The Cobb Douglas Function

The Cobb Douglas Function This chapter will discuss the estimated techniques theories and the equation, it is include the Unit root test and Autoregressive Distributed Lag (ARDL) Bounds test. And the data sources also discuss in this part. 3.1 Endogenous growth theory and modeling In the economic condition, the Cobb-Douglas functional form of production functions is commonly used to represent the relationship of an output to inputs. It was predictable by Knut Wicksell (1851-1926) and tested against statistical evidence by Charles Cobb and Paul Douglas in the years of 1900-1928. The production function is shown as below: Y = ALÃŽÂ ±KÃŽÂ ², (1) Where the symbol of transformation for the Cobb-Douglas function is: = Total production (the monetary value of all goods produced in a year) = Labor input = Capital input = Total productivity growth The and are the output elasticity of labor and capital simultaneously. These values are constant determined by available technology. For output eleasticity the receptiveness of output to a change in levels of both labor and capital used in production in the condition of ceteris paribus. Such as if =0.20, it will show that the 1% increase in labor will lead to a 0.2% increase in output. ÃŽÂ ± + ÃŽÂ ² = 1, These function indicate that the constant return to scale in production function. That means if L and K are each increase 30%, Y will increase in 30% too. If the return to scale are decreasing and return to scale are increasing, this will be show as below: Expect it on the perfect competition, the and can be indicate to be the both labor and capital share of output. The Cobb-Douglas function are influnced by statistical evidence that come into sight to show that labor and capital shares of total output are constant over time in developed countries, the researchers clarified this by statistical fitting least squares regression in their production function. It is show that having doubt over whether constancy over time exists. But according to Yao and Wei (2007), through joint ventures local firms have been able to imitate foreign technologies and started to produce their own models or supply parts to foreign industries. There is no doubt that FDI has not only helped improve the production efficiency of domestic firms but also helped to push Koreas production frontier towards the worlds most advanced levels. Assume that there are two countries in the world: one is an industrialized economy A and the other is a newly industrializing economy (B) and both countries will follow a Cobb-Douglas production technology: (2) Where Y, K, L are respectively to GDP, capital and labor, j and t denote country (A, B) and time. And g(z) is a function of various factors affecting production efficiency and the production frontier, including exports, human capital, FDI, institutions and others. As country A is richer and has a higher K/L ratio than country B, country A tends to make investments in B in order to maximize returns to capital, as long as à ¢Ã‹â€ Ã¢â‚¬Å¡YBt /à ¢Ã‹â€ Ã¢â‚¬Å¡KBt > à ¢Ã‹â€ Ã¢â‚¬Å¡YAt /à ¢Ã‹â€ Ã¢â‚¬Å¡KAt holds true. According to Yao and Wei (2007), in this two-country perspective, both countries should have mutual benefits for cross-border movement of capital to take place. The benefit for A is that it can maximize returns to its capital and has access to Bs market. The benefit for B is that it can have access to As technology and improve per capita income so that the income gap between A and B declines over time. Another assumption is that both countries invest in science and technology to create knowledge and innovation. However, because A has better endowments in both physical and human capital, it is more able to innovate and hence produce a higher level of output given the same level of inputs in comparison with B. The only way for B to decrease this technological gap is through importation of As technology embedded through FDI. But again from according Yao and Wei (2007) that the role of FDI can recommend by their two propositions. Firstly, they given the same steady state of Bs technology, FDI can improve Bs production efficiency because foreign invested firms are front runners in the adoption of GPTs because of their superior human capital, management and organizational structure. Domestic firms can be trained from foreign invested firms through learning by watching. They also have incentives to become more proficient and competitive because they fear losing out to foreign invested firms. The moving effect of FDI on production efficiency of B can be illustrated in Figure 1. Production frontier of A and B, denotes the production frontier of B. At a steady state when input is fixed at X0, the actual level of domestic production is Yd0 without the effect of FDI. If FDI has a positive impact on production efficiency at this steady state, or à ¢Ã‹â€ Ã¢â‚¬Å¡YB/à ¢Ã‹â€ Ã¢â‚¬Å¡FDIB > 0, the actual level of production will rise to Yf 0. The net moving effect of FDI on country Bs production is (Yf 0 à ¢Ã‹â€ Ã¢â‚¬â„¢ Yd0). Second proposition examine that FDI is a shifter of the domestic production frontier. If FDI does not have a shifting effect, the maximum output of B can never go above PFB. If FDI has a shifting effect, country Bs maximum potential output can be as high as those located on PFA, which is the production frontier of A. (Cobb-Douglas. Wikipedia. Retrieved April 20, 2010, from: http://en.wikipedia.org/wiki/Cobb%E2%80%93Douglas) Figure 3.1: Production Frontier of A and B and the role of FDI in B. Y PFA Yft PFB Ydt Yf0 Yd0 0 X0 X1 X For example, without a shifting effect, the actual level of production may move from Yf 0 at the initial steady state to Ydt at the new steady state with a new input mix Xt. The maximum possible output of B at the new level of input will be on PFB or below. If FDI has a shifting effect, the actual level of output can go above PFB, with a maximum potential output to be on PFA. In Fig. 1, if the new actual output is Yf t , which is situated between the two frontiers, it means that the production frontier of B has been shifted towards PFA from PFB. This positive shifting effect can be expressed as à ¢Ã‹â€ Ã¢â‚¬Å¡YB/à ¢Ã‹â€ Ã¢â‚¬Å¡FDI = f (t)>0, implying that the marginal product of FDI is an increasing function of time (Yao and Wei, 2007). According to Yao and Wei (2007) indicate that with Propositions 1 and 2, country Bs production function can be rewritten as: (3) And FDI is part of the multiplier ABt along with a set of other variables Z1 which can also improve production efficiency. Besides, FDI enters the residual term to be a shifter of the production frontier along with other variables, including a time trend t , which captures the Hicks neutral technological progress in B in the absence of FDI or foreign technologies, t * FDI captures the additional technological progress that is attributed only to FDI. The total effect of FDI on economic growth in country B can be expressed as: (4) The first part on the right-hand side of (4) measures the moving effect, and the second part the shifting effect of FDI on YB. If both effects are positive and significant, the above two propositions hold true. While the traditional growth theory considered only two factors of production, namely capital and labor, this