Price Elasticity of Demand Essay Example for Free

Price Elasticity of Demand Essay Supply and demand plays a vital role in the economy. Price is the central determinant of both the demand and supply, for example the higher the price of a good or a service the less the product is demanded. In circumstance where the price goes down, demand increases. The response of price and quantity demanded create an inverse relationship between the two. Whereas demand portrays the consumer decision making in purchases, supply is drawn on producer’s willingness to make profit (Parkin, 2002). The overriding factor in determining price elasticity of demand is the willingness and ability of consumers to easily switch from one good to another (substitute goods) in case of any price change. If the demand for corn increases due to its use as an alternative energy source, its supply will also increase making the soybean (substitute) supply and demand to go down. This will force farmers to shift their soybeans farms to produce more corn because of the increasing demand at the market. The total revenue of the suppliers of corn oil will increase because of the increasing demand at the market. This is also because of other determinants of supply like price of the product; a producer (farmer) is always aimed at maximizing his/her profits and minimizing his/her cost thus a rise in price will increase the producer willingness to supply and vice versa. Other factors that are likely to affect the supply of products include tax and technology, a producer aim at maximizes his profit but an increase will raise his expenses. Technology helps a producer in minimizing his cost of production-provided that mass production is possible with technology. Parkin (2002) hints that in a market setting, the law of supply and demand predicts that the price level tends to move toward the point that equalizes the quantity supplied and demanded. Therefore, equilibrium point is created; a point where quantity supplied at the market and quantity demanded at the same market is in balance, where the supply curve crosses the demand curve. At equilibrium, when demand exceeds supply there is excess demand and prices will increase. On the other hand, when supply exceeds demand there is excess supply and prices will decrease. Such instances where supply or demand exceeds one another are very common in the market and will cause shifts in price. But when supply and demand balances, there will be no change in price. The price which makes the supply and demand to balance is referred as market price or equilibrium price. Reference Parkin, M. , Melanie, P. Kent, M. (2002). Economics. Harlow: Addison-Wesley Publisher.

Social Contradictions in Fyodor Dostoyevskys Notes from the Underground :: Notes from the Underground Essays

Social Contradictions in Fyodor Dostoyevsky's Notes from the Underground Notes from the Underground, by Fyodor Dostoyevsky is a truly remarkable novel. Dostoyevsky's novels probe the cause of human action. They questioned conventional wisdom of what drove humans and offered insight into the inner workings and torments of the human soul. In Notes from Underground, Dostoyevsky relates the viewpoints and doings of a very peculiar man. The man is peculiar because of his lack of self-respect, his sadistic and masochistic tendencies, and his horrible delight in inflicting emotional pain on himself and others. Almost instantly the reader is forced to hate this man. He has no redeeming values, all of his insights into human nature are ghastly, and once he begins the narrative of his life, the reader begins to actively hate and pity him. The reader is forced to ask why Dostoyevsky would bother writing about this troubling man and his problems. The answer is that Dostoyevsky does not believe in the norms society sets for people. This man is the absolute opposite of everything society holds to be acceptable. Here is a man, with intelligent insight, lucid perception, who is a self-admitted to be sick, depraved, and hateful. A man who at every turn is determined to thwart every chance fate offers him to be happy and content. A man who actively seeks to punish and humiliate himself. Dostoyevsky is showing the reader that man is not governed by values which society holds to be all important. The point of Notes from Underground more than anything else is that humans actions cannot be calculated. Dostoyevsky implies that in society everyone acts in their own self-interest. They act to gain advantages which are in their own self-interest. He asks the reader to take that as a given. Society sees happiness, freedom, prosperity, etc. as distinct advantages. These things should be in ones self-interest, society says. If someone say, rapes another person, they are not acting in their own self interest. They are running the risk of feeling guilty, guilt is not conducive to happiness. They run the risk of being thrown into jail. Jail is not a place where one can be prosperous or free. Therefore going to jail or feeling guilty are not in ones self interest, according to society's values. A person who conforms to these values, logically, would not rape anyone.

Lynda Smith’s “Disconnected” Essay

Lynda Smith’s â€Å"Disconnected† is basically a collection of a variety of evidence and examples to prove how â€Å"technologically advanced communication devices have taken over our lives.† (76) She heavily relies on evidence and examples to convince the reader that people are spending too much time on all their devices and not enough on human contact. There are a profuse amount of examples Lynda uses in her paper. On page 77, Smith uses an anecdote of her friend, Ralph, who got caught up in a â€Å"self-perpetuating cycle† because of his desire to be connected to his loved ones at all time. In doing this, Lynda showed her readers a prime example of someone so infatuated with the technological advances of cell phones that it disconnected him from face-to-face time with people, ultimately causing him unnecessary turmoil and stress. This example is to prove her point on how dependant society has become on technology. Lynda also uses allusions in her piece, linking her argument and the common knowledge of big-name cell phone companies to show their impact on people’s lives. mentions the well-known cell phone company AT&T, which is an example of an allusion. She also mentions Verizon’s well-known slogan, â€Å"Can you hear me now?† In doing so, Smith is able to link her argument in with the common knowledge of cell phone companies and their influence. Smith also gives a scenario in her paper through a quote by Mark Slouka that says home computers will become more human. Smith does this to try to instill fear into her readers. Smith sprinkles an abundance of statistics and quotes from ‘authorities’ throughout her paper from ‘reliable sources’ such as the Central Intelligence Agency (CIA), the United States Department of Transportation, and The Encyclopedia of Psychology. These name-dropping attempts are meant to show credibility to her argument since she herself is just a student, not an â €Å"expert.† Obviously, Smith heavily relies on the previously stated examples and evidence. In fact, her paper is nothing but an assortment of allusions, anecdotes, statistics, and such. She appeals to people’s sense of value, character, and need through these examples and evidence in an attempt to convince the world that technology is brainwashing today’s society.

Computer Science And Engineering, Amity University, Noida...

ACKNOWLEDGEMENT I feel great pleasure in submitting the project work entitled JAVA AND ITS APPLICATIONS to the department of computer science and engineering, Amity University, Noida. I am very obliged to our mentor MR AJAY RANA, without whose active cooperation, involvement, support and guidance, this work would not been completed successfully. He has provided us with the requisite information whenever needed. This has helped us immensely in carrying out the work well within the given time limits. CONTENTS 1. History of java -origin 2. Introduction to java -what is java -why to choose java -basic concepts of java 3. Java program -basic syntax of java program -3 basic rules of program -3 aspects of java syntax -3 oops principles - Primitive types - control statements 4. Multithread programming 5. Applets and its concepts 6. Servlets 7. Library management - define -overview - Data tables - Codes - E-R model - Scope - Conclusion 8. Bibliography History of java Origin: Approaches to programming have changed dramatically since the invention of computer. Since 1994 Java has changed our expectations and technical world . . . In Today’s world technology has become a vital part of our day to day lives, we take it for granted that we can be easily connected anywhere. Moreover we can access applications and content anywhere, anytime very comfortably. Java has increased our expectations as it enables digital devices to be smarter, moreShow MoreRelatedComputer Science And Engineering, Amity University, Noida Essay2581 Words   |  11 PagesACKNOWLEDGEMENT I feel great pleasure in submitting the project work entitled JAVA AND ITS APPLICATION to the department of Computer Science and Engineering, Amity University, Noida. I am very obliged to our mentor MR. RAJESH KUMAR, without whose active cooperation, involvement, support and guidance, this work would not have been completed successfully. 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