Micro and Macro Economics (marginal revenue; marginal cost; elasticity) - Essay Example

?Micro and Macro Economics Affiliation with more information about affiliation, research grants, conflict of interest and how to contact Economics Task 1: A. Define marginal revenue and explain its relationship with total revenue. “Marginal revenue (MR) is the rate of change in total revenue with respect to quantity sold” (Siegel et al. 1998, p. 188). In other words marginal revenue is the additional revenue from a product earned by a producer through the production and sales of an extra unit of the product. Algebraically, marginal revenue is the difference between total revenue earned by producing and selling ‘n’ units of a product instead of ‘n-1’ units. Formula for calculating marginal revenue is MR = ?TR/?Q Marginal revenue is the addition to total revenue associated with a unit increase in output or sales. There is a direct relation between marginal revenue and total revenue. When marginal revenue is positive, total revenue increases and it falls when marginal revenue is negative. B. Define marginal cost and explain its relationship with total cost. “Marginal cost is the change in total cost associated with a unit change in quantity” (Siegel et al. 1998, p. 188). Marginal cost is thus the additional cost incurred by the producer in producing an additional unit of product. Marginal cost is thus a cost incured in addition to previous cost ie. cost of producing ‘n’ units of output inplace of ‘n-1’ units. Formula for calculating marginal cost is MC = ?TC/?Q Marginal cost is related to the average total cost in the short-run since a change in total cost is reflected in the total average cost. The total variable cost is got by summing up marginal cost. C. Define profit and explain the concept of profit maximization. “An economist measures a firm’s economic profit as the firm’s total revenue minus all the opportunity costs (explicit and implicit) of producing the goods and services sold” (Mankiw, 2011, p. 262). Profit is the reward received by an entrepreneur for the risk taken during the process of production or for alloting scarce resources for production. Profit maximization is a method used for determinig the quantity of output to be produced and price to be incurred by an entrepreneur so as to receive maximum profit. D. Explain how a profit-maximizing firm determines its optimal level of output, using marginal revenue and marginal cost as criteria. A profit-maximizing firm will determine its optimal level of output at the point where marginal revenue of the firm equals its marginal cost. At this point the firm receives maximum profit. E. Explain what action a profit-maximizing firm takes if marginal revenue is greater than marginal cost. If marginal revenue is greater than marginal cost, then a profit maximizing firm will increase production which will be followed by a movement from earlier point of marginal revenue to a new intersection point where marginal revenue equals marginal cost. This step is adopted by the firm as there is room for further revenue at the earlier stage. F. Explain what action a profit-maximizing firm takes if marginal revenue is less than marginal cost. In a situation where marginal cost of a profit-maximizing firm exceeds its marginal revenue, the firm will cut short its production up to a level where it will equalize its marginal cost to marginal revenue. At the earlier level the firm was incurring loss. Task 2: A. Define the following three terms 1. Elasticity of Demand: Elasticity of demand has various definitions. “The price elasticity of demand is a measure of the sensitivity of the quantity demanded of a good to the price of a good. ‘Price elasticity of demand’ is sometimes shortened to ‘elasticity of demand’” (Taylor & Weerapana, 2009, p. 93). 2. Cross-Price Elasticity (includes substitutes and complements): Cross-price elasticity is the degree of responsiveness to change in the price of a related commodity on the demand for a good. “Two goods (A and B) are complementary if using more of good A requires the use of more good B. For example, ink jet printer and ink cartridge are complements. Two goods (C and D) are substitutes if using more of good C replaces the use of good D. For example, Pepsi Cola and Coca Cola are substitutes” (Complements and Substitutes (transcript), n.d., para. 1). 3. Income Elasticity (normal and inferior goods): The income elasticity of demand “relates the percentage change in quantity demanded due to a percentage change in consumer income” (Depken, 2006, p. 4-36). Income elasticity may be thus defined as the ratio of the proportionate change in the quantity purchased of a good to the proportionate change in income which induces the former. “Normal goods are those for which the income elasticity of demand is positive. That is as consumer income rises or falls, the quantity demanded of normal goods rises and falls with income. Inferior goods are goods for which the income elasticity of demand is negative” (Lindeman, n.d., p. 54). “An inferior good is one that consumers buy less of when their incomes go up and more of when their incomes go down” (Watson & Getz, 1981, p. 110). B. Explain the elasticity coefficient for each of three