The Price Of Elasticity Of Supply Economics Essay

The Price Of Elasticity Of Supply Economics Essay The price of elasticity of supply assesses the sensitiveness of the quantity supplied to a change in the price of a good when all other influences on selling plans remain constant. It can be calculated by using the formula: PES = Percentage change in quantity supplied Percentage change in price The two determinants of price elasticity of supply are resource substitution possibilities and time frame for the supply decision (Parkin 9th edition pg97): For resource substitution possibilities, it means that only some goods and services can be produced only by using special or rare productive resources. Such items have low and sometimes even zero elasticity of supply because items like that are hard to be substituted. For example, cars and tyres. As the price of rubber rises, the quantity supplied will reduce by only a little because people still need tyres for their cars. It is difficult to find another raw material for tyre because the input factor of production is rare and therefore, the price elasticity of supply will be inelastic. The second determinant is time respond for the supply decision. For instance planting maize. It takes a few months to produce maize that even if the price changes, the farmer will not be able to do anything. Reason being so is that when the price of maize fluctuates, the time taken for maize production will remain constant. Thus, the price elasticity of supply will be inelastic if the production is long. Price QS 40% 20% S Based on the diagram, it shows that price increase is greater than the quantity supplied. The two determinants of price elasticity of supply are resource substitution and time frame for supply decision. Part B Price elasticity of demand (PED) is a unit free measure of the responsiveness of the quantity demanded of a good to a change in price, when all other determinants on buying plans remain the same. The formula used to calculate PED is(Parkin, 9th edition pg 86): PED = Percentage change in quantity demanded Percentage change in price Businesses use the price elasticity concept to decide on their pricing strategy based on three ranges of elasticity namely inelastic, elastic and unit elastic demand. When the percentage decrease in quantity demanded is less than percentage increase in price, it is said to be an elastic demand. Goods that are categorized under inelastic are considered necessities and therefore when business increase the price to obtain more revenue, the demand will still be there. An example would be smokers and cigarettes. If the price of cigarettes is now rm10 a pack, quantity demanded is 50 but when price increase to rm15 a pack, quantity demanded becomes 45. The above diagram is an example of the relationship between the change in quantity demanded and change in price. The elasticity is more than zero but less than one, which means it is inelastic and smokers will still continue buying cigarettes despite the price increase. When the percentage decrease in quantity demanded but greater than one exceeds the percentage increase in price, then it is an elastic demand. Goods that have an elastic demand are luxury goods because the goods have many substitutes, for example Nike shoes. If the price is rm200, then quantity demanded is 100 but once the price increases to rm220, the quantity demanded will fall to 70. This is because the customers can resort to other brands. The elasticity is more than one which means customers are sensitive to the change in price. The diagram shows that even though the price increases only by a little bit, but the quantity demanded decreased by a lot because goods like that can be substituted easily. When the percentage decrease in quantity demanded equals to the percentage increase in price, then it is a unit elastic demand. In cases like that, businesses should neither increase nor decrease the price of goods because a change in price will change the quantity demanded. An example would be chewing gum. The initial price is rm1, and quantity demanded is 200 but once the price increases to rm2, the quantity demanded will decrease to 100. By using the concept of price elasticity, businesses can decide whether to increase price (inelastic demand), reduce price (elastic demand) or not to change the price (unit elastic demand) in order to maximize revenue. Question 3 One of the factors of supply is the prices of factors of production. A decrease in price of production will directly correlate to an increase in supply. This is because if the price of a factor of production used to produce a good decreases the minimum price that a supplier is willing to accept for producing each quantity of those good decreases. So a decrease in the price of a factor of production decreases supply and shifts the supply curve rightward. Another factor is the price of related goods produced. A substitute in production of a good is another good that can be produced using the same resources. The supply of a good increase if the price of a substitute in production falls. Goods are complements in production if they must be produced together. The supply of a good increase if the price of a complement in production