1. The document discusses the concept of demand and supply and how it relates to why certain goods are more expensive at certain times. It provides examples like roses on Valentine's Day and gas prices in the summer.
2. It introduces demand curves and how they relate the inverse relationship between price and quantity demanded, showing this through supply and demand graphs. It also discusses how shifts in demand curves can occur from various determinants.
3. In a few sentences, it effectively summarizes the key topics and concepts discussed in the document relating to supply and demand.
This is a brief primer on the history of the St. Louis Cardinals Baseball team and their broadcasts on KMOX radio. For any information please contact me at 314-444-1846
We completed an analysis of Indian Motorcycle's current situation since being acquired by Polaris. We completed market research, conducted interviews with Indian fanatics, collectors, dealers, etc., competitive analysis, and watched "The World's Fastest Indian", starring Anthony Hopkins.
Indian Motorcycle has a fantastic legacy, and our research proved that they are in a unique position to capitalize on their brand and position themselves into a market that allows them to regain an identity that has been lost, modified, and adjusted over the past 100 years.
This presentation is a simple and visual aid we used to tell the story of Indian Motorcycle and to make our recommendation.
This is a brief primer on the history of the St. Louis Cardinals Baseball team and their broadcasts on KMOX radio. For any information please contact me at 314-444-1846
We completed an analysis of Indian Motorcycle's current situation since being acquired by Polaris. We completed market research, conducted interviews with Indian fanatics, collectors, dealers, etc., competitive analysis, and watched "The World's Fastest Indian", starring Anthony Hopkins.
Indian Motorcycle has a fantastic legacy, and our research proved that they are in a unique position to capitalize on their brand and position themselves into a market that allows them to regain an identity that has been lost, modified, and adjusted over the past 100 years.
This presentation is a simple and visual aid we used to tell the story of Indian Motorcycle and to make our recommendation.
Observability Concepts EVERY Developer Should Know -- DeveloperWeek Europe.pdfPaige Cruz
Monitoring and observability aren’t traditionally found in software curriculums and many of us cobble this knowledge together from whatever vendor or ecosystem we were first introduced to and whatever is a part of your current company’s observability stack.
While the dev and ops silo continues to crumble….many organizations still relegate monitoring & observability as the purview of ops, infra and SRE teams. This is a mistake - achieving a highly observable system requires collaboration up and down the stack.
I, a former op, would like to extend an invitation to all application developers to join the observability party will share these foundational concepts to build on:
Unlocking Productivity: Leveraging the Potential of Copilot in Microsoft 365, a presentation by Christoforos Vlachos, Senior Solutions Manager – Modern Workplace, Uni Systems
Threats to mobile devices are more prevalent and increasing in scope and complexity. Users of mobile devices desire to take full advantage of the features
available on those devices, but many of the features provide convenience and capability but sacrifice security. This best practices guide outlines steps the users can take to better protect personal devices and information.
Generative AI Deep Dive: Advancing from Proof of Concept to ProductionAggregage
Join Maher Hanafi, VP of Engineering at Betterworks, in this new session where he'll share a practical framework to transform Gen AI prototypes into impactful products! He'll delve into the complexities of data collection and management, model selection and optimization, and ensuring security, scalability, and responsible use.
Climate Impact of Software Testing at Nordic Testing DaysKari Kakkonen
My slides at Nordic Testing Days 6.6.2024
Climate impact / sustainability of software testing discussed on the talk. ICT and testing must carry their part of global responsibility to help with the climat warming. We can minimize the carbon footprint but we can also have a carbon handprint, a positive impact on the climate. Quality characteristics can be added with sustainability, and then measured continuously. Test environments can be used less, and in smaller scale and on demand. Test techniques can be used in optimizing or minimizing number of tests. Test automation can be used to speed up testing.
LF Energy Webinar: Electrical Grid Modelling and Simulation Through PowSyBl -...DanBrown980551
Do you want to learn how to model and simulate an electrical network from scratch in under an hour?
Then welcome to this PowSyBl workshop, hosted by Rte, the French Transmission System Operator (TSO)!
During the webinar, you will discover the PowSyBl ecosystem as well as handle and study an electrical network through an interactive Python notebook.
