1. Comment (including an economic perspective) on the old epigram/adage from nineteenth century Great Britain:
“Some men wrest a living from nature and with their hands; this is called work. Some men wrest a living from those who wrest a living from nature and with their hands; this is called trade. Some men wrest a living from those who wrest a living from those who wrest a living from nature and with their hands; this is called finance.”
2. A firm chooses capital K and labor L to maximize profit given by p=PQ ( K , L )- rK-wL, where P = price of output, Q = quantity output, r = rental rate of capital, and w = wage rate. Assume that the supplies of capital and labor are perfectly elastic.
(a) True/False/Uncertain The firm should hire workers until the marginal revenue product of labor is equal to the wage rate. (Please explain it)
(b) Explain intuitively (i.e., non-mathematically) why profit maximization requires that the marginal revenue product of labor be equated with the wage rate.
With reference to - "universe of warcraft", dissect the notoriety of enormously multiplayer online pretending amusements and the impacts of this gaming wonder in the Asian area, and how Asian culture and character has saturated into this gaming marvel. As computer games turn out to be more unpredictable, so too has the degree in which players have possessed the capacity to utilize the web to discover contenders, colleagues and groups for play. Obviously, web based gaming isn't another marvel; notwithstanding it is an ever-introduce subject of exchange. Enormously multiplayer online pretending recreations (mmorpg) specifically interface a large number of players progressively collaboration and correspondence. The asian locale is among those enchanted by the gaming marvel and subsequently, virtual diversion stages, for example, universe of warcraft have took into consideration the development of complex social structures, notoriety frameworks and even economies. Enormously multiplayer amusements give a three-dimensional condition to a large number of players to associate, cooperate and investigate. Enormously multiplayer online pretending amusements, normally alluded to as MMORPGs, give a remarkable stage to creating social cooperations on the Internet. MMORPGs take into consideration concurrent content based and graphical correspondence with others and give all around characterized structures that support an assortment of social collaborations. While a few types of Internet utilize support two-way correspondence, MMORPGs regularly require abnormal amounts of social cooperation and encourage the selection of new personas and styles of association. (reference) Universe of warcraft Since its discharge in 2004, the World of Warcraft has stayed a standout amongst the most well known universal videogames. As of December 2008, California-based gaming organization Blizzard Entertainment Inc. reported that participation for its honor winning MMORPG World of Warcraft had achieved 11.5 million worldwide and is proceeding to climb (Blizzard Entertainment, 2008). In Europe it has in excess of 2 million endorsers, in excess of 2.5 million in North America and around 5.5 million in Asia (Reference). With such astounding figures, it without a doubt realizes inquiries of what makes World of Warcraft so appealing and much of the time, so addictive. Individuals rush to these projects looking for asylum from the defective world around them. Multiplayer online pretending diversions offer a social property that numerous recreations do not have; the universes give one of a kind chances to make a whole virtual life, control your fate, charge groups, pick up power, status, and notoriety all without chance. Gamers can be anything they need to be without stress over the potential perpetual repercussions of their activities. Reasons for its fame http://www.journal.fibreculture.org/issue8/issue8_chan.html Impacts of WoW in Asian locale, compulsion Being that World of Warcraft is a standout amongst the most prevalent huge multiplayer online pretending diversions, it has drawn a particularly famous notoriety for habit. Yet, is this notoriety extremely merited? Young people are regularly encapsulated as the backbone of the gaming populace. However, even in this condition it gives the idea that MMORPGs are viewed as forbidden. Are these negative responses honestly in light of across the board issues that influence players or is this type of amusement play terribly overstated through exorbitant media scope and an absence of comprehension? To totally comprehend the conclusions drawn from gameplay, it is critical to understand the setting encompassing the run of the mill gaming background. This condition spins around the cliché - "gamer." Although around 15% of the MMRPG group of onlookers is contained females, it is a part to a great extent filled by guys. What happens is that gamers are regularly constrained into acting like addicts. Through unreasonable social weight, gaming is regularly escaped