Demand and Elasticity Linear demand curve: Q = a – bP Elasticity: E d = (ΔQ/ΔP)/(P/Q) = -b(P/Q) E d = -1 in the middle of demand curve (up is more elastic) Total revenue and Elasticity: Elastic: Ed < -1 ↑P→↓R (↑P by 15%→↓Q by 20%) Inelastic: 0 > Ed > -1 ↑P→↑R (↑P by 15%→↓Q by 3%) Unit elastic: Ed = -1 R remains the same (↑P by 15%→↓Q by 15%) MR: positive expansion effect (P(Q) – sell of additional units) + price reduction effect (reduces revenues because of lower price (ΔP/ΔQ)/Q)
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Explain why there was a demand for parliamentary reform 1780-1832? The British government during the 1700’s consisted of the king‚ who was the head of state and Ministers from the landed gentry who often gained their seats through corrupt methods. As a result of the American revolution Britain received a tremendous shock to its system with the loss of the thirteen colonies. The war revealed Britain’s limitations and this heightened dissension and escalated political antagonism towards the
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DETERMINANTS OF DEMAND The determinants of individual demand of a particular good‚ service or commodity refer to all the factors that determine the quantity demanded of an individual or household for the particular commodity. 1) INCOME Income is one of the factors that affect the demand for a given product. Normally‚ we expect that as one’s income rises (falls)‚ the demand for a product will rise (fall). Because we normally expect this to be true‚ a good for which this statement
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Explain the use of the word ‘Natural’ in Natural Moral Law (25) In society today‚ we define Nature as something that is not made by humankind but rather is instinctual. St Thomas Aquinas (1225-74) believed our telos can be discovered by using our human reason to reflect on our human nature and work out what we need to do in order to achieve our particular telos. And so Natural Moral Law is defined as the moral Law of God which has been built into us at creation by God. Aquinas’s ideas of Natural
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How to develop an Effective Scientific Retail Demand Forecast? Purpose of the Forecast The ability to effectively forecast demand is critical to the success of a retailer. In this hyper competitive environment of ever diminishing margins‚ every paisa saved or earned is critical. A robust demand forecast engine‚ can have significant impacts on enhancing both top & bottom lines. In today’s world‚ the retailers require forecasts that would be instrumental in directing the organisation through
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many demands on our time. For this reason‚ it is easy to feel like we are losing control in our life. Time itself will not going to slow down and demands on our time will not go away too. If we want the situation to be change‚ it is going to be up to us to change it. Time management is the best tool that we can use that can will help us to accomplish our demands in life. There is only one life to be able to spend my lives in my own way. So‚ I am setting my priorities to achieve my demands in life
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Answers:- Technologies in SCM:- 1. Enterprise Resource Planning. 2. Warehouse Management systems 3. Transportation Scheduling Systems 4. Manufacturing Execution Systems 5. Customer Relation Management 6. Order Management Systems 7. Demand Planning 8. Procurement Planning Name of the sogftwares those are available in the market 1. Enterprises Resources Planning ( ERP) A. Total ERP B. Oracle 11i ERP or Enterprise Resource Planning software provides and cover variety of essential
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DEMAND FORECASTING Demand forecasting is the process of predicting future average sales on the basis of historical data samples and market intelligence. The volatility of demand from an average level is supplied from the safety inventory. Any forecast is likely to be wrong‚ so the focus should be on understanding the range of potential forecast errors and the level of safety inventory that will cater for peak demand. An important additional calculation is forecast bias. This is the cumulative
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Demand for Corn If the demand for corn increases due to its use as an alternative energy source‚ the supply of corn substitute like soybean would decrease. This would happen because as the demand of corn rises‚ the price of corn would rise. Therefore the producers of a substitute like soybean would start producing corn instead of the soybean considering that they both have the same farmland. The producers of soybean will expect to make more profit by selling corn at a higher price assuming the cost
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Natural law‚ when associated with the will of God‚ can have penalties that are of another world. Meaning that because some view natural law as the will of God and may say that these laws aren’t man- made‚ but rather they are basically our moral principles to follow. This can blur the line between what the law is and what we should do to be morally right. This can make it difficult to enforce natural law because Gods will can be pretty vague and hard to govern‚ since not everyone lives by the same
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