Price Elasticity of Supply

Price Elasticity of Supply This is the third article in this series on the economic concept of elasticity. The first explains the basic concept of elasticity and illustrates it using price elasticity of demand as an example. The second article in the series considers Income Elasticity of Demand.  Ã‚   A brief review  of the concept of elasticity and of price elasticity of demand appears in the section immediately following. In the section following that income elasticity of demand is also reviewed.  In the final section, price elasticity of supply is explained and its formula given in the context of the discussion and reviews in the previous sections. A Brief Review of Elasticity in Economics Consider the demand for a certain good- aspirin, for example. What happens to the demand for one manufacturers aspirin product when that manufacturer- which well call manufacturer X- raises the price? Keeping that question in mind, consider a different situation: the demand for the worlds most expensive new automobile, the  Koenigsegg CCXR Trevita. Its reported retail price is $4.8 million. What do you think might happen if the manufacturer raised the price to $5.2M or lowered it to $4.4M?   Now, return to the question of the demand for manufacturer Xs aspirin product following an increase in the retail price. If you guessed that the demand for Xs aspirin  might decline substantially, youd be right. It makes sense, because, first, every manufacturers aspirin product is essentially the same as anothers- theres no health advantage whatsoever in selecting one manufacturers product over another. Second, the product is widely available from a number of other manufacturers- the consumer always has a number available choices. So, when a consumer selects an aspirin product, one of the few things that distinguish manufacturer Xs product from others is that it costs a little more. So why would the consumer choose X? Well, some might continue to buy aspirin X out of habit or brand loyalty, but many very probably would not. Now, lets return to the Koenigsegg CCXR, which currently costs $4.8M, and think about what might happen if the price went up or down a few hundred thousand. If you thought it might not change the demand for the car by that much, youre right again. Why? Well, first of all, anyone in the market for a multi-million dollar automobile is not a frugal shopper. Someone who has money enough to consider the purchase is unlikely to be concerned about price. Theyre concerned primarily about the car, which is unique. So the second reason why the demand might not change much with price is that, really, if you want that particular driving experience, theres no alternative. How would you state these two situations in more formal economic terms? Aspirin has a high price elasticity of demand, meaning that small changes in price have greater demand consequences. The Koenigsegg CCXR Trevita has a low elasticity of demand, meaning that changing the price doesnt greatly change buyer demand.  Another way of stating the same thing a little more generally is that when the demand for the product has a percentage change thats less than the percentage change in the products price, the demand is said to be inelastic. When the percentage increase or decrease in demand is greater than the percentage increase in price, the demand  is said to be elastic.   The formula for price elasticity of demand, which is explained in a little more detail in the first article in this series, is: Price Elasticity of Demand (PEoD) (% Change in Quantity Demanded/ (% Change in Price) A Review of Income Elasticity of Demand The second article in this series, Income Elasticity of Demand, considers the effect on demand of a different variable, this time consumer income. What happens to consumer demand when consumer income drops? The article explains that what happens to consumer demand for a product when consumer income drops depends upon the product. If the product is a necessity- water, for instance- when consumer income drops they will continue to use water- perhaps a little more carefully- but theyll probably cut back on other purchases. To generalize this idea slightly, consumer demand for essential products will be relatively inelastic  with respect to changes in consumer income, but elastic  for products that are not essential. The formula for this is: Income Elasticity of Demand (% Change in Quantity Demanded)/(% Change in Income) Price Elasticity of Supply The price elasticity of supply (PEoS) is used to see how sensitive the supply of a good is to a price change. The higher the price elasticity, the more sensitive producers and sellers are to price changes. A very high price elasticity suggests that when the price of a good goes up, sellers will supply a great deal less of the good and when the price of that good goes down, sellers will supply a great deal more. A very low price elasticity implies just the opposite, that changes in price have little influence on supply. The formula for price elasticity of supply is: PEoS (% Change in Quantity Supplied)/(% Change in Price) As with the elasticity of other variables If PEoS 1 then Supply is Price Elastic (Supply is sensitive to price changes)If PEoS 1 then Supply is Unit ElasticIf PEoS 1 then Supply is Price Inelastic (Supply is not sensitive to price changes) Incidentally, we always ignore the negative sign when analyzing  price  elasticity, so PEoS is always positive.

