The document discusses key concepts in demand analysis and consumer behavior, including:
1) It outlines the basic laws of consumption, including the law of diminishing marginal utility, the law of equi-marginal utility, consumer surplus, indifference curves, and consumer equilibrium.
2) It then covers demand analysis, defining demand, the demand function, factors that influence demand, and the law of demand.
3) Finally, it discusses elasticity of demand - how responsive demand is to changes in price and other factors. It defines different types of elasticities and factors that influence elasticity.
Demand Supply analysis...Explanations for Law of Demand Degree of scarcity of one good relative to another helps determine each good’s relative price Definition of demand includes the “other things constant” assumption Among the “other things” are the prices of other goods Substitution Effect When the price of a good falls, its relative price makes consumers more willing to purchase this good When the price of a good increases, its relative price makes consumers less willing to purchase this good Changes in the relative prices – the price of one good compared to the prices of other goods – causes the substitution effect…you substitute toward the less expensive good.
Demand supply analysis...
Explanations for Law of Demand Degree of scarcity of one good relative to another helps determine each good’s relative price Definition of demand includes the “other things constant” assumption Among the “other things” are the prices of other goods Substitution Effect When the price of a good falls, its relative price makes consumers more willing to purchase this good When the price of a good increases, its relative price makes consumers less willing to purchase this good Changes in the relative prices – the price of one good compared to the prices of other goods – causes the substitution effect…you substitute toward the less expensive good.
Demand Supply analysis...Explanations for Law of Demand Degree of scarcity of one good relative to another helps determine each good’s relative price Definition of demand includes the “other things constant” assumption Among the “other things” are the prices of other goods Substitution Effect When the price of a good falls, its relative price makes consumers more willing to purchase this good When the price of a good increases, its relative price makes consumers less willing to purchase this good Changes in the relative prices – the price of one good compared to the prices of other goods – causes the substitution effect…you substitute toward the less expensive good.
Demand supply analysis...
Explanations for Law of Demand Degree of scarcity of one good relative to another helps determine each good’s relative price Definition of demand includes the “other things constant” assumption Among the “other things” are the prices of other goods Substitution Effect When the price of a good falls, its relative price makes consumers more willing to purchase this good When the price of a good increases, its relative price makes consumers less willing to purchase this good Changes in the relative prices – the price of one good compared to the prices of other goods – causes the substitution effect…you substitute toward the less expensive good.
What is Demand?
Diff. bet Demand and quantity demand
Types of demand - Individual and Market
What is the Law of Demand?
Assumptions of Law of Demand
Why demand curve sloping downward?
Reasons for inverse relationship
Determinents of Demand
What is Band Wagon & Snob effect
What is Demand?
Diff. bet Demand and quantity demand
Types of demand - Individual and Market
What is the Law of Demand?
Assumptions of Law of Demand
Why demand curve sloping downward?
Reasons for inverse relationship
Determinents of Demand
What is Band Wagon & Snob effect
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
2. Introduction
The scope of Managerial Economics
broadly Further grouped as
Consumption
Production
Exchange
Distribution
3. Basic Laws of Consumption
• The law of Diminishing Marginal Utility
• The Law of Equi – Marginal Utility
• Consumer Surplus
• The Concept of Indifference Curves
• Consumer Equilibrium
4. The Law of Diminishing Marginal
Utility
The marginal utility derived on the consumption
of every additional unit goes on diminishing,
other things remaining the same.
Marginal utility refers to the additional utility
derived from consumption of an additional unit.
Total utility refers to the sum of total of the
utilities of all units of a commodity consumed a t
a particular time.
The amount of total utility goes on increasing
but at a diminishing rate.
Example
5. The Law of Equi – Marginal Utility
Explains the prerequisite for the consumer to be
in equilibrium.
It states that the consumer is in equilibrium
when the marginal utilities obtained from the
products bought are equal.
Marginal utility of product X = Marginal utility of product Y
Price of X Price of Y
Where X and Y refers to the products brought
6. Consumer Surplus
It is defined as the difference between the price
that the consumer is prepared to pay and the
price that he is exactly paying.
It is the value consumers get from a good
without paying for it.
In many cases, the consumer is prepared to pay
a higher price for the product many reasons i.e. -
-He wants the product badly
-He likes particular design
7. The Indifference Curves
An indifference curve is a curve which reveals
certain combinations of goods or services
which yields the same utility.
The consumer is indifferent to a particular
combination as every combination is yielding
him the same utility.
Assumptions underlying indifference curves:
(a) The consumer behaves rationally (to maximise
his satisfaction)
(b) The prices and incomes do not change during
the analysis.
(c) Tastes and preferences of the consumer do
not change during analysis.
8. Properties of Indifference Curve
It slopes down from left to right
It is convex to the origin
It can not intersect with another indifference
curve
9. Consumer Equilibrium
A consumer is said to be in equilibrium when he
maximises his utility, given the budget
constraint.
When the budget line is tangential to any of the
indifference curves, then he is said to be in
equilibrium.