rises. Expected future prices are another determinant of an increase in supply. If the price of a good is expected to decrease in the future, the supply of the g ood today increases and the supply curve shifts leftward. b) A price ceiling or price cap is a regulation that makes it illegal to charge a price higher than a specific level. If the price ceiling is set above the equilibrium price, it has no effect. The market works as if there were no ceiling in the first place. Inversely, if the ceiling were to be set below the equilibrium, its effects are far greater. If the level of price equilibrium is above the price ceiling, in order to achieve price equilibrium one would have to enter to illegal region. Other mechanisms thus come into place in order to eliminate the shortage created by the price cap. Search activity and black markets are some of those mechanisms and consumers are willing to pay a higher price in order to obtain the goods due to the shortage. A price ceiling decreases the quantity supplied to a less efficient quantity resulting in a deadweight loss. A further shrink in consumer and producer surplus further enhances the potential loss from search activity. A price floor is a regulati on that makes it illegal to trade at a price lower than a specific level. If it is set below the equilibrium price, there is no effect. Effect only takes place if set above the equilibrium price. Price floor leads to an inefficient outcome. A minimum price is set above the equilibrium and decreases the quantity demanded. A deadweight loss thus arises due to a decrease in consumer and producer surplus. Question 5 Part A Demand refers to the quantity of a good that potential buyers would be willing and able to buy or attempt to buy at a different price level. The law of demand states that there is an inverse relationship between the price of a good and the quantity demanded in a defined time period. Quantity demanded of a good or service is the amount that consumers plan to buy during a given time period at a particular price.(McConnell,Brue Flynn Economics 18th edition) A decrease in demand will result in a leftward shift in the graph and there are six main factors influencing it. The first factor is the prices of related goods. Assume if a comparison is made between hamburger and hot dog. If the price of a substitute for hamburger rises, people buy less of the substitute and more hamburgers. The demand for hamburger will rise and demand for hot dogs will fall. Then there is also complement which is a good that is used in conjunction with another. For example, fries and hamburgers. If the price for hamburger increases, people will not buy so much fries and hamburgers. There will be a decrease in demand. The next factor is expected future prices. If a good, for now will decrease because people would want to buy it at a cheaper price. The third factor is income. When income rises, consumer will buy more goods but when it decreases, they will buy less of those goods. A normal good is one for which demand increases as income increases. Inferior good is one when demand will decrease as income increases. Next factor that will decrease a demand is when expected future income and credit falls. For example, when a sales person knows her income will fall in the future, she will have to spend wisely and not splurge on goods. Another factor is when the population decreases. For example in the 1990s in America, a decrease in the college-age population decrease the demand for college places. Lastly would be preference. If there is poor or no environmental awareness, it will shift the demand curve for recycled items or even eco-friendly bags to the left. The diagram shows a leftward shift on the demand curve. Unlike the demand curve, the quantity demanded curve will bring an upward movement on the diagram, instead of a shift and the only factor that influences it is price with all other determinants on buying plans remain constant. According to the new law of demand, higher price will cause a decrease in demand. From the diagram, a decrease in quantity demanded will cause an upward movement when price rise from P0 to P1, quantity demanded falls from QD2 to QD1. An example would be the rise of price of apple from P0 to P1. It will decrease the quantity demanded to QD1. There are a few differences between a decrease in demand and decrease in quantity demanded. First, decrease in demand will show a leftward shift in the graph but decrease in quantity demanded shows an upward movement. There are six factors influencing the demand to decrease but only one that influence the quantity demand; price. Part B Income elasticity of demand (YED) is the ratio of percentage change in the quantity demanded of a good or service to a given percentage change in income. YED indicates the responsiveness of demand to change of household income. To calculate YED.