The Bestest Educational Blogs 2014

The Bestest Educational Blogs 2014 Holiday season has almost started and 2014 is coming to the end. Seems like its a perfect time to look back, make an overview of the years most popular trends and projects, give some praise and appreciation to those who were successful, useful, supportive and made difference in 2014. Thats why we made a list of blogs on education and college life, which in our opinion provide valuable tips, cover important issues, offer fresh ideas and have their own unique voice. For your convenience, blogs are divided into sections according to the theme, purpose and authorship. With no further delay, meet our top educational blogs 2014! Teachers Blogs 2014 Great teachers are usually education enthusiasts. They are following latest trends and are willing to share their experince, knowledge and skills with fellow teachers and students. Following authoritative educators blogs you will not only get valuable study tips, but will understand your professors and their requirements better. The Nerdy Teacher (thenerdyteacher.com) Insights into education, modern technologies and other nerdy things. Hunting English (huntingenglish.com) Practical learning tips, study strategies and excellent infographics MathyCathys Blog (mathycathy.com/blog) Progressive views on education, ideas to understand math better with the help of modern technologies. DY/Dan (blog.mrmeyer.com) Mind games, math theories, conference overviews and ways to make math more attractive for students Joanne Jacobs Blog (joannejacobs.com) Controversial issues, educational news and extracurricular activities for educators and students Students and Graduates Blogs Students usually have not so much time to blog. However, those who do find time, can share a lot of interesting about study hacks and college life with student eyes. Graduates have even more to tell about their experience of college survival. That Girl Magazine (thatgirlmag.com) Brown University student, linguistics major with a special world outlook A Law Students Journey (threeyearsofdeath.blogspot.com) Former law student sharing tips on law school survival Aspiring Docs Diaries (aspiringdocsdiaries.org) Collective blog by medical students for medical students The English Student (theenglishstudent.com/blog) Master in Adult Education Jenny shares learning materials, language learning tips and motivation College Life Blogs Want to know more about college life even before it actually begins? Want to be aware of latest trends, news and every aspect of college life? Fortunately, there are blogs versatile and dynamic enough to cover chaotic college life in its fullest! Her Campus (hercampus.com) A stylish girly blog about everything a college student may be interested in Seventeen (seventeen.com) College life tips mixed with beauty and fashion advice, celebrity news and quizes College Fashion (collegefashion.net) Latest fashion trends and style tips for college students DormDelicious (dormdelicious.com) Room designs, decoration tips and diy ideas for any campus living student College Candy (collegecandy.com) College is much more than studies! Follow fashion, entertain, take care of your body and soul Students and Finances Blogs The financial side of college life bothers the majority of students. How to live on budget, control your finances, and spend money wisely? The following blogs aim to answer financial questions and make your college life easier. Broke Millenial (brokemillennial.com) Tips on money saving, graduating college debt free and increasing financial literacy The Broke and Beautiful Life (thebrokeandbeautifullife.com) Practical advice on conscious spending and getting extra income Teens Got Cents (teensgotcents.com) Blog teaching teens to be financially smart - whatever it may meen Poorer Than You (poorerthanyou.com) Financial advice on savings, budgeting, earning and spending money, evaluating job offers and much more The Diary of a Poor Girl (thediaryofapoorgirl.blogspot.co.uk) Personal blog of witty and creative brunette sharing her life experience, financial and relationship tips Students and Cooking Blogs Cooking while in college can be a real challenge. Lack of skills, time and money make students opt for junk food three times a day. However, the following blogs show that cooking can be easy, cheap and surprisingly fun! Full-Thyme Student (fullthymestudent.com) Cooking in college can be easy, quick and save your budget if you know good recipes and tips to follow Collegiate Cook (collegiatecook.com) Useful and practical campus guides for fast and delicious cooking Poor Girl Eats Well (poorgirleatswell.com) Tips on how to eat healthy, delicious food and save your money at the same time Budget Bytes (budgetbytes.com) Great and creative recipes to keep your stomach full as well as your wallet Career and Internships Blogs College years is the time when you create the basis for future career. So, it is reasonable to start making your way into career world, learning about job application process and career opportunities, building network with potential employers, applying for internships and getting valuable experience. Quintessential Careers (quintcareers.com) Quintessential blog for job hunters, providing reÐ ¸Ã'‰sume and interview tips, career resources and employment tips Chegg Blog (blog.chegg.com) The versatile article topics include internship and job opportunities, as well as study tips, college life hack and much more Lindsey Pollak (lindseypollak.com/blog) Expert career advice for millenials to find job, stay productive and build a successful career College Aftermath (collegeaftermath.com) Is there life after graduation? What is it like? Find the answer to all post-graduation questions bothering you Intern Queen Blog (internqueen.com/blog) Fresh and interesting internship opportunities along with useful tips on smooth graduation and successful employment Have anyhing to add? Your feedback and comments are always welcome!

