1. A new, more productive variety of paddy increases supply, shifting the supply curve to the right.
2. With inelastic demand, this leads to a large fall in price and a proportionately smaller increase in quantity sold.
3. As a result, total revenue for farmers falls despite the increased supply.
Price elasticity of supply measures the responsiveness to the supply of a good or service after a change in its market price. According to basic economic theory, the supply of a good will increase when its price rises. Conversely, the supply of a good will decrease when its price decreases.
Price Elasticity of Demand, Degrees of Elasticity, Factors determining Elasticity of Demand, Measurement of Price Elasticity, Importance of Elasticity of Demand
Price elasticity of supply measures the responsiveness to the supply of a good or service after a change in its market price. According to basic economic theory, the supply of a good will increase when its price rises. Conversely, the supply of a good will decrease when its price decreases.
Price Elasticity of Demand, Degrees of Elasticity, Factors determining Elasticity of Demand, Measurement of Price Elasticity, Importance of Elasticity of Demand
Price elasticity of supply measures the relationship between change in quantity supplied and a change in price.
Basically elasticity of supply shows the amounts that costs rise as production increases
• When Pes > 1, then supply is price elastic
• When Pes < 1, then supply is price inelastic
• When Pes = 0, then supply is perfectly inelastic
• When Pes = infinity, then supply is perfectly elastic following a change in demand
Price elasticity of supply measures the relationship between change in quantity supplied and a change in price.
Basically elasticity of supply shows the amounts that costs rise as production increases
• When Pes > 1, then supply is price elastic
• When Pes < 1, then supply is price inelastic
• When Pes = 0, then supply is perfectly inelastic
• When Pes = infinity, then supply is perfectly elastic following a change in demand
Mankiew chapter 7 Consumers, Producers, and the Efficiency of MarketsAbd ELRahman ALFar
What is consumer surplus? How is it related to the demand curve?
What is producer surplus? How is it related to the supply curve?
Do markets produce a desirable allocation of resources? Or could the market outcome be improved upon?
This is a ppt which explains the economic concept gains from trade. It can also be used to explain biography of adam smith and david ricardo. both were great economists.
9/19/2011 Self-Concept in Consumer BehaviorWalid Abraz
Date: 9/19/2011
Course: MK617 Consumer Behavior
Assignment: Self-Concept in Consumer Behavior
Description: “Every product you purchase reflects who you really are”
A critical review of Joseph Sirgy article about Self-Concept in Consumer Behavior.
For this assignment, students were presented some definitions and theories about Self-Concept in Consumer Behavior. This included the definition of the Image product, the process of identification, congruity and incongruity, but also some self-concept measurements practices.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
Pitch Deck Teardown: RAW Dating App's $3M Angel deck
Chapter 3 elasticity for economics
1.
2. Elasticity . . .
• … allows us to analyze supply and demand
with greater precision.
• … is a measure of how much buyers and sellers
respond to changes in market conditions
• Rate of change of the quantity demanded or
quantity supplied due to change in a variable.
3. THE ELASTICITY OF DEMAND
• The price elasticity of demand is a measure of
how much the quantity demanded of a good
responds to a change in the price of that good.
• When we talk about elasticity, that
responsiveness is always measured in
percentage terms.
• Specifically, the price elasticity of demand is
the percentage change in quantity demanded
due to a percentage change in the price.
6. The Price Elasticity of Demand and Its
Determinants
• Demand tends to be more elastic:
• the larger the number of close substitutes.
• if the good is a luxury.
• the more narrowly defined the market.
• the longer the time period.
7. Computing the Price Elasticity of Demand
• The price elasticity of demand is computed as
the percentage change in the quantity
demanded divided by the percentage change in
price.
P r i c e e l a s t i c i t y o f d e m a n d =
P e r c e n t a g e c h a n g e i n q u a n t i t y d e m a n d e d
P e r c e n t a g e c h a n g e i n p r i c e
8. Computing the Price Elasticity of Demand
• Example: If the price of an ice cream cone
increases from RM2.00 to RM2.20 and the
amount you buy falls from 10 to 8 cones, then
your elasticity of demand would be calculated
as:
( )
( . . )
.