new growth theory adds a third, technology. Endogenous growth theory or new growth theory focuses on the wider concept of technology, which is expressed through ideas, instead of objects or products. It necessitates a different set of institutional arrangements, like pricing systems, taxation or incentives to ensure the efficient allocation of ideas. These types of models are sometimes called Schumpeterian models because Schumpeter emphasized the importance of temporary monopolistic power over discoveries, as a motivating force for continued innovative process. A great deal of evidence has been produced in recent years casting doubt on endogenous growth theory. Mankiw, Romer and Weil (1992) argue that the neoclassical growth model of Solow and Swan with exogenous technological progress and diminishing returns to capital, explains most of the cross-country variation in output per person. The Schumpeterian variant of endogenous growth theory that emphasizes technological progress, innovation and RD has come under particularly heavy fire. Endogenous growth models attempt to explain a greater proportion of observed growth as well as why different countries experience different growth rates. They generally use the neoclassical model but allow the production function to exhibit increasing returns to scale, focus on externalities and assume that technological change, although important, is not necessary to explain long-run growth. In 1986, paper of Romer ignores physical capital and only considers knowledge but a general form of his model can be written as: Y = A(R) F (Rj, Kj, Lj) (5) Where R j, K j and L j are, respectively, stock results from research and development expenditure by firm j, physical capital of firm j and labor of firm j; R is the aggregate stock of knowledge. Any private research effort will have a spillover effect for the public stock of knowledge A(R). This type of model can explain why countries experience different growth rates. A country with an initial higher level of K experiences a higher rate of growth of K leading to a higher rate of growth of per capita income because such a country is more experienced through learning by doing. This is an external effect that prevents diminishing returns. 3.2 Model specification The previous empirical studies have proved that GDP can be determined by the following variables: labor and capital as basic physical inputs; export, FDI and foreign exchange rate policy as variables of openness. The following model regression will include all these variables. (6) Where t (t = 1976, , 2008) denote year t, k and l capital stock (Gross fixed capital accumulation) and total labor force, fdi = FDI inflow, exp = total export and exc = real exchange rate. Lastly, the Y is the Gross domestic product in economic growth and the is error term. Data for GDP are gross domestic product and capital is calibrated below based on investment in fixed assets. All the variables are calculated in 2000 constant prices. GDP is derived from real GDP annual indexes by province. Labor is total labor force in each province. FDI is actually used FDI inflows. Export is the total value of exports. The description of FDI in the production model needs careful consideration. Because capital stock is the accumulation of fixed asset investment, which includes both domestic and foreign investments, the production function would be mis-specified if FDI, either measured as a flow or stock, were added as another explanatory variable along with capital stock. In the previous literature, export and exchange rate also has been found to be relevant variables in the production function. Like FDI, export is defined as total FDI inflows and total export in Korea therefore can effect to output. The values of exports and FDI are provided in US dollars (USD) in the official statistics. Since they are measured in US dollars, most economic analysts do not bother to deflate the values in current prices into values in constant prices (e.g. Liu et al., 1997; Liu, 2000). It is important to conduct an appropriate deflation. One relevant deflator is the US consumer price index. The values of trade and FDI in nominal dollars are deflated by this index. Since all the other variables in the model are measured in KRW100, it is useful to change these two variables in KRW as well. Exchange rate is real exchange rate, which is time-variant but location-invariant as all the provinces faced the same foreign exchange rate. Beside this, real exchange rate should be derived from the exchange rates and price indexes of Koreas main trading partners. However, since KRW follows the US dollar very closely, albeit not pegged to the dollar, only the dollar exchange rate and the US price index are used to calculate the real exchange rate. Real exchange rate is expected to have a positive sign influence on economic growth because it represents Chinas competitiveness in international trade and the extent of market liberalization in the foreign exchange market from Yao and Zhang (2001). The expectation result for the variable of capital stock, labor, human capital, FDI, export and real exchange rate are expect getting the significant and positive relationship to economic growth. 3.3 Empirical methodology 3.3.1 Unit root test A unit root test is vital in observing the stationery of time series data. It is main to estimate about the variables observed have a tendency to return to the long term trend follow a shock (stationery) or the variables follow a random walk which containing a unit root. If the variables follow a random walk after a temporary or permanent shock, the regression between variables is spurious (Amiruddin, Nor and Ismail 2007). According to the Grauss-Markovs theorem, in such cases, the series do not have a finite variance. Hence the OLS will not produce consistent parameter estimates. A stationary series is one whose basic properties, for example it mean and its variance, do not change it over time. In contrast, a non-stationary series has one or more basic properties that do change over time. If the time series variable is stationery, i) The mean of is constant over time ii) The variance of is constant over time iii) The simple correlation coefficient between and depends on the length of the lag (k) but on no other variable (for all k). The unit root test can separate into 2 test, that is Augmented Dickey Fuller (ADF) test and Phillips Perron (PP) test. This will test for level (original series), first differences and second differences (changes). If stationary at level, then the series are integrated of order zero, I(0) and if stationary at first differences and second differences, the series are integrated of order one and two, I(1) and I(2) respectively. The Augmented Dickey-Fuller test statistic and Phillips-Perron test statistic to estimate the stationary for the variables. The results are and the hypothesis will indicate as below: Hypothesis: Ho: No stationary Ha: Stationary Hence, p-value should small tahan 0.05, then rejected Ho, that is stationary, if failure to reject Ho, that means no stationary]. 