lawrence Wright1574 Words   |  7 Pagesrise of radical Islam. Thesis The Looming Tower could be compared to a similar book titled What Went Wrong, by Bernard Lewis. Both helped to dissect the time and factors that led up to the radicalization of Islam and the rejection of Western modernity in the Middle East. Although these two books discussed the same issue, the perspective in which the problem was seen and dissected differs. What Went Wrong appeared to have a Marxist orientation and used material, historical, and natural forces to explainRead MoreIslamic Reform Since 9/111184 Words   |  5 Pages The religion of Islam garners large amounts attention. Many believe it is a violent and backwards religion. Since 9/11, Islamic reform has become an all-purpose phrase: equally a western impulse to protect itself from Muslim violence and a humanist notion aimed at assisting voiceless Muslims (Eteraz1). Extreme displays of Islamic faith such as the attacks on the World Trade Center on 9/11 have generated negative stereotypes about Islam as a religion. Thes e stereotypes of violence and backwardsRead MoreKashmir Conflict Between Hindus And Muslims1320 Words   |  6 PagesKashmir is the northernmost geographical region of South Asia. It borders Pakistan and India in the Himalayan Mountains. This landscape is known for its raw natural beauty and has stood out in the history and folklore of the Indian subcontinent. At one point in time, Kashmir was aptly named paradise on Earth. Kashmir excels at diversity. People from all over the world many different religious backgrounds and even more diverse dialects frequent the land. Today however, the Kashmir region is the

In the 2001 biographical drama film A Beautiful Mind, John...

In the 2001 biographical drama film A Beautiful Mind, John Nash is an American mathematician who suffers from a mental illness. At the beginning of the film, Nash arrives at Princeton University as a co-recipient of the prestigious Carnegie Scholarship for mathematics. Nash is an arrogant, socially awkward graduate student, who devotes most of his time trying to discover a revolutionary equation in mathematics. About halfway through the film, we discover that a certain number of people and events that occur are actually hallucinations and delusions created within Nashs mind. At this point, it becomes apparent to the audience that Nash is suffering from a severe mental disorder. According to the National Institute of Mental Health,†¦show more content†¦He acts out this internal struggle with a physical and verbal confrontation against Charles (however in reality, Charles does not exist and therefore Nash is fighting with himself). Charles provokes Nash to kill himself, telling him to â€Å"go on, bust your head, kill yourself†¦Ã¢â‚¬  which demonstrates that Nash is having suicidal thoughts. His behavior also includes diminished impulse control as he throws a desk out the window of his dorm room. Nash attributes these thoughts and actions to Charles rather than himself since he believes Charles is a real person. John Nash suffers from paranoid schizophrenia and the most prominent symptom of paranoid schizophrenia is â€Å"absurd or suspicious ideas and beliefs† (Smith Segal, 2013). Over the course of the film, Nash demonstrates these symptoms. The ideas of delusions of persecution are the most frequent beliefs thought of by the individ ual and typically revolve around a centralized theme that remains consistent over time (Smith Segal, 2013). People with paranoid schizophrenia tend to have mistaken beliefs that one or more persons are plotting against them and putting their loved ones in harm’s way (Berger, 2012). With this condition, they end up spending a lot of time thinking about how to protect themselves from the person or people they believe are trying to hurt them (Berger, 2012). People with paranoid schizophrenia show a history of increasing paranoia and difficulties

Airline Pricing Strategy-Free-Samples for Students-Myassignment

Question: Discuss about the Price Discrimination Strategy in the Airline Market. Answer: Introduction Being the fastest and costliest means of transportation customers are always looking for best deals within their budget. In todays competitive world, it becomes a matter of serious headache to find airline tickets at a reasonable price. The objective of Airline companies is to maximize their revenues by making more money. While, customers willing to spend least possible price. In this situation uniform price charging is cannot be considered as the best pricing strategy. Setting too high price hurts companys income by making the tickets less affordable. Too low price on the other hand may be insufficient to recover companies cost. Therefore, airline companies go for a discriminating strategy based on different condition. Ticket fare depends on time of booking the tickets. However, there is no hard and fast rule regarding the time dependency of tickets. In case of advanced ticket booking for a long distance journey, it is observed that people experience a comparatively low fare. Fare also depends on particular season of the year or particular day in a week. Discount often offers to particular group of customers like military personnel, students and senior citizens. To make a clear pricing strategy airline groups distinguishes the ticket-booking customers in three basic classes- business class, economy class and first class. The class differentiation is depending on different affordability of customers. The economy class contains cheapest tickets. For business and first class passengers, the fare is higher subject to providing them different comfort facilities. In the paper, pricing strategies of airline business is viewed. Analysis has been made to find the rationale of such pricing strategies and its implication on welfare. Different price for same seat In order to earn maximum profit from each flight traveled airlines go with optimization of each seat. The strategy devised by airline in times of determining seat price is called yield management (Nagle, Hogan and Zale 2016). It allows the company to charge differentiated price for identical seat. While deciding on fare price the airlines differentiated buyers according their willingness to pay. There is one group who does not care for price and other group that do not purchase