Elasticity Essay Topics

Ib Economics Commentary 1 – Microeconomics

Rebecca Bundhun, (October 19, 2012) Cost of summer getaways hit as air ticket prices rise, The National, http://www.thenational.ae/thenationalconversation/industry-insights/tourism/cost-of-summer-getaways-hit-as-air-ticket-prices-rise The cost of an airline ticket can fluctuate tremendously based on a number of factors. The goal of airlines is to maximize their capacity by having the greatest number of passengers on all trips. This may however… View Article

Price Elasticity of Demand

Suppose the price of apples rises from $3.50 a pound to $4.00 and your consumption of apples drops from 30 pounds of apples a month to 20 pounds of apples. Calculate your price elasticity of demand of apples. What can you say about your price elasticity of demand of apples? Is it Elastic, Inelastic, or… View Article

Price Elasticity or Demand & Marginal Utility

Part A             Based on its definition, the major determinants of price elasticity of demand would be the percentage change of quantity demanded and prices of the goods and services. We can say that a certain good is an elastic or inelastic good based on the above identified determinants of price elasticity of demand (Moffatt… View Article

Use of Price Elasticity & Income Elasticity of Demand for Businesses

Price elasticity of demand and income elasticity are two important ideas in practical business activities. Price elasticity, which is represented by PED, measures the changes of one product’s demand in response to a changing in its price. We can write an equation in this way: Price elasticity of demand = percentage change in quantity demanded… View Article

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… View Article

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… View Article

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%,… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article

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… View Article