general visibility, family, and companions because of a paranoid fear of response. Frequently individuals feel humiliated when discussing gameplay with non-gamers or in an open domain. Playing turns into a blameworthy delight, just to be reveled to the degree that it may be satisfactory by others and to stow away played time that may be considered something else. These feelings and outer weights join to make the very undertone of habit, notwithstanding for players who are not fixated on the diversion by any means. Why, if such a large number of individuals display intrigued conduct in the diversion would they say they are so apprehensive of it? I think the appropriate response lies in the very solutions to their meetings: fixation. They feel drawn into the diversion. This drenching is especially critical in World of Warcraft on the grounds that, as Krzywinska has contended, the amusement's worldness is so far reaching. Her examination has concentrated intensely on the multifaceted nature of for all intents and purposes sensible universes. Individuals who don't play see the break that gamers find in the virtual world and understand that, truly, it is enjoyable. At that point there is a withdrawal, some snapshot of reality hits them or they briefly lose intrigue and end up resolved to refocus themselves on their past exercises. To finish their dismissal they include their negative conclusions, which drive the gamer to feel regretful for - "chilling" in the diversion world. This does not occur with TV or social video gaming - Mario Kart for instance - in light of the fact that individuals are communicating with each different instead of virtual players. In June 2005, it was accounted for that a tyke had kicked the bucket because of disregard by her World of Warcraft-dependent guardians in Korea (Gibson). Her folks had allowed her to sit unbothered while setting off to an Internet café to play. They were accused of her passing and comparative stories of extraordinary gaming showed up the world over. These instances of fixation, alongside developing participations, have incited similarly outrageous responses from associations and even governments. In August of 2005, the legislature of the People's Republic of China proposed new principles to control what they saw to be social and budgetary expenses expedited by the prevalence of internet recreations all in all. The measure authorizes a period restrain on China's evaluated aggregate of 20 million gamers (BBC News). Residents are permitted to play for five back to back hours previously their characters' capacities turned out to be extremely restricted; simply following a five hour break will the constraints be evacuated. Because of outrageous cases, for example, murder, disregard, and sudden demise, media scope has benefited from the world's freshest addictive pattern. It is valid, PC amusements, gigantic multiplayer online pretending diversions specifically, can cause certain levels of dependence. So can TV, brutal videogames, sex, medications, games, and work, yet these are not any more new, intriguing issues in the market. Contextual investigation of WoW in Singapore/Malaysia/China, how has it penetrated into Asian district, Players and Culture, Identity, Heaven Crashed: Rethinking of MMORGs and Other Virtual Worlds. An Introduction Robert Alan Brookey Critical Studies in Media Communication, Volume 26, Issue 2 June 2009 , pages 101 - 103 There is a solid propensity among numerous researchers of the internet to offer it up as another perfect world. Online people group have frequently been commended as spaces that take into account an unbound human affair, spaces in which people can frame personalities and convey what needs be without the limitations found in the - "genuine." With the development and developing ubiquity of huge multiplayer online pretending amusements (MMORPGs), this festival appears to have developed in force. We are here to drop in on the gathering. This unique issue is an accumulation of articles that test the suppositions about the positive capability of the internet. In the main article, David Gunkel and Ann Hetzel Gunkel talk about the idea of the body in virtual space, and fundamentally look at how this space is regularly offered as a - "new boondocks." They contend that the utilization of this illustration to conceptualize the internet conveys dangers. All the more particularly, they caution in the event that we don't recollect the history related with that term, we may rehash the missteps that happened when White Europeans settled the American outskirts. All things considered, the internet is frequently respected with a similar hopefulness of chance that was once held for the New World. However, as we as a whole know, this place that is known for new chances at life was not opened to everybody equalitibly. For instance, while racial minorities gave work to open up the American boondocks, they didn't generally appreciate the full financial advantages of their work. >GET ANSWER