>> All right, in this working
with diagram's feature we're going to look at and exhibit
in chapter three titled Shifts and the Demand Curve.
So, let's start with the demand curve.
We've got our axis here.
We've got quantity demanded on the horizontal axis and price
of the good on the vertical axis and we're going
to look a given demand curve, D1.
And we're going to pick a point on this demand curve point A
and we're going to say that that point goes along with a price
of 20 dollars and it goes along
with a quantity demanded let's say a 500 dollars.
And then, we're going to take a point, point B, I'm going to say
that goes along with the price of 10 dollars
and a quantity demanded we're going to say of 700.
All right.
Now, we want to increase demand, what does it mean
if we increase the demand for a good?
Well, that means that individuals are willing and able
to buy more units of this good at each [inaudible] price.
So, instead of let's say buying 500 or quantity demanded 500
at 20 dollars, at 20 dollars, let's say they want to buy 600.
I want to put a point here C and it goes along
with a quantity demanded of 600.
And let's suppose that at 10 dollars,
instead of buying a quantity demanded
or having a quantity demanded of 700,
they want a quantity demanded or they want to buy 800, right?
So now, if we connect point C and D,
we get a new demand curve, all right?
So an increase in demand,
an increase in demand is diagrammatically illustrated
by rightward shift in the demand curve,
the demand curve shifts right.
Again, an increase in demand is represented diagrammatically
as rightward shift in the demand curve.
Well, what about a decrease in demand?
Let's start with a demand curve once again.
So, here is quantity demanded and price of a good and again,
we're going to draw a demand curve D1 and we're going
to pick a point, point A and we're going to say that goes
with 20 dollars and with a quantity demanded let's say
of 500.
Now, we're going to pick another price, 10 dollars and again,
that's going to go
with a certain quantity demanded let's say of 700.
Now, we have a decrease in demand
or what does a decrease in demand mean?
It means that individuals are willing and able to buy less
of the good at each and every price.
So at 20 dollars, instead of wanting to buy 500 units,
let's say they want to buy 400 units.
So, I'm going to put a point here,
I'm going to call it point C, label this point down here,
point B. I'm going to call it point C and we're going to have
that going along with 400.
And then at 10 dollars, instead of individuals wanting
to buy 700, we're going to have them want to buy 600.
So we're going to put a point right here, point D
and we're going to have
that point D correspond the 600, right?
Now, if we connect this point C and D,
we get a new dema ...
No, the law of diminishing marginal utility does not necessarily imply that the need for rest and travel is decreasing. Here are a few key points:
- The law of diminishing marginal utility refers to additional units of a specific good or service, not needs or wants in general. It states that as consumption increases, each additional unit provides less additional utility or satisfaction.
- Rest and travel are broad categories that encompass a variety of specific goods and services (e.g. different vacation activities). The marginal utility of any single activity may diminish with repetition, but the need for variety and new experiences that rest and travel provide may remain constant or increase over time.
- Non-material needs like rest, leisure, learning,
The professor discusses the multiplier effect under flexible and fixed exchange rate systems.
Under flexible exchange rates, when money supply increases, the interest rate falls, leading to capital outflows and depreciation of the exchange rate. This shifts the IS curve right and makes the BP curve flatter, reaching a new equilibrium with higher output.
Under fixed exchange rates, a government spending increase shifts the IS curve right. Interest rates rise to clear the money market, creating a balance of payments surplus. Higher reserves shift the LM curve right until a new equilibrium is reached with higher output.
When money supply increases under fixed rates, interest rates initially fall, causing capital outflows that shift the LM curve back. This res
The document discusses market equilibrium and how prices are determined. It defines equilibrium price as the price where quantity supplied equals quantity demanded and where excess demand is zero. It explains that excess demand or excess supply exists when the quantities are not equal at the current price, and that prices will tend to rise with excess demand and fall with excess supply. Various diagrams demonstrate these concepts for a market of tacos. The equilibrium price and quantity for tacos is identified in one diagram.
Equilibrium price and quantity occur where the demand and supply curves intersect. At this point, the quantity demanded equals the quantity supplied. If price is above or below the equilibrium, there will be excess supply or demand which pushes prices back to equilibrium. The equilibrium can shift due to changes in demand or supply. Government policies like price floors or ceilings can prevent the price mechanism from restoring equilibrium if set too high or too low.
Market equilibrium by Maryan Joy LopezMaryan Lopez
The document summarizes the concept of market equilibrium. It explains that market equilibrium occurs when the quantity demanded by consumers is equal to the quantity supplied by producers at a single price point. The equilibrium price is found where the supply and demand curves intersect. It then discusses how shifts in either the supply curve or demand curve can disrupt equilibrium and cause the price to adjust until a new equilibrium is reached. Specifically, it states that an increase in demand or decrease in supply will lead to a higher equilibrium price, while an increase in supply or decrease in demand will lead to a lower equilibrium price. The document also discusses factors that can cause these curve shifts, as well as examples of price controls like price floors and ceilings that represent violations of the
The document discusses demand, elasticity, and exceptions to the law of demand. It begins by defining demand and explaining factors that influence it like price, income, and availability of substitutes. It then discusses the law of demand, how demand curves illustrate the inverse relationship between price and quantity demanded, and how shifts in demand curves can occur due to non-price factors. The rest of the document defines different types of elasticity including price, income, and cross elasticity. It provides examples and formulas for calculating elasticities and discusses factors that influence a good's elasticity.
- The document outlines a class on supply and demand, including reviewing concepts from the previous class and previewing what will be covered and tested on.
- Key concepts covered are the demand and supply curves, how equilibrium is determined by the intersection of the curves, and how shifts in the curves impact equilibrium price and quantity.
- The assumptions of the supply and demand model are discussed, including that quantity responds to price, resources are scarce, and people act rationally.
Price determination and simple applicationsAmiteshYadav7
The document discusses market equilibrium between demand and supply. It defines key concepts like market demand, market supply, equilibrium price and quantity. It explains how equilibrium is determined at the price where quantity demanded equals quantity supplied. It also discusses how changes in demand or supply alone, or both simultaneously, impact equilibrium price and quantity. Specific cases discussed include increases or decreases in demand and supply, as well as situations with perfectly elastic or inelastic demand and supply curves. Price ceilings and floors are also explained, along with their impacts on market equilibrium and potential issues like shortages or surpluses that may arise.
No, the law of diminishing marginal utility does not necessarily imply that the need for rest and travel is decreasing. Here are a few key points:
- The law of diminishing marginal utility refers to additional units of a specific good or service, not needs or wants in general. It states that as consumption increases, each additional unit provides less additional utility or satisfaction.
- Rest and travel are broad categories that encompass a variety of specific goods and services (e.g. different vacation activities). The marginal utility of any single activity may diminish with repetition, but the need for variety and new experiences that rest and travel provide may remain constant or increase over time.
- Non-material needs like rest, leisure, learning,
The professor discusses the multiplier effect under flexible and fixed exchange rate systems.
Under flexible exchange rates, when money supply increases, the interest rate falls, leading to capital outflows and depreciation of the exchange rate. This shifts the IS curve right and makes the BP curve flatter, reaching a new equilibrium with higher output.
Under fixed exchange rates, a government spending increase shifts the IS curve right. Interest rates rise to clear the money market, creating a balance of payments surplus. Higher reserves shift the LM curve right until a new equilibrium is reached with higher output.
When money supply increases under fixed rates, interest rates initially fall, causing capital outflows that shift the LM curve back. This res
The document discusses market equilibrium and how prices are determined. It defines equilibrium price as the price where quantity supplied equals quantity demanded and where excess demand is zero. It explains that excess demand or excess supply exists when the quantities are not equal at the current price, and that prices will tend to rise with excess demand and fall with excess supply. Various diagrams demonstrate these concepts for a market of tacos. The equilibrium price and quantity for tacos is identified in one diagram.
Equilibrium price and quantity occur where the demand and supply curves intersect. At this point, the quantity demanded equals the quantity supplied. If price is above or below the equilibrium, there will be excess supply or demand which pushes prices back to equilibrium. The equilibrium can shift due to changes in demand or supply. Government policies like price floors or ceilings can prevent the price mechanism from restoring equilibrium if set too high or too low.
Market equilibrium by Maryan Joy LopezMaryan Lopez
The document summarizes the concept of market equilibrium. It explains that market equilibrium occurs when the quantity demanded by consumers is equal to the quantity supplied by producers at a single price point. The equilibrium price is found where the supply and demand curves intersect. It then discusses how shifts in either the supply curve or demand curve can disrupt equilibrium and cause the price to adjust until a new equilibrium is reached. Specifically, it states that an increase in demand or decrease in supply will lead to a higher equilibrium price, while an increase in supply or decrease in demand will lead to a lower equilibrium price. The document also discusses factors that can cause these curve shifts, as well as examples of price controls like price floors and ceilings that represent violations of the
The document discusses demand, elasticity, and exceptions to the law of demand. It begins by defining demand and explaining factors that influence it like price, income, and availability of substitutes. It then discusses the law of demand, how demand curves illustrate the inverse relationship between price and quantity demanded, and how shifts in demand curves can occur due to non-price factors. The rest of the document defines different types of elasticity including price, income, and cross elasticity. It provides examples and formulas for calculating elasticities and discusses factors that influence a good's elasticity.
- The document outlines a class on supply and demand, including reviewing concepts from the previous class and previewing what will be covered and tested on.
- Key concepts covered are the demand and supply curves, how equilibrium is determined by the intersection of the curves, and how shifts in the curves impact equilibrium price and quantity.
- The assumptions of the supply and demand model are discussed, including that quantity responds to price, resources are scarce, and people act rationally.