PowSyBl is an open source project hosted by LF Energy, which offers a comprehensive set of features for electrical grid modelling and simulation. Among other advanced features, PowSyBl provides:
- A fully editable and extendable library for grid component modelling;
- Visualization tools to display your network;
- Grid simulation tools, such as power flows, security analyses (with or without remedial actions) and sensitivity analyses;
The framework is mostly written in Java, with a Python binding so that Python developers can access PowSyBl functionalities as well.
What you will learn during the webinar:
- For beginners: discover PowSyBl's functionalities through a quick general presentation and the notebook, without needing any expert coding skills;
- For advanced developers: master the skills to efficiently apply PowSyBl functionalities to your real-world scenarios.
In the rapidly evolving landscape of technologies, XML continues to play a vital role in structuring, storing, and transporting data across diverse systems. The recent advancements in artificial intelligence (AI) present new methodologies for enhancing XML development workflows, introducing efficiency, automation, and intelligent capabilities. This presentation will outline the scope and perspective of utilizing AI in XML development. The potential benefits and the possible pitfalls will be highlighted, providing a balanced view of the subject.
We will explore the capabilities of AI in understanding XML markup languages and autonomously creating structured XML content. Additionally, we will examine the capacity of AI to enrich plain text with appropriate XML markup. Practical examples and methodological guidelines will be provided to elucidate how AI can be effectively prompted to interpret and generate accurate XML markup.
Further emphasis will be placed on the role of AI in developing XSLT, or schemas such as XSD and Schematron. We will address the techniques and strategies adopted to create prompts for generating code, explaining code, or refactoring the code, and the results achieved.
The discussion will extend to how AI can be used to transform XML content. In particular, the focus will be on the use of AI XPath extension functions in XSLT, Schematron, Schematron Quick Fixes, or for XML content refactoring.
The presentation aims to deliver a comprehensive overview of AI usage in XML development, providing attendees with the necessary knowledge to make informed decisions. Whether you’re at the early stages of adopting AI or considering integrating it in advanced XML development, this presentation will cover all levels of expertise.
By highlighting the potential advantages and challenges of integrating AI with XML development tools and languages, the presentation seeks to inspire thoughtful conversation around the future of XML development. We’ll not only delve into the technical aspects of AI-powered XML development but also discuss practical implications and possible future directions.
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clients’ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
UiPath Test Automation using UiPath Test Suite series, part 5DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 5. In this session, we will cover CI/CD with devops.
Topics covered:
CI/CD with in UiPath
End-to-end overview of CI/CD pipeline with Azure devops
Speaker:
Lyndsey Byblow, Test Suite Sales Engineer @ UiPath, Inc.
Why You Should Replace Windows 11 with Nitrux Linux 3.5.0 for enhanced perfor...SOFTTECHHUB
The choice of an operating system plays a pivotal role in shaping our computing experience. For decades, Microsoft's Windows has dominated the market, offering a familiar and widely adopted platform for personal and professional use. However, as technological advancements continue to push the boundaries of innovation, alternative operating systems have emerged, challenging the status quo and offering users a fresh perspective on computing.
One such alternative that has garnered significant attention and acclaim is Nitrux Linux 3.5.0, a sleek, powerful, and user-friendly Linux distribution that promises to redefine the way we interact with our devices. With its focus on performance, security, and customization, Nitrux Linux presents a compelling case for those seeking to break free from the constraints of proprietary software and embrace the freedom and flexibility of open-source computing.
Epistemic Interaction - tuning interfaces to provide information for AI supportAlan Dix
Paper presented at SYNERGY workshop at AVI 2024, Genoa, Italy. 3rd June 2024
https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
Removing Uninteresting Bytes in Software FuzzingAftab Hussain
Imagine a world where software fuzzing, the process of mutating bytes in test seeds to uncover hidden and erroneous program behaviors, becomes faster and more effective. A lot depends on the initial seeds, which can significantly dictate the trajectory of a fuzzing campaign, particularly in terms of how long it takes to uncover interesting behaviour in your code. We introduce DIAR, a technique designed to speedup fuzzing campaigns by pinpointing and eliminating those uninteresting bytes in the seeds. Picture this: instead of wasting valuable resources on meaningless mutations in large, bloated seeds, DIAR removes the unnecessary bytes, streamlining the entire process.
