Economics Elasticity Essay -- Price Elasticity of Demand

Businesses know that they face demand curves, but rarely do they know what these curves look like. Yet sometimes a business needs to have a good idea of what part of a demand curve looks like if it is to make good decisions. If Rick's Pizza raises its prices by ten percent, what will happen to its revenues? The answer depends on how consumers will respond. Will they cut back purchases a little or a lot? This question of how responsive consumers are to price changes involves the economic concept of elasticity. Elasticity is a measure of responsiveness. Two words are important here. The word "measure" means that elasticity results are reported as numbers, or elasticity coefficients. The word "responsiveness" means that there is a stimulus-reaction involved. Some change or stimulus causes people to react by changing their behavior, and elasticity measures the extent to which people react. The most common elasticity measurement is that of price elasticity of demand. It measures how much consumers respond in their buying decisions to a change in price. The basic formula used to determine price elasticity is: If price increases by 10%, and consumers respond by decreasing purchases by 20%, the equation computes the elasticity coefficient as -2. The result is negative because an increase in price (a positive number) leads to a decrease in purchases (a negative number). Because the law of demand says it will always be negative, many economists ignore the negative sign, as we will in the following discussion. An elasticity coefficient of 2 shows that consumers respond a great deal to a change in price. If, on the other hand, a 10% change in price causes only a 5% change in sales, the elasticity coefficient .. ...tical supply curve. For example, if on December 1 the price of apples doubles, there will be minimal effect on the number of apples available to the consumer. Producers cannot make adjustments until a new growing season begins. In the short run, producers can use their facilities more or less intensively. In the apple example, they can vary the amounts of pesticides, and the amount of labor they use to pick the apples. Finally, in the long run not only can producers change their facilities, but they can leave the industry or new producers may enter it. In our apple example, new orchards can be planted or old ones destroyed. Source Consulted Vitali Bourchtein "The Principles of Economics Textbook: An Analysis of Its Past, Present & Future" May 2011 Web 15 May 2015. http://www.stern.nyu.edu/sites/default/files/assets/documents/con_042988.pdf