Price determination and simple applicationsAmiteshYadav7
The document discusses market equilibrium between demand and supply. It defines key concepts like market demand, market supply, equilibrium price and quantity. It explains how equilibrium is determined at the price where quantity demanded equals quantity supplied. It also discusses how changes in demand or supply alone, or both simultaneously, impact equilibrium price and quantity. Specific cases discussed include increases or decreases in demand and supply, as well as situations with perfectly elastic or inelastic demand and supply curves. Price ceilings and floors are also explained, along with their impacts on market equilibrium and potential issues like shortages or surpluses that may arise.
The document discusses market equilibrium between demand and supply. It defines key concepts like market demand, market supply, equilibrium price and quantity. It explains how equilibrium is determined at the price where quantity demanded equals quantity supplied. It also discusses how changes in demand or supply alone, or both simultaneously, impact equilibrium price and quantity. Specific cases discussed include increases or decreases in demand and supply, as well as situations with perfectly elastic or inelastic demand and supply curves. Price ceilings and floors are also explained, along with their impacts on market equilibrium and potential issues like shortages or surpluses that may arise.
The document discusses the concepts of supply and demand. It defines demand as willingness to buy and supply as willingness to sell. It explains that demand curves have a negative slope, as price and quantity demanded move in opposite directions - as price falls, quantity demanded rises. Supply curves have a positive slope, as price and quantity supplied move in the same direction - as price rises, quantity supplied also rises. The document outlines several factors that can shift the demand and supply curves by impacting willingness to buy or sell, such as income, prices of related goods, technology, and consumer preferences.
ECON 103-06 (MacNeil) The In-Class Assignment on March 2.docxjack60216
ECON 103-06 (MacNeil) The In-Class Assignment on March 26th SPRING 2015
On Thursday, March 26th there will be no lecture in class. Instead, we’ll have the 3rd quiz of the semester, andwe’ll have the “in-class assignment.” The in-class assignment will consist of some of the following questions. Since this document with the questions is available on Blackboard in advance, you have a shot at answering them all correctly and scoring all of the 120 points the in-class assignment is worth. The questions you will have to answer in class won’t be changed in any way from what you see below, but you won’t be asked all of them, and the order in which they are asked may be different from their order below.
1. If a portion of a demand curve obeys the law of demand, than that portion of the curve:
(a) slopes up and to the right.
(b) slopes down and to the right.
(c) is horizontal.
(d) is vertical.
2. If a portion of a supply curve obeys the law of supply, than that portion of the curve:
(a) slopes up and to the right.
(b) slopes down and to the right.
(c) is horizontal.
(d) is vertical.
3. According to the law of demand, the relationship between the quantity demanded of a good and its price is a relationship (ceteris paribus), so when graphed demand slopes .
A. positive; up
B. positive; down
C. negative; up
D. negative; down
4. According to the law of supply, the relationship between the quantity supplied of a good and its price is a relationship (ceteris paribus), so when graphed supply slopes .
A. positive; up
B. positive; down
C. negative; up
D. negative; down
Table 1:
Supply by company #1Supply by company #2Supply by company #3
P QS P QS P QS
($/lb.)(lbs./month)($/lb.)(lbs./month)($/lb.)(lbs./month)
30 9 30 8 30 5
20 8 20 4 20 4
10 7 10 1 10 2
5. Suppose there are only 3 companies that supply a product to the market. Each company’s supply is shown in Table 1 above. Fill in the table that’s just below this question to show market supply of the good.
Market Supply
P QS
($/lb.)(lbs./month)
30
20
10
6. Suppose company #2 in Table 1 goes out of business. Fill in the table that’s just below this question to show market supply of the good.
Market Supply
P QS
($/lb.)(lbs./month)
30
20
10
7. Consider your answers to questions 5 and 6. When company #2 went out of business supply
A. increased (the supply curve shifted to the right).
B. increased (the supply curve shifted to the left).
C. decreased (the supply curve shifted to the right).
D. decreased (the supply curve shifted to the left).
Table 2:
Demand by person #1Demand by person #2Demand by person #3
P QS P QS P Q ...
The document discusses the theory of supply. It defines supply as the quantity of a good or service sellers are willing and able to produce at different prices over a period of time. The law of supply states that the higher the price, the greater the quantity supplied, and vice versa. A supply curve illustrates the relationship between quantity supplied and price. The determinants of supply include the prices of related goods, costs of production, expectations of future prices, technology, number of sellers, and government policies. Exceptional supply occurs when quantity supplied decreases with an increase in price.
This document provides an overview of supply and demand, which is a fundamental concept in economics. It defines supply and demand, and explains the laws of supply and demand. Supply refers to how much of a good or service producers are willing to provide at a given price, while demand refers to how much is desired by consumers at a given price. The law of demand states that demand increases as price decreases, while the law of supply states that supply increases as price increases. Equilibrium occurs when supply and demand are equal, resulting in an efficient allocation of resources. The relationship between supply and demand determines the price in a market economy.
The document discusses the concept of elasticity of demand. It defines elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. An elastic demand means this ratio is greater than 1, an inelastic demand means the ratio is less than 1, and a unit elastic demand means the ratio equals 1. The document then discusses how the slope of a demand curve relates to its elasticity, with flatter curves being more elastic and steeper curves being less elastic. It also introduces the total revenue test for elasticity and other types of elasticity like cross-price and income elasticity.
Demand is defined as the amount of goods and services that consumers want and are able to purchase at a given price. The law of demand states that demand decreases as price increases - as prices rise, consumers will buy less of a good. This relationship is depicted through a demand curve, which typically slopes downward to the right. A shift in the demand curve occurs when demand increases or decreases for reasons other than price changes, such as changes in consumer income. The demand function can be used to mathematically represent the relationship between price and quantity demanded. Factors that influence demand include price, income, tastes, population size, expectations about the future, and needs.
The document discusses supply and demand equilibrium in markets. It defines the law of supply, individual versus market supply, and short-run versus long-run supply curves. It also discusses the determinants of supply curves and how shifts in supply curves occur due to changes in these determinants. The key factors that determine equilibrium price and quantity in a market are the intersection of supply and demand. Shifts in either supply or demand curves will result in a new equilibrium price and quantity.
The document discusses supply and demand equilibrium in markets. It defines the law of supply, individual versus market supply, and short-run versus long-run supply curves. It also discusses the determinants of supply curves and how shifts in supply curves occur due to changes in these determinants. The key factors that determine equilibrium price and quantity in a market are the intersection of supply and demand. Shifts in either supply or demand curves will result in a new equilibrium price and quantity.
The document discusses the fundamental economic concepts of supply and demand. It explains that demand refers to how much of a product is desired by buyers at different prices, while supply represents how much of a product producers are willing to offer at different prices. The relationship between these two concepts, supply and demand, determines the price and quantity of a good sold in a market. The document outlines the laws of demand and supply, which describe how quantity demanded and supplied change in response to price changes. It also discusses how equilibrium price and quantity are reached when supply and demand are equal, and how disequilibrium can occur when supply and demand are not equal.
The document provides an overview of supply and demand concepts:
1. Demand increases when income rises for normal goods, falls for inferior goods, and when substitute prices or expected future prices fall. Supply increases when input prices fall, technology improves, or expected future prices rise.
2. Equilibrium exists where quantity supplied equals quantity demanded at the market price. Disequilibrium causes shortages or surpluses as prices diverge from the equilibrium level.
3. Shifts in demand or supply curves occur when underlying factors that determine quantities at each price level change for all prices.
Law of demand and supply - Unitedworld School of BusinessArnab Roy Chowdhury
This document discusses the demand supply approach, including the demand schedule, demand curve, factors that influence demand, shifts in demand, and the difference between changes in quantity demanded versus changes in demand. It defines demand function and explains the law of demand. It also covers supply analysis, equilibrium of supply and demand curves, and applying supply and demand concepts.
The document summarizes key concepts related to demand, supply, and market equilibrium. It defines the laws of demand and supply, explaining the inverse relationship between price and quantity demanded, and the direct relationship between price and quantity supplied. It discusses how demand and supply curves are determined from schedules and how they interact to reach market equilibrium. The summary also outlines factors that can cause shifts in demand or supply and how these shifts impact equilibrium price and quantity. Disequilibrium situations like surpluses, shortages, price floors and ceilings are also covered.
This document provides an overview of microeconomics concepts including definitions of demand, the law of demand, determinants of demand, demand curves, shifts in demand curves, definitions of supply, the law of supply, assumptions of the law of supply, deriving a supply curve, movement along the supply curve versus shifts in the supply curve, and determinants that can cause shifts in supply curves. Key terms discussed include normal goods, inferior goods, substitute goods, complementary goods, and the relationship between price and quantity demanded or supplied.
1) Supply is how much a firm is willing and able to sell at every given price if all else remains the same. The law of supply states that the quantity supplied of a good rises as the price rises.
2) A supply schedule shows the relationship between price and quantity supplied, while a supply curve graphs this relationship. The market supply curve shows the total quantity supplied by all firms in the market.
3) A change in supply refers to a shift of the supply curve, while a change in quantity supplied refers to movement along the existing supply curve. Determinants that can cause supply to change include input prices, technology, the number of sellers, and taxes.
The document describes a system called "The Code" for predicting whether financial markets will be bullish or bearish based on the crossing of two lines. When the green line crosses above the red line, it signals a bullish market, while a crossover below signals a bearish market. The system aims to profit from these signals by going long when bullish and short when bearish. Gains are closed after 15 points while losses can reach 150 points, but analysis shows gains are realized 180 times per year while losses occur just once per year, resulting in significant annual profits when scaled up with multiple contracts.
