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DEVELOPMENTAL ECONOMICS Case study questions and answers Your name …………………. College/ …………. Answer- 1 According to the basic economic concepts, consumer income and price of the goods or services are the very significant factors that determine the demand in the market…
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Download file to see previous pages Economists assume that price is the most important influence on the amounts of any products or services purchased. Apart from price, economists explained that there are many other factors like consumers’ taste, numbers of consumers in the market, consumers’ income, price of related goods etc that also influence the amounts of goods or services purchased (McConnell and Brue, 2004, p. 42- 43). These factors are generally referred as determinants of demand. A person’s taste, preferences and opinions of the product or service consumed are some of the basic determinants of how much a consumer buys them. At higher price of the product or service, the consumer generally economizes and reduces quantity purchased. Similarly, as consumers’ income increases, the consumer is generally found to be buying more of many products and services in the market (Pugel, 2003, p. 19). When it comes to the case of tourism of Guam, 85% of the total tourists are from Japan and the numbers of visits to Guam from Japan have been decreased in recent years. Demand for tourism can also be a function of consumers’ income, price of the service or price of competing goods. ...
81). As far as consumers’ income is considered to be a main determinant of the tourism to Guam, the price of tourism in relation to three different components are to be analyzed. These three components are cost of transportation, living cost in Guam and exchange rate. When more consumers are to travel to Guam, their relative spending on transportation and living would likely to increase. Similarly, they may have to spend more on exchanging currency too. In order to attract more customers to Guam and increase travelling to Guam, it is recommended that cost of transportation between Guam and Japan must be discounted or the government has to promote tourism through some seasonal programs. As a government policy maker, it is also recommended that cost of living, especially for those who visit Guam from Japan has to be adjusted in order to attract more visitors from Japan. If government fixes a specific fixed exchange rate between US Dollar and Japan’s Yen for the Japanese travelers to Guam, the expenditure issues that Japanese concern in relation to the exchange rate can also be solved and thus to increase numbers of travelers from Japan to Guam. A number of political and social factors have also caused decrease in travelling to Guam. The downward trend in Guam’s tourism has been caused by Japan’s sluggish economy and some political events like Gulf War in 1991, Typhoon Omar and Earthquake rated 8.1 in 1993, Korean airline crash in 1997, Asian crisis in 1998 etc (Dougan, 2007, p. 80). Japanese were choosing Guam for tourism for several reasons like beautiful beaches and safety in Guam. Safety in beaches, resorts and hotels should be ...Download file to see next pagesRead More
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