Estimating the demand analysis of fast food meals Speech or Presentation

Essays on Estimating the demand analysis of fast food meals Speech or Presentation Demand Estimation: Combination Meals due Demand Estimation: Combination Meals Question a The quantity of combination 1 meals demanded per week depends on the meal’s price and advertising expense. Therefore the model can be specified as: Where Q is the quantity of combination 1 meals consumed from the two hotels per week P is the price of combination 1 meals A is the advertising expense ÃŽ ±,ÃŽ ²1,ÃŽ ²2 are estimators and ÃŽ µ is the error term. Using the data in table 1, the regression results using excel software are as shown on the table below. Therefore, the model is estimated as Question b The OLS method is suitable for this analysis. Note that, there are two independent variables; P and A which are strictly exogenous. Although the price of the meals is influenced by the prices of competitors, data for competitor’s prices isn’t provided and thus price is taken as given. Secondly, the independent variables are not correlated (Cov (P, A) =0 and Cov (P,ÃŽ µ) = Cov(A, ÃŽ µ)=0). Generally, the model is in line with all other OLS assumptions. Question c From the regression analysis, the model was estimated as Question d Where ÃŽ ± = 100626, implying that holding price and advertising costs constant, 100626 meals will be consumed weekly. The intercept has p-vale of 3.42*10-6 which is less than 0.05, and hence the estimator is statistically significant to the model at 95% confidence ÃŽ ²1= -16392.7, hence holding advertising cost constant, a reduction in price by a unit increases quantity of meals demanded by 16392.7 and vice versa. The negative sign implies a reverse impact. The coefficient is statistically significant to the model (p-value = 0.0023 Ë‚0.05). ÃŽ ²2 = 1.576 with a p-value of 0.011, means that ceteris paribus, a unit change in advertising costs changes the number of meals consumed by 1.576 in the same direction. The coefficient is statistically significant at a confidence level of 95% but not statistically significant at a confidence level of 99% (0.01 Ë‚ 0.011Ë‚0.05) The significant F is not very small (= 0.000551) implying that the model was correctly specified in that ÃŽ ²1≠ ÃŽ ²2≠  0 (at least one of the coefficient is statistically different from zero. R squared measures the goodness of fit. From the analysis R2 = 0.2638, which implies that the explanatory variables used only accounts for 26.38% of the changes that Q (dependent variable incurs. This value is too low since a greater percentage of change in q (73.62%) is explained by variables not included in the model, hence terming the model unfit. Moreover, when adjusted for degrees of freedom, P and A account for 23.37% of all changes of Q (adjusted R2 =0.2337) Question e In theory, demand is affected by several other factors in addition to price and advertising expenses. Therefore, the model would be improved by increasing the number of exogenous variables. Question f Using and the mean values i.e p = 3.5067 and A = 10008.94 Then Q = 100626 - 16392.7 *3.5067 + 1.576 *10008.94 = 58915.80835 The price elasticity is given by Using the mean values = - 0.9757 Therefore, a unit percent change in price results to 0.9757% change in quantity demanded in the reverse direction. Note that the percentage change in quantity demand is less than proportionate. Therefore since demand is relatively inelastic, the company can consider increasing prices so as to increase total revenues. The advertising elasticity of demand can be obtained as; = 0.26774 A 1% change in advertising cost results to a 0.26% change in number of meals consumed weekly. Notably, demand is relatively inelastic to advertising costs hence the company should minimize their advertising expenses and focus on other strategies that significantly impact on quantity demanded. Question g Given p = 4.15 and A = 18,000 Using Q = 100626 - 16392.7 *4.15+ 1.576 *18,000 = 32624.663 Question h Given Q = and A = 18,000 And = = $6.14 Bibliography Dwivedi, D. and Dwivedi, D. (2009). Essentials of business economics. Noida, U.P: Vikas Pub. House Pvt. Ltd.

