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Elasticity Essay Topics & Paper Examples

Tensile Test

A tensile test was conducted on an Instron tensile machine using a 3/16 inch copper rod. Using data acquired stress and strain was calculated and plotted on Excel to analyze stress strain curve. Modulus of elasticity, 0.2% yield stress, ultimate tensile stress and % elongation were also calculated. Introduction A tension test is probably the most fundamental type of mechanical test you can perform on material. Tensile tests are simple, relatively inexpensive, and fully standardized. By pulling on something, you will very quickly determine how the material will react to forces being applied in tension. As the material is being pulled, you will find its strength along with how much it will elongate. During tensile testing the tensile load is…

Answers to Select End of Chapter Questions

16. Since we have the profits from all three scenarios we just to compare the present values of each scenario. We do not need to subtract anything from the present value since the costs have already been subtracted from profits. We can see that we have the highest present value of $290.87 when we use high advertising intensity. Therefore this is the recommended scenario. Q2. This question deals with margin analysis, we will look at incremental revenues and costs and see whether they are worth it. On the revenue side we have an increase on 9807700, however we also have incremental costs of television airtime, ad development and a loss of $6000000 in another division We can see that when…

The Questions Macroeconomics / Microeconomics

Homework Assignment #3 due by 11:59 PM on February 7 (100 points) Part 1: Answer the following multiple choice (MC) questions (you may highlight, bold, or enter a letter in the blank – 2 points each): 1. __D____ If the price of a sub sandwich increases by 2% and the quantity demanded falls by 5%, then there will be a. an increase in the price elasticity of demand. b. an increase in the price elasticity of supply . c. a shift in the demand curve. d. a decrease in revenue. 2.___A___If an increase in the price of a good leads to no change in the quantity demanded, then the demand for the good is a. perfectly inelastic b. perfectly elastic…

Article Analysis of Gasoline Consumption

Gasoline is one of the most demanded resources that Americans count on to get us from point A to point B in our vehicles, and it is also used to help us heat our homes. Ethanol with gasoline can be combined for a blended gasoline, which is better for some vehicles. The following information is from two articles appropriate for this topic. In the first article, “Trends in U.S. Gasoline and Ethanol Use, and Petroleum Production and Imports” by Dr. Robert Wisner, a Biofuels Economist with the Agricultural Marketing Resource Center, states that “Several decades ago, the U.S. was a net exporter of petroleum products. However, that picture has changed dramatically in recent years as gasoline consumption trended upward and…

Economics Assignment About Technology

During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use supply and demand diagrams, how the following markets are affected in terms of prices and quantities. a)Computers b)Computer software c)Typewriters a) DEMAND- Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship as showed on the graph below. Due to technological advance reducing the cost of computer chips, there is a downward shift on the demand curve. As there is price factor involved, there is a movement in the…

Supply and Demand

Various factors, including fluctuations such as increases or decreases in prices, can cause a change in supply and demand as well. This paper will attempt to discuss different economic principles and factors and how they are affected by change. In the current situation, GoodLife Management manages seven rental properties in the city of Atlantis, and over the course of 7 years has to be flexible with its pricing due to changes in demand. Economics is literally defined as “the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of society” (Colander, D.C., 2010). Simply put, economics focuses on three things: 1) what, and how much, to produce; 2) how to…

Demand and Supply Factor Affecting Revenue Generation

* Price elasticity of demand describes how much a change in price will affect the level of demand for a certain product or service. If a certain good or service has high price elasticity, demand will tend to fall quickly if the price of the good or service increases and demand will increase quickly if the price of the good or service falls. On the other hand, for goods and services with low price elasticity, an increase in price will cause a relatively small drop in demand and a price cut will result in a relatively small increase in demand. Elasticity of Demand and Total Revenue * The total revenue a business earns equals the total amount of goods and…

Microeconomics and the Laws of Supply and Demand

Macroeconomics focuses on the entire economy while micro economics studies the individual characteristics and peoples within the economy. Both the fourth and seventh scenarios in the simulation were examples of macroeconomics. They illustrated examples that display the economy as a whole. For example, the affected changes were caused by an increase in the population and a change in consumer demand. The first and second scenarios were examples of microeconomics as they illustrated actions and decisions of individuals and businesses. Whenever the managers created lower or higher price points for rentals they affected the supply and demand curves. As the summary at the end of the simulation states, “the supply and demand curve is not static; various factors cause them to…