3.3.2 Autoregressive distributed lag (ARDL)-Bound test The Bound Testing Method can use to estimate the small size sample data in between 30 observations. Therefore, one of the conditions is the dependent variables must be in I(1) and the dependent variables can be mixed in I(0) and I(1), but not the I(2). For example: Y=a+b1X1+b2X2+b3X3+e. The variable Y must stationary at order one or I(1) and the X1,X2 and X3 can be in I(0) or I(1) or mixed. For the simplicity, the Bound testing can be shown as: (7) The Autoregressive Distributed Lag (ARDL) method developed by Pesaran et al. (2001) was used to establish co-integration relationships among the variables. And it can use to overcome the stationary problem in the time-series regression. The advantage of the ARDL method is it can be applied to the model whether the independent variables are stationary at I (0) or I (1). The dependent variable must stationary in I (1). As a result, a dynamic model known as the Autoregressive Distributed lag model (ARDL) will be estimated and can be written as: (8) This equation shows that output growth is effects by values of explanatory variables as well as the lagged dependent and explanatory variables. The bound test used the conventional F-test compare to the critical value to detect the presence of co-integrating relationship. The critical value is base on the Narayan (2005) table of critical values for the bounds test case III: Unrestricted intercept and no trend. If the F-test is higher than the upper bound critical value, the hypothesis of no-co-integration is rejected. Beside this, if an F-statistic is lower than the lower bound critical value implies that the absences of the co-integration. If the F-statistic is in between the lower bound and upper bound, there is no clear indication of the absence or existence of co-integration relationship. Using Wald test to investigate the joint hypothesis is, Ho: Ha: The conclusion for the hypothesis can be separate to three part, that is: i) If the Wald F-statistic fall above the upper critical value- cointegration exists. ii) If the Wald F-statistic falls down between the lower bound and upper bound critical value- inconclusive. iii) If the Wald F-statistic falls below the lower bound critical value-no cointegration exists. Furthermore, an Error Correlation Model (ECM) also use with the Bound test, the form is: (9) Where, : 1-L is the difference operator : f(yt,xt) trend: trend term : long run multiplier Therefore, from the ARDL model, we can use the Bewleys (1979) regression approach to obtain the long run model. (i=1,2,à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦,k) (10) Where, and , i= 1,2,à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦, k are the selected (estimated) values of and , i=1,2,à ¢Ã¢â€š ¬Ã‚ ¦..,k. However, the short run dynamic model is estimated base on the Unrestricted Error Correction Model (UECM) model. (11) Where ECT represents as a long run steady point or partial adjustment term as below: (12) And using the Wald test to compute the long run elasticities and it standard error is: 1-Sum of the dependent coefficients= Sum of the independent coefficients (13) 3.4 Data The secondary data set consists of the annually data of the Korea economy for the period of 1976 to 2008 obtained from World Bank database, UC Atlas of Global Inequality, International Monetary Fund (IMF), International Financial Statistic (IFS), Korea National Statistical and United Nations Conference on Trade and Development (UNCTAD). Since the ultimate goal is to perform regression analysis with the data expressed in natural logarithms, it may instead wish to work with the log and proxy for variable as below: CHAPTER 4 REGRESSION RESULTS 4.0 Introduction Augmented Dickey Fuller (ADF) test and Phillips Perron (PP) test and Autoregressive Distributed Lag (ARDL). 4.1 Unit root test In this study, two stationary tests on individual stochastic trend are conducted, that is Augmented Dickey Fuller (ADF) and Phillip-Perron (PP) tests which have been used frequently I time series data. The value of ADF t-statistic and PP z-statistic will be compared to the critical value given by MacKinnon (1991). The time series under consideration should be integrated in the same order before we can proceed to cointegration analysis and causality test. The result can be show as below: 4.1.1 Augmented Dickey Fuller (ADF) test Based on the result as below Table 4.1.1, it show that result for Augmented Dickey-Fuller test statistic in Unit Root test. This test is function to know the stationary of data for variable. In the result, the dependent variable and all explanatory variables are significant on the first and second differences for the constant with trends and constant without trends. This is because the p-value is small than 0.05 at significant level. So, we will rejected Ho and conclude that the data is stationary when first difference. Therefore, all series are I(1) process. Variable Level First Differences Constant with trends Constant without trends Constant with trends Constant without trends t-stat p-value t-stat p-value t-stat p-value t-stat p-value Economic growth (y) -2.070027(0) 0.5421 2.327602(0) 0.9999 -5.756136*(0) 0.0003 -4.782721*(0) 0.0006 Capital stock (k) -1.911924(0) 0.6251 -0.546014(0) 0.8689 -4.515321*(1) 0.0060 -4.361648*(0) 0.0017 Labor force (l) -0.459604(0) 0.9804 -1.009485(0) 0.6241 -4.564489*(0) 0.0051 -4.425029*(0) 0.0014 FDI (fdi) -4.190134(1) 0.0125 -1.009485(3) 0.7363 -2.892944*(8) 0.1825 -6.300895*(2) 0.0000 Export (exp) 2.708182(0) 1.0000 5.784347(0) 1.0000 -3.567930*(0) 0.0495 -2.184710(0) 0.2155 Real exchange rate (exc) -2.246001(0) 0.4496 -1.594207(0) 0.4739 -5.035710*(0) 0.0016 -5.101766*(0) 0.0002 Table 4.1.1: Result Augmented Dickey-Fuller (ADF) test Criteria: Schwarz Info Criterion (SIC) Variable Level First Differences Constant with trends Constant without trends Constant with trends Constant without trends t-stat p-value t-stat p-value t-stat p-value t-stat p-value Economic growth (y) -2.815698(18) 0.2023 3.136859(7) 1.0000 -6.399643*(11) 0.0000 -4.778071*(1) 0.0006 Capital stock (k) -2.096298(2) 0.5282 -0.519748(5) 0.8745 -4.100869*(7) 0.0153 -4.204347*(7) 0.0026 Labor force (l) -0.631981(1) 0.9699 -1.228256(1) 0.6498 -4.564489*(0) 0.0051 -4.423468*(1) 0.0014 FDI (fdi) -1.392163(31) 0.8440 -1.577055(31) 0.4824 -4.828185*(12) 0.0027 -5.032975*(13) 0.0003 Export (exp) 4.407935(8) 1.0000 6.050077(5) 1.0000 -3.555909*(1) 0.0507 -2.042327(1) 0.2683 Real exchange rate (exc) -2.374756(1) 0.3848 -1.615847(1) 0.4631 -4.981815*(3) 0.0018 -5.068019*(2) 0.0003Note: The number in parenthesis are lag length. The test employ a null hypothesis of a unit root. All series are log transformed. *Indicate that 5% at significant level. Table 4.1.2: Result Phillips-Perron (PP) test Criteria: Schwarz Info Criterion (SIC) Note: The number in parenthesis are lag length. The test employ a null hypothesis of a unit root. All series are log transformed. *Indicate that 5% at significant level. 4.1.2 Phillips-Perron (PP) test Based on the result as above Table 4.1.2, it show that result for Phillips-Perron (PP) test statistic in Unit Root test. This test is function to know the stationary of data for variable. In the result, the dependent variable and all explanatory variables are significant on the first and second differences for the constant with trends and constant without trends. This is because the p-value is small than 0.05 at significant level. So, we will rejected Ho and conclude that the data is stationary when first difference from the result of PP test. Therefore, all variables are integrated of order I(1). 