The document describes a system called "The Code" for predicting whether financial markets will be bullish or bearish based on the crossing of two lines. When the green line crosses above the red line, it signals a bullish market, while a crossover below signals a bearish market. The system aims to profit from these signals by going long when bullish and short when bearish. Gains are closed after 15 points while losses can reach 150 points, but analysis showed gains are realized 180 times per year while losses occur just once per year, resulting in significant annual profits when scaled up with multiple contracts.
This document provides an overview and summary of key concepts from a lecture on the Keynesian model that allows for variable prices. It begins by recapping the previous lecture where the Keynesian supply function was developed based on a production function with labor as the single input. It then derives the positive slope of the aggregate supply curve based on the production function and labor demand equations. This shows that unlike earlier Keynesian models which assumed a horizontal supply curve, this model allows for upward sloping supply that is determined by technology and responsiveness of output to changes in employment. The document concludes by outlining the four equations that define the complete Keynesian model with variable prices: the IS-LM equations, production function, and labor
The document discusses the concept of elasticity in economics. It defines elasticity as a measure of how sensitive a variable is to changes in another variable. There are different types of elasticity including price elasticity of demand, income elasticity of demand, and cross elasticity of demand. Price elasticity of demand refers to how much demand for a good changes when its price changes. Income elasticity of demand refers to how demand changes with changes in consumer income. Demand can be perfectly elastic, perfectly inelastic, relatively elastic, or relatively inelastic depending on the responsiveness of quantity demanded to price changes. Factors like availability of substitutes, income level, and time impact price elasticity. Income elastic goods see larger increases
One of the recent developments facing the public administration of.docxarnit1
One of the recent developments facing the public administration of corrections is that there has been an increasing call by public officials and the citizenry to privatize the prison systems in the United States. Discuss the following in regard to this:
First, from the perspective of a public-sector correctional administrator, make 2 arguments for keeping the jails in public hands.
Second, from the perspective of a private-sector correctional facility manager make 2 arguments for turning the correctional system over to the private correctional industry.
Briefly discuss the types of challenges that each sector—both public and private—may face.
Are there any legal issues, either criminal or civil, that need to be addressed before privatization can occur?
Support your viewpoints from your readings and other appropriate outside sources, in APA format.
Please submit your...
(More)
Reading Assignment:
Peak, Chapters 9, 10, 11
.
One paragraph for each question 1.Discuss the work of Chuck C.docxarnit1
One paragraph for each question:
1.
Discuss the work of Chuck Close as we saw in the film in class. How does he work: show how he takes an image and changes it by the way he interprets it. Philip Glass states in the film: “It is the old idea of form and content, and what our generation did was include process”: apply this idea to Chuck’s work.
Look at EACH of the artists below on the Art 21 website.
Answer the following questions for each artist:
·
How does this artist work? Intuitively or intellectually?
·
How important is process to this artist?
·
What do you think this artist is trying to communicate?
·
Where do they get the ideas for their art ?
Barry McGee and Margaret Kilgallen
James Turrell Gabriel Orzoco
Shahzia Sikander Maya Lin
Ann Hamilton Do Ho Suh
Sally Mann
2.
In your text, pages 104-112, there is a discussion about the different roles of artists across cultures and time. What role do you think artists have in contemporary culture in the United States? What role do you think they should have? How important are the ideas and thoughts of artists to the development, maintenance, and structure of culture? Cite examples from your text about the different roles artists could play in modern culture.
3.
What is creativity (to you)? Find two examples of art you think is really “creative” describe why you think these works are “creative”. Explain why you think they are creative works. Do you exercise creativity? If not, why not? If so, how do you exhibit creative ideas and tendencies? Explain why you think creativity is important to culture.
.
More Related Content
Similar to All right, in this working with diagrams feature were goi.docx
The document discusses market equilibrium between demand and supply. It defines key concepts like market demand, market supply, equilibrium price and quantity. It explains how equilibrium is determined at the price where quantity demanded equals quantity supplied. It also discusses how changes in demand or supply alone, or both simultaneously, impact equilibrium price and quantity. Specific cases discussed include increases or decreases in demand and supply, as well as situations with perfectly elastic or inelastic demand and supply curves. Price ceilings and floors are also explained, along with their impacts on market equilibrium and potential issues like shortages or surpluses that may arise.
The document discusses the concepts of supply and demand. It defines demand as willingness to buy and supply as willingness to sell. It explains that demand curves have a negative slope, as price and quantity demanded move in opposite directions - as price falls, quantity demanded rises. Supply curves have a positive slope, as price and quantity supplied move in the same direction - as price rises, quantity supplied also rises. The document outlines several factors that can shift the demand and supply curves by impacting willingness to buy or sell, such as income, prices of related goods, technology, and consumer preferences.
ECON 103-06 (MacNeil) The In-Class Assignment on March 2.docxjack60216
ECON 103-06 (MacNeil) The In-Class Assignment on March 26th SPRING 2015
On Thursday, March 26th there will be no lecture in class. Instead, we’ll have the 3rd quiz of the semester, andwe’ll have the “in-class assignment.” The in-class assignment will consist of some of the following questions. Since this document with the questions is available on Blackboard in advance, you have a shot at answering them all correctly and scoring all of the 120 points the in-class assignment is worth. The questions you will have to answer in class won’t be changed in any way from what you see below, but you won’t be asked all of them, and the order in which they are asked may be different from their order below.
1. If a portion of a demand curve obeys the law of demand, than that portion of the curve:
(a) slopes up and to the right.
(b) slopes down and to the right.
(c) is horizontal.
(d) is vertical.
2. If a portion of a supply curve obeys the law of supply, than that portion of the curve:
(a) slopes up and to the right.
(b) slopes down and to the right.
(c) is horizontal.
(d) is vertical.
3. According to the law of demand, the relationship between the quantity demanded of a good and its price is a relationship (ceteris paribus), so when graphed demand slopes .
A. positive; up
B. positive; down
C. negative; up
D. negative; down
4. According to the law of supply, the relationship between the quantity supplied of a good and its price is a relationship (ceteris paribus), so when graphed supply slopes .
A. positive; up
B. positive; down
C. negative; up
D. negative; down
Table 1:
Supply by company #1Supply by company #2Supply by company #3
P QS P QS P QS
($/lb.)(lbs./month)($/lb.)(lbs./month)($/lb.)(lbs./month)
30 9 30 8 30 5
20 8 20 4 20 4
10 7 10 1 10 2
5. Suppose there are only 3 companies that supply a product to the market. Each company’s supply is shown in Table 1 above. Fill in the table that’s just below this question to show market supply of the good.
Market Supply
P QS
($/lb.)(lbs./month)
30
20
10
6. Suppose company #2 in Table 1 goes out of business. Fill in the table that’s just below this question to show market supply of the good.
Market Supply
P QS
($/lb.)(lbs./month)
30
20
10
7. Consider your answers to questions 5 and 6. When company #2 went out of business supply
A. increased (the supply curve shifted to the right).
B. increased (the supply curve shifted to the left).
C. decreased (the supply curve shifted to the right).
D. decreased (the supply curve shifted to the left).
Table 2:
Demand by person #1Demand by person #2Demand by person #3
P QS P QS P Q ...
The document discusses the theory of supply. It defines supply as the quantity of a good or service sellers are willing and able to produce at different prices over a period of time. The law of supply states that the higher the price, the greater the quantity supplied, and vice versa. A supply curve illustrates the relationship between quantity supplied and price. The determinants of supply include the prices of related goods, costs of production, expectations of future prices, technology, number of sellers, and government policies. Exceptional supply occurs when quantity supplied decreases with an increase in price.
This document provides an overview of supply and demand, which is a fundamental concept in economics. It defines supply and demand, and explains the laws of supply and demand. Supply refers to how much of a good or service producers are willing to provide at a given price, while demand refers to how much is desired by consumers at a given price. The law of demand states that demand increases as price decreases, while the law of supply states that supply increases as price increases. Equilibrium occurs when supply and demand are equal, resulting in an efficient allocation of resources. The relationship between supply and demand determines the price in a market economy.
The document discusses the concept of elasticity of demand. It defines elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. An elastic demand means this ratio is greater than 1, an inelastic demand means the ratio is less than 1, and a unit elastic demand means the ratio equals 1. The document then discusses how the slope of a demand curve relates to its elasticity, with flatter curves being more elastic and steeper curves being less elastic. It also introduces the total revenue test for elasticity and other types of elasticity like cross-price and income elasticity.
Demand is defined as the amount of goods and services that consumers want and are able to purchase at a given price. The law of demand states that demand decreases as price increases - as prices rise, consumers will buy less of a good. This relationship is depicted through a demand curve, which typically slopes downward to the right. A shift in the demand curve occurs when demand increases or decreases for reasons other than price changes, such as changes in consumer income. The demand function can be used to mathematically represent the relationship between price and quantity demanded. Factors that influence demand include price, income, tastes, population size, expectations about the future, and needs.
The document discusses supply and demand equilibrium in markets. It defines the law of supply, individual versus market supply, and short-run versus long-run supply curves. It also discusses the determinants of supply curves and how shifts in supply curves occur due to changes in these determinants. The key factors that determine equilibrium price and quantity in a market are the intersection of supply and demand. Shifts in either supply or demand curves will result in a new equilibrium price and quantity.
The document discusses supply and demand equilibrium in markets. It defines the law of supply, individual versus market supply, and short-run versus long-run supply curves. It also discusses the determinants of supply curves and how shifts in supply curves occur due to changes in these determinants. The key factors that determine equilibrium price and quantity in a market are the intersection of supply and demand. Shifts in either supply or demand curves will result in a new equilibrium price and quantity.
