Managerial Economics

Managerial Economics

Managerial Economics

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The impact of Covid-19 restrictions on tourism

With so many confirmed cases of COVID 19 around the world, the coronavirus epidemic has affected almost every industry worldwide this year. Currently, with the assertion of COVID-19 as a tragedy by the World Health Organization on March 11, there has been so much effort to avert the spread of the infection, which has signified the annulment of numerous happenings, including festivals, sporting games, and movies. The Ireland professional golfers’ association is aware that the golf clubs use several business models in line to provide their services effectively. Majorly all golf club in Ireland is at present affected by commerce disruption as a result of the COVID-19 crisis, whereas government support and advice were evolving almost daily. 

Golf tourism was giving out in €270m yearly to the Ireland economy in the years before COVID 19. This pandemic is an unprecedented and unexpected disaster for our business. Tourism is an important sector in the Ireland economy. It will be essential for me as an individual who has been appointed to do consultancy work for a large golfing resort to keenly provide some lucidity to this club on what the government support is presently available under a number of scenarios. According to the golf association, the revenues have collapsed by approximately 97 per cent, whereas 2021 could be down 80 per cent on the previous year, placing the feasibility of the whole sector at risk. The pandemic is mainly a comprehensive wipeout. It’s not only the virus, but also the travel restrictions too that hinders the tourists. This section focuses on the economic effect of tourism on how demand and supply have been impacted this year by the halt of tourism, in the short and medium-term. This paper section concludes with policy implications. 

The tourism economy in Ireland has been seriously smashed by the coronavirus (COVID-19) crisis, and actions put into practice to contain its spread. Depending on the period of the pandemic, reviewed circumstances show that the potential risk could range between 50%-70% declines in the American tourist economy in 2020 (Bowes et al., 2020). Nearly every golf Club in Ireland is currently impacted by the business disruptions due to this crisis emergency, while administration guidance and sustenance is evolving nearly every day. The COVID-19 epidemic had an unexpected and extensive impact on the tourism sector, for instance, the Golf resort club. The international wellbeing crisis and the hesitantly subsequent from it deeply affected the Golf operations along with individuals, both independent and employed across the sector.

The majority of the Golf did not surprisingly report the risk of closing permanently within three months, stressing on the requirement for quick governments actions to provide help. Ireland is in the phase of fighting the virus while at the same time managing the re-opening of the tourism economy. It is a challenging and complex responsibility, and reckoning the impact on the tourism economy is hard.

The Golf resort needs to put effective measures to deal with falling revenues. Considering ahead, the actions put into practice ahead will shape the tourism of tomorrow (Nhamo et al., 2020). The administration requires to by now deliberate the longer-term insinuations of the pandemic, while remaining ahead of the digital curve, backing up the low carbon changeover, and supporting the organizational change required to create a resilient, more sustainable and stronger golf tourism economy. The emergency is a chance to rethink tourism for the coming days.

The Fall in Demand for Oil

Oil is a vital resource in the entire globe. Individuals use oil in different ways. The universe has used oil for many years, and it will still continue to use it as a basic product. Its usage can be traced back to then in the 1850s. Though, when Edwin Drake manufactured commercially functional amounts of crude oil from a 69-foot well in Pennsylvania in 1859, he made a new era that deliberated oil as a cherished and valued commodity. Oil prices have been varying and changeable since 1859. The findings of additional wells significantly reduced oil costs and made many oil barons abandon the business. Nevertheless, oil costs have augmented over time because of different factors.

The fall in demand in oil usage in March and April generated a sharp reduction in oil charges. In response, several oil manufacturers reduced production. The virus has had a bigger consequence on the oil demand in a manner that after its occurrence, energy prices have seen a fractional retrieval driven by crude oil charges. The recent drop in oil demand and prices has been a result of a number of factors: weakening global demand, the unwinding of some geopolitical risks, several years of upward surprises in the production of unconventional oil, and a significant shift in OPEC policy.

One of the factors that benefit from lower prices is those that are reliant on consumer expenditure. When patrons spend less on oil, they have more non-refundable income for other purchases. The cost of oil has become negative for the first time in history. That denotes that oil producers compensate consumers for taking the resource off their hands over worries that storing volume may perhaps run out in May. Demand for oil has all but become more reduced as lockdowns across the universe have kept individuals inside.

