This document provides an overview of the concept of utilitarianism in business ethics. It discusses how Ford Motor Company used a utilitarian analysis to decide not to make safety modifications to the Ford Pinto. It also discusses some key principles of utilitarianism, such as how it holds that actions should be evaluated based on their costs and benefits. The document then discusses some common criticisms of utilitarianism, such as how it can be difficult to accurately measure costs and benefits. It also discusses how utilitarianism may ignore considerations of rights and justice. The document concludes by discussing how rule utilitarianism attempts to address some of these criticisms.
01 introducing the economic way of thinkingNepDevWiki
This chapter introduces key economic concepts such as scarcity, resources, and the difference between microeconomics and macroeconomics. It explains that scarcity exists because human wants are unlimited but resources are limited, forcing individuals and societies to make choices. Resources are categorized as land, labor, and capital. Entrepreneurs organize these resources to produce goods and services. Economics studies how people make choices to satisfy wants. Microeconomics examines individual decision-making units while macroeconomics looks at whole economies. Models are used to understand and predict economic behavior.
Here are the key points a utilitarian would have to consider in evaluating the arguments made in this case:
- A utilitarian would have to accept the premise that actions should be evaluated based on their overall costs and benefits to society. Maximizing overall utility is the goal.
- However, a utilitarian could reject arguments that ignore long-term or indirect costs/benefits. Simply focusing on short-term monetary costs misses important factors.
- A utilitarian could also reject claims that some people's lives are less valuable just because they are poorer or live shorter lives. All individuals should equally count in the utility calculation.
- Non-monetary costs like health impacts and environmental degradation also need to be properly considered and
This document discusses several approaches to ethical evaluation in business, including utilitarianism and rights-based approaches. It provides examples and definitions of key concepts. The central questions posed are how to determine the morally right action, how to weigh costs and benefits, and how rights and justice relate to utilitarian analysis. It also discusses contractual rights and duties as they apply to business ethics.
Ethical and unethical business practicesPooja Lilani
An Infosys employee provided testimony to a US Senate subcommittee alleging unethical practices by Infosys related to visa fraud. The employee accused Infosys of intentionally violating visa and tax laws to increase revenues. Specifically, he said Infosys used B-1 visas to bring relatively inexperienced Indian workers to the US for projects instead of H-1B visas. Infosys then charged US client rates but paid the workers lower Indian salaries without paying US taxes. Infosys denied the allegations. The testimony has led to a probe by US authorities into Infosys' visa practices.
This document provides an introduction to managerial economics. It begins by listing recommended reading materials and then outlines the session objectives, which are to discuss key economic concepts like rational decision making, incentives, and marginal analysis. It then presents a case study on the expansion of the Disney Corporation under Michael Eisner and how managerial economics informed strategies like advertising, pricing, and executive compensation. Another case examines Toyota's production and pricing decisions around the hybrid Prius. The document concludes by defining managerial economics and outlining four key principles of rational decision making: people face tradeoffs, opportunity cost is the relevant cost, people think at the margin, and people respond to incentives.
This document discusses externalities and potential solutions. It begins by defining externalities as costs or benefits imposed on third parties not involved in a transaction. Negative production externalities like pollution mean firms do not face all social costs of production, leading to overproduction. The Coase theorem holds that with well-defined property rights and no transaction costs, bargaining can achieve efficiency, but in practice this is difficult for large-scale externalities. Government remedies for externalities include corrective taxes equal to marginal damage or quantity regulations to limit production to efficient levels.
Welfare economics examines normative aspects of economics such as policy recommendations to determine preferred social states. It explores ways to arrive at conditions where social state A is preferred to B. A key school is Paretian welfare economics, which rejects the idea that utility is cardinally measurable between individuals. Welfare economics uses microeconomic tools to assess resource allocation efficiency and the associated income distribution. It aims to determine criteria for government intervention to maximize social welfare.
The document discusses an economic model called UDi-ism (Unity in Diversity) as a third way alternative to capitalism and central planning. It proposes treating essential shared resources (Tier 2 assets) as belonging to the public and assigning them an economic value or price. This would incentivize businesses and individuals to minimize social costs and align profits with the public good. Examples given include pricing carbon emissions to make clean energy technologies competitive and giving social credits for activities that benefit communities.
01 introducing the economic way of thinkingNepDevWiki
This chapter introduces key economic concepts such as scarcity, resources, and the difference between microeconomics and macroeconomics. It explains that scarcity exists because human wants are unlimited but resources are limited, forcing individuals and societies to make choices. Resources are categorized as land, labor, and capital. Entrepreneurs organize these resources to produce goods and services. Economics studies how people make choices to satisfy wants. Microeconomics examines individual decision-making units while macroeconomics looks at whole economies. Models are used to understand and predict economic behavior.
Here are the key points a utilitarian would have to consider in evaluating the arguments made in this case:
- A utilitarian would have to accept the premise that actions should be evaluated based on their overall costs and benefits to society. Maximizing overall utility is the goal.
- However, a utilitarian could reject arguments that ignore long-term or indirect costs/benefits. Simply focusing on short-term monetary costs misses important factors.
- A utilitarian could also reject claims that some people's lives are less valuable just because they are poorer or live shorter lives. All individuals should equally count in the utility calculation.
- Non-monetary costs like health impacts and environmental degradation also need to be properly considered and
This document discusses several approaches to ethical evaluation in business, including utilitarianism and rights-based approaches. It provides examples and definitions of key concepts. The central questions posed are how to determine the morally right action, how to weigh costs and benefits, and how rights and justice relate to utilitarian analysis. It also discusses contractual rights and duties as they apply to business ethics.
Ethical and unethical business practicesPooja Lilani
An Infosys employee provided testimony to a US Senate subcommittee alleging unethical practices by Infosys related to visa fraud. The employee accused Infosys of intentionally violating visa and tax laws to increase revenues. Specifically, he said Infosys used B-1 visas to bring relatively inexperienced Indian workers to the US for projects instead of H-1B visas. Infosys then charged US client rates but paid the workers lower Indian salaries without paying US taxes. Infosys denied the allegations. The testimony has led to a probe by US authorities into Infosys' visa practices.
