Understanding Indifference Curves and How to Plot Them

In order to understand the highs and lows of production or consumption of goods or services, one can use an indifference curve to demonstrate consumer or producer preferences within the limitations of a budget.   Indifference curves  represent a series of scenarios wherein factors like worker productivity or consumer demand is matched against different economic goods, services, or productions, between which an individual in the market would theoretically be indifferent regardless of which scenario he or she  takes part. It is important in constructing an indifference curve to first understand the factors that vary in any given curve and how those affect the indifference of the consumer in that given scenario. Indifference curves operate on a variety of assumptions, including that no two indifference curves ever intersect and that the curve is convex to its origin. Understanding the Mechanics of Indifference Curves Essentially, indifference curves exist in economics  to determine the best choice of goods or services for a consumer given that particular consumers income and investment capital, wherein the optimal point on an indifference curve is where it correlates with the consumers budget restraints. Indifference curves also rely on other core principles of microeconomics including individual choice, marginal utility theory, income and substitution  effects, and the subjective theory of value, according to Investopedia, where all other means remain stable unless charted on an indifference curve themselves. This reliance on core principles allows for the curve to truly express the levels of satisfaction of a consumer for any good, or the level of production for a producer, within a given budget, but again must also take into account that they could be oversimplifying a markets demand for a good or service; the results of an indifference curve should not be taken as a direct reflection of the real demand for that good or service. Constructing an Indifference Curve Indifference curves are plotted on a graph according to a system of equations, and according to Investopedia, Standard indifference curve analysis operates on a simple two-dimensional graph. One kind of economic good is placed on each axis. Indifference curves are drawn based on the consumers presumed indifference. If more resources become available, or if the consumers income rises, higher indifference curves are possible – or curves that are farther away from the origin. That means that when constructing an indifference curve map, one must place one good on the X-axis and one on the Y-axis, with the curve representing indifference for the consumer wherein any points that fall above this curve would be optimal while those below would be inferior and the entire graph exists within the confines of the consumers ability (income) to purchase those goods. In order to construct these, one must simply input a set of data — for instance, a consumers satisfaction with getting x-number of toy cars and x-number of toy soldiers while shopping — across this moving graph, determining the points by what is available for purchase given the consumers income.

The Negative Impact of Technology on Interpersonal...

Over the last century, information technology, such as the Internet, has brought our society forward and helps us get through life more efficiently and conveniently. In addition, it helps making global communication easier and faster as compared to hand-written mails that may take days if not weeks to reach its intended recipient. However, with such luxury and convenience, there is a debate whether the way we currently interact with fellow human beings with the help of technology is good or bad to our personal relationships. The Internet has increased the amount of communication globally, yet ironically the very technology that helps us increase our communication hinders our ability to socialize effectively in real life and create a†¦show more content†¦According to Shelly Anstey, in her article â€Å"On-Line Personal Relationships†, Researchers have reported in an online environment, there is more incidence of flaming and people have greater difficulty recognizing an d moving shared point of view. This implies that people on the internet tend to fight more and have much lesser consideration for each other. For example, since there is lack of expression and body cues that can’t be seen on the computer screen, the couples can’t see what’s really happening, and actually assume what they think is in their mind. When they are in argument, they could end up having their relationship into a bitter situation. Matchmaking services on the Internet may bring harm to the inexperience users, because there are many online dating users that create false profiles that deliver false information to mislead other users. Online dating services allow its users to upload pictures of themselves for other members to view. However, these pictures can be very deceiving, because some people use Photoshop programs to edit their pictures making it appear more attractive than they actually are in real life. For example, people would remove facial blemishes, such as acne, whitened teeth, or add hair to bald spots. Furthermore, they can also upload pictures that were taken years ago when they were younger in age and better in appearance. 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Logistics and Supply Chain Management for Jaguar Case Study