Philosophy Essay Example | Topics and Well Written Essays - 750 words - 1

Philosophy - Essay Example In every action, there is personal consent of doer himself that drives him to perform or decide something. I argue that Chisholm’s belief is right. A person cannot be influenced by any internal or external reason. He takes decision as he thinks is right for him. He is self-confident and determined enough to take decisions and withstand it. God has made every human being a good brain as well as guts. He is confident enough to stand determined in a position of decisiveness. He can take his own decisions without being influenced by any factor. There can be no factor influential enough on determinism. All influences are psychological which makes a person seek those factors in their decision making ability. Chisholm’s concept is in contradiction with Frankfurt who says that there is no consent of people’s actions. He is always directed by some external or internal factors to do or decide something. It is merely an observation that a person is doing something of his own self. His decisions will apparently by himself but in a real sense, they are backed by some internal and external factors. (Earman) Although Chisholm is right about the determinism of human beings, one cannot neglect the power of external and internal factors that influence a person’s decision. There are lots of emotional, psychological, physical and societal factors that make a person decide on something. Frankfurt rightly says that a person is certainly influenced by other factors for taking his decisions. In this world where people are highly concerned about what is going on each other’s life, it is a pertinent fact that there can be a rare decision that is not influenced by any factor. Determinism of human beings and their free will is not so much free to decide whatever he wants. Being a human being, we look for the factors that are associated and included in our decisions. (Joseph Keim Campbell)We evaluate them and then give them weight of

Research paper on nursing Essay Example | Topics and Well Written Essays - 1500 words

Research paper on nursing - Essay Example Nursing profession contributes in promotion of well being of a person by prevention of illness, helping doctors in treatment procedures, and taking patients care of ill, disabled and dying people. According to International College of Nursing (ICN), nursing also aids in various other aspects of health care setting including promotion of a safe environment, research and development, participation in shaping health policy and in patient and health systems management, and preparation of educational materials. This profession is regarded as the backbone of our healthcare system. As the global environment is changing at fast pace, the types of disorders, and the paths of disease transmission are also varying and therefore, offering more diverse challenges. The nurses ensure promising future to all the people who are victims of bad health. Cohesive efforts and collaborative knowledge of nurse and physician brings clinical success in terms of patient’s positive outcome. The nursing profession has undergone many transformations over human history with different stages of development. Nursing in ancient times was restricted to mother caring for their off springs and relatives. It was believed that sickness and disorders arise due to evil spirits and only magical treatments were given. Nursing activities were taken care of by females in the early Christian era in the Churches and homes without formal education. Over the time these nurses learnt the skills with the use of herbal medicines and drugs. Some nurses even got treatment like physicians. However, this was followed by dark period of nursing where illiterate and ignorant women were delivering crude and unsatisfactory nursing services to sick and needy people. In this period, St. Vincent de Paul, religious leader motivated ladies for nurse training without actual clinical education. Then the developmental era in nursing began from 1846 with Florence

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Before the Civil War ended, President Lincoln signed for the Emancipation Proclamation to be passed. When the Emancipation Proclamation was passed on January 1, 1863, it was a step toward freedom for African Americans. Although the proclamation freed few, and did not apply to â€Å"slaves in border states fighting on the side of the union,† it sent a message. Lincoln was sending a strong message, not only to the United States of America, but to the world, that the Civil War was no longer being fought to preserve the Union, but was being fought to end slavery (Ask Jones which citation from extra paper). African Americans described the proclamation as the â€Å"document for freedom,† it was hope. The Emancipation Proclamation, while it did not free the slaves, it was a road way toward the thirteenth amendment. In 1865 when President Lincoln was still in office, the Civil War ended, and left the South in shambles. The war left no option except the need to rebuild the Sout h. This was the beginning of reconstruction. Reconstruction originally began under President Lincoln, until April 15, 1865, when he was assassinated by John Wilkes Booth, then President Andrew Johnson took over, and reconstruction took a turn for the worst. Under the short reign of Lincoln, blacks were able to reunite their families, receive land and work for themselves, as well as get an education, and establish black churches. When Johnson took office, after Lincoln’s assassination, reconstruction began to shift for the blacks; it no longer held the same meaning. Their land was taken, and their freedom to work for themselves began to diminish, slowly reconstruction began to return to the idea of slavery. Economics At the war’s end Congress established the Freedmen’s Burea... ...ural music, provide charity and support to those in need and developed the black political leaders. The black church was the beginning of the establishment of the black community, and the most important part of the black church: it was free of white supervision. Blacks struggled to save to build their churches, and often founded Baptist and Methodists churches. One of their most prominent churches was the African Methodist Episcopal (AME). Churches in the black community were a form of ranking. The Presbyterian, Congregational, and Episcopal churches were attended mostly by the â€Å"upper-class† blacks, such as the blacks that had been free prior to the civil war. Poorer blacks, found the â€Å"upper-class† black churches unappealing. Besides churches, blacks understood that they must learn to read, or they were not free. To blacks freedom and education were inseparable.