In this work, we equipped AFL, a popular fuzzer, with DIAR and examined two critical Linux libraries -- Libxml's xmllint, a tool for parsing xml documents, and Binutil's readelf, an essential debugging and security analysis command-line tool used to display detailed information about ELF (Executable and Linkable Format). Our preliminary results show that AFL+DIAR does not only discover new paths more quickly but also achieves higher coverage overall. This work thus showcases how starting with lean and optimized seeds can lead to faster, more comprehensive fuzzing campaigns -- and DIAR helps you find such seeds.
- These are slides of the talk given at IEEE International Conference on Software Testing Verification and Validation Workshop, ICSTW 2022.
Alt. GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using ...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
zkStudyClub - Reef: Fast Succinct Non-Interactive Zero-Knowledge Regex ProofsAlex Pruden
This paper presents Reef, a system for generating publicly verifiable succinct non-interactive zero-knowledge proofs that a committed document matches or does not match a regular expression. We describe applications such as proving the strength of passwords, the provenance of email despite redactions, the validity of oblivious DNS queries, and the existence of mutations in DNA. Reef supports the Perl Compatible Regular Expression syntax, including wildcards, alternation, ranges, capture groups, Kleene star, negations, and lookarounds. Reef introduces a new type of automata, Skipping Alternating Finite Automata (SAFA), that skips irrelevant parts of a document when producing proofs without undermining soundness, and instantiates SAFA with a lookup argument. Our experimental evaluation confirms that Reef can generate proofs for documents with 32M characters; the proofs are small and cheap to verify (under a second).
Paper: https://eprint.iacr.org/2023/1886
Sudheer Mechineni, Head of Application Frameworks, Standard Chartered Bank
Discover how Standard Chartered Bank harnessed the power of Neo4j to transform complex data access challenges into a dynamic, scalable graph database solution. This keynote will cover their journey from initial adoption to deploying a fully automated, enterprise-grade causal cluster, highlighting key strategies for modelling organisational changes and ensuring robust disaster recovery. Learn how these innovations have not only enhanced Standard Chartered Bank’s data infrastructure but also positioned them as pioneers in the banking sector’s adoption of graph technology.
Securing your Kubernetes cluster_ a step-by-step guide to success !KatiaHIMEUR1
Today, after several years of existence, an extremely active community and an ultra-dynamic ecosystem, Kubernetes has established itself as the de facto standard in container orchestration. Thanks to a wide range of managed services, it has never been so easy to set up a ready-to-use Kubernetes cluster.
However, this ease of use means that the subject of security in Kubernetes is often left for later, or even neglected. This exposes companies to significant risks.
In this talk, I'll show you step-by-step how to secure your Kubernetes cluster for greater peace of mind and reliability.
Communications Mining Series - Zero to Hero - Session 1DianaGray10
This session provides introduction to UiPath Communication Mining, importance and platform overview. You will acquire a good understand of the phases in Communication Mining as we go over the platform with you. Topics covered:
• Communication Mining Overview
• Why is it important?
• How can it help today’s business and the benefits
• Phases in Communication Mining
• Demo on Platform overview
• Q/A
Monitoring Java Application Security with JDK Tools and JFR Events
Intro to Demand
1.
2.
3. . A - Rod, at $25 M was paid his last year in Texas: $288,660 per game , $75,148 per at-bat , $897,436 per home run , & $648,148 per win . Bledsoe, at $10 million year could purchase a new Ford SUV each day of the year . At $28 million , a PlayStation 2 is like like .35 to Garnett. One out of every 8,000 high school basketball players goes on to play in the NBA. Big Demand , Small Supply Signed for $103 mil. for 10 years in 2001.
5. DEMAND DEFINED $5 4 3 2 1 DEMAND SCHEDULE Various Amounts A Series of Possible Prices … a specified time period … other things being equal 10 20 35 55 80 P Q D
6.
