Price Elasticity of Goods - Free Essay Example

Sample details Pages: 2 Words: 676 Downloads: 10 Date added: 2017/09/15 Category Advertising Essay Did you like this example? In general, businesses are aware of demand curves; however, it is rare that they actually know how to recognize those curves. In order to make sound business decisions, it is important to be able to recognize certain elements of a demand curve. For instance, if Apple raised its prices by five percent, what would happen to its revenues? The answer to this question depends on the response of Apple consumers. Will the consumer refrain from making purchases completely or just cut back on them? How a consumer responds to price changes is known as price elasticity. The price elasticity of demand can be influenced by availability of substitutes, the level of necessity or luxury, amount of income required by the product, the time period considered and permanent or temporary price change. In regards to substitute or alternative products, the more substitute products there are, the bigger the elasticity. In reference to necessity or luxury, one must understand that luxury products have a tendency to have a greater elasticity than necessities. For some consumers, there are certain products that at the start have a minimal degree of necessity, but because they can be habit forming they turn into necessities. Don’t waste time! Our writers will create an original "Price Elasticity of Goods" essay for you Create order Additionally, products that consumers are required to spend more for are more inclined to have greater elasticity. When considering the time period, elasticity is more likely to be larger over a greater period of time for the reason that consumers have more time to modify their behavior toward price changes. With respect to permanent and temporary price change, a one-day sale will cause a different response than a permanent price reduction of the same degree. The relationship of price elasticity of demand to microeconomics is consumer influence on prices. As previously mentioned, price elasticity is the consumer’s response to price change. Microeconomics looks at how the decisions and behaviors of consumers shape the supply and demand of goods and services. It is this behavior that determines prices; which in turn shows how prices can determine the supply and demand of goods and services. A real-life example of a good that shows elasticity of demand would be cars. In the short term, the demand for cars would be to some extent elastic because a new car purchase can often be postponed or delayed. The demand for particular model would be considerably elastic due to the fact that there are numerous substitutes available. Almost every car manufacturer offers a sedan. Additionally, the purchase of a new car will require a substantial amount of a consumer’s income; making the demand for this product more elastic. Where the demand would be more inelastic is in rural areas. This would be the case because of the small number of al ternative modes of transportation in rural areas. Over a longer period of time the demand for cars would most likely be inelastic in this scenario. Another example would be coffee. To some, coffee is considered a necessity, but in reality it is a more of a luxury. The impact of price on a luxury item is more inclined to be elastic. While there are plenty of brands and flavors, coffee in simple terms would be considered inelastic. On the contrary, a latte has more substitutes; therefore would be considered more elastic than coffee. In conclusion, the price elasticity of demand refers to the way prices change in relationship to the demand and/or the way demand changes in relationship to pricing. It also refers to how much money a consumer is willing to pay for a particular good or service. Having a keen understanding of these concepts will aid in our decision-making process as it relates to product distribution and pricing. References Economics Basics: Elasticity, (n. d. ), Investopedia. com. Retrieved on September 5, 2010 from https://www. investopedia. com/university/economics/economics4. asp Hubbard, R. G. O’Brien, A. P. , (2008). Microeconomics, Second Edition. Prentice Hall Moffatt, Mike, (n. d), Price Elasticity of Demand. A Primer on the Price Elasticity of Demand. Retrieved on September 5, 2010 from https://economics. about. com/cs/micfrohelp/a/priceelasticity. htm

American Culture And The American World War II Essay