4.2 Autoregressive Distributed Lag (ARDL) test The condition of the bound testing is the dependent variable must be in I(1) and the independent variables can be mixed in I(0) and I(1). The y is I(1) and the independent variable is mixed in I(0) and I(1)., the estimation of co-integration can be done by using the Autoregressive Distributed Lag (ARDL). The Bound test technique is applied to examine the long run relationship between the exchange rate and its determinants. The result of the estimated ARDL model for Malaysia is reported as Table 4.2. The goodness of fit of the model (adjusted R-squared (Adjusted-R2)) and the standard error of regression are higher. Based on the table 4.2, includes the diagnostic tests used to confirm the validity of the model. These several important diagnostic test has been carry out in order to strengthen the accuracy of the results. The result of the diagnostic test indicated that the residual of the model is normally distributed. Beside this, there are no heteroskedasticitity and no serial correlation. However, the model successes to pass the Ramsey RESET test. Since all the probability is larger than 0.05 (5%) significant level. Thus, hypothesis failed to reject the Ho, hence there are absence of those problem in the model carried out. Note: The critical values are cited from Narayan(2005).(Table case III: Unrestricted intercept and no trend;pg1988). *,**and *** denote significant at 10%,5% and 1% significance level, respectively. Based on the Table 4.3, the results of bound cointegration test obviously demonstrated that the null hypothesis is, against the alternative hypothesis is easily rejected at 1% significant level. The model shows that the determinant variables are strongly cointegrated with economic growth in Korea. The result showed that the F-statistic compute by Wald test is highly significant at 1% significance level. The F-statistic is 8.742069, which is greater than the upper critical bound value of 6.040, so it is showed that cointegration exists. Hence, based on the test result, there exist cointegration or long run relationship among the economic growth, capital stock, labor, foreign direct investment, export and real exchange rate. (14) Based on the Table 4.4 reported the long run elasticity between the variables use the ARDL test. The expected sign of the variables are indicate in this table and the estimated coefficient for capital stock (k) is positive 0.764333 and has consistent sign with the expected sign. This implies that an increase in the capital stock by 1 billion US Dollar (US$), the gross domestic product (GDP) will increase 0.764333 billion US Dollar (US$). The standard error is 1.594101 and probability 0.6359 is the p-value in the model. For the labor force (l), the estimated coefficient is positive sign, it is 25318.75 and which is consistent with the expected sign. The coefficient means that when 1 unit labor force increase, the GDP will increase 25318.75 US Dollar (US$). The probability is 0.4858 and standard error is 35765.61. In addition, the foreign direct investment (fdi) in estimated coefficient is positive 5.627353 and same with the expected sign. This indicate that when increase 1 billion US Dollar (US$) in the foreign direct investment, the GDP will increase 5.627353 billion US Dollar (US$). The p-value is 0.4313 and standard error is 7.032203. The estimated coefficient for export (exp) is positive 0.798721, it has consistent sign with the expected sign. This implies that an increase 1 billion US Dollar (US$) in export, the GDP will increase 0.798721 billion US Dollar (US$). The standard error for export is 0.204665 and the probability is 0.0007. In the case of real exchange rate (exc), the estimated coefficient is positive 173672187.2 and is similar with the expected sign. The coefficient means that when real exchange rate increase in 1 units of Korea Won 100 (KRW100) per US$ 1, the GDP will leads to increase in 173672187.2 US Dollar (US$). The p-value for real exchange rate is 0.1910 and standard error is 1.29E+18. 4.5 The Error Correction Model (ECM) test The result of the Error Correction Model is reported at Table 4.6 and the Error Correction Term (ECT) is shows as below: (15) So, the ECT equation will be generated into short run dynamic model. Based on the Table 4.5, the error correction term (ECT) is -0.090218. This implies that speed of adjustment to the long run stability is very slow which is 0.09. It is negative sign and rapid adjustment from a short term imbalance. The negative sign of the ECT means when there is a short run shocks occur, the gap is closed towards the adjustment process to the long run stability. This implies that the imbalance of output growth in the short run maybe adjusted with error corrections that resume the long term equilibrium. Approximately a high percentage of 89.7% of the gross domestic product can be clarify by the capital stock, labor, foreign direct investment, export and real exchange rate selected. Furthermore, the variable of capital stock (k) is significantly influence the gross domestic product (GDP/y) in the short run. The capital stock represents the gross fixed capital formation to be the most important factor that influences the gross domestic product in Korea. The capital stock, labor (l), foreign direct investment (fdi), export (exp) and real exchange rate (exc) is statistically positive influence in the current year of gross domestic product. As mentioned in literature review, this all explanatory variables should be elastic, portrays a positive sign and is should be a statistically variable in most of the research. In the short run, capital stock is statistically significant and positive sign to the gross domestic product for Korea. When capital stock is increase 1 billion US Dollar (US$), the gross domestic product will attracts approximately increase 1.249795 billion US Dollar (US$). Beside this, when the labor is increase 1 unit labor force, the gross domestic product will increase 2308.908 US Dollar (US$). And if the foreign direct investment increase 1 billion US Dollar (US$), the gross domestic product will increase 0.508124 billion US Dollar (US$). If export increase in 1 billion US Dollar (US$), gross domestic product will increase 0.072330 billion US Dollar (US$). Lastly, when the real exchange rate is increase in 1 units of Korea Won 100(KRW100) per US$ 1, the GDP will increase in 15708616 US Dollar (US$).

Financial Markets Test with Multiple Choice Questions Essay