Thinking Outside the Idiot Box

Dana Stevens’ essay, â€Å"Thinking outside the Idiot Box†, was first published in Slate on March 25, 2005, is a counter argument to â€Å"Watching TV Makes You Smarter† an article written my Steven Johnson that says watching complicated TV shows make you smarter when in reality you’re just watching complicated TV shows. She mainly disagrees with Johnson’s opinion that figuring out the complicated plots of the TV shows sharpens one’s cognitive skills. In her view, those entangled plots not only compel one to watch even more TV, they also weaken one’s skills to think because many shows overload one’s mind with quick-paced facts. Stevens 295-6) She also states that Johnson overlooks the Muslim terrorist and tortures in the show â€Å"24†. She points out that many people think watching TV is ok especially if it’s a nature show. Stevens also discusses a trip to the airport where she saw quite a few people surrounding a nature showing. The author contemplated whether or not the nature show was acceptable because travelers were still â€Å"spacing out† while watching it, so what is the difference between violent shows like â€Å"Animal Face Off† which contains bloods guts and gore and a â€Å"regular† nature show is peaceful and entertaining. Stevens 297) She is wondering why â€Å"spacing out† is ever positive: â€Å"A football game in a bar is zapworthy, but spacing out to leopards in the Qantas terminal is A-OK? † (Stevens 297). Next she says that children are fresh meat for the marketing industries by making shows that catch their eye. She is basically claiming that there are many people who are offended by many things, and each person needs to be sensitive to what they play on their TVs. In conclusion, Stevens believes that TV is neither beneficial nor it is harmful for our minds; it is only there to entertain us. (298)

