This document discusses price elasticity of demand. It defines price elasticity as a measure of how responsive the quantity demanded is to changes in price, with all other factors held constant. An elastic demand means a large change in quantity demanded for a small change in price. Inelastic demand means a small change in quantity demanded for a large change in price. The document provides the formula for calculating price elasticity and illustrates examples of perfectly inelastic, unit elastic, and perfectly elastic demand curves. It also discusses how price elasticity relates to total revenue and the factors that influence a good's elasticity, such as availability of substitutes and proportion of income spent.
The document discusses the concept of price elasticity of demand. It defines price elasticity as a measure of how responsive the quantity demanded is to a change in price, with all other factors held constant. It provides the formula for calculating price elasticity and discusses what values indicate elastic, inelastic, or unit elastic demand. Factors that influence a good's price elasticity include availability of substitutes, proportion of income spent, and time since a price change.
The document discusses the concept of elasticity and how it can help answer questions about strategies to combat illegal music downloads. It defines price elasticity of demand, cross elasticity of demand, and income elasticity of demand. It explains how to calculate each and the factors that influence their values, such as availability of substitutes, proportion of income spent, and time elapsed since a price change. Lowering CD prices could increase total revenue if demand is elastic but decrease it if demand is inelastic. The document also defines price elasticity of supply and the factors that determine its value over different time frames.
Elasticity measures the responsiveness of quantity to changes in price. Price elasticity of demand is calculated by taking the percentage change in quantity demanded over the percentage change in price. Demand is inelastic if the percentage change in quantity is less than the percentage change in price, elastic if it's greater, and unitary if changes are equal. Factors like substitutes, necessity, income spent, and storage affect elasticity.
1. Elasticity measures the responsiveness of quantity demanded or supplied to a change in its price. It is calculated as the percentage change in quantity divided by the percentage change in price.
2. Demand is more elastic when good substitutes are available and less elastic when substitutes are unavailable. Demand for necessities tends to be inelastic while demand for luxuries tends to be more elastic.
3. If demand is elastic, total revenue increases when price decreases as the rise in quantity sold outweighs the fall in price. If demand is inelastic, total revenue decreases with a price decrease as quantity does not rise enough.
Elasticity Of Supply Micro Economics ECO101Sabih Kamran
The document discusses elasticity of supply and demand. It defines elasticity of supply as the responsiveness of quantity supplied to a price change when other factors remain constant. Elasticity of demand refers to the responsiveness of quantity demanded to a price change. It also discusses how elasticity/inelasticity affects total revenue when price changes. Specifically, a price cut increases total revenue if demand is elastic but decreases it if demand is inelastic. The document provides formulas for calculating elasticities and discusses factors that influence elasticity, such as availability of substitutes and proportion of income spent.
The document discusses elasticity of demand, specifically price elasticity of demand. It defines price elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. It describes different points on the demand curve where price elasticity is zero (perfectly inelastic), one (unitary), greater than one (elastic), less than one (inelastic), and infinity (perfectly elastic). The document also lists determinants of price elasticity of demand such as availability of substitutes, position in consumer's budget, and time period.
This document discusses price elasticity of demand, which measures the responsiveness of quantity demanded to changes in price. It defines elastic and inelastic demand, and explains how to calculate price elasticity using the percentage change in quantity demanded and price. Factors that impact elasticity are also examined, such as availability of substitutes, whether a good is a necessity, and how long it takes for consumers to adjust to price changes. Price elasticity is important for businesses to understand how changes in price may affect total revenue.
The document discusses the concept of price elasticity of demand. It defines price elasticity as a measure of how responsive the quantity demanded is to a change in price, with all other factors held constant. It provides the formula for calculating price elasticity and discusses what values indicate elastic, inelastic, or unit elastic demand. Factors that influence a good's price elasticity include availability of substitutes, proportion of income spent, and time since a price change.
The document discusses the concept of elasticity and how it can help answer questions about strategies to combat illegal music downloads. It defines price elasticity of demand, cross elasticity of demand, and income elasticity of demand. It explains how to calculate each and the factors that influence their values, such as availability of substitutes, proportion of income spent, and time elapsed since a price change. Lowering CD prices could increase total revenue if demand is elastic but decrease it if demand is inelastic. The document also defines price elasticity of supply and the factors that determine its value over different time frames.
Elasticity measures the responsiveness of quantity to changes in price. Price elasticity of demand is calculated by taking the percentage change in quantity demanded over the percentage change in price. Demand is inelastic if the percentage change in quantity is less than the percentage change in price, elastic if it's greater, and unitary if changes are equal. Factors like substitutes, necessity, income spent, and storage affect elasticity.
1. Elasticity measures the responsiveness of quantity demanded or supplied to a change in its price. It is calculated as the percentage change in quantity divided by the percentage change in price.