This document provides an introduction to managerial economics. It begins by listing recommended reading materials and then outlines the session objectives, which are to discuss key economic concepts like rational decision making, incentives, and marginal analysis. It then presents a case study on the expansion of the Disney Corporation under Michael Eisner and how managerial economics informed strategies like advertising, pricing, and executive compensation. Another case examines Toyota's production and pricing decisions around the hybrid Prius. The document concludes by defining managerial economics and outlining four key principles of rational decision making: people face tradeoffs, opportunity cost is the relevant cost, people think at the margin, and people respond to incentives.
This document discusses externalities and potential solutions. It begins by defining externalities as costs or benefits imposed on third parties not involved in a transaction. Negative production externalities like pollution mean firms do not face all social costs of production, leading to overproduction. The Coase theorem holds that with well-defined property rights and no transaction costs, bargaining can achieve efficiency, but in practice this is difficult for large-scale externalities. Government remedies for externalities include corrective taxes equal to marginal damage or quantity regulations to limit production to efficient levels.
Welfare economics examines normative aspects of economics such as policy recommendations to determine preferred social states. It explores ways to arrive at conditions where social state A is preferred to B. A key school is Paretian welfare economics, which rejects the idea that utility is cardinally measurable between individuals. Welfare economics uses microeconomic tools to assess resource allocation efficiency and the associated income distribution. It aims to determine criteria for government intervention to maximize social welfare.
The document discusses an economic model called UDi-ism (Unity in Diversity) as a third way alternative to capitalism and central planning. It proposes treating essential shared resources (Tier 2 assets) as belonging to the public and assigning them an economic value or price. This would incentivize businesses and individuals to minimize social costs and align profits with the public good. Examples given include pricing carbon emissions to make clean energy technologies competitive and giving social credits for activities that benefit communities.
The document discusses several key concepts in managerial economics:
1) Economics involves making choices due to scarce resources and unlimited wants. It uses scientific methods to study and explain human behavior.
2) Opportunity cost is the cost of the next best alternative forgone when a choice is made. It does not involve actual payment but represents the value of the best alternative not chosen.
3) Marginal analysis involves comparing the marginal benefit and marginal cost of small changes to determine the optimal level of an activity where marginal benefit equals marginal cost.
This document discusses market failures caused by externalities and public goods. It defines key concepts like marginal external cost, negative externalities, positive externalities, and public goods. It analyzes how externalities can lead to overproduction or underproduction compared to the socially efficient level. Policy options like emissions fees, standards, and tradable permits are presented to correct for negative externalities. The Coase theorem and issues around bargaining with externalities are also summarized. Common property resources and free riding problems with public goods are further market failures discussed.
The document proposes a new economic framework called Unity in Diversity (UDI-ism) as an alternative to capitalism and planned economies. UDI-ism aims to internalize externalities by including social costs (Tier 2 costs) in pricing through methods like pollution taxes. This would incentivize choices that minimize total direct and social costs (UDI costs), better aligning private gains with public welfare. The system would also dampen boom-bust cycles through longer time horizons imposed by Tier 2 stakeholders. All parties, including investors, communities and customers, could benefit under this approach.
1) When prioritizing sustainability requirements for product design, the most important factors are market demand and financial feasibility. Conducting accurate market analysis allows determining the appropriate production level to meet demand and avoid excess costs from overproduction.
2) The total environmental impact of a product depends on both its per-unit impact and the total quantity produced over its lifetime. Product design must consider how the product will eventually be reused or recycled.
3) Emphasizing high quality, recyclability, and energy efficiency can help minimize a product's total impact while ensuring long-term sustainability and affordability. Prioritizing sustainability does not need to compromise market needs when clear boundaries and feedback are incorporated into the design process.
Economists and ecologists often misunderstand each other regarding the environment due to poor interdisciplinary communication. There are several myths about how economists view the environment, including that markets always solve problems efficiently and that economists always recommend market solutions. In reality, economists recognize market failures can occur due to externalities, public goods, monopoly power, and incomplete information. While market-based solutions can work well in some cases, such as for pollution permit markets, conditions are not always met for them to achieve efficient outcomes at minimum cost. Improving communication between disciplines would help natural scientists better understand economic analysis and policy prescriptions related to the environment.
Externalities refer to uncompensated impacts of one party's actions on another. Negative externalities occur when costs are imposed on third parties, leading to an equilibrium quantity that is larger than socially optimal. Positive externalities occur when benefits are conferred on third parties, leading to an equilibrium quantity that is smaller than socially optimal. Private solutions sometimes address externalities through bargaining, but transaction costs may impede agreement. When private solutions fail, governments may regulate behavior directly through commands or internalize externalities using Pigovian taxes or tradable pollution permits.
What externalities are and why they can lead to inefficiency and.docxphilipnelson29183
What externalities are and why they can lead to inefficiency and government intervention in the market
The difference among negative, positive, and network externalities
The importance of the Coase theorem, which explains how private individuals can sometimes remedy externalities
Why some government policies to deal with externalities, like emissions taxes, tradable emissionspermits, or Pigouviansubsidies, are efficient, and others, like environmental standards, are not
What makes network externalities an important feature of high–tech industries
To Video
To First
Active Learning
What you will learn in this chapter
1
EXTERNALITIES
Externalities (spillovers): the impact on third parties of a transaction between others.
If fracking pollutes drinking water sources, it is an external cost (“negative externality”).
Back to Table of contents
2
Image credit: Associated Press, MCT via Getty Images
The extra safety your neighbor might have because everyone else in the area has purchased burglar alarms is a(n):
private cost.
external cost.
private benefit.
external benefit.