Personal Statement. The programme of Translation and Interpretation Free Essays

Some people consider translation as a kind of jobs only but for me, it is a meaningful form of cultural communication. Therefore, I would like to apply to your university for the programme of Translation and Interpretation in order to make my dream comes true. Having majored in Translation and Interpretation as an undergraduate, it brings me new perspectives about translation that it not only translates from one language to another, but also the culture. We will write a custom essay sample on Personal Statement. The programme of Translation and Interpretation or any similar topic only for you Order Now This makes translation a real challenge. Nevertheless, I dare to embrace challenges and I find fulfillment after completing various translation assignments. Also, I have a passion for it. However, my skills in translation and interpretation are far from good. Therefore, I would love to further my knowledge of language and develop skills in translation through this programme, and I could take my enthusiasm and turn it into my further study. On the other hand, when compare with other colleges, your college is not only focus on practical skills but also theories of translation. I think this is better as theories help us to identify translation problems and justify strategies in order to have better translations. Therefore, I would like to apply to your college for this programme instead of others. Since I am studying Higher Diploma in Translation and Interpretation, I have learnt some basic techniques and theories of how to translate. Besides, I practice all these skills and theories by applying them into assignments and projects. As a result, I will be more able to master this subject than others. Learning new languages is one of my interests . I learnt Japanese and Korean when I was in form three. Now, I am taking a course for learning Spanish and I think these are relevant to this programme. Just like liver Wendell Holmes has said â€Å"Language is the blood of the soul into which thoughts run and out of which they grow†. As language provides an insight into all aspects of a countries culture and this is what translation is about, the ability to speak in different languages helps me to study this programme in a more effective way than others. By undertaking this programme, I expect to see myself become a well-trained specialist in this field as my future career, who can make many meaningful contributions to translation and interpretation. Therefore, I have much appreciated being able to achieve my goal by getting into your college for studying this programme. How to cite Personal Statement. The programme of Translation and Interpretation, Essay examples

Tourism as a Force for Peace - Free Sample

Question: Discuss about theTourism as a Force for Peace. Answer: Introduction The tourism industry is among the fastest growing industries in the world (Kester 2014). According to Horner and Swarbrooke (2016, p 32), tourism involves travelling for pleasure to places outside an individuals usual environment. Tourism can either be domestic or international. Tourism is an essential life activity because it directly affects the economic, social, cultural and educational sectors. A majority of countries depend on tourism as one of the core sources of foreign exchange and income. However, tourism can be used for a greater good of humanity like promoting peace in the world (Kester 2014). In the argument of Barash and Webel (2013) peace is a term used to refer to the situations where there is no violence or conflicts. Tourism can be used to reduce the root causes of conflicts in situations likely to degenerate into conflicts and violence (Pernecky 2013). This essay critically analyses the potential of tourism as a force for peace. Discussion The prominence of tourism has contributed to the recent interest by scholars and other professionals in tourism as a potential for peacemaking (Miller, Rojek Urry 2014). Tourism involves bringing people together, embracing the connectedness of all things and people as well as learning about each other. Tourism plays a vital role in bringing the hosts and the guest together to learn about peace by appreciating and understanding diverse cultural values and beliefs and through connection with the natural word like wildlife, oceans, mountains and the waterfalls (Pizam 2006). According to Miller, et al., (2014) people who have interacted with different people of different background and cultures are more tolerable than people who have not interacted a lot. However, there is an argument that tourism is a beneficiary of peace and not a generator of peace. The assumption is based on the argument that tourism cannot exist without peace. Though true, the role of tourism in creating a peaceful co-existence between people of different nations cannot be underestimated (Pratt Liu 2016). In the argument of Hall, Timothy Duval (2004), tourism has the ability to drive peace, understanding and security. According to research, countries with a sustainable and more open tourism sector are more likely to experience high levels of positive peace (Hall, et al 2004). As such, tourism plays an important role in fostering peace and reconciliation among people and nations. For example, tourism contributed to the changes in the political relationship between China and the USA (Fan 2005). D'Amore (2008) argues that tourism is a major contributor to building trust and goodwill among people. The understanding of cultural beliefs helps change the attitudes and create a peaceful co-existence. The role of tourism in building peace is enhanced through its contribution to cultural preservation, environmental conservation and poverty alleviation. Tourism also acts as a crucial tool in reconciliation efforts after the war. In post-conflict societies, capacity building and training, community empowerment and engagement as well as private-public partnerships are some of the important factors in promoting a culture of peace through tourism. The proponents of peace tourism argue that it helps maintain peaceful co-existence among people of different culture, race, religion and nationalities. It also suppresses the tension that may exist between different people and nations. Tourism promotes global peace in the following ways; Promote National Integration According to Birch (2009, p. 23), National integration is the process of unifying people from the various background into one people. Conflicts within a country are likely to be motivated by the social differences. For example, the process of national integration can create a feeling of oneness between Muslims and the Christians as well as other religion or to reduce wars and conflicts between communities. In the argument of Prayag and Das (2016) tourism is not just an industry that earns revenue for the government but also it is used to promote national integration. Birch (2009) argues that tourism can be used to reduce animosity among religions by unifying people of different religions. For example, tourism can be used to bring Muslims and Christians together. Therefore, it is a strong weapon which if effectively used can enhance national understanding and help promote national integration. Creation of Employment Opportunities According to Webster and Ivanov (2013) being engaged in a productive engagement is one of the factors contributing to a happy life. Webster and Ivanov (2013) argue that a job defines an individual position in the society. The lack of employment opportunities can have dire consequences on society like depression; and if not addressed it can result in conflicts and violence in the society. For example, the terrorist usually target unemployed youths to recruitment into terrorism. Lack of employment especially among the youth is a major threat to peace in any country and even globally. Tourism creates employment opportunities in an economy, thus, reducing the threats of unemployment (Vanhove 2011). According to Leiper (2015) in Australia, tourism has directly employed more than 150, 000 people. It is likely that werent it for tourism all these people would be unemployed and would be forced to engage in criminal activities like stealing and terrorism. It has also created business opportunities for thousands of people worldwide. In the absence of tourism, a lot of people would be unemployed. Increase in the unemployment levels is likely to contribute to increased criminal activities. Tourism engages people in meaningful activities and helps reduce the criminal activities and conflicts associated with unemployment. Opportunity to Learn Cultural Differences Robinson and Boniface (2009) argue that most of the cultural conflicts are as a result of lack of understanding of the other people culture and beliefs. Cultural conflicts occur when people consider the traditions and beliefs of another cultural group as a challenge to their traditions and beliefs. Providing an opportunity for people to learn and understand other peoples culture and beliefs could potentially ease cultural conflicts. For example, the cultural conflict between the Jews, Christians and the Muslims is largely fuelled by ignorance of others cultural values and beliefs. Cultural tourism offers an opportunity to learn and appreciate the cultural practices of others. Learning the cultural practises and beliefs of others helps overcome cultural ignorance that lead to conflicts (Robinson Boniface 2009). As such, tourism provides an opportunity to learn new cultures and beliefs which as a result eases cultural conflicts. Promote Social Equality According to Peters (2004), one of the factors contributing to war and conflicts especially in the developing countries is the unequal distribution of wealth. Developing countries have