Merriam-Webster’s Dictionary and Thesaurus defines the word adapt as a verb and its meaning is â€Å"to make suitable or fit (as in for new use or different conditions)† (14). Most people in the United States would say that the ability to adapt is simply a part of the American way of life. Americans have always relied on this trait from the early days of British colonization to present times. It can be demonstrated in all facets of life. Adaptability was the reason the old frontier was populated; people adjusted to the unfamiliar climates, conditions, and lands. Immigrants were able to and continue to be adapt to the American culture and thrive in the United States. Americans adapted to the threat of the enemy during World War II and had to acclimate to a life full of restrictions in their day to day activities. In the military, soldiers must adapt to a new way of thinking to allow themselves to become warriors. Now Americans must adapt to a life lived in view of every one with the use social media and camera ready cell phones. Throughout the course of American history and into our present times American citizens have depended on their ability to adapt; whether it be mentally, physically, and/or emotionally. It was imperative that citizens were adaptable in the past and it continues to be so today, not only to survive but to prosper. There is plenty of literature available today that tells of how the early Americans explored and settled the Western Frontier. That literature takesShow MoreRelatedAmerican Culture During Wwii : The Attack On Pearl Harbor1239 Words   |  5 PagesAmerican Culture During WWII The attack on Pearl Harbor changed the lives of Americans all over the country. It required many people s way of life to change in order for us to win the war. To help make supplies for war, women had to get jobs as welders and electricians in defense plants. People used their radios to get reports on the fighting overseas(The U.S.). Most Americans first heard about the attack on Pearl Harbor through the radio. A radio station in Pittsburgh provided an eyewitnessRead MoreAmerica s World War II870 Words   |  4 PagesThere is no doubt that America’s World War II is a rich source of literature and a theme for many writers. As result, they wrote many works about war literature, such as novels, poetry, plays, diaries, and personal narrative. The American Literature was formed by the history of the state that produced it just like in other nationwide literature. America was just a cluster of colonies scattered alongside the eastern seaboard of the North American continent for approximately a centuryRead MoreThe Teacher Will Ask The Students981 Words   |  4 Pagesstudents that February is Black History Month. The teacher will explain that there are a variety of â€Å"heritage months†: Irish-American, Jewish, Puerto Rican, Women’s, etc. The teacher will ask the students â€Å"Why is it important to have these observances?† The expected response is that it provides cultural diversity. 2. The teacher will ask â€Å"Why is it important to know about other culture?† The teacher will bring up the concept of â€Å"Ethnocentrism.† The teacher will write the word on the whiteboard and askRead MoreThe New Deal And World War II994 Words   |  4 PagesThe New Deal and World War II both had an effect on race relations in the American West. President Roosevelt’s New Deal was an attempt to fix the hardships of the Great Depression. The Great Depression brought about a change in ideology and opinion that made the New Deal possible because of public support to fix the burdens felt by many Americans, not just whites. World War II brought fear, intolerance and increased racism toward minority groups in the West, specifically Japanese and Hispanic. ClassRead MoreThe Role the Media Played in Helping the United States Join World War II1142 Words   |  5 PagesStates join World War Two. To be specific, World War Two occurred between the years of 1939 to 1945. A brief synopsis of the developments of media outlets and their importance prior to the war will be investigated. Leaders of all the Allie Forces will be evaluated in this essay. The essay will focus primarily on the rise of media impact on the citizens of the United States. The Soviet Union will be mentioned but only minor. Two of the sources used in this essay Freedom Forge: How American BusinessRead MoreThe War Of World War II1638 Words   |  7 PagesWorld War II was the most widespread war in history and it directly involved more than 100 million people from over 30 countries. This war lasted from 1939 to 1945. The war pinned the Axis nations which were Germany, Italy, Japan versus the Allied nations which were led by Britain and its Commonwealth nation, the Union of Soviet Socialist Republics and the United States. The Allies were victorious in the War. It was one of the most significant periods of time in the 20th century. The war resultedRead More The Technological Rev olution901 Words   |  4 PagesDue to continuous innovations, the American view of science and technology is constantly fluctuating. The ever-evolving image of science and technology in the United States is usually due to how the most recent developments in science and technology contribute, whether in a perceived positive of negative light. In times such as war, where technology essentially determines the outcome, the public’s perception of technology becomes essential, as well as the implementation of said technology. ManyRead MoreThe Impact Of War As Portrayed In Ceremony By Leslie Marmon Silko 1095 Words   |  4 PagesThe Impact Of War As Portrayed In Ceremony By Leslie Marmon Silko Introduction Leslie Marmon Silkos Ceremony, the most important novel of the Native American Renaissance, is among the most widely taught and studied novels in higher education