Price elasticity of demand Essay Example for Free

Price elasticity of demand Essay A. Price elasticity of demand (Ed) is used to determine if percent change price increases will percent change quantity demanded decease. In price elasticity of demand (Ed) there are three possible coefficient categories that can result; elastic, inelastic and unit elastic. Key components to remember when determining coefficient category, the threshold is set at one, there are only absolute values, no negative numbers, and the coefficient can only be categorized as elastic, inelastic and unit elastic. To determine if the coefficient is elastic, inelastic or unit elastic they would have the following characteristics. When price elasticity of demand (Ed) is elastic the coefficient will be greater than one (Ed 1). When a percent price change occurs quantity demanded responds strongly and there will be a large change in quantities consumers purchase. There is price sensitive in this scenario. If price elasticity of demanded (Ed) is inelastic the coefficient will be less than one (Ed 1). When a percent price change occurs quantity demanded doesn’t respond strongly and there’s a small change in quantities consumers purchase. There a weak price sensitive in this scenario. Lastly, if price elasticity of demanded (Ed) is unit elastic the coefficient will be equal to one (Ed = 1).Whenever there is a percent change in price there is an equally matched percent change in quantity demanded. This scenario is rare. The following formula can be used to compute the coefficient before categorizing if it is elastic, inelastic or unit elastic: Ed= %∆Qd _______ %∆Price After plugging in the given particulars and computing an answer for the coefficient, one will determine if the answer is greater, less, or equal to the threshold of one. Then last step the coefficient will be categorized as elastic, inelastic or unit elastic. B. Cross price elasticity (Exy) helps determine how percent change increase of a good or service impact quantity  demanded of another good/service. In cross price elasticity (Exy) there are two possible categories that the coefficients can be placed in; substitutes and complements. Key components are as follows threshold is zero, there is a positive or negative distinction in the coefficient, and if the coefficient is equal to zero, this means there is no impact on the good or service. The goods or services are independent of each other. The elasticity of a good or service depends on how specifically defined is the product. For example the brand of eggs you buy vs. you buying eggs. In cross price elasticity (Exy) if the coefficient is a substitute good or service it would be greater than zero (Exy 0). The more X and Y sales increase together we know they are substitutes, the greater the substitutability between the two goods or services. In cross price elasticity (Exy) if the coefficient is a complimentary good or service it would be less than zero (Exy 0). X and Y â€Å"go together,† increase in price of one of the goods/services decrease the demand of the other, they are complementary goods/services. The larger the negative coefficient, the greater the complementary between the two goods or services. The following formula can be used to compute the coefficient before determining if it’s a substitute or complimentary good/service. Exy= %∆Qd of good Y _____________ %∆Price of good X After plugging in the given particulars and computing an answer for the coefficient, one will determine if the answer is greater, less, or equal to the threshold of zero. Then last step the coefficient will be categorized as a substitute or complimentary. C. Income elasticity (Ei) measures how responsive percent change quantity demand is too percent change in a person’s income. There are two income categories; normal goods, which are also referred to as superior, and other category is inferior good. Two key components to remember are the threshold is set at zero and there is either a positive or negative distinction in the coefficient. In income elasticity (Ei) to determine if the coefficient is normal (superior) good the threshold would be greater than zero (Ei 0). When income rises so does the demand for normal (superior) goods. But also if there is a recession normal (superior) goods are usually hit hardest.

Violence Essay -- Handguns Firearms Essays

Violence Skills & Science of Doctoring By now images of horror and shock like the one of students and teachers crying at Buell Elementary have become all-too-common. As we reel once again from the terrible thought that an innocent life has been taken and it was a child who pulled the trigger, we should be vigilant for the next event, which is becoming equally predictable†¦ As public health professionals, we are trained to ask important questions so we can treat both the symptoms and root causes of a sickness. We will give a child medicine for a fever, but also antibiotics for the microorganism causing the illness. The question to ask when diagnosing this tragedy is a simple one: Where did a seven-year-old boy get a loaded gun? (â€Å"Physicians†) Many physicians feel that they do not have a direct influence on preventing violence. Yet, as patient advocates, it is often physicians who have the best opportunity to intercede on the behalf of patients in potentially violent circumstances. Numerous paradigms of violence exist, and it may be difficult for the physician to cover the range of issues productively and efficiently in a single visit. Instead, the physician may wish to confront these topics over a series of visits to best assess the patient’s willingness to discuss these issues and act in the recommended manner. This paper serves not only to bring to light issues of violence with which a physician may be presented, but also provides a model for discussing these issues with patients to best provide preventative techniques. Historically, violence has been dealt with by local communities and governmental agencies. However, recent studies show that the propensity towards violence begins in one’s childhood. Specifically... .... Aug 1998, 152(8): 749-56. Kaplan, Sandra J. MD Family Violence: A Clinical and Legal Guide. American Psychiatric Press, Inc. Washington, DC 1996. Newberger, Eli H. Child Abuse. Violence in America: A Public Health Approach. Oxford University Press. NY 1991. â€Å"Physicians for Social Responsibility: Violence Prevention.† [online:web]. www.psr.org â€Å"Public Housing Drug Elimination Program; Gun Buyback Violence Reduction Initiative.† Join Together Online. [online:web]. www.jointogether.org â€Å"Research Reveals Links Between Substance Abuse and Gun Violence.† Join Together Online. [online:web]. www.jointogether.org Rosenberg, Mark L. & Mercy, James A. Assaultive Violence. Violence in America: A Public Health Approach. Oxford University Press. NY 1991. â€Å"Stop Handgun Violence.† [online:web]. www.stophandgunviolence.com