Question: Discuss about theLogistics and Supply Chain Management for Jaguar Case Study. Answer: Introduction Jaguar is believed to have started in the year 1922. Immediately after the Second World War, the companies' reputation grew abruptly. In the year 1989, the company was purchased by Ford. In 2000, Land Rover which had been bought by BMW earlier in the year 1994, merged with Jaguar which was under Ford to form a more robust Jaguar Land Rover company. Fundamental reasons for the success of the Jaguar Land Rovers Company Sustainable development is the way to operate at the Jaguar Land Rover Company. This is the core value that drives the long-term success of the company(Speth, 2016). The company believes that it is critical to preserving its trust from its customers. This helps it to remain to be the most recognized expensive brand thus enabling it to secure its certificate of operation. The company operates under one principle which allows it to act ethically and responsibly towards its customers, suppliers, shareholders, dealers and most importantly, giving the environment its due respect since it is the mother of all the success a company may enjoy. This happens in every business that the company undertakes in the whole world. The Jaguar Land Rover has been successfully investing in its customers, research, and development. This has helped the company to actively manage its social environment(Trefis, 2015). The company has its people at the heart of its success. The skills, passion, and commitment provided by its employees have always been the idea behind the creation of the existing cars(Jaguar, 2016). These people also use those skills to benefit the community in which they live. The company goes ahead to build a healthy relationship with its community through encouraging its employees to play their part well in the city. For example, working with disabled students or becoming school governors. The company also aims at involving a small percentage of its workers in voluntary activities such as education generation, charity work, and the environment. Its graduates spend at least two years while supporting community projects. This is part of the Jaguar Land Rovers Company. The company also continually look s at its operations and how they affect the people who live near its sites(Jaguar, 2016). This helps them to make the correct and informed choices to aid in maintaining a good relationship with its members. Members of the local council together with representatives of the resident groups also join the Jaguar Land Rover Company to review the companys plans and tell the company about what they think could be done to help the company function better. This helps the company to enjoy a more significant success when compared to other companies. Its policy is to struggle and meet or exceed the legal and regulatory requirements in every activity the company undertakes. It also periodically reports on its performance to the stakeholders more transparently and openly. This helps the company to realize the threats and weaknesses that it has been going through. This immensely helps it to plan even better on how to attain a more sustainable competition in the market. Without any doubt, this is one of the reasons why the company enjoys is more continued and robust success in the market industry. The company has also set some commitments, to begin with, it positively engages with the local and global communities in ensuring that its presence adds value and brings up benefits to the society. This is its central commitment to ensuring it is committed to the well being and development of its employees as well as providing support to the social and humanitarian projects. Secondly, in concern to the environment, it is committed to continuously improve the environmental performance of its business and products through the reduction of the emissions, natural resources conservation and optimization of the use of sustainable energy and materials. Its investment in research highly promotes this. The company also makes sure that it delivers exceptional products and services which meet their customers' needs. It also encourages and helps to ensure a shift towa rds a low carbon society. Jaguar Land Rover has also managed to emerge as the most significant success as a car assembly plant due to the high records it delivered regarding the high demand for luxury cars in China and North America. The growth was seen to be most influential in China with almost 32 percent. The growth was driven by the increased demand for newer models(Monaghan, 2017). The company continues to invest significantly in new models and innovation. For example, news has been circulating that Jaguar Land Rover company may be unveiling its first electric vehicle later this year(Rossolillo, 2018). In respect to its I- Pace, the company is set to unveil a couple of new electric cars for the 2019 production year. It is clear that the luxurious company has been holding up a considerably small percentage in the United States market share. But, due to its recent moves of innovations, the company may propel its significance in the United States market share to a top rank. Its step to developing electric c ars is very critical to our environment. This is because it helps to reduce greenhouse gases emission. In the United States, vehicles are responsible for almost half of the greenhouse gases produced every year globally. This is because the country makes up to nearly thirty percent of the cars in use globally. This was according to a report which was issued in the year 2006 by the environment defense. Transportation in the country has therefore been contributing to roughly thirty percent of the greenhouse gases emissions in the United States. Some efforts to curb this menace such increasing the greenhouse gases