To Next
Active Learning
LEARN BY DOING: PRACTICE QUESTION
Back to Table of contents
3
EXTERNALITIES
Examples of external costs:
air and water pollution
texting while driving
chemical runoff that affects fish stocks
Examples of external benefits:
education
beehives next to almond orchards
preserved farmland
Back to Table of contents
All image credits courtesy of Morgue File and/or FreeImages.com unless otherwise specified
4
FOR INQUIRING MINDS: TEXTING
1 in 4 accidents (250,000 per year) are caused by cell phone use (National Safety Council, 2012)
43 states have banned it… because of the negative (fatal) externalities.
Back to Table of contents
Image: Steve Debenport/Getty Images
5
IS THE MARKET ALWAYS EFFICIENT?
Market failure: free-market equilibrium not providing the socially optimal amount of a good.
Left to itself, a market economy will typically generate too much pollution because polluters have no incentive to take into account the costs they impose on others.
Back to Table of contents
All image credits courtesy of Morgue File and/or FreeImages.com unless otherwise specified
6
COSTS AND BENEFITS OF POLLUTION
The marginal social cost of pollution is the additional cost imposed on society as a whole by an additional unit of pollution.
Acid rain, smog, contaminated water, etc.
The marginal social benefit of pollution is the additional gain to society as a whole from an additional unit of pollution.
Goods and services, jobs, etc.
The socially optimal quantity of pollution is the quantity society would choose if all costs and benefits were fully accounted for.
Back to Table of contents
7
SO HOW DO YOU MEASURE THE MARGINAL SOCIAL COST OF POLLUTION?
It’s the sum of the willingness to pay among all members of society to avoid that unit of pollution.
It may be hard to estimate, so society often underestimates it.
The document discusses Lean Manufacturing. It began in the automobile industry but has expanded to other industries. Lean aims to reduce waste and use fewer resources to produce the same output. The core principles are to specify value, identify the value stream, make the products flow without interruptions, have customers pull products as needed, and continuously improve. Key tools include 5S, cellular manufacturing, jidoka, and kaizen for continuous improvement. The ultimate goal is to maximize value while minimizing waste.
This document provides an overview of microeconomics. It defines economics, explores the basic economic problem of scarcity, discusses key microeconomic concepts like opportunity cost, production possibility frontier, and the three basic economic questions. It also distinguishes between microeconomics and macroeconomics, and different economic systems including free markets, planned economies, and mixed economies.
This document provides an introduction to economics concepts. It discusses how economics seeks to understand how limited resources are used to satisfy unlimited human wants. It also summarizes the key questions of what, how, when, where, and for whom goods and services are produced. The document introduces microeconomics, macroeconomics, and the fundamental concepts of opportunity costs, production possibilities frontiers, marginal costs, and marginal benefits. It explains how economics analyzes human decision-making and tradeoffs between alternatives.
Property Rights, Market Failure, Externality and Market PowerDr. SUBIR MAITRA
This document discusses how market imperfections such as imperfect competition, imperfect information, externalities, and public goods can lead to market failures and inefficient economic outcomes. It provides context on the assumptions of the basic competitive market model and explains how relaxing those assumptions to better reflect real-world conditions can result in markets failing to efficiently allocate resources. The document also introduces some key concepts regarding alternative market structures like monopoly, oligopoly, and monopolistic competition.
Merger Review process has evolved over a period of time. This is evident from the changing focus on consideration of efficiencies in merger analysis. However, a cross-country comparison shows that as of date consideration of efficiency has become almost an integral part of merger review. The article details this discussion.
The document provides tips for printing Excel worksheets, including:
1. How to view a print preview and change the page orientation to landscape.
2. How to fit the worksheet to a certain number of pages by adjusting the width, scale, and margins.
3. How to center the worksheet data horizontally and vertically on each printed page.
4. How to print row and column titles on every page to identify column data on each sheet.
1. The document provides tips for printing worksheets in Excel 2003, including how to preview prints, adjust page setup options like orientation, margins and scaling, and print specific parts of the worksheet.
2. Key tips include using print preview to view the printout, adjusting page setup options on the Page, Margin, and Sheet tabs to control formatting and content included, and selecting print options to choose what to print.
3. An optional exercise demonstrates how to add custom headers and footers or use built-in options for headers and footers.
The document is an introduction to Microsoft Excel 2007. It explains that Excel is an electronic spreadsheet used to perform calculations rapidly and accurately. An Excel file is called a workbook containing worksheets. The document describes the different parts of the Excel window including the worksheet, ribbon, formula bar, and status bar. It provides step-by-step instructions for creating a basic student payroll worksheet, entering labels, values, formulas, and formatting the data.
This document provides instructions for using Microsoft Excel 2003. It covers how to open and format dates using the NOW function, enter and format data, calculate totals using formulas, sort data, copy and format worksheets, create and format column and pie charts, and more. The document encourages visiting www.thecodexpert.com for additional educational resources.
This document provides a tutorial on using Microsoft Excel 2007. It covers topics such as entering formulas, formatting cells, sorting data, and creating charts. The tutorial includes step-by-step instructions on how to perform budget calculations, payroll calculations, and chart a dataset to visualize sales data by month and pizza flavor. Users are encouraged to practice these skills by opening sample Excel files included with the tutorial.
This document provides an overview of Excel formulas and functions including MAX, MIN, AVG, IF, and nested IF functions. It includes examples and step-by-step instructions for using these functions to calculate statistics and conditional values. Hands-on exercises guide the user through entering formulas to find averages, maximums, minimums, assign letter grades, and conditionally sum values. The document also introduces more advanced statistical functions and the Analysis ToolPak add-in.
This document provides an intermediate-level handout on various Microsoft Excel functions and features, including aligning text, adding/moving/deleting sheets, IF formulas, external references, naming ranges, creating subtotals, conditional formatting, and absolute references. It includes step-by-step instructions for exercises using these functions on sample payroll and student data worksheets to calculate values like overtime pay, weekly totals, averages, and applying a percentage raise with absolute referencing. The document is intended for users familiar with basic Excel skills.
This document provides an intermediate Microsoft Excel handout covering various Excel functions and features such as aligning text, adding/moving/deleting sheets, IF formulas, external reference formulas, naming ranges, creating subtotals, wrapping text, conditional formatting, and absolute references. Exercises are included to practice these skills using sample Excel files. The document encourages visiting www.thecodexpert.com for more educational documents and technological information.
