Marshallian Demand and Supply Theory Assignment

Marshallian Demand and Supply Theory - Assignment Example Very much similar to the modern supply and demand functions, it shows the choices of the customer in terms of his demand over a range of prices. Moreover, in the case of supply, it would show the quantity supplied, for a range of prices. Quite understandably, over demand would increase as the prices keep on increasing since these share a negative relation with each other. However, supply, on the other hand, would have a positive relationship with the price; therefore, the supply curve would be an upward or positively sloped curve (Taylor & Weerapana, pp. 126-128, 2007). Moreover, there are two very important assumptions for the Marshallian model as well. Firstly, that the supply and demand, is in no way, interdependent but act freely. Secondly, that supply is limited and finite, and the basic principle of economics must hold true that there are scare resources (Henderson, pp. 124-128, 2009). In addition, this model perfectly solves the utility maximization problem as well. Since consumers get a range of choices, sets of prices and the quantity supplied and demanded on them, they can choose the set, which satisfies them the most (Pindyck & Rubinfeld, pp. 148-149, 2001). Unlike, the Hicksian model, Marshallian model of supply and demand also accommodates the income and substitution effects. In the study of microeconomics, the Hickson model is referred to as the compensated demand function since its idea rests on fixed utility. However, the Marshallian model of supply and demand has received the name of uncompensated demand function, since, as mentione d earlier, that it offers the option of utility maximization (Rittenberg, pp. 469-478, 2008). Quite clearly, the laws of demand and supply are helpful in predicting the direction of changes in price and quantity, whether it would increase or decrease, in response to various shifts in demand and supply.  

Developing High Quality Human Resource Dissertation

Developing High Quality Human Resource - Dissertation Example Research design and rationale This study will consist of two phases. The first phase will deal with the study of literature while the second one will tackle qualitative and quantitative analysis. The literature study will entail analysis of current trends in a HR revolution in Vietnam and the world at large. In addition, the literature will be studied with the aim of examining and establishing an ideal evaluation technique for evaluation of HR function involved in PT projects. The basic aim of this study is to design and implement a qualitative and quantitative assessment of the quality of HR function in state owned EPC companies in Vietnam. The quantitative and qualitative research methodologies will be used to expediently differentiate contrasting research strategies, which will essentially depend on the nature of the research question or the problem being examined. As Gay (1996) explicates, quantitative and qualitative techniques presents corresponding aspects of the scientific st udy method, whereby the quantitative approaches are concerned with testing of hypothesis (primary deduction) while qualitative approaches are concerned with generating of hypothesis (primary induction). The complementary use of qualitative and quantitative methodologies has gained popularity as they are used in formulating wide innovations in science and social research. This provides a better array of perspectives and insights and allows substantiation of the results by different methods of triangulation, which boosts the general validity of findings and improves the usefulness of the study. Nevertheless, the investigation of accurately complementary techniques presents significant challenges too. These take account of additional human and financial-based additional costs, the need for respect for different epistemological positions and methodologies as well as teamwork. Population and sample The population has been defined by Hussey and Hussey (1997) as â€Å"any precisely define d set of people or collection of items which is under study† (p. 55). On the other hand, a sample is a subset of the population under consideration and it entails some specific members chosen from that population (Sekaran, 2000). Study sample The researcher will use purposive sampling for the qualitative study and simple random sampling for the quantitative part. Simple sampling will be selected for the quantitative part because no complexity is involved in the selection process. A purposeful sampling (also called judgmental sampling) is based on the fact the researcher is capable of selecting the participants who are effectively suited to meet the purpose of the study. This method of sampling will ensure that an extensive and thorough assessment is conducted and hence the researcher will be able to obtain a better understanding of the issues of quality in respect to the HR function in construction projects. In the selection of purposive sampling, it is conceived that sampling for proportionality is not of the essence; furthermore, purposive sampling is ideal for reaching the targeted sample in a quick manner (Neuman, 2003). The importance of choosing the right candidates for the study has been affirmed by Creswell (2007), who