The document discusses the fundamental economic concepts of supply and demand. It explains that demand refers to how much of a product is desired by buyers at different prices, while supply represents how much of a product producers are willing to offer at different prices. The relationship between these two concepts, supply and demand, determines the price and quantity of a good sold in a market. The document outlines the laws of demand and supply, which describe how quantity demanded and supplied change in response to price changes. It also discusses how equilibrium price and quantity are reached when supply and demand are equal, and how disequilibrium can occur when supply and demand are not equal.
The document provides an overview of supply and demand concepts:
1. Demand increases when income rises for normal goods, falls for inferior goods, and when substitute prices or expected future prices fall. Supply increases when input prices fall, technology improves, or expected future prices rise.
2. Equilibrium exists where quantity supplied equals quantity demanded at the market price. Disequilibrium causes shortages or surpluses as prices diverge from the equilibrium level.
3. Shifts in demand or supply curves occur when underlying factors that determine quantities at each price level change for all prices.
Law of demand and supply - Unitedworld School of BusinessArnab Roy Chowdhury
This document discusses the demand supply approach, including the demand schedule, demand curve, factors that influence demand, shifts in demand, and the difference between changes in quantity demanded versus changes in demand. It defines demand function and explains the law of demand. It also covers supply analysis, equilibrium of supply and demand curves, and applying supply and demand concepts.
The document summarizes key concepts related to demand, supply, and market equilibrium. It defines the laws of demand and supply, explaining the inverse relationship between price and quantity demanded, and the direct relationship between price and quantity supplied. It discusses how demand and supply curves are determined from schedules and how they interact to reach market equilibrium. The summary also outlines factors that can cause shifts in demand or supply and how these shifts impact equilibrium price and quantity. Disequilibrium situations like surpluses, shortages, price floors and ceilings are also covered.
This document provides an overview of microeconomics concepts including definitions of demand, the law of demand, determinants of demand, demand curves, shifts in demand curves, definitions of supply, the law of supply, assumptions of the law of supply, deriving a supply curve, movement along the supply curve versus shifts in the supply curve, and determinants that can cause shifts in supply curves. Key terms discussed include normal goods, inferior goods, substitute goods, complementary goods, and the relationship between price and quantity demanded or supplied.
1) Supply is how much a firm is willing and able to sell at every given price if all else remains the same. The law of supply states that the quantity supplied of a good rises as the price rises.
2) A supply schedule shows the relationship between price and quantity supplied, while a supply curve graphs this relationship. The market supply curve shows the total quantity supplied by all firms in the market.
3) A change in supply refers to a shift of the supply curve, while a change in quantity supplied refers to movement along the existing supply curve. Determinants that can cause supply to change include input prices, technology, the number of sellers, and taxes.
The document describes a system called "The Code" for predicting whether financial markets will be bullish or bearish based on the crossing of two lines. When the green line crosses above the red line, it signals a bullish market, while a crossover below signals a bearish market. The system aims to profit from these signals by going long when bullish and short when bearish. Gains are closed after 15 points while losses can reach 150 points, but analysis shows gains are realized 180 times per year while losses occur just once per year, resulting in significant annual profits when scaled up with multiple contracts.
The document describes a system called "The Code" for predicting whether financial markets will be bullish or bearish based on the crossing of two lines. When the green line crosses above the red line, it signals a bullish market, while a crossover below signals a bearish market. The system aims to profit from these signals by going long when bullish and short when bearish. Gains are closed after 15 points while losses can reach 150 points, but analysis showed gains are realized 180 times per year while losses occur just once per year, resulting in significant annual profits when scaled up with multiple contracts.
This document provides an overview and summary of key concepts from a lecture on the Keynesian model that allows for variable prices. It begins by recapping the previous lecture where the Keynesian supply function was developed based on a production function with labor as the single input. It then derives the positive slope of the aggregate supply curve based on the production function and labor demand equations. This shows that unlike earlier Keynesian models which assumed a horizontal supply curve, this model allows for upward sloping supply that is determined by technology and responsiveness of output to changes in employment. The document concludes by outlining the four equations that define the complete Keynesian model with variable prices: the IS-LM equations, production function, and labor
The document discusses the concept of elasticity in economics. It defines elasticity as a measure of how sensitive a variable is to changes in another variable. There are different types of elasticity including price elasticity of demand, income elasticity of demand, and cross elasticity of demand. Price elasticity of demand refers to how much demand for a good changes when its price changes. Income elasticity of demand refers to how demand changes with changes in consumer income. Demand can be perfectly elastic, perfectly inelastic, relatively elastic, or relatively inelastic depending on the responsiveness of quantity demanded to price changes. Factors like availability of substitutes, income level, and time impact price elasticity. Income elastic goods see larger increases
Similar to All right, in this working with diagrams feature were goi.docx (20)
One of the recent developments facing the public administration of.docxarnit1
One of the recent developments facing the public administration of corrections is that there has been an increasing call by public officials and the citizenry to privatize the prison systems in the United States. Discuss the following in regard to this:
First, from the perspective of a public-sector correctional administrator, make 2 arguments for keeping the jails in public hands.
Second, from the perspective of a private-sector correctional facility manager make 2 arguments for turning the correctional system over to the private correctional industry.
Briefly discuss the types of challenges that each sector—both public and private—may face.
Are there any legal issues, either criminal or civil, that need to be addressed before privatization can occur?
Support your viewpoints from your readings and other appropriate outside sources, in APA format.
Please submit your...
(More)
Reading Assignment:
Peak, Chapters 9, 10, 11
.
One paragraph for each question 1.Discuss the work of Chuck C.docxarnit1
One paragraph for each question:
1.
Discuss the work of Chuck Close as we saw in the film in class. How does he work: show how he takes an image and changes it by the way he interprets it. Philip Glass states in the film: “It is the old idea of form and content, and what our generation did was include process”: apply this idea to Chuck’s work.
Look at EACH of the artists below on the Art 21 website.
Answer the following questions for each artist:
·
How does this artist work? Intuitively or intellectually?
·
How important is process to this artist?
·
What do you think this artist is trying to communicate?
·
Where do they get the ideas for their art ?
Barry McGee and Margaret Kilgallen
James Turrell Gabriel Orzoco
Shahzia Sikander Maya Lin
Ann Hamilton Do Ho Suh
Sally Mann
2.
In your text, pages 104-112, there is a discussion about the different roles of artists across cultures and time. What role do you think artists have in contemporary culture in the United States? What role do you think they should have? How important are the ideas and thoughts of artists to the development, maintenance, and structure of culture? Cite examples from your text about the different roles artists could play in modern culture.
3.
What is creativity (to you)? Find two examples of art you think is really “creative” describe why you think these works are “creative”. Explain why you think they are creative works. Do you exercise creativity? If not, why not? If so, how do you exhibit creative ideas and tendencies? Explain why you think creativity is important to culture.
.
One rich source of fallacies is the media television, radio, magazi.docxarnit1
The document discusses common logical fallacies found in various media sources and asks the reader to identify two examples, consider whether studying logic makes them less likely to be fooled, and assess whether media sources make good or bad assumptions about viewers' logical skills.
One Review of two pages is due the tenth week of class. It must be.docxarnit1
One Review
of two pages is due the tenth week of class. It must be a minimum of two typed pages, double spaced.
Your grade will drop significantly if it is less than two pages.
Scan any program, flyer, or ticket stub from the concert. Your grade will be lowered without this proof of attendance.
You must go to the concert during
this quarter!
Concerts attended during any other time frame are unacceptable and will receive an F.
the concert name is under the influence of music.
the singer name is sage the gemini. and the three songs are red nose, gas pedal and college drop.
Reviews should include the following:
1.
Name of the artist or group. Describe the musician(s) and instruments played. Briefly describe the audience and setting. How did the surroundings affect your experience?
2.
What were your expectations before attending the performance? Were those expectations met?
3. Describe two or three of the songs. Discuss any musical elements which stood out. For example:
Mood- what was the mood of the music? Exciting, sad, romantic?
Style- Rock and Roll, R and B, Hip Hop, Grunge, etc.
4.
Which was your favorite song and why? Which was your least favorite and why?
5. What did you like or dislike about the musicians playing and why?
6. Did you enjoy the performance on the whole? Why or why not?
.
One of the negative aspects of using nuclear power as an alternative.docxarnit1
The document discusses one of the negative aspects of using nuclear power as an alternative energy source, which is the production of nuclear waste. Nuclear waste remains radioactive for thousands of years, posing serious storage and disposal challenges. The risks of radioactive contamination from improperly stored nuclear waste could impact human health and the environment for generations to come if not properly managed.
online 5 weeks. There are Weekly 1- (Reading Assignments 1 – 1.docxarnit1
online 5 weeks. There are Weekly :
1- (Reading Assignments 1 – 14)
28%
2- based reflective writing assignments
(Application Assignments 1 – 14)
28%
3-
Participation
in online discussions (Assignments 1-14)
14%
and one
Research report.
20%
also
Community Engagement/Experiential learning activities report
10%
See the attachment for more details.
.
Online Discussion #6 The Passing of Time2727 unread replies.2929 .docxarnit1
The document provides resources on selfies and self-portraits, including essays, exhibitions, and other writings on the topics. It defines selfies as photographs one takes of oneself using a smartphone or webcam and shares on social media. Self-portraits are defined as portraits of an artist produced by that artist. Readers are directed to browse the links to build knowledge before responding to a prompt about selfies and self-portraits in the "What now" section.
One to two page summary explaining the following 1.A basi.docxarnit1
One to two page summary explaining the following:
1.
A basic explanation of Moral Virtue Theory, Duty Theory, and Utilitarianism.
2.
A comprehensive explanation of which theory you feel best represents your personal ethical viewpoint and why you feel this way.
I need this by today midnight eastern standard time. Please advise
.
