(i) What is meant by ’cross-price elasticity of demand’? It is a measure of the responsiveness of demand for a good to a change in the price of another good. This good can either be a substitute good or complementary good. (ii) Comment on the cross-price elasticity of demand between platinum and gold. When the price of platinum rises demand for gold rises. Because gold can be a substitute for platinum people will want to buy gold more when the price of platinum increases. (b)
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of Commons: it’s current composition‚ its leaders‚ the incumbent Speaker‚ the layout of the chamber. 1) Currently the United Kingdom is divided into 650 constituencies‚ with 533 in England‚ 40 in Wales‚ 59 in Scotland‚ and 18 in Northern Ireland. The timing of the dissolution is normally chosen by the prime minister ‚ however‚ a parliamentary term may not last for more than five years. 2) The term "Member of Parliament" is normally used only to refer to Members of the House of Commons‚ even
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Tragedy of the Commons Learning about the tragedy of the commons is as depressing as the title suggests. From the class activity‚ I gained some insights on the interactions within a community when they are given a finite amount of resources to share. Hardin shed some light on the issue‚ where he summarized that each time a commons is “enclosed” upon‚ it only leads to the “infringement of someone else’s personal liberty”.1 In the end‚ with the population size and demand for common resources increasing
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All around the world‚ no matter the location‚ education stands to be one of the most important elements in a child’s life. Most parents are concerned that their child gets the best education possible‚ fits in with his or her peers‚ and to have the best possible experience he or she possibly can. Parents will search schools around the area they live and try to pick the best school that will give their child everything they need. However‚ when it comes to schools‚ there is one controversial issue that
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Nanak and the rise of Sikhism Sikhism is a religion that is originated in India‚ the origins for this religion come from the teaching of Guru Nanak poet and religious teacher and his successors . The teachings of Sikhism emphasize on the principle of equality of all humans and rejects discrimination from caste‚ creed‚ and gender . Another important concept from the Sikhism religion are faith and justice .Sikhism is a monotheist religion ‚ which is that they believe in only one god .
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Andrew Jackson’s ‘Era of the Common Man’ or the ‘Jacksonian Period’ (1824-1845) starts at his inauguration‚ and ends as the Civil War begins. Jackson was the first president that was not born into wealth or education‚ but instead made his own wealth‚ and taught himself up to a prime education‚ a ‘self-made man’‚ as some may say‚ this and his military history made him the defining figure of his age. Although‚ he downplayed his past successes to make him more like the ‘common man’‚ and appeal to the voters
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High Fuel Prices and its Effect on the U.S. Economy ACC 202-02 Managerial Accounting Professor Jackie Lewis North Carolina Wesleyan University High Fuel Prices and its Effect on the U.S. Economy The United States economy as a whole has been rapidly dwindling down of late‚ from its all time high marks in the late 1990’s and early 2000’s. Many Americans believe that the cause for this large downswing in the economy is due to the fact of the cost
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Explain the common remedies that a party to a contract may claim under the law of contract. Various remedies exist in contract law. These include: Damages Damages in contract law are a legal remedy available for breach of contract. Damages are an award of money to compensate the innocent party. The primary purpose of damages in contract law is to place the injured party in the position they would have been in had the contract been performed. Parties to a contract may legitimately agree the
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using a low-price strategy. If a buyer raises a price-based objection‚ what would you say to convince him that your price is appropriate? Price objections are one of the biggest obstacles salespeople have to conquer. There are two important points to keep in mind concerning price resistance. First‚ it is one of the most common buyer concerns in the field of selling. A salesperson must learn to negotiate skillfully in this area. Secondly‚ price objections may be nothing than an excuse. Price can be a
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What is the formula for measuring price elasticity of demand? Percentage change in quantity demanded / Percentage change in price When the price elasticity coefficient is less than 1‚ the percentage change in quantity demanded is smaller than the change in price. When the price elasticity coefficient is equal to 1‚ the percentage change in quantity demanded is equal to the change in price. When the price elasticity coefficient is greater than 1‚ the percentage change in quantity demanded
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