...The law states that all factors are equal, as the price of good increase the demand of consumer decrease and vice versa. [Investopedia (2015)] The law states that if the price paid by consumers rises, the suppliers increase the supply of the good. [Economictimes (2015)] It is a relationship of measuring change in quantity of demand of any good and the change in price of that good. The formula to measure it is that Price elasticity of demand=% change in demanded quantity/ %change in price. [Economics online (2015)] It is field of economics that studies about the behavior of aggregate in economy. It studies about the nation income, rate of growth and price levels. [Investopedia (2015)] It is about the factors effecting the individual economic choices, how the changes effects the individual decisions and not of the aggregate of economy. The include of theory of demand, theory of firm and demand of labor comes under microeconomics. [Business dictionary (2015)] I. Petrol II. Diamonds [Economicshelp (2015)] Investopedia (2015).Law of demand. (WEB) Retrieved from: http://www.investopedia.com/terms/l/lawofdemand.asp Economic times (2015).Law of supply. (WEB) Retrieved from: http://economictimes.indiatimes.com/definition/law-of-supply Economic Online(2015).Price elasticity of demand (WEB) Retrieved from: http://www.economicsonline.co.uk/Competitive_markets/Price_elasticity_of_demand.html Investopedia (2015). Macroeconoics. (Web) Retrieved from: http://www.investopedia.com/terms/m/macroeconomics...
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...Weekly Reflection Ruben I. Torres, Jr., Cheyenne Blue, Marsha Scott, Catherine Caughrean ECO 365 2-20-13 Dr. Lin Weekly Reflection In week one on ECO 365 our team discussed the many different areas which create economics in the modern world. The objectives were clearly outlined in the syllabus which Dr. Lin provided to Team A. Differentiate between Macroeconomics and Microeconomics The first objective we discussed was the difference between Macro and Micro economics. Since both studies deal with the economic decision making process, the one aspect which separates them would be that Microeconomics is the study of economics from the view point of a firm or individuals. Macroeconomics is the study of economics from the view point of a society or nation. This aspect would study the budget or a government or GDP of a nation. Supply and Demand The second area which we discussed was the effects of supply and demand. It was nice to get a better idea on how the costs of goods are affected by the amount of goods available for distribution at any given period. By studying the buying trends of individuals, companies are able to control the price and the supply of goods for consumers. If a company wishes to charge an outrages price for a product and have consumers pay the amount, they simply produce a low quantity of the product. A good example of this would be the way Sony released the new Playstation 3 (PS3). When the PS3 system first came...
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...http://homeworktimes.com/downloads/acc-202-complete-course-acc-202-entire-course/ http://homeworktimes.com/downloads/acc-206-entire-course-new/ http://homeworktimes.com/downloads/acc-206-new-week-1-assignment-chapter-one-problems/ http://homeworktimes.com/downloads/acc-206-new-week-2-assignment-chapter-two-three-problems/ http://homeworktimes.com/downloads/acc-206-new-week-2-journal-institute-management-accounting/ http://homeworktimes.com/downloads/acc-206-new-week-3-assignment-chapter-four-five-problems/ http://homeworktimes.com/downloads/acc-206-new-week-3-journal-hershey-company/ http://homeworktimes.com/downloads/acc-206-new-week-4-assignment-chapter-six-seven-problems/ http://homeworktimes.com/downloads/acc-206-new-week-5-assignment-chapter-eight-problems/ http://homeworktimes.com/downloads/acc-206-new-week-5-assignment-final-paper/ http://homeworktimes.com/downloads/acc-212-financial-accounting/ http://homeworktimes.com/downloads/acc-250-complete-course-acc-205-entire-course/ http://homeworktimes.com/downloads/acc-290-complete-course-acc-290-entire-course/ http://homeworktimes.com/downloads/acc-291-complete-course-acc-290-entire-course/ http://homeworktimes.com/downloads/acc-340-entire-course-acc-340-complete-course/ http://homeworktimes.com/downloads/acc-400-complete-course-acc-400-entire-course/ http://homeworktimes.com/downloads/acc-407-entire-course/ http://homeworktimes.com/downloads/acc-455-complete-course/ http://homeworktimes.com/downl...
