ECON 1312 Homework Assignment # 2 Chapter 4 1. Why do we need a units-free measure of the responsiveness of the quantity demanded of a good or service to a change in its price? Answer: To measure or to compare the demand of the two unrelated goods or services. 2. Define the price elasticity of demand and show how it is calculated.
Distinguish between a Change in Supply and a Change in Quantity Supplied. List and explain the factors that will shift a supply curve. Use demand and supply curves to determine the equilibrium price and quantity of a good. Use demand and supply curves to show the effect changes in supply and/or demand have on the price and quantity of a good. • Define Price
Besides basic conditioning, the Brave New World limits the freedom to do what you want. In the Brave New World, the thought is everything should be profitable, “we condition the masses to hate the country. ‘Concluded the director’ but simultaneously we condition them to love all country sports” (Huxley-141) Since going to the beach or countryside isn't profitable it is not aloud. What is allowed is going to sporting events because people need to spend money getting there and spend money while they are there. By limiting what people can think creates a more stable society.
Think about it, as if you were in A-Rod's position and you were offered the same choices, what would you do? And assume we have imperfect knowledge of what's really going on behind the scenes. Would you do the same not thinking about the consequences later? Not everybody is perfect, so why be so quick to judge. You never know the real story to why someone is doing something until you are placed in their shoes.
I am in total agreement with this statement. I believe that it is true that once money is brought into the situation, students will no longer look at the sport the same; “playing” would no longer be playing. It would no longer be something to do because of the enjoyment. It would become a job that has to be done because what they seek in the end. At the end of the day, the college athletes are involved in this situation because a love once their drive to compete (Collegian Staff).
The main reason that a government imposes a tax on fossil fuels is to try and correct for the negative externality (pollution) which is produced when they are consumed. Without the tax there would be a market failure as car owners would be over consuming petrol as they are not being charged for the damage to the environment. There are 3 key aspects to this question which are; those that lose from a reduction, those that gain from a reduction and finally at what level the overall price for petrol was before the tax reduction. The major argument for maintaining the level of taxation on petrol and diesel is to protect the environment. When the social costs of consuming a good are higher than the private costs, there is said to be a negative externality.
EGT1 TASK 1 McConnell, Brue and Flynn define Marginal Revenue as “the change in total revenue that results from the sale of one additional unit of a firm’s product; equal to the change in total revenue divided by the change in the quantity of the product sold.” (McConnell, Brue and Flynn, 2012). When we look at the relationship between total revenue and marginal revenue we can see that it is purely a mathematical relationship. The formula that is used to determine Total Revenue is the following; Total Revenue = Price X Quantity, (TR = P X Q). McConnell, Brue and Flynn also define Marginal Cost they state that it is “the extra cost of producing one more unit of output; equal to the change in total cost divided by the change in output.” (McConnell, Brue and Flynn 2011). The marginal cost and total cost is directly related to each other.
Three alternative strategies that Chrysler could have put into play: develop a segmentation strategy that goes beyond only gender, through extensive marketing research and testing, identify and develop new differentiating features that meet consumers' demand, and differentiate the vehicle from the Jeep Liberty in more ways than just appearance. The pro that could possible emerge from developing a segmentation strategy that goes beyond only gender is that it would allow for more accurate market segmentation. The con could be that it risks the reduction of market share. The pro that could come through extensive marketing research and testing is the increase in market share. If Chrysler is willing to go forth with this strategy they must be willing to invest a significant amount into marketing research, it is very costly.
Where American energy policy is far less sensible is when it comes to the price reflecting the true cost. Tiny petrol taxes take no account of the damaging effects of pollution. This newspaper has long argued for a carbon tax to make dirty energy more expensive and thus curb demand. If that happened, some of the new oil might not be worth extracting: Canada’s heavy oil, for instance, emits about 6% more carbon dioxide than normal oil, which in turn can be 30% dirtier than gas. The biggest bonanza from all this new energy would be if the users paid the real cost of consuming oil and
The first course of action should have been to hire a market research team to find the statistics on what states had the most ridership for scooters and where high volume scooters were being sold. This would determine if the electric scooter business would be a viable business rather than just assuming it would. We would spend money on focus groups and see what people are really saying about electric scooters and our brand as a whole compared to gas ones. We could get a first hand look a what perceptions are out there about electric scooters compared to gas ones. We would have paid attention to how the economy was doing.