The document provides an introduction to Microsoft Excel 2003. It describes Excel as an electronic spreadsheet used for numeric calculations. It outlines the basic Excel window including the worksheet, active cell, title bar, menu bar, toolbars, name box, formula bar, sheet tabs, status bar, and tooltips. It then provides a step-by-step tutorial on how to create a basic student payroll projection worksheet in Excel, including entering labels and values, using formulas, formatting, inserting rows, saving, printing, and other basic functions.
This document provides an overview of formulas and functions in Excel 2003, including MAX, MIN, AVG, IF, and nested IF functions. It explains terminology like formulas, functions, arguments, cell references, and ranges. Hands-on exercises walk through using the AVERAGE, MAX, MIN, IF, and SUMIF functions to calculate statistics and values based on conditional criteria for datasets in Excel worksheets. The document encourages visiting another site for more educational documents and technological information.
The document discusses several key concepts in managerial economics:
1) Economics involves making choices due to scarce resources and unlimited wants. It uses scientific methods to study and explain human behavior.
2) Opportunity cost is the cost of the next best alternative forgone when a choice is made. It does not involve actual payment but represents the value of the best alternative not chosen.
3) Marginal analysis involves comparing the marginal benefit and marginal cost of small changes to determine the optimal level of an activity where marginal benefit equals marginal cost.
This document discusses market failures caused by externalities and public goods. It defines key concepts like marginal external cost, negative externalities, positive externalities, and public goods. It analyzes how externalities can lead to overproduction or underproduction compared to the socially efficient level. Policy options like emissions fees, standards, and tradable permits are presented to correct for negative externalities. The Coase theorem and issues around bargaining with externalities are also summarized. Common property resources and free riding problems with public goods are further market failures discussed.
The document proposes a new economic framework called Unity in Diversity (UDI-ism) as an alternative to capitalism and planned economies. UDI-ism aims to internalize externalities by including social costs (Tier 2 costs) in pricing through methods like pollution taxes. This would incentivize choices that minimize total direct and social costs (UDI costs), better aligning private gains with public welfare. The system would also dampen boom-bust cycles through longer time horizons imposed by Tier 2 stakeholders. All parties, including investors, communities and customers, could benefit under this approach.
1) When prioritizing sustainability requirements for product design, the most important factors are market demand and financial feasibility. Conducting accurate market analysis allows determining the appropriate production level to meet demand and avoid excess costs from overproduction.
2) The total environmental impact of a product depends on both its per-unit impact and the total quantity produced over its lifetime. Product design must consider how the product will eventually be reused or recycled.
3) Emphasizing high quality, recyclability, and energy efficiency can help minimize a product's total impact while ensuring long-term sustainability and affordability. Prioritizing sustainability does not need to compromise market needs when clear boundaries and feedback are incorporated into the design process.
Economists and ecologists often misunderstand each other regarding the environment due to poor interdisciplinary communication. There are several myths about how economists view the environment, including that markets always solve problems efficiently and that economists always recommend market solutions. In reality, economists recognize market failures can occur due to externalities, public goods, monopoly power, and incomplete information. While market-based solutions can work well in some cases, such as for pollution permit markets, conditions are not always met for them to achieve efficient outcomes at minimum cost. Improving communication between disciplines would help natural scientists better understand economic analysis and policy prescriptions related to the environment.
Externalities refer to uncompensated impacts of one party's actions on another. Negative externalities occur when costs are imposed on third parties, leading to an equilibrium quantity that is larger than socially optimal. Positive externalities occur when benefits are conferred on third parties, leading to an equilibrium quantity that is smaller than socially optimal. Private solutions sometimes address externalities through bargaining, but transaction costs may impede agreement. When private solutions fail, governments may regulate behavior directly through commands or internalize externalities using Pigovian taxes or tradable pollution permits.
What externalities are and why they can lead to inefficiency and.docxphilipnelson29183
What externalities are and why they can lead to inefficiency and government intervention in the market
The difference among negative, positive, and network externalities
The importance of the Coase theorem, which explains how private individuals can sometimes remedy externalities
Why some government policies to deal with externalities, like emissions taxes, tradable emissionspermits, or Pigouviansubsidies, are efficient, and others, like environmental standards, are not
What makes network externalities an important feature of high–tech industries
To Video
To First
Active Learning
What you will learn in this chapter
1
EXTERNALITIES
Externalities (spillovers): the impact on third parties of a transaction between others.
If fracking pollutes drinking water sources, it is an external cost (“negative externality”).
Back to Table of contents
2
Image credit: Associated Press, MCT via Getty Images
The extra safety your neighbor might have because everyone else in the area has purchased burglar alarms is a(n):
private cost.
external cost.
private benefit.
external benefit.
To Next
Active Learning
LEARN BY DOING: PRACTICE QUESTION
Back to Table of contents
3
EXTERNALITIES
Examples of external costs:
air and water pollution
texting while driving
chemical runoff that affects fish stocks
Examples of external benefits:
education
beehives next to almond orchards
preserved farmland
Back to Table of contents
All image credits courtesy of Morgue File and/or FreeImages.com unless otherwise specified
4
FOR INQUIRING MINDS: TEXTING
1 in 4 accidents (250,000 per year) are caused by cell phone use (National Safety Council, 2012)
43 states have banned it… because of the negative (fatal) externalities.
Back to Table of contents
Image: Steve Debenport/Getty Images
5
IS THE MARKET ALWAYS EFFICIENT?
Market failure: free-market equilibrium not providing the socially optimal amount of a good.
Left to itself, a market economy will typically generate too much pollution because polluters have no incentive to take into account the costs they impose on others.
Back to Table of contents
All image credits courtesy of Morgue File and/or FreeImages.com unless otherwise specified
6
COSTS AND BENEFITS OF POLLUTION
The marginal social cost of pollution is the additional cost imposed on society as a whole by an additional unit of pollution.