The cost of oil impacts the price of other manufacturing and production across the nation of Ireland. A fall in fuel costs signifies reduced conveyance prices and low-priced carrier tickets. COVID 19 travel restrictions have resulted in an unprecedented fall in demand for oil, according to the World Bank. Costs have dropped abruptly, and below zilch in several cases. With a lot of the world shut down as a result of the coronavirus crisis, the outcomes for supplies have been dramatic. Another factor that causes a drop in oil demand and supply is natural disasters. Such disasters may include flooding and Katrina hurricanes. From a global outlook, political uncertainty in the Middle East results to oil values to fluctuate, as the area accounts for the larger share of the world oil supply. On the other hand, production expenses affect costs, together with storage capacity; even though less impactful, the course of interest rates can also impact the price of supplies.

This the occurrence of COVID 19, causing the economic slowdown, including oil dropping, it is essential to recommend an oil production reduction to sustain reduced demand. The cut would favor US shale manufacturers whose product development has moved oil movements and debilitated the comparative position of both Russia1 and OPEC. It is also essential to gain markets by giving discounts to customers in the Americas, Northern Europe, and Asia. It is also significant for the company to add barrels per day to its production over the approaching months. Oil majors that function across the whole value chain can hedgerow against several of the reduction in upstream returns with augmented margins in purifying and downstream retail corporate. In addition, corporations with trading supports, such as Shell and BP, can discover additional advantages in market instability.

Stopping Teenage drinking

Underage alcohol consumption has become one of the greatest social issues among young individuals in Ireland nowadays. Even though more than half of young adults drink on a regular basis, the main concern is that they are not conscious of how dangerous alcohol can be. The truth is that liquor is normally the reason for a lot of problems among these youngsters. In other words, it ruins lots of young individual’s lives and is currently one of the most serious problems and difficulties the underage generation goes through.

            Consuming alcohol and driving is one big issue normally connected with underage or teenage drinking. Deadly alcohol linked crashes make up 25% of the crashes involved among young drivers. Alcohol decreases the ability to concentrate, dampens parts of the brain that are vital to decision making, and reduces the response time behind the wheel. Those drunken teenagers are treacherous on the road and can simply hurt someone innocent or themselves. Something big requires to be put into practice, or this risky tendency will continue to harm several individuals in the forthcoming days.

             Another concern with underage alcohol consumption is the reality that they lose control of their actions. These drink regularly consequences in youngsters engaging in risky sexual behavior. Unplanned pregnancies, sexually transmitted diseases, raping, and HIV infections very commonly connected back to when they had been taking alcohol. These underage individuals lose judgment and a lot of times take part in things they would not do if they had not drunk. Losing judgments outcomes in various actions that are regretted, and as a result, they then comprehend that they could have been circumvented.

             Consuming alcohol is tremendously damaging to someone’s body, particularly to an underage. It has a negative impact on almost every organ system, either indirectly or directly. Inopportunely, alcohol drinkers usually do not reason about what types of consequence alcohol will have on them when they become older; so a lot of underage ends up learning the difficult way. Underage or teenagers that abuse alcohol regularly develop problems with their stomach, liver, mouth, heart, and throat.  

Options to deal with the issue of underage alcohol consumption may have impacts on governmental objectives and other unintended consequences. Among conceivable interventions projected to lessen alcohol consumption among the underage drinking in Ireland is alcohol price control which includes restriction or bans on discount sales, the use of price promotions, flat rates for unlimited drinking, and sales below cost. Findings confirm that pricing has the downwards sloping demand curve. As the cost of the alcohol rises, the quantity demanded of the alcohol falls. Policies that increase the costs of alcoholic drinks can be operational in decreasing the economic, health, and social outcomes resulting from alcohol usage and abuse among underage individuals.

