A Beginners Guide to Elasticity Price Elasticity of Demand

Elasticity is a term used a lot in economics to describe the way one thing changes in a given environment in response to another variable that has a changed value. For example, the quantity of a specific product sold each month changes in response to the manufacturer alters the products price.   A more abstract way of putting it that means pretty much the same thing is that elasticity measures the responsiveness (or you could also say the sensitivity) of one variable in a given environment -- again, consider the monthly sales of a patented pharmaceutical  -- to a change in another variable, which in this instance is a change in price. Often, economists speak of a demand curve,  where the relationship between price and demand varies depending upon how much or how little one of the two variables is changed.   Why the Concept is Meaningful Consider another world, not the one we live in, where the relationship between price and demand is always a fixed ratio.  The ratio could be anything but suppose for a moment that you have a product that sells X units every month at a price of Y. In this alternative world whenever you double the price (2Y), sales fall by half (X/2) and whenever you halve the price (Y/2), sales double (2X).   In such a world, thered be no necessity for the concept of elasticity because the relationship between price and quantity is a permanently fixed ratio. While in the real world economists and others deal with demand curves, here if you expressed it as a simple graph youd just have a straight line going upward to the right at a 45-degree angle. Double the price, half the demand; increase it by a quarter and the demand diminishes at the same rate.   As we know, however, that world is not our world. Lets take a look at a specific instance that demonstrates this and  illustrates why the concept of elasticity is meaningful and sometimes vital. Some Examples of Elasticity and Inelasticity Its not surprising when a manufacturer substantially increases a products price, that consumer demand should diminish. Many common items, such as aspirin, are widely available from any number of sources. In such cases, the products maker raises the price at its own risk -- if the price rises even a little, some shoppers might stay loyal to the specific brand -- at one time, Bayer  nearly had a lock on the U.S. aspirin market -- but many more consumers would probably seek the same product from another manufacturer at the lower price. In such instances, the demand for the product is highly elastic and such instances economists note a high  sensitivity of demand. But in other instances, the demand is not elastic at all. Water, for example, is usually supplied in any given municipality by a single quasi-governmental organization, often along with electricity. When something consumers use daily, such as electricity or water,  has a single source, the demand for the product may continue even as the price rises -- basically, because the consumer has no alternative.   Interesting 21st Century Complications Another strange phenomenon in price/demand elasticity in the 21st century has to do with the Internet. The New York Times has noted, for instance, that Amazon often changes prices in ways that are not directly responsive to demand, but rather to the ways consumers order the product -- a product that cost X when initially ordered may be filled at X-plus when reordered, often when the consumer has initiated automatic re-ordering. The actual demand, presumably, hasnt changed, but the price has. Airlines and other travel sites commonly change the price of a product based on an algorithmic estimation of some future demand, not a demand that actually exists when the price is  changed. Some travel sites, USA Today and others have noted, put a cookie on the consumers computer when the consumer  first inquires about the cost of a product; when the consumer checks again, the cookie raises the price, not in response to a general demand for the product, but in response to a single consumers expression of interest.   These situations do not at all invalidate the principle of price  elasticity of demand. If anything, they confirm it, but in interesting and complicated ways.  Ã‚   In summary:   Price/demand elasticity for common products is generally high.Price/demand elasticity where the good has only a single source or a very limited number of sources is typically low.External situations may create rapid changes in the price elasticity of demand for almost any product with low elasticity.Digital capabilities, such as demand pricing on the Internet, can affect price/demand in ways that were unknown in the 20th century. How to Express Elasticity as a Formula Elasticity, as an economics concept, can be applied to many different situations, each with its own variables. In this introductory article, weve briefly surveyed the concept of the  price elasticity of demand. Heres the formula:   Ã‚  Price Elasticity of Demand (PEoD) (% Change in Quantity Demanded/ (% Change in Price)

Child Labor in America - 773 Words