today. In it, Silko recounts a young mans search for consolation in his tribes history and traditions, and his r esulting voyage of self-discovery and discovery of the world. The main character Tayo must come to terms with himself and his surrounding environmentRead MoreJazz and World War Ii: Reciprocal Effects and Relationships Essay854 Words   |  4 PagesJazz and World War II: Reciprocal Effects and Relationships Both Jazz music and World War II had a significant impact on each other. Jazz music boosted the morale of soldiers fighting abroad and also lifted the spirits of their loved ones back at home. Many jazz musicians were soldiers, and several others traveled overseas or across the country to entertain U.S. troops. Among these performers were Bing Crosby, Artie Shaw, and Benny Carter. Jazz music was not only evident in American culture, but alsoRead MoreEssay on American Indians and World War II1345 Words   |  6 Pages1940, Native Americans had experienced many changes and counter-changes in their legal status in the United States. Over the course of the nineteenth century, most tribes lost part or all of their ancestral lands and were forced to live on reservations. Following the American Civil War, the federal government abrogated most of the tribes’ remaining sovereignty and required communal lands to be allotted to individuals. The twentieth century also saw great change s for Native Americans, such as the

The Social Media Was Not Created For Business but Majority

Question: Explain Social Media Was Not Created For Business But Majority? Answer: Introducation: Modern technology has drastically changed the business world. The business world has adapted to the changes to connect and stay in touch with customers from different places. Social media is on of platform which the business use to advertise and get direct feedback from the customers. The social media was not created for business but majority of the business use the platform for communication and marketing Goodman and Hirsch (2010). Over the last two decades we have seen business world transforming .Supplier and buyers can now transact without direct meeting. The technology has provided a platform where suppliers can exchange money and send good in direct parts of the world. Technology has given the business world a major facelift over the last year. Some of the changes that have occurred in the last 20 years include the internet, Point of sales systems and mobile applications Chang (2011). 20 years ago the internet has evolved since the few business that used the internet was for sending emails creating websites and learning new ideas Some companies like Amazon and Google were vying for control of the online market place Facebook later joined them. This companies have boosted the modern business in the digital market. They have led to the growth of digital traffic generations, search engine optimization, social bookmarking and social networking. All this channels have are been adapted by business to increase their online sales volume. The other avenues that are used to market to the masses of customers include the email list with autoresponders, blogs, websites, and affiliate programs. All of this did not exist 2o years ago. The internet has led to more billions of sales and profits for the suppliers due to the increased number of online business transaction. The traditional ways of advertising by printing advertisement has been replaced with websites and social media. The social media is a platform used for interaction of people from different places. The supplier are using the platform to market and direct communicate with the consumers through video call and text though the platforms. The business are using social media to demonstrate their products .The customer give their feedback to the business about the products. The internet is still revolving and the search of producing new ways of doing business and getting the untapped online traffic still continues Lee (2013). Point of sales systems Point of sales systems are used during online transactions for consumers and the business. The clients can pay for the goods ordered form the suppliers site and have them delivered without any movement. The point of sales system have given the modern business and advantage in optimizing their sales volume. Twenty years ago the mobile payments did not exist. The systems have given the business a major advantage in terms of saving cost. The customers are now given a variety of payment options which they can use to pay for the good. The point of sales systems has made tracking and ordering of inventory easy for both the customers and the suppliers. The systems have made the business world more efficient and reliable. Mobile payment are been developed although they exist they are not that widespread. This will be the next step in online business. Cryptocurrencies Technology has come up with new currencies which can be used to safely transact online. These currencies include the bitcoin which has changed the modern art of business online. Bitcoins were introduced by Satoshi Nakamoto in 2008 which has changed the online business