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...This work includes ECO 365 Week 4 Learning Team Market Trends Paper Introduction When one dreams of beginning a flourishing business, they desire to make one that is fruitful, still impartial in the market in which they contend.All businessperson wishes his or her company to be the finest and wishes to make an empire that exceeds every anticipations. Unluckily, they annihilate all contenders looking for their own success.One such company is the mega-retailer, Wal-Mart. Business - General Business Imagine you are a team of outside investors who have been approached by Matt Grant to invest the $100,000 in financing he seeks for developing eight additional regional publications over the next five years, as explained in his Executive Summary. Resource: Case 1 about Matt Grant on pp. 474–481 in Entrepreneurship: Successfully Launching New Ventures Write a 1,400- to 1,750- word paper discussing the following: · Evaluate Matt’s business model. What assumptions has Matt made that appear to be valid? Which assumptions might not be valid? · What changes in the external and competitive environments could affect Matt’s business model? How likely is it that those changes might occur, and why? · What risks and rewards might Matt experience if he moved forward with his business plan? · Evaluate Matt’s decision about forming a corporation. What benefits or challenges would incorporation provide to Matt? Would a sole proprietorship...
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...Analyzing Competitive Market Conditions and Formulating Strategies ECO/365 Reflection on Fundamentals of Microeconomics The study of macroeconomics and microeconomics provides the fundamental tools to assists business owners and finance managers in the decision making process. These tools also assist us in understanding how organizations and the economy operate as a whole. Many factors affect supply and demand. Price is the main factor that affects the supply and demand levels, this change can be reflected by a movement along the supply or demand curve. Factors that are not related to price, will shift the entire supply or demand curves. Before a firm decides to make changes in the price of their goods, it must determine the price elasticity of demand for that good. In this reflection paper, each team member will evaluate and discuss important economic concepts covered during week one. Discussions will also include any topics that members are having difficulty understanding. The portion I am having difficulty understanding is the production possibilities curve. I understand that in order to produce more of one item, you must give up some level of the production of another item. My problem is that I am not able to interpret all of the points in the production possibilities curve graph. (Maritza) Macroeconomics is the study of economies based on a national, regional and global scale. It measures the performance, structure, behavior, and decision-making...
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...Production and Cost Analysis Rasheeda Arthur, Sarah Fischer, Tera Ginnaty, Mike May, Shannon McMillan, Tiffany Sawyer, Tiffany Weiland ECO/365 Version 4 September 16, 2013 John Ilokwu Production and Cost Analysis Colander (2010) explains analyzing production and cost, and provides insight into how the abilities of market economies effect the organization of a society. In week two, Team C learned evaluating production and cost within a firm is a complex study involving several key focus points. The team learned it is essential to understand the relationship between inputs and the law of diminishing marginal productivity. Another key point discussed in week two focused on the relationship between production and productivity inside a firm. It is also significant to note the price of inputs has a large effect on the supply curve. In addition, it is important to recognize marginal revenue and costs directly tie to output volumes. Through research, teammates determined each focus point provides insight into a firm’s operations as it relates to production and cost (Colander, 2010). The Law of Diminishing Marginal Productivity The law of diminishing marginal productivity recognizes a company cannot change inputs at the same time or to change the quantity of inputs. Rather, changing the level of one or more inputs while leaving the others static is a more realistic process of adjusting productivity. However, recognizing this process...
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...of spa and wellness and exploring brave, new directions. It is gratifying to see a healthy dose of healthy travel in several of the trends; bold new ideas in mainstays like aromatherapy and hot springs take hold; and the development of new models for classic destination spas. It is also rewarding to watch trends in technology, beauty and fitness shape how we will live (and look)—and even take note of how the industry will help people address dying, illness and major life changes. And finally, there is a trend we forecasted in 2013 that continues to capture our imagination: mindfulness. We feel strongly that it is important to watch how this is evolving, and you’ll see a short synopsis of this “über trend” in the report. Spafinder Wellness 365™’s Trends Forecast reports on what is happening in our industry, but we also strive to present a true forecast of what lies ahead. Some ideas are still on the horizon, but we think you’ll see much more about them in the not-too-distant future! I’d like to thank Spafinder Wellness, Inc.®’s new Chief Brand Officer Mia Kyricos, who has joined our trend-tracking team, as well as thank our research and editorial teams, led by Beth McGroarty, for their many contributions in making this report so robust. Together, we remain passionate about the spa and...
