Water parks

There are two time scales in economics the short and the long run. During the long run, all things are changeable. During the short run however, the majority of things are fixed. The only thing that is easy to change in the short run is labor. Labor is the human capital that a firm hires. Companies can easily decide to cut or reduce hours as a short term solution to decreasing profits. The quantity of labor directly effects output; so, a reduction in labor will reduce output and labor expenses. During the long run, all variable expenses and some fixed expenses are changeable. Variable expenses are things like quantity of labor, miscellaneous expenses, and bonuses. Fixed expenses are things like rent expense. The only fixed expense that I can think of changeing in the long run is the cost of resources because once contracts expire you can renegotiate them. Some companies decide to temporally shut down to eliminate variable cost.  Sever local water parks practice season shut down.  Islands of adventures,  Rec center water parks, and Wet and Wild all shout down for at least four months of the year. The parks shutdown during the winter and some parts of spring and fall.  

Marginal utility

Marginal utility is measured by the benefit you receive from something. The laws of economics states to receive maximum benefit you must use all your funds to purchase things that give you utility. Utility as a unit of measurement is lofty to me because utility varies from person to person. For instance, the amount of utility I receive from a pedicure is not the same utility my best friend receives. I personally would purchase a pedicure after a stressful week; whereas, my friend would prefer to spend the same amount of money on a few drinks with friends.  Because of the wide variation, I don’t understand how someone could confidently say anything about studying or stating marginal utility of more than just one individual.

USF research

Externalities are the external cost from the producer or buyer cost that is paid or received by an outside party. Externalities can be positive or negative.  There are two types of positive externalities network and knowledge spill over externalities.  The majority of knowledge spill over comes for college and university studies that are sponsored by the government. USF a local university has mad many advances and studies that have been beneficial to society as a whole. For example, USF has and extensive oceanography program that receives funding from government. After the oil spill, several test were done by USF to attempt to determine the effect of the oil. USF is also trying to develop more accurate systems to predict where and how oil will spread. Currently, USF oceanography department is working on creating a 4-D remote sensing system that would incorporate satellite imagery to help not only determined oil directions but hurricane and incursion. The development of this product would be beneficial to society as a whole. USF has received a grant of 400,000 to investigate the damage to fish from the oil spill

Eminent Domain

 The law of Eminent domain allows for the governments at any level to seize your property if it is for the public good. Eminent domain is part of the second amendment. For several years many governments have come under scrutiny for some questionable reasoning of invoking the law. Government has been accused of invoking eminent domain for the benefit of private companies that can not come to an agreement with the property owner or refuses to negotiate with them. Allentown, PA has a current eminent domain issue going on. The city of Allentown city council has decided that Allentown wants a new arena for the local hockey team. The location of the proposed stadium will require hundreds of businesses to relocate. Before any negotiations were started with the owners of the business in the new arena location, the city counsel voted to invoke eminent domain.  (http://www.castlecoalition.org/castlewatch). Vista, CA city counsel is currently in negotiations with a private company to sale government owned land for a housing a retail development. Vista-based RA&B Development LLC the private company developing the project also has request for the city to invoke eminent domain on a few private owner who refuse to sale. William Rawlings, the city's redevelopment director was quoted saying in reference to the RA&B “It's on my list of priorities.”He also stated “Theoretically, we might use eminent domain there.” (http://www.signonsandiego.com)