StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Read the requirement carefully - Essay Example

Comments (0) Cite this document
Summary
Name Institution Course Date Forces of Demand and Supply The forces of supply and demand greatly affect a lot of aspects in the market. It is through this that prices of goods and services are determined. It is also through the forces of supply and demand that the supplier decides the amount of goods and services to be supplied and at what prices…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.8% of users find it useful
Read the requirement carefully
Read TextPreview

Extract of sample "Read the requirement carefully"

Download file to see previous pages They are also used to determine the effect competition has on certain goods. Effects of these forces can be interpreted well especially in a perfect market. A perfect market is a market that is governed by certain conditions. They are: there are no restrictions to entering the market; information about the market is readily available; there is no party in the market that has any powers to set prices and technology is equally accessed by all participants in the market, (Mankiw, 2011). The demand of a commodity is the quantity of a good or service a consumer is willing and ahs the ability to buy. The law of demand stipulates that, when there are no other factors at play, the higher the price of a good or service, the lower the demand for that good or services. For example, if the price of milk increases then the demand for milk will fall. Diagram 1.a is a simple illustration of a demand curve Diagram 1.a However, there is an exception with velben and giffen goods, (Arnold, 2008). A velben good is a type of commodity whose demand rises with the increase of its price. Normally giffen goods are considered commodities of position. They include jewelry, expensive cars among others. Giffen good is a commodity whose demand increases irrespective of the change in price. ...
The responsiveness of the demand of goods and services to these factors is referred to as elasticity of demand. The percentage change of the quantity demanded for a particular good is referred to as price elasticity of demand. it is derived from the formulae . Diagram 1.c illustrates price elasticity of milk. Diagram 1.c An increase in the price of milk from p1 to p2 will result in a slight decrease in the quantity demanded from q1 to q2. This is because products like milk experience inelastic price elasticity. This is because the milk is a necessity good which experiences this type of elasticity, (Mankiw, 2011). Cross price elasticity of demand is the difference in the amount demanded for a good in percentage as a result of a percentage change in the price of other goods. It is derived from the formula, (Hall and Lieberman, 2007). In this case there are different types of curves to show the responsiveness of the amount demanded as a result of changes in price of other goods. Diagram 1.d shows the cross elasticity of complementary goods. These are goods that are used together. For example, milk and bread are complementary goods. If the price of bread drops from p1 to p2 then we expect the demand of milk to increase from p1 to p2. Diagram 1.d Diagram 1.e shows the cross elasticity of independent for independent goods. These are goods whose use is independent of each other, for example, milk and electronics are independent. Hence a change in the price of electronics from p2 to p1 will result in no change in the price of milk. It will remain at q1.. Diagram 1.e Income elasticity of demand is the percentage change demand of a certain commodity as a result in changes in income of the consumer. It is derived from the formula .Since milk is a ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Read the requirement carefully Essay Example | Topics and Well Written Essays - 1250 words”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1462293-read-the-requirement-carefully
(Read the Requirement Carefully Essay Example | Topics and Well Written Essays - 1250 Words)
https://studentshare.org/macro-microeconomics/1462293-read-the-requirement-carefully.
“Read the Requirement Carefully Essay Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/macro-microeconomics/1462293-read-the-requirement-carefully.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Read the requirement carefully

Importance of Requirement Engineering in Software Engineering

...Requirement Engineering I have chosen Requirement Engineering as an area of research in Software Engineering. In this literature review I will explain Requirement Engineering in terms of its sub topics. In the first section I will present the introduction to Requirement Engineering. Then I will explain, what are the Requirements, why we need Requirements for a project? Then in then next section I will explain what the means of requirement gathering for a project are emerged. In the next section I will present how we can extract requirements, this section will present different methods of requirement gathering. The next section is most important part of this literature review; here I will present different types of Requirements...
21 Pages(5250 words)Research Paper

The Requirement for Nurses

...Client Advocacy in Nursing Introduction Nursing often involves dealing with problems which are of a moral or ethical nature. Two essential constituents of nursing ethics are: respect for autonomy and the nurse as patient’s advocate. These are based on the requirement for nurses to avoid imposing one’s own belief on others and to develop the role of advocate (Rumbold, 1999). Client advocacy along with accountability, collaboration, and caring are the moral concepts that form the foundation for nurses’ ethical and principled decision making. Advocacy which refers to the active support of an important cause, can be defined in the nursing context as a legal concept for the nurse’s role in relation to a patient’s human and moral...
9 Pages(2250 words)Term Paper

Cinderella as One of the Most Read Folktales

...Cinderella as one of the most read folktales Cinderella is perhaps one of the most read folktales in the genre of English Literature. The story of a poor, miserable girl who finds happiness as the wife of a rich and handsome prince rings a chord of empathy deep in our heart. This is a story of hardship suffered by a sweet natured and simple girl who gets transformed into a bewitching beauty with the help of a fairy godmother. This beautiful girl catches the eyes of the prince, who ultimately marries her and in the process secures ever lasting happiness for her. The girl’s cruel step mother and her two step sisters are punished in the end. However, with changing times people’s values and expectations are changing. Young children demand...
6 Pages(1500 words)Coursework