Class Test 1 (Sample Items) Choose the most correct response. Record your answer on the mark sense sheet provided. Each answer is worth  ½ mark. QUESTION 1 All else equal, a binding price floor will cause less of a surplus if: (a)both supply and demand are inelastic (b)both supply and demand are elastic (c)supply is elastic, but demand is inelastic (d)supply is inelastic, but demand is elastic QUESTION 2 The figure shows the market for books before and after an excise tax is introduced. The tax on books is ________, buyers pay ______ of tax per book, and the governments tax revenue is ________ a week. (a) $0.40 a book; $0.40; $4 (b) $1.20 a book; $0.80; $128 (c) $0.80 a book; $1.20; $12 (d) $1.20 a book; $0.80; $12 QUESTION 3 If the minimum wage is set below the equilibrium wage rate, (a) a labour shortage occurs. (b) there is no change in the quantity of labour employed. (c) the short-run labour supply curve becomes more elastic. (d) a labour surplus occurs. QUESTION 4 If honey is measured on the vertical axis, and jam on the horizontal axis, the marginal rate of substitution: (a) is the rate at which the consumer has to give up honey if more jam is to be bought, given their relative prices. (b) is the rate at which the consumer has to give up jam if more honey is to be bought, given their relative prices. (c) is the rate at which the consumer is willing to give up honey in order to get more jam, and be as satisfied as he or she was before. (d) is the rate at which the consumer is willing to give up honey in order to get more jam and be better off than he or she was before. QUESTION 5 At the best affordable point: (a) the budget line intersects an indifference curve. (b) the marginal rate substitution of x for y is exactly equal to 1. (c) the marginal rate of substitution of x for y is equal to the relative price of x in terms of y (that is, ) (d) the difference between the marginal rate of substitution of x for y and the relative price of x is at a maximum. QUESTION 6 Stuart, who loves seafood, says, ‘I can’t really tell the difference between Sydney rock oysters and Pacific oysters. They taste equally delicious to me; I just buy a dozen of whichever is cheaper every week.’ In terms of marginal utility theory, Stuart thinks: (a) the marginal utility per dollar spent on Sydney rock oysters is equal to the marginal utility per dollar spent on Pacific oysters. (b) the marginal utility he gets from Sydney rock oysters is greater than that from Pacific oysters, but Pacific oysters are cheaper. (c) the marginal utility he gets from Pacific oysters is greater than that from Sydney rock oysters, but  Sydney rock oysters are cheaper. (d) the marginal utility he gets from Sydney rock oysters is equal to that from Pacific oysters, and so whichever oyster has a lower price gives him a higher marginal utility per dollar spent. QUESTION 7 According to the marginal utility theory of consumer choice, rational consumers will spend their money with the aim of: (a) maximizing the total utility they get from their limited income. (b) maximizing the marginal utility they get from each good. (c) equalizing the marginal utility they get from different goods. (d) maximizing the amount they save out of their limited income. QUESTION 8 A firm’s production function refers to: (a) the maximum quantity of output that it can produce within a given period. (b) the maximum revenue it can earn from various levels of output. (c) the maximum output that can be produced from various quantities of inputs. (d) the minimum cost of producing various levels of output. QUESTION 9 When marginal cost is rising, average total cost: (a) will necessarily be rising. (b) will necessarily be falling. (c) may be rising or falling, depending on whether marginal cost is greater or less than average total cost. (d) may be rising or falling, depending on whether marginal cost is greater or less than average variable cost. QUESTION 10 Which of the following reflects the law of diminishing marginal rate of substitution? As we continually increase labour one unit at a time, (a) the addition to output will become larger, if capital is held constant. (b) the addition to output will become smaller, if capital is held constant. (c) larger reductions in capital will be required to keep output constant. (d) smaller reductions in capital will be required to keep output constant. (e) larger increases in labour will be required to keep output constant. QUESTION 11 The least cost technique of producing a given output occurs where the marginal rate of substitution of labour for capital equals the (a) ratio of the quantity of labour used relative to the quantity of capital used. (b) ratio of the price of labour to the price of capital. (c) minimum point on the isoquant line. (d) marginal cost of capital (e) ratio of the marginal cost of capital to the marginal cost of labour. QUESTION 12 A perfectly competitive firm’s supply curve is the upward-sloping part of its (a) average product curve, at all points above the point of minimum average variable cost. (b) marginal cost curve, at all points above the point of minimum average fixed cost. (c) marginal revenue curve, at all points above the point of minimum average revenue. (d) marginal revenue curve, at all points above the point of minimum average total cost. (e) marginal cost curve, at all points above the point of minimum average variable cost. QUESTION 13 For the monopolist facing a downward sloping demand, the marginal revenue  never exceeds the price because (a) the producers of substitutes keep the price low. (b) the monopolist must lower the price in order to sell more during any given period of time. (c) the monopoly will be a large corporation with high fixed costs. (d) the monopoly must accept the marginal revenue set by the market as a whole. (e) the monopoly has low marginal cost relative to a competitive firm. QUESTION 14 The table gives the demand schedule for water bottled by Wanda’s Healthy Waters, a single-price monopoly. If the marginal cost is a constant $4 a bottle, Wanda’s will produce _______ a day and charge ____ a bottle. (a) 3 bottles; $7 (b) 4 bottles; $6 (c) 5 bottles; $5 (d) 1 bottle; $9 QUESTION 15 The table below gives the demand and supply schedule for biscuits. The government now levies a $3 tax on biscuit. As a result, the price of a packet of biscuits will increase to ____ and the tax revenue collected is ____. (a) $12; $160 a week (b) $12; $300 a week (c) $13; $160 a week (d) $13; $240 a week Price ($ per packet) Quantity demanded (packets / week) Quantity supplied (packets / week) QUESTION 16 Excess capacity in monopolistically competitive firms is described by the fact that (a) each firm faces a demand that is perfectly elastic. (b) each firms builds a huge plant. (c) the existence of slightly differentiated products serving almost the same purpose causes a waste of precious natural resources. (d) firms produce at an output that is less than the output associated with their minimum average total cost. (e) marginal cost is too high. QUESTION 17 When the economic profit is negative in an industry that is monopolistically competitive, then (a) firms will enter the industry and produce better products. (b) firms will exit the industry, and the demand will increase for the products of the firms that remain. (c) firms will exit the industry, and the demand will decrease for those firms that remain in the industry. (d) firms will enter the industry and the demand will become more elastic for those firms that were originally in the industry. (e) the industry will eventually disappear. QUESTION 18 If the electricity commission in Queensland practises perfect price discrimination: (a) its marginal cost curve and its demand curve are identical. (b) its marginal revenue curve and its demand curve are identical. (c) its marginal revenue curve lies below its demand curve. (d) its marginal revenue curve lies above its demand curve. (e) none of the above.