2. Demand is more elastic when good substitutes are available and less elastic when substitutes are unavailable. Demand for necessities tends to be inelastic while demand for luxuries tends to be more elastic.
3. If demand is elastic, total revenue increases when price decreases as the rise in quantity sold outweighs the fall in price. If demand is inelastic, total revenue decreases with a price decrease as quantity does not rise enough.
Elasticity Of Supply Micro Economics ECO101Sabih Kamran
The document discusses elasticity of supply and demand. It defines elasticity of supply as the responsiveness of quantity supplied to a price change when other factors remain constant. Elasticity of demand refers to the responsiveness of quantity demanded to a price change. It also discusses how elasticity/inelasticity affects total revenue when price changes. Specifically, a price cut increases total revenue if demand is elastic but decreases it if demand is inelastic. The document provides formulas for calculating elasticities and discusses factors that influence elasticity, such as availability of substitutes and proportion of income spent.
The document discusses elasticity of demand, specifically price elasticity of demand. It defines price elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. It describes different points on the demand curve where price elasticity is zero (perfectly inelastic), one (unitary), greater than one (elastic), less than one (inelastic), and infinity (perfectly elastic). The document also lists determinants of price elasticity of demand such as availability of substitutes, position in consumer's budget, and time period.
This document discusses price elasticity of demand, which measures the responsiveness of quantity demanded to changes in price. It defines elastic and inelastic demand, and explains how to calculate price elasticity using the percentage change in quantity demanded and price. Factors that impact elasticity are also examined, such as availability of substitutes, whether a good is a necessity, and how long it takes for consumers to adjust to price changes. Price elasticity is important for businesses to understand how changes in price may affect total revenue.
This document discusses price elasticity of demand, which measures the responsiveness of quantity demanded to changes in price. It defines elastic and inelastic demand, and explains how to calculate price elasticity using the percentage change in quantity demanded and price. Factors that impact elasticity are also examined, such as availability of substitutes, whether a good is a necessity, and how long it takes for consumers to adjust to price changes. Price elasticity is important for businesses to understand how changes in price may affect total revenue.
This document discusses price elasticity of demand, which measures the responsiveness of quantity demanded to changes in price. It defines elastic and inelastic demand, and explains how to calculate price elasticity using the percentage change in quantity demanded and price. Factors that impact elasticity are also examined, such as availability of substitutes, whether a good is a necessity, and how long it takes for consumers to adjust to price changes. Price elasticity is important for businesses to understand how changes in price may affect total revenue.
This document discusses key concepts related to demand and supply, including:
1) Demand and supply schedules show the relationship between price and quantity at different price levels. Demand and supply curves graph this relationship.
2) A change in a non-price factor like income causes a shift of the demand or supply curve, while a price change results in movement along the curve.
3) Equilibrium occurs where quantity demanded equals quantity supplied. Price controls can result in surpluses or shortages from the equilibrium.
4) Elasticity measures the responsiveness of one variable to changes in another. It is used to analyze how changes in price or other factors affect revenue and consumer behavior.
This document discusses the concept of elasticity of demand. It defines demand as the willingness and ability to purchase goods at different prices over time, and elasticity as the relative response of one variable, such as quantity, to changes in another like price. Elasticity of demand refers to how sensitive demand is to economic factors like prices and income. There are three main types of elasticity discussed: price elasticity, which measures responsiveness of quantity to price changes; income elasticity, which measures responsiveness of quantity to income changes; and cross elasticity, which measures responsiveness of demand for one good to price changes in another good. Understanding elasticity helps managers determine how changes in prices will impact total revenue.
1. Elasticity is a measure of how responsive quantity is to price changes. It compares percentage changes in quantity and price.
2. Demand can be inelastic (|ED| < 1), unitary (|ED| = 1), or elastic (|ED| > 1). Inelastic demand leads to higher total revenue from a price rise.
3. Factors like availability of substitutes, importance of the good, and time horizon affect price elasticity of demand. Income elasticity measures responsiveness to income changes.
This document defines key economic concepts related to demand, including:
1. Demand is defined as consumer desire and ability to purchase goods and services, and is the driving force behind economic growth.
2. The law of demand states that as price increases, quantity demanded decreases, and vice versa.
3. Supply is defined as the willingness and ability of producers to provide goods and services to the market. The law of supply states that as price increases, quantity supplied increases as well.
4. Elasticity measures the responsiveness of one variable to changes in another, and is calculated for price, income, and cross elasticity. Demand can be elastic or inelastic depending on the degree of responsiveness to price
Price elasticity of demand measures how responsive consumer demand is to changes in price. It is calculated by taking the percentage change in quantity demanded divided by the percentage change in price. Demand can be elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic depending on how much quantity demanded changes relative to price changes. Factors like availability of substitutes, necessity of the product, and proportion of income spent on it affect price elasticity. Understanding price elasticity helps firms set prices to maximize total revenue.
