Elasticity of Demand

Elasticity of Demand In the current world, education has become a necessity that individuals strive to acquire. The degree to which the demand and supply for education react to changes in fees is what defines elasticity. Each product has a different elasticity depending with the level of its necessity.Advertising We will write a custom case study sample on Elasticity of Demand specifically for you for only $16.05 $11/page Learn More Products which are essential to the consumer tend to have an inelastic demand, such that change in price does not result in an equal change in demand. This is because consumers will continue to purchase the product even at higher prices since it is a necessity. In contrast, a product that is less essential will have an inelastic demand whereby a slight increase in price will affect the demand downwards. It is apparent from the case study that the demand for students applying to universities is elastic. This is reflected from the big change in the num ber of student applicant to English University due to the changes in fee charges. The demand for applicants fell when the fee charges went up by a relatively high margin. There are three key factors that influence the elasticity of demand for students applying to university. These factors are availability of substitute institutions and the level of income available to spend on university education and time. Dividing the percentage change in number of applicants by the percentage change in fee charges is used as the measure for elasticity of student’s application. In this case, there are substitute universities, which are the Scottish and the Welsh Universities. Demand for applicants in English university decreased when they initiated the scheme of increasing their fees up to a maximum of  £3000 from  £1175. Scottish and Welsh University did not adopt the scheme and experienced an increase in the number of applicants. This means that when students realized that English Uni versity was charging more fees than Scottish and Welsh University, they opted for the cheaper institutions which offered similar courses. The other factor that affects applicant elasticity is the availability of income to be spent on university fees. When the amount of income is high, an increase in fee charges will not result in a significant change in demand.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Similarly, when the amount of income is limited, an increase in fee charges will result in a significant downfall in demand. In this case, the amount of income spent on university services is small, that is why an increase in fee charges by English University resulted in a fall in a demand for applicants. Time is also another factor that affects elasticity of demand for students applying to university. Students may find university education to be a beneficial thing in lif e and, therefore, decide to take it even at high fee charges. With time, they may find it too expensive and opt for other ways of acquiring the same services from other intuitions like collages or personal tutorial at home. In the long run, there will be an elastic demand for applicants in university. A university can make the demand for its own courses price inelastic by being keen when altering fee charges. In this case, English University could have increased the fee charges and increase the quality of their courses as well as efficiency in their services. This could have raised the university’s level above all the others, hence, no effect in the number of applicants. Offering the best courses and services will make demand for courses more price inelastic. Businesses that might be affected by a decrease in demand for university applicants are those that supply food and transport to the university student. In conclusion, universities should ensure that they hold their fee c harges at the lowest level possible to ensure maximum applicants as the demand for universities is elastic. References Jain, T., Ohri, V. (2010). Introductory Microeconomics and Macroeconomics. Daryaganj New Delh: FK Publications. Mankiw, N. G. (2011). Principles of Economics. Florence, KY: Cengage Learning.Advertising We will write a custom case study sample on Elasticity of Demand specifically for you for only $16.05 $11/page Learn More

Organisational behaviour Assignment Example | Topics and Well Written Essays - 1500 words

Organisational behaviour - Assignment Example Planning is thus an ability to improve the condition, which could include increasing market share or enhancing profits. It thus suggests that planning is a primary management function aimed at achieving organizational goals and objectives. 2.0 The Planning Environment Every business, regardless of size, must develop a comprehensive plan which would force the management to think of the realties to be faced in the business world (French, Kelly and Harrison, 2004). This should have well-defined format and parts. This conforms to Valdehueza’s (2009) definition that goals are a desired future state that the organization focuses on while plans are the blueprint that specifies the resource allocation, schedules and actions necessary to achieve the intended goals. Organizational goals, mission and objectives symbolize legitimacy to the external stakeholders while plans motivate the employees to perform action, thereby reducing uncertainty. 3.0 Benefits of Planning The benefits of plan ning range from economic benefits to adaptive thinking and can also include integration and control (Appiah-Adu, Morgan and Katsikeas, 1996). Planning benefits could either be utilitarian or psychological in nature. The Utilitarian benefits are the planning capabilities that manifest in enhanced organizational processes, acquisition of knowledge-based skills and coordination of strategic activities (Appiah-Adu, Morgan and Katsikeas, 1996). Psychological benefits demonstrate the values and perceptions of management. The psychological benefits include enhanced morale, motivation and commitment by the employees to the strategic plans drawn up by the management. This is specially perceived in change management when the management the planned the change process before the actual change takes place. Mergers and acquisitions can have a demoralizing effect on employees but with the right planning the objectives of change can me met and resistance overcome. Wolverhampton & Dudley Breweries p lc (W&DB) UK took over two breweries within twelve months which resulted in considerable downsizing and closing down of some units (Pollitt, 2006). This can lead to demoralizing of staff resulting in reduced productivity. However, W&DB had strategically planned the change process and could overcome the resistance within a short period of time. The goal of the organization was to avoid imbalance, which is generally expected in any change, with the right organizational strategy. Through transparency, effective communication, removal of management trappings and employee involvement they could achieve the desired goal. They could achieve this because the change process was planned much before the actual change took place. 4.0 Long-Term Planning As uncertainty manifest in the modern business enterprise formal strategic planning took shape in organizations. The purpose of strategic planning is to rationalize and articulate the process of integrated decision making among firms. Planning ca n be strategic or operational where strategic planning pertains to long-term planning and operational to short-term planning. A study of ninety-seven small firms in central Iowa, in the USA was conducted to evaluate the planning/performance relationship (Shrader et al cited in French, Kelly and Harrison, 2004). The study found that planning and performance are

