Demand and Elasticity Linear demand curve: Q = a – bP Elasticity: E d = (ΔQ/ΔP)/(P/Q) = -b(P/Q) E d = -1 in the middle of demand curve (up is more elastic) Total revenue and Elasticity: Elastic: Ed < -1 ↑P→↓R (↑P by 15%→↓Q by 20%) Inelastic: 0 > Ed > -1 ↑P→↑R (↑P by 15%→↓Q by 3%) Unit elastic: Ed = -1 R remains the same (↑P by 15%→↓Q by 15%) MR: positive expansion effect (P(Q) – sell of additional units) + price reduction effect (reduces revenues because of lower price (ΔP/ΔQ)/Q)
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Explain what you like or ‘dislike’ about the world of celebrities The meaning of the word ‘celebrity’‚ in my opinion‚ is someone whose talents or achievements should be publically recognised. People like musicians‚ artist‚ and scientists and so on‚ someone with real talent and passion for what they chose to do‚ not to seek fame and fortune‚ but because it’s their calling. Unfortunately‚ there is not much publicity for people like that (with some rare exceptions). Modern definition of ‘celebrity’
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The laws of supply and demand are the fundamental concepts behind economics that assist in the understanding of microeconomics and macroeconomics. The simulation involves a hypothetical real estate company that must alter their prices‚ supply‚ and demand based on the different market situations of their region. GoodLife was forced to change their prices and quantity supplied based on several factors like changes in population‚ price ceiling‚ and low rental rates in neighboring towns in order to
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In the background to supply‚ we notice about the terms "total product"‚ "marginal product" and "average product". These three figures are the foundation upon which the analysis of short-run production for a firm is analyzed. Total product is the total quantity of output produced by a firm for a given quantity of inputs. The usual framework is to analyze total product when in a variable input (labor) changes‚ for a given amount of a fixed input (capital). Diagram 1 In diagram 1‚ as the curve shows
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Chapter 3 - Nice To Eat You: Acts of Vampires Chapter Summary: -Ghosts and vampires are never only about ghosts and vampires. There’s a thin line between the ordinary and the monstrous. -Sex: Evil‚ lust‚ seduction‚ temptation‚ danger. Evil has been related to sex ever since the serpent tempted Eve. -Exploitation: using other people to get what we want‚ placing our desires above others. Vampires and other figures are used where someone grows by weakening someone else. Connections: -The Scarlet
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Nat Turner was a highly intelligent African American. Even as a young boy his family‚ masters‚ and others noticed his talents. Turner believed he was unfit to be a slave and that he was a profit due to the fact that he taught himself how to read‚ the mark on his head and chest and finally the revelation instructing him to seek the kingdom of Heaven. He took these as signs to become a leader and end slavery in Virginia. Nat Turner’s rebellion was believed to be one of the largest slave rebellions
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living room reading a book. I like reading a lot. I did not realize when I stopped reading and started watching the show instead. The fresh prince of bel air is an American comedy sitcom‚ with a big star will smith. It was originally aired in 1990s. So the main character is obviously will smith. He is the fresh prince from west Philadelphia sent by his mother to California to live with his aunty‚ uncle and cousins. The story is about how his life is changed and how he changes their life. This
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1997 when the business was making a loss. Job’s was appointed to provide a clearer vision for the business and to improve its profitability. How easy is it for a Chief Executive to change a struggling business into a more successful one? Justify your answer with reference to Apple and/or other organisations you know. (40 marks) Depends upon/ points : * How respected the leader is: Steve Jobs acted as an inspiration to many in the digital world‚ one which grabbed my interest was from competitor
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Sophie Castel Ms. Loftus CHC 2D1 01/3/2010 Pierre Elliott Trudeau and How He Shaped the Canadian Identity Governing from 1968 to 1984‚ Pierre Elliott Trudeau was one of the most significant Prime Ministers of Canada. In relation to human rights‚ Trudeau wanted every Canadian to be treated as an equal. Culturally‚ Trudeau wanted to celebrate and unite the country’s differing beliefs. In terms of foreign affairs‚ he pursued an independent path in international relations
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Television can be considered a cultural forum. By cultural forum‚ this means issues and points of view can be discussed openly and almost without punishment. These issues can vary anywhere from male dominance in the household‚ to wars‚ to racism‚ to political jabs and still be covered under freedom of speech. Television can hold a wide variety of opinions which may offend‚ but for the most part due so to prove a point. In the All in the Family episode we watched in class‚ it is no secret that
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