Finance and banking Essay

Chapter 1 1. Has the inflation rate in Canada increased or decreased in the past few years? What about interest rates? R/. The inflation rate of CAnada is low. The inflation rate was at 1.10 % in August. And the interest rate was declining. In one news said that on 1915 until 2013, the Canada’s inflation rate 3.2% reaching an all time high of 21.6% in June of 1920 and got a record low at -17.8% in June of 1921. 2. If history repeats itself and we see a decline in the rate of money growth, what might you expect to happen to A. Real output – is going down B. the inflation rate, and – is going down C. Interest rates – is going down All are going to fall. 3. When was the most recent recession? According to the National Bureau of Economic Research (the official arbiter of U.S. recessions), there were 10 recessions between 1948 and 2011. And the recent recession started in December 2007 and finished in June 2009. 4. When interest rates fall, how might you change your economic behaviour? I will buy a car and house because the cost of them would fall. I think when the rates fall is good spend more money for get good properties and the future I can duplicate what I spend. 5. Can you think of any financial innovation in the past ten years that has affect you personally? Has it made you better off or worse off? Why? I think all the inventions that the government made, for example the subway and trains. This made me better off, because for me I feel more comfortable with the transportation and for all the population, this made more opportunities for get a job. 6. Is everybody worse off when interest rates rise? When net rest rates rise is not worse off, but for the people who borrow for get a house or a car would be worse off for them, because will cost more to finance their purchase. 7. What is the basic activity of banks? Store money Storing money for customers is the most classic of banking activities. Traditional banks, credit unions and savings institutions offer this service. Customers use bank accounts, such as checking or regular savings accounts, because most provide safe locations to store deposited money that is FDIC-insured, or protected by the Federal Deposit Insurance Corporation. Facilitate Payments Banks and financial institutions enable their customers to pay others. Customers are given checks, both paper and electronic, and other payment tools, such as debit cards. A customer is able to write a check or make a payment to an outside vendor, such as a grocery store, electricity company or other outside individual, with one of their designated payment tools. The financial institution sends money from the customer’s account to their designated payee. Loan Money Lending money allows a bank or financial institution to earn money, according to the FDIC website. This for-profit service involves the bank lending a sum of money to a customer and then charging interest as the loaned amount is repaid back to the institution. Loans are used to purchase or lease automobiles, buy homes, refinance mortgages, perform home repairs and other expensive projects. 12.How does a fall in the value of the pound sterling affect British consumers? R/. This will makes the foreign goods expensive and the British are not going to buy this foreign goods because they are going to choose for the cheaper one. 13.How does an increase in the value of the pound sterding affect American businesses? R/. For American business will be easier for sell their goods and they can sell it in the United States or abroad. 14.When the dollar is worth more in relation to currencies of other countries, are you more likely to buy American-made or foreign-made jean ? Are U.S.companies that make jeans happier when the dollar is strong or when it is weak? What about American company that is in the business of importing jeans into the United States? R/. In the mid-to late 1970s and in the late 1980s and early 1990s, the value of the dollar was low, making travel abroad relatively more expensive; thus it was a good time to vacation in the United States and see the Grand Canyon. With the rise in the dollar’s value in the early 1980s, travel abroad became relatively cheaper, making it a good time to visit the Tower of London. Chapter 2 1.Why is a share of IBM common stocks an asset for its owner and a liability for IBM? The share of IBM stock is an asset for its owner because it entitles the owner to a share of the earnings and assets of IBM. The share is a liability for IBM because it is a claim on its earnings and assets by the owner of the share. 2.If I can buy a car today for $5000and it is worth $10,OOO in extra income next year to me because it enables me to get a job as a traveling  anvil seller, Should I take out a loan from Larry the loan Shark at a 90% interest rate if no one else will give me a loan? Will I be better or worse off as a result of taking out this loan? Can you make a case for legalizing loan-sharking? I should take out a loan from Larry, if I make a case for legalizing that would give problem and can affect the bank. It’s not good make a case. 3.Some economists suspect that one of the reasons that economies in developing countries so slowly is that they do not have well-developed financial markets. Does this argument make sense? Yes, because the absence of financial markets means that funds cannot be channeled to people who have the most productive use for them. Entrepreneurs then cannot acquire funds to set up businesses that would help the economy grow rapidly. 10. If you are an employer, what kinds of moral hazard problems might you worry about with your employees? R/. I would be concerned that they have their own responsibilities and they might steal things or do not good behaviour. 11.If there were asymetwmthe information that a borrower and a lender had, could there stiIl be a moral hazard problem? Yes, because even if you know that a borrower is taking actions that might jeopardize paying off the loan, you must still stop the borrower from doing so. Because that may be costly, you may not spend the time and effort to reduce moral hazard, and so the problem of moral hazard still exists. 14.How does risk sharing benefit both financial intermediaries and private investors? Risk sharing benefits and financial intermediaries are able to earn a spread. Investors benefit are able to invest in good diversified portfolio.

Operator In A Call Centre In India

Suppose you are working as an operator in a call centre in India and receiving calls from Americans and Londoners. How would you handle such calls? Ans: As an operator first thing which I would try and ask politely would be that what is the route cause of the problem of the customer and would try and give time for explaining or removing out the frustration after which the customer would then have patience in listening to what we would try and explain.As an operator I would rectify the problem by all the better means and try to explain the customer in a better way that he would get convinced completely with the solution which could rectify the same. I would also make sure that the customer has any doubts or clarifications regarding the same and reconfirm the same from the customer about the solution explained to him was clear. As an operator I would co-operate with the customer to completely resolve the problem which ultimately satisfy the customer.I would also thank the customer for having the patience and giving us an opportunity to troubleshooting the issue and getting it rectified. I don?t want to speak to you. Connect me to your boss in the US,† hissed the American on the phone. The young girl at a Bangalore call centre tried to be as polite as she could. At another call centre, another day, another young girl had a Londoner unleashing himself on her, â€Å"Young lady, do you know that because of you Indians we are losing jobs? † The outsourcing backlash is getting ugly.Handling irate callers is the new brief for the young men and women taking calls at these outsourced job centres. Supervisors tell them to be „cool?. Avinash Vashistha, managing partner of NEOIT, a leading US-based consultancy firm says, â€Å"Companies involved in outsourcing both in the US and India are already getting a lot of hate mail against outsourcing and it is hardly surprising that some people should behave like this on the telephone. † Vashistha says Indi an call centre?s should train their operators how to handle such calls. Indeed, the furor raised by the Western media over job losses because of outsourcing

