Income elasticity of demand Essay Example for Free

Income elasticity of demand Essay World trade for wheat is greater than for all other crops combined and is cultivated in 128 counties. A farming company specializing in wheat and barley production (Silo Pty Ltd), one of many producers in the international market, is greatly affected by storms in the U.S and South America. These storms have reduced the global wheat yield by 50 per cent. Wheat continues to be the most important food grain resource as it is used in a large majority of foods around the world. Its production leads other crops such as rice, maize and potatoes. Despite wheat’s great importance in the food industry, it would still be regarded as being price ‘elastic’ and have a positive income elasticity, as there are many competitive suppliers around the world, which could possibly lead to fluctuations in prices and prevent large shortages. Price elasticity of demand arises due to the responsiveness of the quantity demanded of a good to change its price, when all other influences on buyers’ plans stay the same. Income elasticity of demand is the responsiveness of demand due to a change in income. Factors that generally affect the supply of goods or services include, the price of factors of production, the prices of related goods produced, expected future prices, the number of suppliers, technology and the state of nature. Demand is also effected by such factors as, the prices of related goods, expected future prices, income, expected future income and credit, population and preferences. If ever there were a shortage of wheat due to bad weather or storms, such that has happened to Silo Pty Ltd, other crops such as barley or maize could be used as an alternative resource, thus the supply would decrease and eventually the demand would decrease slightly as well as there are alternative resources at possibly cheaper prices. This would result in wheat being considered as a normal good in western society as for which demand increases as income increases. Graph 1 shows the situation before the storms hit and the effects after the storms. The demand curve is D and the original supply curve is labelled S0. After the storms hit, the supply curve shifted left to S1. This represents the supply decreasing, further increasing the price. Graph 2 shows the effects of the expected future price rise. Demand increases, shifting from D0 to D1, supply decreases shifting the supply curve from S1 to S2.

Double Indemnity :: essays research papers

Double Indemnity   Ã‚  Ã‚  Ã‚  Ã‚  Before I start my paper I would just like to say that it was the best film yet! In this movie Walter Neff went through a huge transformation. He went through one that would change his life dramatically.   Ã‚  Ã‚  Ã‚  Ã‚  Walter Neff at the start of the film was an honest hard working man. He spent eleven years selling insurance and loved every minute of it for the most part. While Walter was going through his papers he must of noticed that Mr. Dietricson’s auto insurance had run out. After trying to contact him several times he decided to drive over to the house. As he stood in the door way there she was, a beautiful blonde standing in a towel. This was the beginning of his problems. The two sat down in the living room where they went over the insurance. Eventually, Walter started to hit on her, but that didn’t last to long. Mrs. Dietrichson said that it would be better if he cam back another day to settle the insurance problem when her husband was around. Walter returned to his office and a message was left from Mrs. Dietrichson asking if he could come by tomorrow afternoon. This is where her plan went into action. Mrs. Dietrichson flirted with Walter and acted like she had feelings for him. After they see each other a few times Mrs. Dietrichson talks about how she is hit and how she wishes her husband were dead so that Walter and she could be together.   Ã‚  Ã‚  Ã‚  Ã‚  Since Walter was an insurance sales man he knew a lot about the business and cases. Walter planed out a perfect death that could never be considered murder. He would kill Mr. Dietrichson before his trip on the train. Then he would have Mrs. Dietrichson meet him down the tracks where he will jump off. Quickly Mr. Dietrichson’s body will be placed on the tracks to make it seem like he fell off and died. This went very smoothly except for one thing a man was sitting in the back of the train before he jumped off so there was a witness. Mrs. Dietrichson manipulated Walter just so she may be able to get rid of her husband and get a lump sum of money.