terms defined in part A The elasticity of demand includes three concepts for which coefficients are given- price elasticity, income elasticity and cross elasticity. The coefficient of price elasticity of demand ep = ?q/?p * p/q Where, p = Price of Commodity q = Quantity Demanded ?q = Change in Quantity Demanded ?p = Change in Price Thus it is the ratio of percentage change in quantity demanded to a change in its price. The coefficient of cross elasticity of demand, ec = ?qx/?py * py/qx Where, ?qx = Change in Quantity Demanded of Commodity X ?py = Change in Price of Commodity Y py = Price of Commodity Y qx = Quantity Demanded of X Thus cross price elasticity is the ratio of percentage change in demand of good X to a percentage change in price of good Y. The coefficient of income elasticity of demand, ei = ?Q/?M * M/Q Where, ?Q = Change in Quantity Demanded ?M = Change in Real Income Thus income elasticity is the percentage change in quantity demanded to a percentage change in real income of the customer. C. Contrast the terms you defined in part A Cross-elasticity of demand in the case of substitute goods is positive since when the price of a substitute good fall the demand for the commodity declines. On the other hand elasticity of complementary good is negative since when the price of a complement fall, the demand for the commodity rise along with its complement. The income elasticity is positive for normal goods and negative for inferior goods. Under price elasticity of demand price of the commodity demanded is taken as a criterion which determines the demand while in cross price elasticity the price of related commodity affects the demand for a commodity. Cross price elasticity is related to substitute and complementary goods. Income elasticity only considers the effect of changes in the real income of the customer on the commodity demanded. The coefficients of elastic, inelastic and unitary elastic demand are as follows: Elastic demand: ed > 1 Inelastic demand: ed < 1 Unitary elastic demand: ed = 1 1. Explain the significance of differences among the three terms you contrasted in part C The price elasticity of demand is based on the price of the commodity, while cross-elasticity is based on the price of related commodity and income elasticity is based on income of the consumer. The elasticity of demand is an important concept of economics which plays a major role is business as well as personal life. The price elasticity of demand helps the business people to analyze the effect of a rise or fall in the price of a commodity and to take effective measures to tackle the situation. The price elasticity of demand gives the producer an idea about the changes in demand and thereby to adjust the production and minimize loss. Cross price elasticity of demand helps the producer of substitute goods or complement goods to reduce or increase their production according to the changes in the price of related commodities. Income elasticity of demand which depends on the real income of the consumer has an indirect relation on the demand which is not so helpful for business class. D. Explain whether demand would tend to be more or less elastic for each of the following three determinants of elasticity demand: 1. Substitute availability: Demand would be more elastic 2. Share of consumer income devoted to a good: Demand would be more elastic 3. Consumer’s time horizon: Elasticity depends on time available to the consumer. E. Provide an example for each of the three determinants in part D Availability of substitutes: tea and coffee are close substitutes and when the price of any of the commodity, say tea, falls, the demand shifts from coffee to tea and thus it is more elastic. Share of consumer income devoted to a good: when the price of a commodity, say petrol for which consumer spends major share of his income, rise then the consumer’s income distribution will be disturbed as a rise in price of petrol will induce the consumer to allocate more income for the purchase of petrol. The reallocation of income will disturb the income allocated to other commodities which will lead to a decrease in the demand for those goods. If the consumer doest desire to reallocate the income share for commodities then he will have to cut short the consumption of petrol and there by reduces the demand. Considering a small fraction of consumer’s income devoted to a commodity like sugar, a rise in price will not affect the consumer badly. Consumer’s time horizon: Elasticity depends on time available to consumer. In short run, the demand would be less elastic to a change in price as the time available to consumer to reallocate the demand to substitute goods is limited. During long run when consumer gets enough time to reallocate their demand to related commodities and thus the demand in long run are more elastic. In the case of a hike in labor price, a consumer who has only short period to finish his work would not be able to reallocate his demand from labor to machine which is cheaper. But in the long run the customer has time to shift his demand from labor to machine and there by reduce cost. Here the demand is more elastic while in the earlier case demand is less elastic. 