Increase in alcoholic drinks price and taxes leads to significant diminutions in alcohol drinking among the underage. As a result, the government will generate substantial new tax revenue. Alternatively, rising alcohol taxes can negatively impact or be harmful to some alcohol businesses and also impact to rising of the number joblessness (Sunday et al., 2019). Alcohol may perhaps be taxed centered on its value, or capacity of pure alcohol, for instance through an excise. One likely strategy response to the problem of diet-related sickness is non-alcoholic drinks taxes and subsidies. However, the net wellbeing gains of these methods are indeterminate because of substitution effects between foods. A subsidy on non-alcoholic drink will reduce alcoholic drink consumption. An education policy via advertising and school visits to spread the word on the damage of excessive alcohol use could manage the problem of underage drinking of alcohol in Ireland. A school is a significant setting for interventions intended to prevent alcohol usage and abuse among the underage. Most of the school interventions attempt to lessen risk issues for alcohol use among the underage.

Reference

Bowes, A., Lomax, L., & Piasecki, J. (2020). The impact of the COVID-19 lockdown on elite sportswomen. Managing Sport and Leisure, 1-17.

https://doi.org/10.1080/23750472.2020.1825988

Harding, F. M., Hingson, R. W., Klitzner, M., Mosher, J. F., Brown, J., Vincent, R. M., … & Cannon, C. L. (2016). Underage drinking: a review of trends and prevention strategies. American journal of preventive medicine, 51(4), S148-S157.https://doi.org/10.1016/j.amepre.2016.05.020

Khan, M. I. (2017). Falling oil prices: Causes, consequences and policy implications. Journal of Petroleum Science and Engineering, 149, 409-427.

https://doi.org/10.1016/j.petrol.2016.10.048 Nhamo, G., Dube, K., & Chikodzi, D. (2020). Impact of COVID-19 on the Global Sporting Industry and Related Tourism. In Counting the Cost of COVID-19 on the Global Tourism Industry (pp. 225-249). Springer, Cham

https://doi.org/10.1007/978-3-030-56231-1_10

Sunday, S., Keogan, S., Hanafin, J., & Clancy, L. ESPAD 2019: European Schools Project on Alcohol and Other Drugs in Ireland.

Posted in Uncategorized

Managerial Economics

Managerial Economics

Eco 500: Managerial Economics
17 TW 3
Southern New Hampshire University, College of Continuing Education
Submitted to Professor Dr. Claire Starry
Sharon Wright
March 5, 2017
Instructors comments
page 5
Claire Starry:
or by creating barriers to entry, which was the way in which Microsoft was able to protect its OS business. Because of difficulties transferring programs and files across operating systems (at that time) it was harder for a new operating system provider to enter the market and compete with Microsoft.
Page 6
Claire Starry:
Source: Chart copied from …. be sure to correctly cite anything you copy into your paper. Otherwise, you are plagiarizing and taking credit for someone else’s work.
Page 8
Claire Starry:
not at that time. Google was not around or just in its infancy.
Claire Starry:
or the way Microsoft generates revenues. For example, what has happened to the distribution of revenues from various parts of its business? How was that beginning to change around 2000?

Page 10
Claire Starry:
you should have longer term trends. There is little change over a one year period. If you want to show this information, you should just show annual totals.
Claire Starry:
include source information, find data closer to the time of the case study.
11/12
Claire Starry:
source of data to create table.
Claire Starry:
source of data.
Page 13
Claire Starry:
where did you copy this chart from? You are plagiarizing–which can result in a zero on your assignment.
Claire Starry:
this is about 15 years after the time of the case study. What is your recommendation for what Microsoft should have done in the late 1990s?
page 14
Claire Starry:
where does Microsoft’s competitive or comparative advantage lie? Is its stronger in applications oriented toward businesses rather than consumers, while Apple products tend to appeal to consumers? How can Microsoft use its competitive advantage when evaluating investment opportunities?
Claire Starry:
this is today, not the version available in the late 1990s.
Claire Starry:
this is a good point. However, when considering Microsoft’s situation in the late 1990s, was it as evident that the company had a stronger competitive position in the business sector versus the home and personal use sector?
Claire Starry:
evaluate the operating systems of 1995 to 2000.

http://www.webopedia.com/DidYouKnow/Hardware_Software/history_of_microsoft_windows_operating_system.html

What was Microsoft doing to improve its competitiveness in this and other business areas? What new business areas was it developing?
Page 16
is this today’s set of goals of the ones that existed in 1995-2000
Claire Starry:
Apple has a different target market and product mix. It has emphasized production of products, such as computers, smart phones, tablets, etc., while Microsoft was focused on software with less emphasis on hardware.
page 17
Sharon,
I made comments on your paper.
You address many of the issues that Microsoft current faces and its current goals and product development. Unfortunately, this is not what is asked for in the assignment. You are asked to put yourself in the place of an economic advisor in the 1995 to 2000 period and develop recommendations for Microsoft. What was happening to the tech industry at that time and how was it affecting Microsoft at that time?

