Indicate on your diagram and then calculate the $value of net social surplus consumers and producers surplus at the market equilibrium.
What factors impact the demand for self-publishing business in t Show more ********* Questions ********** a) What factors impact the demand for self-publishing business in this article? b) What supply factors are at work in this self-publishing business? c) If one of your friends wants to be a self-published author for the next ten years (not just the next two years) what advice will you give to him/her and help him/her succeed in the business? ************** Suppose the supply and demand curves for milk in Edgewater are described by the following equations (where Q is measured in gallons and P is price per gallon): Demand: Q D =30-3P Supply: Q S =-4.5+5P a) Graph the demand and supply curves (remember to label everything in your graph including endpoints of demand and supply). b) Indicate on your diagram and then calculate the $value of net social surplus consumers and producers surplus at the market equilibrium. c) Suppose James F. Delaney the mayor of Edgewater gets the local government to enact a milk floor of $5 a gallon in the Edgewater milk market. Indicate the impact of this law on your diagram and briefly discuss. Calculate any shortage/surplus due to the policy. d) Assume that milk suppliers are savvy and they only supply the amount of milk that can be traded with demanders at the controlled price. Given this indicate on your diagram and then calculate the $value of dead weight loss to society due to this policy if there is any. e) Considering demanders and suppliers in this market who wins and who loses as a consequence of this policy? Briefly defend your position using the concepts of consumers and producers surplus. Fast-Paced Best Seller: Author Russell Blake Thrives on Volumes With 25 Books in 30 Months Self-Published Writer Plots Success By ALEXANDRA ALTER Dateline: The Wall Street Journal Jan 7 2014 Yoon Kimn wishes Russell Blake wouldnt write so much. Ms. Kimn a 46-year-old IT consultant who lives in Coram N.Y. is addicted to Mr. Blakes fast-paced mysteries and conspiracy thrillers. In the past two years she has torn through all 25 of his books. But it is hard to keep up. Mr. Blake has been publishing a new novel roughly every five weeks. In December he released two new books: a hard-boiled noir detective novel starring a struggling Hollywood private investigator and a thriller about an ex-Mossad agent on the run. I wish he would slow down says Ms. Kimn who says Mr. Blakes frenetic publishing schedule leaves her little time to read other authors. I have so many other books I want to read. Some novelists are obsessed by plot pacing and character development others by a literary turn of phrase. For Mr. Blake it is about speed and volume. Mr. Blake who self-publishes his books has released 25 books in the last 30 months. He wrote one of his best-selling books the 229-page thriller JET in just 16 days. He churns out 7000 to 10000 words a day and often works from eight in the morning until midnight. He spends many of those hours on a treadmill desk clocking eight to 10 miles. Being an author is like being a shark you have to keep swimming or you die he says. People dont want to wait a year and a half for the next book in the series they want instant gratification. The hours and miles are paying off. Mr. Blake discovered that one way to sell a lot of books is to write a lot of books. He says he has sold more than 435000 copies of his books at around $5 to $6 each and under Amazons self-publishing program he keeps 70%. He signed a deal to co-write thrillers with the blockbuster novelist Clive Cussler. Their first book a collaboration that will be published under both authors names is due out this fall. Mr. Cusslers agent Peter Lampack said he was impressed by the narrative flow and dense action in Mr. Blakes books. Author Craig Osso writes thrillers under the pen name Russell Blake. Russell Blake The author has released 25 books in the last 30 months. Russell Blake Mr. Osso started writing 10 years ago when he was newly retired and feeling restless. Russell Blake Self-publishing has become a booming sector of the book business thanks in part to prolific authors. Bowker a publishing research firm tracked 391000 self-published titles in 2012 up from 51237 in 2006. In 2013 self-published books accounted for 32% of the 100 top selling e-books on Amazon each week on average. Some self-published authors produce more books a year than many established writers put out in a lifetime. Jon Hargrove who self-publishes vampire novels and mysteries under the pen name J.R. Rain released 18 books in 2013 including eight that he co-wrote with other credited authors. Melissa Foster a 47-year-old mother of six who lives in Maryland self-published 11 novels in 2013 mostly romances and says she has sold more than 400000 copies. Ms. Foster credits Mr. Blake with goading her to write faster. Just the massive amount of work he has out there has really spurred his success she says. Craig Osso Russell Blake is actually the pen name of Craig Osso a 52-year-old retired home developer who lives in Baja Mexico. He was a late literary bloomer. He started writing 10 years ago when he was newly retired and feeling restless. Theres only so much tequila you can drink he says. He wrote a thriller decided it wasnt good and deleted it. He wrote four more and tossed them too. He tried to find a publisher for his sixth novel but no one wanted it. Then 2.5 years ago he decided to try self-publishing. Amazon was offering authors royalties of 70% far more than traditional publishers who typically give authors 15%. Mr. Osso put out his first book a financial thriller titled Fatal Exchange under the pen name Russell Blake in June 2011 through Amazons Kindle Direct Publishing program. It didnt go so well. The first month he made just $18. Over the next few months he wrote seven more books including The Geronimo Breach a globe-spanning thriller about a shifty diplomat; King of Swords which featured a brutal henchman planning a mass murder of world leaders at the G-20 Summit; and The Delphi Chronicle about a New York private investigator who accidentally becomes the keeper of a secret manuscript. I kept writing as though there was tremendous demand he says. Thats the helpful part of being delusional. His first 10 books barely sold. Mr. Osso was losing money spending $1500 per book to pay editors proofreaders and graphic designers who created cover images for his digital books and paperbacks. Then he began experimenting with different marketing tactics. He made the first book in his series free in hopes of hooking readers. Sales began to pick up. He realized he could take advantage of Amazons algorithm for its new releases category where readers tend to browse by putting out a book roughly every 30 days. Each time he put out a new release his backlist sales would surge. He is currently ranked No. 6 on Amazons list of top-selling action and adventure writers behind Mr. Cussler Tom Clancy and Dan Brown. Amazon doesnt publicly release specific sales figures. Now he has to keep pace with readers expectations. He is at his keyboard every morning by 8 a.m. after eating a breakfast bar and drinking some decaf coffee. (Imagine me on caffeine he says.) When his legs start to go numb he switches to his treadmill desk and walks for an hour or so while typing. They say the knees are the first to go Mr. Osso says. Its not the knees its your wrists. To ward off the sloppiness that inevitably comes with such speed Mr. Osso pays two editors and a proofreader to comb through his books for errors and typos. His content editor Dorothy Zemach a freelance editor who used to work for Cambridge University Press says it can be taxing to keep up. There are evenings when my husband says Dont check your email there will be another book from Russell she says. Mr. Osso says he aims to slow down soon. But he keeps getting bombarded by ideas. He plans to move into the romance genre next. He has become a self-styled guru to aspiring writers and occasionally dispenses creative advice on his blog. He says there is no secret to his productivity. Theres no magic he says. You just have to be sort of insane. Show less
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