New Article Reveals the Low Down on Icse Essay Samples and Why You Must Take Action Today

New Article Reveals the Low Down on Icse Essay Samples and Why You Must Take Action Today Before writing any form of academic paper, it is crucial to choose the subject, and the persuasive essay isn't the exception. Weave in your perspective to produce your essay unique. Sample persuasive essays can also offer inspiration on topics to write on in addition to serve as examples about how to compose your essay. Your persuasive essay will have many paragraphs. Just because the introduction is the very first paragraph in your essay doesn't mean you must write this paragraph before any other. As tempting as it might appear to skip past the extra info and go straight to the list of persuasive essay topics, don't do it. Qualities of a great persuasive essay topic The topic ought to be specific. It will be simpler that you compose a great persuasive essay if it's a subject in which you have knowledge. Some consider essay writing a burden even though others see it like a chance to share their ideas and opinions. A student ought to keep in contact with the hottest trends and know which persuasive essay topics are related to sound convincing in regards to defending personal opinions. A persuasive essay should be able to grab the interest of the folks reading it easily. If you're terrified of speaking in public, writing a persuasive essay for a specific audience is the best way to remove this fear. What You Should Do to Find Out About Icse Essay Samples Before You're Left Behind The value of research in persuasive writing may not be overstated. Examples might also be included in each one of the body paragraphs to additional support and clarify your primary points. In your introduction paragraph, it is sufficient to introduce the topic and offer meaningful background details. Possessing excellent research abilities and selecting a great topic is vital. The Nuiances of Icse Essay Samples It would be considerably more difficult to align your arguments to coordinate with the thesis, and it may diminish the worth of your assessment and the validity of your arguments. To compose an impressive short essay, especially during an examination, you have to be in a position to hit the question and offer a straightforward answer while at the exact same time observing the correct structure of an essay. You should incorporate a distinct phrase for every one of your topics of assessment. Most academic essay topics usually ask you to select a side in an argument or maybe to defend a specific side against criticism. Without a thesis, it's impossible that you present a productive argument. The aim of a persuasive essay is to convince your readers your viewpoint is the suitable viewpoint. The success of the entire essay directly depends upon how good you present the supporting facts. Observe that the objective of a persuasive speech is like the purpose for writing an argumentative or persuasive essay. The Honest to Goodness Truth on Icse Essay Samples Your persuasive argument is going to be made stronger if you're able to demonstrate that you're passionate about the subject and have a strong opinion one way or the other. The simplest way to set the kind of an essay is to realize the writer's point of view. Having found the side that you're standing for, you want to ensure you comprehend the standpoint of the opposite side. After you settle on this issue and pick the position on which you will base your essay, the remainder of the job can then begin. Things You Should Know About Icse Essa y Samples Essay writing is usually practiced is schools. Writing an essay is a vital role in academe life. Selecting an excellent topic for your essay is among the most significant and frequently tricky parts for many students. Start researching, and get started writing! Students shouldn't have to wear school uniforms since they limit students' capacity to share their individuality. They have to write essays depending on the teacher's instructions or their desired style in writing. They should not have to wear uniforms. In general, they are asked to write assignments that take between half an hour and a whole hour. What Does Icse Essay Samples Mean? A persuasive speech is provided with the aim of persuading the audience to feel a particular way, to take a specific action, or to support a particular view or cause. Do not neglect to be aware the source for each evidence you're likely to utilize in your paper. If you wish to learn how to compose an excellent persuasive essay, you're looking in the proper location! Before writing down the facts and examples which you are likely to tackle, you ought to be well informed, first of all, about your topic. The Ultimate Approach to Icse Essay Samples Nobody can argue that America has been formed by men and women who migrated from Europe, along with other nations. Money satisfies the bodily needs of the individual, but people want to recognize that happiness isn't physical. It also does not change the way people feel about you. Folks that are focused on money find themselves working all of the time they don't have time to do the things they enjoy. Definitions of Icse Essay Samples There are a big number of such companies providing essay writers, but should you select this path, due diligence is important to make certain that the job will be finished right. The perfect place to bear in mind is a completely free online English writing lab named Purdue OWL. You may trust us to offer expert assistance for many of your academic writing needs. To accomplish this, a teacher is going to have to assess and rate the technology, consider specific social and moral issues in different words, locate a custom made way of making any device meet the wants and expectations of a kid on social , moral, and ethical levels. Today's lesson might be a bit dull, but it's essential for future work. You still must make an outstanding bit of writing. Follow our writing tips and guidelines and begin your writing after a fantastic rest. Just take the time now to read more on the topic of persuasive writing. The Argument About Icse Essay Samples Then you're interested in figuring out how to compose persuasive paper. The major component which produces a persuasive essay in English stand out from the remainder of assignments is the use of reasoning. While attempting to learn how to compose a persuasive essay step-by-step, students forget about another important activity. In such a scenario, a student must pick a suitable topic to write about.

Arts Education Impact On Academic Success - 2259 Words

Arts Education Impact on Academic Success James Travis Gentry Concordia University A Research Report Presented toThe Graduate Program in Partial Fulfillment of the Requirements For the Degree of Masters in Education Concordia University - Portland 2015 Arts Education Impact on Academic Success Arts education in public schools is a very valuable asset to helping students become a well-rounded life-long learner. The arts are core subjects in the Federal Elementary and Secondary Education Act, and the NC Basic Education Program, and, as such, are included as core subjects every student should learn as part of a balanced curriculum for all children in North Carolina, in short they are considered essential (North Carolina Department of Public Instruction, 2011). Because the state budget has eliminated so many vital areas of the public school budget the arts instructional supplies and value of the arts overall have come under careful legislative scrutiny. States all over America are limiting arts instruction and some have eliminated programs due to high stakes testing and public funding shortfalls. Arts education encompasses three main areas. Vocal and instrumental based including; choral music, band, orchestra, and music appreciation; Performance based including theater arts, d ance, dance and theater arts appreciation; and Visual based to include visual and studio arts, art appreciation and art history. Through research on the value of arts education in studies throughoutShow MoreRelatedMulticultural Education And Counseling Through The Arts Program1355 Words   |  6 PagesI conducted this project based on the multicultural education and counseling through the arts program also known as MECA. A community program that is currently â€Å"Creating a brighter future for Houston since 1977† (â€Å"Homepage-MECA†, 2015). MECA is a community-based non-profit organization committed to the healthy development of underserved youth and adults through arts and cultural programming, academic excellence, support services, and community building (â€Å"Homepage-MECA†, 2015). MECA serves thousandsRead MoreThe Statistical Analysis Of Education In The Arts988 Words   |  4 Pagesbase of the U.S. Department of Education that tracks student responses to survey questions over time. Previous targeted research performed by James Catterall (2009) will be used as a preliminary focus for this study as well as other studies and national surveys that are accessible for public review. Programs will be emphasized that support learning in the arts and preparing students for success in college and beyond. 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The truth of the matter is that encouraging music and art education in public schools has a much larger impact on student’s grades, academic performance, and the economy than the majority people realize. Within the next year city school budgets will be dropping by twenty five percent, and despite the fact that music and art programsRead MoreAnalysis Of Arts And Music In Music And Education1524 Words   |  7 Pagesand delete all art and music programs out of the curriculum. The alternative to cut these programs and most extra-curricular activities, was to start â€Å"a pay to playâ€Å" programs. Individual school districts offered m usic, art, and sports with the parents paying for the student to participate in the activities. The other option to allow music art and sports in the schools is to raise money through levies and taxes. Both options have shown to be ineffective. Research suggests that Arts and Music shouldRead MoreHigh Rigor Courses At Englewood High School941 Words   |  4 PagesBy the Year 2018, almost two thirds of jobs created in the United States will require some form of post-secondary education. Research has indicated that a rigorous high school curriculum is a strong predictor of college success and is positively related to standardized test scores, college enrollment rates, four-year graduation rates and negatively related to remediation rates. Additionally, students taking high rigor coursework receive several benefits in their postsecondary careers as college students