A Tool that Should be used Carefully

... Information Technology – A tool that should be used carefully Introduction Technology by far seems to have contributed in great deal to the development of human kind and it’s betterment in various fields like infrastructure, transport, communication and various businesses. Business organizations have gained a lot with invent of information technology enhancing their manufacturing and communication process. Bharadwaj, Bharadwaj, and Konsynski (1999) states that there has been growing recognition of the importance of assessing information technology assets in determining firm’s competitive health and capacity for future business performance. It is further reported that managers and consultants are considering companies IT resources...
7 Pages(1750 words)Research Paper

We Are What We Read

...We are what we read, sometimes thoughtful, sometimes romantic, sometimes principled, sometimes pragmatic, but almost always a consumer Anthropology would describe humans as social animals depending on each other for the fulfilment of their needs. Thus, at whatever social, financial or intellectual level we are in the society, we will need goods for consumption. This makes us a consumer of products of various types depending on our needs. Companies that produce goods have always been targeting people for consumption of their goods. Depending on the product they target different consumers. However, the way different consumers are approached depends on how the consumers will react to the advertisements based on their knowledge...
12 Pages(3000 words)Essay

The Perceived Requirement for the Strategic Change

...The Perceived Requirement for the Strategic Change Introduction This paper is developed considering a fictitious company ‘Eutone’ and the change management took place in the wake of certain changes in the business. The focus of this paper would be to articulate the change management processes including the changes and the management of the same. Eutone was established way back in 1957. Until 2004, the organisation used to deal in the manufacturing of bus and trucks. However, after that the company has shifted its focus to the manufacturing of trains. Gradually, the company has been able to take a leading position among the truck manufacturers in UK. Even, during the economic downturn, the stock price of the company remained...
10 Pages(2500 words)Dissertation

Portfolio Project (350 Points) The Portfolio Project is due at the end of Module 8. Read the following description carefully. Choose a topic or issue in which digital media play a significantly influential part. Provide the following elements to complete

his book portrays the way society has unlimited access to broad spectrums of information through extremely portable and easy to access digital forms as compared to the past. It expounds on the comfort brought by the availability of media tools as forms of entertainment and quality information providers. It also touches on the youth as possible audiences and implementers of the same. In addition, it emphasizes on the need by the youth to use the internet as a health information seeking to tool for their personal gain.
In this book, the digital form of art is on the spotlight by giving the meaning of this art form then building up on its impact on culture. It differentiates the digital way from the traditional form of artistry b...
13 Pages(3250 words)Term Paper

Effective Practices for Teaching Children to Read

...An overview of Effective Practices for Teaching Children to Read Teaching how to read is a complex process that requires a lot of expertise and experience. It is an art and a science at the same time. Its scientific part requires that the teacher should possess the necessary skills about reading, based on scientific evidence. It is an art since it requires that the skills be applied effectively in order to achieve the best results. A difficulty comes in the actual application of the skills. A teacher may be well equipped with the scientific knowledge but may lack on the effective teaching practices, which are necessary in delivering. A teacher who knows to teach how to read is the one who associates well with the children and knows...
7 Pages(1750 words)Research Paper

Fulfilling Units Requirement for Graduation Via Internship

...Summer Midterm Internship Paper The School of business at the university gives an option to undertake an internship or research project to graduate or elective in some certificates programs. I am pursuing a Bachelor’s degree in Business Administration (accounting option). Besides, I am taking a couple certificate courses such as Business Information System accounting elective, and CAFÉ program. These are aimed at fulfilling my unit's requirement for graduation and also sitting for the Certified Public Accounts (CPA) exam. In this regard, I preferred the internship over the research project. I was convinced that that it is more reliable to get to know more about real world job and work environment. According to the requirements...
7 Pages(1750 words)Essay

Comparison of Carl Ernsts Following Muhammad and Mona Siddiquis How to Read the Quran

The author primarily directs the book towards the non-Muslims, whose assumptions that are driven by media are lamented constantly, but the book is also of interest as a refreshing departure from the standard Islam and Muslim accounts to the Muslims (Ernst, 14). Ernst’s book is well written and well spoken. Although the organization of the content appeared idiosyncratic at the first glance, the flow of the book’s narrative is generally masterful. He was able to move successfully from the present to the past and back again in a logical and clear manner to follow. This, however, breaks down in the section where he discusses the Islamic art, which rather uncomfortably sits in the spirituality chapter. This work is highly p...
8 Pages(2000 words)Book Report/Review
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Read the requirement carefully for FREE!

Contact Us