Wednesday, January 29, 2020

Steel Economics Commentary Essay Example for Free

Steel Economics Commentary Essay Around the world, steel suppliers are cutting production levels as demand for the commodity is rapidly decreasing. Due to the recent global recession, people are delaying buying cars and houses, both of which are products that are predominantly made of steel. More specifically, ArcelorMittal, the worlds largest steel producer will be cutting production by more than 30% in Europe and U.S.A, resulting in an estimated $2.5 billion loss in the fourth quarter. Companies like Steel Authority of India Ltd. were forced to reduce their prices by 6000 rupees ($126) a ton in order to increase demand for the commodity, as people do not have the money to buy steel anymore. The extent of this issue has risen to the point where some steel producers are temporarily shutting down factories, and stopping the purchase of raw slabs of steel, like ThyssenKrupp AG, who is Germanys biggest producer. Thus, as a result of the leftward shift in demand for steel, due to reduced consumer incomes, supply has been forced to the right. Price Quantity Due to the decreased demand for steel, there is an excess amount of the commodity (Homogenous goods that are raw materials in critical industries)1. One solution for dealing with this excess amount of steel is by controlling supply (the quantity of goods and services that producers are willing and able to produce for a given time period, ceteris paribus)2 to fit the new level of demand (the quantity of goods and services that consumers are willing and able to buy at all prices, for a given time period, ceteris paribus)3, which some large firms, like ArcelorMittal, are already doing. Although, another solution for steel producers is to manufacture the commodity at the same level at which they were before the global recession, and store the surplus product until the demand and price of steel rise. This solution is based around a buffer stock scheme (A form of intervention to try to stabilize the price of a commodity. Stocks of the commodity are kept and sold when the price is high to try to reduce it. When the price is low further stocks of the commodity are bought)4. The marginal social benefits (incremental benefit of an activity as viewed by the society and expressed as the sum of marginal external benefit and marginal private benefit)5 of implementing a buffer stock scheme would be price stability, and economic growth. By storing the extra steel, if in the future, when the world comes out of the recession, there would ever be a shortage (which would result in high prices and lower demand), prices would stabilize as the large firms would then be able to sell the stored steel back into the market. This would not only benefit consumers, as the price of steel would lower, but also firms, as the quantity demanded for steel would go up (resulting in a rightward shift of the demand curve), due to the previous deliberate increase in quantity supplied thus creating more revenue. Price Output Also, since the demand for steel will eventually rise, and the firms will have a plentiful amount of it stored, steel producers will be able to make a greater profit off the commodity, as compared to the present situation where the steel is being sold for much less than its actual value. This will result in economic growth for steel companies, and the world, as people will start to invest in these companies again, due to the ready amount of steel on the market. These advantages, price stability and future economic growth, both contribute to a firms main goal, to maximize revenue. In conclusion, the marginal social costs (the cost incurred by both the firm and society in producing each extra unit of a good)6 of setting up a buffer stock scheme would be, the hefty amount of start-up capital, the costs of storage, and the fear of scare buyers when the recession ends. Although these MSCs are all major financial concerns, the MSBs outweigh them, as people will be eager to invest in the steel companies, buy new houses and cars, and begin new construction projects (eliminates the fear of scarce buyers). These actions all require steel, meaning thereby that the total revenue generated through this surplus of steel will be greater than the start-up capital, and the storage costs. 1 Notes: Commodity Markets 29th September, 2008 2 Notes: The law of Supply September 24th, 2008 3 Notes The Law of Demand: September 17th 2008 4http://www.bized.co.uk/cgi-bin/glossarydb/browse.pl?glostopic=0glosid=1121 5 http://www.bized.co.uk/cgi-bin/glossarydb/browse.pl?glostopic=1glosid=653 6 http://www.businessdictionary.com/definition/marginal-social-benefit.html

Monday, January 20, 2020

Red Badge Of Courage Essay -- essays research papers

The Red Badge Of Courage The Red Badge of Courage by Stephen Crane outlines the effects of war on a Union soldier, Henry Fleming, from his dreams of being a soldier, to his enlistment, and through several battles of the Civil War. Henry Fleming was not happy with his boring life on the farm. He wanted to become a hero in war and have girls loving him for his big achievements in battle. He knew his mother would not like to see him go to war, but it was his decision to make. He dreamed of the exiting battles of war and the thrill of fighting magnificent battles. He didn't want to stay on the farm with nothing to do, so he made the final decision to enlist. After enlisting he finds himself just sitting around with nothing to do. He manages to make friends with two other soldiers, John Wilson and Jim Conklin. Wilson was as exited about going to war like Henry, while Jim was positive about the success of the new regiment. Henry started to realize after a few days of marching, that their regiment was just wandering pointlessly, and going in circles. They kept marching on without fighting. During time Henry started to think about the battles in a different way, he started to become afraid that he might run from battle when duty calls. When the regiment finally learns of a battle taking place, Jim gives Henry a little packet in a yellow envelope, telling Henry that this will be his first and last battle. The regiment managed to hold off the rebels for the first charge, but then ...