Ethical and Legal Considerations in Social Work - 1094 Words

Shaniya Robinson arrives at the County Human Services Authority for her monthly appointment with her social worker. Ms. Robinson is a 25 year old African American female who is receiving treatment for schizophrenia from the adult behavioral health services program. During a session the client reports that she is under a great deal of stress because she is having difficulty adjusting to being a new mother. Her five month old baby girl Shanice is teething and cries frequently. Ms. Robinson is also struggling financially because she is currently unemployed; her mental illness makes it difficult to sustain employment long term. And she does not receive support from the child’s father on a consistent basis. The combination of these†¦show more content†¦Legal Considerations Failure to report Ms. Robinsons actions concerning Alison to child protective services represents more than an ethical dilemma. If Ms. Robinson s social worker does not report the information she has l earned impending civil and criminal liabilities will be the result. Legal accountability could result in loss of license to practice and/or criminal charges (NASW Press, 2014). For example, if Ms. Robinson does something to harm baby Alison while under the influence of marijuana the social worker could be criminally charged in the matter for failing to report the abuse initially. The creation of mandated reporting laws supported by federal and state governments speaks to the level of importance society places on advocating for children who are victims of abuse/neglect. The Intervention Plan To avoid the quandary that arises when the therapeutic relationship is damaged by mandated reporting the practitioner is advised to communicate to clients the limits of confidentiality at the onset of treatment (Krase, 2013). In doing so clients will use caution when deciding what to disclose during sessions. 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Healthcare Ecosystems Free Essays

LTT1 – Healthcare Ecosystems The profession of health informatics is a relatively new one, blending the use of technologies with collecting, organizing, storing, using, and evaluating health information. Technology can assist healthcare workers on every clinical and administrative level to use information more effectively in clinical decision-making for patients, and in implementing strategic goals within an organization. Check Your Understanding 2. We will write a custom essay sample on Healthcare Ecosystems or any similar topic only for you Order Now 1 Instructions: On a separate piece of paper, write down the word or term that correctly completes each of the sentences. . The ancient ___ developed surgical procedures, documented clinical cases, and created medical books. a. Egyptians b. Greeks c. Phoenicians d. Chinese 2. The ___ was established in 1847 to represent the interests of physicians across the United States. a. b. c. d. American Association of Medical Colleges American College of Surgeons Committee on Medical Education American Medical Association 3. Today, medical school students must pass a test before they can obtain a ___ to practice medicine. a. degree b. residency c. specialty d. license 4. The first general training school for ___ was opened at the New England Hospital for Women and Children in 1872. a. nurses b. physician assistants c. surgical specialists d. surgeons 5. Modern ___ must have either a two-year associate’s degree or a four- year bachelor’s degree from a state-approved nursing school. a. nurse practitioners b. licensed vocational nurses c. registered nurses d. licensed practical nurses 6. In 1910, Dr. Franklin H. Martin suggested that the surgical area of medical practice needed to become more concerned with ___. a. b. c. d. atient care professional standards patient outcomes nonsurgical medical care 7. Adoption of the Minimum Standards marked the beginning of the modern ___ process for healthcare organizations. a. accreditation b. licensing c. reform d. educational 8. According to the AMA’s definition, ___ incorporates the healthcare- related professions that function to assist, facilitate, and complement the work of physicians and other clinical specialists. a. home health b. nursing care c. ambulatory care d. allied health Which ancient civilization developed surgical procedures, documented clinical cases, and created medical books? Greeks Correct! Which organization was established in the mid 1800s, to represent the interests of physicians in the United States? American Medical Association Correct! What organization is the largest standard setting body in the world? Joint Commission Correct! This legislation required hospitals to conduct continued-stay review for Medicare and Medicaid patients. Utilization Review ACt Correct! This type of hospital specializes in providing inpatient care to individuals with mental and developmental orders. Psychiatric Correct! For-profit hospitals use their excess funds to improve their services and fund community services. False Correct! At a hospital or large healthcare facility, this group will select qualified administrators to manage the organization. Board of Directors Correct! Which one of the following is considered a part of administrative support services? Human Resources Correct! Low energy laser, electric stimulation, ultrasound, biofeedback and aquatics treatment are used by which of the following allied health professionals? Physical therapy Correct! In which decade was magnetic resonance imaging first introduced in healthcare? 1980’s Correct! This type of statement from an organization expresses intentions, philosophy, and organizational self-image. Vision statement Correct! An empowered staff member has the ability to: Change the work environment when some part of it interferes with the organizational mission Correct! Leader’s in today’s healthcare organizations may reinforce organizational values by doing which one of the following: Listen to the staff Correct! What is a 360Â ° review? A performance evaluation in which peers and colleagues participate Correct! Of these functions that sustain operational infrastructure, where would health informatics best fit? Knowledge Management Correct! In the healthcare organization, operating units are designed around patient-focused care for related disease groups and medical specialties. This is known as: Service Lines Correct! In 2008, the Centers for Medicare and Medicaid Services changed its payment regulations to eliminate payment for hospital-acquired complications. True Correct! The largest single group of healthcare organizations are: Acute Care Hospitals Correct! Which of the following is a system that deliberately monitors the long term relationship between stakeholders of a healthcare organization, and responds to changing needs? Strategic Correct! In what decade was the MRI first introduced? 1980’s Correct! Which standard addresses disclosure of health information? Protecting Privacy of Health Information Correct! Which standard addresses the intentional destruction of health information? Security and Integrity of Information Correct! Which standard addresses the monitoring of terminologies used in health information? Collection of health information Correct! Which standard addresses unplanned interruptions of electronic health record systems? Continuity of information Correct! Which standard asks for evidence that there are back up systems in the event of interruptions to electronic information processes? Continuity of information Correct! Which standard addresses flow of data and information within and out of the hospital? Information management planning Correct! Which standard requires evidence that health information is disseminated in a timely manner? Receival and transmission of health information Correct! Which standard addresses acronyms, synonyms, and abbreviations for medication dosage? Collection of health information Correct! Which standard requests evidence of policy implementation pertaining to health information privacy? Protecting Privacy of Health Information Correct! Which standard requests evidence of policy implementation pertaining to unauthorized alteration of health information? Security and Integrity of Information Correct! This type of statement is sent to a patient: it shows how much the provider billed, the amount of the Medicare reimbursement to the provider, and what the patient must pay to the provider. Medicare summary notice Correct! All of these items are ‘packaged’ under the Medicare outpatient prospective payment system, with the exception of one. Medical visits Correct! Which one of these is not a government-sponsored healthcare program? Blue Cross/Blue Shield Correct! Which health insurance plan covers the survivors of military personnel who died in the line of duty? CHAMPVA Correct! This legislation established an employee’s right to continue healthcare coverage beyond their scheduled termination date. COBRA Correct! What is a MS-DRG grouper? A software program that assigns appropriate MS-DRGs Correct! One of these items is not incorporated in the formula for determining fee schedule. Post medical school degrees held by provider Correct! Which uniform data set is used by skilled nursing facilities to gather standardized data? MDS Correct! Which one of the following is not used when calculating for patient severity level, for prospective reimbursement of home health services? Financial Correct! What form must be provided to a patient if there is a concern that Medicare will deny services because it feels the service may be medically unnecessary? ABN How to cite Healthcare Ecosystems, Essay examples