a high risk of civil war than the developed countries. For example, a country with a $ 250 GDP per capita has a 15% chance of being involved in a civil war (Peters 2004). Peters (2004) further argues that the high risk of civil war in the developing countries is as a result of inequality distribution of resources, especially in the rural areas. The rural areas are less developed and characterised with high poverty levels. The unequal distribution of wealth creates tension which if not addressed is likely to lead to war or conflicts in a country. Peters (2004) claim that tourism promotes the process of wealth distribution, and capital formation, and provides an opportunity for infrastructure development in the rural areas. The infrastructure developments result in increased employment opportunities for the local people. Social inequalities if not checked can easily degenerate into conflicts. As such, it is important to promote social equality as a means to reducing internal fighting especially in the developing countries. Tourism is a significant factor in ensuring social equality and in uplifting the living conditions of rural people which reduce structural violence. Economic Growth Globally, Tourism is a major driver of economic development in most countries and it has contributed to 9.8% of the global GDP and created 10% of jobs in the global economy in the year 2014 (Lew 2015). Lew (2015) claims that over the years, tourism has notably continued to grow, thus, contributing to a significant portion of the global economic development. According to Peters (2004) studies show a close relationship between violent conflicts and economy. Conflicts occur as a result of an economic factor like poverty, which forces society to go into a conflict. Economic growth reduces the poverty levels in a country and is associated with low level of conflicts. Tourism being one of the factors contributing significantly to economic development acts as an agent to prevent conflict. In many countries, it has significantly contributed to the economic development. Economic development reduces the chances of war and conflicts likely to occur due to under development. Promotion of Cultural Exchange Newman (2009, p. 123) argue that one of the root causes of war and also conflicts is the cultural barriers among different communities and people. Breaking the cultural barrier can help promote peaceful co-existence among different communities. According to Ap and Var (2010), tourism encourages cultural exchange and break the cultural barrier that may exist between nations and people. Through cultural exchange people and nations appreciate the cultural practices of others. Over the centuries, international interactions have experienced many changes. The best bridge between different cultures is the cultural exchange. The Cultural Exchange provides an opportunity for people to better understand different cultures as well as the desires and motivations of various cultures. Tourism enables people to visit different places and learn new cultures. As a result, it promotes mutually beneficial relations and interactions between people of different nations and cultures. Promote Diplomacy According to McDonald and Bendahmane (2007), Diplomacy has an important role in avoiding war between nations. Poor Diplomatic relationship increase tension and can generate war and also conflicts among countries and people. McDonald and Bendahmane (2007) further argue that diplomacy helps in creating a culture of peace between countries. Tourism enhances diplomacy by improving citizen to-government, government-to-government, and citizen-to-citizen relationships (Fan 2005). Fan (2005) further argues that these types of relationship help supplement the high-level government diplomacy. As a result, tourism contributes to the improvement of relationships internationally at all levels. Improving relationships between different people and different nations is important in ensuring peaceful co-existence among people and nations. The Concept of Peace Tourism According to Miller, et al., (2014) the recent interest in tourism as a means of promoting peace and combating conflicts has led to the development of Peace tourism concept. The concept of peace tourism is intended to reduce the causes of conflicts and create solutions to the violence perceived situations (Blanchard Higgins-Desbiolles 2013). Blanchard Higgins-Desbiolles (2013) argue that the aim of the peace tourism is to create positive peace and sustainable development through the tourism industry. One of the advantages of peace tourism is that it can be used to prevent structural violence, mostly associated with prolonged conflicts. As such, it is relevant in the structural prevention of conflicts rather than direct conflicts. The structural prevention of conflict relates to establishing measures that prevent the worsening or development of the causes of conflicts. It