Market Equilibration in the Oil Industry

An understanding of the ways market equilibrium is attained after changes occur is critical for decision makers within any business. The elements of supply and demand are important economic principles and understanding the determinants are part and parcel in everyday decisions in a business. The process of equilibration is the movement between two equilibrium points and happens when changes occur in supply or demand. This paper will look at equilibration and explain the process of movements that occurs due to the behaviors of both consumers and suppliers. For this assignment, we will look at movement in the Oil Industry over the past year. Supply and Demand Economics is the science behind how individuals, institutions, and society make the best choices…

Managerial Economics

1) The elasticity of one variable with respect to another between two given points. It is used when there is no general function to define the relationship of the two variables. Arc elasticity is also defined as the elasticity between two points on a curve. The P arc elasticity of Q is calculated as The percentage is calculated differently from the normal manner of percent change. This percent change uses the average (or midpoint) of the points, in lieu of the original point as the base. 2) Definition of ‘Law of Diminishing Marginal Returns’ A law of economics stating that, as the number of new employees increases, the marginal product of an additional employee will at some point be less…

SWOT Analysis and Tools

SWOT is analysis of company. It is opened as Strengths, Weakness, Opportunities and Treats. With this model you can analyze what can or cannot do the company, and also what are the potential opportunities and threats. This is environmental analysis, which include external and internal issues. As the pioneer of this analysis, and one of the first strategy theorists Ken Andrew was the first who analyzed the strategy with considering capabilities and resources with the external environment. For analyzing and strategizing we should consider the following points: As Strength and Weakness we should answer the question: what can we do? What resources and capabilities do we want to develop? What do we want to do? And what should we be…

Ethernet and Spanning Tree Protocol

After researching Cisco resilience solutions and HP IRF resilience solutions I have written this summary report to answer the following 3 questions as per assignment; QUESTION 1 – What are the three primary differences between Cisco layer 2 network resiliency and HP IRF resiliency? The first obvious difference is the protocols that they use. Cisco uses Spanning Tree Protocol (STP) while HP IRF uses the Link Aggregation Control Protocol. The second difference lies in the architecture being used. Cisco uses a mesh of network switches, linked to other switches in the aggregation layer, which in turn is linked to the core. This mesh type application of switches provides multiple paths for network traffic to flow. What this means is that…

Home Depot Business Proposal

Bernie Marcus and Arthur Blank founded Home Depot Corp in 1978 (The Home Depot, 2013). The business created strategic product analysis providing an assortment of items to consumers. From the beginning, workers have been able to deliver superior customer satisfaction in the business, helping consumers with jobs such as handling power tools, changing out parts on appliances, laying tile, etc. The Home Depot employees all underwent arduous training to familiarize each employee with products. In addition, the business began hosting workshops to teach consumers on how to do things themselves. Home Depot progressed into a globally known hardware retailer that has an inventory consisting of up to 40,000 various types of constructing and home improvement materials, supplies, outdoor, lawn and…

Price, Income and Cross Elasticity of Demand

Explain what is meant by the terms price elasticity, income elasticity and cross elasticity of demand and discuss the main determinants of each of these. Discuss the importance of each of these to the decision making process within a typical business. Elasticity is the responsiveness to which one variable responds to a change in another variable Price elasticity of demand (PED) measures the responsiveness of quantity demanded of a product to a change in its price. If a relatively small change in price leads to a relatively large change in demand, the product is said to be ‘elastic’. Whereas if quantity demanded is relatively unresponsive to a change in price the product is said to be ‘inelastic’. Price elasticity of…

Managerial Economics

Q.1.0) For each of the following events, assume that either the supply curve or the demand curve (not both shifted). Explain which curve shifted and indicate the direction of the shift. a.From 1950 to 1979 the wages paid to fruit pickers increased while the number of fruit pickers employed decreased. b.During the same period the price of radio sets declined, while the number of radio sets purchased increased. c.Housing prices are rising but more houses are sold. d.Australian Airlines reduces its average plane fare by 30 percent in order to attract more customers. Ans. a) In this case the number of the fruit pickers has decreased while the wages of the fruit pickers has increased. Thus, the demand has not…

Oligopoly (Economics)

