For any theory of law, justice or rights to be worthy of our support, Essay

For any theory of law, justice or rights to be worthy of our support, it must involve a necessary connection with morality. To what extent, if at all, do you agree with this view - Essay Example crucial – referring to the fact that the reasons for the introduction of specific legal rules need to be clearly explained to the members of the society in which these rules involved; in practice, this policy is not always applied; instead, laws are developed in accordance with the personal perceptions of legislators. Under these terms, the obligations and the rights set by the laws in the context of a specific state could be doubted as of their credibility; however, there is a series of principles and concepts that are commonly used as the basis for the development of legal rules and the application of which ensures the respect of fundamental human rights and concerns; morality is one of these concepts; the role of morality in the development of various social and political schemes has been proved as quite important; in fact, morality has been employed in many social theories in order to justify the suggestions made for a series of social and political problems; moreover, the existence of morality in social theories increases the chances for the acceptance of these theories by the members of a specific society – or people in the international community. Current paper focuses on the examination of the potential connection between morality and the theory of law, justice and rights; the views of theorists that have studied the specific subject have been used in order to identify and evaluate the various aspects of connection between morality and the theory of law, justice and rights; it is proved that this relationship exists but it is likely to be differentiated in accordance with the social conditions to which each of these theories refer. Generally, social theories that refer to morality have a similar point of reference: the willingness of people for supporting the justice; however, this willingness is not always obvious; it can be expressed through a series of actions or it can be expressed verbally; in any case, this willingness exist – referring to the

APPLIED MANAGERIAL ECONOMICS Research Questions Paper

APPLIED MANAGERIAL ECONOMICS Questions - Research Paper Example c) Mathematical formulae for production system of The Village Inn Y1 a11 a12 a13 a14 X1 Y2 = a21 a22 a23 a24 x X2 Y3 a31 a32 a33 a34 X3 X4 It could be assumed that, Y1 = buttermilk pancakes Y2 = Skillets Y3 = Crepes Thus, X1 = Milk, X2 = Butter, X3 = Wheat and X4 = Eggs Lastly, aij are the weights that are associated with each input for the production of each item and, their values range between 0 and 1; i, j = 1 ... 4 d) According to the Law of Diminishing Returns, the productivity of a factor with other factors remaining unchanged tends to diminish over time. In the above example, if any of the components are added in excess of the rest, they cannot help in producing an extra unit of output, so that increase in quantity only diminishes its productivity. Answer to Question 2 a) A department store generally deals with a large number of items under a single roof and simultaneously has to employ a large number of salespersons. In this case, productivity of each employee implies the add itional number of commodities that the person is able to sale over time. In order to calculate the average productivity per employee thus, it is necessary to calculate the gross sales that the company made and divide it with the total number of transactions. b) Technical efficiency implies the efficiency with which inputs could be converted into output. Normally, the greater the volume of output that could be created with a given volume of input, higher is the efficiency of the concerned firm. In retail stores, this could be implies by the speed with which the sales are taking place. An ideal method to measure the same could be through estimating the number of days that a commodity stays in the inventory shelf. If the number of days is found to be higher than the average, technical efficiency of the company might be regarded as falling and vice-versa. Moreover, greater the technical efficiency is, lower is the per unit production cost incurred and greater is the profit generated. c) Economic efficiency is the extent to which the retail store can compromise their shelf space occupied by one commodity with that of another. In order to optimise the same, it is very important for them to be informed about the commodities which are highly demanded compared to those which are not. In case that they are able to make the substitution successfully, i.e., there is Pareto Optimality, the average cost of the company falls and its profit rises. Answer to Question 3 In the present case, the retired couple have to capture a part of the market that is largely served by the nearby chain restaurant. However, the difference between the two is that while the couple plans to establish a lunch-only restaurant, the nearby chain is a full-fledged one. Thus, the strategy that they must be adopting should be that like an oligopolistic market, where their strategies should be highly dependent upon the ones being adopted by the existing players of the industry. Four economic factors that they need to consider while determining their pricing strategy are – Firstly, the market is characterised by another major player who is already experiencing the advantage of being a first mover. Generally, in an oligopolistic