volatility of spot prices. Why this is supposed to happen? As mentioned above‚ the spot price is associated with the notion of some kind of average physical transaction and this mean or the average price gets reflected as the spot price. It is true that sharp increase in the trend of commodity price is not the same as volatility in these prices around their mean or average value (Ghosh J.‚ 2011). In fact‚ volatility refers to swings in prices around their average value. Markets can experience either
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Price elasticity of demand and practical application. Price elasticity of demand Price elasticity of demand is a measure to show the responsiveness‚ or elasticity‚ of the quantity demanded of a good or service to a change in its price. More precisely‚ it gives the percentage change in quantity demanded in response to a one percent change in price ( i.e. holding constant all the other determinants of demand‚ such as income). Practical application of price elasticity : Practical application
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of Price elasticity and Income elasticity of demand. Ans: There are many practical applications of price elasticity and Income elasticity of demand which are discussed as below. (A) Practical application of price elasticity of demand : 1. Production planning: It helps a producer to decide about the volume of production. When the demand is elastic‚ a producer has to produce different quantity of product and fixed quantity when the demand is inelastic. 2. It helps in fixing the prices of
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For Rachels and Rachels‚ "The Challenge of Cultural Relativism‚" in Abel pp. 397-409. All of your responses should be written in complete sentences. What is the “Cultural Differences” argument? Different cultures have different moral codes. Therefore‚ there is no objective "truth" in morality. Right and wrong are only matters of opinion and opinions vary from culture to culture. Why do Rachels and Rachels think it is a bad argument? The conclusion does not follow from the premise that is‚ even if
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Essay on “Honesty and Deception” after Dr. Naim F. ERDEM The question of honesty has become very popular during last several years. It has been raised as a more ethical than political issue in social sphere. Honesty as itself can not be defined as a confirmed conception. The reason for it s its versatility‚ the thing that keeps us from judging everything from just one point of view. From Theodor’s Roosevelt point of view honesty is “not so much a credit as an absolute prerequisite to efficient
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SE571 Course Project: Security Assessment and Recommendations Overview This course does involve a lot of technical information and theory but‚ what really matters is how this knowledge can be used to identify and remediate real-world security issues. What you learn in this course should be directly applicable to your work environment. The course project that you will complete is designed to further this goal. In the first
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Introduction Jess Westerly works as an assistant product owner at the German company that is called Kauflauf GmbH which is an organization that offers software as a service. She was responsible for positioning her group’s product lines to optimize design‚ sales and profitability. She submitted a proposal that suggest a change in the strategy of the company in order to increase its profitability. Westerly received an approval from the higher management which was faced with rejection from most of
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How Oil Prices Affect the Price of Food By Post Carbon | Wed‚ 21 December 2011 18:07 The current global food system is highly fuel- and transport-dependent. Fuels will almost certainly become less affordable in the near and medium term‚ making the current‚ highly fuel-dependent agricultural production system less secure and food less affordable. It is therefore necessary to promote food self-sufficiency and reduce the need for fuel inputs to the food system at all levels. The connection between
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Why do oligopolies suffer from price rigidity and interdependence? (15) An oligopoly is where a few large firms have the majority of the market share. Oligopolies often suffer from price rigidity‚ which is when prices stay inflexible and sticky and can be demonstrated on a diagram called the kinked demand curve. They also often suffer from interdependence‚ which is where the actions from one firm will have an effect on the sales and revenue of other large firms in the market. The
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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 (i) £3.00 per kilo; (ii)
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