Elasticity measures how responsive demand or supply is to changes in price. Price elasticity of demand specifically refers to the percentage change in quantity demanded given a percentage change in price. Elasticity is calculated using various methods and provides important insights for businesses in determining pricing and revenue impacts. Forecasting demand, including for new products, allows businesses to effectively plan resources and operations.
Income Elasticity of Demand, Cross Price Elasticity of Demand, Price Elastici...KangAira
This document discusses three key concepts in economics:
1) Income elasticity of demand measures how quantity demanded changes with changes in consumer income. It can indicate whether a good is inferior, normal, or necessary.
2) Cross price elasticity measures how quantity demanded of one good changes with price changes of a related good. It can be positive for substitutes and negative for complements.
3) Price elasticity of supply measures how quantity supplied responds to price changes. It is calculated as the percentage change in quantity divided by the percentage change in price. Factors like availability of inputs and production flexibility determine its value.
This document discusses the concept of elasticity of demand as introduced by Marshall. It defines elasticity of demand as the ratio of percentage change in quantity demanded to the percentage change in price. There are three types of elasticity: price, income, and cross elasticity. Factors that influence elasticity include the nature of the commodity, availability of substitutes, uses, ability to postpone demand, amount spent, time, and price range. Elasticity is important for price fixation, production, distribution, international trade, public finance, and nationalization decisions.
Price elasticity of demand and its applicationAwesh Bhornya
This document discusses concepts related to demand and price elasticity of demand. It defines price elasticity of demand as a measure of how much the quantity demanded of a good responds to a change in the price of that good. It identifies factors that influence price elasticity and discusses different types of elasticity including perfectly inelastic, inelastic, unit elastic, elastic, and perfectly elastic demand. It also discusses the relationship between price changes, quantity demanded, and total revenue.
This document discusses the concept of demand elasticity. It defines elasticity as the responsiveness of quantity demanded to changes in price or other factors. There are different types of elasticity including price elasticity, income elasticity, and cross elasticity. Price elasticity specifically refers to how much quantity demanded changes with price changes. Demand can be perfectly inelastic, inelastic, unitary, elastic, or perfectly elastic depending on the degree of responsiveness. The document also discusses factors that influence elasticity like availability of substitutes and proportion of income spent. It explains the importance of understanding elasticity for business decisions, taxation, trade, and policymaking.
This document discusses concepts related to demand, including:
- The law of demand, which states that quantity demanded increases when price decreases and decreases when price increases
- Determinants of demand such as price, income, tastes, and expectations
- Elasticity of demand, which measures responsiveness of demand to changes in price or other factors
- Types of elasticity including price elasticity, cross elasticity between substitutes and complements, and income elasticity
- Formulas are provided for calculating different types of elasticities based on percentage changes in quantity and the related variable.
This document discusses the concepts of price elasticity of demand and supply. It defines price elasticity of demand as a measure of how much quantity demanded responds to changes in price. Demand can be elastic, inelastic, or unit elastic depending on if the percentage change in quantity is greater than, less than, or equal to the percentage change in price. Factors like availability of substitutes and necessity of a good influence elasticity. Price elasticity of supply is defined similarly for quantity supplied responses to price changes. Production possibilities and storage abilities impact supply elasticity. Formulas are provided to calculate elasticities from percentage changes. Total revenue tests and expenditure tests can also indicate elasticity.
2.4 concepts of elasticity and use of labour demand elasticity.abir hossain
This document discusses concepts of elasticity, specifically price elasticity of demand and supply. It defines elasticity as the percentage change in one variable due to a 1% change in another variable. There are three types of demand elasticity: price, income, and cross. Price elasticity measures how quantity demanded responds to price changes. Knowledge of price elasticity helps businesses determine if price changes will affect revenue. Elasticity can be elastic (over 1), unit elastic (equal to 1), or inelastic (under 1). The document also discusses elasticity of labor demand and supply. Labor demand elasticity depends on product demand elasticity, labor's cost share, and substitutes. Labor supply elasticity is more inelastic for skilled
Elasticity measures how sensitive demand or supply is to changes in other variables like price. Price elasticity of demand refers to how much demand changes when price changes. Demand can be perfectly elastic, elastic, inelastic, or perfectly inelastic depending on how responsive it is to price changes. Factors like substitutes, necessity, and time affect elasticity. Understanding elasticity helps with pricing, production, taxation, and trade decisions. Health care demand is generally inelastic as people still need care regardless of price changes. Income elasticity of health care is also low, showing it is a necessity.
This document discusses the concept of elasticity in economics. It defines three types of elasticity - price elasticity of demand, income elasticity of demand, and cross elasticity of demand. Formulas are provided for calculating each type. The degrees of elasticity are also explained, including perfectly elastic demand, unitary elastic demand, perfectly inelastic demand, and relatively elastic/inelastic demand. Finally, several methods for measuring price elasticity are outlined, including the total expenditure method, geometrical/point elasticity method, and arc method.