related transactions. The bitcoins have not been adapted by many online business but they are been used as a method of payment in some private companies. PayPal has also provide an online electronic transaction which has been adapted by many retail business all over the world. In fact PayPal exist in more than 180 countries worldwide hence it has been adapted as an online payment method. Mobile applications. Mobile application have transformed the business world in both social and the business world. The first smart phone was introduced to the market in 1996 by Nokia which was the Nokia 9000 communicator. This led to the growth and development of other smartphones. Today we have more than enough smartphone in the market. Smartphones have become part of our livelihood and this has led to the development of mobile application which are used by the retailers to communicate and market their good. The smartphone have provide us with apps that display the companys products and provide numerous payment methods. Challenges of social media on business market Online replication of good The social media has its challenges despite making the online transaction easy. The market is full of fake agents and fake website used to divert the attention of the customers. They display the good for the customer and when the customer make pay for the goods they do not deliver the products. There numerous scam website which have made money out of corning the innocent consumers. This lead to customer lack of trust in the online markets. Future uncertainty about the trends and behavior of consumers. Technology cannot predict the future trends of the customers and market trends this is a major challenge to the business since they have to incur cost in researching trying to read and predict the future market. This is due to the rapid change in the business environment as well as technology. Technology Technology is another major factor which is affecting technology. The companies have to incur cost in system upgrades. Most companies which started decades ago will have to hire consultants to take them through the new technology like mobile application and development and cloud computing. The companies that do not invest in technology they are left behind by their rivals by a big margin. Increase in unprocessed data in the organization. In the last Five years data mining and analysis has been a major boost for organization to increase performance of the company. However, the increased data has led to the increase of certain problems of managing, storing and securing the data. The information is crucial to their rivals hence have to secure the data. The increasing data has to be handles by professionals who end up increasing the companies cost in labor. Maintaining the companys reputation. Social media which has provided the company with an online voice to communicate and increase their customer base. The company has to maintain their good reputation online to increase and maintain their market. Most dissatisfied clients will air their views inline publicly and loudly foe other customers to see. The company is forced to maintain a good reputation which is hard since you cannot control the customers decision and views about your product. This can be a major problem to the company if they get negative feedback. This can lead to decreased sales and shares in the market. Benefits and limitation of technology to Apple Limited Apple is one of the leading giants in the mobile market. Their product have revolutionized according to the changes in technology. The company is the best in both software and hardware components of the phones. The company began with iPhone 1 the first generation up to now they have iPhone 7.The company has studied the market and they have continued to provide the best products. The products can demonstrate the revelation. The 1 st generation did not have many feature as the technology was still evolving. Through the years they have made change to their phones including the latest technology and latest social medial application. Most people prefer the phone since they have better designs, quality and they ensure total privacy and security. The have used the social media and the internet to gain market share by advertising and demonstrating their product in popular site like YouTube and also through their website. Technology has also affected the phone since its rival company Samsung were accused of stealing their mobile design and crucial information about the company. Technology made it easy for the rival company to adopt to IPhone game Kuiper and Clippinger (2012). Apple is still using the new ways of communication since they have various social accounts and have website which they use to advertise their product. Technology is evolving and the company is adopting to the new ways .This is evident in their product. They have YouTube channel and several sites which are dedicated in customer interaction. They use the channel as a way of research in terms of the customer behavior and studying the market trends. The customers can give the feedback to the company through the media. The