Alzatia Wilson Western Civilization 1 Mrs. S. Melton November 30, 2009 Child Labor in America Our child labor issue an ongoing world wide effect, currently among America’s society. Researchers even today and our up and down crisis we face economically, leave us with the understanding that poverty is a main cause of child labor. Still in America poor families depend heavenly upon their children working in order to improve their chances of attaining basic necessities. American history goes way back to explain that poverty and a child’s workload come from a lack of not receiving the education which is important for their growing years. There are certain laws and policies that was established to control our child labor issue. Aiming†¦show more content†¦Many workers and unions in the U.S. and other countries are supporting efforts to end child labor by forging alliances with unions in other countries. Historically and in today’s global economy: strong unions are an important protection against child labor ,when parents are able to improve conditions through effective unions, children are much less likely to have to work ,and active struggles against child labor tend to strengthen unions and workers’ rights in general. In conclusion there aren’t many child labor issues in America they are mainly in South America, Asia, China, and India. I have learned a lot about child labor throughout this research. Site Page www.memoryloc.gov www.continuetolearn.uiowa.edu www.google.com www.ask.com www.bing.com www.twitter.com www.wilkepidea.org Alzatia Wilson 11/30/09 WilsonShow MoreRelatedChild Labor Industrialization Essay1537 Words   |  7 Pagesthat they should be protected. However, those people believed in a child s capacity to change the world in the future. While people in the past saw children as a way to change the world while they were children. In the late seventeenth century, industrialization arose in England ushering in a new era of industry in our world. More industry means more workers, including children. With the rise of industrialization in a nation, child laborers are viciously abused due to their niche roles in productionRead MoreChild Labor in the 1800s1403 Words   |  6 PagesChild Labor in America Throughout the 1700’s and the early 1800’s child labor was a major issue in American society. Children have always worked for family businesses whether it was an agricultural farming situation or working out of a family business in some type of workplace. This was usually seen in families of middle or lower class because extra help was needed to support the family. Child labor dramatically changed when America went through the Industrial Revolution. When America’s industrialRead MoreSummary : Tomorrow Is Not Promised For No One 1693 Words   |  7 Pagesâ€Å"Tomorrow is not promised to no one.† – Walter Payton. 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The Industrial Revolution was a time in american history when the country was desperate for money because it was in so muchRead MoreThe Dominican Republic-Central America-United Stats Free Trade Agreement1218 Words   |  5 Pagesincrease in labor provisions. As with many developing countries, RTAs encounter a wide range of complications that hinder economic prosperity. In some cases, RTAs that are formed with good intentions by countries who seek growth come to have a negative effect on a country within the agreement. The following essay will provide an in-depth analysis on the impact the Dominican Republic-Central America Free Trade Agreement (CAFTA-DR) continues to have on Guatemala’s preexisting social issue of child laborRead MoreEffects of the Industrial Revolution727 Words   |  3 PagesThe Industrial Revolution, lasting between the 18th and 19th century, profoundly affected t he people of Europe, North America, and other regions of the world. 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ToRead MoreChild Labour : A History Essay1228 Words   |  5 PagesChild Labour in The United States Child Labour: A History America and The Industrial Revolution ‘Forms of child labor, including indentured servitude and child slavery, have existed throughout American history.’ (http://www.continuetolearn.uiowa.edu/laborctr/child_labor/about/us_history.html) During the years following the Civil War, (http://americanhistory.about.com/od/industrialrev/a/indrevoverview.htm) the American working class made an abrupt transition away from farm work and home choresRead MoreThe Start of Child Labor Laws687 Words   |  3 Pagesaffecting their education. In these societies children were brought depending on social status, and because of this bias many children were forced to hard labor. Though there are many regional and culture differences, at this time the world was opening up to reform and rebuilding, and due to a lack people in the workforce to handle such a task, child labor became the commonality. In most regions of the world at the time, children were trained to be productive members of society. Training usually differedRead MoreSweatshops : The United States Of America1651 Words   |  7 PagesSweatshops can be defined in many different ways. Sweatshops are factories that don’t follow U.S. fundamental labor laws. This includes; if the workers are getting paid enough; or if they are getting taken advantage of because of age. Sweatshops are factories that mostly make clothing, and have workers that work long hours at low costs in terrible conditions. In fact, this happens mostly in underdeveloped or developing countries. According to the website, â€Å"dosomething.org† in the article â€Å"11

Discount rate Free Essays

The rate used to discount future cash flows to their present values is a key variable of this process. A firm’s weighted average cost of capital (after tax) is often used, but many people believe that it is appropriate to use higher discount rates to adjust for risk or other factors. A variable discount rate with higher rates applied to cash flows occurring further along the time span might be used to reflect the yield curve premium for long-term debt. We will write a custom essay sample on Discount rate or any similar topic only for you Order Now Another approach to choosing the discount rate factor is to decide the rate which the capital needed for the project could return if invested in an alternative venture. If, for example, the capital required for Project A can earn five percent elsewhere, use this discount rate in the NPV calculation to allow a direct comparison to be made between