7. GRAPHING DEMAND P Q o $5 4 3 2 1 $5 4 3 2 1 10 20 35 55 80 Price of Corn Quantity of Corn CORN Plot the Points 10 20 30 40 50 60 70 80 P Q D
8. GRAPHING DEMAND 55 P Q o $5 4 3 2 1 $5 4 3 2 1 10 20 35 55 80 Price of Corn Quantity of Corn CORN Plot the Points 10 20 30 40 50 60 70 80 P Q D
9. GRAPHING DEMAND 35 P Q o $5 4 3 2 1 $5 4 3 2 1 10 20 35 55 80 Price of Corn Quantity of Corn CORN Plot the Points 10 20 30 40 50 60 70 80 P Q D
10. GRAPHING DEMAND P Q o $5 4 3 2 1 $5 4 3 2 1 10 20 35 55 80 Price of Corn Quantity of Corn CORN Plot the Points 10 20 30 40 50 60 70 80 P Q D
11. GRAPHING DEMAND P Q o $5 4 3 2 1 $5 4 3 2 1 10 20 35 55 80 Price of Corn Quantity of Corn CORN Plot the Points 10 20 30 40 50 60 70 80 P Q D
12. GRAPHING DEMAND P Q o $5 4 3 2 1 $5 4 3 2 1 10 20 35 55 80 D Price of Corn Quantity of Corn CORN Connect the Points 10 20 30 40 50 60 70 80 P Q D
13. GRAPHING DEMAND P Q o $5 4 3 2 1 $5 4 3 2 1 10 20 35 55 80 D Price of Corn Quantity of Corn CORN 10 20 30 40 50 60 70 80 What if Demand Increases? P Q D
14. GRAPHING DEMAND P Q o $5 4 3 2 1 $5 4 3 2 1 D Price of Corn Quantity of Corn CORN 10 20 30 40 50 60 70 80 D’ Increase in Demand Increase in Quantity Demanded 10 20 35 55 80 30 40 60 80 + P Q D
15. GRAPHING DEMAND P Q o $5 4 3 2 1 $5 4 3 2 1 10 20 35 55 80 D Price of Corn Quantity of Corn CORN 10 20 30 40 50 60 70 80 What if Demand Decreases? P Q D
16. GRAPHING DEMAND P Q o $5 4 3 2 1 $5 4 3 2 1 10 20 35 55 80 D Price of Corn Quantity of Corn CORN 10 20 30 40 50 60 70 80 -- 10 20 40 60 D’ Decrease in Demand Decrease in Quantity Demanded P Q D
17. To M arket D emand “ JO” $3 $3 $3 + + 35 39 26 $3 100 From “individual” demand to “market” demand [Total] “ Bo” “ Mo” D D D D = Demand - a record of how consumers buying habits change in response to price changes . [series of QDs that consumers will buy at different prices ] Individual Demand
18. . Van Gogh at 19 years of age Vincent van Gogh completed thousands of sketches and oil paintings. He sold only one, four months before his death, for 400 francs (about $100 dollars). He lived for only 37 years before he died in 1890.
19. Here is van Gogh’s “The Red Vineyard” , which sold for about $100 .
20. Vincent van Gogh’s Sunflowers $39.9 million I n 1987, how much was paid for one of his “ Sunflowers” paintings?
21. . Vincent’s first cousin , “ Kee ”, who rejected his advances. Self portrait after Vincent cut off his ear lobe with a razor blade in a state of fury. He wrapped the ear lobe in a newspaper & gave it to a female friend in a brothel.
22. Vincent van Gogh’s Self Portrait - 1889 $71.5 million “ Little Vincent” [age 13] So – during Vincent’s life, there was “big supply but no demand.” Or in other words, after his death he became “ da man. ” But – after his death, there was “big demand but small supply.”
23. “ I’ll buy at 5 cents but not at 10 cents.” .10 “ Not much business so I’m going to lower my price . . 10 .5 QD 1 D QD 2 Lower the price & increase QD “ M ovement , just a movement, not a shift.”
24. . Demand – quantities of products consumers are willing and able to buy at various prices during a given time period . D 1 D 2 D 3 D P 1 QD 1 QD1 Demand – willingness to buy QD 2 QD 2 QD 3 P 2
25.