(McConnell,Brue Flynn Economics 18th edition) : YED = Percentage change in quantity demanded Percentage change in householdà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s income The three degrees of YED are positive, negative and zero. For positive YED, it is further categorized into two types which are income inelastic (01). For income inelastic, the percentage increase in quantity demanded is positive but less than the percentage increase in income. When the demand for a good is income inelastic, the percentage of income spent on that good decreases as income increases. Those will be considered normal goods such as clothes, food and travel. But for income elastic demand, the percentage increase in quantity demanded exceeds the percentage increase in income. When the demand for a good is income elastic, the percentage of income spent on that good increases as income increases. For example, if the price of a doughnut is constant and 9 doughnuts an hour are bought. So when income rises from rm975 to tm1025 a week, the quantity of doughnuts sold rise to 11 an hour, ceteris paribus. The change in quantity demanded is 2 and the average quantity is 10 doughnuts, so the quantity demanded increases by 20% and the change in income is tm50 and the average is rm1000 so income increases by 5%. The income elasticity of demand for doughnut is: 20% = 4% 5% Therefore, it is said that the income elasticity demand for pizza is elastic. Next is negative YED (YED Question 6 Equilibrium is a situation in which opposing forces balance each other out. Equilibrium in a market occurs when the price balances the plans of buyers and sellers. The equilibrium price is the price at which the quantity demanded equals the quantity supplied. Consumer surplus is defined as the value of a good minus the price paid for it, summed over the quantity bought. It is measured by the area under the demand curve and above the price paid, up to the quantity bought. Producer surplus is determined by subtracting the marginal cost from the price received for a good and summed over the quantity sold. It is measured by the area below the market price and above the supple curve. b.) The production possibility frontier (PPF) marks the boundary between the combination of goods and services that can be produced. There are four assumptions that are made which are the economy is efficient, there are a fixed amount of resources, a fixed level of technology and there are only two goods. In order to achieve efficiency there must be full employment and full production. The opportunity cost of an activity is the value of the next best alternative that must be forgone to undertake the activity. Scarcity is a situation where there is not enough resources to produce enough a good to satisfy the needs of the consumers. Choice occurs when scarcity forces consumers to make a choice in order to maximise satisfaction. PPF illustrates these three principles of economics; choice, scarcity and opportunity cost. Because of scarcity, a society has to make choices between the productions of two goods with scarce resources available. Most choice involves opportunity costs. Referencing Parkin.M, Economics 9th edition ,Pearson International Edition McConnell,Brue Flynn Economics 18th edition

What would happen if the World Runs out of Oil and Gas :: essays research papers

Oil is hydrocarbons that grew up in the earth when source rock full of organic inclusions sank to just the right depth not too little and not too much and got cooked over the ages. It took hundreds of millions of years for the world's supply of oil to be created. The oil is used to make gasoline obviously, but also home heating oil, diesel fuel but also 90 percent of all the organic chemicals that we use. That includes pharmaceuticals, agricultural products, plastics, fabrics and so on. They are petrochemicals, meaning they originate as oil. the need for those hydrocarbon materials has been increasing for 150 years and will go on increasing especially because the world's population is increasing. The poorer parts of the world want to increase their standard of living, which inevitably means using more energy. Fossil fuels are our principal source of energy. I hope that enough people will become aware of the problem and we will be a little better prepared, Right now we don't have the kind of leadership that would take us in the direction that would make major changes. As individuals we can do things, driving hybrid cars, for example. But as a society we have to redesign cities so that people live close to where they work. There are all kinds of measures. We are so profligate in the use of energy that even with the smallest effort we can reduce the rate at which we use energy very significantly, as Californians showed after the last energy crisis. But what we really need is massive infusion of research on all of the possible ways of ameliorating this problem. It's possible for us to revert either to natural gas or to coal or both. Among consequences are the increasing global climate change. But another consequence is, let us suppose you tried to substitute coal for oil. Natural gas is a good substitute and it will last for a while but it will have its own peak one or two decades after oil, so it's only a temporary solution. If you turn to coal, we're now using twice as much energy from oil as we are from coal. So if you want to liquefy coal as a substitute for oil in transportation which is its most important application you would have to mine coal at a rate that's many, many times at the rate of what we're doing now.

