Carefully Explain What It Is That Price, Income and Cross Elasticities of Demand Are Meant to Measure. Use Appropriate Diagrams and Numerical Examples Essay Example

Carefully Explain What It Is That Price, Income and Cross Elasticities of Demand Are Meant to Measure. Use Appropriate Diagrams and Numerical Examples Essay Elasticity is a measure of responsiveness. It shows us how much something changes when there is another change in one of the other variables that determines it. There are three elasticities of demand that we consider, price elasticity of demand (PED), income elasticity of demand (YED) and cross elasticity of demand (XED). An important aspect of a product’s demand curve is how much the quantity demanded changes when price is changed. The economic measure of this response in the price elasticity of demand (PED). It is most commonly calculated with the following equation: PED = % change in quantity demanded of the product % change in price of product The above formula will usually give a negative value, due to the inverse nature of the relationship between price and quantity demanded. This is given, and explained, by the law of demand†. For example, if the price of a product increases by 5% and quantity demanded decreases by 5%, therefore: PED = ? 5% 5% PED = ? 1 The PED is negative for the vast majority of goods and services, however, economists often refer to price elasticity of demand as a positive value (i. e. , in absolute value terms). Here is a graph, showing all the possible outcomes of PED according to elastic, inelastic, perfectly elastic, perfectly inelastic and unitary. As the difference between the two prices or quantities increases, the accuracy of the PED given by the formula decreases for a combination of two reasons. First, the PED for a product is not necessarily always constant. We will write a custom essay sample on Carefully Explain What It Is That Price, Income and Cross Elasticities of Demand Are Meant to Measure. Use Appropriate Diagrams and Numerical Examples specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Carefully Explain What It Is That Price, Income and Cross Elasticities of Demand Are Meant to Measure. Use Appropriate Diagrams and Numerical Examples specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Carefully Explain What It Is That Price, Income and Cross Elasticities of Demand Are Meant to Measure. Use Appropriate Diagrams and Numerical Examples specifically for you FOR ONLY $16.38 $13.9/page Hire Writer PED can vary at different points along the demand curve, due to its percentage nature. Elasticity is not the same thing as the slope of the demand curve, which is dependent on the units used for both price and quantity. Second, percentage changes are not symmetric, more like the percentage change between any two values depends on which one is chosen as the starting value and which as the ending value. For example, if quantity demanded increases from 10 units to 15 units, the percentage change is 50%, i. e. , (15 ? 10) ? 10 (converted to a percentage). But if quantity demanded decreases from 15 units to 10 units, the percentage change is ? 33. 3%, i. e. , (15 ? 10) ? 15. Income elasticity of demand is a measure of how much the demand for a product changes when there is a change in the consumer’s income, holding all prices constant. It is calculated as the ratio of the percentage change in demand to the percentage change in income. It is often calculated using the equation shown below: YED = % change in quantity demanded of the product % change in income of the consumer For example, a person has an increase in annual income from ? 0,000 per year to ? 66,000. They then increase their annual spending on holidays from ? 2,500 to ? 3,000. Their income has risen by ? 6,000, which is a change of 10%. The quantity demanded of holidays has increased by ? 500, which is a change 20%. Therefore: YED = 20% 10% YED = 2 Normal goods have a positive income elasticity of demand so as consumers’ income rises, so more is demanded at eac h price level, there is an outward shift of the demand curve. Inferior goods have a negative income elasticity of demand. Demand falls as income rises. Typically inferior goods or services tend to be products where there are superior goods available if the consumer has the money to be able to buy it. Examples include the demand for cigarettes, low-priced own label foods in supermarkets and the demand for council-owned properties. So there is an inward shift of the demand curve. The results are important since the values of income elasticity tell us something about the nature of a product and how it is perceived by consumers. It also affects the extent to which changes in economic growth affect the level and pattern of demand for goods and services. This graph is a typical diagram for YED. The income elasticity of demand for a product will also change over time – the vast majority of products have a finite life-cycle. Consumer perceptions of the value and desirability of a good or service will be influenced not just by their own experiences of consuming it (and the feedback from other purchasers) but also the appearance of new products onto the market. Cross elasticity of demand is a measure of how much the demand for a product changes when there is a change in the price of another product. It is measured as the percentage change in demand for the first good that occurs in response to a percentage change in price of the second good, using the following equation: XED = % change in quantity demanded of the product X % change in price of product Y For example, the owners of a pizza stand find that when their competitor, a hamburger stand, lowers the price of a burger from ? 2 to ? 1. 80, the number of pizza slices that they sell each week falls from 400 to 380, because of the lowered price of a burger. The competitors price has fallen by -10% and the quantity demanded of the pizza slices has fallen by -5%, therefore: XED = -5% -10% XED = 0. 5 Two goods that complement each other show a negative cross elasticity of demand: as the price of good Y rises, the demand for good X falls (Graph 1), two goods that are substitutes have a positive cross elasticity of demand: as the price of good Y rises, the demand for good X rises (Graph 2) and two goods that are independent have a zero cross elasticity of demand: as the price of good Y rises, the demand for good X stays constant (Graph 3).