Women s Role During The Great Depression - 1232 Words

As the Great Depression crept up on the United States people began to see the effects of the economic down spiral. To try a keep afloat people did what they could to survive. The role women played during this time period was a strong example of this drive for survival. Women stepped up to the plate for their family and jumped into the workforce to become the new breadwinners of their family. They broke barriers and didn t care what people thought of them. Even though most of the jobs out there were sexist towards women, they still worked and found ways to provide for their family. With society pushing them to stay as housewives and â€Å"leave jobs for men† women still prevailed. Women’s role throughout the Great Depression both increased and†¦show more content†¦For example in the article Women, Impact of the Great Depression on it states that â€Å"FERA work relief projects employed women in producing such goods as canned foods, clothes, and mattresses.Women were as housekeeping aides to families in need of household help.† (Krissoff). This indicates that the New Deal added programs only provided women with jobs that were ‘traditional’ roles and with more women going to work Americans began to scorn women. Not only were Women scorn for taking jobs they were also scorn because of their age, marital status, geographical location, race, and ethnicity. For example, In the article, Women Impact of the Great Depression on it states that â€Å"Given that those seeking employment were most often black and given the low wages one would earn in such arrangements, the process and the area of town associated with it became known colloquially as a slave market. â€Å" (Krissoff). This piece of evidence supports the idea that women of a minority were treated unkindly in the workforce. Women in minority groups, such as African-Americans who were already subject to such discrimination and prejudice, and often viewed the Depressi on differently from whites and were faced with many challenges during the great Depression. Many minority groups faced extreme discrimination and were not supported during the Depression, they foundShow MoreRelatedWomen s Roles During The Great Depression1413 Words   |  6 Pageswhite women’s social roles change from the 1920s to the Great Depression when employment and income decreased nationwide? A. Plan of Investigation The Great Depression devastated the United States, and remains the worst depression ever experienced by the nation. During the â€Å"Roaring Twenties† when the economy was thriving in the United States, women took the opportunity to improve their social statuses through enlightenment, but as this period came to an end women’s social roles began to change againRead MoreThe Great Depression And Its Effects On The World Essay1595 Words   |  7 PagesThe Great Depression happened during the late 1920’s and continued until the early 1940’s. The origin of the depression was in the United States as the stock market crashed in 1929 wiping affecting millions of investors. The US economy was connected with the global economy, this economic crisis affected the whole world with high unemployment and low production. Industrial production declined dramatically, causing distribution systems to struggle as â€Å"transportation, wholesaling, manufacturing, andRead MoreT he Great Depression And Women s Involvement During World War II1503 Words   |  7 Pages2015 1930’s: Womens Movement In the 1930s, The Great Depression swept over America and life was greatly affected. Poverty, unemployment, and homelessness grew in the East causing women to get more involved with the daily activities outside of the household. In â€Å"The Grapes Of Wrath† most men went to work, either in factories or on the lands, while the women stayed home. Eleanor Roosevelt became a key voice inside the White House, she took on an active role in programs and supporting women working onRead MoreThe Great Depression ´s Impact on Gender Roles1482 Words   |  6 PagesLisa Cianciulli November 12th, 2013 The Great Depression’s Impact on Gender Roles Change and hardship go hand in hand, because when hard times emerge society is forced to change. During the Great Depression the idea of gender roles stirred up a great deal of controversy but it also opened the door for change. It gave society a push into a new direction. In order to survive, a number of people had to move away from their traditional way of living in order to take care of their household (GoutourRead MoreThe Aftermath Of World War I903 Words   |  4 PagesIn the aftermath of World War I, Europe would fall into a depression with the U.S following suit. On October 29, 1929 (known as Black Tuesday), the Stock Market would crash which would ultimately trigger the start of the Great Depression. Lasting 10 years, the great depression would lead to the unemployment of more than 10 million Americans and the closing down of many banks (which would lead to many Americans losing all their savings). The general public desperately needed the help of the federalRead MoreChanges Of Women s Gender Roles1373 Words   |  6 PagesChange in Women’s Gender Roles Due to advances in technology, the discovery of new lands, and changing public opinion; people desire new things and the equality of man is constantly changing. For thousands of years males were considered superior to females in most cultures. In a civilized society it was often considered the duty of the man to work and provide for his family. Alternately, it was perceived that women should stay home and take care of the children and that they were not able to performRead MoreThe Challenges Of The Great Depression1738 Words   |  7 PagesGrace Wortmann Ms. Meier English II 24 February 2017 The Challenges of the Great Depression In other periods of depression, it has always been possible to see some things which were solid and upon which you could base hope, but as I look about, I now see nothing to give ground to hope-nothing of man stated Former President Calvin Coolidge during the Great Depression. The Great Depression affected almost everyone in the United States. People had to learn to live on less, and still enjoy lifeRead MoreThe Great Depression Of The 1920 S1706 Words   |  7 Pagesthe beginning of the 1920’s, the United States was beginning to recover the economy now that World War I was over. During this decade, America became the richest nation in the world. The 1920’s, also referred to as the roaring twenties, was a period of dramatic and social change. More Americans during this era lived in the city rather than on a farm. The nation’s wealth doubled throughout the roaring twenties, and lead the Stock Market Crash of 1929 where the Great Depression followed after this ti meRead MoreCulture during the 20s-40s: Great Gatsby1365 Words   |  6 Pagesthat music, dance and fashion have a great affect on society and culture. Iconic artists and performers, and particular events during these decades influenced many rebellious outbreaks going against societal norms. The â€Å"Roaring 20s† (1920-30), had a major impact on adolescent behavior in America, starting in New Orleans, moving into Chicago and later, New York City. Throughout the 1930s-1940s a new adolescent culture emerged, influenced by early upheavals during the 1920s. The twenties were yearsRead MoreThe Great Depression : An Age Of Female Enlightenment1696 Words   |  7 Pagesenlightenment, as women made their way to equality and cracked the foundations of women s sphere. American women protested against the traditional views of the female as moral guardian and domestic servant for the household and challenged the nation to accept their egalitarian beliefs. But after the initial rush of support for women s rights with the passage of the 19th Amendment in 1920, the feminist movement diminished towards the end of the 20s and all but disappeared during the Great Depression. The Great