1. Explain the logical impacts to business decision making that result from each of the examples you provided in part E The availability of substitute may induce a tea producer to keep its price lower. In the case of goods like petrol and sugar the decision made by business varies. The price of petrol will be determined irrespective of the share of income devoted to the purchase of petrol as the demand for petrol is less elastic. In the case of sugar the price determined depends on the share of income devoted for its purchase as its demand is elastic. The time horizon plays a crucial role in the decision process of businesses. In the short run the business class has less to worry than in the long run. This is because in the short run the business people will be unable to find or arrange machines in the place of manual labour but in the long run this is possible. So this may impact the business in the practical world. F. Differentiate between perfectly inelastic demand and perfectly inelastic demand Perfectly inelastic demand: Demand is perfectly inelastic when a change in price does not affect the quantity demanded. Perfectly elastic demand: demand is perfectly elastic when a change in price leads to an infinite change in quantity demanded. 1. Illustrate the difference between the terms in part F with specific descriptions or Graphs G. Explain the relationship between elasticity of demand and total revenue for the following ranges along the demand curve, using the attached “graphs for elasticity of demand, total revenue”. Include the impacts to quantity demanded and total revenue when there is a price decrease, ceteris paribus 1. Elastic range 2. Inelastic range 3. Unit-elastic range 1. Elastic Range: When total revenue is increasing, demand is elastic. The elastic range occurs when the price increases from $ 0 to $ 50 and the quantity from 0 to 5 units. At the initial stage, a change in price leads to an increase in the revenue. At this stage elasticity of demand is greater than one. 2. Inelastic Range: When total revenue diminishes, demand is inelastic. Inelastic range occurs when the price falls from $ 50 to $ 0 and the quantity demanded increases from 5 units to 10 units. In this stage a change in price leads to a decrease in the revenue. Here the elasticity is less than one. 3. Unit- Elastic Range: When total revenue reaches maximum, demand is unit elastic. Unit elasticity is reached when the price is $ 50 and the quantity demanded is 5 units. At this stage the percentage change in price equals to the percentage change in quantity and the elasticity equals to zero. Unit elasticity occurs only when at the point where elasticity equals to one. Price Quantity Revenue (P*Q) % change in price % change in quantity Elasticity description $50 0 $0 0 0 0 0 40 1 40 22 200 9.09 Elastic 30 2 60 29 67 2.31 Elastic 20 3 60 40 40 1 Unit elastic 10 4 40 67 29 0.43 Inelastic 0 5 0 200 22 0.11 Inelastic Task 3: A. Define industrial (i.e., economic) regulation. Industrial regulation or economic regulations are laws or rules put forward by public authority or government for making effective intervention in the functions of private sector. 1. Explain why industrial regulation exists. Industrial regulation exists for regulating the private sector from disturbing the economy mainly through change in price, supply, production techniques, etc. and increases the efficiency in the resource allocation. 2. Explain how industrial regulation affects the market. Industrial regulation helps to reduce the monopoly risk in the market. It prevents exploitation of the local people. Through industrial regulation supply of goods and prices are regulated and thereby ensures economic stability. Explain the entities affected by industrial regulation in terms of market structure. The industrial regulation in terms of market structure had greater effect on monopoly entities. Monopolies are those entities that are price takers and the single producer of the commodity. The second form of market affected by industrial regulation is the oligopoly market which is a market with few sellers of a homogeneous product. Oligopolies are quantity setter. a. Explain why industrial regulation affects those entities you identified. Monopoly entities are most affected because they are characterized by the process of price making and individual decision about supply. The industrial regulation put regulations on their power to fix price and determine supply. The oligopolies are quantity setters and an industrial regulation will alter their power to determine supply. The oligopolies have the power to create a scarcity of product in the market during a price fall through the cutting down of the supply of products. This will result is a rise in the price of products. So indirectly the oligopolies have a role in setting the price of products. Industrial regulation will curtail this power of the oligopolies through regulations concerning the supply of the products. Define social regulation. Social regulation are a type of government regulation enacted for solving social problems like pollution, safety of products and workers, and discrimination in various fields. 1. Explain why social regulation exists. Social regulation exists for protecting public interest in relation to health, environment, safety, and social organization. 