Project A and the alternative. Related to this concept is to use the firm’s Reinvestment Rate. Reinvestment rate can be defined as the rate of return for the firm’s investments on average. When analyzing projects in a capital constrained environment, it may be appropriate to use the reinvestment rate rather than the firm’s weighted average cost of capital as the discount factor. It reflects opportunity cost of investment, rather than the possibly lower cost of capital. An NPV calculated using variable discount rates (if they are known for the duration of the investment) better reflects the real situation than one calculated from a constant discount rate for the entire investment duration. Refer to the tutorial article written by Samuel Baker[3] for more detailed relationship between the NPV value and the discount rate. For some professional investors, their investment funds are committed to target a specified rate of return. In such cases, that rate of return should be selected as the discount rate for the NPV calculation. In this way, a direct comparison can be made between the profitability of the project and the desired rate of return. To some extent, the selection of the discount rate is dependent on the use to which it will be put. If the intent is simply to determine whether a project will add value to the company, using the firm’s weighted average cost of capital may be appropriate. If trying to decide between alternative investments in order to maximize the value of the firm, the corporate reinvestment rate would probably be a etter choice. Using variable rates over time, or discounting â€Å"guaranteed† cash flows differently from â€Å"at risk† cash flows may be a superior methodology, but is seldom used in practice. Using the discount rate to adjust for risk is often difficult to do in practice (especially internationally), and is difficult to do well. An alternative to using discount factor to adjust for risk is to explicitly correct the cash flows for the risk elements using rNPV or a similar method, then discount at the firm’s rate. How to cite Discount rate, Essay examples

Maori Values for Address and Navigate Cultural - myassignmenthelp

Question: Discuss about theMaori Values for Address and Navigate Cultural. Answer: partnership participation protection For ensuring culturally safe Maori operating principles, the head of the whanau or the kaitunga should be consulted and engaged in effective partnerships where decisions form both the end should be taken (Orange, 2015). A combined effort based on the Maori peoples accessibility, needs and urgency need to be taken in partnership with the elders so that the policies can cover all aspects of their requirements in healthcare Care should be taken that the policies of the organization ensures complete participation for the Maori communities where they get the rights to voice their concerns and needs by actively participating in decision making sessions and similar other meetings for benefits of the community The policies should be such that it protects the rights of the Maori in getting the best care for professionals without any breaches of the dignity and autonomy of the patients. Partnership partnership protection While making decisions for any members of the family when admitted to the organization, partnership of the family members along with the healthcare professionals should be taken in considerations so that the elders of the whanau get the chance to suggest their decisions before the final care plan is made. This would make the client and the family members feel empowered. The client should try to participate in the care plan by suggesting their own decisions or by providing their consents to the treatment. The professional should also ensure empowering the patient by making the patient participate in health literacy programs. The health strategies should be such that it protects not only the health of the individuals but would also ensure the protection of their rights, cultural values and traditions so that they fell respected. Partnership participation protection While working in the organization, proper partnership among the colleagues should be ensured. Care should be taken that a collaborative work output takes place which will ensure better patient satisfaction (Hanusch, 2014). Every team members should participate equally through methods of proper communication, relationship building and respecting each other views and others. These would take place not only among the workers but also among workers and patients Proper protection of the workers should be ensured by every colleague by maintaining safety at workplace, protecting each others self esteem and self respect, empowering others by proper feedbacks and others. These would not only take place among workers but also among workers and clients. Kaitiakitanga: Kaitiakitanga is a Maori value that encircles the concepts of guardianship along with protection, preservation and also sheltering. It mainly portrays the management of the environment by following the traditional Maori views. It believes that all lives in the nature is connected and humans are a part of the frabric of life. It is important to understand the relationship between different parts of the web of the nature. In the workplace, it is very important for an individual to establish a stable relationship among the different components like that with other staffs, components of the workplace as well as prevent any activities that pollute the work environment or the nature (Miller, Tait Saunders, 2015). Moreover care should also be taken that our services should not destroy the biological cycles and its components and in turn maintain the sustainability of the resources used while providing service. Kaumatuatanga: This value mainly states the