The document discusses the concept of demand, including the law of demand, demand curves and schedules, factors that affect demand, exceptions to the law of demand, individual and market demand, price elasticity of demand, income elasticity of demand, and cross elasticity of demand. It explains that according to the law of demand, the quantity demanded of a good increases when the price decreases and decreases when the price increases. Demand curves graphically represent the inverse relationship between price and quantity demanded.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This document discusses price elasticity of demand, which measures the responsiveness of quantity demanded to changes in price. It defines elastic and inelastic demand, and explains how to calculate price elasticity using the percentage change in quantity demanded and price. Factors that impact elasticity are also examined, such as availability of substitutes, whether a good is a necessity, and how long it takes for consumers to adjust to price changes. Price elasticity is important for businesses to understand how changes in price may affect total revenue.
This document discusses price elasticity of demand, which measures the responsiveness of quantity demanded to changes in price. It defines elastic and inelastic demand, and explains how to calculate price elasticity using the percentage change in quantity demanded and price. Factors that impact elasticity are also examined, such as availability of substitutes, whether a good is a necessity, and how long it takes for consumers to adjust to price changes. Price elasticity is important for businesses to understand how changes in price may affect total revenue.
This document discusses key concepts related to demand and supply, including:
1) Demand and supply schedules show the relationship between price and quantity at different price levels. Demand and supply curves graph this relationship.
2) A change in a non-price factor like income causes a shift of the demand or supply curve, while a price change results in movement along the curve.
3) Equilibrium occurs where quantity demanded equals quantity supplied. Price controls can result in surpluses or shortages from the equilibrium.
4) Elasticity measures the responsiveness of one variable to changes in another. It is used to analyze how changes in price or other factors affect revenue and consumer behavior.
This document discusses the concept of elasticity of demand. It defines demand as the willingness and ability to purchase goods at different prices over time, and elasticity as the relative response of one variable, such as quantity, to changes in another like price. Elasticity of demand refers to how sensitive demand is to economic factors like prices and income. There are three main types of elasticity discussed: price elasticity, which measures responsiveness of quantity to price changes; income elasticity, which measures responsiveness of quantity to income changes; and cross elasticity, which measures responsiveness of demand for one good to price changes in another good. Understanding elasticity helps managers determine how changes in prices will impact total revenue.
1. Elasticity is a measure of how responsive quantity is to price changes. It compares percentage changes in quantity and price.
2. Demand can be inelastic (|ED| < 1), unitary (|ED| = 1), or elastic (|ED| > 1). Inelastic demand leads to higher total revenue from a price rise.
3. Factors like availability of substitutes, importance of the good, and time horizon affect price elasticity of demand. Income elasticity measures responsiveness to income changes.
This document defines key economic concepts related to demand, including:
1. Demand is defined as consumer desire and ability to purchase goods and services, and is the driving force behind economic growth.
2. The law of demand states that as price increases, quantity demanded decreases, and vice versa.
3. Supply is defined as the willingness and ability of producers to provide goods and services to the market. The law of supply states that as price increases, quantity supplied increases as well.
4. Elasticity measures the responsiveness of one variable to changes in another, and is calculated for price, income, and cross elasticity. Demand can be elastic or inelastic depending on the degree of responsiveness to price
Price elasticity of demand measures how responsive consumer demand is to changes in price. It is calculated by taking the percentage change in quantity demanded divided by the percentage change in price. Demand can be elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic depending on how much quantity demanded changes relative to price changes. Factors like availability of substitutes, necessity of the product, and proportion of income spent on it affect price elasticity. Understanding price elasticity helps firms set prices to maximize total revenue.
Elasticity measures how responsive demand or supply is to changes in price. Price elasticity of demand specifically refers to the percentage change in quantity demanded given a percentage change in price. Elasticity is calculated using various methods and provides important insights for businesses in determining pricing and revenue impacts. Forecasting demand, including for new products, allows businesses to effectively plan resources and operations.
Income Elasticity of Demand, Cross Price Elasticity of Demand, Price Elastici...KangAira
This document discusses three key concepts in economics:
1) Income elasticity of demand measures how quantity demanded changes with changes in consumer income. It can indicate whether a good is inferior, normal, or necessary.
2) Cross price elasticity measures how quantity demanded of one good changes with price changes of a related good. It can be positive for substitutes and negative for complements.
3) Price elasticity of supply measures how quantity supplied responds to price changes. It is calculated as the percentage change in quantity divided by the percentage change in price. Factors like availability of inputs and production flexibility determine its value.
This document discusses the concept of elasticity of demand as introduced by Marshall. It defines elasticity of demand as the ratio of percentage change in quantity demanded to the percentage change in price. There are three types of elasticity: price, income, and cross elasticity. Factors that influence elasticity include the nature of the commodity, availability of substitutes, uses, ability to postpone demand, amount spent, time, and price range. Elasticity is important for price fixation, production, distribution, international trade, public finance, and nationalization decisions.