New York Yankees Essay

Ever since they became an official organization in 1903, the New York Yankees have established themselves as one of the world’s top sport organizations. As a Major League Baseball team, they have historically achieved the ultimate goal of winning the World Series and have gained fans and profit in the process. With thirty-one different managers, the Yankees have won a total of twenty-six World Series and have built a fan base across the globe (â€Å"New†, 2008). Nowadays, the organization even makes yearly revenue close to 300 million dollars (Cohen, 2007). I chose this organization because I believe that their structure and management style is the definition of success. I will apply most of the methods and concepts from the book and from class to the Yankees, and I will discuss why I consider them to be one of the world’s greatest sport organizations today. First, when analyzing the New York Yankees from a managerial perspective, it is important to consider the structure and management style of the organization. For example, the New York Yankees have three levels of managers: the owner or executive manager who monitors the business environment (George Steinbrenner), the general manager or middle manager who negotiates and controls player transactions (Brian Cashman), and the field manager or first-line supervisor who supervises individuals within the organization (Joe Girardi). For them to be successful, all of these parts need to work together and form a systems-based organization. In this open system, where everything is â€Å"relatively open to the influences of the environment in which it lives† (Chelladurai, 2005), Steinbrenner is able to react to the goals, structures, and processes of the organization, as well as employers, customers, and so forth. Even though the Yankees did not make the playoffs this year, it is easy to see how the system is successful. All of the managers perform certain tasks, some of which include planning, organizing, leading, and evaluating. Each of these levels do these things for different time frames. When discussing the roles of the Yankee managers, it is important to note that all of them have been successful. Brian Cashman has a large decisional role because he has to make the correct decisions for the fans to be content and the team to win. Back when the Yankees won several consecutive championships in the ‘90s, Joe Torre (field manager) was a leader of the team with excellent human skills. He was able to interact with his players in a way that allowed them to perform at or above their potential, and he also had an incredible amount of knowledge for the types of players he needed to succeed. The owner and general manager had good technical and conceptual skills because it was important that they plan, evaluate, and organize the formation of a successful organization. They had to evaluate the existing organization, plan what players to trade for, and organize the business matters. I know that the organization’s main goal is to win national championships, but they also want to be effective and efficient in doing so. When the owner George Steinbrenner goes out and gets all-star caliber players to win the American League East division and the World Series, he has to pay a lot of money in order to attract them to his team. In terms of being a successful leader, it is obvious that George Steinbrenner â€Å"exerts influence in a way that achieves the organization’s goals by enhancing the productivity and satisfaction of the work force† (Chelladurai, 2005) because he is trying to achieve his goals by getting the best players in the league and making his team more productive. It has been known that George Steinbrenner spends the most money on his players in the league, so the efficiency of the team is minimized even though they have the largest fan base out of any organization. The effectiveness, however, in drawing the support of fans, emotionally and economically, is maximized, since the people want to see the best teams with the best athletes play. In 2004, â€Å"by the completion of the season, which saw Joe Torre at its helm for his ninth season, the New York Yankees had set a new team record for largest team attendance thanks to 3,775,292 loyal fans who attended home games at Yankee Stadium† (â€Å"New†, 2008). You can see here how popular the organization has become, and I can only imagine how much more money it can make in the future. In conclusion, I have analyzed an organization that I felt would help me understand the concepts and methods that are associated with sport management. Based on the structure and personnel of the New York Yankees baseball club now and in the past, I classify it as being one of the world’s most successful organizations. This statement can only be judged by the results that have accompanied the Yankees ever since its inception, twenty-six championships and a world-wide fan base.

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