Consumer' Income Coursework Example | Topics and Well Written Essays - 1000 words

Consumer' Income - Coursework Example When the price of the orange is $30, consumers are willing and able to buy 30,000 oranges. As the price of the orange decrease to $10 the quantity demanded increases to 60,000 oranges which are due to the fact that more consumers will be willing to buy that orange. For a linear curve decrease in price is directly proportional to increase in quantity demanded. 7. List the determinants of demand. (6 total)   The determinants of demand curve are as follows: a) The consumer’s income b) The price of related goods c) Advertisement d) Consumer price expectation e) Number of consumers in the market f) Taste and preference of consumers 8. Next to each determinant in your list give a real world example of it.   Along a demand curve the factors, other than price of the good, are held constant. When these factors change the demand curve shifts either outwards or inwards which means that either more or less is demanded at a certain price. An explanation of these factors is given below: 1- The consumer’s income: the effect that income has on the amount of a product that consumers are willing and able to buy depends on the type of good. For most goods, there is positive (direct) relationship between a consumer’s income and the amount of the good that one is willing to buy (Campbell R. McConnell, 2007). The demand for a product will shift outward when the consumer’s income rises. We call these types of goods as normal goods. For example, the demand for branded clothes increases with the income level. However; for some goods the relationship is opposite between income and your demand for a product. These goods are called inferior goods. There demand decreases as income increases. For example, income level increase will cut the demand for second hand cars. 2- The price of related goods: A common example could be of bagels and cream cheese. We call these types of goods complements. If the price of a bagel goes up, the law of demand tells us that on e will buy fewer bagels. Moreover, as use of cream cheese is complimentary to bagels, the demand for cream cheese will also fall. When two goods are complementary, there is an inverse relationship between the price of one good and the demand for the other good. On the other hand, some goods are considered to be substitutes for one another. This means that they can be used as an alternate to each other. Either of them would be deferred for the other. For example, Coke and Pepsi are used as substitutes for each other. If price of Coke increase, the demand for Pepsi will increase and if the price of Coke decreases the demand of Pepsi will decrease. This portrays a positive relationship between the price of one good and the demand for the other good. 3- The tastes and preference of consumers: It is a less tangible item that can have a big impact on demand. There are certain things that can change one’s taste or preferences which ultimately causes people to buy more or less of a p roduct. For instance, a person may have a higher demand for an umbrella on a rainy day than on a sunny day. Another example of it would be endorsements by celebrities. If a celebrity endorses a new product, this may increase the demand for a product. This will change the preference of a consumer and will result in an increase in demand. On the other hand, if a new health study comes out indicating that meat is bad for your health, this may decrease the demand

How is or isn't Los Angeles a global city What role does Essay

How is or isn't Los Angeles a global city What role does globalization, as discussed by Short, play in Valle & Torres' disc - Essay Example In short, globalization has affected all sectors of LA, including its industry, society and education. Currently Los Angeles is claimed to be the most globalized city in the world. where it lacks in actual numerical population, it makes up for it through its largest non-native population shares. This is the key to the huge impacts that take place globally. Hollywood and everything in between it got hit by globalization. The former historiographer Kevin Starr claims that all sectors in LA impact globally as well. Mike Davis claims that it is the branched income statistical distribution which is the main outcome of globalization. The moving industry picture is a significant aspect of the L.A. economy, which has captured a noticeable part of global control. However, John R. does not consider this as an important fact to declare Los Angeles a global city position, and according to him Northern California has more prominent multimedia graphics impacts. He believes the foreign investment i n L.A. has more attention towards low paid, unskilled labor, and is highly focused on the poor state of L.A schools. Globalization has become a turning point for the educational sector in the LA. So much is the impact that now the educational systems in the LA are utilizing new and cutting edge technology in teaching practices. It has utilized the services of both public and private parties, a system called the active social educations. These initiatives are in fact becoming an inspiration for educational systems of the emerging countries, and how educational systems can be improved in spite of the staleness of the system. In this way, globalization is serving as a new initiative for reforms of the various social, industrial and educational sectors in LA. Many authors believe LA fits the picture of a global city for all its attractions, business and tourism facilities. No doubt, Los Angeles is a globalized city, having all necessary ingredients of being one of the great cities of it s region. Rodolfo analyzes the position of the three biggest metropolises in the United States to explore what consequence the global economy has had on them. He states that each city, apart from being the largest in the region, each was formulated during a different but significant historic economic construction. New York was therefore known as the "mercantile city," Chicago was an "industrial city," and Los Angeles was known as a "post-industrial city". He then analyzes a number of facts highlighting the height of prominence in the frame of global economy. On the broader context, he considered population and pointed at ethnic diversity, air freight, shipping and foreign trade, the height of control exercised by corporate headquarters, the part of producer and corporate services and the presence of transnational investments as contributory to the process of globalization (John 23). He analyzes that all three cities presented a global significance. Having all fundamentals of enough assiduity of global occasions to equally specify as a global city, he guessed that globalization has fostered or highlighted racial bias and discrimination. His findings highlight the importance of various historical events in making globalization a final process of development of a city. He analyzes that both Chicago and Los Angeles are acutely separated spatially along interracial lines, New