Price Elasticity of Demand and its effect on Revenue
Price Elasticity of Demand and its effect on Revenue

Author: Stefanie Mücka

Publisher: GRIN Verlag

Published: 2016-03-22

Total Pages: 18

ISBN-13: 3668178828

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Seminar paper from the year 2014 in the subject Mathematics - Applied Mathematics, grade: 2, Leipzig International School, language: English, abstract: I have chosen to focus my mathematical exploration on applications of Calculus in Business situations. To begin with, I was looking for an interesting real life situation I could base my investigation on. Having lived in an economically well developed country like Germany for almost my whole life, the accessibility to a wide range of products and their varying appeal to the consumer are subconsciously part of my daily life. The fact that some products are enormously demanded by society whereas others aren‘t that successful on the market gave me the idea to investigate how demand is influenced by outside factors. Thereby I discovered the concept of Price Elasticity of Demand which is useful in indicating the responsiveness of the demand of a certain good to a change in its price. I thus decided to explore the different levels of Price Elasticity of demand, namely elastic, inelastic and unit elasticity, and their effect on revenue by means of both an exponential and a quadratic demand function. Finally I applied the acquired knowledge to a highly demanded and very popular product in Germany, which is coffee, and modeled its change in demand dependent on varying prices as well as outside factors such as brand loyalty and income.

Principles of Macroeconomics for AP® Courses 2e
Principles of Macroeconomics for AP® Courses 2e

Author: Steven A. Greenlaw

Publisher:

Published: 2017

Total Pages: 0

ISBN-13: 9781947172432

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Principles of Macroeconomics for AP® Courses 2e covers the scope and sequence requirements for an Advanced Placement® macroeconomics course and is listed on the College Board's AP® example textbook list. The second edition includes many current examples and recent data from FRED (Federal Reserve Economic Data), which are presented in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition was developed with significant feedback from current users. In nearly all chapters, it follows the same basic structure of the first edition. General descriptions of the edits are provided in the preface, and a chapter-by-chapter transition guide is available for instructors.

Economic Science and Political Economy
Economic Science and Political Economy

Author: Lionel Robbins

Publisher: Springer

Published: 1997-08-04

Total Pages: 447

ISBN-13: 1349127612

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Lionel Robbins, Professor of Economics at the London School of Economics, 1929-61, was the foremost British economist of his generation as well as being an influential public figure. Although he wrote many articles and books on economic theory, on contemporary issues of economic policy and in the history of economics, many of his academic articles, especially his early ones, have not been reprinted. This volume contains a selection of his major and most influential articles, in theory, policy and history.

MBA ASAP: Master the Game of Business
MBA ASAP: Master the Game of Business

Author: John Cousins

Publisher: MBA ASAP

Published: 2019-01-26

Total Pages: 546

ISBN-13: 9781795149617

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The essential MBA education. Master the game of business. Be the chess player, not the chess piece. MBA programs provide some benefits, but at a steep price in time, money, and opportunity costs. Get the knowledge here in one volume ASAP. Your book makes it easy for someone like myself to understand the concepts of Business and "Get It" .A world class MBA education in a single volume. Skip Business School and educate yourself. Save hundreds of thousands of dollars and years of time. Don't wait for the gate keepers to grant you permission. Start now.This is your portable and personal MBA. It is a world-class MBA education in a single volume. Here are the subject areas I cover in this book. These make up the disciplines of Business Administration. -Entrepreneurship and Startups-Ethics-Financial Literacy: Understanding Financial Statements-Marketing in the Digital Age-Accounting-Management & Leadership-Negotiations-Operations and Supply Chain Management-Corporate Finance -Economics-Understanding the Financial Markets-Business Law-Human Resource Management-Statistics for Business-Intellectual Property-Strategic Planning and ImplementationThese 16 subjects constitute an MBA program. These are the Rules of the Game of Business. You become a Master of Business Administration when you understand these 16 subjects. You have to learn the rules of the game, and then you have to play better than anyone else.This book is your portable and personal MBA. You are a business. I like Jay Z's great quote: "I'm not a businessman I'm a business, man." He gets it. You already know all you need to know about running a business. You just haven't convinced yourself of this fact. Once you read through this book you will gain the confidence to move forward and eliminate the self-doubt that holds you back. "People always overestimate how complex business is. This isn't rocket science-we've chosen one of the world's most simple professions."Jack Welch former CEO of GEBusiness is a GameYou need to know the rules in order to play. And you need to know how to play well in order to succeed. This book is designed to help you become the chess player, not the chess piece. Most of business knowledge is common sense. Practitioners, professionals, and academics wrap business fundamentals in jargon. The fundamentals are common sense and the further one strays from business fundamentals the more mistakes are made.