Impacts of Industrialization on South Korea essays

Impacts of Industrialization on South Korea essays Industrialization has caused many changes in South Korea for a variety of different reasons. There are certain things that directly affect these things that go hand in hand with Industrialization. One of these is the percentage of people that are living in cities. One of the main effects of Industrialization is Urbanization. They go hand and hand. Also many discoveries are made around the time of Industrialization and all the inventions made. Some of these discoveries are medical and increase the life span of people. Again with the Urbanization and industrial ways of life playing a big part in the amount of people that are needed in the primary industries. We will now look more in-depth at these statistics and the other ones that are not so straightforward and directly linked with the impact of Industrialization. The Life expectancy is one of the statistics that changed a great deal in 30 years. From the 1970s to the mid 1990s the life expectancy on average rose by 6 years. That is a great change, and although this life span is not as high as some of the more industrialized nations like United States and Canada it is fairly high for a country that has stayed mainly agricultural. The rise in life expectancy is due to several factors. One is new discoveries in medicine have made people more healthy than they would have been other wise. The vaccines and other medicines that existed before the mid 1970s were also becoming increasingly available as South Korea began to countries that had the technology to manufacture these products such as antibiotics. Also as industrialization grew there were fewer slums and more sanitation for the average working people. Better sanitation meant the fewer diseases could survive. Lastly the availability of the medicine and emergency facilities increase when more people live in cities. They are simply closer to where the assistance is needed. Why industrialization is a country would in...

Total quality pointer paper Research Example | Topics and Well Written Essays - 500 words

Total quality pointer - Research Paper Example For instance, Quality entails developing and sustaining relationships by evaluating, expecting and fulfilling stipulated or stated requirements or needs. For instance, it is always the norm to seek zero defects and conformance to needs in order to develop and sustain relationships (George, 1998). Quality is the ongoing process of consistently producing what customers’ demands or wants while eliminating and reducing errors before and after delivery of services or goods to the customer. They will look at the segmentation criteria that allows an organization to determine which bunch of consumers are based suited to serve and which service or product offer will meet both the requirements of its selected segment and do better than their competitors. In addition, modern pioneers gather information about what customers needs and this in turn helps the firm to provide the consumers with what they want (Simon, 2011). Further, they focus on target marketing which helps them to brand messages on specific market that are more likely to purchase their product or service than other markets. Having specific knowledge about what target market will enable the firm meet the demands of its customers. Elements of quality are important because they define the firm or organization when it comes to treating or dealing with its customer. This in turn helps an organization know what it needs to do in order to continue providing quality services and products to its customers while outperforming its competitors in the market. Foreseeing the future in terms of what customers expect and that is what the companies need to deliver. Companies should aim to deliver continuous value to their consumers’ changing needs because there is an ever increasing global marketplace. The future quality hangs in balance because most companies are facing challenges to recruit, develop, train

The Co-Ordination of the Human Body by the Endocrine and Nervous Research Paper

The Co-Ordination of the Human Body by the Endocrine and Nervous System - Research Paper Example It is evidently clear from the discussion that the central nervous system (CNS) is the largest part of the nervous system and includes the brain and spinal cord. The spinal cavity holds and protects the spinal cord, while the head contains and protects the brain. The CNS is covered by the meninges, a three-layered protective coat. The brain is also protected by the skull, and the spinal cord is also protected by the vertebrae.  The bodies of the nerve cells lie in the CNS, either in the brain or the spinal cord, and the length of the cellular processes of these cells, known as axons, extend through the limbs and the flesh of the torso. The large majority of the axons which are commonly called nerves are considered to be PNS. The cell bodies of afferent PNS nerves lie in the dorsal root ganglia.  Autonomic nervous system (ANS) controls smooth and cardiac muscles and organs of the digestive, circulatory, excretion and endocrine systems (involuntary actions). ANS consists of two set s of neurons with opposing effects on most body organs. The Endocrine System in humans (overview): The endocrine system is the internal system of the body that deals with chemical communication by means of hormones, the ductless glands that secrete the hormones, and those target cells that respond to hormones. The endocrine system is instrumental in regulating metabolism, growth, development, and puberty, and tissue function and also plays a part in determining mood. The endocrine system functions in long term behavior and works in conjunction with the nervous system in regulating internal functions and maintaining homeostasis.  Hormones regulate bodily functions and are specific in their responses. They can only initiate responses in target cells, which are specifically equipped to respond. Each hormone is recognized by those target cells with receptors compatible with their structure. A hormone receptor is a protein within the target cell or built into the plasma membrane. Once a hormone is released, the first step is the specific binding of the chemical signal to a hormone receptor. The receptor molecule enables the target cell to respond to the hormones chemical signal. These responses vary according to the target cell and lipid solubility.  The control of hormones can be done by 3 methods:  1. Many hormones are controlled by some form of a negative feedback mechanism. In this type of system, a gland is sensitive to the concentration of a substance that it regulates. 2. Some endocrine glands secrete hormones in response to other hormones. 3. A third method is by direct nerve stimulation.  

