Questions in Principle of economy Essay Example | Topics and Well Written Essays - 1250 words

Questions in Principle of economy - Essay Example Economists use the concept of elasticity to define the sensitivity of consumers to the change that happens in prices of goods and services. In general understanding elasticity is a reaction’s measure of one variable on the changing of another variable expressed in percentage. There are several types of elasticity, one of which is the price elasticity of demand. This indicator shows the percentage of demand changing under the influence of price changing also expressed in per cents. In other words, the coefficient of price elasticity defines how many per cents of changing the volume of demand will have if the price changes by 1 per cent. Formula of the mentioned indicator is the following: If calculated rate is bigger than 1 then demand on the product is elastic. This means that if price changes by 1 per cent then demand will change by more than 1 percent. So decrease in price on the product will cause sharp increase of sales that enlarges the level of total revenue. Therefore, in such situation the policy of decreasing the price can be very effective and may bring additional profits afterwards. Hence, for instance, for the telecommunication service providers, the higher the elasticity the better, because cutting prices will affect the growth in demand which in its turn will boost profits (Weingarten and Stuck 2001, pp. 32). If calculated formula of elasticity reaches 1 sharply then there is a unit elasticity, which indicates that 1 per cent change of price causes the same percentage change of demand. In this respect, the fall of price is compensated with the rise of sales and the total revenue remains unchangeable. The products with elastic demand are considered those goods that are easy to substitute. Luxury goods also have coefficient of elasticity that exceeds 1. For example, pieces of art are the products with elastic demand. Articles of prime necessity, such as, for example,

Product Marketing Assignment Example | Topics and Well Written Essays - 1750 words

Product Marketing - Assignment Example This is happening as additional customers demand for more products deemed to be environment-friendly, not only due to sustainable production methods but also due to the ease of disposal and consequent environmental conservation (Gordon, n. p.). Product Description â€Å"Green Diapers† provide users with a wide array of disposal options, that is, tossing, composting or flushing. Additionally, the fact that these diapers are biodegradable implies that, microorganisms which occur naturally, and those that are responsible for decomposition of materials, can easily breakdown or weather the diapers. Further, the nutrients can be recycled into the environment, without leaving behind any injurious residues. The disposable inserts incorporated into â€Å"Green Diapers† usually decompose in approximately 50 to 150 days when composted at home. These diapers, unlike the conventional ones can also be flushed down the toilet without clogging the system. This implies that less garbage will be transported to landfills, hence preventing environmental pollution. â€Å"Green Diapers† have undergone numerous tests by autonomous laboratories, thus, proving beyond reasonable doubt that they are really biodegradable (Weinberg and Parrs, n. p.).   Market Conditions Based on a market survey conducted by BusinessGreen (n. p.) consumers’ demand for different green products rose from 15 percent in the year 2008 to 70 percent in the year 2009. This trend has continued to grow since then, and by the end of the 2012 fiscal year, demand for green products has reached a high of 83 percent. These consumers posit that they would opt to buy a product deemed to be green, rather than purchase a relatively priced, ordinary product. This trend, therefore, provides a lucrative opportunity for the company, as it ventures into the sale of biodegradable diapers. The prospect appears to be even more profitable, since approximately two-thirds of customers that buy green commod ities have upheld this purchasing habit throughout the tough economic times. This serves as a clear indicator that the market for green products is relatively stable, thus providing the company with a competing platform at par with that of ordinary disposable diapers. The statistics also prove that the shift towards green products is not a trend anymore, but a sustainable societal lifestyle. The company can also borrow traits from businesses currently selling green products and pursuing green marketing strategies, since most of these ventures continue to reap benefits like: Increased revenue: with continued growth of the green market there is an increment of opportunities to lure new customers. Further, there is broadening of the customer base through product modification, product innovation and promotion, eventually increasing revenues. Reduced costs: manufacturing of green products involves utilization of fewer and locally available resources to develop products and market them to consumers. This greatly cuts down costs incurred in the production process. Enhanced reputation of brand hence high market value: companies’ attempt to protect the environment through manufacturing and selling green products develops a positive impression among many customers. This, in turn, promotes the brand name and its popularity among consumers. Risk mitigation: numerous studies have shown that green companies can stay ahead of their competitors, as administrations make an effort to enact more rigorous environment regulations to mitigate

How would you reduce cost and overcrowding while maintaining a system Essay

How would you reduce cost and overcrowding while maintaining a system of justice Take into account faith-based prison ministrie - Essay Example A lot of prisoners remain inside the prison for years because they cannot afford lawyers to pursue the cases or because they leave prisons only to commit more crimes and re-enter the prison thus overcrowding it. Since â€Å"prison costs doubled to $24.6 billion over the past decade, and experts foresee substantial increases in the future† (Maginnis), it is important to build faith-based prisons where faith-based programs should be offered to the prisoners. This is not only beneficial for the purification of their souls leading to less recidivism when they leave prison, but is also helpful in reducing costs because faith-based programs tend to save the taxpayers millions of operating cost while ensuring frequent parole. Hence, building faith-based prisons and implementing faith-based rehabilitation programs will reduce costs while reducing overcrowding at the same time since the convicts will most probably be better human beings while leaving the prisons reducing the crime rate and hence reducing overcrowding in prisons.

