Elasticity of Demand Essay Example for Free

Elasticity of Demand Essay Elasticity of demand, also known as price elasticity refers to the way people react to price changes. The greater the demand elasticity, the more sensitive people are to changes in pricing. The degree of demand of a product or service depends on its pricing. If the product is priced lower, it will experience high demand while a higher priced product may see lower demand. Generally, products such as cars, appliances, cosmetics and other non-essential items show elasticity of demand while food, medicine, clothing and other necessities display inelasticity of demand. Our survey consist various types of green teas which are Dilmah, Lipton and Ten Ren. All three products that we surveyed contained the same amount of tea bags which is 20 tea bags. Dilmah was priced at RM8. 00 which comes up to RM0. 40 cents a bag and Ten Ren was priced at RM8. 79 which comes up to RM0. 44 cents a bag while Lipton was priced at RM18. 40 making it RM0. 92 cents per bag. From this information itself, we can say that Dilmah and Ten Ren are similarly priced while Lipton is priced considerably high compared to Dilmah or Ten Ren. According to the concept of price elasticity of demand, a 10% rise in price will result in a more than 10% drop in quantity demanded if a product shows elasticity of demand. If a product show inelasticity of demand, a 10% rise in price will result in a less than 10% drop in quantity demanded. At the price range of RM8. 00 to RM8. 79, we assume that Dilmah and Ten Ren are products that show inelasticity of demand while Lipton priced much higher at RM18. 40 shows elasticity of demand. We argue that this is due to the nature of the good where Dilmah and Ten Ren are considered necessities while Lipton is considered a luxury because they are aim towards different markets. Dilmah, Ten Ren and Lipton are supposed to be similarly priced because all three brands are Green Tea and carry two bags each but the higher pricing of Lipton suggests otherwise. Substitutes are supposed to be similar in pricing. Therefore this justifies that Lipton is a luxury good and aimed for a higher market. A lot of close substitutes exists at similar pricing for Ten Ren and Dilmah such as BOH and Cameron who also offer Green Tea. At this market, when one product experiences a change in price, a substitute of the product will either experience an increase or decrease in quantity demanded depending on the nature of the price change. Therefore due to the availability of many close substitutes, demand is more elastic for Ten Ren and Dilmah. However for Lipton which is aimed at a different market, the existence of close substitutes are almost none. Hence, Lipton would show an inelasticity of demand. When the income of consumer increases, the share of budget increases. Therefore, consumers have the ability to choose more. Luxurious product can be also purchased depend on the consumers budget, then the quantity increase as well. Since, Lipton is luxury good, when our consumer’s income increase, they will choose Lipton instead of Dilamh and Ten Ren. Moreover, when the income of consumer decreases, share of budget also decreases. Therefore, they will not choose luxury product, they will choose more necessity product such as Dilmah and Ten Ren. http://www. ehow. com/info_12132333_advantages-elasticity-demand. tml http://www. investopedia. com/terms/c/complement. asp http://www. businessdictionary. com/definition/elasticity-of-demand. html Complements are very important these days. Complement is a product that is used in together with another product. There are no fixed complements for green tea (Ten Ren, Dilmah, Lipton). However, some consumers use complements such as sugar or honey to go with their green tea. In this situation, a decrease in th e price of sugar or honey might lead to an increase of quantity demanded of green tea. ( Ten Ren, Dilmah, Lipton).

Soccer history :: essays research papers

Games similar to soccer were played in China as early as 400 B.C. In 200 A.D. the Romans played a game in which 2 teams tried to score by advancing the ball across a line on a field, which means no soccer goals. They passed the ball to one another, but not by kicking it. Also in the 1100's, London children played a form of soccer (World Book Encyclopedia, S p.73).   Ã‚  Ã‚  Ã‚  Ã‚  In the early 1800's, many English schools played a game that resembled soccer. Players added many rules that changed the game, and each school interpreted them differently. In 1848, a group of school representatives met at Trinity College in Cambridge and drew up the first set of soccer rules (Brooks Clark, 1993). In 1863, representatives of English soccer clubs founded the English football clubs found the English Football Association. Soccer began to spread throughout the world in the late 1800's. By 1900, associations had been established in Belgium, Chile, Denmark, Italy, Switzerland, and the Netherlands. In 1904, the national associations founded the Federation Internationle de Futbol Association. Soccer was made an official Olympic sport in 1908. The Canadian Soccer Association was established in 1912, and the United States Soccer Federation was set up in 1913. The first World Cup was played, in 1913, in Montevideo, Uruguay. Since then, the World Cup has been held every four years, except during World War II (1929-1945), when the games were suspended.   Ã‚  Ã‚  Ã‚  Ã‚   Indoor soccer began in 1939, was formed by Major Indoor Soccer League, it started so people could play during the winter months. The North American Soccer League had its own indoor league from 1979-1984. Some of the differences from outdoor soccer are: there were only five players on the field and the goalkeeper, the goals are smaller, and the field is smaller. The field is like a hockey rink with astro-turf field surrounded with Plexiglas. The soccer goals are also built into the wall. This is a very fast paced game with four periods of 15 minutes each. In the United States, major league professional soccer has attracted little interest from the fans. Either indoor or outdoor proved to be successful, even with stars coming from Europe and Latin America. American Soccer League was the longest running professional league in the United States soccer history, going from 1921 to 1984. The North American Soccer League only existed until 1985. Some of the worlds' greatest players competed in this league, such as Michael Platani and Giorgio Chinaglia.