Outsorcing

Nowadays, many companies use outsourcing to be an alternative source to do specific work, processes, and activities to get benefits from within an organization to outside providers without aware of effects on local worker or country economic. According to Reap W. (2012), some companies in United States and other area make a lot of profits from outsourcing in term of economy and businesses such as production of material product while others are suffer from transferring outsourcing job to other countries that impact on United States economic.Companies should once about local workers more than self-benefit because if they continue to destroy local Job that will cause major problem to society. According to wry. Serviette. Com, what is outsourcing (n. D. ), outsourcing is a process of hiring outside internal companies or workers from domestic or abroad to do specific work such as manufacturer, marketing or even content writing. Presently, outsourcing is very popular in slow develop countr ies such as Laos, Vietnamese, India and Thailand because several factors.According to Overly (2007), low costing, lack of n-house resource, variable capacity, access to specific IT skills, increase flexibility to meet new business and commercial conditions , these are the major factors that lead big country come to invest outsource in undeveloped country. For example, according to Matthews (2012), many U. S companies invested in India and Vietnam such as Aids, Leno. These companies mainly produce their product oversea because lower labor cost that make them produce product in cheaper price and customer can afford it.Another example is gasoline, gasoline price is continue decrease, even Hough much oil are produce from other countries so public was stated that the factor effect to gas prices are more money spend needs and other wants. According to Plunked research, â€Å"Introduction of outsourcing and offshore industry', one of outsource service very popular and continue to be stron g hiring thousands of Jobs to work in China and India is engineer and researcher that in 2010, the number of worker in IBM is from oversea is over 80000 people and it reached to 112000 people in 2012.These examples were connected to the reasons of manufactured goods and sots, materials and services. Outsourcing causes local worker who live or work in developed country lose their Job. According to Mapping (2008), outsourcing purpose is to cut production cost by hire other foreign companies and workers to do specific work so it leads to people losing Job and 40 percent of US company is sending Job to foreign countries and over 31 percent of US citizen are lose their Job. This statistic seems obvious that outsourcing make US citizen loses their Job and it can connect to major problem.For example, according to kimono (2009), an increase of trade U. S. Jobs to oversea as well as increase of Jobs losses that has impact on U. S. Economy as a whole such as MM, Ford Motor and GE Capital have sent a high number of Jobs to other countries and chosen employ cheap labor instead of hiring worker in their country. According to the article â€Å"what is outsourcing†, one of the major factors companies choose outsourcing is cost of outsourcing that can reduce amount of money by outsourcing some of the Jobs and tasks such as content creation and server monitoring and management.According to Alex (201 1), a research shows the estimate number of outsource in 201 5 is 3. Millions Job send to oversea as a result thousand of U. S Jobs will be lost each year and it leads to be shutdown country economic and that layoff can cause stress on human mind and lives. For example, some common depression symptoms are feelings of worthlessness, helplessness, guilt, fatigue, insomnia and restlessness, according to Empower. Some symptoms of anxiety include worrying, obsessive thoughts, fear, panic, impatience, concentration problems, rapid or irregular heartbeat and nausea.Moreover, outsou rcing can make many Jobs at risk to distinct, according to Opposing viewpoint â€Å"Legislation to Limit Outsourcing Is Essential and Effective†, The Bureau of Labor Statistics shows that about 51 5 occupations are at risk to distinct and 160 of these Job are change to be offshore outsource and over 300,000 occupations will disappear annual after year 2015. These reasons have showed that outsourcing causes Job losing, slow development and mental illness on people. Moreover, outsourcing causes global economic crisis which is major problem to every country because it can affect to world economic.According to Rather (2014), who has a PhD in organic chemistry from Oxford University as well as a Bachelor of Technology n chemical, In 2013, the number of unemployment is increased millions people that causes global economic crisis, in contrasted, India, a country which education has just boomed, there are now has fewer people unemployment than U. S. ‘s. According to Losing Jobs , The real impact of the Economic Crisis (2012), â€Å"As more and more businesses go to the wall, rising unemployment levels are a clear and devastating indication of the problems that workers are facing worldwide.The International Labor Organization is forecasting that more than 50 million workers could lose their bobs this year and up to 200 million more will be plunged into extreme poverty. The Organization for Economic Cooperation and Development says that by next year jobless numbers in rich nations could rise by eight million to 42 million. The UK has just registered the biggest quarterly Jump in unemployment since the 1981 depths of recession. † This is a result from outsourcing that lead to local worker in U.S loses their Job and it may lead to major problems. For example, according to Junker (n. D. ), investment in real capital cities is stagnant and a lot of consumers have slowed Roth in paying money and it make economic crisis. These factors are connected to slowe r develop country and if this continue to long-term protesting will happen in finally. On the other hand, outsourcing can improve country economy and develop country standard. According to Grant G. (n. D. ), outsourcing can offer over 90000 Jobs to local worker and foreign worker in 2003 that U.S. Companies use offshore sourcing lower costs, to allow them to hired U. S. By called for a tax credit to help pay extra money for American companies which agreed to stop hiring worker overseas operations to take umber of Jobs back to American land as part of his â€Å"incurring† agenda. Surprisingly, more than 100,000 IT Job software and hardware are moved to other countries , but the number of U. S. Job is created more than 90000 as the result from cost saving and offshore outsource. However, outsourcing can destroy country economy and overview of country.For example, outsourcing causes major problem by job losing when people lose Job, they will concern their money how to live, how to spend their money as the result they will spend money less and country economic will struggle then country will slower developed. Moreover, when people get more stress and it over limited that person can cope with, they will suicide and this problem will bring overview of country get worse so these can demonstrate that outsourcing can cause many problem that a problem connected to other and it will be major issue.In sum, U. S. Companies and government should cooperate to reduce number of using outsource to solve the following problems that will happen after offshore order to relief economic crisis and decrease number of unemployment that caused by outsourcing.

