Spot price

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…

Data Summary: In this lab a cart on a tract was connected to a free-falling weight to determine the unknown mass of the cart and it’s passenger, when added. The track was also set at an incline to change the data, but calculations should result in the same mass. Data collection included releasing the weight and timing how long it would take the cart to travel over one meter on the track. The weight’s mass would be changed to gather different times to calculate different velocities and…

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The Cross-Price Elasticity of Demand measures the rate of response of quantity demanded of one good, due to a price change of another good. If two goods are substitutes, we should expect to see consumers purchase more of one good when the price of its substitute increases. Last September, CVS was the 1st major pharmacy chain in America to stop selling tobacco products in their stores. While the prescription sales at CVS continue to rise, the general merchandise that they sell fell nearly 8% last…

to exhibit an elastic demand: A) the shorter the time period in which people have to adjust to any price change. B) the less elastic is the demand for any complementary goods. C) the lower the price of the good relative to other goods. D) the more people consider the good a luxury. 27. When two goods are complementary, the cross-price elasticity of demand: A) is positive. B) equals zero. C) is negative.…