Best Tv Show Essay

First I’m going to talk about my favorite TV show. Its name is Prison Break. It all talks about someone whose name is Michel Scofeeld and a very big company in the U.S.A. this company tried to kill his brother by a very dangerous way. The make him seems as the killer of the president brother. They set everything for him to be arrested by this charge. Everybody thought he killed him except his wife and his brother who is our hero. They took him to the prison to set for killing because what he has done or I should say what they think he has done. His brother didn’t stay watching that. He was an engineer. He planed for his brother escape from the prison. He did a very big tattoo in his body which was not just a big tattoo; it was a very big map for one of the biggest prisons in the world in which nobody ever could escape it. The brother tried to steel a bank to get to the prison in which his brother is. He could make it and got to the prison near his brother. He has planned for everything even after they run away. At the end of the first season he could get his brother out of the prison, but the problem was that many people was killed in that operation, not only that the other problem is that ten of the biggest criminal in the U.S.A has escaped with them. The brother (the hero) will never forgive himself about what he has done. A nurse who helped them escape did face so many problems for her and her father, because her father was the governor of that city. He got fired from his job. After a little bit they found him dead in his flat. The company killed him because he knew very dangerous information about them. Any way the hero of our TV show didn’t make it at the end. He died to save his wife from the danger. I think I have to remind you that he got married from the nurse who helped him escape from the prison. The second TV show that I want to talk about is 24. It is very famous series it has eight seasons every one has 24 episodes. It all talks about a very big organization which tries to make the U.S.A falls down by killing the people of it. Our hero for this TV show is Jack Bour. He is a federal agent with a very big organization called C.T.U. In the beginning he worked over there as a normal agent and after that he changed to be the one who saved his own country so many times. In the first attempt for the terrorist to attack the U.S.A they kidnapped his daughter and wife. He did every possible thing for him to save his family. In the end of the season after he has saved his family someone who Jack trusted betrayed him. She was one of the terrorists she tried to run away from C.T.U by killing his wife in the C.T.U building. But Jack felt that very late. It is all make him crazy after losing his wife. He was about to kill that woman who killed his wife and who trusted. The first season ended with the falling of his tear. The fist and the second seasons are the only seasons which didn’t talk about Islam organization. In the beginning I liked it but at the end I really felt so bad in some views. By the way every one who Jack loved has been killed by those people to be eliminated. But the really couldn’t kill Jack because he was very strong in facing people using weapons.

Gender Equality In Russia - 1200 Words

Since the beginning of the Soviet Union period, equality between men and women in the country has not yet been granted. One of the central points of the Bolshevik revolution and the Soviet Constitution gave women guaranteed equal rights, thought Russian government still has not kept up with its promises to women along with many other issues. Male citizens in Russia still have the majority of the rights in the country. Failure to resolve this matter, the Russian government has drafted laws that prohibit gender discrimination in the Russia workforce, which never were passed. During the Russian industrialization period, the government women were granted more jobs in order to aid production and stimulate the Russian economy, in the 1930s.†¦show more content†¦Another reason for an increased rate of gender discrimination in the country is the fact that some companies become corrupt and only chose women who are very young, attractive and are willing to perform sexual acts to employers. â€Å"In Moscow, for example, many employers require secretaries to be attractive, under 25 and to sleep with their bosses. Indeed, in Russia, 71% of the unemployed are women. If a women wants a job, she must be young and pretty and she is expected to use her allure to win contract for her boss.†(Gender issues in international Business-2). Gender harassment has lowered the morale and self-esteem of many women in the country, some do not waste their times looking for jobs while others have turned to heavy drinking and depression. Segregation in the workforce is an important issue due to the fact that it affects a country’s whole economy. Reasons are that: gender discrimination affects how men see their country’s women and their mentality with gender equality in other places other than the workforce. It increases the wage gaps between male and female workers since most major corporations and other work providers are owned by men, further increasing the percentage of women living under the poverty level in our country. Rodrigues-4 Common stereotypes that are put on women in our country are disproved by simple statistics. Men do notShow MoreRelatedEven If Women Are To Take Action, Konovalova I. (2004:73)1070 Words   |  5 Pagesaction, Konovalova I. (2004:73) suggests, there is a belief among Russian women that their actions would not lead to any profound effect. 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