Enhancing Customer Satisfaction with the Implementation of Total Quality Management

Mehra and Ranganathan (2008) reported that in 1979, Crosby gave 14 steps for quality improvement his work was supported by the work of another researcher, Ishikawa who stated that training, problem solving, and quality circles are very crucial ways of achieving continuous improvement. The researchers also spoke about the work of Deming with his contribution of giving 14principles that has become the foundation of TQM and acknowledged Juran for identifying the three basic functions of a quality management process which are planning, organization, and control. To Juran these functions of quality management process are different levels in any programs for quality improvement. TQM and customer orientation It has been observe that only those business organizations that pay attention to the need of their customers and make efforts to meet those needs become successful. Naturally, customers have their perceived expectations of quality of products or service they want from businesses they patronize and when they get satisfied they stay, else they leave for somewhere else. This is traceable to why customer satisfaction receives much attention and emphasis in the field of marketing. Researchers studied the profit of 472 restaurants and their results showed that data collected about customer satisfaction rate at a time has a direct impact on the profit margin of an organization nine months thereafter and concluded that quality as perceived by customer is what determines return on investment of any company( Mehra and Ranganathan 2008). It is therefore very important for organizations to focus on customer satisfaction so as to build a long lasting relationship with them. Customer satisfaction was not given much emphasis in the past but these days with intense competition in the global market, Organizations have come to realize its importance to as to maintain their stance in the market. Now, they know well that customer satisfaction will lead to customer retention and profits improvements. Scholars stated opined that the chances of customer leaving an organization due to poor products or services quality would definitely be reduced when customer satisfaction is achieved by a company ( Mehra and Ranganathan 2008). Agus et al. 2000) established that a successful implementation of TQM by a company will enhance its customer satisfaction and lead to financial performance. Goldman (2005), stated for an organization to remain competitive , it must identify its customers’ needs and find a way of building them into the products and services designs and development. Some researchers share the believe that in order for a company to satisfy its customer, their needs must be identified and incorporated into the design and development of appropriate product or service ( Spring et al. 998). Chan et al. (2001) report that quality function deployment is one appropriate TQM techniques that is a customer oriented approach and translates the voices of customers into the design features of products and services. This technique has three objectives which are to identify the customer, what he wants and find ways of fulfilling those wants. Researchers stresses that QFD methodology works by relating customer requirements with the design features (Govers 2001) Researchers emphasize a company need of its customer loyalty, stressed that a company would retain its customers if only a higher level of service than those of its competitors is achieved (Alomaim, 2003). The measurement of quality is dependent on meeting the expectations and requirements of customer the first time and at every other time. The federal Quality Institute (FQI) states that â€Å"TQM is a comprehensive, customer-focused system that many organizations are adopting to improve the quality of their products and services† (Alomaim et al. 2003). Alomaim et al. 2003) stated that TQM is management at all levels in an organization with the objective of customer satisfaction. They went further to state the largest percentage of scores for this award. TQM in Services. Mehra and Ranganathan (2008) established that TQM has a wide application in the industry of health care to enhance customer satisfaction after they reviewed the work of Ingram and Chung (1997) who reported tha t successful adoption of TQM programs has led to maximally satisfied customers. Hasin et al. (2001) affirmed that hospitals have engaged TQM principles as a weapon to gain competitive advantage. Researcher conducted a study to investigate success factors that are critical to TQM programs among corporations in US by surveying literatures (Dayton 2003). This effort led to his discovery of ten TQM success factors that are critical which includes orientation of customer satisfaction , quality improvement measurement, planning operational quality, customer and people management, management of external interface, improvement information communication, structures that facilitate team work, strategic partnership with suppliers and organizational culture of quality. The cue for these factors was taken from Malcolm Baldrige National Quality Award. According to the results of the findings, it was revealed that quality management and organizational culture of quality as TQM most important success factors as it relate to organizational performance. These research efforts found support in the work of Sit et al. (2009) that highlighted six core TQM practices that is acceptable by award models for quality like European Excellence Model and Quality Award and MBNQA through reviewing of literatures on TQM practices. These six TQM core practices are human resources focus, strategic planning, information analysis, customer focus, leadership and process management. TQM in Manufacturing. Scholars studied the Australia manufacturing industries to examine the impacts of TQM