is important to note that, tourism is a different form of conflict prevention, unlike direct prevention which in volves arbitration, mediation and negotiations. Tourism being a structural prevention method is synonymous with building lasting peace solutions that address the cultural, social and economic factors. If these factors are not addressed, they have the potential of causing conflicts and violence in the long run. Ensuring proper management of the tourism projects contribute to the peaceful co-existence by reducing the structural causes of violence (Litvin 2008). Addressing the structural causes of conflicts can help in promoting peace. According to Litvin (2008) the tourism peace theory provides insight on how tourism helps in suppressing conflicts. The tourism peace model emphasises on the benefits of sustainable and cooperative economic, cultural and political policies with the objective of eliminating cultural, structural and direct violence. Peace tourism emphasises more on the importance of positive peace rather than just eliminating direct violence. The concept of peace tourism has helped cross the regional, race and ethnic boundaries, thus, fostering global peace. Conclusion The world is continuously faced with the threat of conflicts and war. For this reason, appropriate measures must be put in place with the aim of reducing the causes of conflicts and violence. Addressing the root causes of the conflicts is the best long term strategy of overcoming the threat of war and conflicts facing the world. Tourism is one of the strategies increasingly gaining recognition as a means of addressing the root causes of conflicts and violence in the world. The proponents of peace tourism argue that tourism can be used to address the social, economic and environmental factors likely to ignite conflicts and violence. One of the benefits of tourism is its ability to unite people of different background and to create a feeling of oneness. Though, peace tourism is a relatively new concept it is a power weapon in promoting global peace. Peace emphasises on the benefits of sustainable and cooperative economic, cultural and political policies with the objective of eliminatin g cultural, structural and direct violence. Reference List Ap, J. Var, T. (2010). Does tourism promote world peace?. Tourism Management, 11(3), pp.267-273. Barash, D.P. Webel, C.P. (2013). Peace and conflict studies. SAGE Publications, Incorporated. Birch, A.H. (2009). Nationalism and national integration. Psychology Press. Blanchard, L.A. Higgins-Desbiolles, F. (2013). Peace through tourism: Promoting human security through international citizenship (Vol. 39). Routledge. D'Amore, L.J. (2008). TourismA vital force for peace. Tourism Management, 9(2), pp.151-154. Fan, S.P. (2005). A policy analysis on China's tourism-based diplomacy: A case study of outbound tourism developments. Mainland China Studies, 48(2), p.61 Hall, C.M., Timothy, D.J. Duval, D.T. (2004). Security and tourism: towards a new understanding?. Journal of Travel Tourism Marketing, 15(2-3), pp.1-18. Horner, S. Swarbrooke, J. (2016). Consumer behaviour in tourism. Routledge. Kester, J.G. (2014). 2013 International Tourism Results and Prospects for 2014. UNWTO News. Leiper, N. (2015). A conceptual analysis of tourism-supported employment which reduces the incidence of exaggerated, misleading statistics about jobs. Tourism Management, 20(5), pp.605-613. Lew, A.A., (2015). Tourism's role in the global economy. Tourism Geographies, 13(1), pp.148-151. Litvin, S.W., (2008). Tourism: The world's peace industry?. Journal of Travel Research, 37(1), pp.63-66. McDonald, J.W. Bendahmane, D.B. eds. (2007). Conflict resolution: Track two diplomacy. Foreign Service Institute, US Dept. of State. Miller, H., Rojek, C. Urry, J. (2014). Tourism and Peacean Emerging Field of Action and Research. and Peace, p.17. Newman, J.S. (2009). Understanding international conflicts. Longman. Pernecky, T. (2013). Re-examining the ability of mass tourism to promote peace. CAUTHE 2013: Tourism and Global Change: On the Edge of Something Big, p.604. Peters, P.E. (2004). Inequality and social conflict over land in Africa. Journal of Agrarian Change, 4(3), pp.269-314. Pizam, A. (2006). Does tourism promote peace and understanding between unfriendly nations. Tourism, crime and international security issues, pp.203-213. Pratt, S. Liu, A. (2016). Does tourism really lead to peace? A global view. International Journal of Tourism Research, 18(1), pp.82-90. Prayag, G. Das, S. (2016). Tourism in India. The Routledge Handbook of Tourism in Asia. Robinson, M. Boniface, P. (2009). Tourism and cultural conflicts. CAB International. Vanhove, N. (2011). Tourism and employment. International Journal of Tourism Management, 2(3), pp.162-175. Webster, C. Ivanov, S.H. (2013). Tourism as a force for political stability. The International Handbook on Tourism and Peace(Forthcoming).