...Food Resources * there is enough food in the world but there is an imbalance in its distribution * terrestrial and aquatic food systems have different efficiencies * different food production systems make different demands on the environment * food production is closely linked with culture, tradition and politics * subsistence and commercial farming manage soil in different ways. Undernourishment leads to retardation and social and developmental disorders Malnourishment is when food contains enough energy but lacks nutrients like vitamins, minerals and protein. In most MEDC’s food is cheap In LEDC’s people struggle to produce enough food to sustain them. Distribution is one of the main causes of lack of food for some coutnries. Politically, it affects the world food supply There are differences in the amount of calories that each country consumes The composition of food also differs in MEDC’s and LEDC’s. (more meat in MEDC’s and cereal in LEDC’s) So far the food supply has kept up with our needs Subsistence farming is when farmers practice farming for their families or their own small communities not to gain profit. Commercial farming is profit based farming or ‘cash farming’. Extensive farming uses more land with a lower density of planting and lower inputs and outputs Intensive farming uses land more intensively with greater inputs and outputs. Pastoral farming is the raising of animals Arable farming is sowing...
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...Elasticity Paper The laws of supply and demand indicate that as the price of any good or service increases, its demand will decrease. Often, the core demand for a product does not simply go away, but shifts to a substitute. Additionally, as the demand for a product decreases, the quantity of complementary products that are often sold with that product may decrease as well. Therefore, to comprehend the impact of supply and demand on the market, one must also understand the concepts of substitutes and complementary products. Substitutes Cross-price elasticity of demand is defined as the percentage alteration in demand divided by the percentage alteration in the price of a related good. (Colander, 2013). When two merchandises are nearly identical, yet competitive, they can become substitutes for one another. For example, the Apple iPad can be comparison to the Samsung Galaxy tablet. The two are very competitive and at the same time, have many similarities. When concerning the economic market, once the price of iPad goes up, the market demand for tablets will shift to the cheaper alternative, which is the Samsung Galaxy tablet. Therefore, when the price of one product rises, the market demand will shift to the cheaper, substitute product. The same concept applies for Coca-Cola products in comparison to Pepsi label. As the price of Coca-Cola rises, the market demand will shift to Pepsi products at the cheaper price. Since they are very similar and competitive of each other; are...
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...to alter the price of the product” (p. 147). This is possible if the firm in question is able to produce a commodity at a cheaper price that no other producer can. In a monopoly, “the monopolistic firm owns the ballpark and can set the rules of the game” (Schiller, 2009, p. 149). The emergence of the monopoly obliterates the distinction between the industry demand and the demand curve facing the firm. This makes the monopolistic the firm the industry. As a result, there is only one demand curve in a monopoly and that is the market (industry) demand curve. Like all business players, monopolists are in the business to maximize profits. However, monopolists do this differently than competitive market. In a perfect competition, firms maximize profits by price taking, which refers to the process of adjusting the rate of output to the market price. In monopoly, the firm (monopolistic firm) sets the market price. It is interesting to explore how Apple Company has employed the attributes of monopoly in the android phone market. Article Review Many people ponder how Apple had dominated the phone and computer industry to the point where its prices do not stop the consumers from purchasing its products. There are many reasons that provide possible explanations for this phenomenon. Jim Garven (2010) explored some possible explanations delving into one of the most famous Apple products the iPad. In the article The Price Elasticity of Demand for the Apple iPad, Garven argues...
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...Income Elasticity of Demand 3. Role of Managerial Economics 4. Trend Projection Method 5. Economies of Scale Section B (30 marks) (Attempt any three) 1. Discuss the approaches to consumer demand analysis. 2. Describe the various methods for surveying the consumer. 3. Make a list of differences in complimentary goods and substitutes goods. 4. “Elasticity of supply is the degree of responsiveness of quantity supplied to a given change in price”. Explain this definition. Section C (50 marks) (Attempt all questions. Every question carries 10 marks) Read the case “Apple Inc.” and answer the following questions: Case Study: Apple Inc. In 2010, Apple had to delay the international launch of its iPad computer for a month, blaming ‘surprisingly strong US demand’ that was higher than the company’s ability to produce them. More than 500,000 were delivered to retailers and customers in its first week on sale, but these soon sold out. The company had planned to launch the touch-screen device internationally at the end of April, after beginning sales in the USA on 3 April. But the strong demand meant that it could not hit that date. The company said in a statement: ‘We will announce international pricing and begin taking online preorders on Monday, May 10. We know that many international customers waiting to buy an iPad will be disappointed by this news, but we hope they will be pleased to learn the reason—the iPad is a runaway...