1 0 8
1 0
1 0 0
2 2 0 2 0 0
2 0 0
1 0 0
2 0 %
1 0 %
2
−
×
−
×
= =
P r i c e e l a s t i c i t y o f d e m a n d =
P e r c e n t a g e c h a n g e i n q u a n t i t y d e m a n d e d
P e r c e n t a g e c h a n g e i n p r i c e
9. The Variety of Demand Curves
• Inelastic Demand, Ep < 1
• Quantity demanded does not respond strongly to
price changes.
• Price elasticity of demand is less than one.
• Elastic Demand, Ep >1
• Quantity demanded responds strongly to changes in
price.
• Price elasticity of demand is greater than one.
10. Computing the Price Elasticity of Demand
Demand is price elastic.
RM5
4
Demand
Quantity1000 50
3
percent22
percent67
5.00)/2(4.00
5.00)(4.00
50)/2(100
50)(100
ED
−=
−
=
+
−
+
−
=
Price
11. The Variety of Demand Curves
• Perfectly Inelastic, Ed = 0
• Quantity demanded does not respond to price
changes.
• Perfectly Elastic, 1 < Ed <1
• Quantity demanded changes infinitely with any
change in price.
• Unit Elastic, Ed=1
• Quantity demanded changes by the same percentage
as the price.
12. Figure 1 The Price Elasticity of Demand
(a) Perfectly Inelastic Demand: Elasticity Equals 0
5
4
Quantity
Demand
1000
1. An
increase
in price . . .
2. . . . leaves the quantity demanded unchanged.
Price
13. Figure 1 The Price Elasticity of Demand
(b) Inelastic Demand: Elasticity Is Less Than 1
Quantity0
5
90
Demand1. A 22%
increase
in price . . .
Price
2. . . . leads to an 11% decrease in quantity demanded.
4
100
14. Figure 1 The Price Elasticity of Demand
2. . . . leads to a 22% decrease in quantity demanded.
(c) Unit Elastic Demand: Elasticity Equals 1
Quantity
4
1000
Price
5
80
1. A 22%
increase
in price . . .
Demand
15. Figure 1 The Price Elasticity of Demand
(d) Elastic Demand: Elasticity Is Greater Than 1
Demand
Quantity
4
1000
Price
5
50
1. A 22%
increase
in price . . .
2. . . . leads to a 67% decrease in quantity demanded.
16. Figure 1 The Price Elasticity of Demand
(e) Perfectly Elastic Demand: Elasticity Equals Infinity
Quantity0
Price
4 Demand
2. At exactly RM4,
consumers will
buy any quantity.
1. At any price
above RM4, quantity
demanded is zero.
3. At a price below RM4,
quantity demanded is infinite.
17. Other Demand Elasticities
• Income Elasticity of Demand
• Income elasticity of demand measures how much
the quantity demanded of a good responds to a
change in consumers’ income.
• It is computed as the percentage change in the
quantity demanded divided by the percentage
change in income.
18. Other Demand Elasticities
• Computing Income Elasticity
I n c o m e e l a s t i c i t y o f d e m a n d =
P e r c e n t a g e c h a n g e
i n q u a n t i t y d e m a n d e d
P e r c e n t a g e c h a n g e
i n i n c o m e
Remember, all elasticities are
measured by dividing one
percentage change by another
19. Other Demand Elasticities
• Income Elasticity
• Types of Goods
• Normal Goods
• Inferior Goods
• Higher income raises the quantity demanded for
normal goods but lowers the quantity demanded for
inferior goods.
20. Other Demand Elasticities
• Income Elasticity
• Goods consumers regard as necessities tend to be
income inelastic
• Examples include food, fuel, clothing, utilities, and
medical services.
• Goods consumers regard as luxuries tend to be
income elastic.
• Examples include sports cars, furs, and expensive foods.
21. Other Demand Elasticities
• Cross-price elasticity of demand
• A measure of how much the quantity demanded of one good
responds to a change in the price of another good, computed
as the percentage change in quantity demanded of the first
good divided by the percentage change in the price of the
second good
2goodofpricein%change
1goodofdemandedquantityin%change
demandofelasticityprice-Cross =
22. THE ELASTICITY OF SUPPLY
• Price elasticity of supply is a measure of how
much the quantity supplied of a good responds
to a change in the price of that good.
• Price elasticity of supply is the percentage
change in quantity supplied resulting from a
percentage change in price.
23. Figure 5 The Price Elasticity of Supply
(a) Perfectly Inelastic Supply: Elasticity Equals 0
5
4
Supply
Quantity1000
1. An
increase
in price . . .