ONEWAY alcohol BY ratingSTATISTICS DESCRIPTIVES HOMOGENEITY.docxarnit1
ONEWAY alcohol BY rating
/STATISTICS DESCRIPTIVES HOMOGENEITY
/PLOT MEANS
/MISSING ANALYSIS
/POSTHOC=TUKEY ALPHA(0.05).
Oneway
Notes
Output Created
07-JUN-2013 12:39:57
Comments
Input
Data
C:\Users\donn\Documents\GCU Lead fac\Project with Judy for modifying PSY845 to introduce SPSS\drinks database -revised for course applications DH.sav
Active Dataset
DataSet1
File Label
SPSS/PC+
Filter
Weight
Split File
N of Rows in Working Data File
35
Missing Value Handling
Definition of Missing
User-defined missing values are treated as missing.
Cases Used
Statistics for each analysis are based on cases with no missing data for any variable in the analysis.
Syntax
ONEWAY alcohol BY rating
/STATISTICS DESCRIPTIVES HOMOGENEITY
/PLOT MEANS
/MISSING ANALYSIS
/POSTHOC=TUKEY ALPHA(0.05).
Resources
Processor Time
00:00:00.33
Elapsed Time
00:00:00.42
[DataSet1] C:\Users\donn\Documents\GCU Lead fac\Project with Judy for modifying PSY845 to introduce SPSS\drinks database -revised for course applications DH.sav
Descriptives
Alcohol by Volume (in %) for brand
N
Mean
Std. Deviation
Std. Error
95% Confidence Interval for Mean
Lower Bound
Upper Bound
VeryGood
11
4.9000
.17889
.05394
4.7798
5.0202
Good
14
4.6000
.38829
.10377
4.3758
4.8242
Fair
10
4.5100
.34140
.10796
4.2658
4.7542
Total
35
4.6686
.35295
.05966
4.5473
4.7898
Descriptives
Alcohol by Volume (in %) for brand
Minimum
Maximum
VeryGood
4.70
5.20
Good
4.00
5.50
Fair
3.90
5.00
Total
3.90
5.50
Test of Homogeneity of Variances
Alcohol by Volume (in %) for brand
Levene Statistic
df1
df2
Sig.
1.420
2
32
.256
ANOVA
Alcohol by Volume (in %) for brand
Sum of Squares
df
Mean Square
F
Sig.
Between Groups
.906
2
.453
4.357
.021
Within Groups
3.329
32
.104
Total
4.235
34
Post Hoc Tests
Multiple Comparisons
Dependent Variable:
Alcohol by Volume (in %) for brand
Tukey HSD
(I) Rated Quality of Brand
(J) Rated Quality of Brand
Mean Difference (I-J)
Std. Error
Sig.
VeryGood
Good
.30000
.12995
.069
Fair
.39000
*
.14093
.025
Good
VeryGood
-.30000
.12995
.069
Fair
.09000
.13354
.780
Fair
VeryGood
-.39000
*
.14093
.025
Good
-.09000
.13354
.780
Multiple Comparisons
Dependent Variable:
Alcohol by Volume (in %) for brand
Tukey HSD
(I) Rated Quality of Brand
(J) Rated Quality of Brand
95% Confidence Interval
Lower Bound
Upper Bound
VeryGood
Good
-.0193
.6193
Fair
.0437
*
.7363
Good
VeryGood
-.6193
.0193
Fair
-.2382
.4182
Fair
VeryGood
-.7363
*
-.0437
Good
-.4182
.2382
*. The mean difference is significant at the 0.05 level.
Homogeneous Subsets
Alcohol by Volume (in %) for brand
Tukey HSD
a,b
Rated Quality of Brand
N
Subset for alpha = 0.05
1
2
Fair
10
4.5100
Good
14
4.6000
4.6000
VeryGood
11
4.9000
Sig.
.784
.082
Means for groups in homogeneous subsets are displayed.
a. Uses Harmonic Mean Sample Size = 11.436.
b. The group sizes are unequal. The harmonic mean of the group sizes is used. Type I error levels are not guaranteed.
Mean.
One Paragrapher per question.1) The internet has significantly.docxarnit1
One Paragrapher per question.
1) The internet has significantly changed the way that organizations conduct their business operations in breaking down barriers that previously existed. In what ways do organizations have to change their business models and operations due to the effects of the internet? Use specific examples to justify your conclusions.
2)
The content up to this point covered microeconomics. Are there any concepts covered that you found most useful or interesting, or some concepts you find difficult?
3) Find an article on a current event related to microeconomics. Briefly summarize the article.
.
Online Dating and its effects on our Interpersonal Communication..docxarnit1
Online Dating and its effects on our Interpersonal Communication.
Are we closer, or further apart?
1-
Summarize new ideas on the topic (positive and negative effect on Interpersonal Communication)
and
conclude with how online dating relates to Interpersonal Communication
2
-
In the second portion of the paper you will discuss how learning to function within a Small Group is an essential part of the larger human experience (use your own life, work, pop culture, research, etc to elaborate your position)
*Page count for the paper is 4 double spaced pages* MLA style
You are required to use 2 outside sources for this major paper.
Please be sure to include formal citations.
(You can use our text, popular press (newspaper/magazines), academic articles, etc)
Due Tuesday June 25th at 8PM-Original work only
.
ONE QUESTIONLARGE CLASS I have given you the whole module under th.docxarnit1
ONE QUESTION
LARGE CLASS I have given you the whole module under the question requirements.
QUESTION
You need to teach vocabulary of character personality traits such as honest, stubborn, or sensible. NOT moods such as ahppy and sad.
When considering presentation techniques have in mind the target language is NON VISUAL you can’t draw honest so think of another way to convey the meaning
Please include
List of words of words you will teach
Assumed knowledge of students list of vocabulary structures you will expect your students to know
Anticipated problems.
Solution
s.
Prearations and aids
Step by step entire lesson and timing
THIS IS MY LAST CHANCE HELP
Understandably, before teachers begin teaching their first large class, they tend to think about the challenges inside the classroom. However, after a few days, it becomes clear that responsibilities outside class are equally challenging.
Welcome to this module on
teaching large classes.
Teaching large volumes of students at any one time is always a challenge, and so it is particularly important for the teacher to be well prepared. This module can help you overcome the difficulties generated from a large class, but it will also help you make the most of the benefits that it can provide.
In this module, you will find out:
a variety of methods and techniques to help you teach a large class of students to communicate in English
how to manage your time outside class
ways to manage a large group of students
how to keep your students participating and motivated
how to cater for students with different proficiency levels
how to arrange students
how to promote learner independence
how to organise feedback
how to monitor and assess student performance in a large class
WHAT DO WE MEAN BY LARGE CLASS
When we say 'large' we generally mean a class of 30-60 students, in some instances up to 100. The educational system of some countries precludes the formation of language groups that are so large, however in other countries, for instance India, China or South Korea, such classes are quite common.
School administrations may choose to split students into smaller groups for the following reasons:
Overpopulation and a lack of teachers.
The traditional belief that still prevails in some parts of the world where the aim of a language course is to prepare students for an examination (usually a formal, written, grammar-based one) rather than teach them to communicate in English. A lesson is therefore viewed as a lecture where a certain amount of knowledge is to be passed on to the students.
Depending on room size it would be difficult to divide the class but definitely possible.
Assess competency and delegate stronger class members to lead smaller groups within class room.
Delegate 4 class members if your class is 60 and instruct them each to distribute and collate homework.
Failing to prepare before entering the class means the class is doomed to fail
Rising to the challenge stimulates professional gro.
Once the training analysis is completed, the organization and employ.docxarnit1
Once the training analysis is completed, the organization and employee development human resources specialist uses adult learning theories to turn the training needs into training materials, courses, and instructional design.
Address the following elements of understanding the adult learning model:
Explain the theories of adult learning principles.
Compare the differences between child/adolescent and adult learning models (pedagogy and andragogy).
Discuss the concept of learning styles, personalities, and how these concepts are combined with adult learning in organizational training and development programs.
Explore the options that organizations have in applying adult learning to a comprehensive training and development program.
.
Once each individual selects their own feature topic, then each pers.docxarnit1
Once each individual selects their own feature topic, then each person should prepare their own
2 page text report that explains and presents the essence of the particular WSJ feature they are reviewing, plus some appendices as noted below
. The objective of each member’s individual 2 page report is to efficiently & effectively communicate a GENERAL message regarding what the WSJ feature section is about, as well as key and interesting insights presented in the section and gained through your work.
An example is provided at the end of this document.
.
Once the Application has started up and you are at the Start Page, s.docxarnit1
Once the Application has started up and you are at the Start Page, select the create a new project option. When presented with the New Project window like the one below, be sure that you have highlighted Console Application under the Templates window. Now give the new project the name INV_GRAB in the Name field, and have the location field pointing to the F:\SAI430 folder you have on the F: drive. The diagram below depicts what your New Project window should look similar to.
Once you have done this, select OK to complete this operation. You may get a "Microsoft Development Environment" message box stating that the project location is not a fully trusted .NET runtime location. You can ignore this and just select OK. You should now see your new project listed in the
Solution
Explorer window on the upper right hand corner of the editor window. You are now ready to begin setting up your form.
STEP 2: Setting Up a Database Connection
Back to Top
The first step now is to set up a database connection with Access and then a data set that can be used to transport the data from the database to the application to be written to a file. For the purposes of this lab and your project, you will only need data from two columns in the ITEMS table of the INVENTORY database, but we will control that with the code written later. The following steps will lead you through the process of setting up the connection.
To begin, you need to add the following three namespaces to the top of your application code:
using System.IO;
using System.Data;
using System.Data.OleDb;
Since you are going to be not only connecting to a database but also writing data to a file, you will need all three of these listed.