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...hand explains that markets always naturally move towards equilibrium by the forces of supply and demand. The concept relates to people helping other when their elf interests are rewarded. The market which is made up of people who give each other what they want in return they fulfill their own self-interest by receiving what they want and their wants and needs naturally balance out. 3. Use the demand curve graph found at the following link to answer the questions that follow. Demand Curve • How would point A be represented as an ordered (x,y) pair? (20, 24) • What does this D1 curve show? The demand curve shows the effect of a goods prices based on the amount of goods consumers want to purchase. • Does this D1 curve show a positive or negative correlation between price and quantity? There is a negative correlation at a higher price less goods are desired (downward slope). • Compute the slope of D1 between points A and C. -2/5 • What is the slope of D1 between points C and E? Why would you not have to calculate this answer? -2/5 because it is the...
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...to compete with the Apple IPad. The HP Touch Pad was being sold at two different memory sizes and two different prices to provide potential buyers with a choice when determining which one to purchase. HP believed that they could outsell the IPad being offered by Apple. The HP Touch Pad was being sold at about $249 for the 16gb and $299 for the 32gb model respectively. Because of disappointing sales, the price of the HP Touch Pad decreased to extremely affordable prices of $99 and $149. When the sales declined, the product became more appealing to the consumer. The price was low so the demand for the product increased. Consumers purchased the product because of its price not because it was a better product to that of Apple. The product was being sold on Amazon, at Best Buy, and on Ebay. The product eventually sold out. Now the price of the HP Touch Pad has increase on these sites because the quantity of them available is scarce. The HP Touch Pad has become more popular because of its lower price, however the supply has decreased. HP has announced that they will be discontinuing the Touch Pad and this makes consumers want to purchase them because the product will no longer be available once the last one is sold. HP is giving consumers one last chance to purchase the remaining supply and companies such as Best Buy are now marketing them with low prices and using them as add ons to other purchases at a discount. In order to calculate cross elasticity of demand you would first...
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...an informed/detailed study of the trends. The research will also establish a theoretical framework of these trends, and their relatedness to the law of Demand and Supply with a focus on physicians. This review will among other things, institute recommendations. DEMAND DETERMINANTS The Law of Demand: As an initial approach, the analysis in this research paper will not be far-reaching if the concept of Demand is not critically examined. Demand has been defined in Economics as the goods and services people are willing and able to buy during a certain period of time at various prices, holding all other relevant factors constant. A simple way to explain this would be to use an everyday example of say - a café. If for instance a café increases the price of items, the quantity demanded will decrease because fewer people will be willing and able to spend their hard-earned resources on such. Conversely, if the prices of items in the café decrease, the quantity of cappuccino buyers will increase. A typical example is the after Thanksgiving discount sales popularly known as “Black Friday”. This usually results in...
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...Item |Wine |Cheese | |Marginal Utility |50 |40 | |Price |$10 |$4 | |Marginal Utility/Price |5 |10 | | Is Bridget making the utility maximizing choice? Why or why not? No. Bridget is not making the utility maximizing choice. Even though wine adds 50 units of utility, it still does not make up for the price. The marginal utility divided by the price for wine is 5, even though the last unit added 50, she is still spending 10 dollars per unit. While the last unit of cheese added only 40 units of utility, the cost is still only 4 dollars for those 40 units. Which means that she is not maximizing her utility. She can get way more units of utility, while spending less if she purchases more cheese than she does wine. If not what should she do instead? Bridget should purchase more cheese than wine. Since the numbers at the bottom do not equal each other, she needs to figure out a way to maximize her utility. She could instead purchase less wine and more cheese. Which would maximize her marginal utility. She would have more to spend on the cheese, which means she would have more to allocate towards spending on cheese. Chapter 6 USA Today, Newsweek- losing $20 million a year because the sale of print newspapers is dropping. Wall Street analyst says to raise the price of the paper from 50 cents to 75 cents- could bring in an additional $65 million a year. Paper’s publisher says no- thinks that the increase in price could decrease the sale of the paper even more. ...
