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.
Nobody downloaded yet

Economic analysis to your company - Essay Example

Comments (0)
Summary
Cleveland Clinic, Abu Dhabi 1. Price elasticity of demand or simply the demand for Cleveland clinic, Abu Dhabi services and the cost and market structure in which the firm operates Cleveland Clinic, Abu Dhabi provides specialized medical services to the people of Abu Dhabi…
Download full paper
GRAB THE BEST PAPER
Economic analysis to your company
Read TextPreview

Extract of sample
Economic analysis to your company

Download file to see previous pages... Due to the uniqueness in the nature of services offered to the people, medical services provided by Cleveland Clinic in Abu Dhabi will have a negative price elasticity of demand. Price elasticity of demand measures the responsiveness of demand to changes in the price of a particular good. An elastic demand occurs if a small change in the price of a service or good leads to a large change in the quantity demanded. On the other hand, inelastic demand occurs if a small change in the quantity demanded accompanies a large change in the price of a commodity. In a free market economy, prices set the quantity of goods and services demanded. As such, if there is a decrease in the price of goods or services offered by a particular company, the market responds by increasing the quantity of goods and services, while an increase in the prices of goods and services leads to a corresponding decrease in the quantity of goods and services demanded by the market. As economists measure the elasticity of demand, they consider the level of change between price and quantity. However, not all goods and services obey the law of demand, as Veblen argued. Special commodities such as Veblen and Geffen goods, as well as medical care services do not obey this law. Subsequently, in case Cleveland Clinic increases the prices of their medical services, there is likely to be no or insignificant changes in the number of people visiting the clinic for medical attention. Additionally, even if the clinic were to lower the price of their medical services, there would be no significant increase in the number of people visiting the clinic for medical services. Only the sick require medical attention, a reason for this reality. Despite operating in an open market structure, Cleveland Clinic, Abu Dhabi does not have to conform to the rules of an open market structure. Competition least affects the number of people visiting the clinic. It operates as a special form of monopoly, due to the uniqueness of its services. Thus, its cost structure does not conform to the open market rules. 2. How global competition impacts Cleveland Clinic, Abu Dhabi Global competition would negatively affect the profitability of Cleveland Clinic, Abu Dhabi. Medical services are an essential part of people’s lives. Globally, people spend large parts of their budgets seeking medical attention. Cleveland Clinic, Abu Dhabi operates under international expertise such as physicians and medical experts from North America (“Modern Healthcare” 25). In open market economies, it is not just the price of commodities, which determine the level of competition between firms. Quality also serves a big role in determining the number of people vising a medical clinic. If Cleveland Clinic were to charge exorbitant prices against a poor service delivery system, people would opt for better hospitals charging reasonable fees for their services. Since medical attention is a special kind of service offered to the people, its market demand does not change with reference to the prices; rather, quality of service delivery is the biggest determinant. If Cleveland clinic, Abu Dhabi, due to the special services it provides to the people were to offer low quality services to the customers, nothing would stop people from seeking medical attention from other international clinics providing better medical attention. In this scenario therefore, prices are likely to play no particular ...Download file to see next pagesRead More
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Economic analysis
This has been the main concern for every government across the globe. However, the biggest unanswerable question is who is to blame for the negative economic growth in most countries in the world today. This question remains unanswered as people gamble to solve the problem of negative economic growth currently experienced in most countries.
10 Pages(2500 words)Book Report/Review
Conduct an external environment analysis for a company (sainsburys) of your choice assessing the impact of the external environm
Several models have been used for environmental analysis relating to an organization. In SWOT analysis, an acronym for Strengths, Weaknesses, Opportunities and Threats, opportunities and Threats are related to external environment. This paper seeks to analyze Sainsbury’s external environment with regard to human resources and practices.
8 Pages(2000 words)Essay
Microsoft Company Analysis
Microsoft does not sell complete solutions. The only hardware they currently sell is ergonomic keyboards, mice and game accessories. Their dominance comes solely from the software that they present. The management has always been focused on problem solving and finding unique solutions.
8 Pages(2000 words)Essay
Tesco Company Pestle Analysis
Cohen inaugurated his first store in 1929 in Edgware’s Burnt Oak in Middlesex. Floated in 1947 for the first time in the London stock Exchange under the name Tesco Stores Limited, a store dealing in self service was opened in the year 1956 in St Albans.
8 Pages(2000 words)Essay
Environmental Analysis (company reporting)
This is a new field of accounting such that its focus is on how to measure the amount of investment the company has to put up in order to measure and communicate the costs from the company's use of raw materials and resources such as land, water, air and others.
12 Pages(3000 words)Essay
Company Analysis
One of my strengths is the willingness to listen to others, as shown in the student peer evaluation table. In my opinion, this item number 5 is a major characteristic which can be utilized in the workplace to make it productive and effective. As a production head, i constantly put efforts to patiently listen to others including the sub-ordinates, get to know their innovative ideas, make their voices heard, and engage all the people around in the communication process.
6 Pages(1500 words)Essay
Using Economic Theories to Analysis a Company
Apple Inc. is one company which is facing the recession challenges as well as leadership challenges at present. Even though the company still holds impressive
10 Pages(2500 words)Essay
The Market Exposure of Three UK Mobile Company

The author of the essay states that licensing of spectrums is an important business cost incurred by Three UK. The processes of the licensing of frequency bands for the telecommunication operators have high associated costs. The cost of spectrum licensing is the biggest cost incurred by Three UK. 

7 Pages(1750 words)Essay
Describe your ideal company
There are four steps that can guide an employee in preparing for the job market. These steps measures provide an employee with the opportunity to analyze critically the environment of work before
3 Pages(750 words)Essay
Analysis Haier Company
The faster growth and rate of the holding company with its subsidiaries has been the root cause of the performance analysis of the company over a period of five years; 2010 to 2014 respectively. This wide-ranging
11 Pages(2750 words)Essay
Let us find you another Essay on topic Economic analysis to your company for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us