Macro and Microeconomics Issues Essay Example | Topics and Well Written Essays - 2500 words - 2

Macro and Microeconomics Issues - Essay Example The analysis of price and income effects based on the estimated demand system has suggested that with the increase in food price inflation, the demand for staple food (rice, wheat, and sugar) may not be affected adversely but, that of high-value food commodities is likely to be affected negatively.† The increase in the price of orange due to supply constraints would lead to increase in prices of other fruits in general. Poor people tend to spend more on bread, a staple food item in spite of price increase by reducing their consumption of other food which cost more. This phenomenon is called as ‘Giffen’s Paradox’. Giffen’s paradox is not applicable in the case of orange, as it is not a staple food in poor households. Demand for the orange cannot be considered inelastic. Silberberg and Walker(687) observe â€Å"When the price of the Giffen good changes, therefore, not only does the income term outweigh the substitution term for the Giffen good, but a similar result is produced for the cross effect on the other commodity.† Therefore, increase in the price of orange will lead to increase in the price of other fruits like grapes or apples due to the substitution effect. The increase in price or orange induces farmers to increase the area under crop for oranges which are expected to increase the production of oranges to the normal level of demand in the economy. However, when the farmers have other alternatives of producing corn or other grasses, may be at a lesser cost of production for manufacture of ethanol, the scenario with regard to supply pattern changes drastically. President George W. Bush called for the United States to reduce its gasoline consumption by 20% in the next decade. Considering the growth rates in consumption of gasoline, reduction in consumption of gasoline is very difficult. He proposed an increase in ethanol produced from corn and the stalks and leaves from corn and other grasses.

The structure of interviews Essay Example | Topics and Well Written Essays - 2000 words

The structure of interviews - Essay Example In the prediction of job’s performance, a structured interview is preferred over unstructured one. Moreover, a structured interview bases the information derived from the interviews on merit. Therefore, a structured interview is less subject to bias, legally defensible, more reliable, and more accurate (Nickas & Bovier, 2008). The realization of the potential of the structured interview requires an attention of the stages during the interview process. The steps cover its development, then implementation and finally, evaluation. A structured form of the interview always involves planning. The process involves questions that are organized, thorough in the analysis of the key requirements and a given merit criteria that is expected to job performance. The same type of questions applies to all candidates, and their responses standardized using a predetermined scheme of rating. Such measures help to give a clear link between the performance of the job and the performance during the interview process. It therefore, minimizes the personal bias during the process (Farago, 2010). As the questions link to the job competencies, the candidate is more likely to bring out their performance on-the-job. Therefore, the process predicts accurately on the performance of the candidate. Moreover, using structured means gives the interview process a legal defensibility. For example, the courts often scrutinize on the consistency, job relatedness and the objectivity of the interview process. Therefore, its procedural rigor makes it a more formal process (Nickas & Bovier, 2008). A structured interview enhances an equal opportunity and objectivity of work. The candidates respond to the same type of questions, giving a fair assessment. Assessing the candidate’s responses to the relevant criteria gives each candidate an opportunity to show their qualifications. In harmony, by interviewing the candidates by an interview board ensures objectivity as it reaches a