2. Explain the entities affected by social regulation. The big industries, food and beverages manufacturers, manufacturers of medical equipments and medicines and other big enterprises are affected by social regulation. a. Explain how the social regulation affects the entities you identified. The big industries cause a lot of pollution which make government to impose social regulation on them. For ensuring good health to the citizens, food and beverages manufacturers and medical manufacturers are brought under social regulation. The workers safety is ensured by social regulations through trade unions and other organization. These pose a threat to the smooth functioning of big enterprises. The high administrative and compliance cost of big industries is an effect of social regulation related to pollution control. The social regulation related to food and beverages lead to an increase in the cost of raw materials and of production. The safety of health is ensured through improving the quality of the products which include high quality raw materials and clean and safe production process. Social regulation to safe guard workers leads to an increase in the cost of the entrepreneurs. B. Define natural monopolies. “A natural monopoly is a monopoly that exists because the cost of producing the product (i.e., a good or a service) is lower due to economies of scale if there is just a single producer than if there are several competing producers” (Natural Monopoly Definition, 2005, para. 1). 1. Explain how natural monopolies are established. “Natural monopoly arises when there are very large "economies of scale" relative to the existing demand for the industry's product, so that the larger the quantity of the good a single factory produces, the cheaper the average costs per unit get -- right up to production at a level more than sufficient to supply the entire demand in the relevant market area” (Natural Monopoly, 1994, para. 1). 2. Explain the justification for natural monopolies according to economic theory. Public utilities such as power, water, telephone etc are generally natural monopolies and thus it is justified by economic theory. The services like power and water which are basic necessities of human beings are provided by government and here the government act as natural monopolies. The basic necessities are provided to consumers at cheaper rate by the government. If these services are provided by private sector then the cost of these commodities will raise which in turn will affect the customers. Hence for the benefit of consumers existence of natural monopolies is necessary and hence its existence is justified. 3. Provide an example to support your explanations. The electricity is a service provided by the government and in such cases natural monopolies cannot be avoided. C. Summarize the four major pieces of legislation collectively known as the Antitrust Laws. The antitrust laws were made to make business competition fair. The first law enacted was the Sherman Act, in 1890 followed by another two acts in 1914- the Federal Trade Commission Act and the Clayton Act of 1914 and the fourth law- the Robinson-Patman Act was passed in 1936. Sherman Act: the act passed in 1890 with the aim of curbing the concentration of power and thereby reducing economic competition and opening path to free trade. Federal Trade Commission Act: Act passed to prevent unfair competition methods and unfair or deceptive acts that may affect business commerce. Clayton Act: enacted to exempt unions from the scope of antitrust laws by refusing to treat human labor as a commodity or an article of commerce. Presently the law is used primarily to prohibit the suppression of free competition by making illegal four business practices: price discrimination, tying and exclusive dealing contracts, corporate mergers, and interlocking directorates. Robinson-Patman Act: the act passed to prohibit certain forms of price discrimination. D. Identify the three main regulatory commissions of industrial regulation. Federal Reserve, Securities and Exchange Commission and Federal Energy Regulatory Commission (FERC) are three major regulatory commissions of industrial regulation. 1. Explain how these regulatory commissions govern industrial regulation. Federal Reserve was set up in the year 1913 for the regulation of banking sector. Securities and Exchange Commission set up in 1934 is a commission for the regulating financial market activities in United States. FERC is a commission for the regulation of electricity sales between states, natural gas pricing, licensing of hydroelectricity, etc. E. Explain the major functions of the five primary federal regulatory commissions that govern social regulation. Social regulation seeks to promote the public interest in two ways: by prohibiting firms from producing products that are harmful to public interests such as health, safety, and the environment or by encouraging firms to produce products that are beneficial to these public interests. Consumer Product Safety Commission (CPSC): CPSC established in the year 1973 performs the function of ensuring the safety of most products and to protect the public from unreasonable risk of injury