Career Goals Hurt Academic Performance - 1515 Words

Unclear Career Goals Hurt Academic Performance One major and frightening problem students face is not developing defined career goals. Students Who enter college right after graduating high school tend to have no idea of what exact career path that they want to pursue. A majority of these students struggle to figure out their career goals and end up taking a variety of different courses, most of which are unnecessary. Some of the classes they enroll in may not have any relevance to the major that the student eventually decides to pursue. When taking a mass variety of different classes, there will be certain classes that do not play to the student s strengths, and they tend to struggle. These classes not only affect their GPA,†¦show more content†¦Students who lack career goals can often result in students who lack interest in their chosen majors. According to Community College Students Face a Very Long Road to Graduation from the New York Times by Ginia Bellefante, Mr. De Jesus said, I don t just want to be in school. I want to learn in school. I know I can pass these classes, but my mind is always elsewhere. I m st ill thinking all the time of the future, the future, the future, but I m stuck here in this present, he continued. This quote is relatable to me because as an individual, I was at the same point in my life a long time ago. In Mr. De Jesus s case, his career goals differed from the classes that he was taking, which damaged his passion for the degree he was trying to obtain. Mr. De Jesus had many obstacles to overcome, but a strong set of goals and a positive outlook can help a student accomplish their dreams. He eventually lost interest in school because he felt that he was just existing, rather than actually learning. If Mr. De Jesus also had a social capital that he could draw on, he may have been able to figure it out and feel less stressed and more inclined to struggle and achieve his career and academic goals. Students entering college for the first time often do not know what they want to do as a career. They begin theirShow MoreRelated Making Uniforms Mandatory for High Scho ols Essay594 Words   |  3 Pagesin high schools are becoming increasingly popular across Canada. In fact, most school boards are positive towards making uniforms mandatory. Uniforms at high schools should be mandatory. Can uniforms really make a difference in a student’s academic performance? Of course, they can. First of all, uniforms create an atmosphere of equality at school. When worn by all students, uniforms reduce the gap between the rich and the poor and therefore, promote equality. Moreover, in the absence of uniformsRead MoreAre Athletes Treated Differently From The Rest Of The Student Body?1457 Words   |  6 Pagesfriendships beyond high school where you might stay in contact with former classmates. Sports in high school teach teamwork and cooperation where everybody has to work as a cohesive unit and be dependent by having each teammate back to reach a common goal. Having mentors who are positive can help with a student on and off the court development in preparation for life beyond high school. 3) What are the advantages and disadvantages of being a student athlete? (All levels) Some of the advantages ofRead MoreSports Activities And Its Impact On Society2493 Words   |  10 Pagesadvantages which lead to refining both academic performance and mental toughness of game ought not to be under-evaluated (Martin, 2005). Students in college these days are keen to take part in sports. They are sometimes ready to miss their important lessons to perform sports activities held in school or outside school and they may get treated in an illegal way. The NCAA [National Collegiate Athletic Association] considers claims that are related to academic dishonesty (Wolverton, 2015). InRead MoreThe Myth Of Common Core Equality By Valerie Stratus913 Words   |  4 Pagesfrustrated with