A Study on the Cultural Connotation of Chinese Dishes and Their Translation

China is renowned for its unique dishes. Nowadays tasting Chinese dishes has become an important element for foreigners to know better about China. Although a lot of restaurants have their English versions of menus today, those translations are not so satisfying. It occurs too often that many foreigners feel confused while they are looking through the menus. Why is it so difficult to translate Chinese dishes into English and how is it translated into sound English versions to fit the fine Chinese dishes? To find the answers is the main purpose of this paper which focuses on the cultural connotation of Chinese dishes and their translation. In our study of translating Chinese dishes, we should first know well about what the criteria for translation are. In Guo Junxia’s ( ) article, I get the information as the following: the three characters, faithfulness, expressiveness and elegance formulated by Yan Fu in his Introductory Remarks are thought of and supported as the one and only maxim all translators must absorb (qtd. In Guo Junxia,258). So when we translate Chinese dishes into English, we should take these three criteria into consideration. When I search for the materials on this study, I find that many people have been engaged in this study and have brought forward many strategies on it. Literal translation is a strategy frequently used in translating Chinese dish names. When the target reader understands the information in the source text easily and clearly, the dish names maybe translated literally. However, the Chinese strive for elegance when they name the dishes, so a word-for-word translation may lead to misunderstanding, puzzlement or even embarrassment. The best way to avoid invalid translation is to paraphrase (namely, free translation) it. Transliteration is involved in the strategies as well, making the local characteristic of the dish and its connection with a certain person more prominent( ). Many experts have referred to the strategies of translating Chinese dishes like above, and some gave more details or other different opinions. In Feng Qinghua ( ) and Mu Lei’s ( ) book, they gave details on how to translate Chinese dishes by using the strategies of literal translation and free translation. 1. Literal translation: cooking method(s)+ major ingredient(s) 2. Literal translation + explanations 3. Free translation: 1. Major ingredient(s)+ with+ sauce 2. Sauce+ major ingredient(s) 4. Transliteration+ explanation(s) They also said sometimes we can translate Chinese dishes by using the names with which Westerners are very familiar, making the translation more real and understandable (241). Although their strategies are very detailed, the examples they gave may make us frustrated. In their book, one dish is taken for example to explain one strategy, but then the same dish will be also mentioned in another strategy. Lu Hongmei ( has put forward a similar opinion, but she added one point: how to translate the pharmaceutical dishes. When translate this kind of dishes, the translators should translate both the ingredients and cooking methods, as well as the explanations on its functions (128). Sometimes when the translators translate the Chinese dishes by using literal translation, the beauty of original version will get lost. What should we do to deal with this problem? As Li Zubing’s ( ) has states in his essay, when translate Chinese dishes, translators should integrate the â€Å"format† with â€Å"meaning† very well, but it is not always that easy. Nevertheless, the translator should always gain an idea that the content is invariably superior to the format. To translate the principal ingredients, subsidiary or auxiliary ingredients, ways of cutting and ways of cooking always rank as the priority in the list, just as Westerns do, letting the dinning people know what taste these dishes are (65). I prefer his idea because I believe that until others understand what the meaning you convey is, then it is possible that they can get the further information behind the words. In Zhu Chunlin’s ( essay, he has explained the strategies from another standpoint. He said there are two strategies of translating Chinese dishes, namely, the first one is perfect translation, and the other one is adequate translation. The perfect translation means the translated version is only to convey the original information, regardless of the story or history hidden behind it. When translate Chinese dishes, the translator only needs to translate the pr incipal ingredients, subsidiary or auxiliary ingredients, ways of cutting, and ways of cooking, etc. By contrast, the adequate translation, as Li Zubing explained, requires the translator to yield up the format, but instead, to keep the content (187). As to the Chinese dishes with cultural connotation, which are connected with history, legend, fairy tales, and so on, many scholars have presented different opinions on the strategies of translation. Yang Qunyan ( ) has explained that if the Chinese dished are translated literally or paraphrased, the cultural connotations embedded in them will be lost. So the translator should provide some background information as well (66). Although it is reasonable to give more information to better understand the dishes, the room of the menu does not permit to admit too many words. When we are in this kind of dilemma, we should add the background information selectively according to different dishes. Just as Xie Xianze ( ), Pan Yanqiang ( ), and Du Li (? ?)have stated in their essay, the primary thing of translating Chinese dishes is the conciseness. When translate the Chinese dishes with cultural connotation, the translator needs to provide some explanations on them. However, different explanations should be given according to their different names, and the co-authors have classified them into two categories. For the dishes of requiring little explanations, the translator should only translate the principal ingredients, subsidiary or auxiliary ingredients, ways of cutting, and ways of cooking, etc, and then add their pinyin and literal meaning in parenthesis. As for the dishes requiring more explanations, the stories of the dishes should be added after the names, or, the waiters can explain to the dinning persons when they are looking through the menu (72). Zheng Jinhuai ( )has given more details on the strategies of translating Chinese dishes. He offered his analysis on the characteristics of naming Chinese dishes with cultural connotation, and gave three main strategies to translate them, and the translator can use them accordingly. Firstly, when the dishes involve the historical persons, stories, legend, etc, the literal translation can be used and further explanations should be added. Then, when the dishes involve the places, the translator had better choose the strategy of literal translation. Lastly, when the dishes relate to figures, shape, color, culinary jargon, best wishes and expectations, and imagination, etc, the free translation is the best choice (90). My essay will put forward to my strategies after analyzing the characteristics of naming Chinese dishes. Additionally, we should take account of the cultural differences. As Li Yuqing ( ) said in her essay, the translated versions can sometime arises a cross-language and cross-cultural problem. We should take into consideration whether the translations ate culturally acceptable to foreigner or not. After all, it is suggested that we should follow the principles of stability and consistency in cuisine naming and its translation, trying our best to translate the refined and graceful cuisine names in the foreign language by keeping their original cultural connotation (98). For this paper, many strategies will be put forward, including the literal translation and free translation; especially the Chinese dishes with cultural connotation. This paper will pick up many typical Chinese dishes to exam the strategies from various aspects. Where can I get the English versions of Chinese dishes?