Acid rain, smog, contaminated water, etc.
The marginal social benefit of pollution is the additional gain to society as a whole from an additional unit of pollution.
Goods and services, jobs, etc.
The socially optimal quantity of pollution is the quantity society would choose if all costs and benefits were fully accounted for.
Back to Table of contents
7
SO HOW DO YOU MEASURE THE MARGINAL SOCIAL COST OF POLLUTION?
It’s the sum of the willingness to pay among all members of society to avoid that unit of pollution.
It may be hard to estimate, so society often underestimates it.
The document discusses Lean Manufacturing. It began in the automobile industry but has expanded to other industries. Lean aims to reduce waste and use fewer resources to produce the same output. The core principles are to specify value, identify the value stream, make the products flow without interruptions, have customers pull products as needed, and continuously improve. Key tools include 5S, cellular manufacturing, jidoka, and kaizen for continuous improvement. The ultimate goal is to maximize value while minimizing waste.
This document provides an overview of microeconomics. It defines economics, explores the basic economic problem of scarcity, discusses key microeconomic concepts like opportunity cost, production possibility frontier, and the three basic economic questions. It also distinguishes between microeconomics and macroeconomics, and different economic systems including free markets, planned economies, and mixed economies.
This document provides an introduction to economics concepts. It discusses how economics seeks to understand how limited resources are used to satisfy unlimited human wants. It also summarizes the key questions of what, how, when, where, and for whom goods and services are produced. The document introduces microeconomics, macroeconomics, and the fundamental concepts of opportunity costs, production possibilities frontiers, marginal costs, and marginal benefits. It explains how economics analyzes human decision-making and tradeoffs between alternatives.
Property Rights, Market Failure, Externality and Market PowerDr. SUBIR MAITRA
This document discusses how market imperfections such as imperfect competition, imperfect information, externalities, and public goods can lead to market failures and inefficient economic outcomes. It provides context on the assumptions of the basic competitive market model and explains how relaxing those assumptions to better reflect real-world conditions can result in markets failing to efficiently allocate resources. The document also introduces some key concepts regarding alternative market structures like monopoly, oligopoly, and monopolistic competition.
Merger Review process has evolved over a period of time. This is evident from the changing focus on consideration of efficiencies in merger analysis. However, a cross-country comparison shows that as of date consideration of efficiency has become almost an integral part of merger review. The article details this discussion.
The document provides tips for printing Excel worksheets, including:
1. How to view a print preview and change the page orientation to landscape.
2. How to fit the worksheet to a certain number of pages by adjusting the width, scale, and margins.
3. How to center the worksheet data horizontally and vertically on each printed page.
4. How to print row and column titles on every page to identify column data on each sheet.
1. The document provides tips for printing worksheets in Excel 2003, including how to preview prints, adjust page setup options like orientation, margins and scaling, and print specific parts of the worksheet.
2. Key tips include using print preview to view the printout, adjusting page setup options on the Page, Margin, and Sheet tabs to control formatting and content included, and selecting print options to choose what to print.
3. An optional exercise demonstrates how to add custom headers and footers or use built-in options for headers and footers.
The document is an introduction to Microsoft Excel 2007. It explains that Excel is an electronic spreadsheet used to perform calculations rapidly and accurately. An Excel file is called a workbook containing worksheets. The document describes the different parts of the Excel window including the worksheet, ribbon, formula bar, and status bar. It provides step-by-step instructions for creating a basic student payroll worksheet, entering labels, values, formulas, and formatting the data.
This document provides instructions for using Microsoft Excel 2003. It covers how to open and format dates using the NOW function, enter and format data, calculate totals using formulas, sort data, copy and format worksheets, create and format column and pie charts, and more. The document encourages visiting www.thecodexpert.com for additional educational resources.
This document provides a tutorial on using Microsoft Excel 2007. It covers topics such as entering formulas, formatting cells, sorting data, and creating charts. The tutorial includes step-by-step instructions on how to perform budget calculations, payroll calculations, and chart a dataset to visualize sales data by month and pizza flavor. Users are encouraged to practice these skills by opening sample Excel files included with the tutorial.
This document provides an overview of Excel formulas and functions including MAX, MIN, AVG, IF, and nested IF functions. It includes examples and step-by-step instructions for using these functions to calculate statistics and conditional values. Hands-on exercises guide the user through entering formulas to find averages, maximums, minimums, assign letter grades, and conditionally sum values. The document also introduces more advanced statistical functions and the Analysis ToolPak add-in.
This document provides an intermediate-level handout on various Microsoft Excel functions and features, including aligning text, adding/moving/deleting sheets, IF formulas, external references, naming ranges, creating subtotals, conditional formatting, and absolute references. It includes step-by-step instructions for exercises using these functions on sample payroll and student data worksheets to calculate values like overtime pay, weekly totals, averages, and applying a percentage raise with absolute referencing. The document is intended for users familiar with basic Excel skills.
This document provides an intermediate Microsoft Excel handout covering various Excel functions and features such as aligning text, adding/moving/deleting sheets, IF formulas, external reference formulas, naming ranges, creating subtotals, wrapping text, conditional formatting, and absolute references. Exercises are included to practice these skills using sample Excel files. The document encourages visiting www.thecodexpert.com for more educational documents and technological information.
The document provides an introduction to Microsoft Excel 2003. It describes Excel as an electronic spreadsheet used for numeric calculations. It outlines the basic Excel window including the worksheet, active cell, title bar, menu bar, toolbars, name box, formula bar, sheet tabs, status bar, and tooltips. It then provides a step-by-step tutorial on how to create a basic student payroll projection worksheet in Excel, including entering labels and values, using formulas, formatting, inserting rows, saving, printing, and other basic functions.
This document provides an overview of formulas and functions in Excel 2003, including MAX, MIN, AVG, IF, and nested IF functions. It explains terminology like formulas, functions, arguments, cell references, and ranges. Hands-on exercises walk through using the AVERAGE, MAX, MIN, IF, and SUMIF functions to calculate statistics and values based on conditional criteria for datasets in Excel worksheets. The document encourages visiting another site for more educational documents and technological information.
