Table of Contents INTRODUCTION 2 TASK 1 3 1.1 USE OF TECHNOLOGY TO SUPPORT USERS OF HEALTH & SOCIAL CARE SERVICES IN LIVING INDEPENDENTLY 3 1.2 BARRIERS TO THE USE OF TECHNOLOGY 4 1.3 BENEFITS OF USE OF TECHNOLOGY 4 TASK 2 6 2.1 HEALTH & SAFETY CONSIDERATIONS 6 2.2 ETHICAL CONIDERATIONS 6 2.3 IMPACT OF EMERGING TECHNOLOGICAL DEVELOPMENTS 7 TASK 3 9 3.1 SPECIFIC NEEDS OF MAGGIE 9 3.2 ASSISSTIVE DEVICES USED FOR MAGGIE 9 3.3 USEFULNESS OF TECHNOLOGY FOR HEALTH & SOCIAL CARE USERS 10 CONCLUSION 11 REFERENCES
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EGT 1 Task II A. Elasticity of demand is the consumer’s response to the change in price. The demand of a product varies with the price. There are three categories of elasticity of demand; elastic‚ inelastic and unit elasticity. Elastic demand is one in which the change in quantity the consumer demands is due to the change in price of the product being larger. Inelastic demand is one in which the change in quantity demanded due to a change in price is small. Inelastic demand usual causes
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EGT Task A Starting a business is a delicate process that can be easily ruined if the owner doesn’t know how to maximize it profits. In order to make sure the business is obtaining the highest level of return the owner must ensure that he understands the concept of profit maximization. This essay will explain the relationship between marginal costs and revenue to give the firm a better understanding in profit maximization. To better understand how to maximize revenue the firm must first comprehend
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EGT 1: Task 2-309.1.2-08 & 09 Elasticity of demand is the relationship between the demands for a product with respect to its price. Generally‚ when the demand for a product is high‚ the price of the product decreases. When demand decreases‚ prices tend to climb. Products that exhibit the characteristics of elasticity of demand are usually cars‚ appliances and other luxury items. Items such as clothing‚ medicine and food are considered to be necessities. Essential items usually possess
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3 The numbers of firms that produce identical products or goods which are homogenous are called market structure. Industrial regulation is the government regulation on an entire industry with the objective of keeping a close eye on the industry prices and take advantage of consumers. Rules set by government and agencies that help control the operations of businesses who may demonstrate monopoly power in their organization. Monopoly may lead to consumers being exploited (higher prices) and consumers
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The relationship between marginal cost (MC) and marginal revenue (MR) is fairly easy to see‚ marginal cost is the extra cost from the production on one or more units of a particular item verses marginal revenue is the change in total revenue from the sale of one or more units of a particular item. There is a principal that explains the relationship between the two best called the MR=MC rule‚ which states “that a firm will maximize its profit (or minimize its losses) by producing the output at which
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Since our company has decided to begin its expansion into the Chinese market we must first examine the differences between doing business within the United States and doing business in China. Without doing the proper research we could fail only because we were completely unprepared. Once we identify some areas that are essential for doing business in China we stand a better chance to be successful in a very competitive environment. We should begin by identifying some of the most cultural differences
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Economics and Global Business Applications Task 4 This report will detail cross-cultural issues that may be faced when a firm does business within the borders of the highly populist country. With the emergence of the WTO (World Trade Organization) international trade drastically increased allowing countries to participate in foreign trade in turn raising the GDP (Gross Domestic Profit) and exposing their products to a broader audience. Not only are countries able to trade standard goods and services
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Profit maximization from the total revenue to total cost approach is at the point of the largest difference between total revenue and total cost. Profit maximization from the marginal revenue to marginal cost approach is where marginal revenue equals marginal cost. The calculation used to determine marginal revenue is the change in total revenue divided by the change in quantity. In this scenario‚ marginal revenue decreases by $10 at every additional increment of widget production. The calculation
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EGT1: Task 1 A) 1. When determining how much of a profit a company will make‚ one has to look at a few deciding factors. Two of those are total revenue and total cost. Total revenue is the sum of a company’s sales of a particular product. Total cost is how much a company pays for production which includes fixed and variable costs. After total cost is deducted from the total revenue‚ the money left over is a profit. The goal of most is to maximize profits the best way possible. Total revenue
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