Italian SME footwear company (Supply Chain and Logistics Management) Assignment

Italian SME footwear company (Supply Chain and Logistics Management) - Assignment Example The firm therefore adapted the use of third-party logistics functions. In the modern business age, the global environment has become very competitive requiring companies to deal with several different sources so as to ensure customer satisfaction as well as their own success. Such competitiveness is what has called for strategic plans such as use of third party logistics providers (Rodrigo 2012: 12).With such an approach, one has to look at both the benefits and disadvantages of the approach. In covering the benefits, it isnecessary to evaluate whether such decisions would be easily assimilated by the company.That is, issues such as product availability, labor force, meeting of customer expectations the third party logistics capabilities would have to be considered, amongst others that may arise in the process.Supply chains do not only involve materials, logistics, ICT and facilities but also include people in charge of operations or people involved in the chain operations. Thus, a m anufacture should always consider â€Å"supplying people† when designing the supply chain. That is, considering the right human expertise in the supply chain. Question 1 In analysis and evaluation of the Baldinini srl strategy, major focus will be on the effect towards the company’s performance. ... ms of inventory management, Baldinini stands a chance of lowering costs associated with storage, moving in and out of their products into the inventory. Most of all, the company is lifted off the burden of tax accumulation generated by increasing value of products included in the inventory. It becomes way affordable and manageable to hire a 3pl provider. In terms of company and customer relationships, the end receivers of Baldinini products fail to realize the company, this works negatively for Baldinini. Question 2 Traditionally, several companies have seen their advantage in competitiveness as a derivative from their product or services that they provide. With time, however this has changed as products and services become replicated by the day (Keifer, 2012).This possesses a greater risk of competing with counterfeits causing companies to shutter in their own market place. Several companies now no longer see their competitive advantage as a result of their products and services but as a result of how they run their businesses (Keifer, 2012). Supply Chain Management (SCM) plays a specific role in meeting customer demands, developing strategies, proper management of inventory, control of production orders and also maximization of customer fulfillment. One fundamental of SCM is the SCM Objectives. Supply chain management aims to meet rising customer demands or increase it in target markets. It also includes optimization of the supply chain with as minimum cost as possible, Nitl (2008).This approach maintains that a company should clearly understand their customer needs and also have a clear view of their market place. By having the objectives figured out, a company already possesses upper hand in the market place.By doing so, a company eliminates unnecessary activities

