there apply to retail petrol outlets Introduction As of December 2010‚ there were 207 petrol stations in Singapore. These stations are owned and operated by four major players in the petroleum retail industry. They are; Shell Eastern Petroleum Pte. Ltd (Shell)‚ ExxonMobil Asia Pacific Pte. Ltd (Esso)‚ Chevron Corporation (Caltex) and Singapore Petroleum Company (SPC). In this essay‚ we’ll be looking at how these four players apply the Marketing Mix in running their petrol stations across Singapore
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Supply and Demand are the two most used words in economics (Colander‚ 2004 p.83). My basic understanding of these two terms is that: When there is a lower supply of something than meets the consumers wants‚ only those willing to pay a higher price will be able to satisfy their demand. Likewise‚ when there is a higher supply of something than is needed to satisfy the wants of consumers; theoretically‚ consumers will be able to buy their article at a lesser cost. With the holiday season upon us‚ and
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EN2702 Thermofluids – Petrol Engine Report Introduction At the end of 2010 it was estimated that there were 31‚035‚791 cars owned in the UK. (1) With cars being such a high contributor to the environmental problems that the planet is experiencing‚ it is of vital importance that our cars become as fuel efficient as possible‚ thus saving petrol and preserving the world’s fossil fuels. Around seventy-five percent of carbon monoxide emissions come from automobiles and in urban areas‚ harmful automotive
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Demand and Supply: Government and Price Control (in-case kailangan) Price Control – Refers to the fixing of prices by the government. By doing so‚ it creates shortage or surplus. Price Ceiling – A maximum price at which a good can be sold. Price Floor – Minimum price buyers are required to pay for a good. Elasticity The price elasticity of demand is computed as the percentage change in quantity demanded divided by the percentage change in price. That is‚ Price elasticity of demand=ED=
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HOMEWORK ONE 1. What is the numerical value for the elasticity of demand if a price change causes no change in quantity demanded? . What is the numerical value for elasticity of demand if a price change causes no change in total revenue? . What is the elasticity of demand for a vertical demand curve? . What is the elasticity of demand for a horizontal demand curve? . What is the elasticity of demand if a price increase leads to an increase in total revenue?
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Assignment: Principles of Economics Question : Suppose the price elasticity of demand for text books is two and the price of the text book is increased by 10%. By how much does the quantity demand fall? Inter the result and discuss reasons for the fall in quantity demand? Answer : % change in Quantity Price Elasticity of Demand = %change in price = 2 Percentage increase in price = 10%‚ Percentage decrease in quantity = 2 x 10
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demand and supply of tomatoes are given by the following figures: |Price (£ per kilo) |4.00 |3.50 |3.00 |2.50 |2.00 |1.50 |1.00 | |Qd (000 kilos) |30 |35 |40 |45 |50 |55 |60 | |Qs (000 kilos) |80 |68 |62 |55 |50 |45 |38 | (a) What are the equilibrium price and quantity? (b) What will be the effect of the government fixing a minimum price of
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Economics HL- IB Price elasticity and indirect taxes Q. Using at least one diagram‚ explain why knowledge of price elasticity of demand is necessary for a government when they are considering increasing indirect taxes on certain products. (16th May 2011‚ Economics- Paper 2(HL)‚ Time Zone 2) The government needs to understand price elasticity of demand when setting the price of the commodities and services it provides for the community (like public transport price). It also needs to be able
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9 – Elasticity and Demand Demand and Elasticity Elasticity is a way to measure the responsiveness of a dependent variable to changes in an independent variable. Elasticity is defined as a ratio of the percentage change in a dependent variable to a percentage change in an independent variable. Elasticity ≡ percentage change of dependent variable Percentage change of independent variable When: Y = f(X) %ΔY E ≡ %ΔX Fal l ’05 © Reynolds 2005 Microeconomics Slide 1 Chapter 9 – Elasticity and Demand
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were infected by the disease. This is not the first time that anthrax has been detected among the cattle in Bangladesh but it is the first time it spread among the people. 1.1Origin of the Report: This report on “Effect of Anthrax on the price elasticity of beef market in Bangladesh” is a partial requirement of the course entitled Micro Economics‚ supervised by Mohammad Asad-Uz-Zaman‚Lecturer‚ Institute of Business Administration‚ University of Dhaka. 1.2 Objective of the Report: The fundamental
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