customers also have the chance to test and observe the product before they purchase the product. This is made possible by the social media and the internet. Customers can also order the product in their website and have it delivered to their premises at time with no extra cost depending on the customers location. The company also hold public meeting and webinars when they are launching new products in the market Noor al-deen, and Hendricks (2012). Technology has helped Apple increase their customer base as well as improved communication between the company and the customer. Technology has also worked as a disadvantage to them since the sharing of information led to the rival companies stealing their designs and important information. Technology has aided in business growth and expansion and improve the relationship between the consumers and the suppliers. Technology has also created loop holes for other organization to use it to their advantage by gaining unauthorized information and exploiting customers Lehman and Dufrene (2009). References LEHMAN, C. M., DUFRENE, D. D. (2009). Business communication. Instructor's manual. Cincinnati, Ohio, South-Western. NOOR AL-DEEN, H. S., HENDRICKS, J. A. (2012). Social media: usage and impact. Lanham, Md, Lexington Books. GUFFEY, M. E. (2017). BUSINESS COMMUNICATION: process product. [Place of publication not identified], CENGAGE LEARNING. KUIPER, S., CLIPPINGER, D. A. (2012). Contemporary business report writing. Mason, Ohio, South-Western. GOODMAN, M. B., HIRSCH, P. B. (2010). Corporate communication: strategic adaptation for global practice. New York, Peter Lang. WALES, T. (2014). Business school libraries in the 21st century. LEWIS, P. S. (2007). Management: challenges for tomorrow's leaders. Mason, OH, Thomson/South-Western. GAMBETTI, R. (2012). Managing Corporate Communication. Palgrave Macmillan. GUFFEY, M. E., ALMONTE, R. (2010). Essentials of business communication. GUFFEY, M. E. (2017). BUSINESS COMMUNICATION: process product. [Place of publication not identified], CENGAGE LEARNING. GOODMAN, M. B., HIRSCH, P. B. (2010). Corporate communication: strategic adaptation for global practice. New York, Peter Lang.

Joseph Andrews and Abraham Adams free essay sample

Such devotion is clearly evident in Adams, not only because of his position as a clergyman but also in his actions. During an episode in which Joseph and Adams are in great danger, Adams devotion to God is proven. Adams now fell on his Knees, and committed himself to the Care of Providence . Joseph is likewise devoted to God. he still settles himself to the wishes of God, making his devotion clear Mr. Abraham Adams was an excellent Scholar. He was a perfect Master of the Greek and Latin Languages In comparison to the normal human of the time, Adams seems to be more intelligent.The first meeting between Adams and Joseph depends upon Josephs similar aptitude for learning compared to similar people his age. After questioning Joseph about several subjects, Adams declares that, he answerd much better than Sir Thomas, or two other Despite their many similarities, Adams and Joseph differ on several points. We will write a custom essay sample on Joseph Andrews and Abraham Adams or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page One of them is their view on schools. The essential debate comes down to the quality of British public schools. Joseph Andrews throws his support towards public schools.Adams holds a different opinion on this matter, however, which coincides with his position as a clergyman and his devotion to God. Public Schools are the Nurseries of all Vice and Immorality. All the wicked Fellows whom I remember at the University were bread at them, Josephs willingness to contest Adams opinions shows that they must differ in some ways. The simplicity of Adams character is evident in his gullibility compared to Joseph. During one episode, they are promised several extravagant offers by a gentlemen who pretends to be sympathetic to their Case.After giving several excuses that prevent him from following through on his promise, Adams still doesnt understand the situation. This must be a sudden Accident, as the Sickness or Death of a Relation. Adams honestly believes that the man had intentions of honoring his promises. Joseph is less gullible, and know that the man has been playing with them.. Joseph sees through the lies he is being told and falls back upon his greater experience of the world than Adams. Throughout Joseph Andrews, the relationship between Adams and Joseph forms an important element of the story.Their great friendship brings them through difficult times and benefits them both. This friendship is composed of both their similarities, which help them get along, and their differences, which allow each of them to expand the others world view. The relationship would not be as dynamic without the interaction derived from these similarities and differences. In comparison, they devote themselves to God, rise above their peers in moral character, and posses greater learning than their peers. In contrast, they differ in their views of schools and their gullibility