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Price Elasticity of Demand - Essay Example

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The writer of the present writing seeks to explore the topic of price elasticity of demand in relation to microeconomics and marketing. Thus, the paper will investigate such theme with a specific attention paid to the role of jobs and education…
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Price Elasticity of Demand
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Price Elasticity of Demand

Download file to see previous pages... With changes in market dynamics, burgeoning population, increasing competition in job markets, and rapid technological changes that out phase odd manual jobs, demand for formal education has skyrocketed over the last decade. This happens as people strive to better their competitiveness in securing formal employment. Placing the high value on academic certificates as an essential aspect in securing any employment has led to an increased demand for further education across the board, which in turn creates high demand for colleges and universities, giving way to the proliferation of many institutions offering bachelor degrees and masters as well. A study on income levels among employees with different academic qualifications reveals that there are wide disparities in salaries of diploma, the degree, and masters degree holders. Salaries increase with the increase in academic qualifications with master’s degree holders earning twice as much as degree holders who in turn earn twice what high school diploma holders earn on average. Those with no formal education form the bulk of unemployed population across the country, often performing poorly paid manual jobs in homesteads, municipal councils and mining zones among other similar places. Office jobs are a preserve for the highly qualified in the formal education, especially those with bachelor degrees and above. Management jobs are common with master’s degree holders and those with many certificates in support courses....
Other factors that affect the elasticity of demand include changes in income levels, persistence of price changes, and product demand patterns among others. With changes in market dynamics, burgeoning population, increasing competition in job markets, and rapid technological changes that out phase odd manual jobs, demand for formal education has skyrocketed over the last decade. This happens as people strive to better their competitiveness in securing formal employment. Placing high value on academic certificates as an essential aspect in securing any employment has led to an increased demand for further education across board, which in turn creates high demand for colleges and universities, giving way to the proliferation of many institutions offering bachelor degrees and masters as well. A study on income levels among employees with different academic qualifications reveals that there are wide disparities in salaries of diploma, degree and masters degree holders. Salaries increase with increase in academic qualifications with master’s degree holders earning twice as much as degree holders who in turn earn twice what high school diploma holders earn on average. Those with no formal education form the bulk of unemployed population across the country, often performing poorly paid manual jobs in homesteads, municipal councils and mining zones among other similar places. Office jobs are a preserve for the highly qualified in formal education, especially those with bachelor degrees and above. Management jobs are common with master’s degree holders and those with many certificates in support courses relevant to their field of occupation. This state of affairs places high value ...Download file to see next pagesRead More
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