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...ECO/365 WEEK 3 HOMEWORK 1. Sally is considering opening her own beauty salon. She anticipates the following costs/year: Furniture: | $20,000 | Equipment: | $14,000 | Rent: | $12,000 | Coloring products: | $6,000 | Styling products: | $4,000 | Additionally, Sally is withdrawing $34,000 from her savings account that pays 4% interest/year to purchase the furniture and equipment; she will quit her current job that pays $25,000 per year. She expects total revenues from the new business in the first year to be $70,000. Calculate the following: a. Explicit costs (list the items and amounts). * Furniture $20,000 * Equipment $14,000 * Rent $12,000 * Supplies $10,000 b. Implicit costs (list the items and amounts). * Interest that would have been earned from savings $1,360 * Lost salary $25,000 c. Accounting profit. $-56,000 d. Economic profit. -12,360 e. Given this first-year information only, should Sally open a salon? No, Sally is losing money but if she stayed in business long enough she could gain it back. 2. State whether the following decision is a short-run or long-run decision: a. ADM is deciding whether to install machinery that uses Human Machine Interface technology or 8-layer PCB prototype technology in its manufacturing plant. * Long run b. Wal-Mart hires additional seasonal workers during November and December. * Short run c. Bassett furniture manufacturers close all manufacturing...
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...Microeconomics and the Laws of Supply and Demand Joel Dominguez ECO/365 July 30, 2015 Billet Microeconomics and the Laws of Supply and Demand After utilizing the supply and demand concepts simulator provided in our week 2 assignment there were many key microeconomic and macroeconomic concepts that were introduce and explained. There also appeared to be a varying shift in both the supply curve and the demand curve whenever the price for each rental unit was adjusted up and down. This simulation was definitely educational as it allowed the student to manipulate and control the prices of each unit and view firsthand what each adjustment did to the supply and demand curve chart and whether or not we met our overall goal of finding an appropriate rental rate and reached the equilibrium point. All of the information supplied will definitely correlate to my understanding of real world products that I am familiar with. As the simulation displayed, a surplus in the market exerted a downward pressure on the price of each rental unit in the city of Atlantis. On the flip side, a shortage in the market would have an opposite effect on the market and would exert an upward pressure on the price of each unit. According to the simulator, in order to find the desired rental rate and occupancy requirements, you must reach the equilibrium point of $1050 per unit on the supply and demand curves respectively. The equilibrium is the point at which the quantity demanded is equal to the...
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...Week 1 Individual Assignment ECO/365 Week 1 Individual Assignment The article that I have read for this week’s assignment was called “Why has US Oil Consumption Steadily Fallen Since 2004” The author, Gail Tverberg; suggest several reasons for the decline in gasoline sales since 2004. The author explains that she used the year 2004 as a baseline because it is the year that America could visually see the significant increases in gas and oil prices. One of the factors the author mentions is improvements in mileage and fuel efficiency on new vehicles manufactured. Another factor decreased usage because of fewer miles traveled for personal and business uses. The author suggests that the biggest reason for the decline in gas use is due to the lack of production for “Other” gas/oil products due to manufacturing material changes, and the overall decline of manufacturing in the United States. (Tverberg, 2013) The author state that between 2004 and 2012 gasoline consumption is down about 347,000 barrels a day. The author further state that of the 347,000 barrels per day 43,000 of those barrels are due to more efficiency in gas mileage on newly produced vehicles (Tverberg, 2013). Included in this figure are hybrid vehicles that use a combination alternative fuel and gasoline. The author goes on to state that outside of improved gas efficiency the majority of the decline in gas/oil usage comes from shrinkage in industrial activity. This has caused a reduction in miles traveled...
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...Week 1: Microeconomics and the Laws of Supply and Demand ECO/365 – Principles of Microeconomics 3/23/2015 Instructor: Microeconomics and the Laws of Supply and Demand The Supply and Demand simulation was to act as GoodLife Management property manager for a fictional town, Atlantis. This company manages about seven apartment complexes in the town of Atlantis. In this simulation the property manager was in charge in adjusting the monthly rental rate of GoodLife’s two-bed rental apartments as well as the quantity of apartments supplied based on the market trend. Many factors, such as personal preferences, income, economy, and rental rates influence the supply and demand for apartments. The ratio of vacant and occupied apartments is affected by each of these factors. A carful evaluation is vital when making decisions about supply, demand, and price, as well as a regular monitoring in order to remain competitive in the rental market. The first simulation had the objective of determining the two-bedroom apartments’ monthly rental rate for on provisional leases. Therefore, the rate for vacancy should be decreased to at least less than 15%, while the revenue should be maximized. When the rental rate of the apartments decreased and the demand increased, the vacancy rate decreased as a result. The simulation showed that as the rental rate is lowered the initial revenue increased, and reaching a maximum point at a specific rental rate. This then made the demand decrease. The solution...