reciprocity of the Maori elderly and the whanau. The elders of the family (mainly the aged person ) have to maintain the role of the effective leadership in integrating the values and cultural choices of the family members. They instruct them by making them identify the right choices in life and also course the pathway of the whanau members. Recent researchers are of the opinion that the nations development of service planning for the Maori elders may make them less powerful as they would get less opportunity to develop a cultural identity. Hence, it is extremely important to maintain the value giving them the autonomy and dignity to enjoy their position as the Maori traditions believe elders to be the friend, philosopher guide in their lives (Chan et al., 2012). Therefore, in current workplace, care should be taken that interventions do not override the values of Kaumatuatanga. Mana: Mana is regarded as the value of the Maori people which entitle them to maintain the highest status in their society. They try to keep this value as high as possible by performing best deeds and achievements, avoiding any wrong actions and others. In the workplace, I would try my best to perform all the good deeds and maintain actions which brings the most positive outcomes on others (Hudso et al., 2012). We will also ensure that our work should ensure the best health of the patients so that their status in their whanau can be maintained in all possible situations. Manaakitanga: Manakitaanga can be described as the value of the Moari people which advices the Maori society to be highly responsible for being hospitable to any travelers. They take it as their duty to provide the best treatments and make them feel at home. Similarly in the workplace, we will try to make all the clients feel at home by providing the best hospitability. We should take actions that will make them feel comfortable in the new environment. Not only that, new workers who will join the association should also feel the same. Maori ora: Maori ora actually mean that the Maori life is alive. This means Maori life should have the zeal to get up and be active as long as the life is active within us (Stephenson et al., 2012). Within the healthcare system, this value can be followed as the set of directions which allow the Maori as consumers of health services to have the options of different pathways by which they can meet their important needs and also different future needs in all stages of their lives. Achieving the value will mainly mean that individual will have good health and the organization should address that the care they provide can meet all the aspect starting from prevention to treatment. Rangatiratanga: This value mainly captures the right of the people to participate in making decisions about the different aspect of their health. It also involves the providing of meaningful ways which will help in deciding how health services will bring the most beneficial outcomes for them. In the workplace, all the workers will try to incorporate this value and maintain the autonomy and dignity of the Maori patients while providing them with care. Not only, they should be asking for patients consent but will also educate them about their health so that they can select the best options for their own health. Tapu and noa: The value of tapu and noa mainly helps in providing two broad aims for the Maori society. the first aim is the survival of the future generations mainly by following actions which help in adapting more suitable with the environment. Secondly, it also acts a guide for developing social interactions with each others. Tapu mainly describes different states of danger and noa describes states of safety, openness and accessibility. By the maintaining of these values, the healthcare professionals should maintain practices and develop care plan and interventions which should be safe and hygienic and avoid any chances which would pose a risk to patient health or make them subjected to threats in lives (Harmsworth Roskruge, 2014). Tikanga: This value mainly states the importance of following the Maori styles of working and taking different actions. It mainly pays importance to the customary practices and behaviors of the Maori and maintaining such styles in every aspect of life. Therefore in the workplace, I will try to provide interventions and care following the Maori customary traditions. My care to the clients will be culturally competent where their cultural preferences and inhibitions will be taken care of by me. Wairuatanga: It is a belief of the Maori society that is considered as a unique feature of the mana whenau and tangata whenua. In this value, it is believed that there is a spiritual existence in every human being in respect to the physical self. Besides being associated with one own body, this value also states that every Maori is also associated with different components of the nature spiritually. Therefore while caring for the Maori clients, care should be taken by the individuals that the clients of the organization is provided with a holistic approach of treatments making them feel good internally for spirituals satisfactions. They should be also allowed to be exposed to nature on several occasions so that they can successfully connect themselves with the nature and maintain their lifestyle successfully (Marl, chamberlain Boulton, 2017). Whakapapa: The value of Whakapapa means providing importance of genealogy, lineage, or line of descent. It mainly represents the understanding of the collective identity as well as the purpose of the perceived value of Whanau. It mainly depicts the importance of the people to establish a sense of belonging by identifying the connections with other people, land and culture. This helps in providing a feeling of spiritual nourishments which