Price elasticity of demand simply refers to customer’s responsiveness or sensitivity to changes in price (Ferrell & Hartline, 2008). In the simulation, an increase in price led to a decrease in the demand of apartments. The simulation recommended that the price should be optimized to achieve maximum profits, while at the same time ensuring that the pricing would still be favorable to the customer. This is the point of equilibrium. Prices above this point would lead to surplus and prices below would lead to a shortage. The simulation has been effective in determining the effectiveness of the forces of demand and supply.
Hershey Company is the largest producer of chocolate products in North America with sales from 2009 climbing up by 5.9% to settle at $1.17 billion. Hershey Company operates in over sixty countries throughout the world. The main plants are situated in Pennsylvania, California, Lancaster, Tennessee and Mexico. Hershey’s main products include chocolate bars, chocolate syrup and chips. Founded in 1882, Milton S. Hershey started The Hershey Company as Lancaster Caramel Company, but he later sold it and reinvested in chocolate manufacturing. The first products were milk chocolate bars. The Hershey Company has over 80 brand names such as Almond Joy, Payday, Mr. Goodbar and Milk Duds that give the company a strong footing within the fast food market, though it faces stiff competition from companies such as Annabelle Candy and Anthony-Thomas Candy Company. The Hershey Company operates using a business level strategy that is made up of differentiation and low costs. The company overhauled their supply chain, reduced the number of production plants, and outsourced most of their products in a bid to lower operational costs. This strategy is intended to cut costs by increasing the efficiency of its supply chains that will also increase Hershey’s global presence.
The forces of demand and supply are extremely important in the business world. These forces are subject to various factors on the side of both the consumer and supplier. For example, an increase in demand will be subject to not only price, but also taste and preferences, the income level of the consumer market and even the size of the market. Increase of supply is also affected by various other factors such as price of related goods, size of population among others. In the phone industry, for example, the demand is mainly geared by pricing, but other factors must be put into play. Why would one consider buying an iPhone when it is deemed very expensive? It is simply because the Apple phone company has curved out a niche in providing excellent quality phones that are easy to use. It is therefore crucial to consider the market trends to ensure one’s products are always relevant. It is important to consider all these in one’s entrepreneurial ventures.
Equilibrium is the point at which the demand and supply curve meet in the middle. This is the point at which the supply of goods and services is directly proportionate to the demand of the same goods and services. In this simulation, it would be the point at which the supply of apartments meets the market demand at a price set by the forces of demand and supply. The equilibrium price was initially at 1050 dollars, and the quantity supplied was 2000 apartment units. A shift to the right in the demand curve, occasioned by an increase in population from Lintech, increases the price of the units supply remaining constant. In terms of decision-making, it will be prudent for the supplier to increase the supply.
Microeconomics, as aforementioned, deals and interacts with the individual units of the economy. In the real estate business, microeconomics will look at the various living conditions of different parts of the city and determine who lives there. Microeconomics may analyze the individual aspects that may affect an industry, for example, increase in earnings, population patterns and customer preferences in real estate. An affluent area will have fewer accommodation units directly proportionate to the few who earn high salaries, and less affluent areas will have more people due to the highly affordable housing units. Macroeconomics, on the other hand, would look at the economy from a broader perspective; it determines demand and supply in the whole city of Atlantis having the issues discussed in microeconomics under one umbrella. Equilibrium in essence would be a culmination of price and quantity determined at the micro level.
“In 1950, Erwin Chargaff published a paper in which he described something he found extraordinary: the ratios of adenine to thymine were equal, as well as cytosine to guanine. He called this the complementary situation, but later it became known as the Chargaff Ratios. This discovery would play a crucial role in determining the structure of DNA.” -
Recognized as the founders of . Population genetics served as the stimulus for the development of . invented the term, when he produced his book, Evolution: The Modern Synthesis (1942). Other major figures in the modern synthesis include , , , , , and .
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“Morgan’s findings about genes and their location on chromosomes helped transform biology into an experimental science. These findings formed the heart of Morgan’s most important idea: the chromosomal theory of heredity. He proposed that each chromosome contains a collection of small units called genes (a term he adopted from the Danish physiologist Wilhelm Johannsen who had lectured at Columbia in 1909), with different genes having specific locations along specific chromosomes.” - modified from - Eric R. Kandel
“The terms phenotype and genotype were created by Wilhelm Johannsen and first used in his paper in 1903. In his 1905 book, “Elemente der exakten Erblichkeitslehre” (The Elements of Heredity) he introduced the term gene. This term was coined in opposition to the then common pangene that stemmed from Darwin’s theory of pangenesis. The book became one of the founding texts of genetics.“ -
Initially they were individually wrapped by hand in squares of foil, and the introduction of machine wrapping in 1921 simplified the process while adding the small paper ribbon to the top of the package to indicate that it was a genuine Hershey product.
In 1900, Hershey sold his caramel company for $1,000,000 (about US$24,000,000 in today's currency) and began to concentrate on chocolate manufacturing.
Debt-to-equity ratio has two main aspects: shareholders funds and outsider funds. Over a period of five years, Hershey’s has had a dismal performance if the debt ratios are used in determining the insolvency of a company. From 2005 to 2009, Hershey’s has had a steadily increasing debt ratio from 4 in 2005, 5(2006), 61(2007) and 8 in 2008. This downward trend has been reflected in the financial prediction for 2013 that means that Hershey’s is on the right track towards reducing their debt.