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...Week 1 Eco 365 Article Analysis The name of the article on this paper is OP-ED: Falling Gasoline Use Means U.S. Can Just Say No to New Pipelines and Food-to-Fuel. Through this paper, we have to analyze the basis for the trends in consumption patterns. Consider the utility derived from a product or service mentioned in the article. Describe what has occurred to change the demand for the product or service and its market and equilibrium prices. Describe what has occurred to change the supply of the product or service and its market and equilibrium prices. In your opinion, is demand for this product or service price elastic or inelastic? What does this imply about how consumers respond to changes in the price of this product or service? According to an article from the Inter Press Service, gasoline consumption trends have been declining (Larson, 2013). The declined gasoline consumption has an effect on the utility that is derived from the product. There are different reasons for the decrease that include individuals using different means of transportation, use of other fuels, and decreased sales. Although the price of gasoline has risen, and is still rising, the product is still to considerably inelastic. The inelastic price on gasoline affect the economy in all ways. The decline in gasoline consumption has an effect on the utility of the product including the decline of usefulness of the product among consumers, but still needing the product for exports in the United States...
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...The Negative and Positive Ecological Impacts of Technology Introduction In today's society more people are working longer hours and utilizing more technology in their everyday life. As a result of these longer hours and increased use of technology, more energy is being consumed. (Hayden and Shandra 575) The impact that this is having on the environment is substantial in both negative and positive ways. It is hard to deny the benefits modern technology has produced for the world, in industry and in everyday life. With more and more technological breakthroughs, there have been many positive ecological impacts. However, it is also hard to deny that there are considerable negative impacts as well. Supporters of a work reduction scheme maintain that the reduction in hours will have a positive effect on the environment and the raw materials that are used on a daily basis. (Hayden and Shandra 576) Though the argument that a reduction in hours will result in a better quality of life is largely agreed upon, the theory that a reduction in hours will reduce the negative impacts on the environment is still one of contention as there is no concrete evidence to back it up. (Hayden and Shandra 576) To counter this theory, there are those who argue that a reduction in hours will not result in a redution in damage to the environment. Each year, technology is making advances in producing low energy products that will reduce the damage to the environment. It is argued that with these advances...
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...on the text first, and the articles second. Every discussion requires that you demonstrate your reading of assigned material, so please attend to them. The lectures are designed to expand your understanding of the policy problem for the week and I embed them as a part of the discussion. You do not need to address my postings, but if they stimulate ideas, please do. Please note reference format for Stenzel in each conference below, and the other readings. Except for Chapter 1, he is the editor, not the author of the chapter. He does not claim authorship of Chapter 1 but you may cite him. I have written each of the references in the proper APA format. Do not reinvent the wheel. Use my references when you prepare references for your conferences. Yes, all academic writing follows APA, including the conferences. My reasoning? Practice makes perfect. Periodically APA changes its style manual. And periodically I check it. If you see something, let me know. Please note that during the first week of class we introduce ourselves and read my lecture on academic integrity. I will say that most students have no issues with academic writing, and I do use the class as an opportunity for students to work on their writing skills, if needed. Conference 1 (We start the Stenzel text conference 2) Policy: If the CIO is to be valued as a strategic actor, how can he bring to the table the ethos of alignment, bound to the demands of process strategic planning to move IT to the forefront of the...
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...Week-4 Kudler Fine Foods Lawrence Callahan ECO-365 July 31, 2013 Dan Ershadi e I | Kudler Fine Foods is an upscale / specialty gourmet grocery food store catering to high end clientele who are seeking the finer things in life. They opened their doors in June of 1998 and currently have three locations in the San Diego area (La Jolla, Del Mar and Encinitas). Each is about the same size with approximately 8,000 square feet of retail space, each providing the same products. Kudler’s is more expensive than a traditional grocery store, but plan to service a more refined customer found in more upscale areas. They specialize in (All of which are special that Kudler’s uniquely provides): * Baked goods that are baked fresh daily using only organic ingredients. * Fresh produce, if they don’t have what you want they will order it with over 350 varieties. * Fresh meat and seafood (Organic only). The Pacific Ocean is nearby so why not take advantage of it. * Cheeses and dairy products, offering 250 varieties of cheeses (Weekend cheese tasting is planned for the future). * Wine, offering extensive collections of domestic and imported wines and have recently employs a wine steward in each of their three stores to assist customers with becoming better versed in wine tasting. Their mission is to “be the premiere gourmet grocery store for those savvy shoppers who are searching for the finest meats, produce, cheeses and wine” (Source: Kudler Virtual Organization)...
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