Cloud Computing Infrastructure To Transform Working Culture of Zodiac

Question: Discuss about the Business Information System of Zodiac. Answer: Introduction: The Business world is focusing towards the renovation in business tactics with the increasing demand of utilizing the concept of information system to remain ahead of the competitors. The flow of information can change according to the requirement of users, sharing of information, and overcoming the delay in decision making process (Powell, 2012). The automatic system helps in storing, analysing, and sorting of data for the better decision making process. Trends in the business environment which have made information system so essentials: The table below summarised the trends in the business environment which have made information system so essentials: Particulars Description Operational excellence The operational capability of the organization can be rapidly increased which helps in maximize the profit of the enterprise (Rani, 2014). It helps in analysing the requirement of the customers and maintaining the level of stock for fulfilling the requirement of the customers New business model for providing services New products and services can be provided to the customers. The creation of new business model result in increasing the sale of the enterprise. Intimacy to customers and suppliers The good relationship should be developed between customers and suppliers because the availability of raw materials helps in fulfilling the requirement of the customers which in turn helps in increasing the sale of the business. Improved decision making capabilities The availability of real time data helps in increasing the capability of the manager to take decision in the benefit of the organization Competitive advantage It helps in increasing the sale of the business which helps the organization to remain ahead of their competitors. Challenges in the development of information system: The development of the information system involves analysing the external environment of the organization, focuses on current activities of the business, focus should be given on current IT system of the organization, SWOT of current business tactics, development of alternative plans by analysing the technical, economical, human, and operational feasibility of the organization, evaluation of costs by analysing the budget, time, responsibility, and control, and prepare the implementation plan. The challenges which are faced in the development of information system are depicted below: Information production process: This step focuses on analysing the information which can be selected for synthesising. The information related with the product should be gathered from different sources to point out the production issue (Obura, 2011). Appropriate platform should be used for managing the quality of information to develop a best information system for the organization which helps in maximizing the product sale. Processing of information, storage, and maintenance: The quality of information can be obtained by analysing the gathered information. The factor of security should be indulged with the methods of collecting data (McMullin, 2013). The major challenge which comes forth is the data leakage through the medium of internet, telephone, and computers. The synchronization of data should be handled properly to overcome the situation of data leakage which can result into the disclosure of plan of information system to the competitors. Information utilization process: The challenge is faced by the information providers in managing the availability of computer resources, skill development of search and retrieval of information, and tolerance of political situation. Cloud Computing: The cloud computing is the new technology which is used for sharing of resources, data, network resources, and other devices on the demand of the customers and user. It is the pool of computing resources like computer networks, servers, services, application, and storage. With the minimum effort the resources can be made available to different user. It is the cost effect model of information technology. It provides the capabilities of processing and storing the data on the data centre which can be accessed by the business partners and users according to their requirement (Markgraf, 2015). The sharing of resources makes the cloud computing technology cost effective and effective for the small organization like Zodiac cycle part manufacturing company. The cloud computing provides the services of running the application at much faster rate than the traditional information system. The resources can be effectively managed between the unpredictable and instant demand of the employees. AS Z odiac cycle part manufacturing company is the small organization, so it is equipped with limited resources therefore the cloud computing technology is the best platform to transform their working tactics. The authorised user can easily get access of the application and database. The technology of cloud computing provides the services like high capacity of the network, low cost storage devices and computer, adopting the technique of hardware virtualization, autonomic, and service oriented architecture. The cloud computing services are in high demand in the business world due to the advantage of low cost services, high computing power, availability, integrity, reliability, high performance, and scalability. The cloud computing technology is characterised with cost reduction program, improved agility, independency of location and the device, maintenance, multi-tenancy, performance, increased productivity, on demand providing the services, accessing of broad network, pooling of the reso urces, rapid elasticity, and measured services and security. Cloud computing service model: Software as a service: The user can effectively use the application available on the cloud platform. The various users can access the resources simultaneously through the client interface like web browser (Jensen, 2016). The users can effectively use the resources of the cloud like network, operating system, application, storage, and servers by performing limited changes in the configuration setting of the application located at host environment for the software as a service. Platform as a service: By making use of programming languages, tools, libraries, and services, the user can develop and deploy application according to their requirement (Hardcastle, 2015). The users can effectively use the resources of the cloud like network, operating system, application, storage, and servers by performing limited changes in the configuration setting of the application located at host environment for the platform as a service. Infrastructure as a service: The user can perform function like storage, provision processing, networks, run arbitrary software, operating system, and applications. The cloud infrastructure can be easily managed by controlling the operating system, deployed application, storage, firewall, and controlling the network components (Ashraf, 2014). The users can effectively use the resources of the cloud like network, operating system, application, storage, and servers by performing limited changes in the configuration setting of the application located at host environment for the infrastructure as a service. The IaaS is the most basic service model which uses virtual machine. Recommendation: The sharing of resources makes the cloud computing technology cost effective and effective for the small organization like Zodiac cycle part manufacturing company. AS Zodiac cycle part manufacturing company is the small organization, so it is equipped with limited resources therefore the Software as a service cloud computing technology is the best platform to transform their working tactics. The online discussion can takes place for adding and removing new services in the curriculum of the organization to increase the level of sale. The employees can easily get access of the application and database. It provides the capability of on-demand service. It focuses on reducing the cost incurred in the development of the information system. It eliminates the maintenance cost which was incurred on installing and upgrading the application and software on the system of every employee. In this the employees can directly use the application from cloud. The application and other related resources are cloned on the different virtual machines. The work is distributed by the load balancer on the virtual machine. Software as a service is the best platform for transforming the working tactics of the business. Examples of companies who transform their business tactics through SaaS cloud computing model: Saleforce Company: The saleforce company utilize the SaaS model for collecting information of the consumers, providing single online platform, authorised employees to prevent data leakage, and all time connectivity. Microsoft office 365: They expand their office suite by utilizing the concept of SaaS model which helps in creating, editing, and sharing of resources in the real time environment between employees and colleagues. The range of tools can be available on the demand of the user. It provides secure interaction and communication between internal and external partner of the organization. Conclusion: The Zodiac cycle part manufacturing company is focusing on automation of activities to increase the level of productivity and sale for optimizing the profit of the organization. The SaaS cloud computing model is the best suitable model for changing the working curriculum of the organization because the resources can be easily managed between participating units at much lower cost. The sharing of resources makes the cloud computing technology cost effective and effective for the small organization. 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