programs on their operational performance and reported that application of TQM in an organization helps to achieve success in relationships among employee, customer satisfaction and performance in business ( Terziovski and Samson 1999). To support this view another researcher reported that Malaysian manufacturing industries enhance their financial performance by engaging TQM programs and traced this performance to their achievement of customer satisfaction (Agus et al. , 2000). It should be acknowledged that when organizations successfully implement TQM, the result is that high level of customer satisfaction and improved financial performance would be achieved. This stated fact finds supports from literatures on TQM and customer satisfaction. Mehra et al. (2001) strongly mphasized that customer focus play an important role towards implementing TQM and established that TQM is customer –oriented. They also affirmed that customer satisfaction and customer loyalty are important elements for organizations that possess the value of customer focus. Attempting to further stress the necessity of engaging TQM to improve customer focus, suggested that organizations must pay serious attention to customer satisfaction. Researchers established that literatures abounds that mention customer focus and suggested that definition of TQM in the future should give customer focus its rightful place (Mehra et al. 001). Chien et al. (2002) state categorically that a strong relationship exists between the customer satisfaction level a company can achieve and its commitment to TQM practices which determines its performance. Other researcher believed that there is need for further research that presents the TQM relationship with customer relations ( Kaynak 2003). The impacts of the practices of TQM on customer satisfaction have been examined by many researchers and its wide applications in manufacturing and service industries alike have been reported. TQM and cultural differences. Researcher contested that cultural differences among industry types and across nations will vary the applicability of quality programs ( Dawson 1995). In the author opinion, TQM has a strong inclination in the culture of Japanese which makes its adoption not applicable universally. He therefore suggests that businesses and nations that will adopt TQM should conduct studies on examining how it could be adapted to their cultures. This view finds support in the work of other researchers who express their believe that TQM is neither effective nor fit for business environment that involves multiple cultures. Some other scholars doubt that TQM is effective in service industries because of the uniqueness of this industry in that their product is not visible. These concerns made Mehra and Ranganatha ( 2008) to undertake a study in the literature of TQM and customer satisfaction. Based on the results of their findings, they affirmed that implementation of TQM programs in an organization improves customer satisfaction. They rejected the argument that the only culture where TQM programs will succeed is collectivistic and also established that TQM programs will succeed in both collectivistic and individualistic cultures and across business types and national cultures. The result of their research made them to redefine TQM â€Å"as a management strategy that, with sound design and successful implementation can be adopted to enhance customer satisfaction through a concerted focus on customer and that this strategy is equally applicable to both service and manufacturing businesses operating in varied global cultures. For managers with kin interest on successfully adopting TQM implementation, they suggested 3 action plans; develop unique skills for identifying customers’ needs in their workforce, train their employees to understand global market competitions and global customer, and train specific personnel on ways of determining the customer satisfaction level at sensitive and throughout the contact points that are major. Mehra et al. 2001) and kaynak (2003) stressed that there is need for research that examines the impact of TQM programs on performance of an organization. Researchers are of the opinion that there is need for studies that will investigate the relationship between organization performance and TQM practices. This view finds support from Yasin et al. (2004) who expressed their concern for the rare nature study reports that relates performance of an organization to its improvements efforts on quality. TQM and Human resources. Researcher examines in an empirical study the role of human resource management practices towards implementing TQM within the advanced technology companies and the results of their findings was that the practices of HRM impacts significantly on customer satisfaction (Yang 2006). Many business organizations have place strong emphasis on customer satisfaction as they believe it would help them to increase productivity and ultimately profitability. Yang (2006) argued that company must put structures in place for customer satisfaction management and that company need employees to maintain such structures. Other researchers carry out an investigation on the relationship between the role of HRM and client satisfaction in the health industry (Ott and van Dijk 2005). Their study explored activities of HRM such as employee involvement, transparent management, plan for personal development, on the job training, supportive management style. They found that the manager’ management style nfluences the employee satisfaction. When Sit et al. (2009) reviewed the work of Adsit et al. (1996) that examines the association that exist between customer satisfaction, employee attitude and performance evaluation. They reported that employee attitude have a significant positive impact on customer satisfaction which made them to conclude that human resource focus induced customer