tickets beyond a certain price. The first group consists of passengers traveling for business, family emergencies or may be one who has a very high margin of income. When airline charges uniformly high price, then only first category of buyers make purchase. Yet, such pricing enable sellers a high profit. Then problem will be leaving the flight with many empty seats. Thus, the airlines miss scope for earning revenues from the empty seats. Another extreme to make the flight completely booked is to set a lower price, making it affordable for both the groups (Lawton 2017). By selling ticket at low price airline owners, lose the additional surplus from consumers with a high willingness to pay. As a result, the company chooses to adapt strategy in between the two extremes. Here, they first sell their tickets to the first high paying groups and then sell the rest to the second group of consumers. Marginal cost for each additional seat is almost negligible. Yet, from discriminatory practice, they earn greater marginal revenue. Hence, the profits of airlines are maximized with filling every seat for the flight (Koh and Seager 2017) Price of Air Tickets depends on its substitutes and complement goods The substitute good of one companies airline tickets are tickets sold by other company for the same journey. In case of substitute produce price of one good has a positive effect on demand for other, the indifference curve so obtained here is a negatively sloped straight line. Figure 1: Consumption for Substitute goods (Source: As created by Author) In case of complementary good demand of one good is related with the demand for a related good. The willingness to buy airline tickets depend on the other package related service or facilities provided by the company. In this case, the indifference curve showing locus of different consumption points is L shaped. Figure 2: Consumption for Substitute goods (Source: as created by the Author) Price difference for different class Before deciding price, airlines first consider which category of plant will be used for the flights. This gives idea about the number of seats in each travel class. The quality of class is considered as travel class and type of tickets refer as booking class. The travel classes include first class, business class, economy class and premium economy class (Bilotkach, Gaggero and Piga 2015). The ticket price for each class depends on different factors. The categorization of class is again guided by the profit motive. The airline travelers are mainly of two types- business travelers and leisure travelers. The ticket for demand is more elastic for leisure travelers. They are able to adjust their travelling schedule with dates. In contrast, those travelling for business purpose cannot postpone their schedule and has end with an inelastic demand. The leisure travelers enjoy their time advantage by booking tickets for their pre planed trips and book cheaper class. Those have business objecti ves or any other emergencies books tickets at a much closer time for flight departure. All the tickets of cheaper or economic class have been already sold and they have no choice but to purchase tickets from expensive business class (Homsombat, Lei and Fu 2014). Depending on elasticity of different markets, monopolist devises price discrimination strategy and attains maximum profit. In the same way airline company by following discriminating strategy maximized their profit (Wen and Chen 2017). Figure 3: price discrimination strategy (Source: Varian 2014) Reason for price change The forces of demand and supply determines price in the free market. In the context of airline service supply refers to availability of seats and demand refers to demand for available seat. There are some times when the demand for flight tickets is high than its usual time. In times of holiday, high demand generated from leisure class (Grant 2016). During this time, airline companies can respond in two ways. First, in order to accommodate all of them in economic class they can increase the fares for economic class. Another strategy they can adapt is to reduce ticket price for business class. In this time, there are less rush for business travelers. Instead of leaving the seats empty it is better to fill them with travelers that have willingness in between the business and economic class. Because of elasticity of air ticket among the leisure-class a small relaxation of price gives a high boost to ticket demand and increase profit of airline owners Figure 4: Peak load pricing (Source: as created by the Author) Pricing Strategies for some major airlines Singapore airlines: Singapore airline is one of the top ten airline companies in Singapore. In order to maximize its revenue it devises a mix marketing strategy. In the mixed strategy different group the company mostly target customers belonging to middle class and upper middle class. The reason for targeting this group is to their comparatively higher willingness to pay for therir comfort. Customers from these groups look for a comfortable and reliable journey and even pay some extra money to have additional comfort. Therefore, the pricing policy is known as premium pricing policy as the prices are set for targeted premium groups. This prmium airline company use social media sites like facebook, blog, twitter, you tube for promoting their marketing strategy. Air Asia Pricing strategy that is most successfully and profitably followed by Air Asia is the Penetration strategy. Under this strategy a low fare is set for newly opened and mostly visited destinations. It is a unique strategy used by Air Asia, known as Low Cost Carriers (LCC). The rationale behind keeping a low price is that air travelling is considered as a luxury items having elastic demand. Therefore, a slight low price attracts a large traveller base for the company. To keep the price low cost efficient strategies are used by the company. Jetstar Like Air Asia Jet star also uses LCC strategy. However, it does not use LCC strategy in its pure form. Fares are substantially higher in some situation than it is under LCC. Its close competitor is Tiger Airways which is a Singapore based airline. Dynamic pricing strategy is more appropriate form of pricing to justify its pricing strategy. Dynamic pricing strategy involve charging different prices based on time