Now you can set up the connection to your Access database that you downloaded and put in your folder. The actual connection string is @"Provider=Microsoft.JET.OLEDB.4.0; data source=F:\inventory.mdb". This is a standard connection string for MS Access. You will want to precede this with the command - string conString = so that the finished connection looks like this.
string conString = @"Provider=Microsoft.JET.OLEDB.4.0; data source=F:\SAI430\inventory.mdb";
This is simply defining a string variable named conString and assigning the connection string to it. We will use this variable later.
Now we need to define an OleDbConnection that will be used to connect to the database. To do this you will need to define a connection variable as a new OleDbConnection and point it to the connection string defined in the previous step. Your code should look like the following.
OleDbConnection conn = new OleDbConnection(conString);
Now you can connect and open the database with the following command entered right below the line above.
conn.Open();
Last, we need to declare a variable that will be used later on. Although this really has nothing to do with setting up the database connection, this is as good a place as any to do this. You need to define a single variable named rowCount as an.
Once an individual has become a victim of a crime, there is the myst.docxarnit1
The police chief has tasked a group with compiling an instructional document to explain the criminal justice system to victims. The document will describe the roles of law enforcement, courts, corrections, and victim advocacy programs. It will also outline civil proceedings victims can pursue. The group divides these sections among members, who research and write their portions before compiling the final document.
Once again, open and read aboutMuseo Nacional de Banco Centr.docxarnit1
Once
again
,
open and read about
Museo Nacional de Banco Central de Ecuador
and the
Fundación Guayasamín
.
Write about upcoming shows and exhibitions at either of these museums. Use the future tense and
ir
+
a
+
infinitivo
in your answer.
.
One function of a leader is to provide the vision for the organiza.docxarnit1
One function of a leader is to provide the vision for the organization they lead. Being a role model and leading the way forward are important aspects of leadership. If you were leading an internet retailer or other organization that involves innovative technology and organizational flexibility, describe the process you would engage to create a vision for the organization and how you would get employees involved in that vision.
.
One afternoon at work, Natalie received a phone call from her daught.docxarnit1
One afternoon at work, Natalie received a phone call from her daughter’s teacher. It seemed that Brandi had got into trouble, and Natalie would need to meet with Brandi’s teacher and the school principal. Natalie could not imagine what the trouble could be. Brandi was a straight-A student, played soccer, and was part of the school band. She also helped out with chores at home. On the way to the school, Natalie decided she would not jump to conclusions but would hear Brandi’s side of the story. Then, she would let Brandi have a piece of her mind!
At school, Natalie met the school principal; Brandi’s teacher; and a crying, red-eyed Brandi. Brandi and two other girls had stolen a pack of cigarettes from a teacher’s purse and were caught smoking in the woods behind the school. Worse, one of the other girls had stolen the teacher’s prescription medication, though Brandi said she did not know anything about that. The principal and teacher said that this was a serious breach of trust and was against school policy. They knew Brandi and were “shocked” that she was involved in this activity. In private consultation with Natalie, they said that Brandi was involved with the wrong crowd, but there was still time to intervene before she developed a pattern of bad behavior.
Natalie left the meeting angry with Brandi, but also feeling guilty and responsible. She had been working extra hours and was often busy with her schoolwork. Perhaps she had neglected Brandi or missed important warning signs. She would ground Brandi, but more importantly, she would pay much closer attention to whom she befriended and where she went. Natalie decided she would establish a schedule where she would help the girls’ do their homework.
Natalie felt tired. After all the years of guidance and parenting, how could “two stupid tweens” undo all her hard work? She felt she had worked hard teaching Brandi and Jenny how to make good decisions and to know right from wrong. She worried what the next ten years would bring. She pondered the possibilities of other peer influences, alcohol, drugs, and boys.
Research differential association theory and social learning theory as applied to criminal behavior and crime using the textbook, the University online library resources, and the Internet. Select two scholarly, peer-reviewed articles for use in this assignment.
Based on the scenario, your readings and research, respond to the following:
How could Brandi’s behavior be explained using differential association theory?
How could Brandi’s behavior be explained using social learning theory?
What are the strengths and limitations of these two theories as applied to this example?
Be sure to support your responses using the selected resources.
Write your initial response in 4–6 paragraphs. Apply APA standards to citation of sources.
.
One of the key aspects of developing a strategy for the human elemen.docxarnit1
One of the key aspects of developing a strategy for the human elements in information technology (IT) project is to identify the roles and responsibilities of those affected by and involved with the projects. These people are called the
stakeholders
, and they will be the ones who determine the success of the projects. The key aspects of a project's success include the identification of the stakeholders and planning and preparing for the strategies of communication between those stakeholders.
For this assignment, you will continue to work on the Human Elements in IT Strategy document by identifying the stakeholders and defining their roles and responsibilities within the IT projects. You will then establish a strategy for communication between these stakeholders, including the methods of communication and identification of the key artifacts of project information that must be communicated during project execution. This is the Key Assignment First Draft.
The project deliverables are as follows:
Update the Human Elements in IT Strategy document title page with a new date.
Update the previously completed sections based on instructor feedback.
IT Project Stakeholders
Stakeholder Identification, Roles, and Responsibilities
Create a list of the key stakeholders in your organization’s IT projects.
Describe the roles and responsibilities of each stakeholder with respect to IT projects.
Summarize the issues related to the organization's IT projects that are important to each stakeholder.
Stakeholder Communication
Develop a strategy for communication between the stakeholders identified in the first part of the assignment.
The communication strategy should identify the major communication that should occur during the project and the key artifacts that should be communicated.
For example, a design document should be one of the key artifacts, and it should be communicated to specific project stakeholders.
A communication matrix would be appropriate for this part of the assignment.
Be sure to update your table of contents before submission.
.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
हिंदी वर्णमाला पीपीटी, hindi alphabet PPT presentation, hindi varnamala PPT, Hindi Varnamala pdf, हिंदी स्वर, हिंदी व्यंजन, sikhiye hindi varnmala, dr. mulla adam ali, hindi language and literature, hindi alphabet with drawing, hindi alphabet pdf, hindi varnamala for childrens, hindi language, hindi varnamala practice for kids, https://www.drmullaadamali.com
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
All right, in this working with diagrams feature were goi.docx
1. >> All right, in this working
with diagram's feature we're going to look at and exhibit
in chapter three titled Shifts and the Demand Curve.
So, let's start with the demand curve.
We've got our axis here.
We've got quantity demanded on the horizontal axis and price
of the good on the vertical axis and we're going
to look a given demand curve, D1.
And we're going to pick a point on this demand curve point A
and we're going to say that that point goes along with a price
of 20 dollars and it goes along
with a quantity demanded let's say a 500 dollars.
And then, we're going to take a point, point B, I'm going to
say
that goes along with the price of 10 dollars
and a quantity demanded we're going to say of 700.
All right.
Now, we want to increase demand, what does it mean
2. if we increase the demand for a good?
Well, that means that individuals are willing and able
to buy more units of this good at each [inaudible] price.
So, instead of let's say buying 500 or quantity demanded 500
at 20 dollars, at 20 dollars, let's say they want to buy 600.
I want to put a point here C and it goes along
with a quantity demanded of 600.
And let's suppose that at 10 dollars,
instead of buying a quantity demanded
or having a quantity demanded of 700,
they want a quantity demanded or they want to buy 800, right?
So now, if we connect point C and D,
we get a new demand curve, all right?
So an increase in demand,
an increase in demand is diagrammatically illustrated
by rightward shift in the demand curve,
the demand curve shifts right.
Again, an increase in demand is represented diagrammatically
3. as rightward shift in the demand curve.
Well, what about a decrease in demand?
Let's start with a demand curve once again.
So, here is quantity demanded and price of a good and again,
we're going to draw a demand curve D1 and we're going
to pick a point, point A and we're going to say that goes
with 20 dollars and with a quantity demanded let's say
of 500.
Now, we're going to pick another price, 10 dollars and again,
that's going to go
with a certain quantity demanded let's say of 700.
Now, we have a decrease in demand
or what does a decrease in demand mean?
It means that individuals are willing and able to buy less
of the good at each and every price.
So at 20 dollars, instead of wanting to buy 500 units,
let's say they want to buy 400 units.
So, I'm going to put a point here,
4. I'm going to call it point C, label this point down here,
point B. I'm going to call it point C and we're going to have
that going along with 400.
And then at 10 dollars, instead of individuals wanting
to buy 700, we're going to have them want to buy 600.
So we're going to put a point right here, point D
and we're going to have
that point D correspond the 600, right?
Now, if we connect this point C and D,
we get a new demand curve D2 and this shows a decrease in
demand.
So, a decrease in demand is represented
by leftward shift in that demand curve.
Let's recap.
Demand goes up, that means the demand curve shifts
to the right.
Demand goes down for a good
that means the demand curve shifts to the left.
5. >> And this is working with diagrams feature
that appears in Chapter 3.
We're going to look
at an exhibit title moving to equilibrium.
So let's first look at a market that we're going to put quantity
of a good on the horizontal axis and the price
on the vertical axis and we've got a downward sloping demand
curve that represents law of demand,
price and quantity demanded moved in opposite directions
and then we have a upward sloping supply curve
that represents the law of supply,
price and quantity supplied moved in the same directions
and let's pick a particular price here.
Let's suppose that we pick this price
and this price is 15 dollars.
Now, the first thing we want to know is,
what is the quantity supplied at this price?
6. So to get that, we come over from 15 dollars all the way
over to the supply curve and then come
down to the horizontal axis
and let's suppose this number is 150,
so our quantity supplied here is 150.
