Price Elasticity Essay Example for Free

Price Elasticity Essay Using the calculation of: price elasticity of demand= (percentage change in quantity)/(percentage change in price) When the percentage change in the quantity that is demanded is greater than the percentage change in the price, the resulting absolute value of the calculation will be greater than 1. The first two products, Barnes and Noble books and Coca-Cola, will therefore have an elastic demand classification. When the percentage change in the quantity that is demanded is less than the percentage change in the price, the resulting absolute value of the calculation will be less than 1. The last three products of Cigarettes, Beer, and Gasoline; will therefore have an inelastic demand classification. (R. Glen Hubbard, 2012) Explain the implications of those classifications on tax revenue collections when the per-unit tax increases as opposed to decreases. When the products are inelastic, an increase in price from the higher duty will lead to a small decrease in demand which is not enough to offset the higher tax that is raised on each unit. Basically, tax revenue collections will therefore rise. The tax revenue collections will fall when that price decreases. They move in the same direction. When the products are elastic, an increase in price from the higher duty would lead to a fall in tax revenue collections. Alternately, when the price decreases, it would lead to a rise in the tax revenue collections. The relationship here is an inverse one. (R. Glen Hubbard, 2012) Using those classifications, make some assumptions regarding tax incidence. For instance, will buyers or sellers pay a larger portion of the tax per unit? Explain. If the product is price inelastic to the consumer (if price rose, a small demand loss would be accounted for by the extra revenue), the seller is able to pass the entire or most of the burden of the tax on to the buyer. The tax incidence here falls on the buyer. If the seller is unable to raise prices because the product is price elastic (if prices rose, more demand would be lost than extra revenue gained), the seller then has to bear the burden of the tax or face decreased revenues. The tax incidence here falls to the seller. In this scenario, the burden would likely continue to flow further back to the factors of production. (Wikipedia, 2013) Conclude, based on the elasticity classifications, their effect on tax revenue and tax incidence, and which goods the government would prefer to tax. The government would prefer to tax products that are usually inelastic. The reason for this is that the quantity demanded of inelastic goods is proportionally smaller than the increase or decrease in the change in price†¦they are less responsive. Therefore the government will place taxes on these goods and they will acquire higher tax revenues. The seller basically does not care that much as they simply place most of the burden of these taxes onto the buyer. Bibliography R. Glen Hubbard, A. P. (2012). Microeconomics, 3rd edition. Upper Saddle River: Prentice Hall. Wikipedia. (2013, April 6). Tax Incidence. Retrieved 9 21, 2013, from http://en.wikipedia.org/wiki/Tax_incidence

The Development Of Desire :: essays research papers fc

The Development of Desire The development of the male warrior, throughout literature, has a direct relationship with the development of western civilization. The attributes a warrior holds, fall respectively with the attributes that each society held as valuable. These characteristics, started by societies ideals, become the warrior's only reasons for continuing their heroics. The ideals however do change with each warrior. At the beginning we have a warrior with one mission, which later the warriors become more challenged and have to change ideas and concepts to continue. The evolution of the warriors desires becomes the complex ideals that western civilization develops over time. With this progression of civilization, from simple to complex ideals, so will the evolution of the ideals and desires of our heroes change from simple to complex.   Ã‚  Ã‚  Ã‚  Ã‚  Odysseus is a man who is both strong and smart, but most known not for the brawn of his body, but the wits of his brain. A man who is loved in every country, but Trojan, and could stay where ever he chooses, his sailors knew this to be true as one bench mate to the next, â€Å"It never fails. He is welcome everywhere: hail to the captain when he goes ashore!† (Homer 166). The irony falls as Odysseus only desires his homeland. †Begin when all the rest who left behind them headlong death in battle or at sea had long ago returned, while he[ Odysseus] alone still hungered for home and wife† (Homer 1).   Ã‚  Ã‚  Ã‚  Ã‚  Odysseus has many opportunities to end his journeys and start a new life. For instance, if he desired, Odysseus was able to stay with Kalypso who wanted him forever, â€Å"Her ladyship Kalypso clung to him in her sea-hollowed caves- a nymph, immortal and most beautiful, who craved him for her own† (Homer 1). Kalypso knows even though she has Odysseus in her home, he is not hers to have. â€Å" Son of Laertes, versatile Odysseus, after all these years with me, you still desire your old home? Even so I wish you well†( Homer 87). To which Odysseus replies, â€Å"...Yet, it is true, each day I long for home, long for the sight of home...† (Homer 87). Another chance for Odysseus to start a new life is offered by the king of the Phaecians to marry his daughter and live there; â€Å"...seeing the man that you are, seeing your thoughts are my own thoughts-my daughter should be yours and you my son-in-law, if you remained. â€Å"( Homer 120). In each case, Odysseus, only wants to return to his wife Penelope, his son, and most of all his homeland.

Jack Johnson and history of the wrench Essay

Jack Johnson was an amazing man that changed history. His contribution to the world (the wrench) is still used widely throughout the world. The world and all things are either created by nature or man made, if man made it was probably constructed using hardware tools maybe including a wrench. Jack Johnson invented a history changing invention and patented it on April 18, 1922. This invention still changes lives today by putting together many of our belongings. Things like cars are repaired using a wrench and bicycles are made using wrenches. Things like chairs, beds, tables, and shelves are usually either created or fixed using a wrench and other hardware materials. A wrench is a tool that is used by hand and is used for making and repairing things. A wrench can loosen or tighten bolts, nuts, or nails using it adjustable teeth at the front of the tool. The first wrench was patented by Solymon Merrick in 1835. There is a variety of different wrenches that include; Monkey Wrench, Ratchet Wrench, Pipe Wrench, and the Rachetless Wrench, all of these different tools perform different functions. The wrench may seem like a simple hardware tool yet it is complicated, tedious, and a very precise piece of hardware.

Alzheimer s Disease And Its Effects On Society - 1009 Words

Alzheimer’s disease, also known as AD is often insidious on set, it can take months up to years to go from a mild to severe impairment. (Mayeux, 2010) The disease is irreversible and has no cure. â€Å"The disease affects 500,000 Canadians, 71,000 of those are under the age of 65† (VanDenBroek, 2013). AD affects the person by impacting their neurological function, their cognition and their behaviour. Alzheimer’s disease is a neurodegenerative disorder, it affects two pathological hallmarks: amyloid plaques and neurofibrillary tangles. â€Å"Amyloid plaques are caused when protein pieces called beta amyloid stick together, they eventually build up between the nerve cells into plaques.† (Ballard, 2011) Amyloid plaques trigger neurological dysfunction and eventually brain death. Compared to a healthy brain the amyloid is broken down and disposed, however in AD they collect and form hard plaques. â€Å"Once brain death happens there is no way for the brain to communicate, or restore memory† (Brightfocus.org, 2014). Neurofibrillary tangles are fibers found in the brain cells, and they have a primary protein called ‘tau’ which aids in the structure called microtubule. â€Å"Microtubules help move nutrients and other factors from one cell to another with Alzheimer’ the ‘tau’ protein is abnormal and the microtubule structure collapses.† (Ballard, 2014 Brightfocus.org, 2014) Even though we often see the effects of AD on the outside; it is a neurodegenerative disease effecting the amyloid plaques andShow MoreRelatedSymptoms, Diagnosis, Treatment And Social / Economic Importance Of Alzheimer s Disease1380 Words   |  6 PagesAlzheimer’s disease A disease is a medical condition that affects a living organism either physically, mentally or emotionally. 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