contributes to the mental, intellectual as well as emotional well being of the whanau (Bennet Liu, 2017). Clients who would be coming to our organization for help should always be care for in a way where they would get all the efforts and care from our end which would help them to connect with their components of the ancestry of every family and that of the components of nature. This would ensure that they are happy internally and also care for their emotional and intellectual well being is taken care for. Whakarite mana: It mainly helps in describing the value of establishing a proper long lasting relationship. It mainly helps the social workers in healthcare sectors to adhere to their role description, working with proper job guidelines and their scope of practice so that they can help the employer of the organization to meet the goals. Complying with the correct workplace policies and procedures for development of privacy and safe work conditions and the clients well being would ensure the reputation of the organization to increase in many folds which will ensure a long lasting relationship with the employer. Whanaungatanga: This value mainly ensures the development of connections, relationships as well as a feeling of a sense of belonging. This value mainly states that relationships should be developed through shared experiences and also working together. In the workplace, the workers should try to include the clients as well as the different family members giving them scope to share their ideas and wished with the team and thereby help them to take the correct decisions (Orange, 2015). During development of personal plans for the clients, the family members and the clients should be allowed to share their concerns and wishes and by this they would feel empowered and respected. A: Social workers can follow the Mana-enhancing practice which ensures engagement of the clients through listening, understanding and respecting cultural differences. Also use of whakapapa and cultural narratives for proper restorative healing process through generations can also be ensured. It also provides importance to the recognitions of cultural wisdom of the Maori philosophical and ideological beliefs which will help in generating solutions or help in providing resolutions to Maori welfare. Te Whare Tapawh? can also be followed where the component of Te taha hinengaro. This ensures care which reinforces the inseparability of the mind and body. Here children need to emotionally attach with people so that the care provided to them has the best outcome (Wilson et al., 2017). Te taha wairua can also be adapted where the patients need to be connected with their spiritual side of life by the proper reinforcing of the importance of faith, health and healing to unseen and unspoken ener gies believed by them. B: Maoris are composed people who do not have the habits of challenging any healthcare professionals of their knowledge or the intervention they have taken for the patients. However, this should not be misutilised. Every healthcare professional should provide care that aligns with their cultures and traditions. They are very sensitive with their cultural beliefs and traditions and share a close bond with nature. Therefore providing care keeping the principles in mind ensure of a higher patient satisfaction. Moreover, care should be taken that families and clients decisions are entertained (Orange, 2015). This make them feel respected and feel that their dignity is cared for. These increase the chance of better patient outcomes and quick recovery in comparison to those where the principles are not followed. References: Bennett, S. T., Liu, J. H. (2017). Historical trajectories for reclaiming an indigenous identity in mental health interventions for Aotearoa/New ZealandM?ori values, biculturalism, and multiculturalism.International Journal of Intercultural Vol:: 5 (23) pp: 235 Relations. https://doi.org/10.1016/j.ijintrel.2017.05.005 Chan, K. M., Satterfield, T., Goldstein, J. (2012). Rethinking ecosystem services to better address and navigate cultural values.Ecological economics,Vol: 74, pp: 8-18.https://doi.org/10.1016/j.ecolecon.2011.11.011 Hanusch, F. (2014). Indigenous cultural values and journalism in the Asia-Pacific region: a brief history of M?ori journalism.Asian Journal of Communication,Vol: 24(4), pp: 390-403. https://dx.doi.org/10.5751/ES-08804-210409 Harmsworth, G., Roskruge, N. (2014). Indigenous Maori values, perspectives, and knowledge of soils in Aotearoa-New Zealand.The soil underfoot: infinite possibilities for a finite resource, Vol: 3pp: 111. Hudson, M. L., Allan, C. A., Bedford, K. R., Buckleton, J. S., Stuart, K. (2012). The impact of M?ori cultural values on forensic science practice in New Zealand.Journal of forensic sciences,Vol:53(2), pp: 380-383. DOI:10.1111/j.1556-4029.2008.00661.x Mark, G., Chamberlain, K., Boulton, A. (2017). Acknowledging the M?ori cultural values and beliefs embedded in rongo? M?ori healing.International Journal of Indigenous Health,Vol: 12(1), pp: 75-92. DOI:https://dx.doi.org/10.18357/ijih121201716902 Miller, S., Tait, P., Saunders, C. (2015). Estimating indigenous cultural values of freshwater: A choice experiment approach to M?ori values in New Zealand.Ecological economics,Vol:118, pp: 207-214. https://doi.org/10.1016/j.ecolecon.2015.07.031 Orange, C. (2015).The treaty of Waitangi. Bridget Williams Books. Stephenson, J. (2012). The cultural values model: an integrated approach to values in landscapes.Landscape and urban planning,Vol: 84(2), pp: 127-139. https://doi.org/10.1016/j.landurbplan.2007.07.003 Wilson, K. (2017). The Treaty of Waitangi: Preparing beginning teachers to meet the expectations of the new professional standards.Waikato Journal of Education,Vol: 8(1). pp: 336 DOI:10.15663/wje.v8i1.442