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The apartment management company prices to cover costs. However, if there is scarcity in the market, the company can earn superior rents, leading to higher profit. The interest is related to the cost of doing business, if the landlord has leveraged in order to acquire the property.
d. In my workplace, supply and demand work much the same as in the simulation, albeit with different demand and supplier drivers. We see our markets fluctuate, and prices respond. If something is not popular, we must discount it in order to sell it. I have to think that if a product is very popular or scarce, we could increase the price, although we usually do not. The principles covered in the simulation are seen in my workplace every day. In the medical imaging business, prices are stable day over day, but in the long run these changes do take place. Products that are not that popular -- and therefore are not that profitable -- stop being produced. Thus, supply declines. If there is a new innovation, we will adopt it too, thereby increasing supply.
e. Price elasticity of demand affects the consumer's decision making. I used the example of gasoline, now compare it to demand for pink flamingos....
Everybody needs gasoline, nobody needs pink plastic flamingos. Thus, these two products have very different elasticities of demand. If gas goes up a dollar a gallon, people might complain but few would change their driving habits. Demand would shrink only a little bit. If plastic flamingos has a similar 25% increase in price, consumers would just stop buying the things. Thus, price elasticity is important to understand because it is one of the most significant demand drivers. The organization, naturally, will respond to what the consumers are doing. Thus, if a product has low price elasticity of demand, the company might simply charge more and take more profits. If the product has high price elasticity of demand, the company is more likely to work hard to controlling the costs, so that the price can be maintaining. In either case, however, the company would seek to find the price at which profit is maximized.
f. The following is a compilation of the results of the simulation:
Year
1
5
Jan 7
Jul 7
9
Quantity Demanded
1900
1900
Monthly Rent
1900
1900
Monthly Rent
Simulation The basic steps to ordering the tasks involved a time and project line that allows for steps to be ordered in a logical manner so that the work flows from one project to another in the least amount of time possible (efficiency). For instance, prior to constructing, one must make a list of materials needed, purchase those materials, and then logically plan the next steps. One cannot install new lighting,
This strategy will increase and address the obvious concerns about the underlying levels of influence, while improving upon the overall services that are not covered by the status quo. (Roxon 2010) Identification of possible Criticisms and Sources of Opposition to this Proposal. The biggest criticism with this plan is that: the federal government is taking a larger portion of GCT revenue than they should. This is problematic, because many of the
The tests found that major differences, especially in dynamic modulus, exist in the different mixtures of asphalt, and even among samples of the same mixture. The results suggest that that the constitutive makeup of paving materials interact to have a greater effect on the performance of the material than might otherwise be suspected. In addition, it was found that certain results of the dynamic modulus tests were not accurately predicted
simulation, a very powerful computer-based technique has rapidly gained acceptance as a decision-making tool in business as well as industry (Wynn et al.,2007). The main uses of simulation in business processes are the improvement of operating as well as operational efficiency (Watkins & Hill,2009). The basic idea of the concept of simulation is to accurately model a given physical process on the computer screen by incorporating the various uncertainties
simulation featured a number of different economic concepts. The first is the issue of the supply curve. Shifts in the supply curves occur as the result of changes in price, or also in changes in demand. When the price of a good in the market changes, firms are likely to increase production. When the price of a good in the market decreases, some firm are likely to reduce or
These characteristics will ensure the validity of the subjects' inclusion in the study (Johnson & Christensen 2010; Smeyers & Depaepe 2010). Instrumentation and Materials The materials use required for conducting this research and analyzing the raw data collected will be minimal. A standard computer with sufficient and readily available statistical software (such as the standard SPSS) will be sufficient for both data storage and analysis, and even for much of the