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...(2 points) True or False A. _____The price of a good rises, causing the demand for another good to fall; therefore, the two goods must be substitutes. B. _____A shift in supply causes the price of a good to fall. The shift must have been an increase in supply. C. _____During 2007, incomes rose sharply for most Americans. This change would likely lead to an increase in the prices of both normal and inferior goods. D. _____If demand increase and supply increases, price has to increase. 2. (6 points) Determine if supply and/or demand increases (I), decreases (D) or unchanged (NC) for the following scenarios. Supply Demand a. The tablet (iPad) market: increased access to wireless technology, lighter weight construction and functionality has increased popularity ______ (a) _______ b. The laptop market: laptops have become easier and cheaper to produce as new technology has become available ______ (b) _______ c. The cranberry market: Recent scientific research shows that cranberries and cranberry products contain significant amounts of antioxidants and other phyto-nutrients that may help protect against heart disease, cancer and other disease ______ (c) _______ d. The bread market: Before economic reforms were implemented in the counties of Eastern Europe, regulation held the price of bread substantially below equilibrium. When reforms were implemented, prices were deregulated. ______ (d) _______ ...
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...running a militia million dollar company. Imagine planning and organizing a large corporation when considering developing a new product or service. Ironically this process always starts with a vision or a dream. For instance according to Mactrast (2013), the very first Apple iPod contained an Easter egg; that was accessible by circumnavigating to the ‘About’ menu and holding down the center button for a few seconds (12 Interesting Facts about Apple). This products development emerges from an individual’s visions and dreams. When offered the opportunity to turn ones dreams into reality team A. acts swiftly; the marketing director at Apple Inc. is requesting for team A to create a competitive market analysis to determine the new products; the iPad mini’s potential success. Team A’s analysis will focus on Apples primary competitor in the product’s market. This analysis will help the team produce recommendations on how the organization can maximize profit-making potential, and successfully compete in the new market. The team must also consider the effects the recommendations will have on the corporation. Apple Inc. is an American worldwide corporation founded on April 1, 1976; the main headquarters is in Cupertino, California. Apple Inc. is an international corporation that bazaars and enterprises software and hardware for computers and electronics ("Apple Inc.," 2013). According to Wikipedia (2013), Apple began publicly marketing their products to the public at the “Homebrew...
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......................................... 4 Economic Analysis ..................................................................................................... 5 Demand and Supply ............................................................................................... 5 Elasticity ................................................................................................................. 8 Efficiency and Equity ............................................................................................. 10 Conclusion ............................................................................................................... 12 References ............................................................................................................... 13 1 Executive Summary The objective of this paper is to offer an in-depth analysis the economic situation of the newspaper publishing industry in Australia within the microeconomic scope. The paper analyses transformations of the industry brought by digitisation and the fast paced technology development. It discusses how digitisation and technology affects the demand and supply of printed newspapers. It also looks at the elasticity and efficiency and equity of newspaper in the current market. This paper is divided into four section. Following an introduction (Section 1.0), then Section 2 .0 introduces the economic concept which will be used through the paper. Section 3.0 analyses the economic state of the newspaper...
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...Current Market Conditions Competitive Analysis ECO/365 Professor Alan Beideck Gregg Mooney, Doris Barlow, Dianne Gaynor, Cherry Hla-Htay November 29, 2015 Current Market Conditions Competitive Analysis Technology has been a big part of today society. Most technologies have been implemented into everyday life. There are different factors, which impact the demand within the market. The constant changes are reflected on the amount of consumer, the number of supply and demand for the product. There is also a focus on the price elasticity and also the constant development of the product based on the demands of the consumers. With the higher end technology always in production and the constant completion arising consumer has expectation for the products. One of the expectations is that there will be declines in prices as the new technology develops. This is a constant struggle for companies such as Google, Apple etc. With constant competitors knocking at the doorstep, it becomes more challenging for Google. Even as the time change, Google has been constantly shifting to other areas of the market and dominating the expectation of its consumers. Google has been widely known for the search engine and as the technology advance; Google has expanded its market to providing Android software to products such as smart phones and tablets. Google started its journey in within late 1995 and had the domain resisted by September 1997...