Knowledge management Essay Example | Topics and Well Written Essays - 1750 words

Knowledge management - Essay Example cess of KM formation involves creation, capture, storage and distribution of knowledge or information, needed for the organization during appropriate times. KMS will aid the leaders in the overall functioning of the organization and will provide them a good back up to all their strategies. Actually, these ‘systems’ by backing up the leaders will optimize their performance and it will directly show in the optimum performance of the employees. So, this paper will analyze this theme of Knowledge Management using the article titled Knowledge Management featured in the magazine, The Economist, and how that it is vital for the employee and organizational success. The article starts off with the words by renowned management guru, Peter Drucker, who in 1980’s itself hypothesized that that Knowledge Management will be a key process in future for the optimum functioning of the organizations. â€Å"The typical business [of the future] will be knowledge-based, an organisation composed largely of specialists who direct and discipline their own performance through feedback from colleagues, customers and headquarters. For this reason it will be what I call an information-based organisation.† (The Economist).So, Knowledge Management will raise the efficiency level of the leaders, aid them in actualizing an optimal organizational environment and thereby will enrich the knowledge and skill of the employees. Focusing on the importance of employees in the process of Knowledge Management, the article opines that the ‘content’ that is developed and stored in the heads and hearts of the employees need to be optimally used for optim izing organizational functioning. The article further states that the effective knowledge of the workers will become valuable assets or properties for the organization. So they need to be further developed and various forms of that knowledge also need to be preserved through technological means. â€Å"They had become properties whose most valuable asset

