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Global economic and marketing - Essay Example

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Name Instructor Course Date Global Economic Environment and Marketing Question one 1.1 Price elasticity of demand refers to the increase or decrease of the demand of a particular commodity in response to changes in the price of the commodity. 2/6* 100 = 33.33% change in demand 0.10/0.40 * 100 = 25% change in price Thus 33.33/25* 100 = 1.3332 1.3332 ?…
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Global economic and marketing
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Global economic and marketing

Download file to see previous pages... 1.3 Decreasing the price of a commodity does not necessarily mean that a business establishment will realise profits. This is because there are other market forces such as competition that decide the price at which good and services are to be offered in the market. This being the case the management of the company should perform an assessment of the market in order to understand how various factors affect the price and demand of transport. After doing so the company will be well equipped to know to which level they should lower their prices in order to enjoy profits. Question two 2.1 One notices that changes in the income tax change in different ways from 2008 to 2013. This can be attributed to various factors that force the government to adopt taxation policies. For instance, when the government is running on a deficit budget then it is within reason that the government increases the income tax rate or tax band in order to increase its revenue. From the data provided one establishes the United Kingdom does not increase the tax rate but it increases the tax band. This is considered by various scholars as a good policy to adopt when allocate tax revenue especially in economic turmoil times. The tax system of the United Kingdom is designed in a manner in which those who earn minimum wages are charged lower taxes than those who earn higher amounts. For instance a person who earns 150,000 pounds is charged a higher tax rate when compared to one who earns 10, 000 pounds. This is so since the one earning above 150,000 falls under three different tax bands with three different tax rate each higher than the other. As a result their salary is deducted a considerable amount of their tax money. The United Kingdom government employs a tax system based on tax bands rather than increasing tax rates in order to ensure that low income earners are not deducted huge sums of money as income tax while at the same time the government continues to earn more revenue from those earning high incomes. In short, it is a good policy adopted since the latter complements the previous. 2.2 Income level 1 - ?10,000 2008-09 2009-10 2010-11 2011-12 2012-13 Personal allowance ?6,035 ?6,475 ?6,475 ?7,475 ?8,105 Income after reduction of personal allowance ...Download file to see next pagesRead More
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