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The cigarettes packed in packets were essential for large transactions because they attracted good offers from the smokers. However, the cigarettes were also not convenient for a currency because people smoked them during the low supply seasons (Radford 1945, p. 190). The other disadvantage is that some prisoners reduced the tobacco contents in the cigarettes to make their own hand-rolled cigarettes for resale.
British households devise arrangements to share their washing machines because of the high demand that the machines attract in the neighbourhoods. It is apparent that most British do not like washing their clothes because of time limitations and the high prices charged at the laundries. As a result, they enjoy spending money on expensive durable goods that they use for a few hours each week, which are cheaper than acquiring the services of the launders.
During the alcohol beverages prohibition in the US between 1920 and ‘33, whisky and gin were plentiful because the clients were willing to use the substitutes. It is apparent that the shortage of a product will increase the demand of the substitute commodities. This is because the clients were willing to consume any alcoholic drink that could help them overcome the thirst or enjoy their time.
Price control is government’s intervention in the liberal markets in a bid to set the maximum and minimum charges for commodities. An example of the price control is the price ceiling, which the highest price to charge, while the price floor is the lowest cost to implement. In this regard, prices set by the government can cause either a shortage or a surplus in the economy.
The property rights of people are the privileges to control the way in which particular resources will be used. This does not consider the owner of the property, whether it is possessed by an individual or the
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The system designed here seeks to offer assistance in grocery shopping to students sharing accommodation. While shopping consumes a lot of energy and time, online shopping can immensely simplify the activity, and make shopping interesting. The system aims at ensuring the developed design displays simplicity and user friendliness.
Surveillance tower plays an important role in helping the defense authorities to search the enemy or prevent any unintended person to enter the security zone. Consequently, the surveillance tower helps to provide a position from which the activities of the personnel at night can be monitored with ease in order to safeguard the sovereignty of the country.
Price elasticity of demand is calculated by the following formula (Arnold, 2008): Formula: Price Elasticity of Demand = % Change in Quantity demanded / % Change in Price Price elasticity of demand is used by the businesses to predict the change in demand of the product due to change in price of that product.
The paper will discuss the benefits as well as challenges that are faced by the company in its pricing mechanism. The main strategy used by KFC is product line pricing. According to Kotler & Armstrong (2010), this strategy is related to setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features and competitor’s prices.
Namely, the problem here arises when a few purposes start competing for the resources that are available. Prices and cost influences the decision making on how and what exactly to produce. Functioning of the price system is one of the ways to solve
The company recorded sharp reduction in the price of its stocks and reputation of the management was spoiled. The main problem was that customers became angry with the decision of Netflix to do away with its DVD operations and the price hike accompanying it. The loss