of booking the tickets, consideration also given on peak season or off season. It also uses segment pricing method by segmenting different class of customers. Factors affecting airline demand and price overtime There are factors apart from own price that affects the demand for airline tickets and its price. Fuel price is important factor determining the cost of the airlines and hence their fares. Fuel cost constitutes highest share of airline cost (Ferguson 2014). If there is an increase in fuel prices overtime, then fare price increases for all classes. Change in social and demographic composition affects the demand for air travel. Increasing population in metropolitan areas results in road congestion. Then people prefer to travel by air to save their time and find suitable deal. Factors causing change in personal life style affects the demand for airlines tickets. There are evidences that trends household composition and formation, potentiality of physical trip substitution with electronic substitutes affect household demand for air travelling. With economic growth peoples income changes and thus their attitudes towards travelling expense are also changes (Lazarev 2013). They value their comforts more in response to increasing income. Changing structural composition in the economy leads to change profession of the people that may influence demand in business class travel. The factors causing change in demand directly affects the pricing strategies of airline companies. Welfare implication and scope for public intervention Welfare of each economic agents and overall social welfare is understood by analyzing the concept of consumer surplus and producer surplus Consumer surplus is the benefit enjoyed by a consumer and it calculated as a difference between willingness to pay for a good and its market price. Producer surplus is the gain enjoyed by the producer from production activity. It is obtained by subtracting the minimum cost to the producer from the existing market price. Figure 5: Consumer surplus in the market (Source: as created by the Author) Figure 6: Producer surplus in the market (Source: as created by the Author) By charging discriminatory prices, surplus of the airline companies are maximized. However, this does not always maximize consumer surplus by offering them best deals. At times of emergency buyers have to pay a higher price and hence have very low or zero consumer surplus. The strategy of price discrimination enables airline companies to enjoy the entire consumer and producer surplus (Bergantino and Capozza 2015). In the airline market, government should relax regulation regarding the entry barriers in the industry. Entry barriers in the market establish monopoly in the market. Increasing market power provides greater scopes for price discrimination. Relaxing entry barriers does not mean complete deregulation of the industry. Public policy makers should encourage competition in the market. Government should still control air traffic, arrange programs for safety and participate in the development of airways (Escobari, Rupp and Meskey 2016). The regulation of airline fares by imposing price ceiling or floor can also be the desired interventionist strategies. Conclusion Price discrimination is a well-known strategy in the airline market. There are different factors on which air tickets price depend. Time of tickets booking is one such factor. In times of advanced booking, fares are generally low whereas person, booking tickets under some emergency pays a much higher price for the same tickets. Fares are also subject to people willingness to pay for the ticket, which in turn depends on their income and preference. People willing to travel comfortably and has affordability travels in business or first class. Economic class is for people having lowest affordability. During holiday, there can be a mismatch between availability of air tickets and its demand. This influences ticket prices by forces of demand and supply. Apart from these, there are factors than effect pricing in the airline market over time. The changing composition of income, social and demographic features, change in fuel price are come such factors. Finally, there are scope for governme nt to correct distortion in the by preventing the discrimination. One way of government intervention is to increase competition in the market by reducing entry restriction. In addition to relaxing entry barriers the government can make some intervention in areas like air traffic management, air way development and other areas. References Bergantino, A.S. and Capozza, C., 2015. One price for all? Price discrimination and market captivity: Evidence from the Italian city-pair markets.Transportation Research Part A: Policy and Practice,75, pp.231-244. Bilotkach, V., Gaggero, A.A. and Piga, C.A., 2015. Airline pricing under different market conditions: Evidence from European Low-Cost Carriers.Tourism Management,47, pp.152-163. Escobari, D., Rupp, N.G. and Meskey, J., 2016. Dynamic price discrimination in airlines. Ferguson, J.L., 2014. Implementing price increases in turbulent economies: Pricing approaches for reducing perceptions of price unfairness.Journal of Business Research,67(1), pp.2732-2737. Grant, R.M., 2016.Contemporary strategy analysis: Text and cases edition. John Wiley Sons. Homsombat, W., Lei, Z. and Fu, X., 2014. Competitive effects of the airlines-within-airlines strategyPricing and route entry patterns.Transportation Research Part E: Logistics and Transportation Review,63, pp.1-16. Koh, C.Y.C. and Seager, T.P., 2017. Value-Based Pharmaceutical Pricing From the Patient Perspective Could Incentivize Innovation.Pharmaceutical Medicine, pp.1-5. Lawton, T.C., 2017.Cleared for take-off: structure and strategy in the low fare airline business. Routledge. Lazarev, J., 2013. The welfare effects of intertemporal price discrimination: an empirical analysis of airline pricing in US monopoly markets.Unpublished manuscript. Nagle, T.T., Hogan, J. and Zale, J., 2016.The Strategy and Tactics of Pricing: New International Edition. Routledge. Varian, H.R., 2014.Intermediate Microeconomics: A Modern Approach: Ninth International Student Edition. WW Norton Company. Wen, C.H. and Chen, P.H., 2017. Passenger booking timing for low-cost airlines: A continuous logit approach.Journal of Air Transport Management