2. . . . leaves the quantity supplied unchanged.
Price
24. Figure 5 The Price Elasticity of Supply
(b) Inelastic Supply: Elasticity Is Less Than 1
110
5
100
4
Quantity0
1. A 22%
increase
in price . . .
Price
2. . . . leads to a 10% increase in quantity supplied.
Supply
25. Figure 5 The Price Elasticity of Supply
(c) Unit Elastic Supply: Elasticity Equals 1
125
5
100
4
Quantity0
Price
2. . . . leads to a 22% increase in quantity supplied.
1. A 22%
increase
in price . . .
Supply
(If SUPPLY is unit
elastic and linear, it will
begin at the origin.)
26. Figure 5 The Price Elasticity of Supply
(d) Elastic Supply: Elasticity Is Greater Than 1
Quantity0
Price
1. A 22%
increase
in price . . .
2. . . . leads to a 67% increase in quantity supplied.
4
100
5
200
Supply
27. Figure 5 The Price Elasticity of Supply
(e) Perfectly Elastic Supply: Elasticity Equals Infinity
Quantity0
Price
4 Supply
3. At a price below RM4,
quantity supplied is zero.
2. At exactly RM4,
producers will
supply any quantity.
1. At any price
above RM4, quantity
supplied is infinite.
28. The Price Elasticity of Supply and Its
Determinants
• Ability of sellers to change the amount of the
good they produce.
• Beach-front land is inelastic.
• Books, cars, or manufactured goods are elastic.
• Time period
• Supply is more elastic in the long run.
29. • Technology improvement
-with the improvement of technology producers
are able to produce more-more elastic supply
• Perishability
-supply is inelastic for products that are not long
last such as agricultural products.
-change in price do not affect supply much
because cannot store it in longer period.
30. Computing the Price Elasticity of Supply
• The price elasticity of supply is computed as
the percentage change in the quantity supplied
divided by the percentage change in price.
P r i c e e l a s t i c i t y o f s u p p l y =
P e r c e n t a g e c h a n g e
i n q u a n t i t y s u p p l i e d
P e r c e n t a g e c h a n g e i n p r i c e
31. THREE APPLICATIONS OF SUPPLY,
DEMAND, AND ELASTICITY
• Can good news for farming be bad news for
farmers?
• What happens to paddy farmers and the
market for paddy when university agronomists
discover a new paddy hybrid that is more
productive than existing varieties?
32. Can Good News for Farming Be Bad News
for Farmers?
• Examine whether the supply or demand curve
shifts.
• Determine the direction of the shift of the
curve.
• Use the supply-and-demand diagram to see
how the market equilibrium changes.
33. Figure 7 An Increase in Supply in the Market for Rice
Quantity of
Rice
0
Price of
Rice
3. . . . and a proportionately smaller
increase in quantity sold. As a result,
revenue falls from RM300 to RM220.
Demand
S1
S2
2. . . . leads
to a large fall
in price . . .
1. When demand is inelastic,
an increase in supply . . .
2
110
3
100
34. Compute the Price Elasticity of Demand When There Is a
Change in Supply
E D =
−
+
−
+
=
−
≈ −
1 0 0 1 1 0
1 0 0 1 1 0 2
3 0 0 2 0 0
3 0 0 2 0 0 2
0 0 9 5
0 4
0 2 4
( ) /
. .
( . . ) /
.
.
.
Demand is inelastic.
35. Summary
• Price elasticity of demand measures how much
the quantity demanded responds to changes in
the price.
• Price elasticity of demand is calculated as the
percentage change in quantity demanded
divided by the percentage change in price.
– If a demand curve is elastic, total revenue falls
when the price rises.
– If it is inelastic, total revenue rises as the price
rises.
36. Summary
• The income elasticity of demand measures
how much the quantity demanded responds to
changes in consumers’ income.
• The cross-price elasticity of demand measures
how much the quantity demanded of one good
responds to the price of another good.
• The price elasticity of supply measures how
much the quantity supplied responds to
changes in the price.
37. Summary
• In most markets, supply is more elastic in the
long run than in the short run.
• The price elasticity of supply is calculated as
the percentage change in quantity supplied
divided by the percentage change in price.
• The tools of supply and demand can be applied
in many different types of markets.