Anna was seen at Queens park nursing home for a review in present of her daughter (Martina)‚ Interpreter (Xeni)‚ nursing home staff‚ doctor‚ cpn and nursing student. Nursing home staff approached Anna on arrival and gained consent to come to her review meeting for further assessment. Anna was asked how she was feeling about the resident and she replied by saying yes. Martina reported that the last time she wanted to take Anna out from the resident‚ Anna hair was not properly dry‚ not warm enough
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____________________. A. cross elasticity of demand is negative B. income elasticity of demand is negative C. cross elasticity of demand is positive D. income elasticity of demand is positive 3. If a 5% decrease in the price of AAA brings about a 3% increase in the sales of BBB‚ then _______________________. A. the cross elasticity of demand between AAA and BBB is positive B. AAA and BBB are complementary goods C. the price elasticity of demand for both AAA and BBB is inelastic D. AAA and BBB
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response to an increase of 10% in income. Then the income elasticity of demand would be‚ Ey= (20%)/(10%)=2 The amount which the quantity demanded for a good change in response to a change in income depends on the type of goods. We can distinguish the types of goods as following‚ Normal goods - Ey > 0 – positive YED Luxury goods - Ey > 1 Necessities - 0 < Ey < 1 Inferior products - Ey < 0 – negative YED Let’s see how the income elasticity of demand deviates for normal goods and inferior products
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Demand 10. The long-run price elasticity of demand for a product is generally _________ the short-run elasticity for the same product. A. lower than B. equal to C. higher than D. not comparable to 11. Assume the demand function for skin care products is given by Q = 1‚000 – 20 P + 5I. If P=$25 and I=$1‚000 currently‚ then: A. skin care products are a normal good. B. the elasticity of demand is equal to 11. C. skin care products are inferior. D. The price is too high 12. If the demand
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Running head: The Elasticity of Business Ethics The Elasticity of Business Ethics Abstract Given the competitiveness in the world market‚ many are tempted to go outside of the rules and regulations of society in order to get ahead. Although many would like to think that qualities such as honesty and credibility are first and foremost in the minds of people‚ temptations have lured some to act irresponsibly to get more of the almighty dollar. Recent scandals have proven that good ethical
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Dropped medical malpractice claims: their surprising frequency‚ apparent causes and potential remedies. The articles states that not all malpractice claims eventually get to trial and this is not because the cases are frivolous in nature. The rate at which claims are “dropped”‚ abandoned‚ adjudicated or withdrawn has been found to be quite alarming and costly. From the article‚ we understand that some claims are dropped because of the long process it goes through before getting to trial of which
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Price Discrimination in Airline Industries Jennifer Solomon University of Maryland University College In many cases we run into industries that charge various customers different values for an identical good. These industries find that they intensify their revenues by using this method. Those industries that aid by this structure of moneymaking have participated in price discrimination. When you are boarding a flight I am sure you know that the passengers around you have not paid the same
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The price elasticity of demand (PED) is “a measure of how much the quantity demanded of a good responds to a change in price of the good” (Mankiw 2007‚ p.90). It is a form of measure to determine how willing consumers are to move away from the good as the price of the good rises. Most of the time‚ there are factors that determines the PED‚ such as availability of close substitutes‚ necessities versus luxuries‚ definition of the market and time horizon. In order to calculate the PED‚ a formula is
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Introduction to price discrimination In our study of the theory of the firm we have assumed so far that a business charges a single price for its products‚ naturally the reality is different! Most businesses charge different prices to different groups of consumers for the same good or service. Businesses could make more money if they treated everyone as individuals and charged them the price they are willing to pay. But doing this involves a cost‚ so they have to find the right pricing strategy
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experience as a pediatric nurse‚ and the outcomes of many of my patients. In particular‚ my final position before retiring was caring for several infants with hypoplastic left heart syndrome‚ both in the home and as support of the family during hospitalizations. However‚ the skilled-nursing home care was to help keep hospitalizations at a minimum. Hypoplastic left heart syndrome is a congenital defect‚ by which the left side of the heart is grossly underdeveloped‚ and prior to 1990‚ infants died
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