How to Write the Best Essay Example | Topics and Well Written Essays - 750 words

How to Write the Best - Essay Example The structure of an essay depends on what type of essay it is, but most essays follow a general pattern that includes an introduction, two or three main body paragraphs, and then a conclusion to wrap everything up. The outline does not need to be very detailed because it only provides a guide for how the essay will look when finished. Each paragraph in the essay should only have a couple of sentences to explain the key points and supporting evidence if any. Part of the process of forming an outline usually involves some kind of research. There are many sources available for students to find information about their topic. Many students make the fatal mistake of including information from sites such as Wikipedia. The vast majority of lecturers do not approve of the use of such sources because they are not reliable. Any Internet user can change a Wikipedia page, so the information contained on a Wikipedia page may be untrustworthy. The types of sources that should be used in an essay mu st be reliable sources. This means that the information should invariably come from a book, a peer-review journal, or newspaper article. Any source that has been professionally published by an expert in a particular field of study counts as a legitimate source. Â   Â   Â   Â   The next step in producing a high-quality research paper is to write a rough draft. This stage is all about getting down thoughts on paper rather than trying to come up with the perfect essay. If an outline has already been completed, then this stage can be concluded at a faster pace than without one. The introduction of an essay should be designed to introduce the reader to the topic without giving too much key information away. The most common way to do this is through the use of a hook, which is designed to catch the reader’s attention. After the hook, a thesis statement should tell the reader what the student’s view on a particular issue is. This part is extremely important because it will set the tone for the rest of the paper. It will also tell the reader what reasons the student is giving for justifying their position on a topic.

New Media and Consumer Behaviour Essay Example | Topics and Well Written Essays - 2000 words - 1

New Media and Consumer Behaviour - Essay Example The new media not only offers various benefits for consumers but also has allowed the consumers to promote their goods and services. Popular social and networking sites like Facebook, Twitter, eBay, YouTube etc. have made possible for the normal consumers to become suppliers and vendors through the new media. These revolutionary advancements challenge the typical business models which have been there since decades. The traditional ways of developing strategies, finding customers, marketing and advertising don’t seem that useful now. (HENNIG-THURAU ET AL.2010; EVANS & BRATTON.2008) SOCIAL MEDIA- THE NEW MEDIA: Social media is also called Web 2.0 which allows users to interact with each other through new technologies. The new technology has empowered the users which now allow them to share information in a way that wasn’t possible before. Social media includes networking sites, consumer review sites, online communities, journals and blogs controlled by individuals and com panies. Now days people need to involve in ‘conversation’, that is talk about the thing offered. ... Joiners utilize the sites, blogs etc by using them while spectators are silent viewers of the content who view and read the content uploaded by different participants. Inactive participants are online but they don’t take part in the conversation any aspect. Businesses now realize the importance of actively participating in these conversations and influencing user’s minds for marketing their products. (HAWKINS, MOTHERSBAUGH & MOOKERJEE.2011; EVANS & BRATTON.2008) New media can be explained as â€Å"Websites and other digital communication and information channels in which active consumers engage in behaviors that can be consumed by others both in real time and long afterwards regardless of their spatial location.† (HENNIG-THURAU ET AL.2010). New media is made up of interactive communication and information channeling platforms. According to mentioned explanation the new media allows users to exchange information anytime anywhere irrespective of their location. Thi s information can be utilized not only today but also in the long term. New media is digital which makes it cost effective. Like old means of exchange of information, there is no cost involved in producing digital copies as it can be accessed by millions of people on internet. Consumers, thorough the new media can actively participate in giving feedback about every aspect of value chain. New media is visible, that is any feedback, comments, reviews and blogs can easily be traced. The biggest advantage offered by the new media is the real time access and exchange of information at anytime. The feedback posted and received in instant through chats, videos, blogs and reviews, making it easier for other readers to make an opinion regarding the product. Additionally new media has made interaction possible among

Aristotles virtue ethics Essay Example | Topics and Well Written Essays - 250 words