Price elasticity of demand and its applicationAwesh Bhornya
This document discusses concepts related to demand and price elasticity of demand. It defines price elasticity of demand as a measure of how much the quantity demanded of a good responds to a change in the price of that good. It identifies factors that influence price elasticity and discusses different types of elasticity including perfectly inelastic, inelastic, unit elastic, elastic, and perfectly elastic demand. It also discusses the relationship between price changes, quantity demanded, and total revenue.
This document discusses the concept of demand elasticity. It defines elasticity as the responsiveness of quantity demanded to changes in price or other factors. There are different types of elasticity including price elasticity, income elasticity, and cross elasticity. Price elasticity specifically refers to how much quantity demanded changes with price changes. Demand can be perfectly inelastic, inelastic, unitary, elastic, or perfectly elastic depending on the degree of responsiveness. The document also discusses factors that influence elasticity like availability of substitutes and proportion of income spent. It explains the importance of understanding elasticity for business decisions, taxation, trade, and policymaking.
This document discusses concepts related to demand, including:
- The law of demand, which states that quantity demanded increases when price decreases and decreases when price increases
- Determinants of demand such as price, income, tastes, and expectations
- Elasticity of demand, which measures responsiveness of demand to changes in price or other factors
- Types of elasticity including price elasticity, cross elasticity between substitutes and complements, and income elasticity
- Formulas are provided for calculating different types of elasticities based on percentage changes in quantity and the related variable.
This document discusses the concepts of price elasticity of demand and supply. It defines price elasticity of demand as a measure of how much quantity demanded responds to changes in price. Demand can be elastic, inelastic, or unit elastic depending on if the percentage change in quantity is greater than, less than, or equal to the percentage change in price. Factors like availability of substitutes and necessity of a good influence elasticity. Price elasticity of supply is defined similarly for quantity supplied responses to price changes. Production possibilities and storage abilities impact supply elasticity. Formulas are provided to calculate elasticities from percentage changes. Total revenue tests and expenditure tests can also indicate elasticity.
2.4 concepts of elasticity and use of labour demand elasticity.abir hossain
This document discusses concepts of elasticity, specifically price elasticity of demand and supply. It defines elasticity as the percentage change in one variable due to a 1% change in another variable. There are three types of demand elasticity: price, income, and cross. Price elasticity measures how quantity demanded responds to price changes. Knowledge of price elasticity helps businesses determine if price changes will affect revenue. Elasticity can be elastic (over 1), unit elastic (equal to 1), or inelastic (under 1). The document also discusses elasticity of labor demand and supply. Labor demand elasticity depends on product demand elasticity, labor's cost share, and substitutes. Labor supply elasticity is more inelastic for skilled
Elasticity measures how sensitive demand or supply is to changes in other variables like price. Price elasticity of demand refers to how much demand changes when price changes. Demand can be perfectly elastic, elastic, inelastic, or perfectly inelastic depending on how responsive it is to price changes. Factors like substitutes, necessity, and time affect elasticity. Understanding elasticity helps with pricing, production, taxation, and trade decisions. Health care demand is generally inelastic as people still need care regardless of price changes. Income elasticity of health care is also low, showing it is a necessity.
This document discusses the concept of elasticity in economics. It defines three types of elasticity - price elasticity of demand, income elasticity of demand, and cross elasticity of demand. Formulas are provided for calculating each type. The degrees of elasticity are also explained, including perfectly elastic demand, unitary elastic demand, perfectly inelastic demand, and relatively elastic/inelastic demand. Finally, several methods for measuring price elasticity are outlined, including the total expenditure method, geometrical/point elasticity method, and arc method.
The document discusses the concept of demand, including the law of demand, demand curves and schedules, factors that affect demand, exceptions to the law of demand, individual and market demand, price elasticity of demand, income elasticity of demand, and cross elasticity of demand. It explains that according to the law of demand, the quantity demanded of a good increases when the price decreases and decreases when the price increases. Demand curves graphically represent the inverse relationship between price and quantity demanded.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This document defines key economic concepts related to markets, supply and demand. It explains that a market allows buyers and sellers to exchange goods and services. Demand for a product depends on factors like price, income, and preferences of consumers. The law of demand states that as price rises, quantity demanded falls. Supply depends on factors like price of resources and technology. The law of supply says that as price rises, quantity supplied increases. Market equilibrium occurs when quantity supplied equals quantity demanded at the equilibrium price.
The document discusses leadership styles and theories. It describes autocratic, democratic, and laissez-faire leadership styles and when each may be most effective. Contingency theories of leadership are introduced, including situational theory and Likert's four leadership systems. The document also covers sources of power and influence for leaders, including position power (legitimate, reward, coercive) and personal power (expert, rational persuasion, referent).