A Systems Approach to Planning, Scheduling, and Controlling in Corwin Outline

A Systems Approach to Planning, Scheduling, and Controlling in Corwin Corporation - Outline Example 8. Lack of team unity: The supervisors demonstrated weak leadership by abandoning members of their team and engaged in a blame-game which led to conflict amongst the team, thereby negatively affecting project outcomes.8. Lack of team unity: The supervisors demonstrated weak leadership by abandoning members of their team and engaged in a blame-game which led to conflict amongst the team, thereby negatively affecting project outcomes.9. Unskilled employees: The lack of skilled participants for the project jeopardized the quality of decisions made (in this case the faulty decision of accepting the project by violating cost margins in support of the client).2. Poor external communication: Internal stakeholders were not taken into confidence along with no clear guidelines as to who has authority for the project led to conflicts, confusion and lack of unanimous direction.3. Weaknesses in corporate culture: As per Corwin’s culture, employees did not feel the need to alert their super iors in case of critical data which led to ignorance of underlying problems and ultimate failure.1. Delayed engagement of line managers in the process: Corwin’s line managers were unable to provide their inputs during the proposal that could have influenced it and could have given a clearer picture beforehand.2. Poor procurement decision: Corwin’s decision to procure raw materials before the contract was signed which exposed the company to financial risk in case anything went wrong prior to the contract signing.3. Poorly planned change management process: Testing process was continuously altered which led to inconsistent results and increased costs for Corwin.