not being able to reach their goal of meeting their academic level. The stress level the new standard is having on students is no longer having a great passion for learning based on their poor school performance. For ELL students that lack of motivation can increase by them not being able to grasp the concept of the new standards. When students begin to guess on their exams they are no longer learning, but instead trying to ignore their academic frustration. The lack of student motivationRead MoreAnalysis Of The Article Who Benefits From Failing Urban School Districts?1621 Words   |  7 Pageslead an organization, participated in hands-on work, or been held accountable for their performance. Haberman claims, â€Å"†¦central office personnel have had no experience at being productive, accountable or engaged in real work† (2007). Instead of focusing on the bigger issues within the public school system, the dysfunctional bureaucracy has been focused on performing their regular duties, achieving a specific goal within their department, and attending meetings. These tasks are not supporting the publicRead MoreThe Psych Of Serial Killer1735 Words   |  7 Pagesconcerning prevention and intervention. Just what is violence? Violence is explained as hostile emotions or feelings being acted upon. Also it means to be severe, adamant and many times hazardous by using one’s natural strength so as to create hurt or mistreatment (Webster, 2015,p.1). How many times have we seen or heard on the news of two individuals who engaged in an argument only to have it escalate to a full blown fist fight or end in a shooting death. My mother once told us of a story ofRead MorePart Iv: Admissions Essay. How Have Your Life, Work, And1602 Words   |  7 Pagesanalyze, and form opinions on one another. I’ve acquired more information than expected throughout these past years, especially in my program. This particular topic is something that I am very passionate about. This passion motivates me, in pursuit of a career in social work, because I want to be a force and image for change. Adding cultural competence to these already existing values and strengths, this will influence me and others, of different cultural backgrounds, to overcome ignorance and prejudiceRead MoreTenure, A Significant Reward For Teachers1388 Words   |  6 Pagesthe tenure system makes it hard for them to fire a teacher, the administrators should scrutinize nominated teachers before granting any tenure. Furthermore, school administrators should consider the teachers’ merits, as well as their professional performance. If administrators spent their time supervising their candidates carefully, they would be able to keep good teachers and dismiss bad teachers by acting during the probationary period. â€Å"When the school principal acts responsibly, poor teachers areRead MoreThe Effects Of Sports On Student Students3637 Words   |  15 Pagesan integral part of a student s life. The importance of academics cannot be ignored in the life of a student athlete. It is therefore important that a student who has to stay committed to his athletic activities should work hard towards studies to balance off his or her grades. Taking part in sports can be extremely helpful in enhancing the physical and mental well being of a student. It can also help perform better at academics. Struggling athletic students should be granted scholarshipsRead MoreThe Education Is A Universal Rights Essay1263 Words   |  6 Pagesbenefit all of the student population. Multicultural seeks to ensure that all students receive an equal education. It is clear that a student’s socioeconomic background and race are some of the most influential factors that determines a student’s academic success. The students background can either promote or hinder their success in the classroom. Students that come from better off economic backgrounds are more likely to have access and participate in organized activities. Working class may not have