proposing to increase the tax on petrol. Examine the relevance of price elasticity of demand for this proposal. When considering increase the tax on petrol‚ there are a few things to look at. First of all‚ the price elasticity of demand is a measure of responsiveness of the quantity of a good or service demanded to change in its price. Petrol is an inelastic product. This is because petrol is a needed in a daily basis. An increase in price of petrol will cause a small change (decrease) in petrol. Therefore
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What is meant by multiple intelligence? The generally accepted view of intelligence is that it is about cognitive or mental ability. Charles Spearman‚ one of the early pioneers in thinking about intelligence called it the ‘g’ factor‚ and intelligence tests have been designed to measure it. However‚ few people now believe that intelligence is a concept that can be described in such simple terms‚ and some have sought to explore our understanding of intelligence more fully. The best known and
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Introduction It would be impossible for any business to survive if there were no demand for their product. Therefore‚ one of the most important attributes of managerial economics is demand estimation. Demand estimation is an important tool because it helps the managers to estimate demand using a scientific method known as Econometrics. It is essential for a manager to be able to determine the appropriate variables of demand function‚ according to the textbook‚ Managerial Economics Applications: Strategies
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Numerical Methods Questions 1 f(x) = x3 – 2x – 5 a) Show that there is a root β of f(x) = 0 in the interval [2‚3]. The root β is to be estimated using the iterative formula ‚2 5 2 0 2 1 1 = =++ x x x n n b) Calculate the values of x1‚ x2‚ x3‚ and x4‚ giving your answers to 4 sig fig. c) Prove that‚ to 5 significant figures‚ β is 2.0946 2 Use the iterative formula n n n cox x x − =+ 1 1 With x1 = 0.5 to find the limit of the sequence x1‚ x2‚ x3
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The market supply and demand curve above shows the milk price support problem. In order to solve the milk surpluses in the market‚ the government should take the steps to increase the market demand to the milk products by exploring overseas markets. For instance‚ the government should export the milk surpluses abroad. This would cut the cost of storage for milk products and encourages the local dairy farmers continue in dairy business. b. The small dairy farmers would prefer the proposal 4
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1.0 Introduction A sudden anthrax attack has caused panic among the beef consumers in Bangladesh. The demand and sale of beef are falling drastically across the country following reports of outbreak and spread of anthrax attack on cattle and human beings in different areas. This year in Bangladesh the disease was first identified in Sirajganj on Aug 19‚ at Chithhulia village under Kayempur of ShahjadpurUpazila. There at least 26 people‚ including two children‚ showed signs of infection. After
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5.1.11 Appropriate Use of Consultants Sometimes‚ inadequate use of either internal or external consultants can cause failure of ERP system. In order to be sure that ERP system would be implemented successfully‚ organizations should use experts who are trained in ERP implementation methods and have the requisite experience in applying these methodologies (Anand & Maleki‚ 2008). Due to the complexity of ERP implementation project‚ the appropriate use of external consultants with application and installation
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Assignment: Principles of Economics Question : Suppose the price elasticity of demand for text books is two and the price of the text book is increased by 10%. By how much does the quantity demand fall? Inter the result and discuss reasons for the fall in quantity demand? Answer : % change in Quantity Price Elasticity of Demand = %change in price = 2 Percentage increase in price = 10%‚ Percentage decrease in quantity = 2 x 10
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5.1 Use case diagram A use case diagram at its simplest is a representation of a user’s interaction with the system that shows the relationship between the user and the different use cases in which the user is involved. A use case diagram can identify the different types of users of a system. The different use cases and will often be accompanied by other types of diagrams as well. Figure 5.2: Use case Diagram 5.3 Use Case Analysis 5.3.1 Activity Diagram The following activity diagram represents
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Elasticity Dr. Sushma Shukla Adjunct Assistant Professor Economics North Virginia Community College 1 Elasticity • In economics‚ elasticity is the measurement of how changing one economic variable affects others. For example: i. "If I lower the price of my product‚ how much more will I sell?“ ii. "If I raise the price of one good‚ how will that affect sales of this other good?“ iii. "If we learn that a resource is becoming scarce‚ will people scramble to acquire it?" 2 Price
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