A Study Into The To Petrochemical Industry Information Technology Essay

A Study Into The To Petrochemical Industry Information Technology Essay The petrochemical industry has been one of the fastest growing industries. This industry not only has an immense importance in the growth of economy of the country but also in growth and development of manufacturing industry .It provides the foundation for manufacturing. The petrochemical industry is oligopolistic in nature. At a large extent there were only four major companys viz. Reliance Industries Ltd (RIL), Indian Petrochemicals Corporation Ltd. (IPCL), Gas Authority of India Ltd. (GAIL) and Haldia Petrochemicals Ltd. (HPL) who used to dominate the industry. The recent amalgamation of IPCL with RIL has made the industry more concentrated further, as they jointly account for over 70% of countrys total petrochemical capacity. Characteristics The petrochemical industry is a cyclical industry. This industry is dominated by volatile feedstock prices and sulky demand. India consumes one of the lowest per capita consumptions of petrochemical products. Growth During 1970s, the petrochemical industry came into existence. The rapid growths for this industry were seen in 1980s and 1990s. The actual reason for this growth was there was a huge demand for petrochemicals in India during that time at an annual rate of 13 to 14%. It is also known for rapid expansion of capacity. In India the average annual growth is 14 to 16% over 2007-2011. However, the industry suffered setbacks in 2008 due to change in the price of crude oil . It will be tough for Indian petrochemical industry by 2012 to plug the deficit of 5mn TPA of ethylene and 4mn TPA of polymer. Presently India has three gas-based and three naphtha-based cracker complexes which has capacity to produce 2.9 MMT of ethylene annually. What are petrochemicals? Petrochemicals are products which are derived from petroleum . Many chemical compounds which are derived from petroleum are obtained from fossil fuels like coal or natural gas, or from renewable sources such as sugar cane. Two petrochemical classes are olefins and aromatic. Olefins include ethylene and propylene, and aromatics includes benzene, toluene and xylene isomers. Oil refineries produce olefins in chemical plants by steam cracking of natural gas liquids like ethane and propane and aromatics by fluid catalytic cracking of petroleum fractions. Aromatics are produced by catalytic reforming of naphtha, Olefins and aromatics are the building blocks for solvents, detergents, and adhesives. Olefins are also the basis for polymers and oligomers used in plastics, resins, fibres, lubricants, and gels. Primary petrochemicals depending on their chemical structure are divided into three groups: Olefins include ethylene, propylene, and butadiene. Important sources of industrial chemicals and plastics products include Ethylene and propylene . Butadiene is used in making synthetic rubber. Aromatics include benzene, toluene, and xylens.. The raw material used for preparing dyes and synthetic detergents is benzene, and that for preparing isocyanates materials used are benzene and toluene. MDI and TDI are used in making polyurethanes. Manufacturers use xylenes to produce plastics and synthetic fibers. A product of carbon monoxide and hydrogen can be used to make ammonia and methanol. Ammonia which is further used to prepare urea which can be used as a fertilizer. Methanol is used as a solvent as well as a chemical intermediate. ANALYSIS : Manufacturing and production Manufacturing is a process which uses labour and machines to produce goods for use or sale. It is usually applied to industrial production where the raw materials are converted into finished products. Manufacturing and production information system A manufacturing system is a system which facilitates for a quicker and an efficient change from making one product to another product, using often robotics and other automation. Usually the change is computer-controlled. Manufacturing MIS This consists of 3 steps Material requirements planning (MRP) It determines when finished products are needed It determines the deadlines accordingly Manufacturing resource planning (MRPII) Network scheduling Improves customer service improves productivity Just in time (JIT) inventory system inventory and materials that are delivered right before usage Production system A production system is a computer program which provides us with some form of artificial intelligence primarily consisting of a set of rules about behaviour. These rules which are termed as productions are a basic representation which is useful in automated planning, expert systems and action selection. This system provides us with mechanisms which are necessary to execute productions in order to achieve some goal for the system. South Asian Petrochem Produces Management Reports in Minutes with New ERP Solution South Asian Petrochem which is Headquartered in Kolkata, India, manufactures and markets polyethylene Terepthalate (PET) resins which is used in the packaging of mineral water, carbonated soft drinks, edible oil, and pharmaceuticals. The organization operates a 200,000-ton per annum (TPA) processing plant which is export-oriented at Haldia in West Bengal, and records a 43% increase in profit in the last financial year before tax. On July 26, 2008, Petrochem discussed to contribute around 70% of the initial equity required to establish a 315,000 TPA PET plant in Egypt at its annual general meeting. Haldia plant is going into commercial production in September 2003 to support planned growth. The Petrochem needs to implement an enterprise resource planning package. The organization engaged PricewaterhouseCoopers (PwC) India to develop a strategic information system plan and undertake an enterprise-wide business transformation exercise based on Oracle E-Business Suite. New PET Plant Delivers Product Quality Zimmer AG Germany has designed and built a system for South Asian Petrochems Haldia plant using leading-edge technologies. The PET produced by the plant which is bottle-graded is clear, strong, and they can be easily moulded to various complex shapes, that give customers scope to customize their designs to meet the brand and the market requirements. With continuous polycondensation lines, it has started delivering a broad product range and operational flexibility. A DCS which is distributed control system optimizes the process line performance, and an uninterrupted supply is ensured by a captive power plant. The Haldia facility ensures that the product quality meets the exacting customer standards. With the organizations professional marketing team and technical services staff that are available around the clock to respond to customer requirements controls the quality. South Asian Petrochem has migrated from its existing Tally business accounting and inventory management software to a system which is highly functional, scalable, and powerful enterprise resource planning system to take full advantage of the potential of the products and quality of the staff. ERP Provides Platform for Growth South Asian Petrochem has opted to implement a system which is based on modules from Oracle E-Business Suite after reviewing a range of competing solution like one of which includes SAP to undertake preventive maintenance that has tremendously reduced production losses from equipment failure. If proper maintenance is taken into account then the costs incurred would be in fixing the equipments rather than ensuring that the parts are maintained and replaced in line with a proper schedule. Oracle also gives the system the controls that are necessary to optimize the equipment maintenance and usage throughout the plant and it also meets the customers demands. South Asian Petrochem has planned to integrate the Oracle Fixed Assets with the Oracle Enterprise Asset Management to ensure that it can not only track its assets but it can also identify the costs incurred in maintaining the individual items. . Timely Reporting The Oracle system allows South Asian Petrochem to prepare management reports which gives critical updates on the inventories ranging from raw materials to finished products within minutes and also on those areas which affects the commercial operation of its plant. It is reported that using this system a report can be prepared that combines month to date production, dispatch, finished stocks, and orders that can be produced in a minute to 90 seconds. Before implementation of Oracle, the reports were not obtained nearly as quickly or in as much detail. Using oracle discoverer better-informed and quick business decisions reports can be prepared which improves the customer service. Streamlined Processes South Asian Petrochem has the ability to closely monitor its dispatch schedule, quality control and stock position that allows the organization to adhere to its customers commitments. Any grievances caused to the customers can be attended quickly by identifying the lot which was dispatched can be isolated and dealt with any quality aspects. The Petrochem is also planning to integrate the DCS which is governing the plant with Oracle to ensure proper production schedules and information which can be shared in an automated way between the systems. This would help the organisation in further reducing the work and time which is required to reconcile the jobs and to manage the consumption of the raw materials effectively. Why Oracle? South Asian Petrochem has selected Oracle E-Business Suite as a foundation for its new system after undergoing detailed evaluations of alternatives from Navision, Ram co, and SAP. Oracle has a strong philosophy and business model, as it delivers greater value compared to the other competitors. Also the solution modules can be implemented in phased fashion. Implementation Process As the manufacturing plant at Haldia is charged with implementing Oracle E-Business Suite to improve process control, PwC has divided this project into two phases. The first phase which had been started in May 2003 was completed in September 2003 included spanned purchasing ,management of orders , inventory and financial modules like fixed assets ,accounts payable and receivable , general lodger and cash management. The second phase was commenced in January 2004 which covered the entire Enterprise Asset Management and the suite for process manufacturing, including the Formula Management, Production Supervision, Quality Costing, and Manufacturing Accounting Controller. The first phase was over in just four months which highlighted PwCs sound project management and gave an effective solution for delivery .The phase was completed in October 2006 and it has allowed South Asian Petrochem take full advantage of the stability of the database. This software has not only enhanced functionality of the newer applications suite but also has ensured continued support. This software is being used by a huge range of staff that is located both at the plant as well as at the headquarters, including also the senior management and accounts employees. Conclusion and Findings The increased stability of Oracle E-Business Suite has given the confidence to proceed with the integration. The company is determined that the accuracy of the records would increase and our staff resources could be redirected to higher value jobs. They would be a lot more efficient and would also achieve faster reconciliation of information and reduce the consumption of raw materials by integrating the oracle software with the control systems located at the plant. With this software the company has started producing management reports within few minutes giving all the important details about production, dispatch and information regarding the finished stock. It has also reduced the outages due to breakdown of the equipments by improving the preventive maintenance scheduling.

