INTRODUCTION Nowadays‚ the demand of air travelling is increasing quickly leads to the appearance of many low cost carriers which focus on popular class. This had made huge changes in the original service and pricing strategy. Easyjet is one of the most successful low-fare airlines in the World‚ which has a noticeable measure of pricing it product. “Price” is one of the “four Ps” in marketing mix but its role is different from the other Ps: “promotion”‚ “product” and “place”. By studying about
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Assignment 1 - Economics The demand and supply schedules for gum are given in the table. a. Draw a graph of the gum market‚ label the axes and the curves‚ and mark in the equilibrium price and quantity. b. Suppose that the price of gum is 70¢ a pack. Describe the situation in the gum market and explain how the price adjusts. c. Suppose that the price of gum is 30¢ a pack. Describe the situation in the gum market and explain how the price adjusts. d. A fire destroys some factories that produce
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The income and substitution effects of a change in the price of a good. Economics and Information systems Aboyowa Okoturo 3/2/2012 INTRODUCTION The relationship that occurs between one’s consumption‚ his or her personal preferences and the demand curve is one of the most complex associations in economics. Unconditionally‚ an economist would carry the mind set that whatever is purchased by an individual is consumed‚ and the only exception to this is if the purchase is for a productive
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Topic 2: Supply and Demand 1) Suppose that the demand for oranges increase. Explain the long -run effects of the guiding function of price in this scenario. Answer: In the long run‚ the higher price of oranges will signal more firms to enter the orange market‚ as it will seem more profitable than some other markets. As firms enter‚ supply increases‚ causing the price to fall relative to the short-run price and quantity to increase further. The higher short-run price has guided more resources
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Trident University Module 5 Case Assignment Course Number: OPM 300 1. What are the advantages and disadvantages of selling books and goods over the internet? There are many advantages to selling books and goods over the internet. It allows small companies to compete with other companies locally and nationally. Creates the possibility and opportunity for more diverse types of individuals to start business and offers a convenient and inexpensive way for small firms to compete with larger
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The colonial overseas British empire was made possible by (modern) science in two ways. First‚ science provided the physical means of acquisition of territory and its control. Second‚ the development of the powerful intellectual system of modern science gave Europe a cultural and ethnic superiority which in turn provided legitimacy for the colonial rule. From 1869 till‚ say‚ 1914 the Indian upper class made conscientious efforts to cultivate pure science with a view to countering the ideological
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Roll no. Questions 12DM001 1.If the market demand curve is given by QD=15-8P and the market supply curve QS=2P‚find the equilibrium price & quantity graphically & mathematically. 2.Suppose the technology to manufacture computers improves but due to some recession in the economy ‚the income of the consumer falls. Assuming computers to be normal good‚ what will be the equilibrium price & quantity for computers in this case? 002 1. Managerial economics helps
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raise prices when facing an inelastic demand curve but might or might not raise price when facing an elastic demand curve? Explain and justify your answers in detail. Elasticity and profit maximization behavior When facing an inelastic demand curve‚ a profit maximizing businessman would always raise price because increase in price will bring about increase in total revenue. On the other hand‚ when facing an elastic demand curve‚ he might or might not raise price because increase in price will
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NATIONAL GENERAL CERTIFICATE Candidate’s observation (2009 specification) sheet NGC3 – THE HEALTH AND SAFETY PRACTICAL APPLICATION Sheet number 1 of __8_ Student name Student number Place inspected Date of inspection _ |Observations |Control measures |Timescale | |Hazards and consequences |Immediate and longer-term actions
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1(a) Explain the key demand side drivers of price for oil. In recent years‚ the fluctuations of oil prices have gotten the attention of the whole world. From $20s in 2003‚ it hit a mid-term peak of $148 in mid 2008‚ then fell to $30 during early 2009‚ and now back to $70-$80. Economic principles have demonstrated that the rise of oil price is a function of lack of supply and greater demand. We know that oil is lack of supply since there’s no major oil field found in the last 40 years and oil
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