This document provides instructions for creating various charts and graphs in Microsoft Excel 2003, including column graphs, pie charts, organization charts, and flowcharts. It describes how to select and format data, use the chart wizard to generate different chart types, customize chart elements, and insert charts into Word documents. Steps are outlined for selecting data ranges, adding titles and labels, changing background and text formatting, and printing or sharing charts. Organization charts and flowcharts can also be created using shapes and connectors on the drawing toolbar.
This document provides instructions for formatting cells and numbers in Microsoft Excel 2003. It discusses formatting numbers, fonts, borders, cell alignment, cell shading, and workbook protection. The formatting options can help draw attention to important data and customize the appearance of a spreadsheet. Specific steps are outlined for applying number formats, fonts, borders, merging and centering cells, and adding cell shading and protection to cells.
This document discusses various formatting options in Microsoft Excel 2003, including formatting numbers, fonts, cell alignment, borders, cell shading, and worksheet protection. Key points covered include using the number format tab to display numbers in accounting format with two decimals and a dollar sign, formatting cell text with fonts, sizes, and styles from the font tab, merging and centering cells to span column headings, adding borders and shading, and protecting worksheets with passwords to prevent changes to cells and formulas. The document provides steps to apply these various formatting options to a sample budget summary worksheet.
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These slides walk through the story of 1 Samuel. Samuel is the last judge of Israel. The people reject God and want a king. Saul is anointed as the first king, but he is not a good king. David, the shepherd boy is anointed and Saul is envious of him. David shows honor while Saul continues to self destruct.
🔥🔥🔥🔥🔥🔥🔥🔥🔥
إضغ بين إيديكم من أقوى الملازم التي صممتها
ملزمة تشريح الجهاز الهيكلي (نظري 3)
💀💀💀💀💀💀💀💀💀💀
تتميز هذهِ الملزمة بعِدة مُميزات :
1- مُترجمة ترجمة تُناسب جميع المستويات
2- تحتوي على 78 رسم توضيحي لكل كلمة موجودة بالملزمة (لكل كلمة !!!!)
#فهم_ماكو_درخ
3- دقة الكتابة والصور عالية جداً جداً جداً
4- هُنالك بعض المعلومات تم توضيحها بشكل تفصيلي جداً (تُعتبر لدى الطالب أو الطالبة بإنها معلومات مُبهمة ومع ذلك تم توضيح هذهِ المعلومات المُبهمة بشكل تفصيلي جداً
5- الملزمة تشرح نفسها ب نفسها بس تكلك تعال اقراني
6- تحتوي الملزمة في اول سلايد على خارطة تتضمن جميع تفرُعات معلومات الجهاز الهيكلي المذكورة في هذهِ الملزمة
واخيراً هذهِ الملزمة حلالٌ عليكم وإتمنى منكم إن تدعولي بالخير والصحة والعافية فقط
كل التوفيق زملائي وزميلاتي ، زميلكم محمد الذهبي 💊💊
🔥🔥🔥🔥🔥🔥🔥🔥🔥
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RHEOLOGY Physical pharmaceutics-II notes for B.pharm 4th sem students
Concept Of Utilitarianism
1. CHAPTER 2:
LESSON 6: ETHICAL PRINCIPLES IN BUSINESS
CONCEPT OF UTILITARIANISM
I know this word “Utilitarianism” is a tongue twister. I can see have the benefit of preventing losses with a total value of
some of you trying really hard to figure out that what this word only $49.15 million.
actually means. In Business Ethics, the concept of “Utilitarian- Thus, a modification that would ultimately cost customers $
ism” is an important one. 137 million (since the cost of modification would be added
Points to be covered in this lecture: to the price of the car), would result in the prevention of
• Utilitarianism – concept, measurement customer losses valued at only $49.15 million. It was not
right, the study argued, to spend $ 137 million of society’s
First of all let me explain you the meaning of this concept.
money to provide a benefit society valued at only $49.15
Utilitarianism – It’s Meaning and Nature million.
• In the early 1960s, Ford’s position in the automobile market Ford subsequently went ahead with the production of the
was being heavily eroded by competition from foreign unmodified Pinto. It is estimated in the decade that followed
automakers, particularly from Japanese companies making at least 60 persons died in fiery accidents involving Pintos
compact fuel-efficient cars. Lee Iaccoca, president of Ford at that and that at least twice that many suffered burns over large
time, was desperately trying to regain Ford’s share of the areas of their bodies, many requiring years of painful skin
automobile market. His strategy centered on quickly designing, grafts. Ford eventually phased out the Pinto model.
manufacturing, and marketing a new car to be called “Pinto”. • Utilitarianism holds that actions and policies should be
The Pinto was to be a low cost subcompact that would weigh evaluated on the basis of the “benefits” and “costs” they will
less than 2000 pounds, cost less than impose on society. In any situation, the “right” action or
$2000, and be brought to market in two years instead of policy is the one that will produce the greatest net benefits or
normal four. Because the Pinto was a rush project, styling the lowest net costs. “Benefits” include both monetary
considerations dictated engineering design to a greater degree benefits (like income) and non-monetary benefits (like
than usual. In particular, the Pinto’s styling required that the happiness, satisfaction). “Costs” include both monetary
gas tank be placed behind the rear axle where it was more costs (like income losses) and non-monetary costs (like
vulnerable to being punctured in case of a rear-end collision. unhappiness, dissatisfaction). The Ford managers estimated
When an early model of the Pinto was crash-tested, it was only the monetary costs and benefits. The utilitarian principle
found that when struck from the rear at 20 miles per hour or assumes that we can somehow measure and add the
more, the gas tank would sometimes rupture and gas would
quantities of benefits and costs.
spray out and into the passenger compartment. In a real
accident stray sparks might explosively ignite the spraying • Utilitarianism is an effort to provide an answer to the
gasoline and possibly burn any trapped occupants. practical question “What ought a man to do?” Its answer is
that he ought to act so as to produce the best consequences
Ford managers decided, nonetheless, to go ahead with the
possible.
production of the Pinto for several reasons. First the design
met all the applicable legal and government standards then in • Utilitarianism proposes that an action is right if it produces
effect. At the time government regulations required that a gas the most utility for all persons affected by the action
tank only remain intact in rear-end collision of less than 20 (including the person performing the act). Utilitarianism
miles per hour. Second, Ford managers felt that the car was holds that in the final analysis only one action is right – that
comparable in safety to several other cars then being action whose net benefits are greatest relative to the net
produced by other auto companies. Third, according to an benefits of all other possible alternatives. Finally,
internal cost-benefit study that Ford carried out, the costs of Utilitarianism considers both immediate as well as all future
modifying the Pinto would not be balanced by the benefits. costs and benefits of the action taken.