The electrical resistance of rires Essay Example for Free

The electrical resistance of rires Essay In this investigation I will be looking at the resistance of wires to an electrical current and determining the factors that affect the resistance of a wire. There are five main factors that affect the resistance of a piece of wire. These are as follows: 1) The material that the wire is made of. 2) The length of the wire 3) The thickness (or diameter) of the wire. 4) The temperature of the wire. 5) Voltage of the circuit. However, in my investigation I will only be looking at two different factors that affect the resistance of the wire. These two factors are length of the wire and thickness of the wire. Apparatus For this investigation I will need several pieces of apparatus, these are as follows: 1) A ruler (to measure the length of the piece of wire that is being used). 2) Wires (to connect the circuit together) 3) A multimeter (to measure the resistance of the wire) 4) A role of Constantine wire. Method In this investigation I will do as follows: As I will be investigating one variable at a time, I will need to keep the other variables constant. When measuring the length I will always use the same material: Constantan wire. Also I will make sure that the wire does not get hot by not measuring any less than 10cm. Also, I will always use the same thickness wire, 32SWG (standard gauge). However, when I am looking at the factor of thickness I will make sure that the wire does not get hot, that the wire is Constantan wire and that the wire is always a set length, 50cm long. I need to keep the variables that I am not looking at or measuring the same at all times because of the fact that if I have two variables varying at the same time then I will not know which variable affected my results or how much it affected them. Because of this I will only be looking at one factor at a time to make sure that my results are as accurate and true as possible. In both factors I will always be using the same multimeter throughout. I will look at the factor of length first. In this I will keep the variables that I am not investigating the same so as to make it a fair test. Then, I will set up my circuit (See below this paragraph) Then, I will take readings of the resistance with the wire at a length of 10cm using the multimeter set at 200?. Multimeter Ruler Constantan wire I will then repeat the experiment with a 20cm piece of wire and measure the resistance of that. I will do this with pieces of wire 10cm, 20cm, 30cm, 40cm, 50cm, 60cm, 70cm, 80cm, 90cm and 100cm long to get a good range of readings and results. When I will measure the affect that thickness has on the resistance of a piece of wire I will do the experiment with 20, 24, 26, 28, 30, 32, 34 and 38SWG thickness of Constantan wire. I will also repeat each test for both variables 3 times and gat an average to make it a fair test. Predictions My hypothesis for the investigation concerning the length is this: As the wire gets longer, the resistance will increase. This will be in direct proportion and will produce a straight-line graph. I think that this will occur: As the electrons move through the wire, they collide into ions. This makes the resistor hotter and is what causes the resistance. The longer the piece of wire, the more ions for the electrons to collide into, therefore the resistance will increase. The graph that I will plot should be a straight-line graph; according to OHMS LAW. The graph should look like this: Ohms law states that for some conductors, the current flowing is proportional to the voltage, provided that the temperature does not change. For example, if you double your length of wire, then the resistance will also double. My prediction for the other factor that I am going to investigate, thickness, is this: As the thickness of the wire increases, the resistance will decrease. This is inverse proportion. I predict that this will also give a straight-line graph but going downwards instead of upwards. The graph should look like this: I think that this will happen because of the fact that the thicker the wire, the greater the number of electrons that will be able to travel through it at one time. Results Testing the thickness. Using a 50 cm long piece of Constantan wire: SWG Equivalent in mm 1st attempt 2nd attempt 3rd attempt AverageThe Graphs Testing the Thickness using 50cm Constantan wire Testing the Length using 32SWG Constantan Wire Analyzing the Data Length From my results and my graphs I can see that as the length of the wire increases, the resistance of the wire also increases. As my graphs gave a straight line at all times and points, I can say that the resistance is directly proportional to the length of the wire. Because the resistance is directly proportional to the length, I can say that if the length is 10cm and the resistance is 0. 5Ohms, when the length of the wire is 20cm, the resistance should be 1. 0Ohms. These results support my prediction. An odd occurrence is that the line does not pass through the origin (0,0). I believe this is because of slight errors in the readings whish make the line pass just above the origin. Thickness From my results, I can see that as the millimeters increase the resistance decreases. Therefore we can say that the thickness is inversely proportional to the resistance, as the thickness increases the resistance decreases. This was as I expected. However, in my prediction, I predicted that the graph would be a straight line and in my actual results my graph turned out to be a curve. Because of the fact that the graph is inverse proportion, I can say that if you double the SWG then you will half the resistance. My results support part of my prediction (that the resistance will be inversely proportional to the thickness) but not the part that states that the graph will be a straight-line graph. On this graph I used millimeters instead of SWG because it makes it easier to see the relationship between the resistance an the thickness of the wire. Evaluation In my investigation, I only investigated two of the different factors that affect the resistance of a wire. However, there are more than that, as I stated earlier on in my plan. There are also the factors of Material, Temperature and Voltage to be investigated. I could have extended my investigation further by also looking into and testing these other 3 factors. However, I only investigated 2 factors, the length and thickness. Length I think that overall, my results were fairly accurate but definitely could have been more accurate. For 32SWG, the results were a little inaccurate but nevertheless were accurate enough to produce a good directly proportional straight-line graph. I could have made more accurate results and a more varied set of results by doing the experiment at more than just 32SWG. This would have given more varied results at different thicknesses. I could have made my results more accurate by doing the experiment more than 3 times (perhaps 5 times) and taken the average of each set of results. This would have given me more accurate results. Inaccuracy in the results (like in the first attempt on length at 40cm) may have been due to the fact that the equipment used may not have been working properly or plain human fault. Also, when measuring the length of wire to be tested, it is possible that I may have slightly misread the length on the ruler by a couple of millimeters because of kinks and twists in the wire making it nearly impossible to get a perfectly straight piece of wire. This may have caused slightly inaccurate results. Thickness My results for testing the thickness were, on the whole, quite accurate with the exception of minor mistakes. This could have been due to an inaccurate length of wire, a temperature change or an inaccurate reading. However, the over all results produced a good smooth inversely proportional curve. If I were to conduct this experiment again I would have used more accurate equipment and tested more lengths at more SWGs than I did to give a more varied set of results. Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Electricity and Magnetism section.

