Elasticity Essay Example | Topics and Well Written Essays - 500 words

Elasticity - Essay Example Given an increasing price for corn, farmers will shift to producing corn rather than corn substitutes like soybeans. In addressing the impact of an increase in the demand for corn resulting from using corn as an alternative energy source, it is useful to understand the determinants of demand. According to Mankiw (2007), the determinants of demand or the variables affecting the quantity of the good demanded are price, income, prices of related goods, tastes, expectations, and number of buyers. While movement in prices represents a movement along the demand curve, the demand curve shifts leftward or rightward based on changes in income, prices of related goods, tastes, expectations, and number of buyers. The determinants of demand or the variables affecting the quantity demanded of a good are identified in Table 1. Table 1. Determinants of Demand Source: Mankiw, 2007, p. 69 When the demand for corn increases when corn is utilized as an alternative energy source, we can represent the si tuation as a rightward shift in the demand curve. This is shown in Figure 2 where the right ward shift in demand is represented in the movement from D2 to D3. Figure 2. Shifts in Demand Curve Price of Corn Quantity of Corn Source: Mankiw, 2007, p.

Intellectual property College Essay Example | Topics and Well Written Essays - 2000 words

Intellectual property College - Essay Example Intellectual property ensures that the products are out into market from the original effort and curbs adulation. A property which is exclusive achievement of a particular company is guided by the intellectual property right according to the constitutional legal process existing in the country. Thus the intellectual property provides exclusive right to have freedom to work on the application or product and eliminates others to copy your effort. A resource or goods should be allowed to own and benefit from it, and the rights should describe whom should property rights be vested for those resources Second, what constraints should be covered in those rights consist of Intellectual Property: a term often used to refer generically to property rights created through intellectual and/or discovery efforts of a creator that are generally protectable under patent, trademark, copyright, trade secret, trade dress or other law Intellectual property rights is now used extensively as a business parameter due to competition, product differentiation and process flow gaining much importance in running a business entity. According to the nature of business operations and systems intellectual property rights have been classified to address a specific area of concern. Design: A right gives exclusive rights ... Copy rights related Copy right: A right which authenticates an individuals or an organisation work not to copied, reproduced, summarized or redistributed in any form without the concern of the initiator. Design: A right gives exclusive rights on the individuals or an organisation to proceed legally if any party copy sell or redesign the same features under other name, thus conferring rights to the first initiator. Patent: An exclusive recognisition for the utilities, design process flow thus not allowing others to copy sell or redistribute the original idea but others can quote the work for another application in any other form. Trademark: Are the distinguish features like symbols, design, words, caption or a sentence which is entitled to a single organisation. This confers that the products or service is from one brand. Reference: September.13.2006. "Glossary of Intellectual Property Terms". Available at this Website: http://usinfo.state.gov/products/pubs/intelprp/glossary.htm Viewed on 12th September 2006 10PM IST Trade secret: A trade secret is an management tool that is kept in the internal walls of an organisation which is vital in the success of a feature, product or a process flow different from other business entities. Intellectual property has a greater significance in this period of globalization as it enables us to locate and protect every aspect which drives your revenues. An IP policy makes the organisation to stand ahead of others in competition and which are very unique and exclusive to your organisation. The advent of new technologies which can tap the essence of any new product or application of the process is an important aspect to observe as it gives opportunities to the competitors and the pirate professional to imitate and