The study showed that modifying the gas tank of the 12.5 • Utilitarian values have been highly influential in economics.
million autos that would eventually be built would cost about
Economists argue that economic behavior could be
$11 a unit for a total of $ 137 million.
explained by assuming that human beings always attempt to
On the other hand, statistical data showed that the maximize their utility (see the definition of utility in an
modification would prevent the loss of about 180 burn economics textbook), and that the utilities of commodities
deaths, 180 serious burn injuries, and 2100 burned vehicles. can be measured by the prices people are willing to pay for
At the time the government officially valued a human life at them. Economists proved that in perfectly competitive
$200,000, insurance companies valued a serious burn injury at markets (see the definition of perfect competition in an
$67,000, and the average residual value on subcompacts was economics textbook), prices gravitate towards an equilibrium
$700. So, in monetary terms, the modification would (ie. prices do not change, and the demand for a product is
equal to its supply). Economists showed that perfectly
competitive markets are better than any other market system.
14 11.292
2. Problems of Measurement legitimately rely on shared and commonsense judgements of
1. Difficult to measure “utility” – how can the utilities different the comparative values things have for most people. For
example, by and large cancer is a greater injury than a cold, no
actions have for different people be measured and compared as
matter who has the cancer and who has the cold.
utilitarianism requires? Since comparative measures of the
values things have for different people cannot be made, the Utilitarians also explain this problem by dividing goods into
critics argue that there is no way of knowing whether two types:
“utility” would be maximized. And if we cannot know • Instrumental goods: Things that are considered valuable
which actions will produce the greatest amount of utility, only because they lead to other good things. For example, a
then we cannot apply the utilitarian principle. painful visit to the dentist.
2. Some benefits and costs are very difficult to measure – how, • Intrinsic goods: Things that are desirable independent of
for example, can one measure the value of health or life? any other benefits they may produce. A visit to a physician
Suppose that installing an expensive exhaust system in a for a general check up is an instrumental good but this is
workshop will significantly reduce carcinogenic particles that done keeping only one thing in mind and that is good
workers might otherwise inhale. And suppose that as a health, which is example of intrinsic good.
result some of the workers live five years longer. How is one So, it is clear that intrinsic goods take priority over
to calculate the value of those years of added life, and how is instrumental goods.
this value to be quantitatively balanced against the costs of
2. The second argument can be that goods can be weighed by
installing the exhaust system?
distinguishing between needs and wants. You all are
3. Some benefits and costs are very difficult to predict – the Management students and you must have read the difference
benefits and costs of basic scientific research are very difficult to between needs and wants. Needs are the things without
predict. Suppose one has to decide how much to invest in a which people will suffer some fundamental harm and wants
research program that will probably uncover some highly are desires of that person. Satisfying a person’s basic needs is
theoretical, but not immediately usable information about the more valuable than satisfying his or her wants.
universe. How is the future value of that information to be
3. Benefits and costs can be measured in terms of their monetary
measured, and how can it be weighed against either the present
equivalents. The value a thing has for a person can be
costs of funding the research or the more certain benefits that
measured by the price the person is willing to pay for it. If a
would result from putting the funds to an alternative use, such
person will pay twice as much for one thing as for another,
as adding a new wing to the local hospital or building housing
then that thing has exactly twice the value of the other for that
for the poor?
person. The use of monetary value has the advantage of
4. Benefits and costs mean different things to different to allowing one to take into account the effects of the passage
different people - suppose the government decides to give of time and the impact of uncertainty.
subsidies to manufacturers of alchoholic drinks. This policy
Utilitarians also say that we can measure even the value of
definitely benefits the manufacturers of alchoholic drinks
health and life and they say that almost daily we measure this
(thus a benefit), but many people would definitely consider
value. Anytime people place a limit on the amount of money
this policy to be harmful, and thus consider it as a cost.
they are willing to pay to reduce the risk posed to their lives
Therefore, it is not clear whether this policy is a “benefit” or a
due to some activity, they have set an implicit price on their
“cost”.
own lives.
5. All goods cannot be traded for equivalents – the utilitarian
view assumes that a particular good can be traded 4. Costs and benefits can be measured by conducting surveys
(exchanged) for another good/goods. For a given quantity of or political votes. They help to measure the intensity and
any specific good there is some quantity of another good that extensiveness of people’s attitudes. Economic experts can
is equal in value to it. However, critics have argued that for also provide informed judgments on the relative quantitative
some goods like health, freedom etc, there is no other good of value of various costs and benefits.
equivalent value. No amount of money (or pizzas) can be These are some of the counter-arguments which the utilitarians
equal in value to the value of freedom or health. have given for the above-mentioned measurement problems.
The above problems have created many critics of “Utilitarian- Problems with Rights and Justice
ism”. Corporations have found it difficult to measure the 1. The major difficulty with utilitarianism, according to some
“benefits” and “costs” of their business activities, when critics, is that it is unable to deal with two kinds of moral
required by the government or other public agencies. issues: those relating to rights and those relating to justice.
Utilitarians’ Replies to the Objections That is, the utilitarian principle implies that certain actions are
There are counter-arguments for all the above-mentioned morally right when in fact they are unjust or they violate
problems. people’s rights.