1) Oligopoly is when a particular market is controlled by a small group of firms. For example supermarkets, there are three (there usually exist three companies) companies which dominate the market, Wong and Metro, Santa Isabel and Plaza Vea, and Tottus. The main assumptions that economists make when talking about a situation of Oligopoly are various; three or four large companies dominate the industry, but small companies do exist (smaller companies in the recent example would be for example “Arakaki”, a sole trader company); firms are interdependent, al will watch what the competitors do and act accordingly (when Wong created the “Bonus” card, it did not even passed a week when Santa Isabel created the “Más Más” card); the existence…

The factors, which affect demand

Demand is the quantity of goods or services consumers will buy at a particular price, at a particular time period. Market demand refers to the sum of individual demand for a good or service. It is assumed that the demand being represented is effective demand- the ability of consumers not just to want, but be able to buy the product. Quantity demanded is the inverse function of price, however there are other factors which influence the level of demand. Factors influencing individual demand differ from the factors influencing market demand. The price of other goods and services affects the demand for a product. If a product has close substitutes, then the responsiveness of demand to change in price is high….

The Importance For Price Elasticity of Demand

The Price Elasticity of Demand for goods indirectly dictates the function of today’s economy, it does this by using the wants and needs of the consumer and in-turn governs the prices for individual goods. Below, scenarios in which government or firm have to look at the PED are presented and how they react to create the best possible outcome they can achieve. Firms need to consider the elasticity of demand and, using this, determine the prices of a good; this is seen as a policy in firm’s cases. The firm needs to consider whether lowering the price will stimulate demand for the product, if so to what extent and whether the firm’s profits will also increase as a result. This…

Raise or Lower Tuition

If Nobody State University was to raise revenue, by increasing its tuition this wouldn’t increase the revenue instead it would cause the revenue to diminish. In case one of them was to increase the other one would most certainly decrease. Most certainly want result into additional revenue; Nobody State University then would have to decline many enrollments so their revenues would be increases. Nobody States University would more than likely want drop registration therefore fee of tuition most certainly be increased. The revenue wouldn’t decrease or stay the same it would probably raise for the reason that of the trade and manufacturing. Tuition in the earlier times have increase it haven’t remain the same or lesson in the midst of…

Principles of Economics

Suggest how an economist would approach the problem of alcohol abuse. Economics is about scarcity and choice. It is assumed that all human beings are rational thinkers hence would always choose to consume products that would give them maximum satisfaction or utility. Mankiw (2011, p. 6) argues that rational people ‘systematically and purposefully do the best to achieve objectives given available opportunity.’ Given a choice among alternatives and with scarce resources, one would evaluate the benefits and costs of consuming an extra unit of a product and would only take a decision only if marginal benefit is greater than marginal cost. In this case, to solve the alcohol abuse problem, one has to consider marginal benefits and marginal costs derived…

Minimum Wage Legistlation

What are your thoughts about minimum wage legislation? What kind of a price-control policy is this? Who gains? Who loses? Are there alternatives to this legislation for achieving the same policy objectives? What role do demand and supply elasticities play in determining outcomes? The purpose of minimum wage legislation is to make sure employers will not under pay its workers and ensure that workers are paid fairly I think it is good for the employees, however it can be a detriment as employers cannot afford to pay the minimum wage so they must hire less employees in order to satisfy the minimum wage requirement. Especially in today’s economy workers would accept jobs at rates below min wage, however employers cannot….

Demand Estimatio

Determine the implications for each of the computed elasticities for the business in terms of short-term and long-term pricing strategies. Provide a rationale in which you cite your results. Short term pricing strategies would be crucial in determining the elasticity or inelasticity of demand. In 2008, Pettinger stated that after a price change, demand is likely to be more inelastic in the short run. Customers who are used to purchasing a product will initially continue to purchase it out of habit (2014). If I were in a decision making position, I would lower prices to gain a higher market share and would then slowly increase it. Short term goals should be about gaining new customers and making sure that they…

Supply and Demand Simulation

The simulation of supply and demand for this assignment was using Atlantis apartment building rental showing a detailed analysis if how any changes to the rental availability can and will affect the manager decision on price and quality in the market. In this simulation you will see the analysis point out the effect of supply and demand and how it can and needs to reestablishment of price equilibrium. Comparing the real world scenario to any supply and demand it will reveal main details of microeconomics and macroeconomics equilibrium, supply and demand shifts, also it will show the effects of elasticity in business pricing strategies. Microeconomics There were a few microeconomics in the simulation. What microeconomics analyzes individual firm’s choices just…