This document discusses the effects of price ceilings and price floors using housing markets and minimum wage as examples. A price ceiling below the equilibrium rent for housing creates a shortage and black market with rents above the legal limit. Similarly, setting a minimum wage above the equilibrium wage rate results in a surplus of labor and unemployment. In both cases, the regulation fails to eliminate the shortage or surplus it creates.
This document contains a survey to assess an individual's hierarchy of needs based on Maslow's motivation theory. The survey asks participants to rate their agreement with 20 statements relating to different needs like esteem, security, and self-actualization. Participants' responses are then scored and plotted on a chart to visualize their unique hierarchy of needs, from strongest to weakest motivators. The document instructs participants to complete the survey, transfer their responses to scoring tables, and chart their results to see where their personal needs priorities align within Maslow's framework.
The document discusses the key concepts of short-run and long-run decision-making for firms. In the short-run, some inputs like capital are fixed, while variable inputs like labor can be adjusted. Short-run decisions are easily reversible. In the long-run, all inputs including capital are variable and decisions are not easily reversible. Cost curves like average and marginal costs are determined by the production technology and input prices, and can shift due to technological changes or input price changes. The long-run cost curve depends on the production function and can exhibit economies of scale if average costs fall with higher output.
This document discusses Porter's five forces model and different market structures including perfect competition, monopolistic competition, oligopoly, and monopoly. It also defines economies of scale and discusses the Herfindahl-Hirschman Index (HHI) measure of market concentration. Several questions are asked about short run vs long run decisions, the marginal product and average product of labor, and increasing productivity.
This document outlines a plan to implement an occupational health training program within 30 working days. It identifies the target and specifies that it is measurable, achievable, realistic and time-bound. It lists the departments that must be coordinated with and the studies and activities that will be carried out, including identifying needs, setting objectives, identifying participants, and conducting the training. A Gantt chart is included to monitor and control the implementation based on time and activities over six weeks.
Sherif Consultant Group provides engineering consulting services. The document provides 25 transactions from January 1-25, 2019 to practice journalizing, posting to accounts, and preparing financial statements using the accounting equation and T-accounts. Key aspects covered include unearned and prepaid revenues, depreciation using straight-line method, and allowance method for estimating uncollectible accounts. The income statement shows net income of $12,000 and the balance sheet lists assets of $87,500 equal to liabilities and owner's equity.
This document discusses several theories of motivation. It describes motivation as the direction of behavior and that motivation can come from intrinsic or extrinsic forces. It outlines Maslow's hierarchy of needs which includes physiological, safety, belongingness, esteem, and self-actualization needs. ERG theory and Herzberg's two-factor theory are also discussed as well as the need for achievement, affiliation, and power. Goal setting theory, equity theory, and expectancy theory are presented as process perspectives on motivation. The document concludes with a discussion of job design, incentive compensation, and new motivational compensation programs.
The document discusses Porter's five forces model and different market structures. It defines perfect competition, monopolistic competition, oligopoly, and monopoly market structures. It also discusses economies of scale, the four-firm concentration ratio, and the Herfindahl-Hirschman Index (HHI) for measuring market concentration. Several questions are posed about these topics and answered in the document.
Financial Accounting & Reporting Final - Allen Youssef.docxELECTRICEGYPT
1. Ace Health Club recorded various transactions from August 1-31, 2019 related to investments, expenses, revenues, and withdrawals. Journal entries were provided.
2. Reineman Supply Company recorded purchases, sales, returns and payments during September.
3. Methods for calculating cost of goods sold using FIFO, weighted average and LIFO were explained.
4. Calculations for net sales, net purchases, cost of goods purchased, cost of goods available and cost of goods sold were shown.
5. Journal entries were provided for various transactions by Olio Corporation involving the issuance and repurchase of common and preferred stocks.
6. Stockholders' equity section of the balance sheet was presented for
This document discusses decision making and different models of decision making. It describes programmed versus nonprogrammed decisions, certainty versus uncertainty, and three common models of decision making: the classical, administrative, and political models. The classical model assumes rationality and complete information, while the administrative and political models are more descriptive of real-world constraints. Managers may also have different personal decision-making styles such as directive, analytical, conceptual, or behavioral.
This document contains the answers to several questions related to managerial economics. It uses supply and demand graphs to illustrate changes in the cell phone market over 20 years and the effects of government regulations like price floors. It also analyzes the demand elasticity of different medical products and how price changes would affect their revenue. The document demonstrates concepts like inelastic vs elastic demand and necessary vs luxury goods.
Sherif Consultant Group provides engineering consulting services. During January 2019, Sherif recorded over 25 transactions including starting the business, purchases, sales, expenses, payments, and adjustments. The assistant summarized the accounting cycle by journalizing transactions, posting to accounts, and preparing financial statements including an income statement showing net income of $12,000 and an ending capital balance of $76,500, as well as a balance sheet with total assets of $87,500 equal to total liabilities and owner's equity.