caused by consumer products; to assist consumers in comparing the safety of various items; to develop uniform safety standards; and to promote research about the causes and prevention of product-related deaths, illnesses, and injuries. Environmental Protection Agency (EPA): EPA which was established in the year 1970 is an independent regulatory agency which has the responsibility to protect the environment and to maintain it for future generations. Food and Drug Administration (FDA): FDA which is a US government agency is responsible for the protection and promotion of public health through the administration of federal food purity laws, testing of drugs and safety, and cosmetics. Occupational Safety and Health Administration (OSHA): OSHA is the main federal agency charged with the enforcement of safety and health legislation. It develops and enforces federal standards and regulations ensuring working conditions. Health Resources and Services Administration (HRSA): HRSA is an US federal agency set up for improving access to health care services for people who are uninsured, isolated or medically vulnerable. Task 4 A. Identify one country in Eastern Asia (e.g., Japan, China, North Korea, South Korea, Macau, Taiwan, or Mongolia) to be the focus of your essay. China is one of the developing countries of the world. China is the largest consumer of automobiles in the world and has the fastest growing automobile market. The situation in China is suitable and welcoming for an automobile industry. Since China possesses big industries of almost all products, it demands more heavy vehicles for the purpose of transporting raw materials and finished products. China promises good market conditions and opportunities for new and growing industries. The geographical feature of China is suitable for setting up heavy industries. The history reveals that China had a good stand in the global automobile industry. After Japan earthquake, the opportunities for the market of heavy industries had a manifold increase in China. The sales of vehicles in China are expected to increase in the coming years. The availability of cheap raw materials in China is another boosting factor for setting up any industry. B. Identify major cross-cultural issues that may impact Company As marketing approach in this situation. China which is a socialist country has an entirely different environment from that of United States which is a capitalist country. In US, regulations on private sector are meagre while in China government has strict control over private sector. The support given by the US government for industries are lesser since it is a developed economy. On the other hand, China which is a developing economy gives aid to the growing industries with the aim of expanding its economy. The major cross-cultural issues can be identified as 1) Chinese economy is a developing economy. On the other hand, that of US is a developed one. 2) China has a socialist set up while US is a capitalist economy. 3) The density of population is very high in China when compared to US. 4) The regional development in China is not as assuring when compared to US. 5) Availability of cheap raw materials is inviting than in US. 6) Large number of variety of industries is growing in China than in US. 1. Describe how the issues you identified may impact the approach Company A takes. Company A can gain from setting up an industry in China. Since it is a developing country, the Company A can easily find markets for its products. The Chinese government provides aid and support to the new industries which is a positive sign for the setting up of Company A in the country. But the restrictive policies of the government can be a hurdle for the development of the Company. The high population promises availability of cheap labour which can reduce the cost of Company A if it decides to set up a business in the country. The lesser development of regions contributes to the concentration of the industries in certain regions. So, Company A can face high competition in the country. If the Company A is setting up industry in China, the cost of production can be reduced as the country is abundant in resources. The demand for the Company A’s product can increase as the transportation of heavy raw materials and products of variety of industries need means of transportation. C. Explain how cross-cultural communication affects marketing strategies in the Eastern Asian country you identified in part A. The cross-cultural communication may influence the marketing strategies of the Company A as in today’s world the cross-cultural communication provides multinational companies new opportunities at international level. The cross-cultural communication conveys the importance of learning the culture of the host country because without knowing the values and ideologies of the people it would be difficult for the country to find market. The new culture would be a major threat for the company and so the Company A’s marketing strategy will be implemented by taking care of the culture of the country. In the process of establishing an industry in a new country with different culture, utmost care should be given while determining the marketing mix. The place to set up the industry should be selected by understanding the geographic situation of the country. The place where industry is to be set up should be advantageous to the native people of the country. The product to be produced should be determined by understanding the demand of the people. The product mix and thereby the price should be fixed based on the purchasing power of the people. For the purpose of determining marketing strategy the market culture of the country has to be deeply analyzed. 