Let's get our quantity demanded, we go from 15 dollars
over to the demand curve and then come
down to the horizontal axis, the quantity axis
and let's suppose this number is 50
so 50 is our quantity demanded.
Now you'll notice that at 15 dollars here,
our quantity supplied which is 150 is greater
than our quantity demanded which is 50, all right?
So this is the definition of a surplus.
So here is our surplus on our diagram, we have a surplus here
of 150 minus 50 or 100 units, there's a surplus
that have 150-- or I'm sorry, a surplus of 100 units.
Now, what happens when there is a surplus?
7. Well, think of what suppliers would do, they have a surplus
of 100 units and how do you get rid of a surplus?
Well, one of the things you do is begin to lower a price
and as you lower a price, the quantity demanded increases
and the quantity supplied decreases.
So, suppliers are going to start lowering price, right?
You have to start lowering price from 15 to 14 to 13 and so
forth
and so on until there is no longer any surplus
and that would be at this point right here.
Let's point this point as E as equilibrium
and the price let's say here is 10 dollars.
Now, what is the quantity demanded at 10 dollars?
Well, we go from 10 dollars out to the demand curve and come
down here so the quantity demanded let's say is 100 units.
What is the quantity supplied at 10 dollars?
The answer is go from 10 dollars to the supply curve,
come on down in the horizontal axis,
the quantity supplied is 100.
8. Ten dollars is our equilibrium price, E-Q-U-I-L-I-B-R-I-U-M,
that's our equilibrium price and this quantity, 100,
is our equilibrium quantity.
All right, so let's just recap here.
If we have a price like 15 dollars and there's a surplus
at that price which means quantity supplied is greater
than quantity demanded, price will move
down until it hits the equilibrium level.
Now, let's start with the different price,
let's again look at our diagram, we'll put quantity
and price on the axis again.
Again, we're going to have our downward sloping demand
curve
and our upward sloping supply curve and this time we're going
to start at a price of 5 dollars, so here's 5 dollars.
Now, let's figure out what our quantity supplied is.
Well, we go out from 5 dollars to the supply curve,
come down to the horizontal axis and this is 50
9. as our quantity supplied this time.
But what is our quantity demanded?
Our quantity demanded is we start at 5, go all the way
to the demand curve, come down and let's say this is 150,
that's our quantity demanded this time.
So our quantity demanded is now greater
than our quantity supplied.
Our quantity demanded, 150,
is greater than our quantity supplied, 50.
What do we have here?
We have what is called a shortage.
This is how we define a shortage.
Shortage is defined as quantity demanded greater--
they've been greater than quantity supplied.
And what will happen if there's a shortage?
Well, people want to buy more of this good, the 150 units
than sellers want to sell, they only want to sell 50.
So, buyers are going to start to b up the price,
10. the price is going to begin to rise, all right.
Price is going to begin to rise and as the price rises,
the quantity demanded is going to fall
and the quantity supplied is going to increase until we get
to this point, point E again where we're
at equilibrium, all right.
And that equilibrium, the quantity demanded
and the quantity supplied are the same.
All right, so recapping.
Again, we're looking at here at the market with P and Q,
price and quantity, on our axis, we got a--
we have a downward sloping demand curve
and an upward sloping supply curve.
If the price is here, let's say P1, there is going
to be a surplus of this good and price is going to begin to fall.
If we're at a price like P2, we have a shortage of this good
and price is going to begin to rise.
And so, the convergence is on equilibrium,
11. this point right here, and the equilibrium price, PE,
and the equilibrium quantity, QE.
And what is so special about equilibrium price?
Well, at that price, the quantity supplied of the good
and the quantity demanded of the good are one and the same.
>> In this feature we're going to look at an exhibit
in Chapter 3 titled Equilibrium Price and Quantity Effects
of Supply Curve Shifts and Demand Curve Shifts.
So, let's look at a market setting beginning here with Q
and P on our axis, price and quantity on our axis
and let's have a downward sloping demand curve, D1,
and upward sloping supply curve, S1, and let's go ahead
and mark the equilibrium at point one.
The equilibrium price is P1 and the equilibrium quantity is Q1.
Now, let's change something on the buying side of the market.
Let's have demand increase and see what happens
to the price and quantity.
12. Well, if demand increases we know
that the demand curve is going to shift to the right,
so let's go ahead and shift that to the right
and now let's identify our new equilibrium at point two.
There's a new equilibrium price, P2,
and there's a new equilibrium quantity, Q2.
So an increase in demand ends up increasing the equilibrium
price
and increasing the equilibrium quantity.
Let's start with our market situation one more time
and this time we're going to change supply.
So, here's our demand curve and our supply curve,
initial equilibrium at one with equilibrium quantity Q1
and the equilibrium price P1.
Now, let's have a supply decline,
so a supply of a product is going to decline.
What does that mean in terms of the supply curve?
Well, if supply goes down, supply declines.
That means the supply curve shifts leftward,
13. so S1 to S2 where we identify our new equilibrium point
as point two and that comes with a higher equilibrium price
and a lower equilibrium quantity.
Now on our third example, let's change both demand
and supply at the same time.
So, here's our market again, demand curve, supply curve,
equilibrium at point one, equilibrium price P1,
and equilibrium quantity Q1.
Let's have demand increase and let's have supply decrease
and let's have the change in demand be greater than--
let me put a greater than sign-- than the change in supply.
So we're going to have demand increase, so what does that
mean
in terms of the demand curve?
The demand curve has to shift to the right.
All right, so we're shifting it to the right and supply is going
down so that means the supply curve shifts to the left
but we have to make sure that we don't shift that supply curve
14. to the left as much
as the demand curve shifted to the right.
So, let's shift that right here,
I'm going to make it a small shift in comparison, S1 to S2.
All right, so notice our demand shift here is bigger
than our supply shift and that's because we said demand was
going
to increase by more than supply decreases.
Well, where is our new equilibrium?
Our new equilibrium is right here at the intersection of D2
and S2, that's at point two, and that new equilibrium goes
with a higher equilibrium price
and a higher equilibrium quantity.
All right, let's do another one.
We start off in equilibrium again in a market setting
and with our demand curve, D1, and our supply curve, S1,
equilibrium at point one, equilibrium price, P1,
equilibrium quantity, Q1.
Let's have demand increase, supply decrease,
15. and let's have them change by the same amount.
So a demand is going to increase by the same amount
that supply decreases.
Well, if demand increases then demand curve is going to shift
to the right, so we'll shift that to the right.
And if supply decreases, supply is going to shift to the left.
So let's have supply shift to the left but we have to shift it
to the left by the same amount
that demand shifted to the right.
That means it has to go through S2
and our new equilibrium is point two here
at a higher price level.
But notice that there is no change here in quantity.
That's because the demand and supply changed
by the same amount but in opposite directions.
So this time, price goes up, equilibrium price goes up
but there is no change in quantity, all right.
So, what are we talking about in this feature?
16. We're saying that changes in demand can lead to changes
in price and changes in quantity or changes in supply can lead
to changes in price and changes in quantity
or we could have changes in demand plus changes
in supply leading to changes in price
and possibly changes in quantity.
>> In this feature, we're going to talk about an exhibit
in chapter three titled Consumers and Producers Surplus.
Let's begin by defining consumers surplus, CS.
Consumer surplus is the maximum buying price that a person
repay
for a good minus the price paid.
So, let's give an example.
Suppose that the price paid for a good is 10 dollars
and the highest price that an individual would be willing
to pay for that good is let's say 15 dollars.
So, the consumer surplus in that case would be five dollars.
17. Now, let's represent this diagrammatically.
So, let's look at a demand curve.
We're going to put our axis in here, price and quantity
of a good and here is our demand curve that is downward
sloping.
And we're going to have a small supply curve here just
intersecting right here because we want to--
just want to identify our equilibrium price.
Now, let's say our equilibrium price here is five dollars,
right?
Now, let's pick a certain quantity
on the quantity axis here 50
and let's ask ourselves what is consumer surplus equal
to on the 50th unit?
Well, to find the highest price that a person would pay
for the 50th unit, we go up from the 50th unit all the way
up to the demand curve.
And let's say that the price that corresponds
to that highest point on the demand curve is seven dollars.
18. So, the maximum buying price is seven dollars and the price
paid
which is the equilibrium price is five dollars.
So, seven minus five is two dollars,
consumers surplus equals two dollars right here
on that 50th unit.
Now, that's on the 50th unit.
On the first unit, the consumer surplus would be higher.
On the 51st unit, it would lower but we're basically talking
about consumer surplus if we're talking about a good
that is continuous as equal to the following area.
Everything under the demand curve
and above the equilibrium price out to the equilibrium
quantity,
here is the equilibrium quantity QE.
So, we're talking about this area that we're now coloring
in as the area of consumer's surplus, all right?
So let's redraw that one more time.
Here is quantity in price and we have a demand curve here.
19. Now, we've got out supply curve
that gives us our equilibrium price of five dollars.
And here is our equilibrium quantity, right?
So, consumer surplus is this area that we're now coloring in.
It's the area under the demand curve
and above the equilibrium price all the way out here
to the equilibrium quantity.
So, all this area that we're coloring in is consumer surplus.
Well, let's now talk about producer surplus.
Producer surplus is sometimes called seller surplus
and it is equal to the price receive
by the seller minus the minimum selling price,
the minimum selling price.
All right, so let's suppose that the price received by the seller
for a good, it's let's say 12 dollars and the lowest price
that the seller would have sold that good
for let's say is eight dollars.
So 12 minus eight gives us a producer surplus
20. of four dollars,
this diagrammatically represent this, right?
So, we've got quantity and price on our axis one more time
and we've got this upward sloping supply curve.
And where this time, we're going to draw
in a small demand curve here just
so what we can get equilibrium price.