The Life Of King David :: David Goliath Religion History Essays

The Life of King David In this essay I will be talking about the life of King David. He was a man who went from being a giant slayer, to a king, to a man in exile and, then he went back to being a great man. As a boy, David was a shepherd. He took care of his father's sheep. He was a very courageous boy. When a wolf tried to steal a sheep, he didn't run, he stood his ground and killed the wolf. One day his father told him to go to the land where his brothers were fighting a war against the Philistines. When he got there, he saw the giant Goliath cursing God and making fun of the Hebrew warriors. David was the only person there with enough courage to fight Goliath. With God's help David killed Goliath with a sling and a stone from a brook nearby. When he killed Goliath, the Philistines were really scared. They all fled for their lives and the Hebrews won the war. During David's life he makes many friends. One of the people who was David's friend was king Saul. David played his harp for Saul and made him feel better when life was getting him down. David also becomes good friends with, Jonathan, Saul's son. Saul gets envious of David because the people of Saul's kingdom really like David. Saul tried to have David killed but, Jonathan finds out about the plot and saves David's life. Later on in life David became king of all Israel. One day David was up on the roof of his palace and he saw Bathsheba bathing on her roof. Instead of turning away from his sinful thoughts, he had her called to his chamber where he lay with her, and had sexual intercourse. David didn't think before he acted and he got Bathsheba pregnant. He had no idea how to get out of the predicament he was in. David summoned Bathsheba's husband Uriah back from battle. He told Uriah to go lay with his wife for the night, but Uriah was loyal to King David and would not leave the King's side. That night Uriah slept with the rest of the King's warriors, instead of his own wife who he hadn't see in days. The next night David tried to get Uriah drunk so he could trick him into lying with his wife. But still Uriah remains loyal to David and, he will not leave his King. Then David came up with an idea to have Uriah fight in the front

Political Stupidity

Amanda Ortiz, Swetaben Ahir, Nga Le, and Shantel Palmer Professor McDade English 1302 October 15, 2012 Political Stupidity, U. S. Style In E . J. Dionne’s essay, â€Å"Political Stupidity, U. S. Style† he wants to address the political stupidity that the government is making. To start his argument, he raises an emotional question, â€Å"Can a nation remain a superpower if its internal politics are incorrigibly stupid? † The author is saying are we letting politics, irrational ideas on fiscal policy and an antiquated political structure undermine our power.He divides political stupidity into three parts: stupid tax policies, irrational ideas on fiscal policy and antiquated political structure. In his essay, â€Å"Political Stupidity, U. S Style,† Dionne employs ethos, connotation and an emotional appeal. In paragraph sixteen, Dionne uses ethos. He writes, â€Å"I’m a chronic optimist about America. † E. J. Dionne is confident about the future to get better but we need well intentioned republicans who care about the nation interest to realize something has gone fundamentally wrong with their party and work to help bring it back.To get rid of political stupidity, he wants to form a senate, a new conservatism that is worthy of our name, liberals willing to speak out on the threat our daft politics poses to our influence in the world, and moderates. However the readers might have complete trust of the government of the United States and so they might not like someone questioning their credibility. In paragraph number seventeen, Dionne uses connotation saying â€Å"We need moderates who do more than stick their fingers in the wind to calculate the halfway point between two political poles. Dionne is hoping to make people aware of the political stupidity and the need to bring change in the system of politics. Sticking their fingers in the wind, means a person putting his finger in the wind is unlikely to come up with original solutions, and decisions are made without backing evidence. It says that the politicians are making blind decisions without even thinking about its consequences. It also makes them look like fools running the country. However, if some people think that the politicians were fools, the United States would not have been a super power.In paragraph seven, Dionne uses a strict emotional appeal as a mean to persuade his audience. He writes, â€Å"The simple truth is that the wealthy in the United States- the people who have made almost all the income gains in recent years- are under taxed compared with everyone else. † Consider two reports from the Center on Budget and Policy Priorities. One, issued last month, highlighted findings from the Congressional Budget Office showing that, â€Å"The gaps in after-tax income between the richest 1 percent of Americans and the middle and poorest fifths of the country more than tripled between 1979 and 2007. The other, from February, used Int ernal Revenue Service data to show that the effective federal income tax rate for the 400 taxpayers with the very highest incomes declined by nearly half in just over a decade, even as their pre-tax incomes have grown five times larger. He writes this, hoping that by using the reports from the Congressional Budget Office, he would be able to prove his point that the United States is politically stupid. It seems as if he is trying to bring awareness among the people of the United States about the decisions made by politicians.Although he has demonstrated his evidence very convincingly and it seems that he would get his readers attention and they would listen to his concerns but some of his readers think that he is being blunt and through his essay he is making direct acquisitions on the politicians of the United States. The United States is falling behind and the public seems not to notice. In paragraph number fourteen, Dionne talks about the structure of our government. He talks abo ut how the ratio between the largest and smallest state was 13 to 1. Now it’s 68 to 1.He writes,† because of the abuse of the filibuster, 41 senators representing less than 11 percent of the national population can, in principle, block action supported by 59 senators representing more than 89 percent of our population. And you wonder why it’s hard to get anything done in Washington? ’’ Dionne gives convincing evidence to support his claim which is the politics of the United States is stupid. He uses ethos and shows his concerns by saying he is a chronic optimist about America. He also uses reports to prove his point and persuade the audience. However he seems blunt and tells it like it is without any fear.

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