Sunday, January 12, 2020

French and Indian War DBQ Essay

For many years, throughout the 17th century and 18th century, Britain maintained a neutral relationship with its American colonies. By upholding salutary neglect, the British policy of avoiding strict enforcement of parliamentary laws, the American colonies remained obedient to Britain. However, after the French and Indian War (1754-1763), Britain’s relations with its colonist were drastically altered. The war greatly damaged Britain’s economy and because of its pyrrhic victory, a series of taxes were implemented on the American colonists.  The unfair taxation ideologically changed the Americans’ views on Britain and they felt they were not represented in Parliament. The French and Indian war altered the relations between Britain and its American colonists politically by giving Britain control of the east, economically by putting Britain in extreme debt and compelling Parliament to impose taxes on its colonists, and ideologically by shifting the colonistsâ€⠄¢ loyalty towards rebellion against Britain. The French defeat in the war paved way to the expansion of British territory throughout the eastern coastline (Document A). The colonists began to settle on the land beyond the Appalachian Mountains, which resulted in tensions with the Natives who primarily resided there. Canassatego, chief of the Onondaga Nation of the Iroquois Confederacy, delivered a speech to the representatives of Pennsylvania, Maryland, and Virginia. In the speech, he speaks with an accusatory tone as he is angered by the unrightfully settling of the American colonists (Document B). He sees the white settlers as people who spoil his hunting and addresses to the representatives that they know the colonists have no right to settle in the Natives’ land. Because of this  speech and Pontiac’s Rebellion, Britain was forced to implement the Proclamation Line of 1763, which prevented American settlers from moving past the Appalachian Mountains. Generally, this angered the settlers because they believed they deserved the land due to their service in the war. This was an initial step to the Americans’ shift of ideology to rebellion. At the end of the war, Britain’s economy rapidly declined and it struggled to pay its war debts. As a means to solve this issue, it enforced a series of acts on the American colonists. A British Order in Council of 1763 concluded that the current revenue from the colonies was not sufficient to pay a fourth of the cost to collect it (Document F). It deemed it necessary to impose the controversial Stamp Act, a tax on all paper goods. The council speaks with concern as it stresses the income from the colonies is not nearly enough to relieve the debt. The council, however, only looks from Parliament’s view of needing to relieve the debt rather than the colonists’ view of unfair taxation. Colonists began to organize protests, chanting â€Å"No taxation without representation† as their slogan. On August 9, 1765, Benjamin Franklin wrote a letter to a close ally, John Hughes. In the letter, Franklin informs his friend of the uncertainty of the removal of the Stamp Act. Though he says it would be wise to stay loyal to Britain because if they were caught talking about expelling an act, they would be tried with treason (Document G). Franklin’s point of view is prudent because he cares for the future of him and his ally. He goes on to tell Hughes if he attempts to repel the act, his traits will always be remembered by the colonists. Another tax implemented by the British was the Sugar Act, which added a three cents tax and sales tax on sugar, a high value commodity. The series of taxes provoked the American colonists to boycott all British goods. The boycott severely weakened the already damaged economy of Britain. As colonial unity was formed within the boycott, colonial ideological values differed tremendously after the war. Colonists were already filled with resentment due to the Proclamation Line of 1763 and the taxation caused Britain’s and the colonists’ relationship to decline further.

Saturday, January 4, 2020

The Violence Among The Black Community And Test One Theory

Introduction: Research Problem In the study presented, the researchers examined previous research performed by found Wolfgang and Ferracuti about the subculture of violence. They found that of all the research conducted on this topic this is the one most talked about but also the one that was least verified which proposed the purpose of their study. They further state that based off of Wolfgang and Ferracuti’s studies they found that violent behaviors are more common among the African American culture make this study significant. Therefore the researchers are looking to examine the beliefs in violence among the black community and test one the theory of Wolfgang and Ferracuti that violent values are high within the black subculture. Literature Review Before the researchers were able to conduct their research problem, they had study what was already known about the problem and what others in the past have done to gain the results they did. Since they wanted to focus their attention on African Americans and violence their reviews were geared to these ideas. From an empirical standpoint, the researchers found that studies that have been presented stabilized race as constant and focused in on the south and its views on violence. The presumption is that most of the south consist of African American population and that is not proven throughout the research, which the researchers also found in the conclusion that â€Å"poor whites are more likely to fight than poor blacks†. They alsoShow MoreRelatedSocial Disorganization Theory Of Rural Youth Violence1603 Words   |  7 Pagesof just neighborhood context alone. Wanting to extend the theory of social disorganization and crime beyond the scope of large urban cities, D. Wayne Osgood and Jeff M. 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