Elastic and Inelastic Demand

I would say that when I think of a company that has inelastic demand on their products it would have to be Apple. Apple charges above average prices for their phones, computers and music players all with the marketing strategy of superior quality. When a company achieves inelastic demand it is because of two possible reasons. They have either developed highly differentiated products or brands or they have achieved a monopoly on a market or product category. (Tedesco, 2011) If you look at Apple they have a combination of both. You wouldn’t necessarily label Apple as a monopoly but they do possess a large amount of influence on how other tech companies develop their products. This is shown in various…

Business Economics

INTRODUCTION: Edgar wants to review the business of opening a new gas station. He must consider the costs of operating it and the possible revenues he can obtain. This will help to arrive at profits expected. A positive expected profit will imply a thumbs up to the new venture. RELEVANT INFORMATION: The article tells us the gas prices are expected to touch a high of $4. It also states that this high price has forced consumers to squeeze non-gas spending and even cut back on gas consumption. . ‘the hike at the pump is beginning to push drivers off the road’. So we have rising prices and declining consumption. This means lower expenditures by consumers that implies lower revenues for…

Demand difference/ focus of a business

Methods: cause, solution(s), ED ( Elasticity of Demand), challenges, effects. Cause The main cause would be origin, LUMOS is based in the UK, has an British founder and aims on the British public. However this does not mean that all the marketing they produce is reaching British people. Since the fund is all about helping children in poor European countries and not aimed to only help British people, they receive a high percentage contribution from other counties as well. Solution(s) More attention can be received by using J.K Rowling giving a message, I think LUMOS can use het in their advantage compared, especially to other non-profit organisation. The message will be received worldwide since her books are an universal best-…

Organisational Behaviour

Assignment title Similar Businesses in Different Worlds The main purpose of this assignment is to: describe the influence of two contrasting economic environments on business activities within Your chosen Business and describe how political, legal and social factors are impacting upon the business activities of the selected organisations and their stakeholders. Scenario The reporter at the business magazine you work for is really busy and he has asked youto write a series ofarticles completing the following five tasks. You should be able to produce the articles as required. Task1 –Every business is affected by the economic climate. You should include descriptions of at least two economic topics that affect your business organisation’s activities. This may include effects from the ‘Credit-crunch’…

Elasticity of Demand

Price elasticity of demand is the method used to quantify how reactive consumers will be to changing prices. It is calculated by dividing the percentage change in quantity of an item demanded by the percentage change in the item price. Elastic demand is when the percentage price increases results in a greater percentage decrease in demand or the reverse, when the percentage price decreases and results in a greater percentage increase in demand. Conversely, inelastic demand is when the percentage price increase results in a lesser percentage decrease in demand, or the percentage price decrease results in a lesser percentage increase in demand. On the other hand, unit elasticity is when the percentage increase or decrease in price results in…

Discuss the relative importance of physical and human factors in accounting for changes to vegetation over time within ecosystems in the British Isles

There are many factors that account for the changes to the vegetation over time within ecosystems in the British Isles, such as human activity, climate, soil, light availability and intensity and natural disasters. The characteristics of the vegetation that are influenced by these factors are height, distribution, variety of species, adaptations and density of the vegetation. Some of these factors have relatively little influence on the succession development, whereas others have a dramatic influence over a long period of time, such as human activity. These factors, over time, result in the progression of a succession until the climatic climax vegetation is reached. However, sometimes these factors can mean that a plagioclimax is reached, as they prevent the succession from progressing…

The impact of advertising

To what extent do promotional strategies in supermarkets affect the buying behaviour of students in Glasgow? Introduction With the rapid expansion of supermarkets, the competition within this industry has become more intense. In order to neutralise this competition, supermarkets nowadays have offered a series of promotional strategies to keep consumers’ interest and increase turnover (Keillo and David, 2007: 165; Sun, 2005: 430). Advertisements, sales promotions, personal selling and publicity are four general categories of promotional strategy (Peter and Olson, 2010: 414; Pilbeam et al., 2008: 54). However, since personal selling rarely exists in the supermarkets and it is difficult to measure the efficacy of publicity, in this literature review, only advertisement and sales promotions will be discussed. Current studies have…