a 20% decrease in the price of long-distance phone calls leads to a 35% increase in the quantity of calls demanded‚ you may conclude that the demand for phone calls is a. elastic b. inelastic c. unit elastic d. stretchy elastic 2. Which of the following pairs are examples of substitutes? a. Popcorn and soda b. Automobiles and bicycles c. Boats and fishing tackle d. Wine and cheese 3. If a price in a competitive market is “too high to clear the market‚” what does this usually mean
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Report has been prepared for “Managing Communications‚ Knowledge and Information” Module. This is designed to support the Managing Communications‚ Knowledge and Information in the organization with additional background reading. According to this Report I try to give some ideas to identify personal weaknesses and improvement to rectifying that to achieve common goals. And I want to give knowledge about new system‚ innovations and new ideas to get right information to the organization. Through this
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Demand‚ Supply and Market Price Determination Consumer behaviour Utility is the economist’s term for the satisfaction a customer derives from the goods that they buy. Marginal utility is the increase in total utility arising from an increase in consumption by one more. For example‚ suppose I like eating bananas‚ and I have already eaten one banana; then the satisfaction I get from consuming a second banana is called by economists the marginal utility. Marginal utility is the utility gain from
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Accounting Estimate • Accounting estimate – An approximation of a monetary amount in the absence of a precise means of measurement. This term is used for an amount measured at fair value where there is estimation uncertainty‚ as well as for other amounts that require estimation. PSA 540 9 The auditor shall review the outcome of accounting estimates included the prior period financial statements‚ or‚ where applicable‚ their subsequent re-estimation for the purpose of the current period. The nature
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hard for us to remain unchanged ourselves. Some people remain faithful to what they do well whereas others prefer to have changes and try new things in order to increase your knowledge and understanding. First of all‚ whilst you’re learning new things‚ you cannot afford to get left behind. This is one disadvantage. Being students‚ you need to build up your knowledge to be qualified to pass your exams and carry on with your future career. For example‚ if you’re worse at maths‚ you will think there
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Remember the difference in a change in demand [supply] and a change in quantity demanded [supplied]. Don’t shift both curves unless appropriate). Describe what happens to equilibrium price and sales. Explain why or why not this makes sense in the real world. -A- Show the effect on the U.S. new construction residential housing market in the event of a severe economic recession. In theory‚ during a recession both demand for‚ and the supply of homes would drop. Demand would drop due to unemployment and
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Emotional Intelligence : Is is more important than IQ For decades‚ a lot of emphasis has been put on certain aspects of intelligence such as logical reasoning‚ math skills‚ spatial skills‚ understanding analogies‚ verbal skills etc. Researchers were puzzled by the fact that while IQ could predict to a significant degree the academic performance and‚ to some degree‚ professional and personal success‚ there was something missing in the equation. Some of those with fabulous IQ scores were doing
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Explain what is meant by the terms price elasticity‚ income elasticity and cross elasticity of demand and discuss the main determinants of each of these. Discuss the importance of each of these to the decision making process within a typical business. Elasticity is the responsiveness to which one variable responds to a change in another variable Price elasticity of demand (PED) measures the responsiveness of quantity demanded of a product to a change in its price. If a relatively small change in
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Managing a ‘sticky’ situation in workplace You were a bit lazy and decided to cut corners and short-cut the task your boss in the office had assigned you. You heard that your boss found out. Detail a communication strategy to get yourself out of this ‘mess’. Introduction First of all‚ the subordinate have to understand the social interaction with the head of the company is called superior-subordinate communication. The meaning of superior-subordinate communication refers to the interactions between
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It has never been a question in my mind that I would ever pursue a career other than nursing. My admiration for the occupation developed at a young age due to the time I spent in hospitals and doctors offices after being diagnosed with a rare condition when I was only seven years old. Time after time spent in these clinics‚ seven-year old me quickly became enamored with the hard workers around me and the compassion that the nurses always treated me with. I automatically became drawn into the
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