Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Calculate the equilibrium price and quantity in the market for chocolate bars.
Ch5, #20 - For each of the following pairs of goods, which good would you expect to have more elastic demand and why?
a. required textbooks of mystery novels
Because the textbooks are required, there will be more elasticity for mystery novels. That is because elasticity is a measure of responsiveness and indicates how much one thing changes if something else that affects it is changed. In other words, the required text book is needed whether the price changes or if the number of students changes.
b. Beethoven recordings or classical music recordings in general
In this case, the elasticity of demand would show that the classical recordings in general would fluctuate as new artists or prices or some other aspect changes. For example, if the price of classical recordings changed, demand may go up. And since the elasticity of demand measures the responsiveness of quantity demanded, Beethoven may have a more loyal listener ship that...
heating oil during the next six months or heating oil during the next five years
Heating oil is a very cyclical product and six-month changes are important to the overall pricing and elasticity structure. Seasonal changes continue to affect futures prices of heating oil usually in six to eight-month cycles. But, the five-year forecast of heating oil demand and pricing structure is more affected by the overall price of oil and that will continue to change drastically as world supplies and demand are tested. Thus, I would think that in the long run the five-year demand would have more elastic demand.
d. root beer or water
Water just hit $1.80 a bottle and that price seems to be going up. But, humans will continue to require water for basic survival whereas root beer is an optional product that we can live with or without.
References
If you need to type anything after the Reference List then start it on this page
Economics
(Ward; Mohapatra; Mitchell, 2008) The Great Lakes also contain large amounts of 'polychlorinated dibenzo-furans - PCDFs' and 'polychlorinated dibenzo-dioxins -PCDDs' which are a result of the chlorine bleaching process of paper and pulp mills. In a nation wide study conducted for a period of 4 years on samples of fish and shellfish from various freshwater and marine water bodies in Canada, it was found that the fish from the Great
Many different views abound on the origins of modern capitalism, causalities that range from economic to political, from religious to cultural, or for some, an amalgamation of societies need to expand and the resources necessary to fuel that expansion. Max Weber's the Protestant Ethic and the Spirit of Capitalism is a study of the relationship between the ethics of ascetic Protestantism and the emergence of the spirit of modern capitalism.
Organizational Culture and Sustained Competitive Advantage Organizational culture is a defining feature of every organization. The unique culture that every organization displays has an affect on its ability to remain profitable. Culture can have either positive or negative affect on the ability of the organization to remain competitive. Much academic research up to this point has focused on theory and defining what is meant by culture and sustainable competitive advantage. This
(Millstein, 2005) Since United States and Australia are countries which are already considered to be globally competitive that has attained its almost perfect status in the world market, developing countries are basically taking into account every step that they make for which they might soon adapt to attain the same position in the global context. Therefore, studying both countries' corporate governance is necessary in order for other developing countries to
Those additional taxes are determined at the local level, but Clark County does not impose those additional taxes. Indiana is also one of the states that impose state income taxes; therefore an employer in Indiana must prepare withholding information for its employees. The general requirements of state income tax withholding in Indiana may be found in Ind. Code § 6-3-2. Finally, in Indiana, business licenses and permits are a matter
To:The Minister of Foreign AffairsSubject:Canadian strategy for collaboration with Japan to adopt new healthcare strategies for promoting maximum communication between the patients and Canadian doctorsSummary: The Conference will present an opportunity for the Canadian states to focus on improving their healthcare by signifying the importance of online communications between the healthcare physicians and the patients. The quick communication between the two sides would be enabled with the integration of Japanese