Why is it that a profit maximizing businessman would always raise prices when facing an inelastic demand curve but might or might not raise price when facing an elastic demand curve? Explain and justify your answers in detail. Elasticity and profit maximization behavior When facing an inelastic demand curve‚ a profit maximizing businessman would always raise price because increase in price will bring about increase in total revenue. On the other hand‚ when facing an elastic demand curve‚ he might
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Brother and Sister: Night and Day I always knew that people were different. Everyone is unique‚ and has a very different personality. When one thinks of family though‚ uniqueness is sometimes forgotten. I never realized how much this was true until I had my children. My children showed me‚ with all their differences‚ that there is uniqueness even among family. The very first difference that is noticed in my children is their appearance. Matthew‚ my son and first born‚ was born with a head of hair
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Comparison and Contrast of Division 13 and Division 14 PSY/700 December 12‚ 2011 Tara Washington University of Phoenix Comparison and Contrast of Division 13 and Division 14 Industrial and organizational psychology is represented by two divisions: 1) Division 13 – Society of Consulting Psychology (SCP); and Division 14 – Society of Industrial and Organizational Psychology (SIOP). The following paragraphs comprise of the history‚ mission‚ community involvement‚ and resources
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Name: Thuy Anh Nguyen November 6‚2012 1. Conditions for profit maximization are: a) Difference between total revenue (TR) and total cost (TC) is maximized; b) Marginal revenue (MR) should be equal to marginal cost (MC) Explanations: If we assume that the company is facing a downward – sloping curve and it produces just one single product a) Profit = TR – TC. Profit will increase if TR increases and TC decreases. If company wants profit maximization‚ it should be TR maximization and TC minimization
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A01 Profit and loss account: A profit and loss account calculates the amount of gross and net profit that a business takes on an annual basis; it also outlines the loss which has occurred through the business‚ through necessary overheads. There are many aspects included within a profit and loss account‚ all of which I am going to briefly explain. It is important to have a profit and loss account within a business to enforce correct usage of the money. The company will be able to see where the business
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the area of a parallelogram. Later‚ when the student is given a parallelogram problem like the one he or she has studied‚ he or she is able to find its area correctly. In short‚ the student shows that she can perform well on a retention test. However‚ when this student is asked to find the area of an unusually shaped parallelogram‚ he or she looks confused and answers "We haven’t had this yet". In short‚ the student shows that she cannot perform well on a transfer test‚ which is applying what she has
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The monthly giving programs have become very popular among non-profits because of their potential for long term financial commitments. This recurring giving is a monthly donation that happens automatically using a process that’s referred to as E.M.T (Electronic Money Transfer.) This valuable program provides a predictable source of income that a non-profit can depend on every month without question. Recruiting monthly donors is inexpensive and affordable. Once set up‚ the donation process is electronic
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Topic: Some people believe that there should be fixed punishments for each type of crime. Others‚ however‚ argue that the circumstances of an individual crime‚ and the motivation for committing it‚ should always be taken into account when deciding on the punishment. Discuss both these views and give your own opinion. Nowadays‚ many people are debating for whether we should fix punishment for each type of crime or not. And this becomes a very hot issue. There are so many arguments
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Blake Reynolds Barbara Morris Forms of Literature November 28th 2012 Rumored by many‚ known to few living‚ Charlie and Eli Sisters are notorious for their trade stories of murder and ruthlessness. The brothers are introduced to a life of dismay early in life when Charlie‚ the eldest brother has his hand forced‚ killing his father who is an abusive and dangerous man‚ deserving of the punishment. Charlie then grows into a man unfit to emotionally deal with conflict‚ with force being his only
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ability change what we think about ourselves. There are two types of mindsets‚ a fixed mindset and‚ a growth mindset. Our mindsets change if we want them to. We need to be aware of the thoughts we have about ourselves. What does your inner voice sound like? If you are negative in your thoughts about yourself
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