and advising people to consider using public means of transport have fallen on deaf ears(GinaMarie, 2011). Therefore, the introduction of the electric cars by the Jaguar Land Rover will see a reduced use of fossil fuels a thing which will highly contribute to the reduction of the greenhouse production. This will profoundly market the company considerably since citizens will have to spend less money on transport compared to the fossil fuel transport since electric power is relatively cheap compared to fossil fuels, and also the environment will also be profoundly saved. How Jaguar Land Rovers Company maintains its competitive advantage Competitive advantage is what makes a company than the competition in its companys minds(Kimberly, 2017). Competitive advantage relies on three determinants. They include; a benefit which is how good the product from the company is to the users. Jaguar Land Rover must be evident in the interests of the product it provides. The company has to make sure that what it produces is something that the customers genuinely need. The product must offer real value to the customers. The company must know the features of its product and how it is significant to the customers. Secondly, we have the target market(Kimberly, 2017). Jaguar Land Rover Company must know who exactly its target buyers are, who buys from it and how it can make their lives better. For example, Jaguar Land Rovers Company targets the VIP buyers who need luxury cars. Then thirdly is the competition. This does not only include companies of the same type as the original company but also everything that the companies could do to subsidize the need of the products from the particular company(Queensland, 2017). For a company to maintain its competitive advantage, it must practice the following attributes. In business, the winners who are clear no matter the size of their business are the ones who can find a new definition around the world of innovation(MacInnis, 2018). They also use new ways of communicating the value of change to their key customers. This can be achieved through the practice of collaboration. Customers are always in the box seat. They are the one who chooses to visit a company's website. They decide to either view the advertisements on the site or not. When a company sends an email to its customers, they are the ones to choose if to open it or not. Therefore, the organization is entitled to collaborating with its customers. It can achieve this collaboration through the use of social media tools such as Facebook, Twitter, blogs or even forums(Lewis, 2018). Jaguar Land Rover organization gets the real value of innovations they come from its customers because they always tell the companies better ways of doing things. For the company to continue enjoying the competitive advantage, it must invite its customers to be part of the organizations planning. It can also be of significant benefit when an organization creates a collaborative culture in its operational activities with its customers. The Jaguar Land Rover Company also needs to offer an understanding and useful insight into it to continue enjoying its competitive advantage. Communication with the customers can be as simple as making a phone call or submitting an online survey for a company(Conlon, 2013). If this is done with a significant sensitivity, it can provide an insight for the company to change something that was making it lose business or help it to create something that will make it continue enjoying the competitive edge. It is also very ideal for a company to share its story for it to keep enjoying the competitive advantage. It is good for the company to stand for what it knows. So many companies have not realized this. Many people prefer buying from a business they know and trust. They get to know what a company has brought to the market through what it has updated on its website. Potential customers give asking themselves questions every day whether to contact a particular business or not. The organiz ation can answer these questions through giving its whole story for the customers to make a decision based on what the organization is. The company is just required to be real and honest with what it offers. This will help it build a long-lasting relationship with its customers while in turn making it continue enjoying the competitive advantage. The Jaguar Land Rover organization needs to be customer-centric(Hill, 2013). It needs to step into the customer's shoes every day through consciously thinking about its customer's touch points such as its websites, business cards, and staff. This awareness helps a company to change how it does things. Suitability of Jaguar Land Rovers Company's ways of maintaining a competitive advantage to other companies Jaguar Land Rover company is a company which is on the brink of revolutionary change. It enjoys the competitive market advantage through innovation, research, and development(PLC, 2015- 2016). Other companies as well emulate this company to advance their stability in the competitive market. This is because the success of any company is always based on its continuous process of anticipating new market trends(Vizard, 2014). If a company formulates an excellent strategic plan and employs a right mapping tools that will help it to identify the fastest growing opportunities in it, then automatically it will maintain its competitive advantage in its market of operation. Sustainability concept An organization has the vital needs that it needs for it to address its challenges in a way that will end transforming the way it operates and competes with the other organization(Rosano, 2008). This is