1. Utilitarians argue that, although “Utilitarianism” requires If your uncle had an incurable and painful disease, so that as
ideally accurate measurements of all costs and benefits, this a result he was quite unhappy but does not choose to die.
requirement can be relaxed when such, measurements are Although he is hospitalized and will die within a year, he
impossible. When quantitative data are unavailable, one may continues to run his chemical plant. Because of his own
11.292 15
3. misery he deliberately makes life miserable for his workers and will produce more utility than anything else I can do. Instead, I
has insisted on not installing safety devices in his chemical should first ask – what are the correct moral rules with respect to
plant, although he knows that as result one worker will price-fixing? Perhaps, the following list of rules includes all the
certainly lose his life over the next year. You, his only living candidates:
relative, know that on your uncle’s death you will inherit his a. Managers are never to meet with competitors for the
business and will not only be wealthy and immensely happy,
purpose of fixing prices.
but also intend to prevent any future loss of life by installing
the needed safety devices. You are cold- blooded, and correctly b. Managers may always meet with competitors for the purpose
judge that you could secretly murder of fixing prices.
your uncle without being caught and without your happiness c. Managers may meet with competitors for the purpose of
being in any way affected by it afterwards. If it is possible for fixing prices when they are losing money.
you to murder your uncle without in any way diminishing
Which of these three is the correct moral rule? According to the
anyone else’s happiness, then according to utilitarianism you
rule-utilitarian, the correct moral rule is the one that would
have a moral obligation to do so. However, the critics of
produce the greatest amount of utility for everyone affected.
Utilitarianism say that this is a gross violation of your uncle’s
Suppose that rule ‘a’ would produce the greatest benefit for
right to life.
everyone affected. Consequently, even if price-fixing would
2. Utilitarianism can go wrong when applied to situations that produce more utility than not doing so, I am, nonetheless,
involve social justice. ethically obligated to refrain from fixing prices because this is
Suppose, for example, that the fact that they are paid required by the rules from which everyone in my society would
subsistence wages compel a small group of migrant workers to most benefit.
continue doing the most undesirable agricultural jobs in an According to the rule-utilitarian, when trying to determine
economy, but produces immense amounts of satisfaction for whether a particular action is ethical, one is never supposed to
the vast majority of society’s members, since they enjoy cheap ask whether that particular action will produce the greatest
vegetables and savings that allow them to indulge other wants. amount of utility. Instead, one should ask whether the action is
Suppose also that the amounts of satisfaction thereby required by the correct moral rules that everyone should follow.
produced, when balanced against the unhappiness and pain The fact that a certain action would maximize utility on one
imposed upon the small group of farm workers, results in a particular occasion does not show that it is right from an ethical
greater net utility than would exist if everyone had to share the point of view.
burdens of farm-work. Then, according to the utilitarian
The concept of rule-utilitarianism, however, has not satisfied the
criterion, it would be morally right to continue this system of
critics of utilitarianism, who have pointed out an important
subsistence wages for farm workers. However, to the critics of
difficulty in the rule-utilitarianism position - rule-utilitarianism
utilitarianism, a social system that imposes such unequal
is traditional utilitarianism in disguise. These critics argue that
sharing of burdens is clearly immoral and unjust. The great
rules that allow exceptions will produce more utility than rules
benefits the system may have for the majority does not justify
that do not allow any exceptions. For example, more utility
the extreme burdens that it
would be produced by a rule which says “people are not to be
imposes on a small group. The shortcoming this counter-
killed without due process except when doing so will produce
example reveals is that utilitarianism allows benefits and
more utility than not doing so,” than would be produced by a
burdens to be distributed among the members of society in
rule which simply says “people are not to be killed without due
anyway whatsoever, so long as the total amount of benefits is
process.”
maximized.
Many rule utilitarian do not admit that rules produce more
Thus from the following examples we can see that Utilitarian-
utility when they allow exceptions. Since human nature is weak
ism seems to ignore certain important aspects of ethics.
and self-interested, they claim, humans would take advantage
Utilitarian Replies to these Objections
of any allowable exceptions and this would leave everyone
To counter the above-mentioned examples, utilitarians have
worse off. Other utilitarian refuse to admit that the counter-
proposed an important and influential alternative version of
examples of the critics are correct. They claim that if killing a
utilitarianism called rule-utilitarianism. According to rule-
person without due process really would produce more utility
utilitarianism,
than all other feasible alternatives, then all other feasible
a. An action is right from an ethical point of view if and only if alternatives must have greater evils attached to them. And if
the action would be required by those moral rules that are this is so, then killing the person without due process really
correct. would be morally right.
b. A moral rule is correct if and only if the sum total of utilities There are two main limits to utilitarian methods of moral
produced if everyone were to follow that rule is greater than the reasoning, therefore, although the precise extent of these limits
sum total of utilities produced if everyone were to is controversial. First, utilitarian methods are difficult to use
follow some alternative rule. when dealing with values that are difficult and perhaps impos-
Example - Suppose I am trying to decide whether or not it is sible to measure quantitatively. Second, utilitarianism by itself
ethical for me to fix prices with a competitor. Then, according to seems to deal inadequately with situations that involve rights
the rule-utilitarian, I should not ask whether this price-fixing and justice, although some have tried to remedy this deficiency
16 11.292
4. by restricting utilitarianism to the evaluation of rules. To clarify
these ideas, the next two sections will examine methods of
moral reasoning that explicitly deal with the two moral issues
on which utilitarianism seems to fall short: rights and justice.
Overview
• Utilitarianism holds that actions and policies should be
evaluated on the basis of the “benefits” and “costs” they will
impose on society. In any situation, the “right” action or
policy is the one that will produce the greatest net benefits or
the lowest net costs. “Benefits” include both monetary
benefits (like income) and non-monetary benefits (like
happiness, satisfaction). “Costs” include both monetary
costs (like income losses) and non-monetary costs (like
unhappiness, dissatisfaction).
Activity
Briefly discuss utilitarianism. Discuss the problems of measure-
ment.
11.292 17
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