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...Weblog Assignment for Samsung 1.0 Introduction of the firm The firm that I choose for the assignment is Samsung. It is a conglomerate corporation and its market structure is Oligopoly. It is a corporation that includes variety of business such as Petrochemicals, Heavy Industries, Life Insurance, Fire and Marine insurance, Securities Company, Venture Investment Corporation and others (Samsung, 2013). Samsung was establish in the year of 1938 by Lee Byung-Chull, the founder of Samsung from Daegu, Korea (Samsung, 2013). In year 1938, Samsung firstly focus on the business on trade export that sells vegetables and fruits to Manchuria and Beijing (Samsung, 2013). Samsung has evolved to the modern global corporation in these days by still using the same name. The location of Samsung is located all over the world and the headquarters is located in Seoul, South Korea. The types of economic goods that is produced by the company includes mobile devices, mobile accessories, television, audio and video player, camera and also home appliances (Samsung, 2013). In year 2012, Samsung has been ranked 20th as the world’s most admired companies by Fortune (Samsung Profile, 2013). The size of Samsung is large as it have many types of business in it. In year 2012, Samsung has earned a net sales of RM 268.80 billion, net income was RM 26.20 billion and the number of employees reach 425 thousands in year 2012 (Samsung, 2013). Samsung also has its own Values and Philosophy. The core values of Samsung...
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...Founded in 1976, Apple Inc. is one of the largest, most successful, and most recognizable brands in the world that specializes in computer software, online music and entertainment services, and most notably consumer electronics. Currently valued at over $700 billion (USD), the growth in market share of just the iPhone alone contributed an estimated one-quarter to one-third of a percentage point to the annualized growth rate in the U.S. gross domestic product (Kuang, 2015). In addition to the wildly successful iPhone, other notable devices in the Apple lineup include multiple variations of the iPad, iPad Mini, and iPad Air; many configurations of the MacBook, MacBook Pro, and MacBook Air; the iMac, Mac Pro, and Mac Mini; the Apple TV; and most recently released in April of 2015, the Apple Watch. Creating this venerable suite of products and devices is a globally diversified workforce that continues to grow, sitting today at over 110,000 people strong. As of December 2015, Apple is responsible for creating and supporting over 1.9 million jobs, nearly seventy five percent of which stem from the expansive iOS ecosystem. The remainder of those jobs include new construction jobs related to data centers, jobs at key suppliers of raw materials used in the manufacturing process, and finally corporate employees of the company itself. Apple directly employs more than 76,000 people in the United States alone, those employees represent nearly two-thirds of their global team (Apple Inc., 2015)...
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...Elasticity Paper The purpose of this paper is to discuss why some products become substitutes and why are some products complements. Within the economy and the times of today, products have substitutes and some have compliments. There is always a change in supply and demand with any product that becomes available. There is a difference between products that are complements and products that are substitutes. Complimentary products are those products that compliments one another , in which this can cause the demand for the product to grow. Substitutes are just the opposite and can lower the demand of the product; in which the product will not sell. Both of these are important to the economy because the consumer would have a option of how much money they would want to spend, and how effective the product is. A great example of complementary is a cell phone and its mobile applications available. To be more specific, the application iTunes is a complementary item for the iPhone6. Essentially, the iPhone6 lowered the price on the application iTunes and raised the demand of the iPhone6. This can also be said for the iPad and its applications available. Substituted good are items that could be swapped with each other to still fulfill the wanted need. If the price of one good increases and a similar good stays the say the demand of the quantity of the good that stayed the same will rise. For example, if the price on breath mints rose substantially...
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