1. Provide examples that support your explanation. If the company launches a product, say toys, and sells it at a higher price due to high cost of production, then the demand for the product will be negative. This is because China is a country specialised in the production of toys at lower rates. D. Evaluate the impact of cross-cultural ethical differences in marketing strategies between the United States and the Eastern Asian country you identified in part A as Company A enters the Eastern Asian market. Cross-cultural differences between United States and China mainly exist in the system of laws, organizational culture, and codes of conduct and management systems. In US the business is based on contract and importance is given to the contents of the contract. China on the other hand gives importance to context in which the contract is made. Thus United States gives importance to business alone while china prices the relationship. United States make relation easily as they are ready to give up any time but Chinese take time to build relations as they consider it as for lifetime. So the marketing strategy of a US company in China will be impacted by the stiffness of the Chinese ideologies. The US Company will have to make close relation with the Chinese people and government for establishing a successful business. The culture of any country is shaped by the religion and beliefs there exist. US economy where Christianity dominates gives importance to individuals rather than family. While in China the religion is Buddhism and Taoism which gives importance to family rather than individuals. To set up a business in China, a US company have to learn the culture of the country. The marketing strategy of the company thus will be different in China than in US as the marketing strategy in US focussed individuals. In China the company have to give more importance to family and their values. Reference List Complements and Substitutes (transcript), (n.d). Living Economics. Retrieved Aug. 28, 2011, from http://livingeconomics.org/article.asp?docId=289 Depken, C. A. (2006). Microeconomics Demystified. McGraw-Hill Companies. Retrieved Aug. 28, 2011, from http://books.google.co.in/books?id=FPP06a_nALwC&pg=SA4-PA36&dq=elasticity+of+demand&hl=en&ei=hN5ZTvK3CNCtrAf_vrSdCw&sa=X&oi=book_result&ct=result&resnum=1&ved=0CC4Q6AEwADgK#v=onepage&q=elasticity%20of%20demand&f=false Dr. Johnson, P. M. (1994). Natural Monopoly. A Glossary of Political Economy Terms. Retrieved Aug. 23, 2011, from http://www.auburn.edu/~johnspm/gloss/natural_monopoly Lindeman, J. B. (n.d.). EZ-101 Microeconomics. 2nd Edn. University of Arkansas. Retrieved Aug. 23, 2011, from http://books.google.co.in/books?id=GwbNZCL46kMC&pg=PA54&dq=normal+goods+and+inferior+goods&hl=en&ei=RtRgTueUJ83QrQeinpES&sa=X&oi=book_result&ct=result&resnum=1&ved=0CCsQ6AEwAA#v=onepage&q=normal%20goods%20and%20inferior%20goods&f=false Mankiw, N. G. (2011). Principles of Economics. Cenage Learning. Retrieved Aug. 28, 2011, from http://books.google.co.in/books?id=nZE_wPg4Wi0C&pg=PA262&dq=Economics+profit&hl=en&ei=YNxZTsT5M86rrAf0qPSZCg&sa=X&oi=book_result&ct=result&resnum=2&ved=0CDMQ6AEwAQ#v=onepage&q=Economics%20profit&f=false Natural Monopoly Definition, (2005). The Linux Information Project. Retrieved Aug. 23, 2011, from http://www.linfo.org/natural_monopoly.html Siegel et al. (1998). Schaum’s Quick Guide to Business Formulas: 201 Decision-Making Tools for Business, Finance and Accounting Students. McGraw-Hill. Retrieved Aug. 28, 2011, from http://books.google.co.in/books?id=4JpojQPk8YsC&pg=PA188&dq=define+marginal+revenue&hl=en&ei=5dJZToLYK4jNrQewmKCOCw&sa=X&oi=book_result&ct=result&resnum=4&ved=0CDwQ6AEwAw#v=onepage&q&f=false Siddiqui, S. A. & Siddiqui, A. S. (2005). Managerial Economics and Financial Analysis. New Age International (P) Ltd, Publishers. New Delhi. Retrieved Aug. 23, 2011, from http://books.google.co.in/books?id=pylpBtkP3cAC&pg=PA52&dq=elasticity+of+demand+definition&hl=en&ei=bwhSTtaGHZDSrQeBjpmtAg&sa=X&oi=book_result&ct=result&resnum=1&ved=0CC8Q6AEwAA#v=onepage&q=elasticity%20of%20demand%20definition&f=false Taylor, J. B. & Weerapana, A. (2009). Principles of Micro Economics. Cenage Learning, Inc. Retrieved Aug. 28, 2011, from http://books.google.co.in/books?id=jlLSElECPLAC&pg=PA93&dq=elasticity+of+demand+definition&hl=en&ei=WehZTq-aIojJrQey9LGuDw&sa=X&oi=book_result&ct=result&resnum=3&ved=0CDsQ6AEwAjgo#v=onepage&q=elasticity%20of%20demand%20definition&f=false Watson, D. S & Getz, M. (1981). Price Theory and its Uses. Google Books. Retrieved Sep. 15, 2011, from http://books.google.co.in/books?id=OvsHD6XtT1MC&q=definition+of+inferior+good&dq=definition+of+inferior+good&hl=en&ei=1aJtTr-mMsyyrAfQ99G7BQ&sa=X&oi=book_result&ct=result&resnum=8&ved=0CFYQ6AEwBw Read More