26. 1. MP3 Players 2. Cell Phones 3. New Jellies 4. LCD monitors 5. DVD players 6. Nintendo Wii 7. PS3 8. Digital cam. 9. XBOX 10. Plasma TVs 11. Clown fish 12. Seven jeans 13. iPhones 14. Portable DVDs 15. Karoke Machines 16. iPods 17. Bratz Dolls 18. Satelite TV iPods RAZR Name Goods That Have Greater Demand Today
27. . $5 4 3 2 1 DEMAND SCHEDULE … a specified time period … other things being equal 10 20 35 55 80 Price decreases ; QD increases Consumers “willingness to buy” $5 $4 $3 $2 $1 D 0 10 20 35 55 80 Quantity Demanded P Q D
28. Graphing the Demand Curve [price change, point to point movement] Picture of Law of Demand
29. . As price decreases … QD increases . 10 .60 . 25 . 25 . 10 . 60 I n v e r s e relationship between price & QD QD 1 QID 2 QD 3 QD 3 QID 2 QD 1 As price increases … QD decreases “ Let’s also buy Dr Pepper for just .10.” Price QD L aw of D emand for Dr. P epper
30. . “ You can have it in any color you want as long as it’s black” $850 Law of Demand statement “ Every time I reduce the charge for our car by $1, I get a thousand new buyers.” QD 1 Production went from 6,000 a year to 600,000. The “Model T” $260 QD 2
31. Where is the Mistake? Well, everyone knows that a price increase decreases the demand. OK, I demand that you fix me a glass right now. Forget it ! Why did you increase your price, Oliver? .15 Lemonade .15 per glass Lemonade .5 per glass
32. Where is the Mistake? D QD. QD – particular price; point on curve D – QD at every price; whole curve shifts; all prices Well, everyone knows that a price increase decreases the QD . .15 .5 QD 2 QD 1 OK, I demand that you fix me a glass, right now. Forget it! Why did you increase your price, Oliver? Lemonade .5 per glass .15 Lemonade .15 per glass
33. . 1. Income Effect - A t lower prices, current buyers are richer and will buy more. D 2. Substitution Effect - Buyers of higher priced substitutes will buy the lower priced substitutes Dr. Pepper is only 10 cents. I normally buy 7 - Up or Big Red. And I normally drink RC Cola, but not if I can get a 10 cent Dr P epper. Reasons For Downward Sloping “ D ” Curve
34.
35. Law of Diminishing Marginal Utility An exception on this would be for women. They get just as much utility [if not more] out of the 50 th pair of shoes as for the 1 st pair . Wal-Mart sells 20,000 pairs of shoes each hour. Women buy 19,000 of the 20,000 pairs of shoes. Of course the new pair are a different c o l o r .
36. . 53 ¾ Hotdogs & Still Talking Trash The Japanese “ Tsunami ” Wins Again
37. How He Did It Takeru Kobayashi , at 112 lbs. before the contest (& 130 afterwards) won the “Nathan’s Famous Hot Dog” contest for the 4th year in a row with 53 3/4 hot dogs in 12 minutes, bettering his old record by ¼ hot dog. This contest has been held every year on July 4 since 1916. In 2 nd place was 410 pound Eric “Badlands” Booker, who could barely eat 30 . At 320 calories per hot dog, he put 17,120 calories into his stomach in 12 minutes , thus the 18 extra pounds .
38.
39. Change in Taste for American Flags Increase in demand for flags after the attack on the World Trade Center D 1 D 2
40. Demand for Clown Fish increased fourfold after “Finding Nemo” even thought they cost $28.00 [The #1 movie of 2003 grossed $340 million] Demand for clown fish after Nemo $28
41. The good news is that Nemo has finally been found. The bad news is the condition in which he was found.
42. D 1 D 2 Increase in Demand [For horse racing after “Seabiscuit” ] S P 1 P 2 Q 1 Q 2 Seabiscuit , the undersized, crooked-legged racehorse became the most “beloved horse of all time.” Offspring were called “ little biscuits.” Died at age 14 of a heart attack.
43. . Seabiscui t wins by 4 lengths. [and War Admiral becomes Rear Admiral ] Let’s Take A Look At The 1938 Race. [ War Admiral v. Seabiscuit ]
44. Change in Income Normal Good – goods whose demand varies directly with income. Inferior Good – g oods whose demand varies i n v e r s e l y with income. Income Demand For Spam Demand For Steak
45. Population (direct) (# of consumers) Market size can increase/decrease. Ex: The large “ baby boom ” of 1946-64 increased the demand for baby supplies. An increase in life expectancy increased demand for for medical care, retirement communities, and nursing homes.
