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and quality of housing are crucial for economic well-being, growth, and social welfare. However, for decades’ supply has fallen short of the level needed to match demand and has been irresponsive to increases in prices. In the UK a significant shortage of housing explains why house prices have risen much faster than inflation and earnings. Housing construction involves more stages than most of other products. New homes building depends on land acquisition, planning and development stages and…

remaining producers were able they would massively increase supply and decrease OPEC market share, with a big enough response the price of oil would approach competitive allocation. OPEC must therefore take into account non-members when setting the price. Salant’s model argues that due to the presence of a competitive fringe the cartel must set the price lower than the monopoly price, reduce output and let the price rise rapidly. This implies that the cartel raises the present value of the…

Price elasticity is the measure in responsiveness of consumers to changes in the price of a product or service. Price elasticity is defined as of supply or demand, "the ratio of percentage change in a goods supply or demand to a given change in price, other things being equal." The evaluation and consideration of this measure is a useful tool in firms making decisions about pricing and production, and in governments making decisions about revenue and regulation. By properly considering price…

FIGURE 2.6. (a) Demand Relationship (b) Supply Relationship (c) Demand and Supply Relationship Therefore, it can be said that price is the reflection of demand and supply. It is believed that behind the allocation of various resources underlies the relationship between these two (demand and supply). For example, if there is a shortage of oranges in the market, their price would increase. This reason behind this is the reduced supply and increased demand for the fruit. It will create a…

present to you the following information that will help you understand the low demand. Context Through market research and analysis, I found out that the demand for the product to be affected by some of the following factors. The first factor is price, alternatives, advertisement channels that will be used to market the product are equally crucial. It will also be important to have a team that will be in charge of selling the product and designing strategies…

Price elasticities of demand is consistently changes for various care services due to healthcare, such Medicare and Medicaid are used. Price elasticities is a measure used in economics to display the responsiveness, or elasticity of the quantity demand of a good or service to a change in its price. More precisely, it provides the percentage change in quantity demand in response to a one percent change in price. For example, the price elasticity for hospital days ranging from -0.67 to 0.47 to 0…

Price elasticity refers to the change in the amount of a product demand due to change in its price. In other words, how much in quantity demand will change due to a single unit change in price. The Supervisors of microwavable food company should make the clients feel like they cannot live without their food, in case the supervisors are planning on increasing the prices for their products. This is because the company is operating in a very competitive market meaning that a slight increase in the…

Our first “Anti-bully Day Committee” meeting led to a goal: fight unkindness on a large scale. We called it “Kindness Is Contagious (KIC) Week.” Suddenly, I found myself the Director of the event which included thousands of students across six high schools. From the beginning, I imagined the actual event planning would be the hard part, but as a family member told me, “The hardest thing, not just in KIC Week, but in life is working with other people.” Over the course of a myriad of planning…

Web browser is a special program designed for viewing websites. It works via http requests to the server and receiving from it the information that is processed by a special approved standards and thus formed a web page. A brief history of the browser The very first browser within graphic interface is NCSA by company Mosaic. However, despite the fact that it is a pioneer in the field of browsers, the Mosaic development was discontinued in 1997 due to market losses. These problems begun when…

Today, I bought a new computer. My old computer runs on OSX whereas my new computer runs on Windows operating system. I am very excited about this because although it is possible to put OSX and Windows on the same hard drive it is difficult to do results with both operating systems having limited space. I did not want to be constantly concerned about permanent storage, which factored into my decision to purchase a new computer, which has 500 gigabytes of available storage on the hard drive.…