The document provides journal entries for transactions of a sole proprietorship educational services company owned by Mr. A over a period. Key transactions include Mr. A contributing capital of $10,000, purchasing assets like a laptop and furniture, acquiring education software on a 6-year lease, earning revenue from fees, paying expenses like rent and salaries, and recording depreciation. At the end, financial statements including an income statement showing a net profit of $322 and a balance sheet are presented.
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
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2. Price Elasticity of Demand
The figure here shows a
change in supply brings a
small increase in the
quantity demanded and a
large fall in price.
3. Price Elasticity of Demand
The figure here shows a
change in supply brings a
large increase in the
quantity demanded and a
small fall in price.
4. Price Elasticity of Demand
The contrast between the
two outcomes in the
previous two figures
highlights the need for a
measure of the
responsiveness of the
quantity demanded to a
price change.
5. Price Elasticity of Demand
The price elasticity of demand is a units-free measure
of the responsiveness of the quantity demanded of a
good to a change in its price when all other influences
on buyers’ plans remain the same.
Calculating Elasticity
The price elasticity of demand is calculated by using the
formula:
Percentage change in quantity demanded
Percentage change in price
6. Price Elasticity of Demand
To calculate the price elasticity of demand:
We express the change in price as a percentage of the
average price—the average of the initial and new price,
and we express the change in the quantity demanded as a
percentage of the average quantity demanded—the
average of the initial and new quantity.
7. Price Elasticity of Demand
The price initially is
$20.50 and the quantity
demanded is 9 pizzas an
hour.
8. Price Elasticity of Demand
The price falls to $19.50
and the quantity
demanded increases to
11 pizzas an hour.
The price falls by $1 and
the quantity demanded
increases by 2 pizzas an
hour.
9. Price Elasticity of Demand
The average price is $20
and the average quantity
demanded is 10 pizzas an
hour.
10. Price Elasticity of Demand
The percentage change in
quantity demanded, %DQ,
is calculated as DQ/Qave,
which is 2/10 = 1/5.
The percentage change in
price, %DP, is calculated
as DP/Pave, which is
$1/$20 = 1/20.
11. Price Elasticity of Demand
The price elasticity of
demand is (1/5)/(1/20) =
20/5 = 4.
12. Price Elasticity of Demand
By using the average price and average quantity, we get
the same elasticity value regardless of whether the price
rises or falls.
The ratio of two proportionate changes is the same as the
ratio of two percentage changes.
The measure is units free because it is a ratio of two
percentage changes and the percentages cancel out.
Changing the units of measurement of price or quantity
leave the elasticity value the same.
13. Price Elasticity of Demand
The formula yields a negative value, because price and
quantity move in opposite directions. But it is the
magnitude, or absolute value, of the measure that reveals
how responsive the quantity change has been to a price
change.
14. Price Elasticity of Demand
Inelastic and Elastic Demand
Demand can be inelastic, unit elastic, or elastic, and can
range from zero to infinity.
If the quantity demanded doesn’t change when the price
changes, the price elasticity of demand is zero and the
good as a perfectly inelastic demand.
15. Price Elasticity of Demand
The figure here illustrates
the case of a good that
has a perfectly inelastic
demand and that has a
vertical demand curve.
16. Price Elasticity of Demand
If the percentage change
in the quantity demanded
equals the percentage
change in price, the price
elasticity of demand
equals 1 and the good has
unit elastic demand.
The figure to the right
illustrates this case—a
demand curve with ever
declining slope. (Note that
the demand curve is not
linear.)
17. Price Elasticity of Demand
Between the two previous cases, the percentage change
in the quantity demanded is smaller than the percentage
change in price so that the price elasticity of demand is
less than 1 and the good has inelastic demand.
If the percentage change in the quantity demanded is
infinitely large when the price barely changes, the price
elasticity of demand is infinite and the good has perfectly
elastic demand.
18. Price Elasticity of Demand
The figure to the right
illustrates the case of
perfectly elastic demand—
a horizontal demand
curve.
If the percentage change
in the quantity demanded
is greater than the
percentage change in
price, the price elasticity of
demand is greater than 1
and the good has elastic
demand.
19. Price Elasticity of Demand
Elasticity Along a
Straight-Line Demand
Curve
Demand becomes less
elastic as the price falls
along a linear demand
curve.
20. Price Elasticity of Demand
At prices above the mid-
point of the demand curve,
demand is elastic.
At prices below the mid-
point of the demand curve,
demand is inelastic.
21. Price Elasticity of Demand
For example, if the price
falls from $25 to $15, the
quantity demanded
increases from 0 to 20
pizzas an hour.
The price elasticity of
demand is (20/10)/(10/20),
which equals 4.
The average price is $20
and the average quantity is
10.