11. DEMAND
Every want supported by the willingness and
ability to buy constitutes demand for a particular
product or service.
The conditions to be satisfied are
Desire on the part of the buyer to buy
Willingness to pay for it
Ability to pay the specified price for it
12. Nature and types of demand
Consumer goods Vs Producer goods
Autonomous demand Vs Derived demand
Durable Vs Perishable goods
Firm Demand Vs Industry demand
Short – run demand Vs long – run demand
New demand Vs Replacement demand
Total market and Segment market demand
13. Factors determining demand
Price of the product (P)
Income level of the consumer (I)
Tastes and preferences of the consumer (T)
prices of related goods which may be substitutes /
complementary (PR)
Expectations about the prices in future(EP)
Expectations about the income in the furture (EI)
Size of the population (SP)
Distribution of consumers over different regions (DC)
Advertising efforts (A)
any other facotr capable of affecting the demand. (O)
14. DEMAND FUNCTION
A demand function is a function which
describes a relationship between one variable
and its determinants.
The demand function for a good relates the
quantity of a good which consumer demand
during a given period to the factors which
influence the demand.
Mathematically ,
Qd = f(P,I,T,PR,EP,EI,SP,DC,A,O)
15. Impact of the determinants on the
demand
Price of the product
Income of the consumer
Prices of substitutes or complementaries
Tastes and preferences
16. Law of demand
The law of demand states: “Other things
remaining the same, the amount of quantity
demanded rises with every fall in the price and
vice versa.”
17. Assumptions of the law of demand
Except the price and demand of a particular
product other things remains same, ex income
level of the consumer, tastes, preferences etc.
18. Operation of the Law of demand
Exceptions to the law of demand
Where there is a shortage of necessities feared
Where the product is such that it confers
distinction
Giffen’s paradox
In case of ignorance of price changes
19. Change in Demand
The increase or decrease in demand due to
change in the factors other than price is called
change in demand.
22. Extension and Contraction in
demand
An extension is the downward movement along
a demand curve, which indicates that a higher
quantity is demanded for a given fall in the price
of the good.
A contraction is the upward movement along a
demand curve, which indicates that a lower
quantity is demanded for a given increase in the
price of the good.
23. Significance
Primary law in the consumption theory of
economics
Indicates the consumer behaviour for a given
change in the variables in the study.
Provides the basis for decisions related to costs,
output, investment appraisals and so on.
Basis for other economic laws
24. Elasticity of demand
Elasticity : the rate of responsiveness in the
demand of a commodity for a given change in
price or any other determinants of demand.
26. Perfectly elastic demand
When the quantity can be sold at a given price,
and when there is no need to reduce price, the
demand is said to be perfectly elastic.
Small increase in price will lead to the fall in
demand
27. Perfectly inelastic demand
When a significant degree of change in price
leads to little or no change in the quantity
demanded, then the elasticity is said to be
perfectly inelastic.
28. Relatively elastic demand
The demand is said to be relativley elastic when
the change in demand is more than the change
in the price.
29. Relatively inelastic demand
The demand is said to be relatively inelastic
when the change in the demand is less than the
change in the price.
30. Unity elasticity
When the change in the demand is equal to the
change in the price then the elasticity in demand
is said to be unity.
31. Types of elasticity
Price elasticity of demand
Income elasticity of demand
Cross elasticity of demand
Advertising elasticity of demand
32. Price elasticity of demand
Elasticity of demand in general refers to the
price elasticity of demand
It refers to the quantity demanded of a
commodity in response to a given change in
price.
Price elasticity is always negative, indicates that
the customer tends to buy more with every fall
in the price.
Price elasticity of demand = Proportionate change in the quantity demanded for product X
Proportionate change in the price of X
33. Income elasticity of demand
It refers to the quantity demanded of a
commodity in response to a given change in
income of the consumer.
It is always positive, indicates that the consumer
tends to buy more and more with every increase
in income.
Income elasticity of demand = Proportional change in quantity demanded for product X
Proportional change in income
34. Cross elasticity of demand
I t refers to the quantity demanded of a
commodity in response to a change in the price
of a related good, which may be substitute or
compliment.
Cross elasticity of demand = Proportionate change in quantity demanded for product X
Proportionate change in price of product Y
Cross elasticity is always positive for
substitutes and negative for complements
35. Advertising elasticity of demand
It refers to increase in the sales revenue because
of change in the advertising expenditure.
Advertising elasticity = Proportionate change in quantity demanded for product X
Proportionate change in advertisement costs
The advertising elasticity is said to be high when
even small percentage change in the advertising
expenditure results in a large percentage of
change in the level of quantity demanded or
sales
36. Factors governing elasticity of
demand
Nature of product
Time frame
Degree of postponement
Number of alternative uses
Tastes and preferences of the consumer
Availability of close substitutes
In case of complementaries or joint goods
Level of prices
Availability of subsidies
Expectation of prices
Durability of the product
Government policy
37. Significance of elasticity of demand
Prices of factors of production
Price fixation
Government policies
Forecasting demand
Planning the levels of output and price