Introduction
Microsoft represents one of the largest suppliers of hardware and software produced from 1975-2012. Keeping market share with increased technology will continue to create an advantage. (Statcounter, 2017). The mission statement for Microsoft intends to enable people and businesses throughout the world to realize their full potential. The company considers its mission statement as a commitment to its customers. Microsoft represents one of the industry leaders in accessibility innovation and in building products that are safer and easier to use. The company also has a notable vision in which it relies to deliver its results to the customers. Accessible technology eliminates barriers for people and business. It seems convenient to make an economic analysis about the main brands produced by the Microsoft and how the company faces some challenges in the consumer electronics industry. Most importantly, it may seem appropriate for individuals to understand some of the recommendations that the company may implement in realizing its objectives as a multinational corporation.
The internet has made the information and intellectual property at the forefront of any company that is evolving within this industry. Information and communication will create a different economy which is based on the internet. Privatization of the internet is changing the way that commerce will be directed through regulation and globalization. It seems important for persons to understand some of the recommendations to realize the objectives as a multinational company.

Milestone One
Critical Element 1: Identification of the Issue
Apparently, Microsoft used its size and position to disadvantage of the competitor companies and maintains their low position in the market. Notably, during the time of its establishment in the consumer electronics industry, the internet browsers wars began. (Naughton, 2005). An internet browser represents software that makes it possible to access the web or internet. The way that they work is that they use a code; Java stands as an example of that code that tells the computer how to view the information, this interface then allows the web pages to be displayed on the computer. (Grauschopf, 2016) Netscape browser is one of the first browsers that allowed access to the web for most consumers. Indeed, when Netscape began, there existed no other competitor in the market at the time, and they had a 90% share of that market. It was new technology and it has changed the way in which the world now has access to the internet.
Interestingly, Microsoft responded with the creation of Internet Explorer. Netscape then offered the browser at no cost, which was essentially offering the code to the public without cost. This browser was able to run on many different platforms or operating systems. Internet explorer from Microsoft then bundled the browser with the software or operating system. (Palmer, 2009). Microsoft wanted to create and keep the market shares and revenue from being split among different competitors. Surprisingly, by offering the browser, which was embedded in the operating system allowed Microsoft to have an advantage, as they were the largest producer of computers. Technical advances will also create an advantage with the software they produce. Microsoft must keep ahead of these technology curves.
Microsoft has a problem associated with the barrier of entry into the electronics market. Such a situation provided Microsoft with an unfair advantage with the software and operating systems. The issue states that the windows system contains far too many different applications that would impose an unfair advantage to enter the market. Different companies wouldn’t have the opportunity to enter this software market with Microsoft. Other companies would not have compatible programs that would be similar to those from Microsoft. In order to enter the browser market on a comparable level would be unattainable.
Undoubtedly, one of the strategies that can be used to create a monopoly is the creation of a systematic way to limit competition or create ways to limit competition which they then can create a marketing and pricing strategy (Naughton, 2005). Again, by the development of Internet browsers, which act as the means to access the internet or the World Wide Web, Microsoft could lose its hold on the market.
In the mid twentieth century, there only existed a few operating systems in the world. As a matter of fact, there only existed a few operating systems that could serve the customers who use the available web browsers. The early operating systems could not enable customers to access the internet without the utilization of file systems. In this case, the operating systems could only understand the basic computer operations. The users of such web browsers could only access the internet by bookmarking popular directory pages. With time, Microsoft came into the market and rejuvenated the trend in establishing more robust operating systems.
In 1983, Microsoft announced Windows as the new operating system that would shape the trends in the market. Many customers realized the unique features of the product hence shifting their attention from other competitors who produced operating systems for the various computer machines. Apple, represented the only competing product in the market that went against Microsoft’s Windows. Apparently, with the changes in time, the product line transformed from a very simple interface which used separate codes. Microsoft wanted to compete with Apple and secure its position as the leading producer of functional operating systems in the United States and global market.
Chart 1