Aristotles virtue ethics - Essay Example The main goal of his virtue theory is to reach out the excellence (virtue) in self-performance, i.e. achieving happiness throughout life. As I see, Aristotle’s virtue theory is helpful for contemporary individuals living in a highly demoralized society. The question is that to what extent each individual normally sees the state of happiness. Definitely, it depends on likes and dislikes people have. However, to separate goodness from evil is really vital for sound-minded individuals. Thus, I feel that this theory fits into contemporary requirements of the mankind. Therefore, I have come to such a conclusion that Aristotle’s virtue theory is a predominant source to nurture virtues of goodness among individuals. The society and different communities within it will have an opportunity to improve due to being loyal to the virtues theory as an elementary instruction to reach out the social equilibrium. This tendency should lead people in an upward

Middle Ages Literature Essay Example for Free

Middle Ages Literature Essay The Middle Ages had many interesting characteristics concerning the literature of that time period. The important literary works â€Å"incorporated elements and values drawn from different and conflicting traditions (Patterson 1143). For every opinion, there was another opinion to counter it. Many of the pieces of literature at this time had contradictory ideas in them or had competing interests (Patterson 1144). The literature of this time shows us that â€Å"many people took the central doctrine of Christianity so much for granted that their daily lives seem largely untroubled by the moral and spiritual demands of religion† (Patterson 1144). Another characteristic of the literature was that it alerts us to the â€Å"complexities and dilemmas that any faith poses† (Patterson 1144). The Middle Ages is also called the â€Å"age of chivalry† (Patterson 1144). The literature mainly â€Å"expresses the values of the most powerful members of society, the aristocracy† (Patterson 1144). The aristocracy achieved their power through â€Å"military might† (Patterson 1144). There was also an â€Å"explicit code of chivalry† (Patterson 1145). The values were â€Å"never entirely consistent with each other† (Patterson 1145). Characters of literature had to choose whether to be a lover or a warrior (Patterson 1145). The main concerns of the literature were â€Å"the demands of religious faith and appropriate use of physical force, and the individual human being working out his or her individual destiny† (Patterson 1145). The literature during this time contributed to a list of vivid characters to the world of literature (Patterson 1145). Writers created unforgettable, complex literary characters to deal with the themes (Patterson 1145). The Middle Ages contrasted to the Renaissance because the Renaissance’s characters had â€Å"greater autonomy and fully realized personalities† (James 1883). The Renaissance’s literature did not judge â€Å"human action by right and wrong but by beauty, memorability, and effectiveness† (James 1886). During the Renaissance, the presence of God was much less dominating (James 1887). Medieval men and women were more concerned with the afterlife, while in the Renaissance they had a preoccupation with this life (James 1886). The Canterbury Tales fits into the Middle Ages well with some characteristics and not quite as well concerning others. For example, the Pardoner in The Canterbury Tales preaches the word of God on a daily basis, yet he is morally corrupt in his everyday life (Chaucer 1759). He preaches of greed, yet is greedy himself (Chaucer 1759). The Pardoner steals from the church, as well as innocent people (Chaucer 1758). Chaucer showed us that people took the doctrine of the church for granted. Other characters in The Canterbury Tales spoke of God and were Christians, yet didn’t bother with feeling morally obligated to act right. The dilemmas of being a Christian in real-life are seen. Some of the characters are Christian but it is more complex and takes an effort to be a Christian. The Canterbury Tales didn’t seem to have contradictory themes necessarily. Chaucer makes his views of various social ranks known through a use of satire. The characters themselves are contradictory, as we see with the Pardoner once again (Chaucer 1758). Since Chaucer has every type of social rank represented, we see his view of these ranks, which does contradict some of the jobs or moral obligations of various people. The characters in the story itself did compete for various interests. They all held different values or beliefs about the world. Chaucer lived during this time period, so it is in a way a more realistic view rather than contradictory. The explicit code of chivalry isn’t necessarily a large component of The Canterbury Tales except for perhaps the Knight and his tale. Chaucer shows that some people were focused on the chivalry act during this time. The Canterbury Tales doesn’t focus on pleasing the aristocracy either. Chaucer wrote from the perspective of every social rank so his book was meant for the poor and rich. Its subject matter was meant to be appealing to all Medieval people. The final characteristic that The Canterbury Tales does follow is the well developed characters. Chaucer had a whole list of realistic, complex characters. These characters could rival the Renaissance’s characters to me. I enjoyed reading about the characters and reading even more of The Canterbury Tales online. The Canterbury Tales fits well with the characteristics of the Middle Ages for the most part. The individual characters do have an individual goal in mind. Chaucer seemed as if he cared about his characters and wanted readers to his get to know them on an individual level, which seems more ahead of his time.