Sol Price

in Canada The cost of living is rising steadily in Canada. The cost of living is defined as the price of keeping a certain standard of living. To calculate it, you need to know the average cost of the needed goods and services to maintain the aforementioned standard of living. The rising cost is caused by many factors, such as: the housing market, gas prices, the weak Canadian Dollar, clothing prices, public transportation costs, and the fact that wages are not increasing fast enough (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…

goods. 2.Prices of related goods In this factor if a price of a good is lowered and/or falls a demand for complementary products usually goes up. Example: cake icing and cake mixes if one of these were to go on sale there will be more of a demand for the other. On the other side, if the price of goods rise but there are substitutes and these substitutes remain…

formula is price the good was sold times the quantity sold. Elasticity is a way to calculate how consumers change their buying behavior whenever the price of a good changes. If elasticity is high, then consumers greatly alter their buying behavior whenever the price of a good changes. If elasticity is low, that means that consumers did not change their consumption greatly. In other words, the change in price did not change the quantity they purchase of a good. Sellers may want to increase…

1. What are the methods described in The Goal for identifying a bottleneck? Answer: Methods described in The Goal for identifying a bottleneck are, • Looking at all the different resources and then comparing with market demand. The one in which demand is greater than availability is the bottleneck. Thus bottleneck is defined as the resource such that the capacity is equal to, or less than the demand placed on it. • Using Herby analogy to identify the bottleneck, so bringing experience into…

the law of demand infers that a decline in the price of a good increases the quantity demanded. Therefore, the price elasticity of demand gauges how much the quantity demanded reacts to a change in price. Demand for a product is deemed to be elastic in scenarios where the quantity demanded reacts considerably to changes in the price. Demand is described as inelastic if the quantity demanded responds only slightly to changes in the price. The price elasticity of demand for any product gauges how…

Is there such a thing as “Perfect Competition?” Some would say that those two words don 't go together but Economists would beg to differ. This video series has been very valuable in breaking down the meaning of “Perfect Competition” and in teaching the foundation of what is Inelastic Demand. Elasticity versus Inelastic Demand When I think of “Elasticity” the first thing that comes to mind is the waist of a pair of pants or the amount of stretch in something but when we speak about Elasticity…

SURPLUS Consumer surplus is an economic measure of consumer satisfaction, which is derived by analyzing the difference between what consumers are willing to pay for a good or service, relative to its market price. When the consumer is willing to pay more for a given product than the current market price, consumer surplus concept occurs. This is not a tangible surplus. For example, if you are in need of some computer accessories and your budget would be Rs. 15,000 to purchase but when you reach…

The legal process of gentrification is potentially one of the more easily argued cases, especially in a country that prides itself on its free market. Using 1520 Sedgwick as an example as well I will compare how the ideals of a free market economy would effect it with the realities of the situation. First of all, if the US was a true free market economy 1520 Sedgwick would never have been enrolled in the Mitchell-Lama program because such a system wouldn’t exist unless the government owned the…

Sometimes there are situations when the customer is positioned in a way that the firm can be pressured to make decisions that adversely affect profitability. These situations revolve around two areas called buyer’s price sensitivity and the related bargaining power. The buyer’s price sensitivity is defined in four factors that shift the power back and forth between the buyer and seller. The first of these factors is the percentage of spend or percentage of total spend. If a customer only…