satisfaction. It is rather unfortunate that literatures of studies on the relationships between customer satisfaction and Organization’s vision are rare. Kantabutra and Avery, 2007) affirmed that what is found is a casual link of customer and employee satisfaction with the organizational vision. To this effect, these researchers embarked on an empirical study to investigate how organization’s vision affect customer and employee satisfaction in retails stores in Thai. The research findings revealed that organization’s vision, employee satisfaction, communication, motivation and empowerment enhanced customer satisfaction. Based on the findings of their result, It was established that vision significantly enhances customer satisfaction. Sit et al. (2009) carried out a research study to examine the relationships customer satisfaction and TQM practices based on the perception of managers in the service organizations that are TQM certified in Malaysia. They reported that TQM enhances customer satisfaction and went ahead to establish customer focus, human resources, leadership and information and analysis as critical success factor of TQM practices and that they induce customer satisfaction. It was revealed in their findings that human resources and information and analysis were TQM dominant practices because they have close relationship with Customer focus within the service organizations under consideration. Customer satisfaction and customer loyalty: (Bennette and Rundle-Thiele 2004) conducted an empirical study to examine the relationship between customer satisfaction and attitudinal loyalty of customers. The researchers work took premise from the previous literatures on the subject. They reported that out That four biggest bank in Australia ecorded customers’ dissatisfaction percentage of about 23-32 percent and they are among the nation’s six top companies that is public. It was surprising that their performance was not affected as they posted large profits. They found that customers still patronized these banks even though they were dissatisfied which made them to argue that customer loyalty and organization performance does not depend solely on the single factor of customer satisfaction even though this go against the popular opinion that abound in the literatures that satisfaction is what leads to the attitude of loyalty often display by customers. They established that these customers were simply loyal. While public relations make every effort to convince the public that customer satisfaction is necessary for customer retention, these researchers discovered from the literatures that in 2003, the Bank of America earnings reports that customer satisfaction level of 14 percent constitutes 5. 3 percent of its customers. The question then remains, what is the satisfaction level experienced by other 94. perfect? This further proved that customer satisfaction does not necessarily leads to customer loyalty. Customer satisfaction has become a factor that is of high significance to business organizations and marketers alike especially in the service industries. Organizations because of so much emphasis that is place on this subject often see it as the ultimate in order to sustain the stiff competition in the global business environment. It is believed that customer satisfaction will help companies to retain their customers so as to maintain their market share and ultimately achieve organizational performance. The researchers surveyed a sample of 267 businesses and investigated their satisfaction level and attitude of loyalty to the services of an advertising company(Bennette and Rundle-Thiele 2004). The result of their findings revealed that loyalty that is of high level do not in all cases due to high levels of customer satisfaction. They went further to stress that customers often stick to a particular company, not because they enjoy the quality of its services and concluded that while customer satisfaction will remain the core of any organizational performance, it should not be the only goal (Bennette and Rundle-Thiele 2004). They pointed that attitudinal loyalty which customers sometimes display is another factor that enhances the performance of an organization. Given that they have considered attitude of customers to be critical success factor to business performance, it would be necessary to consider the impact of employee satisfaction on customer satisfaction. This view find support from the work of scholar (Oakland 2003) who opined that performance as perceived by the customer will always be the core of TQM model but it need not be limited to this and there should be an extension of it to other stakeholders’ performance measures. Other researchers gave their suggestions for the need of further empirical researches that would examine the impacts of quality improvement efforts on organizational performance (Yasin et al. 2004, p. 45).

Civil War Essay The Major Contributing Factors to the...

If asked, most people would blame as the cause of the civil war the issue of slavery. This is understandable; many people in the U.S. at the time were against slavery, going to far as to help runaway slaves escape to the free north. But, while slavery at face value was a major factor, international politics and economics played a major role. Several factors, including the election of Lincoln, the raid on Harper s Ferry, the Dred Scott decision, and, most importantly, the fugitive slave law, contributed to the growing rift between the North and South and, eventually, the Civil War. Abraham Lincoln is most always associated with the Civil War. But, he was not elected through a majority of the popular vote. In fact, with only forty percent†¦show more content†¦Northern abolitionists were shocked; their plan for compromise was no more slavery in any territory, and this ruling shut down their cause. 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