Youth Work & Poverty (REACTION PAPER) Research Paper

Youth Work & Poverty (REACTION ) - Research Paper Example I agree with this contention because education empowers individuals with knowledge and skills that help them to exploit new opportunities of personal and professional growth. It also ensures that they are better equipped to make decisions based on informed choices which enhance their scope of employment. The increasing poverty forces the youth to abandon their studies in favor of work that is necessary for human survival. Moreover, while 16% youth is unemployed, by the age of 23 years, 41% of them end up being arrested at least once for something other than minor traffic violation (dol). This is hugely pertinent fact because it reveals the subtle trend in the current generation towards criminal acts and unlawful activities. The problems of the youth and the deteriorating level of education have emerged as crucial social factors that adversely impact the socio-economic development of the nation (Doob, 38; Conger & Donnellan, 179). It not only deprives the future of the nation with their dreams but also considerably adds to the burden of public welfare plans. One of the interesting questions that it raises is why one of the richest and the most developed nation of the world has not been able to motivate its youth for higher education as two out of every three unemployed youths have high school certificate or less (dol). Their lack of education either makes them jobless or earn much less than their peer group who are better qualified. It often results in low esteem and tendency towards unlawful activities for enjoying the lifestyle that they believe they are entitled for! (Abramsky, 29). Thus education becomes vital tool for the young people to ensure that they are better equipped with skills and qualifications to avail new opportunities of work and contribute to the development of the nation. The educational level has emerged as key element that significantly widens the scope of getting good jobs. It cuts across the divide of

Film Analysis-Holes Essay Example | Topics and Well Written Essays - 750 words

Film Analysis-Holes - Essay Example The Warden assigns the daily chore of digging holes five feet deep, in the dry lake on a daily basis. She dominates everyone involved in the camp, inflicting pain on the assistant warden and threatening the patient counselor, Pendanski. It is evident that she is in control of her surroundings and those she interacts with. The empty lipstick tube with the initials KB, found by one of the boys during their daily digging of the holes, appears to hold special meaning for the warden. After the tube is brought to her, the warden becomes seemingly more powerful, inflicting her wounds and passing judgment on the others, with the exception of Stanley. The lipstick tube represents feminine control, power and intuition. The tube bears the initials of ‘Kissin Kate.’ This is a woman who, one hundred years prior, predicted doom for the people of Green Lake, after they killed a black man, Sam, for sharing a kiss with her. Katherine Barlow’s prediction of â€Å"punishment 2 from God† (Davis) does occur as the lake dries up and all vegetation disappears. The lipstick tubes seems to almost transfer the feminine intuitive powers from Kissin Kate to the warden. She seems to favor Stanley, as if she knows he is not the criminal he is reported to be, almost as if she knows the other boy took the case from Stanley to earn favor with her. Her special sense about Stanley is similar to that of Kate, about Sam. In both Green Lake settings, it is the women who possess the control and power, or matriarchic determinism.