SUBDOMAIN: 309.1 - ECONOMICS Competency 309.1.2: Supply and Demand - The graduate applies the laws of supply and demand to develop a desirable relationship between supply and demand in a given situation. Objective 309.1.2-08: Differentiate between elastic and inelastic demand. Objective 309.1.2-09: Discuss the application of elastic and inelastic demand in a given marketing situation. Introduction: Supply and demand concepts have application in everyday life. They also directly impact the business
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Elasticity: The real stretch play. We have all heard the phrase‚ “Stretch your dollar”‚ but have you ever stopped to consider what all goes on behind the scenes in order to make this stretch occur? What rules of economics and finance play into making your hard-earned dollar stretch to its maximum value? While the topic of stretching your money spans across all areas of business‚ finance‚ and economics‚ I will focus on the fundamental principle of economic stretch; elasticity. Elasticity in economics
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EGT1 – Economics and Global Business Applications Task 2 Elasticity of demand is a measure of responsiveness to a price change of a good or service. When demand is elastic‚ the percentage of a price change of a product will result in a larger percentage of quantity demanded (McConnell‚ p 77). It basically means reducing the price of a good service will result in a greater quantity demanded and an increase in revenue for the seller. When demand is inelastic‚ a change in price will result in
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Task1. Distinguish between personnel management and human resource management and discuss the historical development and changing context in which they operate. Personnel Management PM is basically an administrative record functioning at operational level. PM attempts to maintain fair terms and conditions of employment while at the same time efficiently managing personnel activities for individual departments and the activities which result ultimately in achieving organizational success. Human Resource
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A. Country Identification: The company has brought to our attention that it desires to expand into the Eastern Asian market where it is believed that the opportunity will be best and certainly more than double its profits by this venture. The Country of choice will be China; location is the city of Macau‚ which is an established trading center in Southeast Asia. B. Major Cross-Cultural Issues and Impacts: There are some marketing aspects to consider. Our approach must be culture sensitive
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Stephan Everingham EGT1 Task 4 In a time of global commerce‚ new business ventures can take on many forms. What used to be local or even national companies have become world-wide. International growth of a business can be extremely beneficial but is not without its challenges. Different countries have different peoples and different cultures - different ways of doing business altogether. If a venture is to be successful‚ these differences must be well understood. Let us consider China
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Task In this given situation a company exists in a monopolistic competition where a company sells widgets. As more widget are sold the company must offer discounts on the product in order to sell more units. The table below includes the Total Revenue and Total Cost information needed to perform marginal revenue and marginal cost calculations that will be explained below. Quantity0123456789101112131415Quantity0123456789101112131415 TR$0.00$150.00$290.00$420.00$540.00$650.00$750.00$840.00$920
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To: Senior VP of Operations From: Jessica Torres‚ director of Human Resources Date: May 20‚ 2012 Subject: Federal Act Violations for 3 cases Situation A: The Family and Medical Leave act of 1993 states‚ that any eligible employee can take twelve weeks of unpaid time off for a family emergency. The family emergency must be one of the four cases: a birth of a child‚ being a caregiver for immediate family members with a serious illness‚ placing a child in foster care or placing them up for
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EGT1 – TASK 1 Western Governors University EGT1 Economics and Global Business Applications Element A1 & A2 A1. Total revenue (TR) to total cost (TC) is cost‚ which is calculated using total revenue minus the total cost‚ (TR-TC). As each unit is produced‚ the total cost increases in addition to the total revenue. Yet‚ at some point in the production of the additional units‚ the total revenue will exceed the total cost. When it reaches that point‚ it becomes a loss. The point
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Jacob Moser EGT1 – Task 309.1.3 Student #000197021 EGT1 Task 309.1.3 Government regulation in business today is vital because it attempts to create a level playing field for companies competing against one another and regulate honest business practices toward the consumers. It is important to for any business to understand how government regulation affects their industry and how they intend to run their company. Industrial regulation is the government regulation of an entire industry. The
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