Carl Orffs Philosophies In Music Education :: essays research papers

While Carl Orff is a very seminal composer of the 20th century, his greatest success and influence has been in the field of Music Education. Born on July 10th in Munich, Germany in 1895, Orff refused to speak about his past almost as if he were ashamed of it. What we do know, however, is that Orff came from a Bavarian family who was very active in the German military. His father's regiment band would often play through some of the young Orff's first attempts at composing. Although Orff was adamant about the secrecy of his past, Moser's Musik Lexicon says that he studied in the Munich Academy of Music until 1914. Orff then served in the military in the first world war. After the war, he held various positions in the Mannheim and Darmstadt opera houses then returned home to Munich to further study music. In 1925, and for the rest of his life, Orff was the head of a department and co-founder of the Guenther School for gymnastics, music, and dance in Munich where he worked with musical beginners. This is where he developed his Music Education theories. In 1937, Orff's Carmina Burana premiered in Frankfurt, Germany. Needless to say, it was a great success. With the success of Carmina Burana, Orff orphaned all of his previous works except for Catulli Carmina and the En trata which were rewritten to be acceptable by Orff. One of Orff's most admired composers was Monteverdi. In fact, much of Orff's work was based on ancient material. Orff said: I am often asked why I nearly always select old material, fairy tales and legends for my stage works. I do not look upon them as old, but rather as valid material. The time element disappears, and only the spiritual power remains. My entire interest is in the expression of spiritual realities. I write for the theater in order to convey a spiritual attitude.1 What Orff is trying to say here is that he does not use "old" material, but material that is good enough to be used again. If one eliminates the fact that this material was written many years ago, then there is nothing to stop that material from being any less legitimate in recent times. Orff's work in Music Education has been astounding. In the early 1920's, Orff worked with Mary Wigman. Wigman was a pupil of Emile Jaques-Dalcroze, another very influential name in Music Education. In fact, Orff's approach to music is very similar to Dalcroze's, but Orff focuses on education through percussion instruments. In 1924, Orff joined Dorthee Guenther and together