Economics Private and Public Choice
Economics Private and Public Choice

Author: James D Gwartney

Publisher: Elsevier

Published: 2013-09-11

Total Pages: 679

ISBN-13: 1483264300

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Economics: Private and Public Choice is an aid for students and general readers to develop a sound economic reasoning. The book discusses several ways to economic thinking including six guideposts as follows: (i) scarce goods have costs; (ii) Decision-makers economize in their choices; (iii) Incentives are important; (iv) Decision-makers are dependent on information scarcity; (v) Economic actions can have secondary effects; and (vi) Economic thinking is scientific. The book explains the Keynesian view of money, employment, and inflation, as well as the monetarist view on the proper macropolicy, business cycle, and inflation. The book also discusses consumer decision making, the elasticity of demand, and how income influences demand. The text analyzes costs and producer decisions, the firm under pure competition, and how a competitive model functions. The book explains monopoly, and also considers the high barriers that prevent entry such as legal barriers, economies of scale, and control over important resources. The author also presents comparative economic systems such as capitalism and socialism. This book can prove useful for students and professors in economics, as well as general readers whose works are related to public service and planning in the area of economic development.

Mathematics for economists
Mathematics for economists

Author: Malcolm Pemberton

Publisher: Manchester University Press

Published: 2023-11-10

Total Pages: 1118

ISBN-13: 1526173522

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This book is a self-contained treatment of all the mathematics needed by undergraduate and masters-level students of economics, econometrics and finance. Building up gently from a very low level, the authors provide a clear, systematic coverage of calculus and matrix algebra. The second half of the book gives a thorough account of probability, dynamics and static and dynamic optimisation. The last four chapters are an accessible introduction to the rigorous mathematical analysis used in graduate-level economics. The emphasis throughout is on intuitive argument and problem-solving. All methods are illustrated by examples, exercises and problems selected from central areas of modern economic analysis. The book's careful arrangement in short chapters enables it to be used in a variety of course formats for students with or without prior knowledge of calculus, for reference and for self-study. The preface to the new edition and full table of contents are available from https://www.manchesterhive.com/page/mathematics-for-economists-supplementary-materials

Consumer Demand in the United States
Consumer Demand in the United States

Author: Lester D. Taylor

Publisher: Springer Science & Business Media

Published: 2009-11-25

Total Pages: 530

ISBN-13: 1441905103

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A classic treatise that defined the field of applied demand analysis, Consumer Demand in the United States: Prices, Income, and Consumption Behavior is now fully updated and expanded for a new generation. Consumption expenditures by households in the United States account for about 70% of America’s GDP. The primary focus in this book is on how households adjust these expenditures in response to changes in price and income. Econometric estimates of price and income elasticities are obtained for an exhaustive array of goods and services using data from surveys conducted by the Bureau of Labor Statistics and aggregate consumption expenditures from the National Income and Product Accounts, providing a better understanding of consumer demand. Practical models for forecasting future price and income elasticities are also demonstrated. Fully revised with over a dozen new chapters and appendices, the book revisits the original Houthakker-Taylor models while examining new material as well, such as the use of quantile regression and the stationarity of consumer preference. It also explores the emerging connection between neuroscience and consumer behavior, integrating the economic literature on demand theory with psychology literature. The most comprehensive treatment of the topic to date, this volume will be an essential resource for any researcher, student or professional economist working on consumer behavior or demand theory, as well as investors and policymakers concerned with the impact of economic fluctuations.

Understanding Microeconomics
Understanding Microeconomics

Author: Gwartney

Publisher: Thomson South-Western

Published: 2008-05

Total Pages: 504

ISBN-13: 9780324583892

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The authors believe that a course on principles of economics should focus on the power and relevance of the economic way of thinking. The text integrates applications and real-world data in an effort to make the basic concepts of economics come alive for the reader.