And again, we're going
to say equilibrium price is five dollars.
Now, let's see what the producer surplus let's say is
on the 50th unit.
So, we're looking for producer surplus or seller surplus.
So what is the price received?
The price received by the seller is up here at 5 dollars.
The minimum selling price is obtained by going from 50
up to this point right here on the supply curve and coming
over to the price axis.
Let's say that that dollar amount is three dollars.
21. So, the difference here between the price received
and the minimum selling price is two dollars
and that's what a producer surplus equals on the 50th unit.
Well, it might be different for something less than 50
and something more than 50 so let's go and--
go ahead and map out our equilibrium quantity QE
right here.
And so, producer surplus on all units is going to be the area
that I'm coloring in right now, it's going to be the area
under the equilibrium price
and above this supply curve all the way
out to equilibrium quantity, right?
We'll do that one more time.
So again, here is our axis P and Q, price and quantity.
We've got this upward sloping supply curve,
we've got our demand curve just so that we can get
out equilibrium price here for five dollars
and a producer surplus is this area
22. under the equilibrium price.
And above the supply curve, the area that I'm coloring in now,
all the way out to the equilibrium quantity.
Here is the equilibrium quantity QE.
All right, let's put this demand and supply curves together
and look at producer surplus and consumer surplus together.
So here, we have price and quantity again on our axis,
we have a downward sloping demand curve
and an upward sloping supply curve.
Well, notice our equilibrium right here,
there is our equilibrium point.
Here is our equilibrium quantity
and here is our equilibrium price.
And let's designate two areas here, this is area A
and this is area B, all right?
So what is consumer surplus equal to in equilibrium?
It would be area A, right?
So it's this area right in here
23. that we're coloring in right now.
So, what is our producer surplus equal to?
It is equal to area B. It's this area that we're coloring
in here in blue, all right?
So we have consumer surplus A and producer surplus B.
[ Silence ]
>> Male: In this "Working with Diagrams" feature we're going
to talk about an exhibit in Chapter 3 titled,
"The Change in Supply Versus a Change in Quantity
Supplied."
Now, the two terms "supply"
and "quantity supplied" sound a lot alike.
But we're referring to different things.
All right.
Let's look at a given supply curve first to talk
about a change in supply.
So we're going to put our quantity supplied and price
24. on our axes, and we're going
to draw an upward sloping supply curve, let's say S1.
Now, when we're talking about a change in supply,
we can have an increase in supply or a decrease in supply.
And we're talking about a shift in the entire curve.
So if we're talking about an increase in supply,
this supply curve shifts to the right from S1 to S2.
If we're talking about a decrease in supply,
the supply curve shifts from S1 leftward to S3.
All right.
So a change in supply, which is what we're showing here talks
about or relates to a shift in the entire supply curve.
And there are certain factors that if they change can bring
about this change in supply.
For example, one, prices of relevant resources,
if they change that can lead to a change
in the supply of a good.
Two, technology; if technology changes that can lead
25. to a change in supply.
Prices of other goods can lead to a change in supply.
Number of sellers, for example, if the number
of sellers increases, the supply is going to increase
and the supply curve is going to shift to the right.
Five, expectations of future price can change supply.
Six, taxes and subsidies;
[ Silence ]
and number seven, government restrictions.
So all of these, all one through seven can lead
to a change in supply.
Now, let's talk about a change in quantity supplied.
Again, let's have our two-dimensional diagram
with the price and quantity supplied on the axes.
And we've got our upward sloping supply curve.
Now, let's look at two points on the supply curve, A and B.
And A goes with a certain quantity supplied, let's say 25.
And B goes with a certain quantity supplied, let's say 50.
26. All right; so if we're talking about a change
in quantity supplied, we're talking about a change from 25
to 50, or a movement from A to B. All right;
so a change in quantity supplied is relevant
to a movement along a given supply curve.
Now, what can cause this change in quantity supplied?
How do we get, let's say, from 25 to 50?
Well, let's suppose at 25 the price is $5 per unit,
and the only way we're going to get from 25 to 50 is
if the price were to increase, let's say, to $7.
All right; so let's recap.
If we're talking about a change in supply, we're talking
about an entire supply curve shifting.
And we said there were one through seven factors
that can lead to that change in supply.
Again, there are prices of relevant resources, technology,
prices of other goods, et cetera.
If we're talking about a change in quantity supplied,
27. we're talking about a movement along a given supply curve,
and the only thing that can bring
that about is a change in price.
[ Silence ]
>> Male: In this "Working with Diagrams" feature we're going
to look at an exhibit in Chapter 3.
And the title of that is "A Change in Demand Versus a Change
in Quantity Demanded."
Now, at first glance the word "demand" and the word
"quantity demanded" sound a lot alike.
But they are two different things, and they refer
to two different things.
Let's talk about demand first.
If we were to diagrammatically represent demand we'd draw a
demand curve.
So we'd have quantity demanded and price on our axes,
and we'd draw a demand curve.
28. Let's say D1.
And if we're talking about a change in demand, we're talking
about a shift in the demand curve.
So if demand increases, we known that this demand curve is
going
to shift to the right, from D1 to D2.
And if we're talking about a decrease in demand,
we know that demand curve is going to shift to the left,
let's say from D1 to D3.
All right.
So when we're talking about a change in demand, we're talking
about a shift in the demand curve.
So I'm going to write here,
"Change in demand equals shift in demand curve."
And there are a number of factors that can change demand
or lead to this shift in the demand curve.
Now, let's just note them.
One is a change in income.
Two is a change in preferences.
29. Three is a change in the prices of related goods, substitutes
and complements; changes in the prices of related good.
Four is a change in the number of buyers of a good.
For example, if there are more buyers
for bread the demand curve for bread shifts to the right.
And five is the expectations of future price.
All of these things, all of these factors are going to lead
to a change in demand, and lead to a shift in the demand curve.
Now, when we're talking
about quantity demanded, let's note that.
We've got quantity demanded and price on our axes,
and let's give a given demand curve here, D1.
When we're talking about a change in quantity demanded,
we're talking about a change in a particular number.
So let's look at two points on this demand curve: point A
and point B. And the quantity demanded that corresponds
to A is the quantity demanded, let's say 10.
And the quantity demanded that corresponds point B is 15.
30. Now, what can lead to this change in quantity demanded?
What can move us from 10 quantity demanded
to 15 quantity demanded?
Well, your answer is on your vertical axis over here.
If price, let's say, goes from $10 here down to, let's say $5,
then quantity demanded is going to change from 10 to 15.
So this is the cause -- the change in price is the cause,
and here is the effect, the change in quantity demanded.
All right; so let's recap here.
Here's a demand curve, quantity demanded in price on our
axes.
What are we talking about when we're talking
about a change in demand?
Answer, a shift in the demand curve, to the right
or to the left; so change in demand.
What are we talking about when we talk
about a change in quantity demanded?
So here's another demand curve, D1, and now we want to look
31. at a change in quantity demanded.
We're talking about a movement from one point
on the demand curve to another point on a given demand
curve.
Or we're talking about a change from this number, 50,
let's say to this number, 100.
All right?
That's illustrative of a change in quantity demanded.
Now, the important thing to remember in economics is
that different factors lead to these two different things.
Again, a change in demand can be brought about by a number
of factors that we just listed: income, preferences, and so on,
the list that we talked about earlier.
But a change in quantity demanded can only be brought
about by one thing, and that's a change in the price of the good
that we're looking at.
So, a change in the quantity demanded
of apples can only be brought about by a change
in the price of apples.
32. >> Wall Street predictions are
that the big oil companies are going
to report big profits this quarter
and thus we can predict something else big.
In editorials, and on Capitol Hill, there will be cries
to have big new taxes on the oil companies.
Oil company executives will be lambasted in big hearings
and the witch hunt will be one.
But wait a second!
The oil companies don't set the world price of oil.
That's set in trading rooms and bank houses in New York
and London by young guys who make zillions each year.
There's absolutely no evidence
that the oil companies are colluding to fix prices
at artificially high levels.
Yes, oil and gasoline prices rose a lot after Katrina.
But that's because producing
33. and refining capacity fell off drastically
after the storm damage and thus the traders,
sensing shortage, drove up the price.
The oil companies benefitted from this rise in price,
but there have been plenty of times when the prices plummeted
and the oil companies have taken it on the chin.
When the world price of oil falls, pump prices fall too
and they've fallen dramatically since Katrina.
Are the oil companies making obscene profits?
No. As a general rule, they have profit margins far lower
than the big banks or high tech companies
and even below the average of large companies generally.
And anyway, profit is not a dirty word.
This is a free market country.
We're supposed to like profits.
The oil companies and [inaudible] search for more oil,
to refine it, to get it into my car,
and to pay its stockholders a dividend.
34. Is it bad to pay a dividend to a widow or a retiree?
I don't think so.
And what about this?
When I buy gas and it has to be brought from Nigeria or Libya
or Indonesia and great risk, refined, add huge taxes on it,
and then brought to my gas station, it costs less per ounce
than a bottle of this water that I get at my local grocery store.
Why doesn't anyone mention that?
How about oil executive pay?
Is it criminally high?
Well, it's a lot more than mine, but it's a joke compared
with Wall Street pay and Hollywood pay.
And what the heck does any movie star do that's even remotely
as valuable as powering this whole nation
and keeping the wheels of the nation moving?
I have the sneaking suspicion, that this hatred
of the oil companies is largely for the same reason
that our teenagers hate us, their parents because they're
35. so dependent on us, they respond with anger.
But senators are not supposed to be teenagers
and neither are newspapers.
Let's get this right.
The oil companies are not our moms and dads.
They're in business to make money.
But they do it fair and square and without them,
we would be in very bad shape.