46. Consumer Expectations Consumer expectations about future product price , future availability , & future income . Ex: When the Korean War broke out in the summer of 1950, new car sales boomed (also washers and refrigerators ) out of the expectation of a production stoppage like during WWII. None occurred but it was the expectation that affected new car demand . car
47. Prices of Related Goods QD 1 QD 2 1. Substitute goods (“ competing goods ”) - price change of one affects the demand of the other directly . Ex: 7 Up & Coke, Honda & Toyota 2. Complementary goods (“ go together ”) - price change of one affects the demand for the other inversely . Ex: Camera & film, cereal & milk, or coffee & donuts D 1 D 2 QD 2 QD 1 D 2 D 1
48. Price Of 7 UP Demand for Dr Pepper Substitutes – Direct [ Increase in price of one; increase in “D” of the other] P P 2 P 1 QD 2 QD 1 QD QD D D
49. C o m p l e m e n t s – i n v e r s e [ Decrease in price of one; increase in the “D” for the other] Car Prices Gasoline Demand P QD QD D 1 D 2 They are so cheap that even dogs are buying cars P 1 P 2 QD 1 QD 2 D
50. Price Of iPod Nano Demand for Microsoft Zune Substitutes – Direct [ Increase in price of one; increase in “D” of the other] P P 2 P 1 QD 2 QD 1 QD QD
52. . Hot Dogs Hamburgers Pancakes Syrup “ Substitutes” Price Decreases Price Decreases P D 2 D D 1 QD 2 QD 1 QD 1 QD 2 P 1 P 2 “ C o m p l e m e n t s” Price Decreases Demand Increases P D 1 D 2 D P 1 P 2 QD 1 QD2 QD 1 QD 2 Substitute / C o m p l e m e n t Relationships
65. Insulin Bicycles Few substitutes Cannot be delayed Inexpensive Many Substitutes Can be delayed expensive
66. 4. The total receipts test: Price X Quantity = Revenue $3 X 20 m = $2 X 20 m = $1 X 20 m = $ 60,000,000 $ 40,000,000 $ 20,000,000 $300 X 100 = $200 X 200 = $100 X 500 = $ 30,000 $ 40,000 $ 50,000 20 M Insulin Bicycles $1 $2 $3 $100 100 200 500 $100 $200 $300 P X Q = Revenue P X Q = Revenue
69. Elastic or Inelastic (Total Receipts Test) Total Receipts Test 20 x $2 = $40.00 Total Receipts Test 20 x $2 = $40 20 30 40 50 $2 $1 Inelastic Elastic 30 x $1 = $30.00 50 x $1 = $50
70.
71. . Elastic Demand For Cassette Tapes -$1 D “ TR” Test $2.50x100,000=$250,000 $1.50x600,000=$900,000 +$650,000
72. E lastic D emand F or C assette T apes Total Receipts Test $2.50=$250,000 $1.50=$900,000 + $650,000 -$1 D “ TR” Test $2.50x100,000=$250,000 $1.50x600,000=$900,000 +$650,000
73. +25 % QD -$1 D “ TR” Test $2 = $30 bil. $1 = $20 bil. -$10 bil.