22. Price Elasticity of Demand
If the price falls from $10
to $0, the quantity
demanded increases from
30 to 50 pizzas an hour.
The price elasticity of
demand is (20/40)/(10/5),
which equals 1/4.
The average price is $5
and the average quantity is
40.
23. Price Elasticity of Demand
If the price falls from $15
to $10, the quantity
demanded increases from
20 to 30 pizzas an hour.
The price elasticity of
demand is (10/25)/(5/12.5),
which equals 1.
The average price is
$12.50 and the average
quantity is 25.
24. Price Elasticity of Demand
Total Revenue and Elasticity
The total revenue from the sale of good or service equals
the price of the good multiplied by the quantity sold.
When the price changes, total revenue also changes.
But a rise in price doesn’t always increase total revenue.
25. Price Elasticity of Demand
The change in total revenue due to a change in price
depends n the elasticity of demand:
If demand is elastic, a 1 percent price cut increases the
quantity sold by more than 1 percent, and total revenue
increases.
If demand is inelastic, a 1 percent price cut decreases
the quantity sold by more than 1 percent, and total
revenues decreases.
If demand is unitary elastic, a 1 percent price cut
increases the quantity sold by 1 percent, and total
revenue remains unchanged.
26. Price Elasticity of Demand
The total revenue test is a method of estimating the price
elasticity of demand by observing the change in total
revenue that results from a price change (when all other
influences on the quantity sold remain the same).
If a price cut increases total revenue, demand is elastic.
If a price cut decreases total revenue, demand is
inelastic.
If a price cut leaves total revenue unchanged, demand is
unit elastic.
27. Price Elasticity of Demand
The figure shows the
relationship between
elasticity of demand for
pizzas and the total
revenue from pizzas.
In part a (shown here),
as the price falls from
$25 to $12.50, demand
is elastic, and total
revenue increases.
28. Price Elasticity of Demand
At $12.50, demand is
unit elastic and total
revenue stops
increasing.
As the price falls from
$12.50 to zero, demand
is inelastic, and total
revenue decreases.
29. Price Elasticity of Demand
In part b (shown here), as
the quantity increases
from zero to 25, demand
is elastic, and total
revenue increases.
As the quantity increases
from 25 to 50, demand is
inelastic, and total
revenue decreases.
At 25, demand is unit
elastic, and total revenue is
at its maximum.
30. Price Elasticity of Demand
Your Expenditure and Your Elasticity
If your demand is elastic, a 1 percent price cut increases
the quantity you buy by more than 1 percent and your
expenditure on the item increases.
If your demand is inelastic, a 1 percent price cut
increases the quantity you buy by less than 1 percent
and your expenditure on the item decreases.
If your demand is unit elastic, a 1 percent price cut
increases the quantity you buy by 1 percent and your
expenditure on the item does not change.
31. Price Elasticity of Demand
The Factors That Influence the Elasticity of Demand
The elasticity of demand for a good depends on:
The closeness of substitutes
The proportion of income spent on the good
The time elapsed since a price change
32. Price Elasticity of Demand
The closeness of substitutes
The closer the substitutes for a good or service, the more
elastic are the demand for it.
Necessities, such as food or housing, generally have
inelastic demand.
Luxuries, such as exotic vacations, generally have elastic
demand.
The proportion of income spent on the good.
The greater the proportion of income consumers spent on
a good, the larger is its elasticity of demand.
33. Price Elasticity of Demand
The time elapsed since a price change
The more time consumers have to adjust to a price
change, or the longer that a good can be stored without
losing its value, the more elastic is the demand for that
good.
34. More Elasticities of Demand
Cross Elasticity of Demand
The cross elasticity of demand is a measure of the
responsiveness of demand for a good to a change in the
price of a substitute or a compliment, other things
remaining the same.
The formula for calculating the cross elasticity is:
Percentage change in quantity demanded
Percentage change in price of substitute or complement
35. More Elasticities of Demand
The cross elasticity of demand for a substitute is positive.
The cross elasticity of demand for a complement is
negative.
36. More Elasticities of Demand
Here the figure shows the
increase in the quantity of
pizza demanded when the
price of burger (a
substitute for pizza) rises.
The figure also shows the
decrease in the quantity of
pizza demanded when the
price of a soft drink (a
complement of pizza)
rises.
37. More Elasticities of Demand
Income Elasticity of Demand
The income elasticity of demand measures how the
quantity demanded of a good responds to a change in
income, other things equal.
The formula for calculating the income elasticity of
demand is:
Percentage change in quantity demanded
Percentage change in income
38. More Elasticities of Demand
If the income elasticity of demand is greater than 1,
demand is income elastic and the good is a normal good.
If the income elasticity of demand is greater than zero but
less than 1, demand is income inelastic and the good is a
normal good.
If the income elasticity of demand is less than zero
(negative) the good is an inferior good.