Work on Economics Essay Example | Topics and Well Written Essays - 3000 words

Work on Economics - Essay Example It therefore, gives a measure of responsiveness of quantity demanded depending on the changes of prices of the Justcookbooks.com while the other factors are held constant. Price elasticity of the demand = Proportionate change in quantity demanded Proportionate change in price Price elasticity of the demand = Q1 – Q2 (Q1 + Q2)/ 2 P1 – P2 (P1 +P2)/ 2 Price elasticity of the demand = -305,000 +215,000 (-305,000 + 215,000)/ 2 Price elasticity of the demand = 35– 25 (35 – 25)/ 2 Price elasticity of the demand = 2/2 = 1 Since, the price elasticity of the demand is equal to one, the demand for the online Justcookbooks.com have a unitary elasticity. This is because small changes in price undertaken do not affect the total revenue generated from the books demanded. As a result, an increase in the price further than the price of $ 35 will not affect the demand for the books. With a unitary elasticity, it is not business worth to undertake the business from its curre nt state as the price increases will not affect the revenues generated (Mankiw, 2012). ... + 16,000 = $456,000 Marginal Cost More than often, the marginal cost is calculated, as the additional cost incurred when an extra one more unit of the Justcookbooks.com is produced (Mankiw, 2012). With the equation total cost = 20 Q + 16000, the total cost goes up by $20 each and every time an additional good is sold. Therefore, we take the coefficient of Q which indicates the quantity demanded that gives a constant marginal cost is $20 per unit sold. Implications of Long Run and Short Run Period In most cases, companies face a lot of challenges while carrying out its operations in both the long run and short run period. This is because in the short run, one factor of production remains constant as it is always assumed to be in fixed supply. Therefore, the essential capital inputs for example, the cost of equipment remains fixed while the other costs incurred remain varied over time (Mankiw, 2012). More than often, the law of diminishing returns applies in the short run period, as mo re units of a variable input is added to the fixed amounts of equipment, which brings about the change in total output that rises at first and thereafter falls with time. Nonetheless, in the long run, all factors of production are considered to vary with the quantity of goods sold over time. In the long run, the output of the business will respond to changes in factors of production inputs that are usually referred to as returns to scale. This ranges from increasing, constant and diminishing returns to scale. Diminishing Marginal Returns and Economies of Scale Both the diminishing marginal returns and economies of scale are phases under which a product in the market has to undergo over time. Under the law of diminishing returns, an addition of one type of production input while the other

Comparing and contrasting Beyonce Knowles and Kelly of Destiny child Essay

Comparing and contrasting Beyonce Knowles and Kelly of Destiny child - Essay Example Since these two popular artist started in the same group of singing, therefore, their close relationship that can be determined from their past to present through comparison and contrasting their current popularity and new ventures. Remaining relevant in the music industry is a key issue for both artists. The two artists have remained relevant in the music industry in different ways. From their group of four, they are the two popular artists who can still be identified from the group. Despite remaining relevant, Beyonce has hit the music industry in a major way. This can be seen from hits after hits that she releases annually when compared to Kelly. Although Kelly also has some hits to identify with, they cannot be compared to the number of hits that Beyonce has had since the group broke up. Beyonce is currently known at least to have released hits that are not yet even been performed. Some of the music that Beyonce has recorded has hit the airwaves before she has even performed the songs to her funs. It is thus vital to note that, Beyonce remains to be more popular than her childhood friend Kelly whom they formed the popular group with and went on separate ways after deciding to go for single records. Over one millions likes in the media like facebook, twitter and you-tube videos for Beyonce are evident unlike those of Kelly Rowland. Marriage, relationship and venture into different career paths are also a key role that has determined the relevance of Kelly and Beyonce in the music industry. For Kelly, she has taken more of a different path in popular music when compared to Beyonce. Kelly has taken advertisements of major industries as her major. She has done more advertisement related gigs from her music talent when compared to Beyonce. In her music career, she remains relevant in most instances due to the adverts and the reality shows that she takes part in. More so, both have been involved in one or two movies that have been aired globally. Beyonce has the main actress in the ‘dream girls’ while Kelly has also been part of American black films that has maintained her relevancy in the popular music industry. For Kelly, nothing much has been heard of her successful relationships after the singles while Beyonce has hit a record of being a wife to a well represented artist globally called Jay-z. Beyonce has maintained a good marriage relationship when compared to Kelly who has no clear records of dating or marrying anyone through her music life (Arenofsky 5). Therefore, both have diverse preferences when it comes to marriages and ventures in to other forms of careers. Did their singles make a hit or collaboration was the main idea as to why they have remained relevant after their separation from the group? Well, it is evident that for Knowles, she had single hits that made her even more famous after her going single. She has had albums that have not featured any famous popular singer but still remaining very popular to her fu ns. For example, even after releasing songs like, ‘If I was a boy’ and ‘all the single ladies’ alone, she still attracted a large crowd of funs who could demand for more and more of her single album. She has given her funs the best of hits ever since she parted from her group. From my perception, it is like her being in the group was suppressing her talents and popularity. She could not have been known to be such a famous popular