would always raise prices when facing an inelastic demand curve‚ but might or might not raise prices when facing an elastic demand curve? Explain and justify your answers in detail. Price elasticity of demand is defined as percentage change in quantity demanded divided by the percentage change in price. If the demand is elastic‚ consumer response is large relative to the change in price (e.g.‚ new car‚ airline travel). If demand is inelastic‚ consumers aren’t very responsive to price changes (e.g.‚
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important to be able to recognize certain elements of a demand curve. For instance‚ if Apple raised its prices by five percent‚ what would happen to its revenues? The answer to this question depends on the response of Apple consumers. Will the consumer refrain from making purchases completely or just cut back on them? How a consumer responds to price changes is known as price elasticity. The price elasticity of demand can be influenced by availability of substitutes‚ the level of necessity or luxury
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petrol has increased prices from years to years. Not only in Malaysia‚ but all the countries in the world are facing same trouble‚ petroleum prices keep increase until it become a economics burden for community. Petroleum prices $36.7 per litre in 1983. In 2005‚ it has increased to $79.9 per litre and last year‚ it also has increased to $134.1 per litre. So‚ what are the factors affecting the prices? First‚ we found out that the greatest single factor influencing petroleum prices is crude oil. So
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1) This was a 2nd entry short coming off a larger double top soon after the regular market open this morning. Notice that you could have taken the first entry off the DT‚ but because it was so close to the open‚ it was probably better to wait a few minutes and not get trapped on the wrong side of the early morning move that usually happens right after the 8:30 AM CST opening. If you took the first entry which was one tick below the arrow‚ then it was a good trade all the same and it was not wrong
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In modern society‚ there are a number of domesticated animals that are used as pets. Different parts of the world are particularly drawn to different pets‚ though in reality there are a few that are popular the world over. Of these global pets‚ such as cats‚ dogs‚ fish‚ and birds‚ the best pets tend to be dogs. Dogs are the best pets because they make great companions‚ they are very intelligent beings‚ and they come in all shapes‚ sizes‚ and temperaments to meet the needs of all sorts of people.
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Thesis: People should not trust their ability to thin-slice in situations. I think that Malcolm Gladwell has proven that in experts‚ decisions should not be made in the blink of an eye. Body 2: Similarly‚ the concept of thin-slicing has its disadvantages because it proves that people are “really vulnerable to being guided by stereotypes‚”(Gladwell‚ 233). This holds true in cases often regarding race. For example‚ prior to the school integration of white and black children in the late 1950’s‚
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“God save you Ebeneezer! And a merry Christmas to you!” bellowed a voice from the window. Through the foggy glass‚ Scrooge could make out the rather large outline of none other than Peggy Harker‚ a worker at the local orphanage. Scrooge crinkled his nose in disgust and shooed her away with a flick of his hand. Peggy Harker‚ persistent as the rain during a wet monsoon month‚ continued to say “My oh my‚ it is extremely cold… mind if I come in?” in which Scrooge acknowledged with a harsh grunt.
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After months of preparation and dedicating all of your free time to the sport‚ January 24 you finally get the one moment that all of your hours of practice have led up to. At the wrestling GAC there is one major difference between the wrestlers who train all year for this one moment and the ones who wait until the last minute; the feeling of the medal around your neck at the end of the day. 4:30 A.M.‚ the morning of January 24‚ you wake up on this day knowing that you either have a really good
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The Pros And Cons Of Fitting In In the real world today‚ people from every background have faced the reality of social life and where they believe they would thrive the most. Although we think we are always right in any given situation‚ it never really turns out that way and encounters with fitting in and the decisions made to be included in a certain social group acknowledge the fact that sometimes we are wrong. A quote by Rick Warren states‚ “Those who follow the crowd usually get lost in it
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No‚ cellphones are not necessary in teenagers’ lives. I admit this because I think cellphones ruin teenagers’ social life. First of all‚ teens like to use their cellphones to text. Something that is wrong about this is that these teenagers only will talk over text but‚ never face to face. Besides texting on their phone‚ they also like to go on social networks such as Twitter‚ Instagram‚ Facebook‚ and Tumblr. Other teens that use these social networks can start rumors about you that may or may not
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