74. E lastic or I nelastic Demand E lastic or I nelastic Demand E lastic I nelastic
77. Price Changes for Substitutes & C o m p l e m e n t s Substitutes - Direct Dr Pepper Complements - I n v e r s e Coke P 1 P 2 P 1 P 2 QD 1 QD 2 D D D 1 D2 D 1 D 2 Motorcycles Helmets
78. __1. Which will cause an “Increase in D” for MP3 Player phones? a. increase in income c. increase in the price of MP3 Player phones b. decrease in income d. decrease in the price of MP3 Player phones ___2. Which will cause an “Increase in QD” for MP3 Player phones ? a. decrease in income c. decrease in the price of MP3 Player phones b. increase in income d. increase in the price of MP3 Player phones ___3. Which will cause a “Decrease in D” for Projectors ? a. increase in the price of projectors c. decrease in # of consumers b. decrease in the price of projectors d. increase in projector taste ___4. Which will cause a “Decrease in QD” for Projectors ? a. increase in the price of projectors c. decrease in # of consumers b. decrease in the price of projectors d. increase in projector taste A C C A MP3 Player Phone [stereo sound, downloadable sound games and ring tones]
79. QD & D Practice Quiz [ S nickers ] 1. What would cause an “increase in QD” for Snickers? a. increase in price of Snickers b. decrease in price of Snickers c. decrease in income d. increase in number of consumers 2. What would cause an “increase in D” for Snickers? a. increase in taste b. decrease in price of Snickers c. decrease in income d. increase in the price of Snickers 3. What would cause a “decrease in QD” for Snickers? a. increase in taste b. decrease in price of Snickers c. increase in price of Snickers 4. What would cause a “decrease in D” for Snickers? a. decrease in income b. increase in taste c. decrease in price of Snickers 5. An “increase in the price of Butterfingers would cause a(n) (increase/decrease) in (QD/D) for Snickers ?
80. NS 1-10 1. (Demand/Supply) is identified as quantities consumers are willing and able to buy at various prices during a given time period . 2. The law of demand says that price & QD are (directly/inversely) related. 3. The most important variable influencing decisions to produce and purchase goods is (technique/price). (Price/income) is not held constant when moving along a stable demand curve . 4. Income effect-the increase or decrease in purchasing power brought on by a change in (taste/market size/price). 5. Substitution effect – tendency to substitute a (higher/lower) -priced product for a more expensive product. 6. Diminishing marginal utility – utility , or (determination/anger/satisfation) decreases as more of the same product [Snickers] is consumed. 7. The law of demand refers to a (movement/shift) along a demand curve. 8. Substituting chicken as the price of steak goes up is an example of the (income/substitution) effect. 9. When the price of caviar falls , the purchasing power of our money income rises & thus permits us to purchase more caviar. This is the (income/substitution) effect. 10. The demand (curve/schedule) is a numerical tabulation showing QD at each price. The demand (curve/schedule) is a graphical representation of the law of demand.
81. NS 11 - 20 11. Elasticity of demand – the way price affects (attitude/quantity/market size). 12. (Inelastic/Elastic) demand – demand that is very responsive to price. [A small price increase causes a large decrease in quantity demanded.] 13. (Inelastic/Elastic) demand-when a change in price has little impact on QD . 14. The 3-item test for elastic demand are substitutes, luxury items, and (inexpensive/expensive) items. 15. The 3-item test for inelastic demand are no substitutes, necessities, and (inexpensive/expensive) items. 16. Expensive cars have (inelastic/elastic) demand. 17. Pepsi Cola has (inelastic/elastic) demand. 18. Insulin has (inelastic/elastic) demand. 19. The elastic demand curve is more (horizontal/vertical). [much change] 20. The inelastic demand curve is more (horizontal/vertical). [not much change]
82. NS 21-26 21. With the invention of the calculator , the demand curve for the slide rule (increased/decreased). 22. When Forest Gump went to China & the U.S. followed by opening up relations with China , the demand curve for Coke (increased/decreased). 23. An increase in income would (increase/decrease) the demand for used clothing . [inferior good] 24. A decrease in income would (increase/decrease) the demand for lobster. [normal good] 25. A decrease in the price of product X [lumber] will (incr/decr) the demand for the c o m p l e m e n t a r y product Y . [nails] 26. A fter Brooke Shields [15] did her national TV ads [“Nothing comes between me and my Calvin’s”], the “D” curve moved (right/left).
83. NS 27-38 27. An increase in the price of Pepsi causes the demand curve for Coke to move to the (right/left). 28. If there is a sale on shirts , the demand curve for ties will move to the (right/left). 29. If a man’s workplace is about to close down , his demand curve for major purchases would move to the (right/left). 30. If a cure for lung cancer were found, the demand curve for cigarettes would move to the (right/left). 31. If the price of pancakes decreases , the demand for syrup , a c o m p l e m e n t , will (increase/decrease). 32. If the price of butter decreases , the demand for margarine will (incr/decr). 33. A “change in QD” is caused by (price change/TIMER) [a “movement”] 34. A “change in D” is caused by (price change/TIMER) [a “shift”] e