referred to as sustainability. Sustainability concept is an aspect that brings (Autostadt GmbH, 2009)environment, society, and the economy together as the three aspects of sustainability. It also brings the interaction between these three components. This is concept is relevant to the Jaguar Land Rover Company. Through its strategic plan, the company has dramatically reduced the impact of their cars on the environment(Embedding sustainability through enterprise governance, 2009). This has been achieved through several methods such as thee- terrain, more sustainable manufacturing and reduction of the emission of the greenhouse gases. Jaguar Land Rover's sustainability governance structure is part of the reason why sustainability is so embedded strategically in the way they do business( Corporate, 2014). It is this framework and architecture which enables active cross-functional engagement and optimizes the value-add from the finance team Recommendations Jaguar Land Rover (JLR), is the most significant automotive manufacturer in the United Kingdom, future-proofing of its business and embedding environmental innovation in everything it does will be substantial for the creation of stable foundations for responsible, profitable growth. To support its vision, the Jaguar Land Rover Sustainability Committee needs to develop a common and a modern understanding of sustainability issues, in the context of global system pressures, for its members and close associates. Conclusion Jaguar Land Rover group believes in wealth creation and not the economic parameter of profitability. Whatever they earn, whole-heartedly they gift it to the society in the various forms. The current leadership of the group is with Dr. Ralf Speth; he was appointed in 2010. They have booked many directions and been pioneered in various employee oriented efforts. As a result Jaguar Land Rover group is the most respected business conglomerate in the world. The individual profitability or the loss-making incidences are not affecting the strong rootholds of the group. Collectively the group has many companies operating on different continents on the earth. The collective financial performance will battle the economic threats prominently to their group companies. References Autostadt GmbH, W., 2009. LEVEL GREEN - The Concept of Sustainability. [Online] Available at: https://www.yatzer.com/LEVEL-GREEN---The-Concept-of-Sustainability [Accessed 17 April 2018]. Conlon, G., 2013. 3 Ways to Gain and Maintain a Competitive Advantage in the Digital Age. [Online] Available at: https://www.dmnews.com/marketing-strategy/3-ways-to-gain-and-maintain-a-competitive-advantage-in-the-digital-age/article/305871/ [Accessed 17 April 2018]. Corporate, C., 2014. Strategies for impact. Engaging Biffa Employees on Sustainability, pp. 1-29. Embedding sustainability through enterprise governance (2009) Jaguar Land Rover. GinaMarie, C., 2011. The Importance of Electric Vehicles. [Online] Available at: https://www.care2.com/causes/the-importance-of-electric-vehicles.html [Accessed 17 April 2018]. Hill, B., 2013. Why Are Some Firms Able to Sustain Competitive Advantage Over Their Rivals?. [Online] Available at: https://smallbusiness.chron.com/firms-able-sustain-competitive-advantage-over-rivals-81199.html [Accessed 17 April 2018]. Jaguar, L. R. l., 2016. JAGUAR LAND ROVER IN THE COMMUNITY. [Online] Available at: https://www.jaguar.co.uk/about-jaguar/jaguar-business/community.html [Accessed 17 April 2018]. Kimberly, A., 2017. What Is Competitive Advantage? Three Strategies That Work. [Online] Available at: https://www.thebalance.com/what-is-competitive-advantage-3-strategies-that-work-3305828 [Accessed 17 April 2018]. Lewis, J., 2018. Four Methods of Competitive Advantages. [Online] Available at: https://smallbusiness.chron.com/four-methods-competitive-advantages-32344.html [Accessed 17 April 2018]. MacInnis, D., 2018. 7 Ways to Gain or Maintain Your Competitive Advantage. [Online] Available at: https://www.womensnetwork.com.au/Maintainadvantage [Accessed 17 April 2018]. Monaghan, A., 2017. Jaguar Land Rover posts record sales thanks to demand in China and US. [Online] Available at: https://www.theguardian.com/business/2017/may/23/jaguar-land-rover-posts-record-year-in-sales [Accessed 24 April 2018]. PLC, J. L. R. A., 2016. Strategic Report- Jaguar Land Rover annual Report, s.l.: s.n. Queensland, B., 2017. Your competitive advantage. [Online] Available at: https://www.business.qld.gov.au/starting-business/planning/market-customer-research/competitive-advantage [Accessed 17 April 2018]. Rosano, L., 2008. What Is Sustainability?. [Online] Available at: https://sloanreview.mit.edu/article/what-is-sustainability/ [Accessed 17 April 2018]. Rossolillo, N., 2018. [Online] Available at: https://www.fool.com/investing/2018/02/12/why-jaguar-land-rover-could-become-the-leader-in-e.aspx [Accessed 17 April 2018]. Speth, R., 2016. SUSTAINABLE DEVELOPMENT POLICY. [Online] Available at: https://www.jaguar.com/about-jaguar/sustainability/sustainable_development_policy.html [Accessed 17 April 2018]. Trefis, T., 2015. Tata Motors Earnings Review: Profits Decline For Both Jaguar Land Rover And The Standalone Business. [Online] Available at: https://www.forbes.com/sites/greatspeculations/2015/02/09/tata-motors-earnings-review-profits-decline-for-both-jaguar-land-rover-and-the-standalone-business/#7080cc0166ab [Accessed 17 April 2018]. Vizard, S., 2014. Jaguar Land Rover looks to cement brand positioning after record sales. [Online] Available at: https://www.marketingweek.com/2014/01/13/jaguar-land-rover-looks-to-cement-brand-positioning-after-record-sales/ [Accessed 17 April 2018].